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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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SuperMikey

SuperMikey

Posted
Posted
that's what i was hoping for but relegated to conference south would be better.

 

No thanks, that would mean i'd get a whole load of P*mpey mongs up my way for the game at The Camrose, thought by living up in NE-Hants i'd avoid all that! ;)

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suewhistle

suewhistle

Posted
Posted
No, I haven't read all 544 pages (sorry) but I want to know by which date do Pompey have to leave administration or agree this CVA by before a points deduction?

 

We ought to have someone do a management summary report every 50 pages or so!

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Gorgiesaint

Gorgiesaint

Posted
Posted
No, I haven't read all 544 pages (sorry) but I want to know by which date do Pompey have to leave administration or agree this CVA by before a points deduction?

 

Here's the relevent bit from the FL rulebook....

 

12.3.3 If any club relegated to the League from The Premier League (in accordance with the Rules of The Premier League) whilst it was a member of The Premier League, took or suffered any such action as set out in Regulation 12.3.1 of these regulations at any time following the end of the season (as defined in the Rules of The Premier League) but before it becomes a member of The League, then that club, upon being accepted as a member of The League in accordance with Regulations 7.4 and 10.1 shall suffer a deduction of 10 points, such points deduction to apply in respect of the following Season such that the Club starts that Season in Division One on minus 10 points.

 

12.3.4 For the avoidance of doubt, where a Club is subject to more than one of the procedures in Regulation 12.3.1 above during a process of compromising its creditors (for example Administration followed by a Company Voluntary Arrangement), the Club shall only be deducted one set of 10 points,

such deduction to apply with effect from the first insolvency procedure.

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trousers

trousers

Posted
Posted
After 20 days of being on a picket line I have today surfaced for air and will go back in to my bunker later tonight secure in the knowledge that Pompey are well and truly f****d.

or as they call it in the trade "being a BA passenger"

 

Sorry, couldn't resist. I'll now remove tongue from cheek ;-)

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hypochondriac

hypochondriac

Posted
Posted

Mwahaha. A post lifted from pompeyonline:

 

I'm wondering if this might give an indication as to who Griffins are acting for. Remember this article?;

 

Article

 

The administrator of debt-ridden Portsmouth football club has previously been criticised by a judge for “manifestly inappropriate conduct” and failing to “meet the standard to be expected of a reasonably competent insolvency practitioner” during a recent liquidation, it has been revealed.

 

Last week HMRC rubber-stamped the validity of Portsmouth’s administration and Andrew Andronikou’s appointment by Balram Chanrai after initially questioning his independence.

 

HMRC, which is owed £11.6m in PAYE and VAT, examined Andronikou’s recent past when preparing its legal challenge.

 

The most damaging criticisim of Andronikou is within a High Court battle in December 2008. The case, Tradition (UK) Ltd v Ahmed & Ors (2008), details an appeal judge overturning an attempt by Shami Ahmed, the founder of clothing chain Joe Bloggs, to avoid bankruptcy through an individual voluntary arrangement (IVA), handled by Andronikou.

 

The judgment said: “Mr Andronikou’s conduct in these proceedings, particulary 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 has also come under fire before in the courts in relation to allegedly negligent advice. The case Griffin v UHY Hacker Young & Partners (A Firm) [2010] involves an allegation that Andronikou failed to advise his client that the winding up of his drinks company would prohibit him from becoming a director or being involved in the management of a future business. The judge ruled in the case: “It would have been the easiest thing in the world for Mr Andronikou to advise Mr Griffin to legitimise what he was doing. It is specifically alleged that he was negligent in failing to do so. Mr Griffin says he would have acted upon such advice.”

 

Andronikou is also embroiled in an HMRC investigation into the volutary liquidation of Aqua, a London-based commercial laundry company that serviced various top hotels. HMRC disputed a £500,000 debt which the sole director claimed his insolvent company owed him. Last May Andronikou agreed to be replaced as the liquidator ahead of a High Court hearing.

 

Stephen Hunt, the new liquidator from Griffins chosen by HMRC, has confirmed that he is “investigating the director and Andronikou’s conduct in the run-up to the insolvency.”

 

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

 

So looks like Griffin are working for HMRC with this new offer. Either Pompey accept it or HMRC refuse a CVA, potentially leading to liquidation. They have played a blinder!

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dubai_phil

dubai_phil

Posted
Posted
We ought to have someone do a management summary report every 50 pages or so!

 

Management Summary Report - no way we have to think BIG.

 

This whole thread should now be a college course - hell even an MBA course.

 

Tsun Tsu he say wise man keeps his bullets dry and his head down when trying to make dodgy deals work - or something like that - clearly AA is so far up his own ego he's never read a book on tactics in his life.

 

hmmm that should make him odds on as their first team manager next season then - spouting off stupid statements and not understanding tactics. He'll be useful when they get to play up at Hudson's Field or out at Upavon next season in Salisbury & District League 5

 

 

Ohhh Of COURSE - so THAT's why they kicked Salisbury out of the BSQ - made room for the skates

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mcjwills

mcjwills

Posted
Posted
What are the mechanics of the vote again? Do they need 75% of the total to vote for it or 75% of those that bother to vote? Is there a default position for those that don't vote? are they assumed to be for or against the CVA?

 

Anyone that does not vote against the CVA will be classified as approving the CVA, so in real terms only the people who need to vote are those that object to the CVA.

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Nexstar

Nexstar

Posted
Posted
Here's the relevent bit from the FL rulebook....

 

12.3.3 If any club relegated to the League from The Premier League (in accordance with the Rules of The Premier League) whilst it was a member of The Premier League, took or suffered any such action as set out in Regulation 12.3.1 of these regulations at any time following the end of the season (as defined in the Rules of The Premier League) but before it becomes a member of The League, then that club, upon being accepted as a member of The League in accordance with Regulations 7.4 and 10.1 shall suffer a deduction of 10 points, such points deduction to apply in respect of the following Season such that the Club starts that Season in Division One on minus 10 points.

 

12.3.4 For the avoidance of doubt, where a Club is subject to more than one of the procedures in Regulation 12.3.1 above during a process of compromising its creditors (for example Administration followed by a Company Voluntary Arrangement), the Club shall only be deducted one set of 10 points,

such deduction to apply with effect from the first insolvency procedure.

 

Cheers, so they have to agree a CVA before becoming a "member of The League", which presumably there is a cut-off date for?

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tony13579

tony13579

Posted
Posted
I wondered when Griffins would open their hand, it was reported ages ago, that they were going to represent a collection of smaller creditors. Fot the attention on nickh, the toaster is glowing red again nick, oh ye of little faith;)
Nick and friends can't ... Won't hear. They have taken the batteries out of the fratton park smoke alarm and hidden in the wardrobe.
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Gorgiesaint

Gorgiesaint

Posted
Posted (edited)
Cheers, so they have to agree a CVA before becoming a "member of The League", which presumably there is a cut-off date for?

 

Can't find confirmation of it but my understanding was that they became members of the league on 3rd June & its ratified at the league meeting - which is the one in Malta that was talked about a couple of pages ago. (Edit: Just checked being held this weekend).

 

Overall not sure when the penalty applies - either way the results of the conference will be interesting (maybe thats why Griffins chose today to release the 'revised' cva).

Edited by Gorgiesaint
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sidthesquid

sidthesquid

Posted
Posted
has nickh commented on this...?

 

No, but I'll take a punt on his behalf....

 

They are going to get away with.

 

On a more serious note, doesn't the CVA have to be approved by 75% of unsecured creditors & 50% of non-associated creditors (which presumably excludes the Gaydys, Bin-Trump et al). Anyone up to doing a reckoning up on that front?

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positivepete

positivepete

Posted
Posted
After 20 days of being on a picket line I have today surfaced for air and will go back in to my bunker later tonight secure in the knowledge that Pompey are well and truly f****d.

 

Hi. Can you please ensure that BA056 21st June takes off from LHR for Cape Town. Not too worried about BA 058 on 28th coming back, but my nipper and I will be seriously P*ssed if we miss our trip to see Ingerland (hopefullt in our new Saints shirts!

 

Thank you good man

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Gingeletiss

Gingeletiss

Posted
Posted
Hi. Can you please ensure that BA056 21st June takes off from LHR for Cape Town. Not too worried about BA 058 on 28th coming back, but my nipper and I will be seriously P*ssed if we miss our trip to see Ingerland (hopefullt in our new Saints shirts!

 

Thank you good man

 

You have little chance of that. Try Easyjet, Unites airline of choice.

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Weston Super Saint

Weston Super Saint

Posted
Posted
I believe they popped up to advise some of the small ceditors just after the last meeting IIRC.

 

I believe they are also acting on behalf of HMRC.

 

Yep, that would be the same HMRC who have retained the right - from their last court appearance - to object against the current administrator and put one in of their own ;)

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Fitzhugh Fella

Fitzhugh Fella

Posted
  • Author
Posted
Hi. Can you please ensure that BA056 21st June takes off from LHR for Cape Town. Not too worried about BA 058 on 28th coming back, but my nipper and I will be seriously P*ssed if we miss our trip to see Ingerland (hopefullt in our new Saints shirts!

 

Thank you good man

 

that will take off -we are not on strike then

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Kingsland Red

Kingsland Red

Posted
Posted

Is the world of Portsea Island returning to normality after the fantasy created by AA?

Taken from the BBC article:

 

"It's the creditors' choice how and when the club will emerge from administration, not the current administrators," insolvency lawyer Guy Thomas of SA Law LLP told BBC Sport.

 

Blimey, next the BA trolley dollys will realise there isn't so much money sloshing around these days !!!

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Wes Tender

Wes Tender

Posted
Posted
Latest News from a source - HMRC & Gaydamac unhappy about the deal on the table and likely to reject.

 

You are now going to ask the source - all I will say is that it is someone on the committee of creditors. This is first hand, not via anyone else.

 

There was some scally on The News site called West Sai saying something very similar. Apparently, he was accused of being in cahoots with some other fella called Chin who also posts on there.

 

Those Skates are getting paranoid; the whole World is against them and none of it is their fault. ;)

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Fowllyd

Fowllyd

Posted
Posted
So the gloves are off... excellente.

 

I bet AA is feeling the heat tonight. He clearly has been representing Chanrai rather than the other creditors all along.

 

Yep, I think that in the near future he could well find himself in a very big pile of poo - and I don't mean Fratton Park! Boom boom!

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brightspark

brightspark

Posted
Posted

Throughout the saga it's been interesting to see that what actually happens is previously never spoken of by the media.

 

Their administration was not mentioned once by a senior BBC Sport journalist before they chose that option to avoid the winding up order.

 

This intervention of an independant liquidation firm was out of the blue too, but this time in a much more positive way for us skate haters.

 

From reading everything about this in the last 30 minutes, it would seem that there is now more of a chance that the CVA will be rejected. Justice! But even if the CVA is rejected, how long do we have to wait before liquidation? Surely Android and his best mate Baloo will still find another legal loophole to exploit to play the 10/11 season in the Championship?

 

Hopefully the unexpected will continue... and that the unexpected will disadvantage them. I'm also happy to see that more neutrals are waking up to what the cheats have been doing, it seems more people want them liquidated for their troubles. Good stuff!!!

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Dark Munster

Dark Munster

Posted
Posted
Hmm, I wonder why Gaydamak would possibly refuse a 1/5 payment of his total debt of £32m...can anyone help me out here? :confused:

 

I doubt he'd refuse it if his real debt is actually lower (say about £1 - hypothetically, of course): 20% of £32m would be a rather nice return for £1 of debt.

 

I wouldn't say no to that offer. :cool:

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted (edited)
Anyone that does not vote against the CVA will be classified as approving the CVA, so in real terms only the people who need to vote are those that object to the CVA.

 

I stand to be corrected but I think the vote is taken among those present? Those who do not attend are classed as abstainees and have no say in the matter. So, if correct, the CVA will only get accepted if 75% by value, of those in attendance accept.

 

HMRC will most definitely be there. Again, if correct, the small businesses don't even need to attend?

 

Am I counting chickens? :smt102

Edited by EastleighSoulBoy
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