holepuncture Posted 14 December, 2011 Share Posted 14 December, 2011 http://www.portsmouth.co.uk/news/local/east-hampshire/pompey_need_to_pay_1_2m_to_creditors_in_april_1_3334471 Toast! That must be sobering reading for the blue few... all that bravado about parachute ringfencing, everyone forgot most of that is long gone! I cant see a fire sale working, too many lucrative contracts - Storrie, Lampitt and Cotteril are all heros in my eyes They still have Hayden Mullins stuck on the books FFS! Remember Storries fantasy squad valuation he handed the judge, £38m!!! They raised about £10m IIRC and the rest strangle the club every day... They will not make any money in transfers, they might be able to give their players away or loan them out to rival clubs like we did, otherwise they are looking at watching them slowly bleed thier gold plated contacts dry. As I understand it, the £16.5m is in respect of the CVA only. Any secured debts (ie Gaydamak) are in addition, on top of and as well as, the CVA.. April 2012 is the date the first scheduled payment of the CVA is due (7.5% of £16.5m = £1.24m). As far as I recall, secured creditors were supposed to be reimbursed directly from parachute payments. Yes absolutely, but in football you have the bonkers football creditors rule where 'football' creditors are elevated above secured creditors and get ringfenced, preferential treatment... HMRC are currently testing this rule in the high courts and citing pompey as the perfect illustration of intentionally blowing off the UK public and revenue and customs. So you have: Football creditors - Preferential treatment and paid 100% out of the parachute payments Secured creditors and lenders (Gadymack £5m, Chainrai £17-20m) - the remains of the parachutes and first dibs on CVA payments Unsecured creditors - whatever they argreed to/conned in to = 20p in the £1 (less AA expenses) over a period of 5 years I can only assume that Antonov has his £10.5m secured against the club, although no idea what security there could possibly be left... with Gaddy and Chinny they must be mortgaged 3x over already on questionable security. In a nutshell, they have to find millions and millions of hard cash just to get through this mess, let alone paying the most expensive XI in the country and carrying out essential repairs to the arena just to get through next years elf and safety certification No idea where this £40-50m is going to come from, I wonder if Lampitts many 'expressions of interest' have £50m to blow on a crumbling stadium without its own car park or offices. Antonov could of at least mislaid the money into Pompey's bank account, he didn't even get that right. CSI didn't steal any money from their banks... a director of CSI, Mr V Antanov, may have mislaid some money in one of his banks, but even that is not proven yet Still cannot understand why CSI didn't pay off all of our debts with the money thay supposedly stole from their own banks Guess where these quotes are from .... Morally corrupt and morally bankrupt supporters and owners - they deserve each other... But Mr Lampitt disputes it is the club’s sole liability to pay small creditors in full. ‘We were unaware of the fact that the liquidators were sending out correspondences to creditors but we take issue to the liability for 100 per cent payment with creditors owed less than £2,500.’ ‘They are still due to receive their full payment of their debt. ‘There is no time scale for full payment but the sooner the dispute is resolved over how the payments are made and who by the better for all concerned. So- are they now saying anyone who is owed under £2,500 wont be getting 100% repayment now - seems like the goal posts are moving again - I wonder how many people were owed under £2,500 - mind you one players wages at £20,000 a week would have cleared 32 payments per month - still much nicer to get another guy in on 20 grand a week rather than pay your local tradespeople - This is where the supporters should be most ashamed as this is what they wanted, if they cared about integrity and self respect, let alone showing any moral duty of care to those local businesses and charities of the local community - they would have made sure there football club acted the right way and made sure those organisations are ok. And FFS Lampitt taking issue re 2.5k creditors, shame on you... just pay the bloody charities you scumbag, for the FA Head of Integrity you are doing a fine job as dressing yourself up as the loan sharks and money laundering gangsters you so regularly trumpet as 'the real deal' What a nasty, stinking pit of a football club... one step closer to Moneyfields IMO Link to comment Share on other sites More sharing options...
eurosaint Posted 14 December, 2011 Share Posted 14 December, 2011 OK Girls. I'm going to take this very slowly so even you 'tards might be able to understand something written in basic English. These aren't figures I've made up. These are figures taken from the article David Conn wrote in The Guardian abou finances in the PL which I posted a link to in my post a couple of pages back (and again before that and probably yet again befor that one). I've posted it yet, yet again here for you to look at and try and understand that these aren't numbers I've made up and Conn states in the article that they are the accounts submitted to companies house up to 31st May 2008. Got that now? I know it's not as if Conn is a professional journalist who's used to stating official statistics and reports in articles like you genius' on here but let's go with it. http://www.guardian.co.uk/football/2009/jun/03/english-premier-league-debt Accounts for the year to 31 May 2008 Turnover £70.5m (up from £40.2m the previous year, an increase of 75%) Gate and Matchday £12m TV and Broadcasting £51.2m Sponsorship £4m Retail £3.3m Wage bill £54.7m (up from £36.9m the previous year, an increase of 48.2%) Wages as proportion of turnover 78% Loss before tax £17m Debts £57.7m Interest payable £6.6m OK, go that? They're not figures I made up. They're the ones David Conn stated in his article. Now, that spending may not have been sustainable long term but all the time we were getting the PL money the fact that we only had gates of 20K didn't mean that much. Clubs like Bolton, Boro, Blackburn etc had bigger grounds but had less income through gate receipts, partly because of our cup run but also because our ST prices were a lot higher. it's about the cost of the ticket, not just the numbers into the ground. So whilst that spending may not have been sustainable long term it was fine that year and the wages to turnover figure and debt level was in line with many other PL clubs. Take into account the money we pulled in from transfers of Diarra, Defoe, muntari etc and the wages to turnover ration and debt levels should have been easily managed down to sustainable levels even with replacement signings made. I await the next round of yeah but no but yeah but no commnts with baited breath Within less than 2 years you went under owing £130 million ! The conclusion has to be that the figures you choose to believe are total bollards, if not please give us a breakdown of how you managed to lose so much more in that period after May 2008 ??? Link to comment Share on other sites More sharing options...
Sevvy Posted 14 December, 2011 Share Posted 14 December, 2011 Mind you it has been stated in public that anybody who is owed £2.5K will get that amount in full, they can not now come back and say sorry you are now getting less, must be some sort of breach of contract, Link to comment Share on other sites More sharing options...
tony13579 Posted 14 December, 2011 Share Posted 14 December, 2011 I believe it is not PFC's responsibility to pay small creditors100%. That promise was from BC. It would be illegal to pay the creditors out of sequence from the funds of PFC old co. Employees Secured creditors Unsecured creditors It would be illegal to pay some creditors a higher percentage than others in the same group. ( from PFC old co) I thing all the funds to pay creditors was comming from the sales of players and the parachute payments. I don't think PFC 2010 are liable for these debts Your thoughts gents? Link to comment Share on other sites More sharing options...
Gruffalo Posted 14 December, 2011 Share Posted 14 December, 2011 From UHY's Completion Report - http://tinyurl.com/cex7aen '..PFC10 is obligated to make a contribution to the Liquidation which ensures a dividend of 20 pence in the pound, before costs and expenses, is paid to all unsecured creditors. I have detailed below the dates and quantum of the contributions due. Please note that the percentages are that of 20 pence in the pound: Contributions due: 15% of 20% of the unsecured creditors’ claims agreed in equal installments on 1 April 2012 and 15 August 2012 25% of 20% of the unsecured creditors’ claims agreed in equal installments on 1 April 2013 and 1 September 2013 30% of 20% of the unsecured creditors’ claims agreed on 1 April 2014 The balancing figure required in order to comply fully with the CVA proposal document approved by creditors on 6 May 2010 is due by 17 June 2015.' Spring 2012 is going to be a very interesting time.. Link to comment Share on other sites More sharing options...
holepuncture Posted 14 December, 2011 Share Posted 14 December, 2011 From UHY's Completion Report - http://tinyurl.com/cex7aen '..PFC10 is obligated to make a contribution to the Liquidation which ensures a dividend of 20 pence in the pound, before costs and expenses, is paid to all unsecured creditors. I have detailed below the dates and quantum of the contributions due. Please note that the percentages are that of 20 pence in the pound: Contributions due: 15% of 20% of the unsecured creditors’ claims agreed in equal installments on 1 April 2012 and 15 August 2012 25% of 20% of the unsecured creditors’ claims agreed in equal installments on 1 April 2013 and 1 September 2013 30% of 20% of the unsecured creditors’ claims agreed on 1 April 2014 The balancing figure required in order to comply fully with the CVA proposal document approved by creditors on 6 May 2010 is due by 17 June 2015.' Spring 2012 is going to be a very interesting time.. Its going to be a fantastic spring. CSIs administrator AA and PFCs CEO have both stated they have nothing other than short term cash to see them through. AA was on the Solent after Saints v. Hull and he stated over the airwaves that Pompey had six weeks of cash left before they were flat broke, so they only have three odd weeks now to save themselves - so far the only solution is for the fans to underwrite TBHs wages - PMSL I estimate they need an additional £12m to burn through next year, just to see through the debt obligations and pay the crazy wages, and subsidise the pathetic attendences which are miles under breakeven. another day and another step forwards towards salvation at Moneyfields Link to comment Share on other sites More sharing options...
Frank's cousin Posted 14 December, 2011 Share Posted 14 December, 2011 Accounts for the year to 31 May 2008 Turnover £70.5m (up from £40.2m the previous year, an increase of 75%) Gate and Matchday £12m TV and Broadcasting £51.2m Sponsorship £4m Retail £3.3m Wage bill £54.7m (up from £36.9m the previous year, an increase of 48.2%) Wages as proportion of turnover 78% Loss before tax £17m Debts £57.7m Interest payable £6.6m Ok I'll bite - lets assume these figures are correct - Just be be clear for a moment: You had existing debts of 57mil by April 2008 - you had a wage bill of 54mil up from 38mil in 2007. You made a loss of 17mil to year end of 2008. Now what is not shown in your summary is the operating costs but its clear that that whatever they were at the time you were operating at a loss of 17 mil as of April 2008 on top of debts of 57 mil - primarily contributed to by that rediculous and stupidly sized wage bill - Now IF Gaydarmark had given cast iron assurances that that a) he would pprovide funds to address the 54 mil of debt AND gift teh club another 17 mil a year - then you could say that you were indeed operating as say Chelski etc... however, you can not tell me that Gaydamrk ever had that kind of money (afterall you stated elsewhere that he was borrowing it from a bank and your problems were started by this being called in - so even if he was contributing a huge amount to sustain your clu, it was not actually HIS money he was using to do this but another Banks eg more loans...more debt, just his name against it rather than yours ) - how much was he injecting into Pompey each year to underwrite teh business plan... by teh looks of those debts FEck all - so you were borrowing with NO guarrantees of being able to sustain ithe contracts you were writing out for players - and had been for some time. Now fast fowrad and that debt grew to 120 mil give or take a few quid... now ny REASONABLE board would ahve looked at teh situation in April 2008 and gone 'fec', unless we do something drastic we are fecked, we are trdaing insolvently... this is illegal... but not. Instead of selling everything and getting the books to balance so you can pay off said debt.... yes Pompey kept on spending - it matters not if you sold a few players, because with such larch contracts you may even have had to lose money to get rid of some of them which probably contributed to the ****e anyway - but as I recall you still had several nice big wage earners on the books... you see this is what WE DO GET and you don’t - you were in a feckin big whole and just kept on digging - a hole created by the simple fact that you felt totally justified in spending big, like Billy big boots and all the other prem clubs blah blah, but without any guarantees or appropriate plan in place for how this would be underwritten... which is the cheating bit we refer to on here, but you simply don’t get. The second point that is interesting has been touched upon... in your current hideous state, it has been mentioned that CSI were injecting 8.5 mil or so a year (on average) into the club. Now as this is 'free money' SURELY any reasonable approach would have been to use this to pay off creditors straight away, reduce the CVA and assured creditor debt burden to remove the various ownership issues and complex equity stakes so that you were able to be start again from scratch sooner rather than later. ..BUT NO, pompey aren’t reasonable - they used that to support a squad again well beyond their means to avoid relegation - competitive advantage this time at based on money from CSI who as we have seen are run by folks perhaps not really totally trustworthy - so you get into debt this time with CSI - and once again enter player contracts that would not be sustainable if it were not for money that CSI pump in, money that should really be given to creditors FIRST rather than supporting a squad beyond you means by 8 mil a year in the NPC.... a squad which we now see is beyond your means by the tune of 8 mil a year...and paid for by loans from CSI (they want it back LOL) so borrowing heavily, whilst owing on the CVA ..... Jeez you could not make it up. The only reason you are still in existence is because of the FL and FA not having the balls to sort this out... and your lot are protesting against them... would make me laugh if it was not so pathetically corrupt. Link to comment Share on other sites More sharing options...
dubai_phil Posted 14 December, 2011 Share Posted 14 December, 2011 Hmmm It occurs to me. Now, IF you want to buy a football club, the VERY first thing that you have to do is to show that you are serious by providing PROOF of Funds. Now that is an interesting word, PROOF. So the SELLER of PCFC2010 must have been given PROOF that the funds exist. And yet now we have seen that those funds did NOT exist, in fact looks like they belonged to Normal Working People in the Baltics. So, a particularly SPECIFIC legal process appears to have gone awry. Surely IF you sold a car to someone who showed you "Bank Proof" you guys would find an Ambulance Chaser and get your money back, and yet we haven't actually heard of anyone doing this (apart from Chinny taking a mortgage) So, the question is. Did anyone SEE proof of funds from CSI? If they did then why are they not taking some action to sue the organisation that gave them the letter. OR, is it just possible that somebody actually FELL for the sales pitch and didn't actually ASK to see PoF? Oh dear, now if THAT happened, somebody somewhere (AA, Lampitt) could be in a whole heap of Compliance trouble. If only somebody had correspondence from CSI showing whether they were willing to actually prove funds. That could be a ticking clock for somebody AA? Link to comment Share on other sites More sharing options...
geordiesaint Posted 14 December, 2011 Share Posted 14 December, 2011 Great post Franks Cousin. That is it in a nutshell! Link to comment Share on other sites More sharing options...
Joey-deacons-left-nut Posted 14 December, 2011 Share Posted 14 December, 2011 Don't forget the 2m due to AA and his mates in April as well! Link to comment Share on other sites More sharing options...
Kingsland Red Posted 14 December, 2011 Share Posted 14 December, 2011 Nearly time for the Lampitt Q&A session http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/pompey_web_chat_with_david_lampitt_1_3336102 !!!....... Link to comment Share on other sites More sharing options...
Foxstone Posted 14 December, 2011 Share Posted 14 December, 2011 Great post Franks Cousin. That is it in a nutshell! Agree - Nice one Frank ! Especially like the line pointing out to the Skatey Chisellers " That they are protesting agsint the only 2 people who are saving them" - The FA and the FL... Link to comment Share on other sites More sharing options...
Kingsland Codger Posted 14 December, 2011 Share Posted 14 December, 2011 No doubt the tax and NI payments for the November wages, due in a few days, have already been paid to HMRC? I wonder what HMRC would do were there to be a delay? Link to comment Share on other sites More sharing options...
hypochondriac Posted 14 December, 2011 Share Posted 14 December, 2011 Live Lampitt web chat for anyone interested: http://www.portsmouth.co.uk/sport/pompey/webchats Link to comment Share on other sites More sharing options...
Gemmel Posted 14 December, 2011 Share Posted 14 December, 2011 Nice work Sam Link to comment Share on other sites More sharing options...
NickG Posted 14 December, 2011 Share Posted 14 December, 2011 Nearly time for the Lampitt Q&A session http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/pompey_web_chat_with_david_lampitt_1_3336102 !!!....... things not as bad as last time "we are in a better position in almost every area of the club and I think that is why we have had the strenghth of interest that we have had over the last couple of weeks" Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2011 Share Posted 14 December, 2011 Live Lampitt web chat for anyone interested: http://www.portsmouth.co.uk/sport/pompey/webchats 13:24 [TABLE] [TR] [TD][/TD] [TD]Comment From Sam Why is Portsmouth's support so bad? Only 12,000 odd against Peteborough. How do you attract more fans? [/TD] [/TR] [/TABLE] Link to comment Share on other sites More sharing options...
Foxstone Posted 14 December, 2011 Share Posted 14 December, 2011 Live Lampitt web chat for anyone interested: http://www.portsmouth.co.uk/sport/pompey/webchats Think my sides would split laughing !! Will await the inevitable updates on here I think... Link to comment Share on other sites More sharing options...
Gingeletiss Posted 14 December, 2011 Share Posted 14 December, 2011 Nearly time for the Lampitt Q&A session http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/pompey_web_chat_with_david_lampitt_1_3336102 !!!....... 13:07 [Comment From TaskForce TaskForce : ] Whats the update regarding the Italians at Udinese who are interested in the club. Wednesday December 14, 2011 13:07 TaskForce 13:08 David: Can you put them in touch with me or get them online right now?! lol Link to comment Share on other sites More sharing options...
Crazy Diamond Posted 14 December, 2011 Share Posted 14 December, 2011 Comment From Sam Why is Portsmouth's support so bad? Only 12,000 odd against Peteborough. How do you attract more fans? David: I would never describe our support as bad. To be fair he's right. It's more ****ing awful than bad. Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2011 Share Posted 14 December, 2011 [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:32 [/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From lew11 hello david,when did you first get an inkling all was not well with csi ? [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:35 [/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: tbh the events of the last few weeks have been a bolt from the blue. if you'd asked me (and most fans) a month ago i think most would have said that they were pretty happy with csi ownership and the way the club was moving forward. i still think we are in good shape as a club despite what's happened which is why i'm confident we will work our way through this. [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] Link to comment Share on other sites More sharing options...
Gingeletiss Posted 14 December, 2011 Share Posted 14 December, 2011 13:38 [Comment From Michael Michael : ] Hi David, what would your response be to fans that question your experience in running a football club? Wednesday December 14, 2011 13:38 Michael 13:39 David: judge me on my actions, not my age! Loving it.....................lol Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 14 December, 2011 Share Posted 14 December, 2011 [Comment From Luke Luke : ] Assuming no buyers come forward, when will Pompey have to be put in administration? Wednesday December 14, 2011 13:40 Luke 13:40 David: not something we're even contemplating at the moment Nothing's changed then! AA said enough money for 6 weeks - about three weeks ago - and the current CEO isn't even thinking about the money running out! Head in the sand! Link to comment Share on other sites More sharing options...
Wes Tender Posted 14 December, 2011 Share Posted 14 December, 2011 25 Another Skate who just doesn't get it, posting in the News:- blueshirt Wednesday, December 14, 2011 at 01:11 PM While I do feel that a protest against the league almost certainly wont achieve anything in our case here, I DO feel that the league HAS to face a few facts about itself in these cases and gets its own house in better order than it currently is. The much-maligned FAPPT clearly is shambolic, inadequate and badly flawed, and needs to be re-examined, tightened up and made far more searching and stringent in the future. If this means more prospective buyers of clubs fail the damn test then so be it, better that than more clubs find themselves in the sort of mess we seem to have become embroiled in recently. Secondly, and in my mind far more importantly, the question of docking points for clubs entering administration needs to be addressed. Points are won by football teams, ON THE FIELD OF PLAY, administration is a result of financial mismanagement and failure by directors and accountants OFF THE FIELD OF PLAY. Almost invariably, by the time the points are deducted by the league, the aforementioned directors and accountants have already left the club, and thus have escaped any form of punishment or censure, and the points deduction thus only affects the football team and indirectly its fans, two sets of people who have NOT done anything wrong, or been involved in the causes of the administration, so why do they suffer for the faults of others? Pompey, for example, did not use their money to BUY their league points, they won them on the pitch by winning or drawing football matches, so how would deducting them from us (the football club) constitute any form of punishment or censure to Mr Antonov, whose alleged offences are the root cause of us being in administration?? He isnt even at the club any more, for heaven's sake!! Docking points merely makes the footballing situation worse for the club, increasing the liklihood of them being relegated to a lower league, thereby reducing both the amount of potential revenue the club can expect from its matches, and making it less attractive to potential buyers, neither outcome is actually likely to help the club recover from its current insecure position, is it? Surely, if this is obvious even to a dim football fan like me, it must also be apparent to the high powered whizzkids at the football league? Is it utterly beyond them to find a system that punishes the wrongdoers, rather than the poor B****y fans who always end up with the dirty end of the stick in these cases? One other point which I do hope the leagues takes into account in all this.. Portsmouth FC are NOT in administration, CSI are.... the same CSI that the league approved only six months ago as fit and proper persons to purchase us.............. Just like Corporate Whore, he just can't make the leap of imagination to realise that if your team is strengthened by the purchase of players that the club cannot afford, you have gained an unfair advantage over those more prudent clubs in your division who are more circumspect with their expenditure. Therefore, it can reasonably be argued that the deduction of points is a form of reprimand, a deterrent punishment to redress the balance and make other clubs think twice about following that route themselves. As for the notion that the fans and the ensuing owners are punished unfairly for the actions of a previous regime, the other side of that coin is that those fans enjoyed the half dozen or so trips to Wembley and their days in the sun. Why, even now, I encounter Skate supporting business clients who say that the short-term glory was worth the pain they are having to endure as a consequence of their financial lunacy. Link to comment Share on other sites More sharing options...
Gingeletiss Posted 14 December, 2011 Share Posted 14 December, 2011 I've sent in two questions so far...yet to be put up for an answer! Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2011 Share Posted 14 December, 2011 [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:45 [/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From Charles in Yorkshire Good afternoon David - the article re payments due to our creditors in The News this morning reminded us of the commiments we have in coming out of administration. can you assure supporters that we have this finaicial commitment covered (eg; by forthcoming parachute payments). I ask this with concern now that CSI are no longer supporting us finacially. [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:49 [/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: Obviously not that impressed with the front page of the News this morning - am I allowed to say that on their webchat?! The reality is that these payments are nothing new. We've known about them since the club emerged from Admin, i think they were in the public domain back then and they have always been part of our business plan. I remain confident that we will be able to meet our ongoing commitments Charles. [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD][/TD] [TD] [/TD] [/TR] [/TABLE] Link to comment Share on other sites More sharing options...
Gemmel Posted 14 December, 2011 Share Posted 14 December, 2011 Comment From Charles in Yorkshire Charles in Yorkshire : ] Good afternoon David - the article re payments due to our creditors in The News this morning reminded us of the commiments we have in coming out of administration. can you assure supporters that we have this finaicial commitment covered (eg; by forthcoming parachute payments). I ask this with concern now that CSI are no longer supporting us finacially. Wednesday December 14, 2011 13:45 Charles in Yorkshire [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:49 [/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: Obviously not that impressed with the front page of the News this morning - am I allowed to say that on their webchat?! The reality is that these payments are nothing new. We've known about them since the club emerged from Admin, i think they were in the public domain back then and they have always been part of our business plan. I remain confident that we will be able to meet our ongoing commitments Charles. The first chink or half decent snippet - I think the above translates as havent got a clue how we are going to pay it[/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] Link to comment Share on other sites More sharing options...
Gruffalo Posted 14 December, 2011 Share Posted 14 December, 2011 AA said enough money for 6 weeks - about three weeks ago - and the current CEO isn't even thinking about the money running out! About 20 minutes ago, I asked Lampitt whether the club's working capital would be all gone come early January (as stated publicly by AA), if that required a fire sale of players to enable the club to keep going and for how long such a 'business plan' would be sustainable. Either he hasn't got to the question yet, or he has declined to answer. My money is on the latter. Link to comment Share on other sites More sharing options...
Lord Duckhunter Posted 14 December, 2011 Share Posted 14 December, 2011 I've sent in two questions so far...yet to be put up for an answer! I've sent 2 in as well. Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2011 Share Posted 14 December, 2011 [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:53 [/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From Homer From the aritcile in the news this morning, it appears that none of the unsecured creditors have been paid a single penny yet. Cna you confirm if this is true [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:54 [/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: This is true. The payment process and schedule were set out as part of the CVA last year with the first payment being due in April 2012. [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2011 Share Posted 14 December, 2011 [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:50 [/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From Chris Ford what about the points Deduction are you confident of avoiding the Sporting Sanction [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:52 [/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: i am confident about this although obviously it is not up to me and the league has a due process to go through in making their assessment. i said in my blog that there are a number of reasons why i don't think our circumstances should warrant a points penalty so maybe have a look at that on our website as there are a few more details in there. [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] Link to comment Share on other sites More sharing options...
Kingsland Red Posted 14 December, 2011 Share Posted 14 December, 2011 He has declined all my 'pseudonym''s questions regarding meeting ongoing debts. Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2011 Share Posted 14 December, 2011 13:54 [TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From Denmead Dave Please comment upon PFC2010 honouring the agreement to pay LOCAL businesses owed less than £2500, which you yourself appear to be querying in The News today.This is appalling Mr Lampitt. [/TD] [/TR] [/TABLE] Link to comment Share on other sites More sharing options...
saintjay77 Posted 14 December, 2011 Share Posted 14 December, 2011 OK Girls. I'm going to take this very slowly so even you 'tards might be able to understand something written in basic English. These aren't figures I've made up. These are figures taken from the article David Conn wrote in The Guardian abou finances in the PL which I posted a link to in my post a couple of pages back (and again before that and probably yet again befor that one). I've posted it yet, yet again here for you to look at and try and understand that these aren't numbers I've made up and Conn states in the article that they are the accounts submitted to companies house up to 31st May 2008. Got that now? I know it's not as if Conn is a professional journalist who's used to stating official statistics and reports in articles like you genius' on here but let's go with it. http://www.guardian.co.uk/football/2009/jun/03/english-premier-league-debt Accounts for the year to 31 May 2008 Turnover £70.5m (up from £40.2m the previous year, an increase of 75%) Gate and Matchday £12m TV and Broadcasting £51.2m Sponsorship £4m Retail £3.3m Wage bill £54.7m (up from £36.9m the previous year, an increase of 48.2%) Wages as proportion of turnover 78% Loss before tax £17m Debts £57.7m Interest payable £6.6m OK, go that? They're not figures I made up. They're the ones David Conn stated in his article. Now, that spending may not have been sustainable long term but all the time we were getting the PL money the fact that we only had gates of 20K didn't mean that much. Clubs like Bolton, Boro, Blackburn etc had bigger grounds but had less income through gate receipts, partly because of our cup run but also because our ST prices were a lot higher. it's about the cost of the ticket, not just the numbers into the ground. So whilst that spending may not have been sustainable long term it was fine that year and the wages to turnover figure and debt level was in line with many other PL clubs. Take into account the money we pulled in from transfers of Diarra, Defoe, muntari etc and the wages to turnover ration and debt levels should have been easily managed down to sustainable levels even with replacement signings made. I await the next round of yeah but no but yeah but no commnts with baited breath I didn't actually say you made them up. I just wondered if the figures quoted were actually legit? Could the club have filled dodgy made up accounts? The investigation may yet come up with something as if you indeed made more than was spent the debt levels should in no way increased to the levels they did. Surely its a question you should be interested in as the answer could put your club back on track or further in the poop. Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2011 Share Posted 14 December, 2011 He has declined all my 'pseudonym''s questions regarding meeting ongoing debts. Try not to use cooked bread related products in your name....I think they've cottoned onto that one.... ;-) Link to comment Share on other sites More sharing options...
anothersaintinsouthsea Posted 14 December, 2011 Share Posted 14 December, 2011 my questions haven't appeared yet, strangely. Link to comment Share on other sites More sharing options...
Gingeletiss Posted 14 December, 2011 Share Posted 14 December, 2011 13:54 [TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From Denmead Dave Please comment upon PFC2010 honouring the agreement to pay LOCAL businesses owed less than £2500, which you yourself appear to be querying in The News today.This is appalling Mr Lampitt. [/TD] [/TR] [/TABLE] I don't think he wants to answer this! Link to comment Share on other sites More sharing options...
KK the 2nd Posted 14 December, 2011 Share Posted 14 December, 2011 13:11 Comment From PompeyWallasey What is your taste in music David? I have heard that you may appreciate the work of Bad Company. LOL Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2011 Share Posted 14 December, 2011 (edited) [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:54[/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From Denmead Dave Please comment upon PFC2010 honouring the agreement to pay LOCAL businesses owed less than £2500, which you yourself appear to be querying in The News today.This is appalling Mr Lampitt.[/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:58[/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: I understand the frustration for small creditors affected by this. The concern for me is protecting the club as it was not our undertaking to pay 100% of these debts and we shouldn't be the target of these concerns. We continue to work with the Liquidators to resolve this as soon as possible. It's a difficult one for the club as it causes lots of bad pr which we could do without but at the same time I have to ensure I protect the club both legally and financially.[/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] In other words "I don't care about the local businesses that lost out....not our problem guv"....disgraceful. Edited 14 December, 2011 by trousers Link to comment Share on other sites More sharing options...
Gingeletiss Posted 14 December, 2011 Share Posted 14 December, 2011 I don't think he wants to answer this! 13:58 David: I understand the frustration for small creditors affected by this. The concern for me is protecting the club as it was not our undertaking to pay 100% of these debts and we shouldn't be the target of these concerns. We continue to work with the Liquidators to resolve this as soon as possible. It's a difficult one for the club as it causes lots of bad pr which we could do without but at the same time I have to ensure I protect the club both legally and financially. He did Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2011 Share Posted 14 December, 2011 [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:59 [/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From Richard1 are the club still due a remaining 2 sets of parachute payment from the premier league over the next 2 years? [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:59 [/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: yes we are due to receive parachute payments for the next two seasons after this. [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] Link to comment Share on other sites More sharing options...
Gingeletiss Posted 14 December, 2011 Share Posted 14 December, 2011 13:59 [Comment From Richard1 Richard1 : ] are the club still due a remaining 2 sets of parachute payment from the premier league over the next 2 years? Wednesday December 14, 2011 13:59 Richard1 13:59 David: yes we are due to receive parachute payments for the next two seasons after this. If they get that far! Link to comment Share on other sites More sharing options...
Kingsland Red Posted 14 December, 2011 Share Posted 14 December, 2011 Problem solved !! Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 14 December, 2011 Share Posted 14 December, 2011 He didn't answer my simple question "David, I appreciate it is difficult to answer some of the more tricky questions, but jam or marmite on your toast?" Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2011 Share Posted 14 December, 2011 [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]14:01[/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From luvrocket how does working at PFC (greatest club of all time!) compare to working at the FA and when we win on saturday will you dance a jig round the pitch afterwards?[/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]14:04[/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: it's considerably more interesting! i consider it a huge privilege to lead the club, i work with great people and it is a real pleasure to be part of the club, despite the various challenges we've had to face. if anyone had been at our xmas party last week they would understand why i won't be dancing in public anytime soon tho! [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] Christmas Party? Where did they get the cash for that....? Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2011 Share Posted 14 December, 2011 [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]14:04 [/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From Andy Who is currently the 'owner' of portsmouth fc? [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]14:05 [/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: the shares in pfc (2010) ltd are now controlled by the administrator of CSI - i think this info is on our website. [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] Link to comment Share on other sites More sharing options...
Gingeletiss Posted 14 December, 2011 Share Posted 14 December, 2011 [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]14:01[/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From luvrocket how does working at PFC (greatest club of all time!) compare to working at the FA and when we win on saturday will you dance a jig round the pitch afterwards?[/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]14:04[/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: it's considerably more interesting! i consider it a huge privilege to lead the club, i work with great people and it is a real pleasure to be part of the club, despite the various challenges we've had to face. if anyone had been at our xmas party last week they would understand why i won't be dancing in public anytime soon tho! [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] Christmas Party? Where did they get the cash for that....? I think they were actually out carol singing, to raise money! Link to comment Share on other sites More sharing options...
Lord Duckhunter Posted 14 December, 2011 Share Posted 14 December, 2011 He has declined all my 'pseudonym''s questions regarding meeting ongoing debts. He seems to have declined mine as well. I really wanted the answer to Mr Pete S, asking him to get some players in and gamble for the top flight. Link to comment Share on other sites More sharing options...
SaintPaddy Posted 14 December, 2011 Share Posted 14 December, 2011 I asked why he left the FA as Head of Football Integrity to join a club without any integrity. No surprise they filtered it out Link to comment Share on other sites More sharing options...
Gingeletiss Posted 14 December, 2011 Share Posted 14 December, 2011 14:12 [Comment From Andy Andy : ] If we sell all 3000 tickets for Chelsea will the club be able to request more? Wednesday December 14, 2011 14:12 Andy 14:14 David: unlikely to be able to get more as chelsea move ST holders to accommodate away section so they wanted to do it in one hit. they also insisted on full payment for any unused tickets (rather than sale or return) so we have had to take a view on our allocation which we did after consulting with a number of fans groups and looking at historical info. quite a difficult one to call. There's a shock! Link to comment Share on other sites More sharing options...
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