Pompey Takeover Saga

[Kingsland Codger]

A reminder of what Lord Mawhinney said 50 weeks ago when we were docked points.

 

http://www.skysports.com/story/0,19528,11700_5228800,00.html

 

Apart from the nonsense about an appeal mechanism being available to us (i.e. dare to appeal against us and things will be even worse), the rest of what he said could easily apply now to that lot 17 miles to the East.

 

Consistency is all we seek.

[miserableoldgit]

Just had a good laugh at this that has just appeared.

 

http://www.portsmouth.vitalfootball.co.uk/article.asp?a=194690

 

If it is accurte, it seems that half the team that play at Wembley will probably be playing their last game for the Skates, as contractual clauses mean that either they will have to be offered new contracts, or they will be due large bonus payments. Naturally, Admin Andy is not in a position to offer either.

 

So in the unlikely event that the Skates beat Spurs on Sunday, those players would either not be available to play in the FA Cup final, or else they would have to waive their right to the bonus, or accept new contracts at vastly reduced salary for next year in the Fizzy Pop league.

 

Much as I have been a detractor of Rupes, he at least had the foresight to enter clauses into players' contracts that their salary would be halved in the event of relegation. For all that Storrie was paid considerably more than Lowe, he doesn't appear to have been as canny as Lowe in this regard.

I miss "The Thoughts of Chairman Pete".

[Whitey Grandad]

Much as I have been a detractor of Rupes, he at least had the foresight to enter clauses into players' contracts that their salary would be halved in the event of relegation. For all that Storrie was paid considerably more than Lowe, he doesn't appear to have been as canny as Lowe in this regard.

Apparently not every player had this clause in their contract.

[sidthesquid]

I think I'm right in saying that Leeds had the points deducted anyway, even though the CVA was approved (just) by more than 75% of the unsecured creditors.

 

The Football League don't like cheats!

 

I'm normally on the pessimistic nickh wing of the forum (ie the CHEATS are going to get away with it), but I actually agree with this. In the current climate there is no way the FL are going to let a club get away with not paying HMRC £15million-odd quid.

They are already under pressure about the football creditors first rule and Poopey have basically taken the p1ss.

What the sanctions will be I don't know, but I reckon they will be severe ones for the CHEATS.

[Doctoroncall]

Don't the FL insist on all footballing debts being cleared in full and if they are not it's a points deduction?

 

Their league. Their rules.

 

Yes, but they don't necessarily have to pay it all in one go, it is part of the CVA, hence they get to vote on it.

[Whitey Grandad]

If I understand it correctly the dispute relates to whether VAT is payable on player sales. Pompey have received VAT from buyers, but haven't paid it to HMRC because they say it isn't due. If they lose they owe HMRC (with interest), and if they win (odds, anyone?) they have to give it back to the buyers.

 

How does that affect their overall debt position?

They would have paid VAT on purchase and charged VAT on sales so the amount due to HMRC would be on the difference or 'profit'. In the unlikely event that they were to win a VAT court case then they would presumably have to pay back their sellers and reclaim from their purchasers. They must be sitting on 17.5% (or 15%) of the profit on player trading which they can't hang on to whatever happens. If VAT was not due then they should not have paid/reclaimed it. I would assume that a player trade contract would explicitly mention an amount separate from VAT.

[Whitey Grandad]

I'm normally on the pessimistic nickh wing of the forum (ie the CHEATS are going to get away with it), but I actually agree with this. In the current climate there is no way the FL are going to let a club get away with not paying HMRC £15million-odd quid.

They are already under pressure about the football creditors first rule and Poopey have basically taken the p1ss.

What the sanctions will be I don't know, but I reckon they will be severe ones for the CHEATS.

I can't see the HMRC letting them get away with it, otherwise I would expect a law change very soon. Could be retrospective?

[Joensuu]

In legal terms both football creditors and HMRC are unsecured creditors, don't need to be treated in the same way as each other? Is it legal to pay 100% of the football creditor debt, but only 10% of what is owed to HMRC?

 

I know the FA has a 'golden share' rule, but ignoring that, is it even possible for one unsecured creditor to be paid back more than another?

[L1Minus10]

Imagine if they won the semi - how many players available for the final - last match of the season.

[Channon's Sideburns]

Hahahahhahahahahaha :-D

 

'Gratest Supporters in the World TM'

 

They have 2000 tickets going on General Sale TOMORROW MORNING.

[View From The Top]

In legal terms both football creditors and HMRC are unsecured creditors, don't need to be treated in the same way as each other? Is it legal to pay 100% of the football creditor debt, but only 10% of what is owed to HMRC?

 

I know the FA has a 'golden share' rule, but ignoring that, is it even possible for one unsecured creditor to be paid back more than another?

 

In a word, no.

[Saint_John]

I think I'm right in saying that Leeds had the points deducted anyway, even though the CVA was approved (just) by more than 75% of the unsecured creditors.

 

The Football League don't like cheats!

 

I produced this on the 19th March if you want to read up on what happened to Leeds.

 

IMO it was HMRC who don't like CHEATS and the FL just applied their own rules, i.e. NO CVA signed off therefore -15 points.

 

http://www.saintsweb.co.uk/forum/showthread.php?p=657703#post657703

 

I think the skates will end up back in the High Court (the later the better), what I don't know is what the cut off date is for penalty points i.e. 1st July, 1st Aug, 1st Fixture etc.

 

CHEATS

[Sour Mash]

I produced this on the 19th March if you want to read up on what happened to Leeds.

 

IMO it was HMRC who don't like CHEATS and the FL just applied their own rules, i.e. NO CVA signed off therefore -15 points.

 

http://www.saintsweb.co.uk/forum/showthread.php?p=657703#post657703

 

I think the skates will end up back in the High Court (the later the better), what I don't know is what the cut off date is for penalty points i.e. 1st July, 1st Aug, 1st Fixture etc.

 

CHEATS

 

But willthey actually get the additional minus 2 points, as they went into admin while in the Prem and not in the FL? Different situation to Bournemouth and Rotherham.

[hutch]

In legal terms both football creditors and HMRC are unsecured creditors, don't need to be treated in the same way as each other? Is it legal to pay 100% of the football creditor debt, but only 10% of what is owed to HMRC?

 

I know the FA has a 'golden share' rule, but ignoring that, is it even possible for one unsecured creditor to be paid back more than another?

Or, in four words, yes & no, yes and yes.

 

HMRC challenged the football creditor's rule in 2004 (Inland Revenue Commissioners v Wimbledon FC) and lost on appeal. So it is legal as things stand at the moment. That's why, as a matter of principle, they won't agree to any CVA which provides that football creditors get more than them. As football creditors must receive 100%, one way or another, before the playing licence (golden share) is renewed, HMRC won't sign a CVA that gives them (and therefore by default all unsecured creditors) 100p in the pound.

[Justin C]

Or, in four words, yes & no, yes and yes.

 

HMRC challenged the football creditor's rule in 2004 (Inland Revenue Commissioners v Wimbledon FC) and lost on appeal. So it is legal as things stand at the moment. That's why, as a matter of principle, they won't agree to any CVA which provides that football creditors get more than them. As football creditors must receive 100%, one way or another, before the playing licence (golden share) is renewed, HMRC won't sign a CVA that gives them (and therefore by default all unsecured creditors) 100p in the pound.

 

That makes sense and hope they keep to it!

[slickmick]

This is some of the text from the Pompey Online Admin

 

Has my view on him changed - Difficult to answer this without saying too much about the situation, so will duck out of this one.

 

How much are we in debt? - Approximately 100m, broken down as;

 

£32m Gaydamak Trust

£5m Al Fahim

£1.8m Al-Faraj

£5m General creditors

£17-£18m HMRC (£9m disputed)

£16-£17m Football creditors

£14m Portpin

£8-£9m Agents (to be confirmed)

 

CVA - Creditors meeting in next four weeks to agree CVA

 

Why is he determining future strategy - Not asked directly but basically said that they have to plan the club accordingly to make sure it is a going concern going forward. Main priority is to make sure we have a club.

 

How many interested parties - Mentioned the twelve or so original parties, but said that most of them couldn't even get the £5 million original fee together, and Cattermole even wanted his flights from new Zealand paid for by the club. Rob Lloyd group is only realistic group as things stand today

 

Has anyone else provided proof of funds - Two groups provided POF but he wasn't happy with one of them. Two groups merged into one.

 

(Sorry another phone call, so will hurry this up)

 

Rob Lloyd - Is happy that proof of funds is there but needs convincing/confirmation about the structure of the backers.

 

Chainrai - Is very much a Plan B, Plan A is to sell to another buyer, we put across the concerns.

 

March's wages - Paid for by revenue produced by club

 

Forensic examination has started.

 

 

The statement of affairs from Vantis is the one that matters. Android can smudge it all he likes, but no court in the land will take his word for it.

[Doctoroncall]

CVA - Creditors meeting in next four weeks to agree CVA.

 

Four weeks from now is close to the end of the season - Does anyone know when agreeing a CVA impacts next season's points (if rejected)?

 

Also, isn't second guessing the pence in the pound going to risk losing the interested party if too high (nobody went for the £5m exclusivity), or will he base the value as just a bit higher than liquidation of the company?

[View From The Top]

Am I correct is saying that regardless of the CVA the FL will demand that all footballing debts are paid in full or it is minus points?

[stevegrant]

Am I correct is saying that regardless of the CVA the FL will demand that all footballing debts are paid in full or it is minus points?

Correct.

[View From The Top]

Correct.

 

 

In that case they are soooooo screwed.

[dubai_phil]

Theyt are going to have a Creditors meeting in 4 weeks. OK understand that bit.

 

They wish to discuss and agree a CVA at that meeting?

 

Might be being thick here but HOW?

 

A CVA means they agree how much money they will accept? But if nobody has made any offer for the club how then can they have a CVA?

 

They may discuss what they would accept, but FFS when Fry came on board that was about the FIRST thing he did, he didn't wait 8 weeks or so to see what they would accept, he KNEW that figure from the moment he started to talk to people, all he then did was to try and get as MUCH as possible.

 

Either I'm reading this wrong or something is really odd

[Jimmy_D]

Pompey have just appointed David Lampitt as Cheif Executive. He's the former head of football integrity at the FA...

 

Oh the irony.

[carljack]

PMUFF have employed the FAs fit and proper persons advisor as their new Chief Exec,

 

BIT ******* LATE FOR THAT KIPPER KIDDIES,PMSL

[carljack]

Pompey have just appointed David Lampitt as Cheif Executive. He's the former head of football integrity at the FA...

 

Oh the irony.

 

FAF,Your avin a laugh moosh!

[carljack]

Pompey have just appointed David Lampitt as Cheif Executive. He's the former head of football integrity at the FA...

 

Oh the irony.

 

PMUFF and Integrity in the same sentence, Your avin a laugh moosh! you could not make it up.

[Corporate Ho]

Four weeks from now is close to the end of the season - Does anyone know when agreeing a CVA impacts next season's points (if rejected)?

 

Also, isn't second guessing the pence in the pound going to risk losing the interested party if too high (nobody went for the £5m exclusivity), or will he base the value as just a bit higher than liquidation of the company?

 

Theyt are going to have a Creditors meeting in 4 weeks. OK understand that bit.

 

They wish to discuss and agree a CVA at that meeting?

 

Might be being thick here but HOW?

 

A CVA means they agree how much money they will accept? But if nobody has made any offer for the club how then can they have a CVA?

 

They may discuss what they would accept, but FFS when Fry came on board that was about the FIRST thing he did, he didn't wait 8 weeks or so to see what they would accept, he KNEW that figure from the moment he started to talk to people, all he then did was to try and get as MUCH as possible.

 

Either I'm reading this wrong or something is really odd

 

Why do you think Pompey fans are so down on him being administrator chaps. His record at Swindon and the dirt in the Sunday Times article would be enough but when he's appointed by Chainrai and shares a solicitor with him (but says they'd never met) and then keeps saying Chainrai's the only credible person to take over after admin it just stinks more and more. He's been there 8 weeks but hasn't started the forensic accounting yet? Excuse me but isn't that a vital part of finding a new owner? Let's not even discuss him starting to talk about running the business for the next couple of seasons or his blatant obstruction of the group looking to take over.

 

He's part of the same corrupt crew (Chainrai, Azougy, Jacobs and their cronies) who have siphoned off millions from the club that could and should have been used to pay creditors. It's not the club, it's not the fans, it's these ******s.

 

And it's pretty clear that despite putting nothing into the club (Chainrai paid £17m to Pompey, Faraj transferred it straight to the Falcondrone BVI account and then no doubt it was transferred straight back to Chainrai's/ Portpin's BVI account) Chainrai will walk away with at least £14m (plus whatever he's already leached out of us) along with the next couple of years parachute payments if Andronikou gets his way. No wonder you lot are loving it.

 

 

[View From The Top]

Why do you think Pompey fans are so down on him being administrator chaps. His record at Swindon and the dirt in the Sunday Times article would be enough but when he's appointed by Chainrai and shares a solicitor with him (but says they'd never met) and then keeps saying Chainrai's the only credible person to take over after admin it just stinks more and more. He's been there 8 weeks but hasn't started the forensic accounting yet? Excuse me but isn't that a vital part of finding a new owner? Let's not even discuss him starting to talk about running the business for the next couple of seasons or his blatant obstruction of the group looking to take over.

 

He's part of the same corrupt crew (Chainrai, Azougy, Jacobs and their cronies) who have siphoned off millions from the club that could and should have been used to pay creditors. It's not the club, it's not the fans, it's these ******s.

 

And it's pretty clear that despite putting nothing into the club (Chainrai paid £17m to Pompey, Faraj transferred it straight to the Falcondrone BVI account and then no doubt it was transferred straight back to Chainrai's/ Portpin's BVI account) Chainrai will walk away with at least £14m (plus whatever he's already leached out of us) along with the next couple of years parachute payments if Andronikou gets his way. No wonder you lot are loving it.

 

 

 

I for love am loving your long slow death.

 

Thank you for the entertainment and long may it continue.

[Fitzhugh Fella]

I missed the dirt in the Sunday Times bit - can someone enlighten me?

[View From The Top]

I missed the dirt in the Sunday Times bit - can someone enlighten me?

 

AA is slighty, how should I say it? Ah yes, dodgy, with previous...

[OldNick]

I missed the dirt in the Sunday Times bit - can someone enlighten me?

I thnk he means how AA was caught out before by the HMRC, but it could 1 of a hundred other tricks that club has got up to.

I have become disenchanted with our legal system. You see this lot who to me seem to be flouting the law time and again and nothing seems to be done.

Sadly Clapham has kept a low profile, and I would have loved to have seen more of his professional knowledge talk us through what he sees going on. It would be an interesting slant on things, he helped a lot to grasp an understanding of when we were in admin..

When AA first arived htere was a lot of trumpetting of redundancies, but they mostly turned out to be part tiem staff, why has he not got a knife to the fat in the club?

From here it stinks,and I hope the HRMC really have their top people watching the goings on fully.

Monday things may change dramatically if Pompey are out of the cup, but the way things are going you can see them turning Spurs and harry over.

[Thedelldays]

, but the way things are going you can see them turning Spurs and harry over.

what is wrong with you..every week you are convinced they are going to be fine...when evidently, they are not

[Weston Super Saint]

No wonder you lot are loving it.

 

 

 

Loving it doesn't get even close to how most of us feel

 

Keep it coming though, because I for one would enjoy another 6 months or so of this, would be even funnier if the android did stay on to run you for a couple of seasons

 

Oh, and whatever you do, don't get rid of Avram, comedy gold that fella! And if you could find a place for the Storrie teller that would be just marvelous!

[sidthesquid]

Why do you think Pompey fans are so down on him being administrator chaps. His record at Swindon and the dirt in the Sunday Times article would be enough but when he's appointed by Chainrai and shares a solicitor with him (but says they'd never met) and then keeps saying Chainrai's the only credible person to take over after admin it just stinks more and more. He's been there 8 weeks but hasn't started the forensic accounting yet? Excuse me but isn't that a vital part of finding a new owner? Let's not even discuss him starting to talk about running the business for the next couple of seasons or his blatant obstruction of the group looking to take over.

 

He's part of the same corrupt crew (Chainrai, Azougy, Jacobs and their cronies) who have siphoned off millions from the club that could and should have been used to pay creditors. It's not the club, it's not the fans, it's these ******s.

 

And it's pretty clear that despite putting nothing into the club (Chainrai paid £17m to Pompey, Faraj transferred it straight to the Falcondrone BVI account and then no doubt it was transferred straight back to Chainrai's/ Portpin's BVI account) Chainrai will walk away with at least £14m (plus whatever he's already leached out of us) along with the next couple of years parachute payments if Andronikou gets his way. No wonder you lot are loving it.

 

 

 

By Jove, I think he's got it!

Corp really is the brains of Portsea Island. Just start spreading the word on your own sites, we worked all this out weeks ago.

[for_heaven's_Saint]

Could this help them in the future?

 

http://news.bbc.co.uk/sport1/hi/football/eng_prem/8611584.stm

[saint_mears]

I missed the dirt in the Sunday Times bit - can someone enlighten me?

 

 

http://www.timesonline.co.uk/tol/sport/football/premier_league/portsmouth/article7069905.ece

[OldNick]

what is wrong with you..every week you are convinced they are going to be fine...when evidently, they are not

and every week they are......how many weeks have they been toast but somehow squirm out of it?

If they were under the same business rules the rest of us have to adhere to then I'd agree, but weeks ago they should have turned the oxygen off, but somehow they stick in there.

My head tells me they will come to a sticky end but they certainly keep showing signs of life.

Getting relegated is not my idea of them getting their comuppence, and if that is all they get they have shafted everyone. Next week if they go out of the cup we may then see the meltdown but boy it gets tedious waiting for the excitement.When was that High Court winding up order heard??? I t has been going on for a lifetime

[OldNick]

Could this help them in the future?

 

http://news.bbc.co.uk/sport1/hi/football/eng_prem/8611584.stm

I cant see the FL clubs voting in favour of that as it gives the relegated teams such an advantage

[Thedelldays]

and every week they are......how many weeks have they been toast but somehow squirm out of it?

If they were under the same business rules the rest of us have to adhere to then I'd agree, but weeks ago they should have turned the oxygen off, but somehow they stick in there.

My head tells me they will come to a sticky end but they certainly keep showing signs of life.

Getting relegated is not my idea of them getting their comuppence, and if that is all they get they have shafted everyone. Next week if they go out of the cup we may then see the meltdown but boy it gets tedious waiting for the excitement.When was that High Court winding up order heard??? I t has been going on for a lifetime

how...they are screwed...did you really expect them to go pop..?

they will be ruined for many years to come...unless they get a markus style takeover

[Corporate Ho]

I missed the dirt in the Sunday Times bit - can someone enlighten me?

 

I've highlighted my favourite parts and added some comments

 

THE administrator responsible for investigating Portsmouth’s opaque financial dealings and mismanagement has been severely criticised by a High Court judge for “manifestly inappropriate” conduct during a recent insolvency.

Andrew Andronikou is also under investigation over another collapsed company, The Sunday Times can reveal.

The first case centres on allegations by a creditor of fabricated loans and vote rigging in the personal insolvency of a fashion tycoon. In a separate corporate insolvency last year, HM Revenue & Customs (HMRC) forced Andronikou’s replacement with a new liquidator.

Andronikou has promised to unravel the tangled web of ownership behind Portsmouth and to report any money-laundering activity or suspicious commission payments. However, these recent insolvencies raise questions about his independence and willingness to investigate fully the financial claims of those who engage his services and others connected to the Premier League club.

 

On Tuesday HMRC accepted the validity of the administration to save costs from protracted litigation, it said. However, according to one official, Andronikou’s background was “not helping” to allay residual concerns about financial transactions at the club.

 

Andronikou expressed “surprise” that the taxman had dug into his past. He said HMRC was understandably upset because since losing its preferred creditor status in 2003 it must stand in line with other unsecured creditors behind “the elevated status of football creditors”. Andronikou, a partner at UHY Hacker Young, the accountants, denied acting improperly and suggested he was the victim of a smear campaign by rivals. (PMSL)

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. (Does this sort of conduct sound familiar? Our "debt somehow increasing from £75m in the Vantis report to £100m since Andronikou took over, meaning HMRC's claim is less than 25%)

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 ********” and explained he had relied on his underlings to assess the validity of the Ahmed family claims.

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”.

Andronikou said it was a “pragmatic” decision to step down as Aqua’s liquidator because the case had become “too political”. He again described any suggestion of impropriety as “********”. (Classy guy)

HMRC is separately prosecuting Peter Storrie, the former Portsmouth chief executive, and Harry Redknapp, the former manager, for alleged tax offences.

Andronikou does not believe HMRC is trying to replace him as administrator to get access to internal correspondence and the club’s accounts.

An HMRC spokesman said that it would be “keeping a watchful eye”.

 

http://www.timesonline.co.uk/tol/sport/football/premier_league/portsmouth/article7069905.ece

 

I thnk he means how AA was caught out before by the HMRC, but it could 1 of a hundred other tricks that club has got up to.

I have become disenchanted with our legal system. You see this lot who to me seem to be flouting the law time and again and nothing seems to be done.

When AA first arived htere was a lot of trumpetting of redundancies, but they mostly turned out to be part tiem staff, why has he not got a knife to the fat in the club?

From here it stinks,and I hope the HRMC really have their top people watching the goings on fully.

Monday things may change dramatically if Pompey are out of the cup, but the way things are going you can see them turning Spurs and harry over.

 

Nick, just who did you want to see trimmed? Mostly anyone of a senior nature has gone and they can't get rid of the players due to their contracts. And what laws have PFC flouted "time and time again"? (that's the club, not some of the chancers who have become involved). Yes we owe HMRC for about 4 months unpaid tax and NI but that's as a direct result of Standard Bank demanding £40m be repaid overnight.

 

Pompey fans too hope HMRC challenge Andronikou and Chainrai's claim to be a secured creditor. We want these leeches out of the club.

 

As for the "cheat thing" for Pompey resting players before a semi final, give it up because you all sound silly

[Gingeletiss]

Pompey have just appointed David Lampitt as Cheif Executive. He's the former head of football integrity at the FA...

 

Oh the irony.

 

Have I missed something, I thought that AA was in the business of reducing debt, how is he acheiving that by appointing a new CE?:confused:

[krissyboy31]

how...they are screwed...did you really expect them to go pop..?

they will be ruined for many years to come...unless they get a markus style takeover

 

It won't be a Markus style takeover. He paid tens of millions for a club potentially worth hundreds, whereas somebody buying them will have to invest hundreds of millions for a club potentially worth tens.

[warsash saint]

Why do you think Pompey fans are so down on him being administrator chaps. His record at Swindon and the dirt in the Sunday Times article would be enough but when he's appointed by Chainrai and shares a solicitor with him (but says they'd never met) and then keeps saying Chainrai's the only credible person to take over after admin it just stinks more and more. He's been there 8 weeks but hasn't started the forensic accounting yet? Excuse me but isn't that a vital part of finding a new owner? Let's not even discuss him starting to talk about running the business for the next couple of seasons or his blatant obstruction of the group looking to take over.

 

He's part of the same corrupt crew (Chainrai, Azougy, Jacobs and their cronies) who have siphoned off millions from the club that could and should have been used to pay creditors. It's not the club, it's not the fans, it's these ******s.

 

And it's pretty clear that despite putting nothing into the club (Chainrai paid £17m to Pompey, Faraj transferred it straight to the Falcondrone BVI account and then no doubt it was transferred straight back to Chainrai's/ Portpin's BVI account) Chainrai will walk away with at least £14m (plus whatever he's already leached out of us) along with the next couple of years parachute payments if Andronikou gets his way. No wonder you lot are loving it.

 

 

 

Corp Ho's most downbeat post ever

The Riquelme threads a distant memory

[OldNick]

 

 

Nick, just who did you want to see trimmed? Mostly anyone of a senior nature has gone and they can't get rid of the players due to their contracts. And what laws have PFC flouted "time and time again"? (that's the club, not some of the chancers who have become involved). Yes we owe HMRC for about 4 months unpaid tax and NI but that's as a direct result of Standard Bank demanding £40m be repaid overnight.

 

Pompey fans too hope HMRC challenge Andronikou and Chainrai's claim to be a secured creditor. We want these leeches out of the club.

 

As for the "cheat thing" for Pompey resting players before a semi final, give it up because you all sound silly

 

Ho , it is not 4 months unpaid tax and NI. You are doing yourself an injustice if you really believe that the HMRC have got their figures wrong.It is years of avoidance, hence the many warnings and the HMRC at the end of their tether after Pompey kept renaging on their rescheduled payments.Your calculations are saying that the HMRC get 3m a month NI and tax.

As I have pointed out before and many others in the media nad on here , you spent and bought well above your means.

You will not see it and argue against me but your club bought the FA cup by fielding a side you could not afford. In doing so your fans and club had their time in the sun, at the same time depriving fans of other clubs who were prudent, of having those days and memories.

I have seen a few of your fans say that the FA cup win was worht it and so if you get severe punishment then perhaps some justice will be seen to be done.

If you have the FA cupwin and only relegation, i suspect most fans of football clubs would take that.

[OldNick]

Have I missed something, I thought that AA was in the business of reducing debt, how is he acheiving that by appointing a new CE?:confused:

That's what I wondered, there are some strange things going on

[Corporate Ho]

By Jove, I think he's got it!

Corp really is the brains of Portsea Island. Just start spreading the word on your own sites, we worked all this out weeks ago.

 

Yeah, we've just worked that out. Despite Pompey fans going as far as meeting with Israeli journalists months ago and petitioning the PL to chiuck these ******s out of the club months ago we've "just" worked it out.

 

You lot really do think you're something special don't you. It's laughable

 

It won't be a Markus style takeover. He paid tens of millions for a club potentially worth hundreds, whereas somebody buying them will have to invest hundreds of millions for a club potentially worth tens.

 

"Potentially worth hundreds of millions"? PMSL

[View From The Top]

That's what I wondered, there are some strange things going on

 

I viewed it as "Storrie is fooked here".

[EastleighSoulBoy]

Correct.

 

Luvverly!

[EastleighSoulBoy]

Why do you think Pompey fans are so down on him being administrator chaps. His record at Swindon and the dirt in the Sunday Times article would be enough but when he's appointed by Chainrai and shares a solicitor with him (but says they'd never met) and then keeps saying Chainrai's the only credible person to take over after admin it just stinks more and more. He's been there 8 weeks but hasn't started the forensic accounting yet? Excuse me but isn't that a vital part of finding a new owner? Let's not even discuss him starting to talk about running the business for the next couple of seasons or his blatant obstruction of the group looking to take over.

 

He's part of the same corrupt crew (Chainrai, Azougy, Jacobs and their cronies) who have siphoned off millions from the club that could and should have been used to pay creditors. It's not the club, it's not the fans, it's these ******s.

 

And it's pretty clear that despite putting nothing into the club (Chainrai paid £17m to Pompey, Faraj transferred it straight to the Falcondrone BVI account and then no doubt it was transferred straight back to Chainrai's/ Portpin's BVI account) Chainrai will walk away with at least £14m (plus whatever he's already leached out of us) along with the next couple of years parachute payments if Andronikou gets his way. No wonder you lot are loving it.

 

 

 

Presumably the Storrieteller is included here?

[View From The Top]

Corps doesn't seem his chipper self today.

 

Unemployment is really taking its toll.

[St. Neil]

I wonder if they are getting any money from these sales

 

http://www.kitbag.com/stores/kitbag_4_5/products/kit_selector.aspx?selector=118&network=AF

 

Maybe buy a few to clean the bogs with.