bridge too far Posted 29 May, 2010 Share Posted 29 May, 2010 I think some may be missing the point if I understand the document properly. An Administrator has less power that a Liquidator when it comes to investigating what has been going on. So, the Administrator gets on with trying to get the business on a decent footing and has agreed to it being a new company in 9 months liquidating the old at that time. The creditors 20% is safe (relatively speaking because it is over 5 years and the new company could fail in that period) BUT, and here is the important part, the old company goes into liquidation giving powers to the liquidator to investigate what went on and if the directors etc are complicit they can be prosecuted and or made to pay money to the liquidator which he passes on to the creditors as that is outside of any CVA The CVA will be agreed. Pompey will start without a points penalty, will limp through the next few seasons and even suffer further relegation. I thought someone said that AA will also be the liquidator (Clapham said it I think). Since he's (allegedly) in Baloo's back pocket, how will that work fairly and legally? Link to comment Share on other sites More sharing options...
Weston Saint Posted 29 May, 2010 Share Posted 29 May, 2010 I thought someone said that AA will also be the liquidator (Clapham said it I think). Since he's (allegedly) in Baloo's back pocket, how will that work fairly and legally?Yes he will be the liquidator but HMRC will be watching him very carefully Link to comment Share on other sites More sharing options...
gaz Posted 29 May, 2010 Share Posted 29 May, 2010 I love the way you know this as a fact, you know as much as me, which is jack poo. I think to a lot of people, anything other than Pompy being out of business will mean they have gotten away with it, and its looking more and more likely that they'll exist come the start of the new season. On a side note, has any larger/bigger clubs from other leagues been in the same or similar situation? Are Pompy the biggest club worldwide to be in Admin and the brink of extinction? I'm thinking Russia or Italy, but I don't know. Link to comment Share on other sites More sharing options...
hypochondriac Posted 29 May, 2010 Share Posted 29 May, 2010 So Pompey will get away with it and nickh is right. Drat. Link to comment Share on other sites More sharing options...
saintkiptanui Posted 29 May, 2010 Share Posted 29 May, 2010 Doesn't really matter though does it? the super Saints will take the rightfull place as top team on the south coast within two years, no problem. Link to comment Share on other sites More sharing options...
sidthesquid Posted 29 May, 2010 Share Posted 29 May, 2010 The only thing that annoys me is that no-one else gets it, when people get it this thread should die. We get it, but it still is both interesting and endlessly amusing. It's the close season ffs, there's no news elsewhere, so enjoy the soap full of unbelievable baddies and preposterous plot-lines for what it is. Link to comment Share on other sites More sharing options...
saintkiptanui Posted 29 May, 2010 Share Posted 29 May, 2010 We get it, but it still is both interesting and endlessly amusing. It's the close season ffs, there's no news elsewhere, so enjoy the soap full of unbelievable baddies and preposterous plot-lines for what it is.I know you get it, I mean normal people, the ones that ain't obsessed with the filth down the road. Link to comment Share on other sites More sharing options...
Gorgiesaint Posted 29 May, 2010 Share Posted 29 May, 2010 On a side note, has any larger/bigger clubs from other leagues been in the same or similar situation? Are Pompy the biggest club worldwide to be in Admin and the brink of extinction? I'm thinking Russia or Italy, but I don't know. Fiorentina went into bankruptcy about 8 or 9 years ago & reformed in the Italian serie C2 - equivalent of our L2. Link to comment Share on other sites More sharing options...
JackFrost Posted 29 May, 2010 Share Posted 29 May, 2010 believe a club from the Belgian PL(Excelsior??) went bust recently. Also a german team Arminia Bielefeld are on the brink of bankrupcy Link to comment Share on other sites More sharing options...
benjii Posted 29 May, 2010 Share Posted 29 May, 2010 On a side note, has any larger/bigger clubs from other leagues been in the same or similar situation? Are Pompy the biggest club worldwide to be in Admin and the brink of extinction? I'm thinking Russia or Italy, but I don't know. There are bigger clubs closer to home who've been on the brink: Saints, Sheff Wednesday, Palace, Leeds.... Link to comment Share on other sites More sharing options...
Colinjb Posted 29 May, 2010 Share Posted 29 May, 2010 Fiorentina went into bankruptcy about 8 or 9 years ago & reformed in the Italian serie C2 - equivalent of our L2. This. Were known as Florentia Viola for a year before they gained the rights to their old name back. If they have any kind of self respect, the skates fans should abandon the entitity that has swamped 'their club' and try the same. Re-start from the basement and earn their way back. Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 29 May, 2010 Share Posted 29 May, 2010 Yes he will be the liquidator but HMRC will be watching him very carefully Are they not watching him carefully now though? Like the way their debt suddenly became £120m after going into administration? That, to me, was a blatant inflation of the debt to preclude the HMRC having a say (25%) in the CVA? It doesn't look like they have much of a say at the moment but, then again, they may just be giving AA enough rope? Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 29 May, 2010 Share Posted 29 May, 2010 There are bigger clubs closer to home who've been on the brink: Saints, Sheff Wednesday, Palace, Leeds.... Southend, Bournemouth.... all bigger than the DFSBs! Link to comment Share on other sites More sharing options...
saintkiptanui Posted 29 May, 2010 Share Posted 29 May, 2010 Southend, Bournemouth.... all bigger than the DFSBs!Indeed, add salisbury to the list. Link to comment Share on other sites More sharing options...
teamsaint Posted 29 May, 2010 Share Posted 29 May, 2010 This. Were known as Florentia Viola for a year before they gained the rights to their old name back. If they have any kind of self respect, the skates fans should abandon the entitity that has swamped 'their club' and try the same. Re-start from the basement and earn their way back. well, I'd hate to put myself in the shoes of a skate fan, but my guess would be that if you offered them a new club, place in L2, with a decent , sound ownership stucture, their own stadium, and debt free , they would take it like a shot. They would be one of the better supported teams , too. Don't think any of them want any of the old guard near their club, although that is probably what they will get. THe "blame" that attaches to their fans is that they didn't ask questions early enough- and that is something all fans can learn from. Link to comment Share on other sites More sharing options...
Saint Without a Halo Posted 29 May, 2010 Share Posted 29 May, 2010 The Android is fooling nobody. The agents clearly are not fooled and will be advising their players there to desert the sinking ship and other agents will be telling their players not to go there. You are right he fools no one it is full of contradictions "we have cashflow to pay them" "we need to move some on to get cashflow working capital and some funds for creditors" Everyone can see that things can only get worse so why offer top money for a player you can get for virtually nothing in a few weeks! It is catch 22 for Android the longer people wait for the prices to come down the more he has to pay them and the quicker comes the inevitable end! Link to comment Share on other sites More sharing options...
Saint Without a Halo Posted 29 May, 2010 Share Posted 29 May, 2010 The new CEO has been public knowledge for the past 8 weeks. It is David Lampitt - Head of integrity at the FA. http://www.guardian.co.uk/football/2010/apr/09/portsmouth-fa-david-lampitt-chief-executive "Integrity" and "Portsmouth" in the same sentance? surely a contridiction in terms! This is a bit like the old East Germany calling itself the the "German Democratic Republic" Everyone new what they really were! Link to comment Share on other sites More sharing options...
mack rill Posted 29 May, 2010 Share Posted 29 May, 2010 well, I'd hate to put myself in the shoes of a skate fan, but my guess would be that if you offered them a new club, place in L2, with a decent , sound ownership stucture, their own stadium, and debt free , they would take it like a shot. They would be one of the better supported teams , too. Don't think any of them want any of the old guard near their club, although that is probably what they will get. THe "blame" that attaches to their fans is that they didn't ask questions early enough- and that is something all fans can learn from. LOL! would we ****!,,,,,give us a Laundrette high in the prem run by pirates any day of the week:D Link to comment Share on other sites More sharing options...
Draino76 Posted 29 May, 2010 Share Posted 29 May, 2010 LOL! would we ****!,,,,,give us a Laundrette high in the prem run by pirates any day of the week:D Yes you've just had that, but as you can see; its hardly sustainable. Link to comment Share on other sites More sharing options...
Dark Munster Posted 29 May, 2010 Share Posted 29 May, 2010 I can't believe that over 26,000 posts have been made about that anonymous club down the road. I realise I have just added to it myself, and therefore the total has gone up again. I mean, what are we geting our knickers in a twist for... or is this just some kind of remote-post association thread now..? Go on then, lock the thread. I dare you. Link to comment Share on other sites More sharing options...
aintforever Posted 29 May, 2010 Share Posted 29 May, 2010 This David Lampitt thing is weird, why would the FA's Head of Integrity want to be associated with that cesspit of corruption? It could be something to do with Dave Richards and the Thaksin Shinawatra thing that the Sun exposed last summer. My guess is that the F.A. threatened to throw the book at Pompey but couldn't because Storrie can prove that the F.A. knew it was Gaydamak's money being laundered the whole time. Now they have reached a compromise, everyone keeps their gob shut on the condition that the FA can send their man to pompey to clear the whole mess up. Link to comment Share on other sites More sharing options...
dubai_phil Posted 29 May, 2010 Share Posted 29 May, 2010 This David Lampitt thing is weird, why would the FA's Head of Integrity want to be associated with that cesspit of corruption? It could be something to do with Dave Richards and the Thaksin Shinawatra thing that the Sun exposed last summer. My guess is that the F.A. threatened to throw the book at Pompey but couldn't because Storrie can prove that the F.A. knew it was Gaydamak's money being laundered the whole time. Now they have reached a compromise, everyone keeps their gob shut on the condition that the FA can send their man to pompey to clear the whole mess up. Ah ha, another convert to the "mess is too big to be allowed to fail" theory. Still think it could be even worse than that Link to comment Share on other sites More sharing options...
NickG Posted 29 May, 2010 Share Posted 29 May, 2010 because they have got away with it and can re-build for the future? Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 29 May, 2010 Share Posted 29 May, 2010 This David Lampitt thing is weird, why would the FA's Head of Integrity want to be associated with that cesspit of corruption? It could be something to do with Dave Richards and the Thaksin Shinawatra thing that the Sun exposed last summer. My guess is that the F.A. threatened to throw the book at Pompey but couldn't because Storrie can prove that the F.A. knew it was Gaydamak's money being laundered the whole time. Now they have reached a compromise, everyone keeps their gob shut on the condition that the FA can send their man to pompey to clear the whole mess up. Redaction, is that the word?, a la MPs expenses being publicied? Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 29 May, 2010 Share Posted 29 May, 2010 Another example of why they are still using Storrie's 'expertise in football matters' :-D http://www.newsoftheworld.co.uk/sport/football/830594/BUNGLING-POMPEY-WILL-LOSE-BEN-HAIM-ON-A-FREE.html Link to comment Share on other sites More sharing options...
St Chalet Posted 29 May, 2010 Share Posted 29 May, 2010 Another example of why they are still using Storrie's 'expertise in football matters' :-D http://www.newsoftheworld.co.uk/sport/football/830594/BUNGLING-POMPEY-WILL-LOSE-BEN-HAIM-ON-A-FREE.html Still, they will save on all that Khosher meat that Grant and him consumed. AA must be factoring that in to the CVA figure. Link to comment Share on other sites More sharing options...
St Landrew Posted 29 May, 2010 Share Posted 29 May, 2010 Go on then, lock the thread. I dare you. Believe me, I've thought about it many times. If only to stop the headlines: Biggest thread of all time on Southampton FC devoted Football Forum is about their rivals Portsmouth FC. Doesn't make for good reading, does it..? Link to comment Share on other sites More sharing options...
mack rill Posted 29 May, 2010 Share Posted 29 May, 2010 Still, they will save on all that Khosher meat that Grant and him consumed. AA must be factoring that in to the CVA figure. This getoutofacontract clause if relegated is a god send in this instance. We would never in a million years get near the asking price for him, But we do get to shave another 40 grand off the weekly shopping bill,:cool: Link to comment Share on other sites More sharing options...
teamsaint Posted 30 May, 2010 Share Posted 30 May, 2010 This getoutofacontract clause if relegated is a god send in this instance. We would never in a million years get near the asking price for him, But we do get to shave another 40 grand off the weekly shopping bill,:cool: well yes. Unless of course nobody else thinks he is worth 40 k a week, in which case you have nothing else to negotiate with. Link to comment Share on other sites More sharing options...
NickG Posted 30 May, 2010 Share Posted 30 May, 2010 http://www.guardian.co.uk/football/2010/may/29/balram-chainrai-portsmouth-ownership Link to comment Share on other sites More sharing options...
NickG Posted 30 May, 2010 Share Posted 30 May, 2010 they were very unlucky to go down: http://www.portsmouth.vitalfootball.co.uk/forum/forums/thread-view.asp?tid=11174&posts=1 worth a read it puts it all into perspective. Link to comment Share on other sites More sharing options...
St Chalet Posted 30 May, 2010 Share Posted 30 May, 2010 Believe me, I've thought about it many times. If only to stop the headlines: Biggest thread of all time on Southampton FC devoted Football Forum is about their rivals Portsmouth FC. Doesn't make for good reading, does it..? The thread on the Saints takeover saga was longer, just chunked. How many posts on that subject since someone said the magic words 'Paul Allen'? Link to comment Share on other sites More sharing options...
St Chalet Posted 30 May, 2010 Share Posted 30 May, 2010 they were very unlucky to go down: http://www.portsmouth.vitalfootball.co.uk/forum/forums/thread-view.asp?tid=11174&posts=1 worth a read it puts it all into perspective. Deluded! Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 30 May, 2010 Share Posted 30 May, 2010 This getoutofacontract clause if relegated is a god send in this instance. We would never in a million years get near the asking price for him, But we do get to shave another 40 grand off the weekly shopping bill,:cool: Mind you Mack, let's not forget that Ben Haim's 'value of £4M' has probably been used numerous times when journos have asked the 'value' of the playing squad at the club. So, if we all think of things like the PR coming out of that club, the £15M supposedly about to be raised from player sales is already now down to £11M. I guess they reap what they sow, it's only fair considering they 'claimed' in January that he was one of the players worth a combined £30M....only for someone later to check his contract. Sounds familiar.....Mike Williamson?????? Link to comment Share on other sites More sharing options...
redkeith Posted 30 May, 2010 Share Posted 30 May, 2010 In the Observer/Guardian atricle it talks of giving an extra £5 Million to the creditors if the Skates get back into the Premiership during the CVA. Given that promotion is currently worth £90 million, that is really taking this p@@s. They could easily pay the creditors in full, and still make a profit. I know that it is very unlikely that they will get back up, but given their luck, you never know. Link to comment Share on other sites More sharing options...
OldNick Posted 30 May, 2010 Share Posted 30 May, 2010 http://www.guardian.co.uk/football/2010/may/29/balram-chainrai-portsmouth-ownership yes of course he is reluctant, afterall that seems to have been the plan all along Link to comment Share on other sites More sharing options...
OldNick Posted 30 May, 2010 Share Posted 30 May, 2010 In the Observer/Guardian atricle it talks of giving an extra £5 Million to the creditors if the Skates get back into the Premiership during the CVA. Given that promotion is currently worth £90 million, that is really taking this p@@s. They could easily pay the creditors in full, and still make a profit. I know that it is very unlikely that they will get back up, but given their luck, you never know. As I have put before , the CCC is probably the weakest it has been for years. The tlak of no transfer budget blah blah blah is all to appease the creditors to get the CVA through. Once that is done, chanrai will magically become the owner and pump 5m + into buying players of decent quality and get a good manager. They could then go up, he has a club with PL staus all the riches for a 10m gamble. It is all a smokescreen that he is reluctant to keep ownership, AA IMo is playing to Chanrias tune. The squad they have is still strong, and whilst some of the major players will go, they have enough will a few decent buys to go straight back up. I would think about a punt if i were you. Link to comment Share on other sites More sharing options...
rallyboy Posted 30 May, 2010 Share Posted 30 May, 2010 sorry Nick I disagree about the strength of their squad. You think of the quality we had when we dropped out of the Prem, far too good to go down (!) and certainly good enough to bounce straight back....(!!!) Most of their players will depart and even the old donkeys on big money may find the paycut too much to take. Without investment their squad will lack quality (I don't see that happening) and we know that the CCC may look weak on paper but come 3pm it's a jungle where the weak get savaged. They will be a scared little victim and even the likes of Millwall, S****horpe and Doncaster will be keen to get at them. I see no investment, no fairytale, no full houses, no glorious return. Link to comment Share on other sites More sharing options...
OldNick Posted 30 May, 2010 Share Posted 30 May, 2010 sorry Nick I disagree about the strength of their squad. You think of the quality we had when we dropped out of the Prem, far too good to go down (!) and certainly good enough to bounce straight back....(!!!) Most of their players will depart and even the old donkeys on big money may find the paycut too much to take. Without investment their squad will lack quality (I don't see that happening) and we know that the CCC may look weak on paper but come 3pm it's a jungle where the weak get savaged. They will be a scared little victim and even the likes of Millwall, S****horpe and Doncaster will be keen to get at them. I see no investment, no fairytale, no full houses, no glorious return.I really hope you are correct. It seems to me that there has been a route map and it all hinges on getting a CVA to wipe the debt. Chanrai is a very wealthy man and could easily refloat the club.His appearance of indifference is all an act IMO Link to comment Share on other sites More sharing options...
bridge too far Posted 30 May, 2010 Share Posted 30 May, 2010 I think there's something inherently immoral and tasteless that a person who currently owns that business can put the business into administration and then come out the other end and run the self same business again to the detriment of all the other businesses that it owes money to. (very badly constructed sentence - sorry ) Link to comment Share on other sites More sharing options...
swannymere Posted 30 May, 2010 Share Posted 30 May, 2010 I've heard on the grapevine that StorrieTeller is on more a week now as a consultant than when he was running them Link to comment Share on other sites More sharing options...
dubai_phil Posted 30 May, 2010 Share Posted 30 May, 2010 I think there's something inherently immoral and tasteless that a person who currently owns that business can put the business into administration and then come out the other end and run the self same business again to the detriment of all the other businesses that it owes money to. (very badly constructed sentence - sorry ) +1 On the sentiment not if construction sentence of. (You been on the Cooking Sherry already?) Link to comment Share on other sites More sharing options...
bridge too far Posted 30 May, 2010 Share Posted 30 May, 2010 +1 On the sentiment not if construction sentence of. (You been on the Cooking Sherry already?) What is this 'cooking' of which you speak? Link to comment Share on other sites More sharing options...
St Landrew Posted 30 May, 2010 Share Posted 30 May, 2010 What is this 'cooking' of which you speak? Chuckle.. Link to comment Share on other sites More sharing options...
St Marco Posted 30 May, 2010 Share Posted 30 May, 2010 I really hope you are correct. It seems to me that there has been a route map and it all hinges on getting a CVA to wipe the debt. Chanrai is a very wealthy man and could easily refloat the club.His appearance of indifference is all an act IMO They have a signing players embargo on them. So until they clear their football debt they can't sign anyone. I think they will have no choice but to play their youngsters next year. Link to comment Share on other sites More sharing options...
gaz Posted 30 May, 2010 Share Posted 30 May, 2010 I think there's something inherently immoral and tasteless that a person who currently owns that business can put the business into administration and then come out the other end and run the self same business again to the detriment of all the other businesses that it owes money to. (very badly constructed sentence - sorry ) Isn't that against the law? Otherwise businesses would be doing that all over industry (assuming the owner of the company has enough pennies to run them on the other side of Admin). Link to comment Share on other sites More sharing options...
Trader Posted 30 May, 2010 Share Posted 30 May, 2010 What is this 'cooking' of which you speak? Are you my ex? Link to comment Share on other sites More sharing options...
bridge too far Posted 30 May, 2010 Share Posted 30 May, 2010 Isn't that against the law? Otherwise businesses would be doing that all over industry (assuming the owner of the company has enough pennies to run them on the other side of Admin). I don't think it is - surprisingly. After all, isn't this what Ken Bates did? Link to comment Share on other sites More sharing options...
mack rill Posted 30 May, 2010 Share Posted 30 May, 2010 As I have put before , the CCC is probably the weakest it has been for years. The tlak of no transfer budget blah blah blah is all to appease the creditors to get the CVA through. Once that is done, chanrai will magically become the owner and pump 5m + into buying players of decent quality and get a good manager. They could then go up, he has a club with PL staus all the riches for a 10m gamble. It is all a smokescreen that he is reluctant to keep ownership, AA IMo is playing to Chanrias tune. The squad they have is still strong, and whilst some of the major players will go, they have enough will a few decent buys to go straight back up. I would think about a punt if i were you. Thers a few over this end of the ally that think this Nicky Boy, old Chainri is just as big a Pirate as the phuckers who loaded up there saddle bags and galloped off into the sunset, We are meant to owe him around 14mill He has the club so we owe him Jack****, There is a big pot of gold waiting at the top of next seasons fizzy;),,,,Got to be worth a punt!:cool: Link to comment Share on other sites More sharing options...
benjii Posted 30 May, 2010 Share Posted 30 May, 2010 What will be intriguing will be the rols of Gaydamak going forwards. He still owns all the land around the dump and if this whole thing has been motivated by Chanrai's dislike of his pa things could get quite ugly. Link to comment Share on other sites More sharing options...
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