Pompey Takeover Saga

[bridge too far]

If they liquidate, this could happen:

 

Importantly, once a company has been liquidated either through a Creditors Voluntary Liquidation or winding up, the liquidator will produce a report on the conduct of all of the directors in the period running up to when the business stopped trading. If the liquidator believes that the directors did not act properly during this period (particularly in the area of minimising the creditors losses), then they can accuse the directors of wrongful trading. If this accusation is upheld, the directors in question can be made personally liable for the company's debts. They may also be banned from being a director of other new businesses and forced to relinquish their directorship of other current business interests.

 

from: http://www.articlesbase.com/credit-articles/compulsory-liquidation-and-how-to-protect-yourself-as-a-director-1043342.html

[RonManager]

All that "romance of the cup" ******** really annoys me. This is a squad which was assembled at the cost of £140m of debt, for the sole purpose of buying success, without the intention over the last 9 months of paying back more than the merest slither of what is owed - despite numerous chances to do so. Where is the romance in that? Is it somehow romantic to be crap for 38 league matches but save your fight for 8 cup games? Is it really that much of a hardship to incur a 9 point penalty for defrauding local businesses and charities when that penalty actually makes no difference as you're already 5 points off safety when it's applied and 7 off safety when the season ends?

 

If that's romance, then we're obviously struggling to make this old competition exciting any more. It wasn't David vs Goliath, it was the club which could afford the very best against the club which couldn't afford the very best but bought it anyway. The spirit of the 1988 Wimbledon v Liverpool final must be spinning in it's grave. How could any of the commentators compare this year's clash of overpaid winners vs overpaid losers to the game which saw the trophy lifted by a team of lowly-paid battlers who had fought theIr way up from the non-leagues? You might as well pack up your book of cliches and go home.

 

As for Avram and his fairy tales, I've got another sordid story for him to spin into something glamorous. It's a tale which is quintessentially 2008-2010. It's about a group of highly-paid, so-called professionals showered with bonus payments who start off drunk with their own success but end up in failure, bankrupting their employers, dragging everyone down with them. No, it's not the Pompey story, it's the story of the banking industry. If Avram can spin that into a story of romance and rugged underdogs, ambassadors of their industry then I'll genuinely believe in fairy tales...

 

Superb. Succinct. Spot on.

 

Posts like yours need to find a wider audience.

[NickG]

Andronikou said: “We shall have a more accurate picture of the final totals when the CVA is presented to creditors on Friday.”

 

But he denied that Pompey will start life in the Championship with a 17-point deduction if they are still in administration.

 

“That is rubbish,” Andronikou said. “It goes against natural justice and fair play. In any case, we are planning to exit administration via the CVA.”

[the colonel]

it wont be long now until AG ****s off to West Ham and he won't even remember where skatesmouth is.

[hypochondriac]

Andronikou said: “We shall have a more accurate picture of the final totals when the CVA is presented to creditors on Friday.”

 

But he denied that Pompey will start life in the Championship with a 17-point deduction if they are still in administration.

 

“That is rubbish,” Andronikou said. “It goes against natural justice and fair play. In any case, we are planning to exit administration via the CVA.”

 

Which as we all know has nothing whatsoever to do with any decision.

[EastleighSoulBoy]

If they liquidate, this could happen:

 

Importantly, once a company has been liquidated either through a Creditors Voluntary Liquidation or winding up, the liquidator will produce a report on the conduct of all of the directors in the period running up to when the business stopped trading. If the liquidator believes that the directors did not act properly during this period (particularly in the area of minimising the creditors losses), then they can accuse the directors of wrongful trading. If this accusation is upheld, the directors in question can be made personally liable for the company's debts. They may also be banned from being a director of other new businesses and forced to relinquish their directorship of other current business interests.

 

from: http://www.articlesbase.com/credit-articles/compulsory-liquidation-and-how-to-protect-yourself-as-a-director-1043342.html

 

And that, my dear Watson, is exactly why they have woven such a web of deceit and ownership. To avoid any one individual taking the brunt of any legal issues. They desperately need a CVA to protect their own bad asses.

 

Mutually Assured Destruction.

 

Should they be liquidated it would remain to be seen exactly how many could be brought back to the UK for any prosecutions.

 

Does the UK have an extradition treaty with Hayling Island?

 

**EDIT** In fact I find it hard to understand why the Fraud Squad are not crawling all over this.

 

Or maybe, secretly (hopefully), they are?

Edited 16 May, 2010 by EastleighSoulBoy

[redkeith]

The fraud squad are looking at Portmouth and other clubs. I won't say any more in case I comprise the person who this information came from. Not a rumour, a fact.

[OldNick]

I will tell you what will likely happen Nick.

• The CVA will happen and Pompey will start the season in the Championship without a points deduction
   
  

Then if this is the case POmpey have got away with it.

I suspect the majority of footballl fans would take a few seasons pain for the journey they have had the past few seasons. it is outrageous

[suewhistle]

Does anybody remember when the detailed CVA is going to be presented, and how long before it is voted on, how long the HMRC have before any potential appeal and by when do the FL need the CVA agreed if they are not going to deduct points?

 

Gawd, it's confusing, but I think it's just about to get a lot more interesting....

 

Edit: I see the CVA is being presented on Friday.. still not sure of the rest of the dates.

[EastleighSoulBoy]

Does anybody remember when the detailed CVA is going to be presented, and how long before it is voted on, how long the HMRC have before any potential appeal and by when do the FL need the CVA agreed if they are not going to deduct points?

 

Gawd, it's confusing, but I think it's just about to get a lot more interesting....

 

Edit: I see the CVA is being presented on Friday.. still not sure of the rest of the dates.

 

Which is why I can see HMRC, whenever they possibly can, appealing any decision in an effort to stretch this out and cost the FSBs a points deduction. If they can't get them then they know an organisation (FL) who will!

[Under Weststand]

Which is why I can see HMRC, whenever they possibly can, appealing any decision in an effort to stretch this out and cost the FSBs a points deduction. If they can't get them then they know an organisation (FL) who will!

That too is my hope, I think that a CVA will probably be agreed, after HMRC try to stop it. They will then leave it as long as possible until the last second to appeal the CVA & hopefully they will then get their just deserts with a 15-point penalty as the apeal won't be heard in time (as Leeds scenario) for them to start with zero points. Also they should get another 2 points for multiple Administrations as Bournemouth, Luton etc.

I still feel that there is more to come from all of this, I can't quite see how the fraud squad are not involved in this? I can still see this going back to court, with Android having to explain why since he took over after the SOA was entered by Portsmouth as a legal document, that they've found an extra 60 odd million of debt???

[Dark Munster]

If Pompey got to start next season on 0 points, could this open up a load of legal wrangles from clubs like us, Leeds, Bmouth etc. etc.

But there's a difference. AA and the cheating bastards could argue that the FL cannot punish them for their actions, since they occurred in the PL.

[Whitey Grandad]

But there's a difference. AA and the cheating bastards could argue that the FL cannot punish them for their actions, since they occurred in the PL.

The FL make the rules and they can do what they like, as we found out to our cost.

[suewhistle]

But there's a difference. AA and the cheating bastards could argue that the FL cannot punish them for their actions, since they occurred in the PL.

 

No. The PL punished them for going into administration. The FL will punish them for not having their CVA sorted out in time.:-) (And maybe also for numerous other reasons: unaudited accounts, shadow directors, and anything else that relates to the FL's need to guarantee why the club should be allowed their golden share.)

[Matthew Le God]

I can't quite see how the fraud squad are not involved in this?

 

How do you know they aren't?

[andysstuff]

How did the 'defeat parade' go today?

[Saint_John]

The Observer (hardcopy) has a picture of Chelsea collecting the cup and in the background you can see the Andriod looking very worried/thoughtful/pensive - imo "what do I do now" .

 

(it is online as picture no 38 of 42 here - http://www.guardian.co.uk/football/gallery/2010/may/15/chelsea-portsmouth-fa-cup-final-gallery?picture=362689692 )

 

I can see that ex chelsea centre half having a word in Pini Z's ear and Chainrai looks very pleased with himself, almost as he has "won" something.

 

I know Storrieteller was at the game but he is not in the picture however can anyone point out any of the other "leading players" from Cheats FC, e.g. the 2 figures at the top left do not seem to be applauding, are they known ?

[EastleighSoulBoy]

How did the 'defeat parade' go today?

 

Cancelled because the fans couldn't make it, also the open top caravan broke down.

[bridge too far]

Cancelled because the fans couldn't make it, also the open top caravan broke down.

 

Talking about 'open tops', wasn't the City Council going to provide the open top bus?

 

It got me wondering - has the club paid its Business Rates?

[Weston Super Saint]

If the CVA is not accepted they are liquidated. Players contracts revert to PFA so no sale value. There is nothing to sell so HMRC get nothing. They will NOT go down that route. They will argue and make sure every penny is squeezed out but they collect for the public purse and will not throw it all away.

 

If they do not sell the club then I agree about the perilous state in August. In that case liquidation might be the only answer

 

You seem to be forgetting rule [whatever number it was], as stated a couple of pages back, that allows HMRC to go after the directors/owners past and present of the company for their money should they get liquidated

 

That would serve two purposes, teaching the Skates a lesson whilst putting the frighteners on all other clubs to pay their taxes, AND collecting money from Storrie-Teller et al for the public purse

[OldNick]

You seem to be forgetting rule [whatever number it was], as stated a couple of pages back, that allows HMRC to go after the directors/owners past and present of the company for their money should they get liquidated

 

That would serve two purposes, teaching the Skates a lesson whilst putting the frighteners on all other clubs to pay their taxes, AND collecting money from Storrie-Teller et al for the public purse

As much as I want this to happen, I cannot see anyway the HMRC will be allowed to do so. Their stance softened the moment Brown opened his mouth about 'this historic football club etc'

The media inthe main think Pompey are innocent (the fans and players) and will bleat on how wrong it is.

[EastleighSoulBoy]

The Observer (hardcopy) has a picture of Chelsea collecting the cup and in the background you can see the Andriod looking very worried/thoughtful/pensive - imo "what do I do now" .

 

(it is online as picture no 38 of 42 here - http://www.guardian.co.uk/football/gallery/2010/may/15/chelsea-portsmouth-fa-cup-final-gallery?picture=362689692 )

 

I can see that ex chelsea centre half having a word in Pini Z's ear and Chainrai looks very pleased with himself, almost as he has "won" something.

 

I know Storrieteller was at the game but he is not in the picture however can anyone point out any of the other "leading players" from Cheats FC, e.g. the 2 figures at the top left do not seem to be applauding, are they known ?

 

I particularly liked this one:

 

[bridge too far]

As much as I want this to happen, I cannot see anyway the HMRC will be allowed to do so. Their stance softened the moment Brown opened his mouth about 'this historic football club etc'

The media inthe main think Pompey are innocent (the fans and players) and will bleat on how wrong it is.

 

Well, we've got a new government now so I'm sure HMRC will follow its masters' wishes and go after tax dodgers

 

The sensible media have been on PFC's case for a while now and I bet, now the cup is over, they'll be even more so.

 

Crikey, even the Daily Heil and the Screws of the World have written critical pieces lately.

[slickmick]

As much as I want this to happen, I cannot see anyway the HMRC will be allowed to do so. Their stance softened the moment Brown opened his mouth about 'this historic football club etc'

The media inthe main think Pompey are innocent (the fans and players) and will bleat on how wrong it is.

 

 

Do they heck as like.

Seems quite the opposite.

 

p.s Brown is no longer the prime minister.

[SOTONS EAST SIDE]

As much as I want this to happen, I cannot see anyway the HMRC will be allowed to do so. Their stance softened the moment Brown opened his mouth about 'this historic football club etc'

The media inthe main think Pompey are innocent (the fans and players) and will bleat on how wrong it is.

Yes it can nick this is what i posted from my friend who is senior HMRC employee (corporate accounts div)

 

Quote: A bit of bad news for us wanting them to get hammered, they wont. From what i'm told by a friend of mine who does corporate investigation for the HMRC, told me they will let P**pey have the CVA and then Liquidate the company, which then allows the HMRC to invoke CA2 rule which means they would then go after the former directors for the money owed.

She also told me that (in the case of Arry,Mandick &storrieteller) the HMRC wont take you to court unless they have a very good chance of winning!!

 

Oh! Dear in the s-hit if your a former or present director!!!

 

Basically what the HMRC are saying its not the clubs fault they defaulted on the payments, but the directors of the club who where running it and thus not paying the debts, as they knew thay had to pay and didnt.!!

They wont accept the line" FINANCE WAS NOT MY DEPARTMENT". lol

Edited 16 May, 2010 by SOTONS EAST SIDE

[sidthesquid]

Yes it can nick this is what i posted from my friend who is senior HMRC employee (corporate accounts div)

 

Quote: A bit of bad news for us wanting them to get hammered, they wont. From what i'm told by a friend of mine who does corporate investigation for the HMRC, told me they will let P**pey have the CVA and then Liquidate the company, which then allows the HMRC to invoke CA2 rule which means they would then go after the former directors for the money owed.

She also told me that (in the case of Arry,Mandick &storrieteller) the HMRC wont take you to court unless they have a very good chance of winning!!

 

Oh! Dear in the s-hit if your a former or present director!!!

 

Basically what the HMRC are saying its not the clubs fault they defaulted on the payments, but the directors of the club who where running it and thus not paying the debts, as they knew thay had to pay and didnt.!!

They wont accept the line" FINANCE WAS NOT MY DEPARTMENT". lol

 

I think the CVA thing is a bit of a red herring. I can't believe in the current financial climate that the FL will let Poopey walk away scot-free from its tax liabilities without some form of punishment. And the previous owners bit cuts no ice with them, as we know to our cost.

[SOTONS EAST SIDE]

I think the CVA thing is a bit of a red herring. I can't believe in the current financial climate that the FL will let Poopey walk away scot-free from its tax liabilities without some form of punishment. And the previous owners bit cuts no ice with them, as we know to our cost.

Apparently this is a common practice for HMRC to do, they feel they will get more from these fat salaried directors! PAY BACK TIME Mr STORRIETELLER! lol :smt040

[rallyboy]

I thought it was a nice touch for Boateng to mark the anniversary weekend of the Dam Busters by being the first player to hit a Wembley penalty that actually bounced a few times before it made it to the goal.

 

If only he'd been that gentle when assaulting Ballack late and from behind, the german might be taking part in the World Cup and not watching it from a hospital bed.

I guess we should thank the convicted criminal for both of those courageous feats.

Go have some drinks on us Princey, rip a few car mirrors off, go crazy, smash some windscreens, you know you want to, for your feeble spot kick you'll always be a hero in the red two thirds of Hampshire.

[trousers]

I'm getting hacked off with the number of times I've had to respond to the statement: "well, Southampton did the same thing last year" from friends and relatives when I happen to drop into conversation that Pompey cheated their way to the cup final. (not that we got to a cup final, just a general comparison about us both going into administration)

 

Is there a one pager document anywhere that I can simply hand out at dinner parties etc that simply lists in two columns the differences between ours and Pompey's situation? (yes, I know getting it all onto one page is 'quart and pint pot' territory but it would save me a lot of headbanging at social gatherings!)

 

Cheers

[trousers]

....and, yes, I am the life and soul of the party! ;-)

[rallyboy]

just tell them pompey had a clear decision to make in January - pay the children's cancer charity and creditors or 'buy in' players to strengthen the cup run.

 

They made NO attempt to sell, they just carried on spending money they didn't have.

 

Also point out to them that the player's wages were paid by them and taxpayers everywhere, and that the money meant for hospitals and schools that pompey kept is now being offered back at 4p in the pound for the next five years.

 

If they still don't get it just remind them that we were never owned by arms dealers responsible for crippling children, money launderers, convicted fraudsters or tax evaders.

 

If they still don't get it, stop going to parties with these people.

[pedg]

Apparently this is a common practice for HMRC to do, they feel they will get more from these fat salaried directors! PAY BACK TIME Mr STORRIETELLER! lol :smt040

 

I hope the, with luck, soon to arrive, new owner of his house appreciates all the improvements storrieteller has been doing, especially with probably being able to get it cheap when storrieteller has to sell quick to cover his debts.

[Faz]

just tell them pompey had a clear decision to make in January - pay the children's cancer charity and creditors or 'buy in' players to strengthen the cup run.

 

The corruption goes much deeper than this.

 

 

Spurs knew they wouldn't gett he loan fee for O'hara in January. Was that a concern to them? No. Because they knew, that under the football creditors rule they would get paid out in full at some point. In addition, as members of the PL they also knew the PL would hold back TV rights money.

 

Spurs, therfore, were complicit in the whole affair and should also be docked points. IMO. I fcking hate Spurs.

[Wes Tender]

just tell them pompey had a clear decision to make in January - pay the children's cancer charity and creditors or 'buy in' players to strengthen the cup run.

 

They made NO attempt to sell, they just carried on spending money they didn't have.

 

Also point out to them that the player's wages were paid by them and taxpayers everywhere, and that the money meant for hospitals and schools that pompey kept is now being offered back at 4p in the pound for the next five years.

 

If they still don't get it just remind them that we were never owned by arms dealers responsible for crippling children, money launderers, convicted fraudsters or tax evaders.

 

If they still don't get it, stop going to parties with these people.

 

Also remind them that we went under because the bank pulled the plug for the sake of a few thousand pounds, whereas the Skates owe £130 million and rising every day.

[Glasgow_Saint]

what were our debts when we went into admin??

[slickmick]

what were our debts when we went into admin??

 

£4.5m overdraft with Barclays. All other payments were up to date with no arrears is what has been said.

[pedg]

http://www.guardian.co.uk/football/2010/may/17/portsmouth-avram-grant-fa-cup-final

"I'm not sure how many will be left from the team that started the final," said the midfielder Michael Brown. "Maybe four or five." It sounded as if he were being optimistic.

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7730744/Portsmouths-entire-FA-Cup-team-to-leave-club-or-face-major-pay-cut-next-season.html

 

Portsmouth's entire FA Cup final team will be sold, released or asked to accept a major pay cut as the club introduce a weekly wage cap for next season of £10,000.

[trousers]

Don't suppose anyone's got a venn diagram I could use?

[Gingeletiss]

Perhaps Mr Triesman should of looked closer to home, for his corruption story. It has been right under his nose for years, and in particular, these last two. His acceptence of the Portsmouth situation, is nothing short of a disgrace, and for that alone, I'd sack him.

[Channon's Sideburns]

Loved the joker interviewed by Solent at the game...it's being played in their news bulletins...

 

'Well yeah the players were great - they can beat us, but they'll never take our spirit. We'll be back here next year for the play-offs' :-D

 

Not confident of automatic promotion then?????? Hahahahahaha....

 

The other thing that ****ed me off was people on Saturday 'Oh Wembley is like Pompey's 2nd home'...

 

 

ERRRRR....NO. THAT WILL EITHER BE A CARAVAN OR THE HIGH COURT.

[Saint Without a Halo]

http://www.guardian.co.uk/football/2010/may/17/portsmouth-avram-grant-fa-cup-final

"I'm not sure how many will be left from the team

Portsmouth's entire FA Cup final team will be sold, released or asked to accept a major pay cut as the club introduce a weekly wage cap for next season of £10,000.

 

I assume the £10k is a toal cap per week and applies to all the playing staff, management, admin, groundsman, programme sellers etc.

 

Even then the chances are you will be paid in Pompey FC bonds reedeemable at face value some time as yet unstated in the future! A bit like Nakheel the main developers here in Dubai are doing having got themselves in a similar situation as Poopey!

[pedg]

I thought it was a nice touch for Boateng to mark the anniversary weekend of the Dam Busters by being the first player to hit a Wembley penalty that actually bounced a few times before it made it to the goal.

 

If only he'd been that gentle when assaulting Ballack late and from behind, the german might be taking part in the World Cup and not watching it from a hospital bed.

I guess we should thank the convicted criminal for both of those courageous feats.

Go have some drinks on us Princey, rip a few car mirrors off, go crazy, smash some windscreens, you know you want to, for your feeble spot kick you'll always be a hero in the red two thirds of Hampshire.

 

Just confirmed that Ballack will miss the world cup http://news.bbc.co.uk/sport1/hi/football/world_cup_2010/8684774.stm

 

Wonder if they can sue!

[View From The Top]

The reality of the situation is going to hit them like a hammer blow as the cup has been a great distraction.

[View From The Top]

What happens to those who bought the lifetime season tickets?

[Scummer]

Just confirmed that Ballack will miss the world cup http://news.bbc.co.uk/sport1/hi/football/world_cup_2010/8684774.stm

 

Is Boateng's brother a midfielder? Could have done him a big favour!

[buctootim]

Portsmouth's entire FA Cup final team will be sold, released or asked to accept a major pay cut as the club introduce a weekly wage cap for next season of £10,000.

 

Makes you realise how corrupt and out of touch football is when a bankrupt company with £130m in debts thinks cutting back to the bone involves paying second tier footballers £500,000pa. Thats three times more than the Prime Minister and more than the average £425,000 salary for the CEO of FTSE250 company who employs tens of thousands - companies like Britvic, Dairy Crest and Ladbrokes.

[Colinjb]

Makes you realise how corrupt and out of touch football is when a bankrupt company with £130m in debts thinks cutting back to the bone involves paying second tier footballers £500,000pa. Thats three times more than the Prime Minister and more than the average £425,000 salary for the CEO of FTSE250 company who employs tens of thousands - companies like Britvic, Dairy Crest and Ladbrokes.

 

Quite.

 

Remind me, how much was our highest earner on in the Premiership?

[bolo]

£4.5m overdraft with Barclays. All other payments were up to date with no arrears is what has been said.

 

Also in the previous year we had shaved off close to 2mil off our overdraft by playing the kids. All i see with Pompey is that they kept spending what they didn't have.... CHEATS!!!!

[Joey-deacons-left-nut]

Or the fact our record signing was Rory bloody Delap for £4m.... I can't be the only one who was wandering how the filth could outspend us regurly when they came up...

[Colinjb]

Or the fact our record signing was Rory bloody Delap for £4m.... I can't be the only one who was wandering how the filth could outspend us regurly when they came up...

 

It was so puzzling at the time. We were signing players of the calibre of Mikael Nilsson, Jelle van Damme and Adreas Jakobssen, and they were recruiting Teddy Sheringham, Eyal Berkovic and Patrick Berger.

 

It made no sense at the time, they argument was that they were the bigger club...but no, we were just demonstrating two different extremes.