Pompey Takeover Saga

[Joensuu]

Nice bit of gloom from Avram (how out of character eh?): http://www.skysports.com/story/0,19528,11674_5980104,00.html

[Guided Missile]

Now, this is what I don't get. Chanrai lends Al Mirage £17M in October, 2009. Seemingly oblivious of the financial mess Pompey are in, he suddenly wakes up and smells the roses when the winding up petition is served on December 23rd, 2009.

 

Courtesy of the Companies House website and after spending the grand total of £1, I downloaded the particulars of the mortgage or charge, which was created on the 7th January, 2010. The mortgage form was completed and submitted by a Mr. Mark Jacob, then of Fuglers LLP, costing Chanrai all of £13 to register. The date of the registration is the 21st January, 2010 and is for "Any freehold or leasehold or other immovable property now vested in the Company including without limitation the property known as Fratton Park......all buildings, trade and other fixtures, fixed plant and machinery...by way of Floating Charge....by way of Legal Mortgage or fixed charge...."

 

So...Mark Jacobs, AFTER the winding up petition, slaps a charge on Fratton Park on behalf of Portpin Limited, Intershore Chambers, P.O. Box 4342, Road, Tortola, British Virgin Islands.

 

The observant reader may wonder about the timing of this and why the charge was not made, when the loan was made back in October.

 

You might also note that Portpin is registered in Tortola. As late as 1792, British authorities called Tortola "a pirate's nest." For many years Tortola was a major base for pirates bent on terrorizing professional sailors and soldiers, attacking treasure ships, and distributing the loot in strict accordance with the Pirate Coda or Code. Seems like history is repeating itself, although I hope HMRC has as much success as Her Majesties Royal Navy did, in preventing our tax money and VAT from being looted.

 

*There was an earlier charge deed on the assets dated 6th October, limited just to Fratton Park. The latest one was a debenture and sounds more wide ranging, but I'm not a lawyer...

Edited 25 February, 2010 by Guided Missile
The plot thickens

[Gemmel]

Now, this is what I don't get. Chanrai lends Al Mirage £17M in October, 2009. Seemingly oblivious of the financial mess Pompey are in, he suddenly wakes up and smells the roses when the winding up petition is served on December 23rd, 2009.

 

Courtesy of the Companies House website and after spending the grand total of £1, I downloaded the particulars of the mortgage or charge, which was created on the 7th January, 2010. The mortgage form was completed and submitted by a Mr. Mark Jacob, then of Fuglers LLP, costing Chanrai all of £13 to register. The date of the registration is the 21st January, 2010 and is for "Any freehold or leasehold or other immovable property now vested in the Company including without limitation the property known as Fratton Park......all buildings, trade and other fixtures, fixed plant and machinery...by way of Floating Charge....by way of Legal Mortgage or fixed charge...."

 

So...Mark Jacobs, AFTER the winding up petition, slaps a charge on Fratton Park on behalf of Portpin Limited, Intershore Chambers, P.O. Box 4342, Road, Tortola, British Virgin Islands.

 

The observant reader may wonder about the timing of this and why the charge was not made, when the loan was made back in October.

 

You might also note that Portpin is registered in Tortola. As late as 1792, British authorities called Tortola "a pirate's nest." For many years Tortola was a major base for pirates bent on terrorizing professional sailors and soldiers, attacking treasure ships, and distributing the loot in strict accordance with the Pirate Coda or Code. Seems like history is repeating itself, although I hope HMRC has as much success as Her Majesties Royal Navy did, in preventing our tax money and VAT from being looted.

 

Was it you that posted something to the effect that assets couldn't change hands or charges placed on assets, whilst a WUP was in progress?

 

Does that still hold water, or is HMRC likely to just go with the administration route

[Guided Missile]

What if Chanrai's £17M loan was originally secured against Al Mirage's 90% shareholding in Portsmouth City Football Club Limited as I thought was the case? All Chanrai can take possession of, perhaps, is some shares that will be worth Jack Sh !t come tomorrow.

 

I wonder what HMRC's position on all this will be....?

[stevegrant]

Well, I would have thought that selling advance tickets to fixtures that may or may not be completed by an insolvent company, might just be deemed as gaining money by deception.

Not stopped Pompey's owners before, tbf...

[Guided Missile]

Was it you that posted something to the effect that assets couldn't change hands or charges placed on assets, whilst a WUP was in progress?

 

Does that still hold water, or is HMRC likely to just go with the administration route

 

I did post an extract from the Government Insolvency Website, earlier on this thread as follows:

 

The general rule is that any transaction entered into by the company after the commencement of a winding up is void unless the transaction is authorised or validated by the court.

The invalidation of dispositions of an insolvent’s assets after the date of presentation of a winding-up petition or a petition for bankruptcy is designed to prevent the directors of a company or the bankrupt, when insolvency proceedings are imminent, from disposing of the assets to the prejudice of the creditors and to preserve those assets for the benefit of the general body of creditors.

The general rule is that any transaction entered into by the company after the commencement of a winding up is void unless the transaction is authorised or validated by the court.

[miserableoldgit]

I know that I have asked before but no-one has answered. Is there an extra punishment for being in administration twice??

[dubai_phil]

Now, this is what I don't get. Chanrai lends Al Mirage £17M in October, 2009. Seemingly oblivious of the financial mess Pompey are in, he suddenly wakes up and smells the roses when the winding up petition is served on December 23rd, 2009.

 

Courtesy of the Companies House website and after spending the grand total of £1, I downloaded the particulars of the mortgage or charge, which was created on the 7th January, 2010. The mortgage form was completed and submitted by a Mr. Mark Jacob, then of Fuglers LLP, costing Chanrai all of £13 to register. The date of the registration is the 21st January, 2010 and is for "Any freehold or leasehold or other immovable property now vested in the Company including without limitation the property known as Fratton Park......all buildings, trade and other fixtures, fixed plant and machinery...by way of Floating Charge....by way of Legal Mortgage or fixed charge...."

 

So...Mark Jacobs, AFTER the winding up petition, slaps a charge on Fratton Park on behalf of Portpin Limited, Intershore Chambers, P.O. Box 4342, Road, Tortola, British Virgin Islands.

 

The observant reader may wonder about the timing of this and why the charge was not made, when the loan was made back in October.

 

You might also note that Portpin is registered in Tortola. As late as 1792, British authorities called Tortola "a pirate's nest." For many years Tortola was a major base for pirates bent on terrorizing professional sailors and soldiers, attacking treasure ships, and distributing the loot in strict accordance with the Pirate Coda or Code. Seems like history is repeating itself, although I hope HMRC has as much success as Her Majesties Royal Navy did, in preventing our tax money and VAT from being looted.

 

 

I know it is evil, but wouldn't it be nice if nothing except the Admin happened tomorrow.

 

And then on Monday as some have speculated, Chanrai was told "Well actually, sorry, the date of the issunce of the WUO was December and you have done this after that date, it is invalid.

 

Once in admin he will go to the back of the queue and it will be too late to back out.

 

hehehe:smt077

[Goalie66]

Now, this is what I don't get. Chanrai lends Al Mirage £17M in October, 2009. Seemingly oblivious of the financial mess Pompey are in, he suddenly wakes up and smells the roses when the winding up petition is served on December 23rd, 2009.

 

Courtesy of the Companies House website and after spending the grand total of £1, I downloaded the particulars of the mortgage or charge, which was created on the 7th January, 2010. The mortgage form was completed and submitted by a Mr. Mark Jacob, then of Fuglers LLP, costing Chanrai all of £13 to register. The date of the registration is the 21st January, 2010 and is for "Any freehold or leasehold or other immovable property now vested in the Company including without limitation the property known as Fratton Park......all buildings, trade and other fixtures, fixed plant and machinery...by way of Floating Charge....by way of Legal Mortgage or fixed charge...."

 

So...Mark Jacobs, AFTER the winding up petition, slaps a charge on Fratton Park on behalf of Portpin Limited, Intershore Chambers, P.O. Box 4342, Road, Tortola, British Virgin Islands.

 

The observant reader may wonder about the timing of this and why the charge was not made, when the loan was made back in October.

 

You might also note that Portpin is registered in Tortola. As late as 1792, British authorities called Tortola "a pirate's nest." For many years Tortola was a major base for pirates bent on terrorizing professional sailors and soldiers, attacking treasure ships, and distributing the loot in strict accordance with the Pirate Coda or Code. Seems like history is repeating itself, although I hope HMRC has as much success as Her Majesties Royal Navy did, in preventing our tax money and VAT from being looted.

 

So the logical conclusion is that an asset of PCFC was removed knowingly AFTER a WUP was made. Therfore, HMRC would have case to continue as Chanrai would no longer be a Secured Creditor and logically the Court should deny the application for Administration as the applicant is not a Preffered Cereditor and the DIRECTORS are liable for actions against the WUP,

 

Correct ?

[stevegrant]

So the logical conclusion is that an asset of PCFC was removed knowingly AFTER a WUP was made. Therfore, HMRC would have case to continue as Chanrai would no longer be a Secured Creditor and logically the Court should deny the application for Administration as the applicant is not a Preffered Cereditor and the DIRECTORS are liable for actions against the WUP,

 

Correct ?

Potentially.

[Saint Keith]

Friday. Portsmouth - "We have gone into administration"

 

Monday. HMRC and Judge Judy - "oh no you haven't - FAIL"

[derry]

They would still need a CVA, however a CVA is granted on a 75% agreement of the total owed is required, so on the basis that they are around 65 million in debt, which is around 48 million Chanrai + Gadamak = ..... you guessed it 48 million, so they will probably get their CVA

 

75% of the unsecured creditors only!

[OldNick]

I owuld have thought that the HMRC would love to see some of this , just in case they have not found it all.

[slickmick]

This is getting better by the minute.

Well done GM.

[SOTONS EAST SIDE]

Friday. Portsmouth - "We have gone into administration"

 

Monday. HMRC and Judge Judy - "oh no you haven't - FAIL"

The latter please, they deserve all they get fans as well, as they all went along with it (Lemmings), So f*ck em all!! But most of all, that nice mong Mr HO!!! :smt040

[Doctoroncall]

I did post an extract from the Government Insolvency Website, earlier on this thread as follows:

 

The general rule is that any transaction entered into by the company after the commencement of a winding up is void unless the transaction is authorised or validated by the court.

The invalidation of dispositions of an insolvent’s assets after the date of presentation of a winding-up petition or a petition for bankruptcy is designed to prevent the directors of a company or the bankrupt, when insolvency proceedings are imminent, from disposing of the assets to the prejudice of the creditors and to preserve those assets for the benefit of the general body of creditors.

The general rule is that any transaction entered into by the company after the commencement of a winding up is void unless the transaction is authorised or validated by the court.

 

I think there is also a "fair" price attached to the assets so they cannot sell anything at a knock down value even if authorised to sell.

[sidthesquid]

Unlike our Administration, I can't see many of Pompey's creditors accepting a reduced amount for what they owe.

 

Chainrai: (£10m?) will demand 100%, as the only secured creditor he stands to make all of his money back. The only reason for accepting less would be to keep the club alive for the loan money...

 

HMRC: (£18m?) will demand 100%

 

Gaydamak: (£30m?) might agree to a lesser amount as he will walk away with the valuable development plots.

 

Football creditors: (£10m?) will demand 100%, as they know Pompey will have another point deduction next season if they dont' cough up.

 

Others: (£1m?) their reaction will vary, and the amounts are releatively small

 

As such, anyone purchasing them from admin is going to have to pay quite a few of the creditors in full.

 

Guesstimate: A buyer would have to come up with at least £10million for a CCC club with no assets and 20 points deductions, who are possibly

ineligible for the league; or at least £40million for a CCC club with no assets.

 

+ the £5million a month just to keep paying the wages/bills to keep the club functioning

[View From The Top]

I guess we will know tomorrow as I'm sure HMRC will have something to say if/when administration is announced.

[Chez]

my skate mate seems to think they have another few millions coming in from season ticket sales in march

 

i seem to remember when we were in admin that we didnt sell any season tickets during that time

 

is that just something mark fry thought was sensible, or is there some legal restriction to doing it

 

I think there will be a lot of PFC season ticket holders telling the club where to go after the terrible treatment they got this year - paying £650 for a guarenteed ticket only to find that everyone else could get a ticket whenever they wanted for just £20 a game.

[Chez]

Has Chanrai billed PFC for the first £1m installment on the hire of not arf krap?

[Guided Missile]

I think Jacobs has tried to stick a floating charge on Portsmouth City Football Club, in addition to the fixed mortgage that was originally registered in October 6th, the date Al Mirage took over the cesspit.

 

So...if my memory serves me right, I can't remember Aviva marching into St. Mary's the minute we missed a mortgage payment and taking possession. They got what they could from Markus when Mark Fry negotiated the sale

 

My suspicion is that Mark Jacobs has attemped to strengthen Portpin's security, AFTER the date of the winding up order.

 

For those interested, he was a Director of Portsmouth City Football Club Limited at the time he registered the additional charge for Portpin Limited.

 

The term North London Yobbo springs to mind...

[SOTONS EAST SIDE]

Are we all forgetting they were trading while "INSOLVENT" (proved twice), and this fact cannot be allowed to be buried under the Admin furore!!

[qwertySFC]

Any future club that is heading for Aministration should first consult SWF..

 

To get all of their options explained..

[View From The Top]

I think Jacobs has tried to stick a floating charge on Portsmouth City Football Club, in addition to the fixed mortgage that was originally registered in October 6th, the date Al Mirage took over the cesspit.

 

So...if my memory serves me right, I can't remember Aviva marching into St. Mary's the minute we missed a mortgage payment and taking possession. They got what they could from Markus when Mark Fry negotiated the sale

 

My suspicion is that Mark Jacobs has attemped to strengthen Portpin's security, AFTER the date of the winding up order.

 

For those interested, he was a Director of Portsmouth City Football Club Limited at he time he registered the additional charge for Portpin Limited.

 

The term North London Yobbo springs to mind...

 

Forgive me being a bit thick but what does that meen in laymans terms?

[Doctoroncall]

I know that I have asked before but no-one has answered. Is there an extra punishment for being in administration twice??

 

Yes, just ask Bournemouth.

 

bonus negative points for being in admin before (2 or more), no cva thanks mainly to HMRC (15) and financial irregularities with Storrie, Redknapp and Mandrick alledgedly fiddling the books (~12).

[Guided Missile]

I think there is also a "fair" price attached to the assets so they cannot sell anything at a knock down value even if authorised to sell.

I believe that the Directors of Portsmouth City Football Club have to get court approval to transfer any assets after the date of the winding up order. It would seem polite...

[stevegrant]

I think Jacobs has tried to stick a floating charge on Portsmouth City Football Club, in addition to the fixed mortgage that was originally registered in October 6th, the date Al Mirage took over the cesspit.

 

So...if my memory serves me right, I can't remember Aviva marching into St. Mary's the minute we missed a mortgage payment and taking possession. They got what they could from Markus when Mark Fry negotiated the sale

 

My suspicion is that Mark Jacobs has attemped to strengthen Portpin's security, AFTER the date of the winding up order.

 

For those interested, he was a Director of Portsmouth City Football Club Limited at the time he registered the additional charge for Portpin Limited.

 

The term North London Yobbo springs to mind...

And if your suspicion is correct, would that not be illegal?

[Guided Missile]

Forgive me being a bit thick but what does that meen in laymans terms?

My opinion is (as a totally unqualified layman) that it is hardly likely that the new charge registered by Jacob was meant to make Portpins position as a creditor weaker, as a result. I think that any creditor with a "floating charge" may rank ahead of a creditor that simply has a "charge deed" registered. I guess it depends on the legal instrument lodged with Company's House that the legal charge refers to. This normally has to be lodged within 21 days of the charge being registered.

 

That may be why Barclays jumped to the head of the queue this week.

Edited 25 February, 2010 by Guided Missile

[saintbletch]

So the logical conclusion is that an asset of PCFC was removed knowingly AFTER a WUP was made. Therfore, HMRC would have case to continue as Chanrai would no longer be a Secured Creditor and logically the Court should deny the application for Administration as the applicant is not a Preffered Cereditor and the DIRECTORS are liable for actions against the WUP,

 

Correct ?

 

Not sure.

 

I thought I read that Chainrai's original loan was secured against some of the assets - perhaps this is the October 6th deed that GM mentioned below. This was in place before the WUO and therefore, to my eye, he was a secured creditor.

 

The scope of this appears to have changed since the WUO. How that affects things I don't know. And why change it to be more specific. Perhaps the other didn't hold legal water?

 

I also read that he wrote off £10M of the £17M debt when taking possession of "all the property known as Fratton Park".

 

He therefore still retains a £7M loan, and I'm guessing here, that this is secured against the other assets of the club (Players...)?

[Guided Missile]

And if your suspicion is correct, would that not be illegal?

I guess it depends on his contract with Portsmouth City Football Club and Fuglers, the former in the role as a Director and the latter as a Partner providing clients with legal advice(?).

 

I would not want on of my Directors working in the interest of a company who had lent me money, let's put it that way...

[Sevvy]

Perhaps someone should send all this info to the Papers they will have a field day.

[Goalie66]

I know that I have asked before but no-one has answered. Is there an extra punishment for being in administration twice??

 

No unfortunately two different companies: first one was Portsmouth Footbal Club, This one is Portsmouth CITY Football Club.

[bpsaint]

SSN reporting the takeover deadline has passed and they WILL go into admin tomorrow.

[anothersaintinsouthsea]

No unfortunately two different companies: first one was Portsmouth Footbal Club, This one is Portsmouth CITY Football Club.

 

 

Yes but the owner of the "golden share" will have been in administration twice.

[Goalie66]

Yes but the owner of the "golden share" will have been in administration twice.

 

Yes but who are the bloody owners of PCFC ??????

[Nellie]

No unfortunately two different companies: first one was Portsmouth Footbal Club, This one is Portsmouth CITY Football Club.

I'm not sure that'll wash with the blazers at the FL next year, because as we all know, they work within the spirit of the game rather than rules. If it enters administration on Friday, that will be PFC's second go at it (in whichever guise).

[PaulSaint]

I have amended it for you;)

 

Come on, play the game:

 

...A huge loyal fanbase in a 20k stadium of

17k fans on Southsea common & 233k glory hunting mongs

17k in the Prem

10k in the Championship

7k in League One

[tony13579]

Now, this is what I don't get. Chanrai lends Al Mirage £17M in October, 2009. Seemingly oblivious of the financial mess Pompey are in, he suddenly wakes up and smells the roses when the winding up petition is served on December 23rd, 2009.

 

Courtesy of the Companies House website and after spending the grand total of £1, I downloaded the particulars of the mortgage or charge, which was created on the 7th January, 2010. The mortgage form was completed and submitted by a Mr. Mark Jacob, then of Fuglers LLP, costing Chanrai all of £13 to register. The date of the registration is the 21st January, 2010 and is for "Any freehold or leasehold or other immovable property now vested in the Company including without limitation the property known as Fratton Park......all buildings, trade and other fixtures, fixed plant and machinery...by way of Floating Charge....by way of Legal Mortgage or fixed charge...."

 

So...Mark Jacobs, AFTER the winding up petition, slaps a charge on Fratton Park on behalf of Portpin Limited, Intershore Chambers, P.O. Box 4342, Road, Tortola, British Virgin Islands.

 

The observant reader may wonder about the timing of this and why the charge was not made, when the loan was made back in October.

 

You might also note that Portpin is registered in Tortola. As late as 1792, British authorities called Tortola "a pirate's nest." For many years Tortola was a major base for pirates bent on terrorizing professional sailors and soldiers, attacking treasure ships, and distributing the loot in strict accordance with the Pirate Coda or Code. Seems like history is repeating itself, although I hope HMRC has as much success as Her Majesties Royal Navy did, in preventing our tax money and VAT from being looted.

 

*There was an earlier charge deed on the assets dated 6th October, limited just to Fratton Park. The latest one was a debenture and sounds more wide ranging, but I'm not a lawyer...

 

I hope you have sent HMRC and the press a copy as a public spirited citizen

:smt117

[Saint Keith]

Come on, play the game:

 

...A huge loyal fanbase in a 20k stadium of

17k fans on Southsea common & 233k glory hunting mongs

17k in the Prem

10k in the Championship

7k in League One

 

but dont forget they got 36,000 in the 4th division

[slickmick]

Does this mean that Al Mirage still owns the ground ect and would be the prefered creditor ??

[GenevaSaint]

"SSN - Portsmouth to go into administration on Friday as all "interested" parties have failed to meet the deadline."

 

I guess it was Chanrai's slef imposed put up or shut up one.....

[beatlesaint]

SSN reporting the takeover deadline has passed and they WILL go into admin tomorrow.

 

I guess they just ran out of "48 hours"......

[Saint Keith]

I hope you have sent HMRC and the press a copy as a public spirited citizen

:smt117

 

emailed to charles sale. he likes a bit of **** stirring

[Saint dyer]

i hope they get deducted at least 20 next season

[Saintjersey]

i hope they get deducted at least 20 next season

 

30 like Luton would be better.

[Saint Keith]

30 like Luton would be better.

 

relegated 2 divisions like swindon would be better

[Saintjersey]

relegated 2 divisions like swindon would be better

 

Then deducted 30 points as well.

[sidthesquid]

Yes but who are the bloody owners of PCFC ??????

 

I don't think it matters to the league - it is the 'football'club' wanting access to its leagues that matters, not who the owners are. By definition almost all clubs that go into admin end up being owned or titled differently when they come out the other end.

[Foxy]

 

He therefore still retains a £7M loan, and I'm guessing here, that this is secured against the other assets of the club (Players...)?

 

If that were the case, and (what with them being crap and on big wages) noone wanted them might Balu be able to have them come round his house and do a few odd jobs (cut the grass, creosote the fence, maybe look after the kiddies while he and Mrs C popped out for a fish supper)?

[Saint Keith]

I hope you have sent HMRC

:smt117

 

LOL. look what ive found

 

https://online.hmrc.gov.uk/shortforms/form/TEH_IRF?dept-name=TEH&sub-dept-name=&location=39&origin=http://www.hmrc.gov.uk