Jump to content

Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
in Golden Posts

 Share

Recommended Posts

Gemmel

Gemmel

Posted
Posted

There is someone, somewhere along the line, who has lost all perspective

 

Oh the irony mr android, oh the irony.

 

Anyway lets get this straight, the man who put togther the whole administration team, the man who put together the CVA and who had final sign off as to what debts were included for voting and which ones weren't, is having an extended holiday and wont be in court for the biggest day in the clubs history and one that will almost certainly dictate his future career.....thats not just bizarre, it is also very telling.

 

This is almost certainly on the advice of his lawyers and is a massive indication of them trying to protect something.

 

Somebody put a call in to Susan Boyle and see what her diary looks like for Wednesday

Link to comment
Share on other sites
buctootim

buctootim

Posted
Posted
lets get this straight, the man who put togther the whole administration team, the man who put together the CVA and who had final sign off as to what debts were included for voting and which ones weren't, is having an extended holiday and wont be in court for the biggest day in the clubs history and one that will almost certainly dictate his future career.....thats not just bizarre, it is also very telling.

 

Couldnt see this in the links anywhere. Sorry if i missed it.

Link to comment
Share on other sites
EastleighSoulBoy

EastleighSoulBoy

Posted
Posted

 

From that article:

 

"How the closure of a football club is in the best interests of taxpayers or the creditors is difficult to understand," said Andronikou. "It seems HMRC would rather lose £6 million and let the club die to make their point. There is someone, somewhere along the line, who has lost all perspective."

 

I do wonder who lost all perspective in the first place. This is just AA making HMRC out to be the big bad wolf. At some stage a football club will come unstuck big time. That time may well be August 3rd. HMRC really need to set things in stone before any other shyster, villain, bandit, crook & ne'erdowell tries it again.

Link to comment
Share on other sites
Gemmel

Gemmel

Posted
Posted
Wow. That is telling. I can see Hacker Young forcing AA out some time soon.

 

 

Surely it would be to much even for this thread to think that there might be something in the fact his holiday region doesn't have an extradition treaty with the UK.

 

But, then if HMRC win, could his work be dismissed as a mistake or could it possibly be criminal neglegence ??

 

If aa loses, would he ever be administrator again...............

Link to comment
Share on other sites
buctootim

buctootim

Posted
Posted
Surely it would be to much even for this thread to think that there might be something in the fact his holiday region doesn't have an extradition treaty with the UK.

 

But, then if HMRC win, could his work be dismissed as a mistake or could it possibly be criminal neglegence ??

 

If aa loses, would he ever be administrator again...............

 

I posted something months ago along the lines that AA's actions could only be explained by someone having deposited enough money in an overseas account for him that he neednt worry about burning his bridges and never being able to work in insolvency in the UK again. Think that more strongly than ever now.

Link to comment
Share on other sites
Clapham Saint

Clapham Saint

Posted
Posted
Surely it would be to much even for this thread to think that there might be something in the fact his holiday region doesn't have an extradition treaty with the UK.

 

But, then if HMRC win, could his work be dismissed as a mistake or could it possibly be criminal neglegence ??

 

If aa loses, would he ever be administrator again...............

 

I've seen partners "encoraged to leave" firms for much smaller f**k ups...

Link to comment
Share on other sites
tony13579

tony13579

Posted
Posted
So if (as most likely) HRMC win on Tuesday, what's the most likely thing to happen next?

 

I'm guessing they will exit administration without a CVA like Leeds did. That means -17, but what does that mean to the debt?

Any of the creditors could proceed with a winding up order. Administration protects you from your creditors.

 

I think they should stay in administration. Appoint a real accountant. And offer a new CVA to the creditors similar to the griffins proposal once the football creditors rule has been decided.

Link to comment
Share on other sites
saint si

saint si

Posted
Posted
Any of the creditors could proceed with a winding up order. Administration protects you from your creditors.

 

I think they should stay in administration. Appoint a real accountant. And offer a new CVA to the creditors similar to the griffins proposal once the football creditors rule has been decided.

 

That's assuming they can find another administrator willing to take them on... nobody wanted to touch them before, and even UHY needed Chainrai to put in £6m "to fund the administration".

Link to comment
Share on other sites
Gemmel

Gemmel

Posted
Posted
Maybe his lawyers have told him to stay away because he does have a history of foot in mouth moments.

 

 

I think that is almost certainly the case, but not quite sure how the trial will work without him there, as HMRC will have direct questions, specifically regarding his decisions.

 

I am really starting to believe that they are doomed

Link to comment
Share on other sites
Jimmy_D

Jimmy_D

Posted
Posted
Any of the creditors could proceed with a winding up order. Administration protects you from your creditors.

 

I think they should stay in administration. Appoint a real accountant. And offer a new CVA to the creditors similar to the griffins proposal once the football creditors rule has been decided.

 

No administrator would take them on if HMRC win, as their policy of not accepting anything less than 100p in the £ would make a CVA impossible.

Link to comment
Share on other sites
aintforever

aintforever

Posted
Posted
Any of the creditors could proceed with a winding up order. Administration protects you from your creditors.

 

I think they should stay in administration. Appoint a real accountant. And offer a new CVA to the creditors similar to the griffins proposal once the football creditors rule has been decided.

 

Can't Chanai just buy them out of administration without a CVA and blow off their debts like Bates did with Leeds?

Link to comment
Share on other sites
saint si

saint si

Posted
Posted
Can't Chanai just buy them out of administration without a CVA and blow off their debts like Bates did with Leeds?

 

Broadly speaking, the options are:

 

- pay of all your debts

- agree a lower level of payment to creditors (CVA)

- liquidate

 

A new owner might do option 1, but as he hasn't done it to date, I don't think Chainrai is up for that. Does £100m+ for no assets and a terminally ruined Championship club make sense to anyone?

Link to comment
Share on other sites
aintforever

aintforever

Posted
Posted (edited)
Broadly speaking, the options are:

 

- pay of all your debts

- agree a lower level of payment to creditors (CVA)

- liquidate

 

A new owner might do option 1, but as he hasn't done it to date, I don't think Chainrai is up for that. Does £100m+ for no assets and a terminally ruined Championship club make sense to anyone?

 

Which one of those did Bates do at Leeds?

 

Leeds were not liquidated, they didn't exit admin through a CVA and from what I understand, the creditors actually received less than what they were offered in the CVA that was rejected by HRMC.

Edited by aintforever
Link to comment
Share on other sites
tony13579

tony13579

Posted
Posted (edited)

Hmrc indicated that they would accept a griffins type CVA. However there may not be enough cash to fund them through another 3 months administration unless they are using the money from player sales, parachute money or tv mony. But that money is the assets of the creditors and should not be used to fund administration.

 

How much are UHY worth? Can they fund the shortfall or will they go to the wall too?

Edited by tony13579
Link to comment
Share on other sites
saint si

saint si

Posted
Posted
Which one of those did Bates do at Leeds?

 

Good question - can't find a proper summary of it anywhere, but it appears that they got a CVA agreed and which HMRC subsequently challenged. Sounds familiar? However, from various googling it looks like HMRC had less than the 25% required to block the CVA, and that they were not challenging their debt percentage (as they are with the skates), but instead the football creditors rule itself. Seems that this was enough to force the collapse of the CVA, but that HMRC then eventually dropped the case...

 

Anyone else got good insight in to the Leeds case?

Link to comment
Share on other sites
aintforever

aintforever

Posted
Posted
Good question - can't find a proper summary of it anywhere, but it appears that they got a CVA agreed and which HMRC subsequently challenged. Sounds familiar? However, from various googling it looks like HMRC had less than the 25% required to block the CVA, and that they were not challenging their debt percentage (as they are with the skates), but instead the football creditors rule itself. Seems that this was enough to force the collapse of the CVA, but that HMRC then eventually dropped the case...

 

Anyone else got good insight in to the Leeds case?

 

HRMC appealed the CVA but because the court date was after the start of the season and Leeds couldn't afford to stay in admin they had to exit admin without a CVA - hence the -17.

 

Bates paid the creditors "x" pence in the pound and blew off their debt. I don't see why Chainrai couldn't do the same. The -17 will make little difference to their income which is mainly parachutes and player sales.

Link to comment
Share on other sites
pedg

pedg

Posted
Posted
HRMC appealed the CVA but because the court date was after the start of the season and Leeds couldn't afford to stay in admin they had to exit admin without a CVA - hence the -17.

 

Bates paid the creditors "x" pence in the pound and blew off their debt. I don't see why Chainrai couldn't do the same. The -17 will make little difference to their income which is mainly parachutes and player sales.

 

Did Bates pay HMRC in full? If not why did they no go for another winding up order or will HMRC accept x% if the club has taken its points medicine?

Link to comment
Share on other sites
hypochondriac

hypochondriac

Posted
Posted
Hi all,

 

Remember all those times when people have said to me 'why can't you say...' and 'what does it matter if you say it here, nobody pays any notice of boards and websites'?

 

Well, bear this in mind for the future when I tell you this. I got a call yesterday saying that certain people had taken great notice in the write-up I did after the meeting with David Lampitt on Tuesday evening. So much so that it might be of interest for Tuesday.

 

Now, as you can imagine, I was pretty gutted when I was told this (and still am). Have been told not to worry and, as I've also been told by our resident solicitor on here, anything I have said there is very much 'my opinion and interpretation of the meeting'. Person who I was speaking to appreciates where I come from on these matters, and the last thing I ever want to do is do any harm to the club, and I've been told it's nothing to worry about.

 

So, any time in the future that I say that 'I really can't say any more', hope you can appreciate where I'm coming from. You never know who's looking in. And, for anybody who doubts that message boards and sites are just 'little things nobody takes any notice of, and can't influence anything', there you are.

 

HAHAHA oh I do so hope that that wins HMRC the case, I really do.

Link to comment
Share on other sites
Matthew Le God

Matthew Le God

Posted
Posted (edited)
Hi all,

 

Remember all those times when people have said to me 'why can't you say...' and 'what does it matter if you say it here, nobody pays any notice of boards and websites'?

 

Well, bear this in mind for the future when I tell you this. I got a call yesterday saying that certain people had taken great notice in the write-up I did after the meeting with David Lampitt on Tuesday evening. So much so that it might be of interest for Tuesday.

 

http://www.pompeyonline.com/2010/07/details-of-the-meeting-with-david-lampitt/

 

Now, as you can imagine, I was pretty gutted when I was told this (and still am). Have been told not to worry and, as I've also been told by our resident solicitor on here, anything I have said there is very much 'my opinion and interpretation of the meeting'. Person who I was speaking to appreciates where I come from on these matters, and the last thing I ever want to do is do any harm to the club, and I've been told it's nothing to worry about.

 

So, any time in the future that I say that 'I really can't say any more', hope you can appreciate where I'm coming from. You never know who's looking in. And, for anybody who doubts that message boards and sites are just 'little things nobody takes any notice of, and can't influence anything', there you are.

 

Pompey Scott

 

I'd guess HMRC would be interested in this if Lampitt did use this phrase...

 

HMRC obviously claim that there has been, to use Lampitt’s phrase, ‘value management’ in the amount of debt which we have as a club but, in turn, it has to be recognised that HMRC have also been guilty of this with their raised claims.

 

http://www.pompeyonline.com/2010/07/details-of-the-meeting-with-david-lampitt/

 

AT LAST

 

An admission of guilt?

Edited by Matthew Le God
Link to comment
Share on other sites
Gingeletiss

Gingeletiss

Posted
Posted

If I was the judge sitting on this case on Tuesday, given that AA pushed for an early hearing, and was then told that he preferred to be on holiday, rather than answer the questions, that HMRC are bound to ask of him, then I would be one fairly p1ssed of judge. Seems like the preverbial two fingers has just been raised at the judicial system by Poopey, one professional body to many I hope!

Link to comment
Share on other sites
Saint_lambden

Saint_lambden

Posted
Posted

The question is :

 

what do people want to happen to them...

 

Do you want them to go bust or would you miss the rivalry and the chance of beating them easily again in the future?

 

Or would you just like to see them get a points deduction and suffer all season looooooooooooong?

 

2nd one for me , so we can then laugh in their faces.

Link to comment
Share on other sites
Colinjb

Colinjb

Posted
Posted
The question is :

 

what do people want to happen to them...

 

Do you want them to go bust or would you miss the rivalry and the chance of beating them easily again in the future?

 

Or would you just like to see them get a points deduction and suffer all season looooooooooooong?

 

2nd one for me , so we can then laugh in their faces.

 

No, liquidation is the prefered option. Then they go back to being nothing, not even a credible rival. Just as they have been for the vast majority of my life.

Link to comment
Share on other sites
saint lard

saint lard

Posted
Posted
The question is :

 

what do people want to happen to them...

 

Do you want them to go bust or would you miss the rivalry and the chance of beating them easily again in the future?

 

Or would you just like to see them get a points deduction and suffer all season looooooooooooong?

 

2nd one for me , so we can then laugh in their faces.

 

Liquidation please.If you lived in Gosport you would probably concur.;)

Link to comment
Share on other sites
S-Clarke

S-Clarke

Posted
Posted
"these kids are not ready" ...now where have I heard that before?

 

http://www.portsmouthfc.co.uk/squad/first-team.aspx

 

that is currently their available first team squad, they don't even have a GK atm...ashdown still hasn't signed a contract. Crazy times.

 

and you can be sure that the likes of Utaka and Boateng (esp. with his world cup) won't be there for too much longer....and without the ability to replace an already depleted squad, surely relegation is a certainty?

Link to comment
Share on other sites
rpb

rpb

Posted
Posted (edited)

St Lard: Liquidation please.If you lived in Gosport you would probably concur.

 

I worked there for thirteen years - I would concur.

Edited by rpb
Didn't include St L's quote
Link to comment
Share on other sites
Saint 76er

Saint 76er

Posted
Posted
So if (as most likely) HRMC win on Tuesday, what's the most likely thing to happen next?

 

I'm guessing they will exit administration without a CVA like Leeds did. That means -17, but what does that mean to the debt?

 

Well, I heard Comical Andy on Solent yesterday in the lead up to the local matches. If he loses the appeal he said they would stay in administration and try and make it through the season, presumably hoping some funding or buyer would magically appear. If this is plan A don't know if he has a plan B because plan A is going to run out of money pdq and no one is going to take that mess on. Their entire future (or lack thereof) would probably depend on what action Chan the Man decides to then take, with liquidation seeming the most likely.

 

Getting back to the Solent interview, it is seriously difficult to listen to AA and even more difficult to follow the thread of what he is saying. He constantly repeats himself twice over, sometimes three times and his words all merge together so he sounds a bit like the Swedish chef in the muppets (how appropriate). No surprise at all his counsel has sent him out of the country for the trial period, although His Honour may not exactly concur with this when he has questions to be answered...

Link to comment
Share on other sites
marc_saint

marc_saint

Posted
Posted
http://www.portsmouthfc.co.uk/squad/first-team.aspx

 

that is currently their available first team squad, they don't even have a GK atm...ashdown still hasn't signed a contract. Crazy times.

 

and you can be sure that the likes of Utaka and Boateng (esp. with his world cup) won't be there for too much longer....and without the ability to replace an already depleted squad, surely relegation is a certainty?

 

 

15 players currently listed.

 

Take out Hariederson and Webber who are long term injured (Both out until October I believe), Tal Ben Haim who hasn't been seen near Nottarf Krap since the end of last season and that leaves only 12.

 

:D

Link to comment
Share on other sites
Danish Saint

Danish Saint

Posted
Posted
15 players currently listed.

 

Take out Hariederson and Webber who are long term injured (Both out until October I believe), Tal Ben Haim who hasn't been seen near Nottarf Krap since the end of last season and that leaves only 12.

 

:D

 

Add Sonko, whom they havn't got confirmation on yet.

 

...and both Utaka and Boateng has to be sold, in order for the CVA to have a remote chance..... leaves 9.....

Link to comment
Share on other sites
 Share
Go to topic listing
×
×
  • Create New...