Pompey Takeover Saga

[EastleighSoulBoy]

Then Slater goes on to say that HMRC could still appeal the CVA, that they will challenge the Football Creditors ruling in Court and also that the Court ruling on Messrs Redcrapp. Storrieteller and Mandaric was also still to come.

 

So why would we be disappointed? The Android has presumably massaged the figures unethically and could receive sanctions against him that might jeopardise his future career as an Insolvency Practitioner. It was the expectation that he would somehow pull a stroke like this to get the CVA through, so I suspect that most on here are rubbing their hands in glee and anticipation at the further fun to come.

 

From my view it does seem that every authority, bar HMRC, they have encountered have rolled over dead for them. Maybe they'll give him a slap with a soft cushion and tell him to look at it again?

[ericofarabia]

On one of the Poopy sites, a few questions they put to PCFC, and the answers.

 

6. Why did David Lampitt take this particular job?

 

David considers his appointment a personal and professional challenge. During seven years at the FA he oversaw key areas of work including the promotion of good governance at football clubs. As such the role at Pompey gives him the opportunity to put his experiences into practice as he seeks to rebuild the club on sound financial and moral footings.

 

David has said that his decision to take on the challenge was also influenced by the fact that he sees the club as having some of the key building blocks for the rebuilding process in that it has a fantastic supporter base which has shown remarkable character in extremely testing circumstances, and a loyal and dedicated staff. He has said that restoring trust between the fans and those running the club is a key foundation on which the new Pompey needs to be built.

 

 

.[/color]

 

Is this the definitive example of an Oxymoron ...... TFCB's PFC and sound financial and moral footings

 

Financially and morally bankrupt cheating barstewards.

[Gingeletiss]

Although AA quoted the number 'for' actually given that not voting is the equivalent of voting for his task should have been fairly easy as it really just involved counting the votes against and subtracting the percentage these related to from 100. When he says 80 odd percent voted for what he actually means is that 20% voted against and the remaining 80 either voted for or did not vote.

 

As he has named who voted against you would think that if someone else voted against but was not mentioned that they would have chirped up by now?

 

Again, I ask, where are Griffins votes? please Mr Administrator, enlighten me:?

[Matthew Le God]

Lots more redundancies.

 

http://www.portsmouth.co.uk/sport/Pompey-to-talk-with-foreign.6371400.jp

 

Feel sorry for them if they lose their livelihoods(some been working for Pompey for 17 years) just to pay the wages of Marlon Harewood.

[Jimmy_D]

Just a small point, but they just said on SSN that they're not actually out of Admin yet.

[Matthew Le God]

Just a small point, but they just said on SSN that they're not actually out of Admin yet.

 

Yep, has to be signed off by the court after the 28 day cooling off period has elapsed without an appeal.

 

I would think the transfer embargo must also have to remain in place in case the CVA collapses. So no new players or offers to out of contract players until 15th July.

Edited 18 June, 2010 by Matthew Le God

[Jimmy_D]

Yep, has to be signed off by the court after the 28 day cooling off period has elapsed without an appeal.

 

I would think the transfer embargo must also have to remain in place in case the CVA collapses.

 

So do they still have a transfer embargo until then?

[Matthew Le God]

So do they still have a transfer embargo until then?

 

I don't know.

 

But I can't see why it would be lifted before the 28 days ends. Otherwise if the CVA did collapse and they have signed players and offered people like David James a contract it is even more of a mess.

 

The Football League if it has any sense would wait until 15th July 2010.

 

Does anyone know what happens in this regard?

[hypochondriac]

So basically the lesson for other clubs is if you owe HMRC 10 million, make sure to increase all other debts to over 40 million and you can get a CVA passed with no points deduction. Cheats.

[rallyboy]

so AA's decision to chop the taxman's cut down to a convenient level was taken after he showed it to a mate and asked what he thought.

Fortunate his leading tax specialist didn't call it the other way.

 

And can we clarify once and for all, did he need 75% approval or less than 25% voting against the cva?

They are two very different things and I thought he needed the 75% support for it, which he claims to have cleared comfortably - and I don't believe!

[saintjay77]

Lots more redundancies.

 

http://www.portsmouth.co.uk/sport/Pompey-to-talk-with-foreign.6371400.jp

 

Feel sorry for them if they lose their livelihoods(some been working for Pompey for 17 years) just to pay the wages of Marlon Harewood.

 

Interesting to see its down to the creditors on wheather to investigate the dealings via the liquidation or not. Will HMRC want to foot the bill or will it go to a vote for all the creditors to chip in?

[hypochondriac]

He needed 25% against.

[JackFrost]

So basically the lesson for other clubs is if you owe HMRC 10 million, make sure to increase all other debts to over 40 million and you can get a CVA passed with no points deduction. Cheats.

 

and from HMRC's point of view it's surely a blueprint for other clubs to try. I would be very surprised if HMRC didn't appeal this, if they don't then they've effectively let Pompey shown all the clubs how to live beyond your means with very little repercussions.

 

This may be far fetched but you could have Championship teams buying quality players they can never afford, getting automatic promotion then when the **** hits the fan take the 10 point penalty and end up at worse mid table but possibly still in with a shout of going up

Edited 18 June, 2010 by JackFrost

[Corporate Ho]

Bleating, whining, talk of "dark forces at work", absurd conspiracy theories, "expert" views being wrong time and time and time again.

 

Welcome to the crazy world of Saints Web

 

Not saying HMRC won't challenge or even that we're out of the woods yet but let's not forget' amidst all your talk about that **** Andronikou massaging figures that the taxman massaged them himself up to the figure he's claiming and the figure includes payments for image rights which although a loophole weren't illegal when Pompey paid them, as many other clubs do.

 

Given that the ex FA head of integrity is happy with the CVA outcome I'll trust his judgement rather than a few divs on a rivals fans site

[JackFrost]

Bleating, whining, talk of "dark forces at work", absurd conspiracy theories, "expert" views being wrong time and time and time again.

 

Welcome to the crazy world of Saints Web

 

Not saying HMRC won't challenge or even that we're out of the woods yet but let's not forget' amidst all your talk about that **** Andronikou massaging figures that the taxman massaged them himself up to the figure he's claiming and the figure includes payments for image rights which although a loophole weren't illegal when Pompey paid them, as many other clubs do.

 

Given that the ex FA head of integrity is happy with the CVA outcome I'll trust his judgement rather than a few divs on a rivals fans site

 

Difference is, the taxman can do it legally

[Faz]

Bleating, whining, talk of "dark forces at work", absurd conspiracy theories, "expert" views being wrong time and time and time again.

 

Welcome to the crazy world of Saints Web

 

Not saying HMRC won't challenge or even that we're out of the woods yet but let's not forget' amidst all your talk about that **** Andronikou massaging figures that the taxman massaged them himself up to the figure he's claiming and the figure includes payments for image rights which although a loophole weren't illegal when Pompey paid them, as many other clubs do.

 

Given that the ex FA head of integrity is happy with the CVA outcome I'll trust his judgement rather than a few divs on a rivals fans site

 

If you're not interested in our view, why come on here?

[InvictaSaint]

Bleating, whining, talk of "dark forces at work", absurd conspiracy theories, "expert" views being wrong time and time and time again.

 

Welcome to the crazy world of Saints Web

 

Not saying HMRC won't challenge or even that we're out of the woods yet but let's not forget' amidst all your talk about that **** Andronikou massaging figures that the taxman massaged them himself up to the figure he's claiming and the figure includes payments for image rights which although a loophole weren't illegal when Pompey paid them, as many other clubs do.

 

Given that the ex FA head of integrity is happy with the CVA outcome I'll trust his judgement rather than a few divs on a rivals fans site

 

To be quite frank Corp, I don't really care what happens to your lot provided you're still around in a few years for us to give you the right royal spanking you so richly deserve. What angers me is the arrogance, the utter, unmitigated arrogance which you and so many of your fellow fans display. Despite all your hot air and blustering, your continual defence of a crooked regime, the fact remains that you have fudged your way out of this in a way which leaves many local businesses out of pocket and the public purse, in a time of massive cutbacks, massively out of pocket. No reasonable, right-minded individual can be proud of such a record. Leave alone the ownership by the dodgy son of an alleged arms dealer, the fake sheiks and other shady individuals; leave alone the lack of questioning of multiple regimes who all used massive amounts of cash to fund something you were never capable of sustaining; leave alone the administrator who seems to spend more time on the phone to a man in Hong Kong than he does trying to do the right thing by those owed most money.

 

Worse than all that is your fans' utter lack of humility for the way others have suffered as a result of your club's cheating.

 

You may get away with it. You may survive. But you will be despised by every right-minded fan in the country for what your club has done, and rightly so. You deserve our contempt of "a few divs on a rival fans' site", and at least it would seem you will be around a little longer to enjoy that contempt.

[Saint_John]

Perhaps, but what is longterm in this case? We have been going on this road for months if not more than a year

 

There was once a Police raid on the Skates in July 2007.

Further raids on certain addresses in 2008 e.g. Sandbanks.

Charges brought against certain people in 2009.

Court Case for "plea" due in Sept 2010.

Full Court Case due in May 2011.

That is a few years from start to finish for those cases.

 

In this case I expect HMRC to appeal the cva within the 28 days and for a High Court visit for the CHEATS / Android in Sept.

Then there could be an appeal by one side or the other.

[Tamesaint]

If you're not interested in our view, why come on here?

 

Because he's completely weird!!

[hamster]

...

Further raids on certain addresses in 2008 e.g. Sandbanks.

.........

 

Allegedly enough evidence was seized to make a water-tight case against said person. Pure luck on his part apparently that he was not home and due to his mrs getting upset at the methods of entry used the whole lot was in-admissable.

 

I'd guess that a lot of that info was subsequently delved into further but they obviously can't act unless the trail is totally independant from the original leads/ What with tracks quickly covered most investigations were fruitless. Not all though.

 

The police bods must seethe every time a certain person's voice is heard as they nearly had him bang to rights.

 

All hearsay and speculation I should stress.

[Pugwash]

you have fudged your way out of this in a way which leaves many local businesses out of pocket and the public purse, in a time of massive cutbacks, massively out of pocket.

 

It's worth taking a minute to put this into context.

 

Our local NHS Trusts have recently had to introduce wide-ranging cuts in the current economic climate, particularly to their capital development budgets. It would have been nice to build the Southampton Children's Hospital; or to bring all the SGH operating theatres up to standard. Or even to go ahead with the full re-development scheme at St Mary's Hospital in Portsmouth.

 

The total value of these three cancelled projects amount to about the same as the lost tax revenue resulting from the PCFC CVA.

[warsash saint]

Bleating, whining, talk of "dark forces at work", absurd conspiracy theories, "expert" views being wrong time and time and time again.

 

Welcome to the crazy world of Saints Web

 

Not saying HMRC won't challenge or even that we're out of the woods yet but let's not forget' amidst all your talk about that **** Andronikou massaging figures that the taxman massaged them himself up to the figure he's claiming and the figure includes payments for image rights which although a loophole weren't illegal when Pompey paid them, as many other clubs do.

 

Given that the ex FA head of integrity is happy with the CVA outcome I'll trust his judgement rather than a few divs on a rivals fans site

 

& as predictable as a sh*te England performance, out pops Ho with more ******.

[Micky]

Bleating, whining, talk of "dark forces at work", absurd conspiracy theories, "expert" views being wrong time and time and time again.

 

Welcome to the crazy world of Saints Web

 

Not saying HMRC won't challenge or even that we're out of the woods yet but let's not forget' amidst all your talk about that **** Andronikou massaging figures that the taxman massaged them himself up to the figure he's claiming and the figure includes payments for image rights which although a loophole weren't illegal when Pompey paid them, as many other clubs do.

 

Given that the ex FA head of integrity is happy with the CVA outcome I'll trust his judgement rather than a few divs on a rivals fans site

 

Irrespective of opinion that is posted here (whether it be 'expert' or just purely specualtory), the fact remains that your club is, and has been for some time, a shambolic mess. You have ridden this wave on the good nature of those that were owed money. Local businesses and charities were ripped off in order that they club could enjoy some modicum of success.

 

If you are comfortable with the fact that your club sees fit to rip off it's creditors to the point of going int administration for what, the second time in a decade, then you are a very worthy fan.

 

Where will you be in 8, 9 or 10 years from now? Still cheating...?

[Eastcowzer]

It is is just a tick he has.

 

Is that like the 'tick' P----y have been running on for the past few years. ?

[Saint in Paradise]

As this CVA vote was far from secret and bearing in mind how AA shouted from the rooftops about who had voted against I just wonder IF some

who didn't vote "No" were afraid of what might happen to them when it became known how they voted.

 

I mean would you like TCWTB and friends turning up at your door ?

[pedg]

http://www.guardian.co.uk/football/2010/jun/18/steve-cotterill-portsmouth-manager

 

AA off to France to talk to a prospective buyer. Though I have it on authority that talks will be difficult...

 

 

 

 

(yes I know he's dead!).

[Wes Tender]

I'm quite content to bide my time in keen anticipation of HMRC challenging the CVA at the 11th hour.

 

As the sage and knowledgeable Corp Ho advises us, the correct position is that they are not out of the woods yet.

 

And I'm pleased for Ho that he/she is content that as the former head of integrity at the FA was happy with the CVA, it must be kosher. Personally, I'd rather rely on the opinion of the learned counsel of the High Court, rather than that of some divy from a bent football club.

[sidthesquid]

Calling all experts. I thought there had to be a vote by 'non-associated' creditors - has this happened?

It wasn't that surprising the CVA passed. Football debt is classed as unsecured even though it gets paid in full. Add that to the Gaydy/other shady ex-owners debt and you are over halfway there.

Most of the rest of the creditors would just take it on the chin. Talking to our accountant at work about someone who has gone t1ts up on us I was surprised how relaxed he was about it & I guess that was the case with Terry the builer & the rest.

His £50 grand debt sounds a lot but, as I understand it with a bit of creative accounting, he can claim all the VAT back - £8750, he can set the loss against taxable income - £15000, and he gets up to £12500 back from Poopey, meaning his total loss is under £15k. Mentally it is written off by now, plus there is the promise of more work to come versus the nasty little threat of being named & shamed by Handy Andy.

I know administration has always been a murky world, but in my naivety I imagined an administrator as a neutral overseer of the process, and the power to reject potentially spurious claims as necessary, but it is extraordinary that he can cut a demand by HMRC just because he feels like it

[Wes Tender]

I know administration has always been a murky world, but in my naivety I imagined an administrator as a neutral overseer of the process, and the power to reject potentially spurious claims as necessary, but it is extraordinary that he can cut a demand by HMRC just because he feels like it

 

Yes he can cut the debt of a creditor if he wishes, but whether he is right to do so legally is quite another matter. Although the Android probably believes he is God, thankfully there exists the right to challenge his actions in a court of law. If it is found that he reduced the amount owed to HMRC purely on grounds that by doing so he increased the chances of the CVA going through, as he has been proven to have done before, then if found to have acted improperly, he will have egg all over his face.

 

It is a shame that so far his actions professionally do not appear to have been illegal instead of just unethical. Perhaps given the chance, he will cross that line one day. But it would have been nice to have believed that there was some sort of regulatory body that licenses these Insolvency Practitioners and who had powers to strike off those whose incompetance or unethical work brought that industry into disrepute. On the face of it, no such body exists, otherwise Andronikou would long ago have been prevented from practising further. As it stands, he was already the IP of choice for any company going into receivership which wished to achieve a certain outcome favourable to them rather than for the creditors. Should he be found out again in a court of law, I wonder how far his employers would be prepared to continue with him when their own professional reputation becomes more and more tarnished by association, so that they eventually become pariahs in that industry. He is a loose cannon, overseeing the dodgey dealings of one of the most corrupt regimes in British footballing history. As I said before, they deserve each other.

[OldNick]

Bleating, whining, talk of "dark forces at work", absurd conspiracy theories, "expert" views being wrong time and time and time again.

 

Welcome to the crazy world of Saints Web

 

Not saying HMRC won't challenge or even that we're out of the woods yet but let's not forget' amidst all your talk about that **** Andronikou massaging figures that the taxman massaged them himself up to the figure he's claiming and the figure includes payments for image rights which although a loophole weren't illegal when Pompey paid them, as many other clubs do.

 

Given that the ex FA head of integrity is happy with the CVA outcome I'll trust his judgement rather than a few divs on a rivals fans site

****y is back, now that they have got away with it (so far anyway)

I truly hope that you one day are screwed by a company who do the same as your club have done TWICE to small businesses. We took the bank, so that is not so bad in my book.

The more neutral fans i talk to shake their heads in disbelief in the way you have been treated compared to clubs like Luton and especially Salisbury. A crooked regime that has traded whilst in solvent.

Any normal busines would be ashes now, Why is Pompey not? Dark forces you think is a figment, well so it may be but it must be the only real reason.

When you get your true desserts then we will not hear from you again, nothing new there of course

[Wes Tender]

=nickh;761751A crooked regime that has traded whilst in solvent.

 

Surely if they had been in solvent, they'd come out squeaky clean...

[OldNick]

Surely if they had been in solvent, they'd come out squeaky clean...

should be in acid

[alehouseboys]

I mean would you like TCWTB and friends turning up at your door ?

 

I wonder if he'll become TCWTV next season?

[Clapham Saint]

I wonder if he'll become TCWTV next season?

 

[positivepete]

Statement on Stockport County from Football League site

 

http://www.football-league.co.uk/footballleaguenews/20100618/statement-on-stockport-county_2246528_2074271

 

no statement on P****muff yet

[Matthew Le God]

Statement on Stockport County from Football League site

 

http://www.football-league.co.uk/footballleaguenews/20100618/statement-on-stockport-county_2246528_2074271

 

no statement on P****muff yet

 

They made changes to the rules at their meeting in Malta a few weeks ago.

 

"As with all clubs that have recently exited administration, Stockport County will be subject to increased financial reporting requirements and restrictions on player signings. These measures are intended to help the club live within its means."

 

That could leave Pompey screwed. Have they been keeping up to date with this? I doubt it as it took an administrator months to work out the debt so they didn't submit any accurate financial reports to the Footballing authorities.

[Saint J 77]

Juts how its it pompey have been able to afford appointing a manager? They haven't been taken over have they so where is the money coming from to offer a 3 year contract?

[Saint J 77]

Just how is it pompey have been able to afford appointing a manager? They haven't been taken over have they so where is the money coming from to offer a 3 year contract?

[seaempty]

"Hey, we've just wiped out over £100 million in debt, and here's our reasonably high profile new manager!".

 

The announcement so soon after the CVA was announced just highlights the fact that the CVA was just a formality - seems to me that it was getting approved no matter what happened on Thursday.

[rallyboy]

the comments regarding Stockport are interesting, Pompey are heading for a transfer embargo 'for their own good' and they will now have to file accounts and present detailed plans to the authorities.

This will mean that they will now have to operate as a legal company, and compete on a level playing field - which could come as a shock.

 

No more illegal transfers, no more buying out player's contracts to make them free agents, no more 'special deals' with Spurs, and the first time a lump sum slips out of the accounts and leaves creditors out of pocket it will be highlighted.

Hopefully the rules will be strong enough and enforced sufficiently to get what was clearly a cheating club back within the league structure's rules and to protect local businesses and charities against theft, and of course they will have to meet the agreed terms of the cva should it be ratified.

 

So if they escape further court action, for the first time in three or four years their results this coming season could be legally earned and so it will no longer be correct to call them cheats.

 

 

 

 

It's a big IF.

[sidthesquid]

Once a CHEAT always a CHEAT as far as I am concerned

[NickG]

The Board of Directors of The Football League has agreed to transfer Stockport County's share in The Football League to Stockport County FC 2010 Limited. The club has now complied with The League's insolvency policy and completed its exit from administration.

 

Football League Chairman Greg Clarke said: "I am delighted to welcome the new owners of Stockport County to The Football League and would like to congratulate everyone in the local community that has worked so hard to save their club.

 

"As with all clubs that have recently exited administration, Stockport County will be subject to increased financial reporting requirements and restrictions on player signings. These measures are intended to help the club live within its means."

[JRM]

they have got away with it then? good new manager, CVA, no points deductions, still have some top international players, utter disgrace.

[Saints foreva]

they have got away with it then? good new manager, CVA, no points deductions, still have some top international players, utter disgrace.

 

Sadly they were always going to get away with it.

 

It wouldn't suprise me if they get another sugar daddy prepared to bankroll them to the Premiership.

 

Oh well, time to let ths thread die imo.

[Thedelldays]

they have got away with it then? good new manager, CVA, no points deductions, still have some top international players, utter disgrace.

 

they have not got away with it at all....they are in the secnd tier for a start....they will still lose many players...still have a hovel for a ground..

 

if you really, actually thought that they were going to go pop, then that is and was always a tad hopefull

[anothersaintinsouthsea]

Bleating, whining, talk of "dark forces at work", absurd conspiracy theories, "expert" views being wrong time and time and time again.

 

Welcome to the crazy world of Saints Web

 

Not saying HMRC won't challenge or even that we're out of the woods yet but let's not forget' amidst all your talk about that **** Andronikou massaging figures that the taxman massaged them himself up to the figure he's claiming and the figure includes payments for image rights which although a loophole weren't illegal when Pompey paid them, as many other clubs do.

 

Given that the ex FA head of integrity is happy with the CVA outcome I'll trust his judgement rather than a few divs on a rivals fans site

 

Mate, you've has egg on your face so many times on this website, it's funny that you can still be so smug. Android may be an ugly **** but he isn't a fat lady and nor is he nearly as clever as he thinks. Also strange that you put any store on the thoughts of an ex-regulator - the whining from the skates blaming the "authorities" has been deafening.

[NickG]

they have got away with it then? good new manager, CVA, no points deductions, still have some top international players, utter disgrace.

 

not a manager I would particularly want in league 1, let alone CCC

[Matthew Le God]

they have got away with it then? good new manager, CVA, no points deductions, still have some top international players, utter disgrace.

 

It isn't the 15th July yet...

[St Marco]

Ok maybe someone can answer this for me!

 

They have an agreed CVA, let's assume HMRC don't appeal and they officially come out of admin. They agree to pay back the amounts owed at the agreed rate of 20p in the pound over the space of 5 years. If HMRC supposedly had 18% of the vote at £24m then that means the un-secured debt was at least £120m. Which would mean they pay back at least £6m. Or £1.2m a year. Or roughly £23k a week. Is that correct?

 

If it is do the parachute payments pay that or is that seperate?

Because if it is seperate and they fail to make any of those payments they will be punished for it correct? It is all well and good paying rich football players but failing to pay the tv repair man who fixed your lounge tv still constitutes a violation of the CVA. Because there are so many of these people owed money you would think eventually at somepoint they will miss paying someone!

[Dark Munster]

I am a little confused about a couple of things, and hope someone can explain:

 

1) Paul Hart. If footballer's wages and bonuses are secured why is PH an unsecured creditor?

 

2) Gayboy - why has he written off £24m (if we do believe that he and Chainrai are not connected)? He sold the club and hasn't been paid for it or possibly he has been paid but made loans to the club. If the former, then surely this above all else is a football debt as it is THE club. If the £30m were loans, why are they treated differently from Chainrai's which are secured? But above all, it seems very strange that Gayboy has kissed good by to £24m (unless of course there is some dodginess going on and surely that wouldn't be the case now, would it!?)

1) It is unsecured debt, even though it gets paid back 100%. A disgrace that football creditors can vote, but those are the rules.

 

2) Why indeed?

I think you've answered your own question there.