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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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tony13579

tony13579

Posted
Posted

 

"The most damaging criticism of Andronikou is within a High Court ruling in December 2008. An appeal judge overturned an attempt by Shami Ahmed, the founder of Joe Bloggs, the clothing company, to avoid bankruptcy through an individual voluntary arrangement (IVA) handled by Andronikou.

 

HMRC and a spread-betting firm then known as Tradindex had opposed the IVA, which needed approval from three-quarters of Ahmed’s creditors. The fashion boss had run up more than £4m in gambling debts. But the IVA was successful because Andronikou had accepted the validity of £8m in alleged loans to Ahmed from members of his family, thereby making them creditors and giving them a vote on the IVA.

 

At an appeal by Tradindex, the judge took a different view and disallowed £5m of these family loans, thereby overturning Ahmed’s IVA, and he was forced into bankruptcy.

 

The judgment said: “Mr Andronikou’s conduct in these proceedings, particularly in relation to evidence filed by him on behalf [of Ahmed and his family], was manifestly inappropriate.” The judge also found that Andronikou “did fail to meet the standard to be expected of a reasonably competent insolvency practitioner”.

 

Andronikou told The Sunday Times that the vote-rigging allegation was “absolute B0locks” and explained he had relied on his underlings to assess the validity of the Ahmed family claims"

 

So that settles it then LOL

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BigShadow

BigShadow

Posted
Posted

The judgment said: “Mr Andronikou’s conduct in these proceedings, particularly in relation to evidence filed by him on behalf [of Ahmed and his family], was manifestly inappropriate.” The judge also found that Andronikou “did fail to meet the standard to be expected of a reasonably competent insolvency practitioner”.

 

 

In addition to the above, the Times article also states.....

 

The second case involves the voluntary liquidation of Aqua, a London-based commercial laundry that serviced various top hotels. The taxman disputed a £500,000 debt, which the sole director claimed his insolvent company owed him. But last May Andronikou agreed to be replaced as the liquidator ahead of a High Court hearing. Last night Stephen Hunt, the new liquidator chosen by HMRC, confirmed that he is investigating “the director and Andronikou’s conduct in the run-up to the insolvency”.

 

 

So..Pompey have managed to find probably the only administrator in the UK who within the last 18 months has been found to have acted incompetently by a judge, and whose conduct is currently under investigation on another case.

 

I know its been said many, many times before...but...no matter how hard you tried...

 

 

You just couldn't make it up!

:D:D:D

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Eastcowzer

Eastcowzer

Posted
Posted
This is hilarious ... if you can get to the end of the piece without being sick.

 

Rupes went round the media shortly after our admin proclaiming "Not me guv" - but not even he involved his wife in his "conservatory".

 

 

"I'd love to stay ....I thought enough is enough" .... and there was I thinking that the android was now running the club so the decision to leave was never his to take.

 

 

"He loves Portsmouth so much, he will attend Saturday's match" .... I wonder if he will pay for his ticket or will expect a freebee???

 

 

"I was only on £450,000 a year then".... "Only" more than double the Prime Minister

 

 

"In January 2009, we were in a mess financially and I brought in an awful lot of money so Sacha gave me a £500,000 bonus. Because of cash-flow problems I didn't take that until August 09" .... and by August 09 were the financial roblems any better? You would have thought that he loves the club so much he would have waived the bonus completely.

 

 

^Sacha always said it was him owning Portsmouth and not his father. The reality is that there had to be some backing from him. Sacha's a young guy, where's he got all that money? Maybe he just borrowed it from his father.^ ..... perhaps the penny is beginning to drop in Storrie teller's mind!!

 

 

" Because the father had had some bad publicity," ... I suppose that prison sentences and being barred from the EU is "bad publicity"

 

 

"Some of the add-ons we put into agreements were winning the Cup and getting into the Uefa Cup, things you'd never in 100 years think would ever happen! A club would say: 'Give us £500,000 extra if you win the Cup.' 'OK. No problem" ..... Nice to know that the CEO on £1 million + a year was such a good negotiator.

 

 

"The only thing Peter is guilty of is trying to be a hero and saving that club." .... I think that I am going to need that sickbag again.

 

 

"I had a lovely text from David Gill. I want to stay in football. I've a lot to give." ... I wonder if he has confused "give" with "take."

 

 

"I had a phone call from someone saying: 'it wouldn't surprise me if you get a call from the Government, who want to look into the financial structures of football'. " .... it wouldn't surprise me if you got a phone call from the Government as well Pete.

 

 

Even Hello magazine would not have published an interview like this. Has Hello taken over the Telegraph ????

 

Henry Winter is a complete numpty who writes sheer twaddle.

'The Telegraph' was ONCE renowned for its sports coverage, now its just a mouth-piece for the so called 'big 4', with barely a mention of the CCC and almost no mention of Leagues 1 & 2

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Gingeletiss

Gingeletiss

Posted
Posted
Apparently at Fratton yesterday they were selling Pink & Maroon scarves they are based on their 1898 colours. They are trying to emulate the Green & Yellow anti-Glazer campaign at Man Utd ...honestly lol !!

 

Trouble is, on the thread I've just looked at, they appear not to know why, don't they have a history of their club......oops! I forgot, they're PCFC now, not PFC, they lost that right last time they were in administration.;-)

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View From The Top

View From The Top

Posted
Posted
Apparently at Fratton yesterday they were selling Pink & Maroon scarves they are based on their 1898 colours. They are trying to emulate the Green & Yellow anti-Glazer campaign at Man Utd ...honestly lol !!

 

Wouldn't have sold many yesterday with only 16,513 there.

 

Take out 1500 Hull fans and the Worlds Greatest Fans © and managed a huge 15,000. The remainder were on Southsea Common awaiting the parade.

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andysstuff

andysstuff

Posted
Posted
what's going to be more fun then?

 

Pompey finishing bottom, regardless of the minus nine points, or Pompey finishing in the bottom three ONLY because of the minus nine points?

 

Oh, definately number two by some distance.

 

How funny would it be knowing if only they had held out for another couple of months, they would have reaped the riches of another season in the PL.

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Weston Super Saint

Weston Super Saint

Posted
Posted
what's going to be more fun then?

 

Pompey finishing bottom, regardless of the minus nine points, or Pompey finishing in the bottom three ONLY because of the minus nine points?

 

That's exactly what I was thinking yesterday :D

 

Bring on their fabulous great escape run, only for them to finish 8 points from safety :D

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sidthesquid

sidthesquid

Posted
Posted

 

 

So..Pompey have managed to find probably the only administrator in the UK who within the last 18 months has been found to have acted incompetently by a judge, and whose conduct is currently under investigation on another case.

 

I know its been said many, many times before...but...no matter how hard you tried...

 

 

You just couldn't make it up!

:D:D:D

 

I think that is the point. It is no coincidence imo that he is the administrator. a)No reputable company would touch them with a sh*tty stick (even dodgy Vantis) & b) no-one else would be prepared to go along with all the dubious financial stunts that the various interestesd parties are preparing to pull

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Wes Tender

Wes Tender

Posted
Posted

The worst that we managed was the unethicality and immorality of the reverse takeover and the attempts by our supposedly upright custodians (who were deemed to be pillars of the local business community) to buy shares from the widows of deceased shareholders under false pretences. Further ignominy was heaped onto us when Wiseman had to resign in disgrace as Chairman of the FA over bribery allegations.

 

But those stains on our history fade into insignificance compared to the the shenanigans at Pompey. Just when you think that it couldn't get any worse for them, it now turns out that they have uncovered the dodgiest administrator in the business and somebody so erudite and versed in the language of the professional accountancy world that he describes as "b*llocks" the accusations against his probity.

 

I must say that the club that attracted barrow boys like Venables, then chief executives and managers like Storrie and Redcrapp who are under investigation for tax evasion, deserves to be owned by people who are gun-runners on the run from justice, a pair of comparatively penniless fake sheiks and their financial affairs in the hands of a convicted embezzler.

 

These people are the metaphorical flies attracted to a pile of sh*t.

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St Jim

St Jim

Posted
Posted
I get the feeling Pompey are about to give us the starkest example possible of what would have happened to us without Markus bailing us out...

 

I still don't think any of us can really see just how incredibly lucky we were to find our owner in the economic climate we were in.

 

Pompey are in a far worse position financially, with fewer assets, and in an even worse economic climate...

 

The only way I can see them possibly getting out of it is if someone has already made their money, and wants a challenge to spend it on, something to build from the ground up, somewhat like playing as Eastleigh on FM, and because there ARE a few people out there like that, they've still got the tiniest bit of hope.

 

Barring that though... are we really going to see the end of Pompey?

 

The difference being that we had something to offer in assets and our out-goings not being too crippling.

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Under Weststand

Under Weststand

Posted
Posted

That in my opinion is why HMRC have chosen to put this administration through the courts, so that Alcoholics Anonymous is firmly in the legal spot light. LOL

They picked him to do a job, which in my opinion he is now unable to do, since HMRC has dragged him into court. Will be interesting when the creditors forum is set up, by a week on Friday isn't it the 26th ;)

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Picard

Picard

Posted
Posted
Interesting snippet on Radio 5Live earlier. Some journo was saying that it's an open secret that a person was owed £3m by PFC and was absolutely desperate to bring in a new owner (this is the latest new owner, ie the post-Fahim group) in order to try and recover it. Said the person would bring anyone to the table who he believed might be able to get together enough dough for him to get his £3m back regardless of the consequences. Aparrently everyone knows this but no-one's publishing it yet. Steve Claridge was in the studio and was "nodding".

 

I wonder what this could all mean? I do hope they haven't been let down by someone else. I really hope it's not someone who they think well of.

Which was a reply to this

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rallyboy

rallyboy

Posted
Posted

so today we have established that even in admin, Portpin is still controlling the club's finances, and we also now know that the administrator's reputation in financial circles is shot to bits.

 

An administrator with accusations of forging documents and lying to court hanging over him is an astonishing appointment, unless he was hand picked for that very reason...

Perhaps he isn't a clueless idiot and his odd mistakes are being made intentionally.

 

So what has actually changed since they entered admin?

Chanrai is still in charge, he controls the talks with the Prem and potential sellers.

The squad hasn't been weakened by cost-cutting, a handful of token redundancies were made and dressed up as a big cull.

They are still trading insolvently.

Other than being slightly further adrift nothing has changed, and only one creditor is any better off.

This whole 'semi-admin' state looks like another scam to creep them closer to a tv cheque.

 

 

And Grant is an idiot, more of an embarrassing uncle than an inspirational leader.

Everytime he opens his mouth something ridiculous seems to spill out, he must stop for his own sake, he's making a fool of himself.

His reputation as a coach is plummeting with every press statement.

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benjii

benjii

Posted
Posted
One person is behind the downfall of Portsmouth.

 

It has all been orchestrated by ....

 

The same person who introduced Gaydamak to the club in the first place.

 

The same person who is a personal friend of Avram Grant.

 

The same person who is a personal friend Gaydamak senior.

 

The same person who has benifited from agent fees on 90% of the overseas transfers.

 

The same person who tried to divert the blame on the ARAB world by making up a buyer called AL FARAJ whilst employing a jewish manager(his Friend), plus a Jewish Lawyer and fraudulent (jewish) accountant.

 

Do a couple of Google searches on this man and pair it with Portsmouth, Gaydamak and Avram Grant.

 

Makes a very very interesting read.

 

The person ......Pini Zahavi Super Agent/Meddler.

 

All my personal opinion of course , but it all adds up if you do a few searches.

 

It is certainly an interesting line of thought.

 

I posted something on here about Zhahavi and Al-Faraj a few million posts ago.

 

Football is basically just full of complete ****s.

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Gorgiesaint

Gorgiesaint

Posted
Posted

Well Rob Lloyd is a quiet, retiring type...not

 

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8578649.stm

 

"It's far too early, people need to back off, let us get on with the job. Let us get into a position where we know what we are taking on from a legal and financial point of view.

 

Good sense of humour to, people need to back off lol

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Saint_clark

Saint_clark

Posted
Posted
Well Rob Lloyd is a quiet, retiring type...not

 

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8578649.stm

 

 

 

Good sense of humour to, people need to back off lol

 

:lol: Couldn't make it up. "Look at me, i'm amazing, I have a blue and white scarf and I PROMISE I won't lie".

Takes a look at the books.

"Back the f*ck up, let us get on with trying to find and excuse out of this".

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gaz

gaz

Posted
Posted

I love this bit from The Times:

 

''The judgment said: “Mr Andronikou’s conduct in these proceedings, particularly in relation to evidence filed by him on behalf [of Ahmed and his family], was manifestly inappropriate.” The judge also found that Andronikou “did fail to meet the standard to be expected of a reasonably competent insolvency practitioner”.''

 

Incompetent in your line of work? Welcome to PFC.

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Saint 76er

Saint 76er

Posted
Posted

Moving away from all the financial analysis and following the vote for our Wembley song, it might be pertinent to consider what we all think is an appropriate song to welcome Poopey onto the hallowed (if it still is) turf.

 

Obviously, anything with cheats or cheating in the title would be well regarded :p. However, as an exemplar of the local culture pertaining to that area I must say I would very much favour that 60's mock reggae number... ' Woe is me - shame and scandal in de family' :D.

 

However, I suspect the Android would much prefer to hear John Lennon's raspy tones reverberating around the stadium in a Beatles classic ... 'Money, just give me money, that's what I want ...'

 

Further suggestions anyone?

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JackFrost

JackFrost

Posted
Posted
Greatest fans in the world ©.

 

 

I got into a brief discussion with a skate last night who is a friend of a friend of mine.

 

I couldn't believe the things he was saying, it included "I don't get the big deal, yeah so we're in £80 million of debt. So what?"

 

Then he tried to use the old "Well Man U are in far more debt than us etc.etc.

 

I live just north of Portsmouth and some of the delusion round here is unbelievable

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Jimmy_D

Jimmy_D

Posted
Posted
The difference being that we had something to offer in assets and our out-goings not being too crippling.

 

I know, that was the point I was making, we were in a far better position than Pompey are and still only survived by a gnat's left bollock...

 

Pompey... like I said, it's only going to be someone that wants the challenge that saves them, and I don't think it'll come off for them.

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Matthew Le God

Matthew Le God

Posted
Posted (edited)

Some Pompey fans are copying Man Utd and starting a scarf protest. Pompey originally played in pink so are using pink scarfs like the yellow/green scarfs of Man Utd.

 

Seems a strange idea as the yellow/green protest is against the Glazers. Who are Pompey fans actually protesting about when the club is being run by an independent administrator?

 

My theory is these protests are started by the owners of scarf factories. Like the episode of Blackadder and the leaches.

Edited by Matthew Le God
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70's Mike

70's Mike

Posted
Posted
Some Pompey fans are copying Man Utd and starting a scarf protest. Pompey originally played in pink so are using pink scarfs like the yellow/green scarfs of Man Utd.

 

Seems a strange idea as the yellow/green protest is against the Glazers. Who are Pompey fans actually protesting about when the club is being run by an independent administrator?

 

My theory is these protests are started by the owners of scarf factories. Like the episode of Blackadder and the leaches.

#

 

well they won't make much money from the blue few as they slink back into their caravans ready for the summer surfacing driveways.

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OldNick

OldNick

Posted
Posted
Some Pompey fans are copying Man Utd and starting a scarf protest. Pompey originally played in pink so are using pink scarfs like the yellow/green scarfs of Man Utd.

 

Seems a strange idea as the yellow/green protest is against the Glazers. Who are Pompey fans actually protesting about when the club is being run by an independent administrator?

 

My theory is these protests are started by the owners of scarf factories. Like the episode of Blackadder and the leaches.

Their colours were pink and MAROONED

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St Marco

St Marco

Posted
Posted

So then this Lloyd fella is £28m in debt so he won't be buying them. His "friend" wants to remain annonymous and stay out of the lime light etc...

 

Which makes me think, hang on if your "friend" had loads of money then why have you not got him to invest in your company which is about to go bankrupt? If Lloyd was known for his financial decisions then surely he would of done that?

 

If you look at it as a whole they have been in admin sometime now and nothing has changed. They are still in loads of debt, and are no nearer getting a buyer.

And because of their genius' self-appointed administrator's recent comments the HMRC want all the money they are owed or they won't sign a CVA. Which is massively important. Because that means the club will get further points deduction next year unless they are paid. Meaning who would buy a club like Portsmouth in the CCC with a potential 15/25 point deduction, with a really awful squad made even more awful with contract expiry's and loan deals ending etc..

 

If Awford on the solent thinks the Pompey fans have suffered too much after winning the cup and still being in the PL, then he is going to top himself when he sees a dire youth team trying to keep the club in the CCC but ultimatly failing!

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Viking Warrior

Viking Warrior

Posted
Posted

Just saw this at the bottom of the NOW article of Storrie

 

Seems the Notts county fans are not happy with him either

 

re- peter storrie could not agree more with you , dont forget what he did to NOTTS COUNTY a few years ago, and he got away with that to he should be banned from football for life!

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