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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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dubai_phil

dubai_phil

Posted
Posted
So what does Tanya saying that signify then ?? Is that bad for PFC ??

 

Bad - It's Fatal

 

The FD says the club never had the money from Chanrai. he used the word Her EVIDENCE

 

The money went to Falcondome.

 

ie Chanrai is a creditor of Falcondrone NOT PCFC

So he cannnot put them into admin

so the WUO hearing should have happened yesterday

 

But the Brief is playing it much smarter than that

Joensuu

Joensuu

Posted
Posted
So what does Tanya saying that signify then ?? Is that bad for PFC ??

 

I think that, if Portpin lean't to Falcondrone and not PCFC, that would make Chainrai just the leading shareholder of PCFC, and not the owner nor a secured creditor. i.e. he can't call in the admins...

bristolsaint29

bristolsaint29

Posted
Posted

Mr Mitchell wants a hearing on March 8 to determine whether the club was put into admin validly. If not valid then the hearing will hear winding up petition.

 

 

 

 

 

He said: 'We accept that there may be a valid appointment. It would be wrong for the court to proceed today and hear our petition. But the question of validity is a matter that requires very urgent determination.

 

 

'If there's no valid appointment then the court would go on to hear the petition.' Tuesday March 2, 2010 11:51 Matthew

Smirking_Saint

Smirking_Saint

Posted
Posted

Ahh, cheers guys (channon, Dubai and Joensuu)

 

I guess that doesn't sound good at all then.

 

Guess that is why it has all gone quiet, perhaps they are waiting to place the final nail in the coffin.

 

What more ammo do they need ?? The club cannot actually support itself financially, i.e it is insolvent.

 

Chanrai is personally funding the admin team, as they would not be able to keep the club going on their own, so that A. Questions the validity of the administration in the first place and B. Questions whether Baloo is recieving preferential treatment.

 

And now it seems that on TR's evidence that they should not have entered admin anyways.

 

LOL

 

COYHMRC

pedg

pedg

Posted
Posted

One would guess that as well as wanting a return visit to the court that they are going to ask for permission to have a right good rummage through all the documents they can get their hands on?

DS

DS

Posted
Posted

Half time Lol Highlights of the court case:

 

Lol #1: Taxman indicates that it costs approx 7 million per month to run Partsmurf, as they will need 7 million to get to end of March and another 14 million to get to end of season.

 

Lol #2: Storrie Teller tells the nice men at Vantis a Storrie about the playing squad being worth £38,000,000. Big bad Mr Taxman doesn't believe it.

 

Lol #3: HMRC confirm what some here have speculated for a while: there could be issues with the legitimacy of Chainrai's 'charge'

 

Lol #4: HMRC don't believe the Storries about PCFC owing Portpin 13.5 million

 

Lol #5: Agent Robins grassing on all the crooks at Nottarf- gave HMRC evidence that Portpin lent money to Falcondrome not HMRC (again, as speculated by GM on here).

 

Lol #6: HMRC wants to see Fuglers accounts as millions went to Chainrai in February from these accounts!

 

Lol #7: HMRC, after providing clear indications that they believe the charge is invalid, want a hearing on March 8th to determine validity of charge. If not valid they want WUP heard.

 

Half time analysis before they start their defence: Pompey are toast.

 

To steal a phrase from Smirking Saint: COYHMRC :-D

Smirking_Saint

Smirking_Saint

Posted
Posted
Portpin paying £15m to support club, why?

 

I suspect because A. The club would never be able to support itself through admin.

 

And B. Because Baloo is only interested in seeing his money.

dubai_phil

dubai_phil

Posted
Posted

Well, that sends us into another week and onwards to the magical 25,000 mark.

 

I love the way that at no point in that address to the court have they made any allegations, they simply painted a picture. That Brief would make a hell of a salesman.

 

So, the next step on here must be a review of all the evidence to date, a re-assessment to ensure that we believe HMRC have asked all the valid questions and back here again on Monday.

 

I cannnot see anyway that they can answer all that now and so they have to accept coming back and then they are in 50:50 land.

 

Someone send Android Leon's email address, he's gonna need some real professional Churchillian Speeches after this little day out

Joensuu

Joensuu

Posted
Posted
I suspect because A. The club would never be able to support itself through admin.

 

And B. Because Baloo is only interested in seeing his money.

 

I understand A, but B doesn't add up. It would raise Portpin's debt from £13.5m to £28.5M... and reduce the likelyhood of seeing any of it again...

 

Good money after bad?

Gemmel

Gemmel

Posted
Posted

At least the administrator had his finger on the pulse yesterday, when he said that it was probably just a case of HRMC wanting to dot the "I's" and cross the "T's"

 

 

Well he got one bit right..... with the "Cross"..... unfortuneatley he wants to put a big cross right across the whole company name.

SO16_Saint

SO16_Saint

Posted
Posted
Matthew: Mr Barker said if the appointment by Portpin of the administrators is invalid there will be a contingent application for a court appointed administration.

 

is it not only someone with X% (25%) of the debt that can put them into Admin, or am i off the mark?

dune

dune

Posted
Posted
Anyone else lost the feed from the News?

 

I had a web blink out but that hasnn't come back up

 

still working fine for me.

dubai_phil

dubai_phil

Posted
Posted

Matthew:

Mr Barker said winding up would be a disaster and administration should cost less than £14m.

'These are early days but what I have in fact been told by the administrators is they think £15m is substantially in excess of what will be needed. I have been told a figure, it would not be right to put it before the court, it needs a little work but I have been told a figure that is substantially less than £15m.'

 

You don't know what you're doing.....

Bucks Saint

Bucks Saint

Posted
Posted
Matthew: Mr Barker said if the appointment by Portpin of the administrators is invalid there will be a contingent application for a court appointed administration.

 

Ha! If its invalid, its because the debt is not properly due. They would have to invent another creditor to take the place of Portpin. You cant make this up......

Smirking_Saint

Smirking_Saint

Posted
Posted
I understand A, but B doesn't add up. It would raise Portpin's debt from £13.5m to £28.5M... and reduce the likelyhood of seeing any of it again...

 

Good money after bad?

 

I have no idea, i am in no way any sort of financial expert or anything like that.

 

Perhaps it has to do with the ground ?? Without a football club he will not get his 1m a year and anyone who wishes to buy the club will have to negotiate with him for that ground.

 

TBH the whole thing stinks, i see your point, why would he put extra money in ?? He has said he doesn't want the club.

 

There is more to come out of the woodwork yet i believe, lets just hope there is a full and unbiased review.

SO16_Saint

SO16_Saint

Posted
Posted
Comment From blue army blue army : ]

We've only got 10 yrs history from the last admin

 

Get in there, got a comment on the board

 

go hose yourself down.

 

BE GONE

hutch

hutch

Posted
Posted

"Matthew: Mr Barker said if the appointment by Portpin of the administrators is invalid there will be a contingent application for a court appointed administration."

 

If that's really the best that they have to offer in reply, then it looks pretty bad for them.

 

50/50 that they actually succeed with the contingent application, and 50/50 that the independent administrator will wind them up immediately. A 1 in 4 chance of just surviving, never mind the future points deductions.

 

Does anyone have a source for the comments about Fugler's bank accounts and payments to Baloo?

dubai_phil

dubai_phil

Posted
Posted

You know, I suddenly feel some sympathy.

 

We haven't taken a moment to stop and spare a thought for people who's lives will be ruined by the events so far today.

 

Let us just wish all those reading the days' events when they get in from work tonight great strength and fortitude and may we hope that they have not sprayed too much tea/coffee/beer over their keyboards/screens.

 

I also think that we should get some T-Shirts made. I was there when the skates went to court.

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