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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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OldNick

OldNick

Posted
Posted
I cant believe there closing statement basically says approve the CVA so Chainrai can pick the club up for a snip or he walks away. Its like they are telling the judge that was Chainrai's plan the whole time and its down to the judge to sign it off!!

 

Incredible!

 

i thought AA was taking calls from LLoyd , Russians and many other groups to buy them, not just Chanrai. the judge needs to recall those papers when they were put in front of the winding up court where Storrie told them they had lots of offers

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gaz

gaz

Posted
Posted

''

Mark:

The case has been adjourned with Mr Justice Mann telling the court he would not deliver his judgment before 3pm tomorrow - possibly later.

 

He asked both sides that if they lost would they consider an appeal on Friday in the Court of Appeal. They both said they probably would.

 

Mr Justice Mann said his full judgement might not be available tomorrow, but he would give an 'executive summary' in court at some point tomorrow afternoon. ''

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Saint Keith

Saint Keith

Posted
Posted (edited)
So their main defence is boo hoo! back us or lose us sob sob

 

 

Mr Sheldon painted a Domesday scenario for the judge if he fails to back the club in his verdict.

He said if the Revenue won the club 'in all likelihood would go into liquidation'.

He said it would prevent Mr Chainrai becoming the new owner.

'There is no other purchaser. The only other way in which this club can move forward is through this proposed sale.

'Of course, there may be problems ahead, I do not doubt that.'

Mr Sheldon said HMRC wanted Pompey to be placed in liquidation and that the taxman claimed if this happened 'the demise of the club was not inevitable'.

But Mr Sheldon told the judge this was exactly what would happen.

He added: 'If the club is not sold or very nearly sold by the start of the season it will clearly be relegated out of the football league.

'This will happen because the administrators cannot give the assurances needed that the season's fixtures can be completed.

'It will then go out of the Football League and into some distant league, but the reality is that it will probably go into liquidation because the administrators will not be able to fund the continued business.'

He continued: 'The evidence for this is quite clear. Mr Andronikou is quite clear about what the consequences would be if the CVA fails.'

 

Jesus christ. ive never seen desperation actually work as a high court defence.

 

who wants marmite on theirs?

Edited by Saint Keith
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seaempty

seaempty

Posted
Posted
Do HMRC get a 'right of reply' to Pompey's case/closing statement?

Not sure if it's the same with appeals, but with prosecutions you usually get the choice to open or close your case. There are limited circumstances where you can do both. The defence usually has the last word.

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trousers

trousers

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Posted
i thought AA was taking calls from LLoyd , Russians and many other groups to buy them, not just Chanrai. the judge needs to recall those papers when they were put in front of the winding up court where Storrie told them they had lots of offers

 

Didn't Begbies Traynor have, what was it, "over 40" offers to sift through in the early days of the Saints takeover? You're not for one minute suggesting that Administrators and/or ex-CEOs are prone to embellishing the number of prospective buyers under a cloak of confidentiality, are you....? ;-)

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saintjay77

saintjay77

Posted
Posted
i thought AA was taking calls from LLoyd , Russians and many other groups to buy them, not just Chanrai. the judge needs to recall those papers when they were put in front of the winding up court where Storrie told them they had lots of offers

 

Yeah ridiculas isnt it! If there was any truth in all the other interested parties then the closing statement was the best place to put them forward.

 

"Judge, if you ratify the CVA we can proceed with securing one of the many interested party's that can be good for the club and its employee's!" rather than "Bin the CVA and we are fooked as the only person wanting to make some money out of us will walk away and sell the ground to get some money back or something!"

 

Guess we wait till thursday around 3pm.

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trousers

trousers

Posted
Posted
[Comment From olredeye : ]

There is a buyer on the horizon.....The Community. Whatever happens to Pompey I'm pretty sure the City will be there to pick up the pieces and continue with PFC in some shape or form. Back the Trusts bid!

 

"Pompey Aid" anyone....? ;-)

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stevegrant

stevegrant

Posted
Posted
Didn't Begbies Traynor have, what was it, "over 40" offers to sift through in the early days of the Saints takeover? You're not for one minute suggesting that Administrators and/or ex-CEOs are prone to embellishing the number of prospective buyers under a cloak of confidentiality, are you....? ;-)

Expressions of interest and offers are very different things. We had, if memory serves me right, 33 "expressions of interest" in the first week. All that means is that the person or persons expressing their interest gives their details to the administrator, they sign an NDA and they get a pack with all the financial particulars in it. It's then up to them if they want to go further and put in an offer, or discuss any bits of the information they've been given in more detail.

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saintjay77

saintjay77

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Posted
Don't forget, even if Pompey win tomorrow HMRC can still appeal. . . .

 

isnt this judge renowned for not getting his decissions overturned?

 

TBH I dont think HMRC's QC did as well as we all hoped he would and it looks like there were a few opertunities for him to speak up and rubbish some of the things that went on. Early payment of parachute payments that were also included in the CVA being something that should really have been questioned. Even if it was proved it wasnt actual parachute payments it would still have made for some akward rambling from Poopy's QC.

 

That said, we are only being fed snippets of what is actually going on so its hard to tell how things are really going. It sounds like HMRC managed to raise all the points we have all discussed and Poopy's QC managed to get a few questions raised about there own affairs too.

 

On a whole my gut feeling is HMRC nearly screwed it but there are enough facts there to say the CVA wasnt done correctly and will therefor fail. I wonder if the judge can order amendments to the cva which would then make it correct and then for real votes to be couonted to see where we stand then?

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JackFrost

JackFrost

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Posted
First time for everything..... :-)

 

Plus I think HMRC can do better judging by the snippets we have heard over the last couple of days.

 

The cynical side of me is suggesting HMRC are deliberately dragging this out to an appeal, where I suspect everything up the sleeve of HMRC will be revealed.

 

Might just be my old age though :lol:

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buctootim

buctootim

Posted
Posted
I cannot believe I've had to attend a course today and will have too again tomorrow. So which way is the swing-o-meter going after todays events?

 

For the first time since this all began, i really think they might be toast - liquidated and gone.

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Panda

Panda

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Posted

"For the first time since this all began, i really think they might be toast - liquidated and gone."

 

I have supported Saints for near on sixty years, since I was old enough to read the football echo. In that time the rivalry between us and 'them' has been a key part of the experience. As long as we are top dog on merit then I have no axe to grind with them and I look forward to that being the case again shortly.

 

As much as we all detest them for what they have done in recent years and the fact they have been cheating b45t4rd5 I ask you stop and think, do you really want them gone for ever? No more derbies, no more rivalries, no more chances to put them in their place? Gone, for ever? Something will be gone from our football if we do not have them to look down on.

 

That said, I believe in justice so ... if it must be, it must be I suppose!

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Matthew Le God

Matthew Le God

Posted
Posted

 

I have supported Saints for near on sixty years, since I was old enough to read the football echo. In that time the rivalry between us and 'them' has been a key part of the experience. As long as we are top dog on merit then I have no axe to grind with them and I look forward to that being the case again shortly.

 

As much as we all detest them for what they have done in recent years and the fact they have been cheating b45t4rd5 I ask you stop and think, do you really want them gone for ever? No more derbies, no more rivalries, no more chances to put them in their place? Gone, for ever? Something will be gone from our football if we do not have them to look down on.

 

They wouldn't be gone for ever if liquidation happened. The fans will start a phoenix club in non league and relatively quickly shoot up through the leagues. Any phoenix club would still be in everyones eyes "Pompey" and Saints would have a rivalry with them.

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sussexsaint

sussexsaint

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Posted

I started off not wanting them gone Panda, but with all the revalations about just how very much they have been cheating and lying and effectively stealing off of local business' and charity without having the decency to admit the trouble they were in then I'm afraid I want them gone and made and example of for all to see

 

liquid toast

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Suhari

Suhari

Posted
Posted
"For the first time since this all began, i really think they might be toast - liquidated and gone."

 

I have supported Saints for near on sixty years, since I was old enough to read the football echo. In that time the rivalry between us and 'them' has been a key part of the experience. As long as we are top dog on merit then I have no axe to grind with them and I look forward to that being the case again shortly.

 

As much as we all detest them for what they have done in recent years and the fact they have been cheating b45t4rd5 I ask you stop and think, do you really want them gone for ever? No more derbies, no more rivalries, no more chances to put them in their place? Gone, for ever? Something will be gone from our football if we do not have them to look down on.

 

That said, I believe in justice so ... if it must be, it must be I suppose!

 

Good points.

 

Would you rather Saints be top dogs for the next 20 years, or NEVER again beat them in a derby match; laugh at them getting stuffed a home to a nothing team; or **** yourself at their latest managers masage exploits?

 

Hmmmmmm...

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Trader

Trader

Posted
Posted (edited)
So, how did they get on today?

 

Who knows?

 

These judges are notoriously unpredictable. I always remember that old fool Denning - his judgements often ignored law altogether and when challenged put it down to "interpretation".

 

One of the most publicly known judges thanks to his report on the Profumo Affair, Denning was held in high regard by much of the judiciary, the Bar and the public, and was noted for his bold judgments running counter to the law at the time. During his 38 year career as a judge he made large changes to the common law, particularly while in the Court of Appeal, and although many of his decisions were overturned by the House of Lords several of them were confirmed by Parliament, who passed statutes in line with his judgments. Although appreciated for his role as 'the people's judge' and his support for the individual, Denning was also controversial for his campaign against the common law principle of precedent and as Master of the Rolls for his conflict with the House of Lords.

Edited by Trader
added wiki bit
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StD

StD

Posted
Posted
Nothing to read into that, he asked both sides if they would appeal. Likely he hasn't made his mind up yet, but may be leaning one way or the other.

 

You're probably correct... but is it usual to set an appeal date for one day after the ruling is heard? Am I reading too much into the fact that Friday (the appeal date) just happens to be the day before the football season starts and a decision before k.o. is best if, as Poorpy's lawyer stated, that they are "likely to go pop if HMRC win"?

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Trader

Trader

Posted
Posted
You're probably correct... but is it usual to set an appeal date for one day after the ruling is heard? Am I reading too much into the fact that Friday (the appeal date) just happens to be the day before the football season starts and a decision before k.o. is best if, as Poorpy's lawyer stated, that they are "likely to go pop if HMRC win"?

 

Presumably the FL would want to know whether they are going to be there or not before the season kicks off.

 

So someone's going to have to make a quick decision on liquidation or not.

 

If they don't start the season it's going to cause a lot of problems in the Championship.

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
Presumably the FL would want to know whether they are going to be there or not before the season kicks off.

 

So someone's going to have to make a quick decision on liquidation or not.

 

If they don't start the season it's going to cause a lot of problems in the Championship.

 

I'm sure it will make no difference as, I have read previously, the FL are bending over backward to help them.

 

Can I pull the plug please?

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