dubai_phil Posted 2 March, 2010 Share Posted 2 March, 2010 Matt @ Snooze: ''Gregory Mitchell for HMRC said; 'The club is a well loved football club with a long and successful history. 'The question which we and indeed supporters of the club and members of the public ask is how is it possible that this once great club has become insolvent so that its liabilities its assets by £65 million' '' Which strangely doesn't sound at all as if they are there to ask about a few pieces of paper. Hmmm Link to comment Share on other sites More sharing options...
dubai_phil Posted 2 March, 2010 Share Posted 2 March, 2010 [Comment From Laurel Laurel : ] If liabilities exceed assets by £65 million, are they taking into account value of players? Although, what they would be worth in a 'fire sale', I dread to think. Kerching Link to comment Share on other sites More sharing options...
OldNick Posted 2 March, 2010 Share Posted 2 March, 2010 the HMRC's brief is bigging them up and not gone straight to the jugular, almost apologetic they are there. Pompey will get away with it Link to comment Share on other sites More sharing options...
bristolsaint29 Posted 2 March, 2010 Share Posted 2 March, 2010 Keep it up nickh Link to comment Share on other sites More sharing options...
SO16_Saint Posted 2 March, 2010 Share Posted 2 March, 2010 Could today be the day? could it? could it? Link to comment Share on other sites More sharing options...
Foxy Posted 2 March, 2010 Share Posted 2 March, 2010 HMRC say they support administration in principal but have 3 issues: 1 the validity of administration 2 are administrators independent 3 is admin feasible? They want evidence that funds will be available for administration- club needs £7m until end of march and more than 14m until end of may Link to comment Share on other sites More sharing options...
bristolsaint29 Posted 2 March, 2010 Share Posted 2 March, 2010 Matthew: HMRC say they support administration in principal but have 3 issues: 1 the validity of administration 2 are administrators independent 3 is admin feasible? They want evidence that funds will be available for administration- club needs £7m until end of march and more than 14m until end of may Tuesday March 2, 2010 10:47 Matthew Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 2 March, 2010 Share Posted 2 March, 2010 the HMRC's brief is bigging them up and not gone straight to the jugular, almost apologetic they are there. Pompey will get away with it You keep this rich vein of form going and I'll fall in love with you. Link to comment Share on other sites More sharing options...
Joey-deacons-left-nut Posted 2 March, 2010 Share Posted 2 March, 2010 So HMRC are saying Pompey owe £65m MORE than they are worth??? Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 2 March, 2010 Share Posted 2 March, 2010 Haha...are the administrators independent.... Link to comment Share on other sites More sharing options...
PaulSaint Posted 2 March, 2010 Share Posted 2 March, 2010 "Matthew: HMRC say they support administration in principal but have 3 issues: 1 the validity of administration 2 are administrators independent 3 is admin feasible? They want evidence that funds will be available for administration- club needs £7m until end of march and more than 14m until end of may " Link to comment Share on other sites More sharing options...
Foxy Posted 2 March, 2010 Share Posted 2 March, 2010 HMRC say they support administration in principal but have 3 issues: 1 the validity of administration 2 are administrators independent 3 is admin feasible? They want evidence that funds will be available for administration- club needs £7m until end of march and more than 14m until end of may Although why March would be as expensive as April and May combined is a bit confusing, unless they're a bit late on February? Link to comment Share on other sites More sharing options...
hutch Posted 2 March, 2010 Share Posted 2 March, 2010 Gregory Mitchell QC Helluva track record in the field: http://www.3vb.com/pgs-members/m_gmitchell.shtml Poacher's turned gamekeepers are always the worst ones to come up against. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 2 March, 2010 Share Posted 2 March, 2010 Although why March would be as expensive as April and May combined is a bit confusing, unless they're a bit late on February? I think they're basically saying it costs £7M a MONTH to run the blue few. Link to comment Share on other sites More sharing options...
Joensuu Posted 2 March, 2010 Share Posted 2 March, 2010 I think they're basically saying it costs £7M a MONTH to run the blue few. Or perhaps they are due a installation on one of their player sales in April? Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 2 March, 2010 Share Posted 2 March, 2010 They're blaming the banks now.....errrrrrrr.... 'HELLO??????' --- [Comment From one blue ear one blue ear : ] all football clubs and a lot of business trades like this with the blessing of thier banks which technically mean that they are not insolvent because the banks earn huge interest on this way of trading if banks did not do this there would be no profit for banks we where unlucky enough for the banks to withdraw Link to comment Share on other sites More sharing options...
South Londoner Posted 2 March, 2010 Share Posted 2 March, 2010 Or perhaps they are due a installation on one of their player sales in April? Why ? Are they in the contemporary art market now then as well ? Link to comment Share on other sites More sharing options...
badgerx16 Posted 2 March, 2010 Share Posted 2 March, 2010 "Why would HMRC question the independance of the administrator" ? Come on here and find out LOL Link to comment Share on other sites More sharing options...
PaulSaint Posted 2 March, 2010 Share Posted 2 March, 2010 SSN Reporter races outside of court 53 to announce the reasons and make most Pompey Fans just Sh 1t themselves? LOL Link to comment Share on other sites More sharing options...
hutch Posted 2 March, 2010 Share Posted 2 March, 2010 Comment From Ryan Ryan : ] What worries me is that pompey have no evidence of anyone interested in buying the club showing they have proof of funds... He hasn't seen this thread. Link to comment Share on other sites More sharing options...
bristolsaint29 Posted 2 March, 2010 Share Posted 2 March, 2010 [Comment From Fratton Man Fratton Man : ] HMRC should be asked by the judge why they wouldn't take the PAYE and NI payment at the first hearing. LOL Link to comment Share on other sites More sharing options...
Foxy Posted 2 March, 2010 Share Posted 2 March, 2010 Or perhaps they are due a installation on one of their player sales in April? Could be that I suppose, but a strange cooincidence it comes to exactly a month's costs. Either way £14M is a helluva lot of cash to beat us Cov and Burnley over the past 2 months. They're spending nearly £5M on each win! Link to comment Share on other sites More sharing options...
bristolsaint29 Posted 2 March, 2010 Share Posted 2 March, 2010 Matthew: Mr Mitchell: 'We say there's serious questions which arise and which require full investigation as to what financial dealings there have been between the various different owners of the club and between the club and it's owners and at the moment everything is shrouded in mystery.' Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 2 March, 2010 Share Posted 2 March, 2010 Matthew: Mr Mitchell: 'We say there's serious questions which arise and which require full investigation as to what financial dealings there have been between the various different owners of the club and between the club and it's owners and at the moment everything is shrouded in mystery.' THEY ARE SOOOOOOOOOOOO FOOOKED Link to comment Share on other sites More sharing options...
S-Clarke Posted 2 March, 2010 Share Posted 2 March, 2010 Mr Mitchell - HMRC - We say there's serious questions which arise and which require full investigation as to what financial dealings there have been between the various different owners of the club and between the club and it's owners and at the moment everything is shrouded in mystery.' Link to comment Share on other sites More sharing options...
washsaint Posted 2 March, 2010 Share Posted 2 March, 2010 Wohhhhhhhh......this is going to get very nasty for PFC...HMRC want full enquiry into connections between the various owners and all transactions. Fraud, money laundering? -30 points for PFC anyone? Link to comment Share on other sites More sharing options...
S-Clarke Posted 2 March, 2010 Share Posted 2 March, 2010 Wohhhhhhhh......this is going to get very nasty for PFC...HMRC want full enquiry into connections between the various owners and all transactions. Fraud, money laundering? -30 points for PFC anyone? maybe we will be playing them next season..! Link to comment Share on other sites More sharing options...
hutch Posted 2 March, 2010 Share Posted 2 March, 2010 They're spending nearly £5M on each win! Not quite. They're increasing their debt by that amount for each win. Link to comment Share on other sites More sharing options...
Saints foreva Posted 2 March, 2010 Share Posted 2 March, 2010 How is everyone getting updates from the court? Link to comment Share on other sites More sharing options...
Essruu Posted 2 March, 2010 Share Posted 2 March, 2010 Do we really need a dozen people posting the same news feeds? Can't just one of you take it upon yourself to copy and paste from the Snooze site? Link to comment Share on other sites More sharing options...
Matthew Le God Posted 2 March, 2010 Share Posted 2 March, 2010 How is everyone getting updates from the court? http://www.portsmouth.co.uk/custompages/custompage.aspx?pageid=81796 Link to comment Share on other sites More sharing options...
Red Alert Posted 2 March, 2010 Share Posted 2 March, 2010 How is everyone getting updates from the court? Here you go. http://www.portsmouth.co.uk/custompages/custompage.aspx?pageid=81796 Link to comment Share on other sites More sharing options...
bristolsaint29 Posted 2 March, 2010 Share Posted 2 March, 2010 Do we really need a dozen people posting the same news feeds? Can't just one of you take it upon yourself to copy and paste from the Snooze site? Helps the post count Link to comment Share on other sites More sharing options...
andysstuff Posted 2 March, 2010 Share Posted 2 March, 2010 maybe we will be playing them next season..! You don't support Havant & Waterlooville do you?? Link to comment Share on other sites More sharing options...
bristolsaint29 Posted 2 March, 2010 Share Posted 2 March, 2010 You don't support Havant & Waterlooville do you?? Or chester Link to comment Share on other sites More sharing options...
hutch Posted 2 March, 2010 Share Posted 2 March, 2010 There is a lot more meat in this than I expected. It will not be sorted out today. Somebody will have to run the Company in the meantime, if they are to continue. Maybe it's Mr. Mitchell who's got the extra ace up his sleeve. Link to comment Share on other sites More sharing options...
Fowllyd Posted 2 March, 2010 Share Posted 2 March, 2010 Mitchell mentions that Storrie values the playing squad at £38M, but says the court should take a 'conservative view'. That'll be £25 plus some loose change then! Link to comment Share on other sites More sharing options...
Joensuu Posted 2 March, 2010 Share Posted 2 March, 2010 £38M ha! Link to comment Share on other sites More sharing options...
Red Alert Posted 2 March, 2010 Share Posted 2 March, 2010 £38 million for the playing staff! Have they signed Kaka on the quiet? No way in the world is the bottom team of the premiership worth £38 million. Peter Storrie is a total tool. Link to comment Share on other sites More sharing options...
Hatch Posted 2 March, 2010 Share Posted 2 March, 2010 Mitchell mentions that Storrie values the playing squad at £38M, Didn't realise they had about 100 players in their squad Link to comment Share on other sites More sharing options...
Danish Saint Posted 2 March, 2010 Share Posted 2 March, 2010 £38M??!!.... is that including the players they don't even own? Link to comment Share on other sites More sharing options...
hutch Posted 2 March, 2010 Share Posted 2 March, 2010 Mitchell QC: "'We say that that is all very well,'" Lawyer-speak for "that's a load of old böllocks". I've been told the same in Court myself. Link to comment Share on other sites More sharing options...
Weston Saint Posted 2 March, 2010 Share Posted 2 March, 2010 There is a lot more meat in this than I expected. It will not be sorted out today. Somebody will have to run the Company in the meantime, if they are to continue. Maybe it's Mr. Mitchell who's got the extra ace up his sleeve. Agree, this looks to be setting the agenda for the next few weeks. PFC Administrator will not have all the information at his finger tips. In fact he will argue that as he did not know the full reason for the hearing he will need time to answer the courts questions. I am also expecting an Ace. Bet it is something in the SoA Link to comment Share on other sites More sharing options...
Foxy Posted 2 March, 2010 Share Posted 2 March, 2010 Mitchell mentions that Storrie values the playing squad at £38M, but says the court should take a 'conservative view'. That'll be £25 plus some loose change then! If they're worth £38M then even Dubai Phil's team in the forum match is worth a few quid. Nickh's team were worth zillions anyhow. Come on the Home team! And Come on Mr Mitchell. Link to comment Share on other sites More sharing options...
dubai_phil Posted 2 March, 2010 Share Posted 2 March, 2010 the actions taken and the statements made at the end of last week will now come under very close scrutiny. How was Android chosen? What deal did Chanrai do to fund the adminsitrators cost? Why did Storrie hang around? It seems that almost every question that we raised on here (and some of the few & the media) is now being asked IN COURT and under Oath. Ouch Link to comment Share on other sites More sharing options...
Foxy Posted 2 March, 2010 Share Posted 2 March, 2010 Matthew: There will be a meeting tommorrow to discuss selling players out of the window. My own view is that with some of the carp they have they'd be lucky to be able to throw them out of the window Link to comment Share on other sites More sharing options...
dubai_phil Posted 2 March, 2010 Share Posted 2 March, 2010 And finally a Fewer posts a call that it is time the Fraud Squad were called in. So, this is going to take time. That sounds like an injunction or adjournment. HMRC have challenged the Admin Credentials. What on earth can they Propose? Who is going to run the club while the investigation is carried out? Can they appoint a Court Officer? Hmmm Link to comment Share on other sites More sharing options...
Crab Lungs Posted 2 March, 2010 Share Posted 2 March, 2010 How are the Skates getting another meeting regarding selling players outside the window tomorrow? Disgrace... if ever there was a perfect example of insolvency, this is it.... Link to comment Share on other sites More sharing options...
OldNick Posted 2 March, 2010 Share Posted 2 March, 2010 as I pointed out earlier it will give Pomey time to catch up their 5 points adrift. Then watch the PL get its knickers in a twist. Pompey will get out of it Link to comment Share on other sites More sharing options...
NickG Posted 2 March, 2010 Share Posted 2 March, 2010 keep the updates going chaps, beats report writing! Link to comment Share on other sites More sharing options...
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