Gingeletiss Posted 23 February, 2010 Share Posted 23 February, 2010 Apparantly as reported on SSN. If they go into admin before monday then the court case will not happen. If i hear any more i will let you know. Um!!!!....I'm led to believe, that the SofA will be heard regardless, perhaps we could have a definitive on this please?? Link to comment Share on other sites More sharing options...
Joensuu Posted 23 February, 2010 Share Posted 23 February, 2010 Just went to sign up to The News paper to defend Claridge and I couldn't believe I just got this security word! I sh1t you not... CL, have you just accidently shared with us all of your Safari favorites? Link to comment Share on other sites More sharing options...
Eastcowzer Posted 23 February, 2010 Share Posted 23 February, 2010 'ANOTHER 48 hours Mr Storrie? With your reputation? I don't care if you can't sit down for negotiations due to piles...' Would that be 'Another 48 hours' starring Nick Nolte, Eddie Murphy and featuring Peter Storrie as the villan. Link to comment Share on other sites More sharing options...
JackFrost Posted 23 February, 2010 Share Posted 23 February, 2010 Um!!!!....I'm led to believe, that the SofA will be heard regardless, perhaps we could have a definitive on this please?? That's what I thought. Link to comment Share on other sites More sharing options...
Winchester Red Posted 23 February, 2010 Share Posted 23 February, 2010 CL, have you just accidently shared with us all of your Safari favorites? I see a Pompy tab..... but no saints tab.... You're on dangerous ground fella:smt066 Link to comment Share on other sites More sharing options...
Joensuu Posted 23 February, 2010 Share Posted 23 February, 2010 I see a Pompy tab..... but no saints tab.... You're on dangerous ground fella:smt066 Was the 'Marbella' bit I found amusing... Link to comment Share on other sites More sharing options...
Winchester Red Posted 23 February, 2010 Share Posted 23 February, 2010 Was the 'Marbella' bit I found amusing... Yes, I was being polite and not mentioning that. (In fact I could probably do with asking CL if he's knows of any in the UK!!!) Link to comment Share on other sites More sharing options...
Smirking_Saint Posted 23 February, 2010 Share Posted 23 February, 2010 Um!!!!....I'm led to believe, that the SofA will be heard regardless, perhaps we could have a definitive on this please?? Just what was said on SSN, as i said i don't know for definate. Link to comment Share on other sites More sharing options...
Crab Lungs Posted 23 February, 2010 Share Posted 23 February, 2010 I see a Pompy tab..... but no saints tab.... You're on dangerous ground fella:smt066 Ah, its no biggie - there is even 'Marbella Hair Clinic' on there, I think most people on here know I concerned about my retreating hairline!! And meh, haven't changed my faves in ages... It should read 'b3ta, newarse, b0g.org etc' Link to comment Share on other sites More sharing options...
dubai_phil Posted 23 February, 2010 Share Posted 23 February, 2010 But could they sell season tickets? We either couldn't or chose not to all through the summer, when that could have kept the club going rather than relying on handouts. If it was Storrie et al of course theywould try, but an administrator - unlikely. I used the point more along the lines that with those COSTS when linked with "non-negotiable debts" and the only income source above the future Sky Money (which may have been secured already) means that actually running them in admin is not going to be easy let alone the price that a bidder would have to pay. The book values of SLH's assets were around 30/40mil depending how Staplewood & Jacksons Farm were valued. Accepted we were by then in League 1, but from 32 expressions of interest we had only TWO "firm:D" offers before the final ML last minute bid was accepted. Most guesses show that to have been at around 14mil. The running costs and non-negotiable debts for PCFC look to be much higher than 14mil and there is nothing else, nada nicht nowt in the form of assets apart from players on contracts. How easy did we find it to get rid of our high wage earners? Thomas, Rasiak, Saga we sold our kids for not a great deal. I hope they can sort it out but forgetting the legals it isn't going to be very easy Link to comment Share on other sites More sharing options...
Saint Keith Posted 23 February, 2010 Share Posted 23 February, 2010 heres the latest from storrie mouthpiece harry harris on espn http://soccernet.espn.go.com/news/story?id=745982&sec=england&cc=5739 the really intersting bit it this "According to sources close to Chainrai, who took control of the club at the start of the month when previous owner Ali Al-Faraj defaulted on loan repayments, he "feels he is a victim of circumstances because the loan was only for six weeks. Now if the club goes into administration, he faces problems getting his money back. He and fellow investor Levi Kushnir put in £17 million"." so, basically, he was done up like a kipper Link to comment Share on other sites More sharing options...
Winchester Red Posted 23 February, 2010 Share Posted 23 February, 2010 Also, if they go into admin, the administrator will only look at honest / proper deals - you know what I mean? Well, obviously looking at their last 4 owners. No 'pay later' or 'payment via my nigerian cousin' I think the options for real buyers are few and far between. I see that one of the Portsmouth sites said that they thought they'd find a buyer, but they felt sorry for anyone next year in similar (really, is that possible!?) difficulties as there would be more clubs that buyers. Well, sorry guys, but I think you're already the wrong side of the line on that one.:shock: Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 23 February, 2010 Share Posted 23 February, 2010 Just another aside on the Chinnery = Taking them into admin route. Has he even been confirmed as passing the 'Stick one finger up your nose' test with the Prem yet? Surely, if he hasn't been 'officially' confirmed as owner.......how can he make those decisions.. As for Storyteller, well, would you let 'just an employee' conduct takeover negotiations? So Peter, you even contradict your own job description. Numpty.... :-D 'Numpty Peter sat on a wall, Numpty Peter set for a fall... All the kings horses and all the kings men, Assaulted poor Numpty in the showers again' Link to comment Share on other sites More sharing options...
Winchester Red Posted 23 February, 2010 Share Posted 23 February, 2010 Numpty.... :-D 'Numpty Peter sat on a wall, Numpty Peter set for a fall... All the kings horses and all the kings men, Assaulted poor Numpty in the showers again' Keyboard....snort....malfunction....cloth Link to comment Share on other sites More sharing options...
Smirking_Saint Posted 23 February, 2010 Share Posted 23 February, 2010 Insolvency experts on SSN say that they would not see PFC as an attractive proposition to ANYONE due to their level of debt without serious restructuring. Didn't say anything about the court case, but in the previous update they said something about admin stopping the club facing the court case monday, whether that means it will be postponed or not i don't know. Link to comment Share on other sites More sharing options...
St Marco Posted 23 February, 2010 Share Posted 23 February, 2010 Um!!!!....I'm led to believe, that the SofA will be heard regardless, perhaps we could have a definitive on this please?? Im not 100% sure on this one but i think if they are placed into admin by a creditor (which before monday is the only way they can go into it) then the HMRC case is canceled due to them not having a prefered creditor status. The court case is about Pompey owing money. In the negotiations they have argued they will pay it, just not all up front. If they go into admin it means they won't be able to pay it and thus the court case is pointless. Because being in admin they will already be protected by the courts and the admin team will try and find the money to pay back the creditors. If they went into court on monday with everything remaining as it is then they would probably be put in admin by the judge anyway. With the SOA i think if it has been poved that they have traded when insolvent then a individual case can be brought against the people involved. In which they can be barred from being a director of a company and so on. As others have mentioned this is when things could become messy for the club. Because if let's say they go into admin, the admin team find the money and they then come out of admin and all is ok. In that case the judge could find and convict for financial irregularities. If that happens while they are in the CCC then they will get further points deductions or could even be kicked out of the league such as what happened to Swindon. It is all very complex but if they are in admin i don't think the court case will go ahead. If the admin team can't find the money to keep the club running then they will go bankrupt anyway. Link to comment Share on other sites More sharing options...
slickmick Posted 23 February, 2010 Share Posted 23 February, 2010 This may be stating the obvious (something I've always been good at!), but I think it's a safe bet that if they don't go into administration before Monday it's for one reason, and one reason only.... They tried and they can't and that will be the only way we will find out the answer to whether they can or not. I rest my case your honour Or if they can but don't, I guess that means admin companies wont touch them. Link to comment Share on other sites More sharing options...
Red and White Army Posted 23 February, 2010 Share Posted 23 February, 2010 Im not 100% sure on this one but i think if they are placed into admin by a creditor (which before monday is the only way they can go into it) then the HMRC case is canceled due to them not having a prefered creditor status. The court case is about Pompey owing money. In the negotiations they have argued they will pay it, just not all up front. If they go into admin it means they won't be able to pay it and thus the court case is pointless. Because being in admin they will already be protected by the courts and the admin team will try and find the money to pay back the creditors. If they went into court on monday with everything remaining as it is then they would probably be put in admin by the judge anyway. With the SOA i think if it has been poved that they have traded when insolvent then a individual case can be brought against the people involved. In which they can be barred from being a director of a company and so on. As others have mentioned this is when things could become messy for the club. Because if let's say they go into admin, the admin team find the money and they then come out of admin and all is ok. In that case the judge could find and convict for financial irregularities. If that happens while they are in the CCC then they will get further points deductions or could even be kicked out of the league such as what happened to Swindon. It is all very complex but if they are in admin i don't think the court case will go ahead. If the admin team can't find the money to keep the club running then they will go bankrupt anyway. No offence but you don't have a f***ing clue what you're talking about. Please, just shut up and let the adults discuss the issue. Cheers Link to comment Share on other sites More sharing options...
Smirking_Saint Posted 23 February, 2010 Share Posted 23 February, 2010 No offence but you don't have a f***ing clue what you're talking about. Please, just shut up and let the adults discuss the issue. Cheers Care to enlighten us on your own personal experiences in the field of administration and winding up orders ?? Or are you just leaving it with what is an extraordinarily well thought out reposse ? Link to comment Share on other sites More sharing options...
pfc123 Posted 23 February, 2010 Share Posted 23 February, 2010 You already have 3 people associated with PFC up on tax evasion charges and you want a 4th??? Nope, but under MM we spent to the limit and no more. As soon as Gaydamak came in the sky was the limit. Fantastic at the time and would still be if only the money hadn't stopped flowing. I've said all along that you lot did it the right way i.e. spent money you didn't have on a ground that wouldn't be knocked down, wheras we spent money we didn't have on players and wages. At least you got a new ground out of it. Wonderful thing, hindsight........ Link to comment Share on other sites More sharing options...
slickmick Posted 23 February, 2010 Share Posted 23 February, 2010 If they went into court on monday with everything remaining as it is then they would probably be put in admin by the judge anyway. Thought it was made clear that they would be wound up. Link to comment Share on other sites More sharing options...
Winchester Red Posted 23 February, 2010 Share Posted 23 February, 2010 If they do enter admin it will be interesting (meaning great fun!) to see how fast Storrie can run. I bet it's absolutely the last thing he want's - someone independent examining the books from the last 3 years:smt088 Link to comment Share on other sites More sharing options...
pedg Posted 23 February, 2010 Share Posted 23 February, 2010 Nope, but under MM we spent to the limit and no more. Though possibly not paying tax on all of it which probably helped! Link to comment Share on other sites More sharing options...
dune Posted 23 February, 2010 Share Posted 23 February, 2010 Nope, but under MM we spent to the limit and no more. As soon as Gaydamak came in the sky was the limit. Fantastic at the time and would still be if only the money hadn't stopped flowing. I've said all along that you lot did it the right way i.e. spent money you didn't have on a ground that wouldn't be knocked down, wheras we spent money we didn't have on players and wages. At least you got a new ground out of it. Wonderful thing, hindsight........ That's the best thing about the whole Pompey mess. You'll have absolutely nothing to show for your brief forray into the top flight. Link to comment Share on other sites More sharing options...
Chez Posted 23 February, 2010 Share Posted 23 February, 2010 Nope, but under MM we spent to the limit and no more... and there's me thinking he spent way more than the club brought in, but he recouped the excess when he found a Gaydamak looking to launder his money. Link to comment Share on other sites More sharing options...
Saint Keith Posted 23 February, 2010 Share Posted 23 February, 2010 No offence but you don't have a f***ing clue what you're talking about. Please, just shut up and let the adults discuss the issue. Cheers tbf, no one is entirely certain what happens to the soa being presented to the court if they go into admin before hand. it has been mentioned that it can take 7 days for a court to formally appoint an administrator, so quite what happens to monday, in the event that they do, nobody is really sure atm, unless they happen to be working directly in that field, and have seen this scenario before there is a contrary point of view in that the soa and the wuo take precedent, but as i said, no body is completely sure atm Link to comment Share on other sites More sharing options...
Guided Missile Posted 23 February, 2010 Share Posted 23 February, 2010 Thought it was made clear that they would be wound up. The Registrar made it clear that she suspects that the club is insolvent, ie has no assets that can be used to pay the unsecured creditors, both past, current and future. If the SoA confirms this, I am having a problem working out what point there is in placing the club into administration, as continuing to trade whilst in administration will just make the creditors position worse. IMO if it gets to Monday and the SoA is what we think, with no new provable investment in the meantime, Portsmouth Football Club will be wound up... Link to comment Share on other sites More sharing options...
Saint Keith Posted 23 February, 2010 Share Posted 23 February, 2010 If they do enter admin it will be interesting (meaning great fun!) to see how fast Storrie can run. I bet it's absolutely the last thing he want's - someone independent examining the books from the last 3 years:smt088 thats exactly why he didnt do it before, as any other ceo would have done. why is why its now taken out of his hands, and he is shi tting himself Link to comment Share on other sites More sharing options...
Saint Keith Posted 23 February, 2010 Share Posted 23 February, 2010 if it gets to Monday and the SoA is what we think, with no new provable investment in the meantime, Portsmouth Football Club will be wound up... This Link to comment Share on other sites More sharing options...
ottery st mary Posted 23 February, 2010 Share Posted 23 February, 2010 No offence but you don't have a f***ing clue what you're talking about. Please, just shut up and let the adults discuss the issue. Cheers Would appear to be the same:rolleyes: nasty response from a lot of the Pompey supporters:smt033 Not a clue mate....as usual..you are a great :smt100.....NOT.. Cheers... From a real adult like marco:smt066 Link to comment Share on other sites More sharing options...
St Marco Posted 23 February, 2010 Share Posted 23 February, 2010 No offence but you don't have a f***ing clue what you're talking about. Please, just shut up and let the adults discuss the issue. Cheers Well i do have a clue thank you very much. Not only do i work in business analysis but i actually remember! I remember what various people have already said. And what i said is what the admin guy on the radio 5 live show said would happen. As i said right at the start, i was not 100% sure about it, thus it is an opinion of what "could" happen. So calm down love, no need to cry about it. Link to comment Share on other sites More sharing options...
Winchester Red Posted 23 February, 2010 Share Posted 23 February, 2010 Now that's an interesting rumour about Twitchy and Story-Teller trying to buy the club..... Bloody expensive way to cover their tracks though... Would have thought a can of petrol and a box of matches would be just as effective and way cheaper Link to comment Share on other sites More sharing options...
miserableoldgit Posted 23 February, 2010 Share Posted 23 February, 2010 Nope, but under MM we spent to the limit and no more. As soon as Gaydamak came in the sky was the limit. Fantastic at the time and would still be if only the money hadn't stopped flowing. I've said all along that you lot did it the right way i.e. spent money you didn't have on a ground that wouldn't be knocked down, wheras we spent money we didn't have on players and wages. . At least you got a new ground out of it. Wonderful thing, hindsight........ I don`t see how anyone thought that £42M pound a year for players wages on gates of less than 20,000 was ever realistic and sustainable Link to comment Share on other sites More sharing options...
benjii Posted 23 February, 2010 Share Posted 23 February, 2010 No offence but you don't have a f***ing clue what you're talking about. Please, just shut up and let the adults discuss the issue. Cheers That's a bit rude but the gist is spot-on. It's amazing how many people are willing to post statements as though they are fact when what they really are are guesses and inferences based on other stuff they've read. Most of the time it is wrong. Link to comment Share on other sites More sharing options...
pfc123 Posted 23 February, 2010 Share Posted 23 February, 2010 That's the best thing about the whole Pompey mess. You'll have absolutely nothing to show for your brief forray into the top flight. Yeah, seven years of quality Premiership football, stuffing you 4-1 at Fratton, laying down and dying at West Brom on the last day to help send you down, three Wembley appearances with an F.A cup win in the middle, a fantastically enjoyable if brief european tour, holding AC Milan to a draw at FP, having enough of a team left to stuff you again 4-1 on your own patch. Jeez, even winning the Asia cup was a gas! Lots of pain yet to come maybe, but definitely, definitely not a case of nothing to show for it...... Link to comment Share on other sites More sharing options...
Winchester Red Posted 23 February, 2010 Share Posted 23 February, 2010 That's a bit rude but the gist is spot-on. It's amazing how many people are willing to post statements as though they are fact when what they really are are guesses and inferences based on other stuff they've read. Most of the time it is wrong. You don't what you're f*cking talking about..... Link to comment Share on other sites More sharing options...
benjii Posted 23 February, 2010 Share Posted 23 February, 2010 tbf, no one is entirely certain what happens to the soa being presented to the court if they go into admin before hand. it has been mentioned that it can take 7 days for a court to formally appoint an administrator, so quite what happens to monday, in the event that they do, nobody is really sure atm, unless they happen to be working directly in that field, and have seen this scenario before there is a contrary point of view in that the soa and the wuo take precedent, but as i said, no body is completely sure atm I am. If they go into admin before Monday then HMRC's petition will be stayed. Link to comment Share on other sites More sharing options...
foghorn Posted 23 February, 2010 Share Posted 23 February, 2010 laying down and dying at West Brom on the last day to help send you down You actually sound proud of that fact! Link to comment Share on other sites More sharing options...
ringwood Posted 23 February, 2010 Share Posted 23 February, 2010 HMRC have applied for winding up not admin, so if it gets to Monday IMO they will be dead. Admin they need both an administrator and a court order to allow that and be able to prove that they have assets to cover the immediate running costs. They need working funds for the day to day costs and to pay HMRC its that simple. Link to comment Share on other sites More sharing options...
100%Red&White Posted 23 February, 2010 Share Posted 23 February, 2010 At least you got a new ground out of it. Wonderful thing, hindsight........ But think of the positives, you didn't want a "flat-pack" stadium anyway according to Corpy Ho-Ho-Ha-Ha-Ha-Ha-Ha. And you'll be spoilt for choice shortly, groundshare with Havant, move to Tipnor Greyhound stadium or Southsea Common. Link to comment Share on other sites More sharing options...
pfc123 Posted 23 February, 2010 Share Posted 23 February, 2010 and there's me thinking he spent way more than the club brought in, but he recouped the excess when he found a Gaydamak looking to launder his money. Actually, under MM we were running at 70% of wages to turnover, which was about 10% over the top of what was comfortable, but still sustainable. We got up from the £5m sale of Crouch to Villa and the collapse of ITV Digital. I think overall that MM took around £12m profit from the sale to Gaydamak... Link to comment Share on other sites More sharing options...
Winchester Red Posted 23 February, 2010 Share Posted 23 February, 2010 (edited) Yeah, seven years of quality Premiership football, stuffing you 4-1 at Fratton, laying down and dying at West Brom on the last day to help send you down, three Wembley appearances with an F.A cup win in the middle, a fantastically enjoyable if brief european tour, holding AC Milan to a draw at FP, having enough of a team left to stuff you again 4-1 on your own patch. Jeez, even winning the Asia cup was a gas! Lots of pain yet to come maybe, but definitely, definitely not a case of nothing to show for it...... I think that bit about laying down and dying at West Brom to send us down sums up the difference between PFC and SFC for me. We wouldn't do that... and in fact, when we had the chance, we didn't do that. Is there a grinny thing symbol which sticks 2 fingers up whilst sticking it's tongue out? Edited 23 February, 2010 by Winchester Red Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 23 February, 2010 Share Posted 23 February, 2010 Yeah, seven years of quality Premiership football, stuffing you 4-1 at Fratton, laying down and dying at West Brom on the last day to help send you down, three Wembley appearances with an F.A cup win in the middle, a fantastically enjoyable if brief european tour, holding AC Milan to a draw at FP, having enough of a team left to stuff you again 4-1 on your own patch. Jeez, even winning the Asia cup was a gas! Lots of pain yet to come maybe, but definitely, definitely not a case of nothing to show for it...... ..and all of it fake, a business built on quicksand, using finance on the never-never. You must be so proud. ;-) Link to comment Share on other sites More sharing options...
Faz Posted 23 February, 2010 Share Posted 23 February, 2010 The Registrar made it clear that she suspects that the club is insolvent, ie has no assets that can be used to pay the unsecured creditors, both past, current and future. If the SoA confirms this, I am having a problem working out what point there is in placing the club into administration, as continuing to trade whilst in administration will just make the creditors position worse. IMO if it gets to Monday and the SoA is what we think, with no new provable investment in the meantime, Portsmouth Football Club will be wound up... They are illiquid and insolvent. If they get placed into Admin, they are still illiquid and insolvent. The only income between now and season end is 6 home PL games (7000 x £25 x 6) £1.05m, plus the FA Cup game to add say £0.5m. Less costs which Pompey may not pay, but and Administrator would have to, probably taking care of £0.5m. So £1m Gross, to cover all salaries and running costs. Adminstration is NOT an option as it is not sustainable unless an Administrator is prepared to run up losses personally pending PL money coming in. The PL, as we all know, will prefer football creditors above the Administrator. It is either being bought, with an investor prepared to stump up £30+m to pay HMRC and see them through to the end of ther season, or Winding Up. IMO. Link to comment Share on other sites More sharing options...
St Marco Posted 23 February, 2010 Share Posted 23 February, 2010 That's a bit rude but the gist is spot-on. It's amazing how many people are willing to post statements as though they are fact when what they really are are guesses and inferences based on other stuff they've read. Most of the time it is wrong. But that is a bit moronic benji because all we have to inform us is what others have said or what we ourselves have read. How else would we be informed about the situation? I don't know anyone on the actual board at the club who gives me the info first hand, do you? What i said is what the 5 live guy said. If he wants to argue about what points are wrong then he should do so, it just makes him look dumb by not doing so. Because all of the things i said are things which most of the papers/media have said could/will happen. It is not some "out there" theory that i made up. As complex as the whole thing is the outcomes are very few. Everyone is saying admin, all the news wires are saying admin. Without those people saying those things we would not have any idea at all in regards to what is happening. But we will see what happens in the next few days and then i will wait for his apology Link to comment Share on other sites More sharing options...
Kingsland Red Posted 23 February, 2010 Share Posted 23 February, 2010 Um!!!!....I'm led to believe, that the SofA will be heard regardless, perhaps we could have a definitive on this please?? My understanding is that the SoA will need to be heard as if the club has traded insolvently then that is a legal matter, separate to the HMRC financial matter being 'resolved' by administration. Link to comment Share on other sites More sharing options...
pfc123 Posted 23 February, 2010 Share Posted 23 February, 2010 You actually sound proud of that fact! To be honest I wasn't sure whether I wanted us to win or not that day..... Link to comment Share on other sites More sharing options...
stevegrant Posted 23 February, 2010 Share Posted 23 February, 2010 To be honest I wasn't sure whether I wanted us to win or not that day..... It also didn't make a blind bit of difference, you do realise that, don't you? Link to comment Share on other sites More sharing options...
pfc123 Posted 23 February, 2010 Share Posted 23 February, 2010 But think of the positives, you didn't want a "flat-pack" stadium anyway according to Corpy Ho-Ho-Ha-Ha-Ha-Ha-Ha. And you'll be spoilt for choice shortly, groundshare with Havant, move to Tipnor Greyhound stadium or Southsea Common. I'll take the Southsea common 'dog turds for goalposts' option please. It's cheaper Link to comment Share on other sites More sharing options...
Joensuu Posted 23 February, 2010 Share Posted 23 February, 2010 Ouch... http://www.portsmouth.co.uk/sport/Deal-for-Pompey-has-no.6096375.jp Link to comment Share on other sites More sharing options...
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