Pompey Takeover Saga

[saintjay77]

Oh right, so The News is Pompey's poodle. I think not otherwise it wouldn't get banned from FP as it regularly as it does.

 

Bottom line on this whole saga is that none of you will believe ANYTHING that comes out of PFC or it's fans. This thread has descended into a haven for anyone who has a pathological hatred of Pompey.

 

Some of the negative things about Pompey on here are correct. The owner spent money he only had all the time he was earning his commission on Russian stock market trades. We all know what happened in October 2008 to stock markets around the world.

 

He shouldn't have relied on that income to keep funding PFC player purchases and wages when what we desperately needed was a new ground. That was wrong and I accept that it was wrong to run a business in such an exposed way.

 

But the the main reason I waste my time on here is because I cannot let the regular TOTAL lies-and-rumours-peddled-as-fact (and lapped up in outrage by the rest of you) go unawnswered.

 

What about yesterdays little gem- "...and let's not forget they are not even servicing the CVA."

 

As PROVED from the administrators official CVA document, payments are not due to start until April 2012! Yes it may have been due to us not selling enough players to trigger an interim payment, but that's a clause that the creditors approved! And yet the above, at best misleading statement, is greeted with more outrage and mouthfoaming that evil old Pompey are up to their tricks again.

 

Some of you have more fertile imaginations that Enid Blyton. Most of you have another agenda- you want Pompey dead. Well get used to this: Pompey will NEVER die. Whatever happens to PFC, we're used to having our backs to the wall down here, and we'll come back, even if we have to do it from division 9 or wherever, so you're wasting your time expecting us to impersonate Cordurouy any time soon.

 

What does Adrian Chiles always say: "It's the hope that kills you......."

 

So your saying your club have started making payments on the CVA???? ....... Or did your club not bother, release the kids and spend out on Kitson and Lawrence?

 

So in reality your club didn't start servicing the CVA at the initial time that was agreed with the creditors but in fact used a clause that the same creditors agreed to so that you could defer the servicing of the CVA?

 

So the first actual payment is not due yet. Fair enough, you don't need to start paying and that's where your argument is. But it's pointless saying you are servicing the CVA when the only thing you have done towards the CVA is fail to raise funds through player sales and defer the initial payment.

 

If your club had tried to save some cash by getting rid if high earners, using the reserves and youth and still didn't have enough funds to make the initial payment which there for triggered the clause to defer the 1st payment. You would find many more on here with an understanding of what you are going through. But to come on here and defend the blatant flicking of V's it's hardly surprising that you get so much laughter.

[Clapham Saint]

Wow. This thread has really picked up speed in the last couple of days. Without bothering to respond directly quoting each post there are a couple of points.

 

An administrator/liquidator will publish a summary of receipts and payments. This is all that really matters in a formal process and is NOT an indication of profit as would be stated in a set of annual accounts.

 

Poopey ARE currently servicing the CVA, primarily because the servicing cost to date has been £nil. It will be interesting to see what happens in april, however without a significant change in fortunes I'd be amazed if they get to the end of the CVA. The events constituting a failure of the CVA will be specified in the CVA doc (I havn't trawled through it) as well as the resulting implications however long story short and in practical terms I expect them to default on payments sooner or later and be placed back into administration again. This would be a new administration process as the old one ended when the cva began.

 

I still think it will end in tears (theirs not ours)

[dronskisaint]

Oh right, so The News is Pompey's poodle. I think not otherwise it wouldn't get banned from FP as it regularly as it does.

 

Bottom line on this whole saga is that none of you will believe ANYTHING that comes out of PFC or it's fans. This thread has descended into a haven for anyone who has a pathological hatred of Pompey.

 

Some of the negative things about Pompey on here are correct. The owner spent money he only had all the time he was earning his commission on Russian stock market trades. We all know what happened in October 2008 to stock markets around the world.

 

He shouldn't have relied on that income to keep funding PFC player purchases and wages when what we desperately needed was a new ground. That was wrong and I accept that it was wrong to run a business in such an exposed way.

 

But the the main reason I waste my time on here is because I cannot let the regular TOTAL lies-and-rumours-peddled-as-fact (and lapped up in outrage by the rest of you) go unawnswered.

 

What about yesterdays little gem- "...and let's not forget they are not even servicing the CVA."

 

As PROVED from the administrators official CVA document, payments are not due to start until April 2012! Yes it may have been due to us not selling enough players to trigger an interim payment, but that's a clause that the creditors approved! And yet the above, at best misleading statement, is greeted with more outrage and mouthfoaming that evil old Pompey are up to their tricks again.

 

Some of you have more fertile imaginations that Enid Blyton. Most of you have another agenda- you want Pompey dead. Well get used to this: Pompey will NEVER die. Whatever happens to PFC, we're used to having our backs to the wall down here, and we'll come back, even if we have to do it from division 9 or wherever, so you're wasting your time expecting us to impersonate Cordurouy any time soon.

 

What does Adrian Chiles always say: "It's the hope that kills you......."

 

And another one crumbles in to blind, deluded hysteria...first the corpulent whore and now this one - the strait-jacket sellers in La la -land must be rubbing their hands! ....keep them coming!

[dubai_phil]

Wow. This thread has really picked up speed in the last couple of days. Without bothering to respond directly quoting each post there are a couple of points.

 

An administrator/liquidator will publish a summary of receipts and payments. This is all that really matters in a formal process and is NOT an indication of profit as would be stated in a set of annual accounts.

 

Poopey ARE currently servicing the CVA, primarily because the servicing cost to date has been £nil. It will be interesting to see what happens in april, however without a significant change in fortunes I'd be amazed if they get to the end of the CVA. The events constituting a failure of the CVA will be specified in the CVA doc (I havn't trawled through it) as well as the resulting implications however long story short and in practical terms I expect them to default on payments sooner or later and be placed back into administration again. This would be a new administration process as the old one ended when the cva began.

 

I still think it will end in tears (theirs not ours)

 

I seem to recall that things will potentially get tougher once those due dates get close.

 

Bompey had all sorts of trouble in exiting from their CVA and faced almost monthly alarms and panics before Mitchell to stay within the terms.

 

At this point the CVA is an irrelevance, it only becomes an issue next year. So this lends itself only to one line of speculation.

 

Have the Russkies allocated a budget towards that date as a part of their "cost of assuming ownership"?

Or

Are they hoping to Trade their way to and through that point?

 

Like I said they aren't stupid businessmen so my guess is they have made those allocations.

 

But the Bompey panics of a few years ago show that it is not the Creditors that they should fear during teh "Servicing Time" but the FL themselves with their rules/regs and additional Points Deductions for exiting CVA's the "wrong way".

 

So they aren't toast, they just stacked a new ticking clock to worry about

[saintjay77]

Wow. This thread has really picked up speed in the last couple of days. Without bothering to respond directly quoting each post there are a couple of points.

 

An administrator/liquidator will publish a summary of receipts and payments. This is all that really matters in a formal process and is NOT an indication of profit as would be stated in a set of annual accounts.

 

Poopey ARE currently servicing the CVA, primarily because the servicing cost to date has been £nil. It will be interesting to see what happens in april, however without a significant change in fortunes I'd be amazed if they get to the end of the CVA. The events constituting a failure of the CVA will be specified in the CVA doc (I havn't trawled through it) as well as the resulting implications however long story short and in practical terms I expect them to default on payments sooner or later and be placed back into administration again. This would be a new administration process as the old one ended when the cva began.

 

I still think it will end in tears (theirs not ours)

 

Any idea how long the investigations into previous accounts should take? I guess it's ages and ages but would there be a time frame on it?

 

Could the results of that investigation have any baring on the current process or would the results be treated as a separate entity? If bad could it deem their current situation void or something or would new measures be taken to deal with the results?

 

I am guessing it's all a separate issue but thinking it could make this thread pretty interesting as losing £130 mil while claiming to be trading solvently just doesn't seem to match up so would be amazed if there are not a few gems to be plucked from the reports.

[Highfield Saint]

This thread has descended into a haven for anyone who has a pathological hatred of Pompey.

 

Alright - count me in:) feckin fishfeckers.

[Clapham Saint]

I seem to recall that things will potentially get tougher once those due dates get close.

 

Bompey had all sorts of trouble in exiting from their CVA and faced almost monthly alarms and panics before Mitchell to stay within the terms.

 

At this point the CVA is an irrelevance, it only becomes an issue next year. So this lends itself only to one line of speculation.

 

Have the Russkies allocated a budget towards that date as a part of their "cost of assuming ownership"?

Or

Are they hoping to Trade their way to and through that point?

 

Like I said they aren't stupid businessmen so my guess is they have made those allocations.

 

But the Bompey panics of a few years ago show that it is not the Creditors that they should fear during teh "Servicing Time" but the FL themselves with their rules/regs and additional Points Deductions for exiting CVA's the "wrong way".

 

So they aren't toast, they just stacked a new ticking clock to worry about

 

It would also be interesting to know the full structure of the deal through which the russians bought the club. I'm happy to be corrected but I think that they/chainarai/both have confirmed that at least a large chunk, if not all of the amount they are to pay has been deferred. If they have paid nothing up front they could have nothing to lose if the cva and with it the business fails.

 

It wouldn't surprise me if chinny has accepted fully deferred consideration but retained his security over the ground (I think somebody confirmed this a few pages back?). If so they russians take a punt on promotion and an uplift in value but take no risk as they never actually paid for anything and chinny gets to sell the stadium to tesco but still remain "the man who tried his best to save the club".

[hutch]

In answer to Phil's point, I am not convinced that the schedule of interim payments starting in 2012 is binding. The original CVA of June 2010 bound the administrator to sell the club's assets within 9 months, and then place the OldCo. into liquidation, with a condition that the amount due under the CVA would be received by the liquidators from the new owners not later than 4 years and 3 months from the date of that sale. I doubt whether the actual sale agreement cooked up by AA & Chainrai last year would have bound the buyer to pay any sooner, unless Chainrai already had a guaranteed back-to-back sell on in place.

 

If we are patient enough, we will see what happens if they elect to pay £4.1m per season over the next 4 seasons, £5.5m per season starting in 2012/13, £8.25m per season starting in 2013/14, or the full £16.5m in 2014/15.

 

Personally I suspect that the present owners intend to do the same as Chainrai (and others before him) have done, and pass the ticking parcel to somebody else before the music stops.

 

The joy of 5-year plans.

[Clapham Saint]

Any idea how long the investigations into previous accounts should take? I guess it's ages and ages but would there be a time frame on it?

 

Could the results of that investigation have any baring on the current process or would the results be treated as a separate entity? If bad could it deem their current situation void or something or would new measures be taken to deal with the results?

 

I am guessing it's all a separate issue but thinking it could make this thread pretty interesting as losing £130 mil while claiming to be trading solvently just doesn't seem to match up so would be amazed if there are not a few gems to be plucked from the reports.

 

I suspect it will take until next closer season before we hear anything but that is a bit finger in the air. Unfortunately its a bit "how long is a piece of string?"

 

The investigations won't affect the current trading entity (or are very very very unlikely to anyway) and any action is likely to be against the individuals involved (the directors). Any impact on the club as it stands now is more likely to come from the fa.

[pfc123]

Poopey ARE currently servicing the CVA, primarily because the servicing cost to date has been £nil. It will be interesting to see what happens in april, however without a significant change in fortunes I'd be amazed if they get to the end of the CVA.

 

Noooo!!

 

I seem to recall that things will potentially get tougher once those due dates get close.

 

Bompey had all sorts of trouble in exiting from their CVA and faced almost monthly alarms and panics before Mitchell to stay within the terms.

 

At this point the CVA is an irrelevance, it only becomes an issue next year. So this lends itself only to one line of speculation.

 

Have the Russkies allocated a budget towards that date as a part of their "cost of assuming ownership"?

Or

Are they hoping to Trade their way to and through that point?

 

Like I said they aren't stupid businessmen so my guess is they have made those allocations.

 

But the Bompey panics of a few years ago show that it is not the Creditors that they should fear during teh "Servicing Time" but the FL themselves with their rules/regs and additional Points Deductions for exiting CVA's the "wrong way".

 

So they aren't toast, they just stacked a new ticking clock to worry about

 

Noooo!

 

Finally, finally, a couple of you who actually UNDERSTAND the current CVA situation. For the rest of you, I'll spell it out in small, easy to understand words of less than two syllables:

 

You can start getting excited about the CVA again if we fail to pay the first instalment in April 2012, not before, got it?

 

Cue lots more replies all containing the following phrase: "This thick skate just does not get it....."

[hutch]

FWIW, to help the occasional skate viewers on here, if CSI get themselves a new piggy bank and start saving right now so they can make payment in full on the latest date possible, they will have to put in more than £90,000 a week, every week, from now on. That's an awful lot of wages that can't be paid.

[holepuncture]

Noooo!!

 

Noooo!

 

Finally, finally, a couple of you who actually UNDERSTAND the current CVA situation. For the rest of you, I'll spell it out in small, easy to understand words of less than two syllables:

 

You can start getting excited about the CVA again if we fail to pay the first instalment in April 2012, not before, got it?

 

Cue lots more replies all containing the following phrase: "This thick skate just does not get it....."

 

FWIW, to help the occasional skate viewers on here, if CSI get themselves a new piggy bank and start saving right now so they can make payment in full on the latest date possible, they will have to put in more than £90,000 a week, every week, from now on. That's an awful lot of wages that can't be paid.

 

This thick skate just does not get it

[Mister Neil]

Excited and instalment have three syllables. HTH

[rallyboy]

no one is disputing that the CVA is technically okay - as it stands it has neither been defaulted on, nor paid.

 

The issue is that there wasn't enough cash to start addressing debt, but there was plenty to use on players.

So it's not a legal issue, it's a moral one - offering new contracts at £20K a week while shafting the creditors (even though they were thick enough to vote for a shafting.)

 

And many of the few honestly believe that their debts are history - they think the CVA has been cleared by the new 'owners' or the debts are being dealt with, when in fact they have just been delayed.

 

Doing that legally doesn't make it right - not many post-admin football clubs go a year without paying off some creditors.

The small print isn't a great defence for a club accused of crippling small portsmouth businesses and charities.

 

I can see some effort being made next April but when you get into years two and three when £5M needs to be found - that is a timebomb!

Luckily the Lampitt and Cotterill masterplan to gamble and go straight back up last season to cover the shortfall with Prem money worked a treat.

 

 

Actually, it didn't, it was an unmitigated disaster that has weakened the business even further - but it's great to see they have both been retained to continue with their ideas!

 

The only answer to their problems is still the same as it was 814 pages ago - new cash on the table.

No loans, no promises, just hard cash - so let's see what the Russians are made of.

[eurosaint]

So why was the story run in The News, and confirmed by PFC themselves at the time? Sorry mate, YOU'RE the one who doesn't know what he's talking about....

 

A one word answer - deluded !

HTH

[Clapham Saint]

 

The only answer to their problems is still the same as it was 814 pages ago - new cash on the table.

No loans, no promises, just hard cash - so let's see what the Russians are made of.

 

Exactly

[pfc123]

This thick skate just does not get it

 

Ok I did kind of ask for that one

 

Excited and instalment have three syllables. HTH

 

and that one.....

[Danish Saint]

The only answer to their problems is still the same as it was 814 pages ago - new cash on the table.

No loans, no promises, just hard cash - so let's see what the Russians are made of.

 

Nail, meet head!

[suewhistle]

 

But the anticipation is delicious. It must be the level of intelligence here that we plan for the future and aren't too bad at deferred gratification (unless it comes to summer signings, perhaps). If YOU aren't worried NOW, perhaps you'd care to explain how the CVA will be paid in April 2012? Would you be prepared to bet on it being paid then? You'd only get takers mind you, if you were prepared to put up the money now. It's cash for anything to do with Pompey from now on...

[Corporate Ho]

LOL at you nit picking at the smallest points and opinions on here and attempting to create a mountain out of a molehill to discredit people on here.

 

I have never said I have ITK info on David Norris' wages and you know it sunshine. The alarm bells should start ringing when your club can apparently afford players other teams can't, who also don't have a CVA to pay. (That's if you have any intention of paying it and I severely doubt it)

 

Why should the club's policy on Norris' wages be any different to the ludicrous pay packets you've been splurging on Lawrence/Kanu/Nugent et al. to stay still? I don't have a clue what Norris wages are I'm only speculating, but he wouldn't be earning a pittance if Ipswich couldn't afford to pay him.

 

As for the concept of "transfer gossip" posts, I didn't see you make too many of those. All of your posts about signing Saviola and Al0-Fahim being ten times richer than Abramovich came from "your contact"

 

As for your new owners you don't become as rich as Antonov or Abramovich in Russia through legitimate means. You just don't. The other thing you ask is why doesn't Antonov launder money through some of his other companies as opposed to Pompey. Hasn't it occurred to you the reason might be because he already has? The FSA have banned his bank from trading over here!

 

But no, you go and lap it all up. Just like you did with Peter Storrie LOL

 

So many mistakes and false assumptions in one post - difficult to know where to start so I'll take them one by one if I may.

 

1. Nit picking on the smallest points and details???? PMSL. Your lot are the ones who go over EVERY article that appears in the press about Pompey to analyse it to the Nth degree drawing some of the most ludicrous conclusions ever seen. You, Jack however, were the one who said we'd signed Norris on "absurd wages". That's not nit picking, that's pointing out to you that you have no idea what we're paying him or if it's more or less than other clubs were offering. He may have been on good money at Ipswich (do you know how much by the way?) and they may have offered him a new contract - but was it at the same money as he was on before? Was it a one, two or three year contract? Maybe Pompey offered less per week than Ipswich (or any of the other clubs that were after him) but offered a longer contract. Who knows? You certainly don't.

 

2. Ref what we've been paying Nugent and Kanu - we've been paying them that as that's what was stipulated in their contracts. Not contracts that should have been offered but that's the way it is. We desperately tried to unload all the high earners last season but as no-one else was prepared to pay them what they were already on here they refused to move. And before any bright spark asks why we didn't make them free agents, we'd still have been obliged to pay up their contracts in that case. Lawrence and Kitson are a different matter but we needed bodies to bolster the squad and as they were part of the Marc Wilson deal they didn't require a fee. Now, whilst everyone on here scoffs at Lampitt's "quality over quantity" statement, the fact of the matter is that we chose to sign those two on £20K a week with no transfer fee. We could have signed 4 or 5 lesser players instead for an average £500K each, paid them £8K a week over a two year contract and would have ended up paying out the same amount. We knew we'd struggle last season and chose to go for a better standard of player and a smaller squad.

 

3. I never posted we'd sign Saviola. Or Eto'o or have Maradona managing us - as I proved in a post I made last week. The transfer gossip posts I made were purely gossip pulled from tabloids/ websites. Some seemed to get that after I explained it the first few times. In fact, I know that Granty understood the concept. Perhaps he could confirm it for me

 

4. As I said last week, the comment about al Fahim being "10 times richer than Abramovic" was posted after someone posted it on here. It was laughed at then. My post was referencing that and as someone 10 times richer than Abramovic would be well known as the wealthiest person in the world so you seriously think I would have posted that meaning it? If so you're dumber than I'd given you credit for.

 

4. I'm well aware of the FSA ruling on Antonov. However, if he's been laundering money through them, why buy Pompey? He's not been caught laundering money so far so why not just carry on doing it through the companies he already owns? Or if he wanted a football club specifically to do it why choose the club who's financial transactions are under more scrutiny than any other? A club whose every transfer has to go through the FL for approval? Does that sound like the kind of move someone who's smart enough to have built up a "criminal empire" by the time he's in his mid 30's would make?

 

That's not nit picking, that's asking a straighforward question. One that none of you have been able to give me a straigtforward answer to

 

If you're going out to wifi hotspots just to wind up people on a forum that's even funnier.

 

I don't "go out to find wifi hotspots". We have, as I've already said, a 3G connection. But, if I'm out and have the iPad with me and a hotspot's available I use that so I don't rack up time on my account, as would most on here I'd guess.

 

And I didn't think that using a different computer/ laptop would result in a different IP address. I understand the concept very well thank you as I believe I demonstrated after starting a new job and being chal;lenged on that I said that Baj could check the company IP address and compare it to posts I'd made when at my previous job to prove I'd changed companies

 

Yep several meetings were held, even the Press & the Bompey forum reported on their Corp Hostility visit to Fitness last park. I merely passed those on to here.

 

Well, I saw a post on a Bournemouth board and one of your fans came running over to a Pompey board saying it was "all over the media". But I looked and found nothing at all on it. Could you post a link to these articles for me? Because I'm sure that if CSI had been guests at a Bournemouth game whilst they were carrying out due diligence at PFC it would have raised at least a few articles in the papers and have been commented on by Pompey fans on our sites. Or did you just read the post on a fan messageboard and make the rest up? CSI are Mitchell's guests of honour whilst doing due diligence at Pompey and absolutely NO mention of it in even the local Pompey newspaper, let alone the nationals? Doesn't that sound odd to you Phil?

 

To save you looking it up, CSI's owner has a "wealth value" of in the region of 400 million. So you have no concerns on them having the funds for spending on their project. That number has been quoted before.

 

It is strangely and completely co-incidentally with no direct or indirect relevance very close to a figure that also comes up when you google the loans/guarantees paid by the EU towards the rescue of Saab. There is of course NO inference of any link, proven by research that anyone can do on the CSI Group & related companies sponsorship in Motor Racing, Basketball & Ice Hockey - they show similar numbers and date before the Saab sideshow.

 

Corpy - there is NO DOUBT WHATSOEVER that your owners have funds.

 

the POINT is that they have shown themselves to be astute (some say otherwise) businessmen. They simply are NOT stupid. They are in "your project" for fun but they aren't going to p1ss away their money with no chance of ever getting a return.

 

Now then. let's get back to basics.

 

CVA costs still have to be met - 16.5mil over 4 years. That is a drain of 4mil a year from your cash flow.

You are signing players (well done) but have only some 8,000 ST holders at the moment. I ain't done Maths since school and I ain't sure how that all adds up, but I do recall one interesting fact which is that another South Coast club couldn't cover the cost of around 4mil a year of Mortgage payments even playing kids.

 

How many times is it possible to spend those Parachute payments?

 

Actually, his personal wealth is estimated at £250 - £300m but let's not quibble over that. I'm interested in your comments about SAAB, especially as he hasn't managed to buy his way in there yet so can't see the relevance as to why you'd post it. Presumably you were alluding to him maybe riping off the EIB loan to SAAB for himself? Hard to do when he doesn't own the company, surely?

 

You seem to think I believe they'll be spunking a load of money on Pompey. I don't and I sincerely hope they don't. He's said his role model for running the club is Blackpool and how they managed to reach the PL without breaking the bank. Suits me fine. As for the CVA, if they have plenty of cash, as you say, it shouldn't be a problem repaying it, should it?

 

If you recall he did say at one time he doesnt post from home as his wife didnt like him using the computer, I doubt he would be allowed to use her ipad.

 

PMSL. I said I didn't post from home as I only posted on here to pass the time whilst at work and had better things to do at weekends, nothing to do with my wife. Of course, if I actually said that it will be on here so post a link to it so we can all see

 

The names of John Carew & Marlon Harewood are cropping up on twitter from more then one person Carew supposed to be at the Marriott (now how many times have we heard this) as possible signings, More delusion from one of the Few's msg boards.

 

That's right, only Pompey fans post rumours like this, don't they? Saints fans would never post rumours about signing Michael Owen or Kevin Nolan would they? Or that Martin O'Neill was going to be your new manager and had bought a flat in Winchester. No, it's only Pompey fans. LOL

[aintforever]

it's been widely reported that the al faraj takeover is a consortium so no suprise that others are involved.

 

I think you'll also find that i've mentioned a few times on here that i've been told that he has backing from a branch of the saudi royal family. Whether that's true or not we'll have to wait and see.

 

Incidentally, given how secretive faraj has been it's amazing to see how many papers are intimately aware of his plans, don't you think? Also, how amazing that all these people should be allegedly interested in investing in pompey when everyone on here told me we'd struggle to find investors.

 

lol

[aintforever]

despite Dubai Phil's constant barrage about Al Fahim it's clear that the funding is coming from sources other/ as well as him.

 

lol

[aintforever]

Most reports now seem to estimate debts at around £20m which must be one of the lowest in the Prem.

 

lol

[Crab Lungs]

lol

 

LMFAO@that quote!

 

I don't know why Corp denies that he's said some of these things.

[JackFrost]

One that none of you have been able to give me a straigtforward answer to

 

 

We do,

 

it's just that you choose to ignore them and then claim people haven't answered your points.

 

And with my fleeting speculative comment on Norris' wages (that I know full well I have no idea about what he earns but only going on press reports of Pompey's record of how much they paid certain members of their first team in the last couple of years) your making a big deal about debates that don't even exist, just to add content to your lengthy posts that contain many words and say very little.

 

Looking back at what you posted back in the days of the boom and the FA cup win, they've found to be (with hindsight) absolutely laughable, no less laughable than many comments posted by Saints fans on here regarding Pompey's financial position. In a forum with this many members, pages and pages of crap are an inevitability. Problem is you get far more noticed than most people on here because you dug yourself into a hole back then and you just don't stop digging even now.

 

Out of interest what was your take on this? http://www.rumafia.com/material.php?id=220 (Copy and paste will do if you have responded to it)

[Gorgiesaint]

Poopey ARE currently servicing the CVA, primarily because the servicing cost to date has been £nil. It will be interesting to see what happens in april, however without a significant change in fortunes I'd be amazed if they get to the end of the CVA. The events constituting a failure of the CVA will be specified in the CVA doc (I havn't trawled through it) as well as the resulting implications however long story short and in practical terms I expect them to default on payments sooner or later and be placed back into administration again. This would be a new administration process as the old one ended when the cva began.

 

If we are patient enough, we will see what happens if they elect to pay £4.1m per season over the next 4 seasons, £5.5m per season starting in 2012/13, £8.25m per season starting in 2013/14, or the full £16.5m in 2014/15.

 

Thanks both for your inputs. Sadly I think that will mean this thread carrying on to 2014/15 with them owing £16.5m and the internet will implode around SWF like a blackhole when they finally go pop. Hopefully Corpy will be able to borrow his wifes/sisters i-pad 12 to check in what happens!

 

Ah well, plenty more laughs to go between now & then!

[View From The Top]

Originally Posted by Corporate Ho

Most reports now seem to estimate debts at around £20m which must be one of the lowest in the Prem.

Think that one is my all time favourite.

[Dark Munster]

Whaattt - there is a Mrs Corp Ho !!!! She has my sympathies. I think this must be one of the most amazing revelations in this thread.

 

I presume that there are no Corpettes - surely people like him are not allowed to breed!!!

 

TCWTB's ex missus? If so, talk about jumping out of the frying pan into the fire.

[Dark Munster]

It would also be interesting to know the full structure of the deal through which the russians bought the club. I'm happy to be corrected but I think that they/chainarai/both have confirmed that at least a large chunk, if not all of the amount they are to pay has been deferred. If they have paid nothing up front they could have nothing to lose if the cva and with it the business fails.

 

It wouldn't surprise me if chinny has accepted fully deferred consideration but retained his security over the ground (I think somebody confirmed this a few pages back?). If so they russians take a punt on promotion and an uplift in value but take no risk as they never actually paid for anything and chinny gets to sell the stadium to tesco but still remain "the man who tried his best to save the club".

 

I think you are close to the mark there. As I've mentioned before, once the last parachute payment has been paid out Chinny et. al. will toss out the rotten corpse once and for all.

 

Talking of corpses, I see our very own Corpse Whore has reawakened once more now that she hopes the Russians with their "millions" will save Cheats FC. I predict that her silence will be deafening when the last penny has been drained and the cesspit of a club finally implodes.

 

Plenty of laughs (and tears for the few) to go!

[Pugwash]

I'll bow to Clapham Saint's legal interpretation of "servicing" the CVA. However I'm a technical guy, not a legal eagle, so to me this seems something of an analogy to Schrodinger's Cat.

 

It could be argued that they ARE servicing the CVA because they don't appear to have broken the agreement yet.

 

It could also be argued that the circumstances are such that they have no intention of paying anything, so therefore are NOT servicing the CVA.

 

Unfortunately we won't actually know if the cat is dead or alive until the box is opened in April 2012. Either way, I'll bet the cat's crapped in the box.

[Weston Super Saint]

 

1.

 

2.

 

3.

 

4.

 

4.

 

Hmmm.

 

I wonder where they get their astute financial principles from

[dubai_phil]

Corpy

 

Well, I saw a post on a Bournemouth board and one of your fans came running over to a Pompey board saying it was "all over the media". But I looked and found nothing at all on it. Could you post a link to these articles for me? Because I'm sure that if CSI had been guests at a Bournemouth game whilst they were carrying out due diligence at PFC it would have raised at least a few articles in the papers and have been commented on by Pompey fans on our sites. Or did you just read the post on a fan messageboard and make the rest up? CSI are Mitchell's guests of honour whilst doing due diligence at Pompey and absolutely NO mention of it in even the local Pompey newspaper, let alone the nationals? Doesn't that sound odd to you Phil?

 

 

 

 

http://www.bournemouthecho.co.uk/search/?search=Roman+Antonov

 

That covers the contacts in July 2010 pretty clearly

 

As for the other contact it started around 18th January 2011.

 

There was a gap of some time before they followed it up and the report of the F1 at a restaurant in B'mouth was put on here. The Corp Hosp visit to Bompey was around 3-6 weeks after that.

 

Try and send an email to a certain Mr Jaffer or Stone they I am sure could confirm a professional search request. Unfortunately the Bompey Forum doesn't do searches but the Corporate Hosp visit will have been after the initial contact and press coverage of their interest in your mess and the "coming back"

 

of course being a skate you have a selective memory and will only remeber them walking in and doing the deal on day one. Also, because you are a total and complete **** & bell-end there is no way I will send you the email copies I have on the subject, but not to worry other more trustworthy TSW members have copies for safe keeping and one day when any NDA's senders are under have long expired they will go to a man who has a track record writing history of South Coast Clubs & has some time on his hands these days.

 

For uber googlers I did post the link on here when I found it but I have a critical appointment with a game of Solitaire and damned if I'm gonna search

Edited 6 July, 2011 by dubai_phil

[dubai_phil]

Oh and yes the Russians do have 400 mil

 

Euros, the same number that the EU lent them, also in Euros...

 

Sorry thought you'd work out EU money from them might have been quoted in Euros. We have US keyboards here so I cant type # or E's

[anothersaintinsouthsea]

Corp Ho - the gift that keeps on giving. what a c unt.

[pfc123]

Corp Ho - the gift that keeps on giving. what a c unt.

 

Sorry, but that's a truly pathetic post, devoid of any semblance of argument. You have every right to disagree with what Corp says, but once you descend into the gutter of cheap and crass abuse you lose the argument....

[Tamesaint]

Sorry, but that's a truly pathetic post, devoid of any semblance of argument. You have every right to disagree with what Corp says, but once you descend into the gutter of cheap and crass abuse you lose the argument....

 

Look fella, I think a bit of an explanation is required.

 

Back in January, when you were too yellow to appear on this board , anothersaintinsouthsea collected a few of Corp's most memorable posts and destroyedthem!! If you would like to read it , it is on page 728. Last week, about 6 months later, Corp tried to answer it ... but made a bit of a horlicks of it. Clearly Corp's family motto is not "When you are stuck in a hole, stop digging."

 

So I do not really think that anothersaininsouthsea needs to be admonished for a lack of argument where Corp is concerned. and anywayCorp is a c u n t isn't he!!

[Fowllyd]

Sorry, but that's a truly pathetic post, devoid of any semblance of argument. You have every right to disagree with what Corp says, but once you descend into the gutter of cheap and crass abuse you lose the argument....

 

Cheap and crass abuse, delivered in a sneering, patronising tone, is Corp's stock in trade (on the occasions when he summons up the necessary courage to post on here at all). So where does that leave his arguments?

[hutch]

We have US keyboards here so I cant type # or E's

The built-in character map in Windows is very handy.

 

You'll find € and £ in there, as well as lots of very handy Arabic characters, some of which even I recognise.

[View From The Top]

Sorry, but that's a truly pathetic post, devoid of any semblance of argument. You have every right to disagree with what Corp says, but once you descend into the gutter of cheap and crass abuse you lose the argument....

 

If you'd not been a coward and ran away, as with the other wimp Ho, then you'd understand why.

 

Our other resident skates don't get it grief because they've bottle and humour.

 

You are nothing but a gutless piece of sh*t.

 

Feel free to be stuck in a burning car sometime soon.

[Gingeletiss]

Sorry, but that's a truly pathetic post, devoid of any semblance of argument. You have every right to disagree with what Corp says, but once you descend into the gutter of cheap and crass abuse you lose the argument....

 

Try posting on a skate forum, now that's abuse, no reasoned argument, just pure, unadulterated hatred!

[Doctoroncall]

I'll bow to Clapham Saint's legal interpretation of "servicing" the CVA. However I'm a technical guy, not a legal eagle, so to me this seems something of an analogy to Schrodinger's Cat.

 

It could be argued that they ARE servicing the CVA because they don't appear to have broken the agreement yet.

 

It could also be argued that the circumstances are such that they have no intention of paying anything, so therefore are NOT servicing the CVA.

 

Unfortunately we won't actually know if the cat is dead or alive until the box is opened in April 2012. Either way, I'll bet the cat's crapped in the box.

 

From my legal dictionary, Servicing:

 

to provide services for: as a : to meet interest and sinking fund payments on (debt) service a large loan b : to collect payments and maintain a payment schedule for (a loan).

 

Also remember, this is the THIRD version of the CVA so all that's happened is a change to the payment schedule from one version to another.

Edited 7 July, 2011 by Doctoroncall

[pfc123]

Look fella, I think a bit of an explanation is required.

 

Back in January, when you were too yellow to appear on this board , anothersaintinsouthsea collected a few of Corp's most memorable posts and destroyedthem!! If you would like to read it , it is on page 728. Last week, about 6 months later, Corp tried to answer it ... but made a bit of a horlicks of it. Clearly Corp's family motto is not "When you are stuck in a hole, stop digging."

 

So I do not really think that anothersaininsouthsea needs to be admonished for a lack of argument where Corp is concerned. and anywayCorp is a c u n t isn't he!!

 

Ok, the reason for being too "yellow" to appear on this board is the abuse dished out. If you look at my previous posts there's a couple of long gaps between posts. The reason for that was the personal abuse hurled in my direction. I decided to get me coat and leave.

 

Maybe it's my fault for sticking up for my club on an sfc board, i.e. I'm asking for it. True, I suppose. And maybe I'm a little too thin skinned, but if you look through my posts there are very, very few if any where I dish out abuse. I might be cutting and blunt sometimes, but that's pretty much as far as it goes.

 

I don't mind being told I'm wrong and having it explained why, that's what debate is all about. All I'm saying is that resorting to abuse is just ignorant.

 

Having said that, I know our boards are probably just as bad if not worse, so we're no angels ourselves.

 

Dunno, it's your board, I'm a guest I suppose, and it must be frustrating having people like me come on here and shove a stick in the spokes.

 

Anyway, If I disappear again that's the reason why......

Edited 7 July, 2011 by pfc123
spelling

[JackFrost]

TBF I think a lot of the abuse directed towards some of the pompey fans on here is uncalled for, although Corp Ho in particular does dish it out and inevitably takes a lot of it, whether through attitude and/or certain comments.

 

When attempted justifications have perceived to be completely wide of the mark it's been responded to with abuse, which we could do without.

 

(Sorry, it sounds like I'm looking for a part-time moderator job on here)

[EastleighSoulBoy]

Oh and yes the Russians do have 400 mil

 

Euros, the same number that the EU lent them, also in Euros...

 

Sorry thought you'd work out EU money from them might have been quoted in Euros. We have US keyboards here so I cant type # or E's

 

The built-in character map in Windows is very handy.

 

You'll find € and £ in there, as well as lots of very handy Arabic characters, some of which even I recognise.

 

Or Alt + 0128 ( € ) & Alt + 36 ( $ ) work on a UK keyboard, not sure if on an Ameringlish keyboard though. Only enter numbers on Num pad.

[benjii]

Ok, the reason for being too "yellow" to appear on this board is the abuse dished out. If you look at my previous posts there's a couple of long gaps between posts. The reason for that was the personal abuse hurled in my direction. I decided to get me coat and leave.

 

Maybe it's my fault for sticking up for my club on an sfc board, i.e. I'm asking for it. True, I suppose. And maybe I'm a little too thin skinned, but if you look through my posts there are very, very few if any where I dish out abuse. I might be cutting and blunt sometimes, but that's pretty much as far as it goes.

 

I don't mind being told I'm wrong and having it explained why, that's what debate is all about. All I'm saying is that resorting to abuse is just ignorant.

 

Having said that, I know our boards are probably just as bad if not worse, so we're no angels ourselves.

 

Dunno, it's your board, I'm a guest I suppose, and it must be frustrating having people like me come on here and shove a stick in the spokes.

 

Anyway, If I disappear again that's the reason why......

 

"Shove a stick in the spokes"...

 

Yeah, you're right - I now perceive PFC to be a healthy club with a bright future.

[eurosaint]

Ok, the reason for being too "yellow" to appear on this board is the abuse dished out. If you look at my previous posts there's a couple of long gaps between posts. The reason for that was the personal abuse hurled in my direction. I decided to get me coat and leave.

 

Maybe it's my fault for sticking up for my club on an sfc board, i.e. I'm asking for it. True, I suppose. And maybe I'm a little too thin skinned, but if you look through my posts there are very, very few if any where I dish out abuse. I might be cutting and blunt sometimes, but that's pretty much as far as it goes.

 

I don't mind being told I'm wrong and having it explained why, that's what debate is all about. All I'm saying is that resorting to abuse is just ignorant.

 

Having said that, I know our boards are probably just as bad if not worse, so we're no angels ourselves.

 

Dunno, it's your board, I'm a guest I suppose, and it must be frustrating having people like me come on here and shove a stick in the spokes.

 

Anyway, If I disappear again that's the reason why......

 

A perfectly reasonable post !

Perhaps we should have the occasional 'love a Skate' day (or perhaps not, eh??).

[rallyboy]

personally I don't go for chucking hefty abuse about - unless it's dished out with humour or aimed at people who have started it.

To come on here with arrogant claims that cannot be supported or new versions of history invites criticism, and that's when some people let rip.

Mero and Mack take it - and dish it out.

Sadly Ho's credibility is zero, his history on here is quite worrying - he really has no future on this forum other than as a figure of fun.

For me the jury is still out on another one or two.

Some of the points made recently have asked to be questioned, and the skate posters don't like it when valid points are made.

It's difficult to disappear when things get tough then roll up under new owners and expect to be accepted again.

And I also recall some skates coming on here with distasteful Markus comments - any personal abuse aimed at them is fully justified.

 

So imo sometimes abuse is acceptable, sometimes it isn't, each to their own.

I would rather not bother dishing out personal abuse to skates, then perhaps they will spend their time more constructively.

After all those sisters don't fiddle with themselves.

[pfc123]

Halford signs from Wolves for £1m apparently. You're gonna love his long throw-ins. Don't ask where the money is coming from, I don't know- loans to the club from the owners is the usual way most clubs do it....

 

http://www.expressandstar.com/sport/wolverhampton-wanderers-fc/2011/07/07/wolves-net-1m-in-greg-halford-sale/

[Pedro]

Topping up with fuel at Whitely, saw the billboard and had to buy the News. Gaydamak is being persued by the courts for an alleged debt to council tax payers of more than £300,000 on allegations of a broken promise to pay back public cash when Pompeys plans to develop a training ground at Lee-on-Solent collapsed. Gaydamaks company agreed to pay the money in a contract if it failed to go ahead with the plans. Lovely photo of Storrie and Redcrapp posing with the plans.

 

Also, Alan McLoughlin has been appointed by Andy Awful as senior academy coach.

[View From The Top]

Halford signs from Wolves for £1m apparently. You're gonna love his long throw-ins. Don't ask where the money is coming from, I don't know- loans to the club from the owners is the usual way most clubs do it....

 

http://www.expressandstar.com/sport/wolverhampton-wanderers-fc/2011/07/07/wolves-net-1m-in-greg-halford-sale/

 

You have paid £250k for him + add ons.

 

This is was told last week by Wolves.