Pompey Takeover Saga

[sidthesquid]

I found this post on a skate site from one of the few that seems to have a grasp of the situation. In answer to your post they would be getting a loss making liability and there is no way anybody is going to pay for that particular priviledge. Anyway, the post:

 

"....for anyone to buy the club Chanrai would need to take a huge loss on his loan. The club is worth nothing - it is a hugely loss making liability. Therefore Chanrai has to calculate whether he gets more through administration in which he is a secured creditor or by a deal with potential buyers. He may well choose administration. Similarly anyone buying the club may get a much better deal after rather than before administration. It seems to me administration or liquidation is quite likely."

The point is Chainrai probably took the Lithuanian taxpayers for few mill via CSI, he still has the parachute payments and the only asset - Nottarf Krap - in his control, and some other wannabe (for whatever dubious reason) will chuck another mill or two to join the merry-go-round. (It's not a coincidence, either, that none of their many recent owners has been British.) The only issue really is whether the FL has the cojones to actually put a stop to the merry-go-round. Does anyone really think they have on the evidence so far?

[Gemmel]

I'm still not convinced the club is andriods to sell.

[Saint_John]

According to Page 2 of the News, Pompey will soon be taken over by new investors (Chinese?) and the paperwork to pass the FAPPT should be complete within the next 2 weeks.

And when the Football League have their board meeting before then, armed with the report from BDO Stoy Hayward about the £10.8M loan used to buy various players (halford,varney,pearce,huseklepp,henderson etc).

It will be something like "please don't give us the 10pts penalty we deserve because it will scare off the new owner (sorry front man for chinny)."

 

The question is, Are the Football authorities so simple to be taken in again and again and again ?

[bridge too far]

I'm still not convinced the club is andriods to sell.

 

But surely if he says it IS his to sell, then, since he's acting as Adminstrator for CSI, he's demonstrating an undeniable link between PFC and CSI?

[Winchester Red]

There's no doubt that PFC have been owned by some very murky individuals, with connections to even murkier (and more dangerous) ones.

 

Given the seriousness of certain activities abroad that some of their owners (and connections) have allegedly been involved in, can we really even be sure that the independent report into PFC's financial links to CSI has been compiled without a threat hanging over someones head. The same applies to the FL boards decision on a points deduction. If the asset is further tarnished or devalued it would make some foreign gentleman very unhappy.

 

All hyperthetical of course!!!

[Sevvy]

Anne

December 31, 2011 at 5:39 pm

@Naren:

 

I’ve always had a tendency to dig into this kind of thing. Also, I used to be a criminal prosecutor, so it’s kind of my field. But when I see a news report or something that seems to indicate a complex criminal scheme, I guess I kind of see it as a challenge. Like, “ok, these people think they’re really smart. Let’s see if they’re smarter than me.”

 

So, I’ve been investigating this kind of stuff for years just on my own, so I know where to look to find things and what searches to use. Honestly, I’m just thrilled to actually have someone to share it with this time

..

 

I am begining to like this woman Anne, and she likes all the info on here as well.

[eurosaint]

Anne

December 31, 2011 at 5:39 pm

@Naren:

 

I’ve always had a tendency to dig into this kind of thing. Also, I used to be a criminal prosecutor, so it’s kind of my field. But when I see a news report or something that seems to indicate a complex criminal scheme, I guess I kind of see it as a challenge. Like, “ok, these people think they’re really smart. Let’s see if they’re smarter than me.”

 

So, I’ve been investigating this kind of stuff for years just on my own, so I know where to look to find things and what searches to use. Honestly, I’m just thrilled to actually have someone to share it with this time

..

 

I am begining to like this woman Anne, and she likes all the info on here as well.

 

Yeah, I reckon she's got big t#ts as well

[JackFrost]

Yeah, I reckon she's got big t#ts as well

 

I'm sure she'll be flattered to read that once she's trawled through 931 pages of this

[Jonnyboy]

I'm sure she'll be flattered to read that once she's trawled through 931 pages of this

 

Anne, if you ever read this far, I'm happy to run away with you and investigate Pompey's misdeeds and live a film noire existence in the shadows of society (and I don't care about your bra size).

[mack rill]

Anne, don't be fooled into fishin trips:scared:

[EastleighSoulBoy]

Anne, don't be fooled into fishin trips:scared:

 

Which, roughly translated, means please don't look too long at what we have been up to.

[Gemmel]

Anne, don't be fooled into fishin trips:scared:

 

Ha ha, Happy new year Mackers

[dubai_phil]

Happy New Year y'all.

 

Damn shouldda stayed on the Emirates flight to Hong Kong and gone digging instead of spending the week shopping 'til I dropped with the GF in BKK.

 

And shouldda NEVER got on the one back this evening. 300 seats and mine was the one totally broken, 7 hours with only a Sudoko page from the Fail to keep me unentertained. You'll be glad to know I didn't have a VERY big temper tantrum. Just a huge one.

 

Anyways, good to see a New Dawn on the horizon, should keep things entertaining for the next month or so

[St Jim]

And when the Football League have their board meeting before then, armed with the report from BDO Stoy Hayward about the £10.8M loan used to buy various players (halford,varney,pearce,huseklepp,henderson etc).

It will be something like "please don't give us the 10pts penalty we deserve because it will scare off the new owner (sorry front man for chinny)."

 

The question is, Are the Football authorities so simple to be taken in again and again and again ?

 

 

No because, unlike the Premier League, they actually don't give a t055 if one of their clubs fold. In fact I think they may like it because it sets an example to the rest of the teams.

[dubai_phil]

Ooh, did I hear the sounds of a mahoosive U-Turn just now on Solent? Was downstairs getting some Ice for my pre match Brothers Festival Cider yum yum and heard Solent talking about a minute's applause for Len Phillips at Nott Arf

[Channon's Sideburns]

Ooh, did I hear the sounds of a mahoosive U-Turn just now on Solent? Was downstairs getting some Ice for my pre match Brothers Festival Cider yum yum and heard Solent talking about a minute's applause for Len Phillips at Nott Arf

 

I LOL'd when Liam Lawrence said what he'd like would be some new owners and some stability for Lord Voldermort....oh and a few players. Clueless...toe the PR line Liam.

[Channon's Sideburns]

Just 21 days until this kicks off....haha

 

http://www.contractorweekly.com/contractor-news/tax-a-ir35-news/277-redknapp-tax-evasion

[rallyboy]

that'll be the same week they fail to pay the wages due to an error by the bank.

 

At least the parachute payments have been ringfenced to pay the CVA.

 

 

 

 

 

 

 

 

 

 

 

These rare nights when I get texts from skate mates who have been silent for months are great, it just fires up the old disdain and reminds me that I shouldn't have sympathy with the undisputed number one sister-bothering, heather-selling, cross-eyed, extra-fingered, home-tattooed, creditor-raping, horse brass collecting, taxpayer-shafting, prossie-financing, paper-shredding, cancer charity-abusing, perjuring club in Hampshire.

 

The only football club with a tow hitch and it's own council funded area of hard standing with water supply.

 

Is that a cold spell blowing in I see on the horizon?.....

Minus 15? Minus 20?....Brrrrrrrr.

[dronskisaint]

that'll be the same week they fail to pay the wages due to an error by the bank.

 

At least the parachute payments have been ringfenced to pay the CVA.

 

 

 

 

 

 

 

 

 

 

 

These rare nights when I get texts from skate mates who have been silent for months are great, it just fires up the old disdain and reminds me that I shouldn't have sympathy with the undisputed number one sister-bothering, heather-selling, cross-eyed, extra-fingered, home-tattooed, creditor-raping, horse brass collecting, taxpayer-shafting, prossie-financing, paper-shredding, cancer charity-abusing, perjuring club in Hampshire.

 

The only football club with a tow hitch and it's own council funded area of hard standing with water supply.

 

Is that a cold spell blowing in I see on the horizon?.....

Minus 15? Minus 20?....Brrrrrrrr.

 

Thank you...Comical combination that just made me feel better - as do the words Lester and Piggot re the previous post!

Edited 2 January, 2012 by dronskisaint
typo

[mack rill]

ops! i see leeches have become (pet of the day) on the whets Board, Shops must be low on Razors,

[Crazy Diamond]

ops! i see leeches have become (pet of the day) on the whets Board, Shops must be low on Razors,

 

Seriously, you are an advert for dyslexia.

 

No I take that back, you're just from Portsmouth.

[Dark Munster]

No because, unlike the Premier League, they actually don't give a t055 if one of their clubs fold. In fact I think they may like it because it sets an example to the rest of the teams.

 

Very true. Does that fact just warm the cockles of your heart?

[OVER THE HILL]

Seriously, you are an advert for dyslexia.

 

No I take that back, you're just from Portsmouth.

 

Mack's humour is very subtle

[dronskisaint]

ops! i see leeches have become (pet of the day) on the whets Board, Shops must be low on Razors,

 

:lol::lol:Their (the leeches) owners are looking for a club worthy of the wetting of beds, letting of blood and hand wringing to follow...it's all a bit puerile when you're top of the league..

 

Do you know of such a club perchance?

[Doctoroncall]

I see Darlington have gone into administration for the third time in nine years. Let's see what the conference decide on their fate.

[Winchester Red]

Just the -10 points again - thought it might be more, although they have different rules than the FL too don't they?

[saintjay77]

Just the -10 points again - thought it might be more, although they have different rules than the FL too don't they?

 

Think they said on SSN earlier that Conference clubs voted to relegate a club in admin that couldnt repay its debts or something. Not sure if that means that the coming CVA is the debt they will need to make sure they pay, or if they mean what ever they owe when going into admin is what they will need to agre to pay back as the CVA or get relegated? I can imagine debts at that level being huge if they are up to a Million which would be tough enough but can you imagine what would of happened to Pompey if that was a rule for all the leagues? Or us for that matter?

 

Our main chunk of debt was the mortage at around £30 million, would anyone have come in for us had they known debt had to be paid back in full or face further sanctions? With the levels of debt on some clubs through the leagues I very much doubt a rule would ever get passed but if a league were to be setup with these rules in place would it create a better brand and a more competitive/enjoyable product if top teams/players were involved?

[Saint_John]

Just the -10 points again - thought it might be more, although they have different rules than the FL too don't they?

The Football League rules are in Section 12.3.

The important bit for the Cheats is 12.3.2 and the League view of the £10.8m loan to purchase the players in the summer.

http://www.football-league.co.uk/regulations/20110629/section-3-the-league_2293633_2125717

12.3.2 If a Group Undertaking of a Club becomes subject to or suffers an Insolvency Event, then the Board shall have the power to impose upon the Club a deduction of 10 points scored or to be scored in the League Competition. In exercising this power the Board shall have regard to all the circumstances of the case and to:

(a) such of the provisions of the Insolvency Act, the Competition Act 1998 and the Enterprise Act 2002 as are relevant and then in force;

(b) the need to protect the integrity and continuity of the League Competition;

© the reputation of The League and the need to promote the game of association football generally; and

(d) the relationship between the Club and the Group Undertaking

.

So it 10 points for going into Administration.

 

The figures of -17 and -20 are when the Club rejoins the League via the "exceptional circumstances" rule because they have been unable to agree a CVA.

For example Rotherham case

http://www.football-league.co.uk/footballleaguenews/20080806/fl-board-statement_2293334_1359838

Rotherham United (Old Co.) has been unable to agree a Company Voluntary Arrangement (CVA) with its creditors and as a consequence is unable to satisfy the normal conditions of The League's insolvency policy for exiting administration.

The Board decided, however, that it was prepared to exercise its absolute discretion under the 'exceptional circumstances' provisions of its insolvency policy. Therefore, in accordance with recent precedent, the Board has made the following offer to Rotherham United (New Co.). Acceptance of the Board's offer is a pre-requisite to the exercise of that discretion:

1. The club will be deducted 17 points for the 2008/09 season.

 

or Bournemouth

http://www.football-league.co.uk/footballleaguenews/20080807/league-make-bournemouth-offer_2293334_1360692

AFC Bournemouth (Old Co.) has been unable to agree a Company Voluntary Arrangement (CVA) with its creditors and as a consequence is unable to satisfy the normal conditions of The League's insolvency policy for exiting administration.

The Board decided, however, that it was prepared to exercise its absolute discretion under the 'exceptional circumstances' provisions of its insolvency policy. Therefore, in accordance with recent precedent, the Board has made the following offer to AFC Bournemouth (New Co.). Acceptance of the Board's offer is a pre-requisite to the exercise of that discretion:

1. The club will be deducted 17 points for the 2008/09 season. This takes into account the fact that the club has had a previous insolvency event.

 

or Luton

Luton in Admin -> 10 points

http://www.football-league.co.uk/latestnews/20071122/luton-town-in-administration_2293301_1173766

Following the announcement by Luton Town that the club has gone into administration, The Football League can confirm that in these circumstances a ten point sporting sanction applies

Luton exit Admin -> 20 points

http://www.football-league.co.uk/footballleaguenews/20080710/league-board-considers-clubs-in-administration_2293334_1353487

The Board decided, however, that it was prepared to exercise its absolute discretion under its 'exceptional circumstances' provisions in order to accommodate the new entity.

In accordance with recent precedent, the Board decided to include the following principle conditions of entry as a pre-requisite to the exercise of that discretion: -

1. The new company (Luton Town 2020) should pay the unsecured creditors the amount offered at the time of the CVA hearing (16 pence in the pound).

2. A 20 point deduction should apply in the 2008/09 season, which also takes into account the fact that this is the club's third insolvency event in the last ten years.

[stevegrant]

The Conference are much stricter when it comes to clubs going into (and particularly coming out of) administration. There is a standard 10-point deduction applied when the club goes into administration, but clubs exiting administration must repay football creditors in full at the time of doing so, and either repay non-football creditors in full at the time or have an agreed CVA, the length of which is restricted to a maximum of 3 years.

[mack rill]

:lol::lol:Their (the leeches) owners are looking for a club worthy of the wetting of beds, letting of blood and hand wringing to follow...it's all a bit puerile when you're top of the league..

 

Do you know of such a club perchance?

 

Yes i do, DSK But! what i cannot work out is they have had a glitch thats lasted for a month( the sort of hiccup most teams get during a promotion chasing season) The stripy bastards are still sitting on top of the pile but there bestist true red fans are turning into Dalek clones,

Edited 3 January, 2012 by mack rill

[bridge too far]

Interview with AA on Solent tomorrow morning, apparently. Going to talk about a potential buyer

 

Funny, I thought AA was the Administrator for CSI. So presumably any money paid for PFC will go towards the creditors of CSI?

[dronskisaint]

Yes i do, DS But! what i cannot work out is they have had a glitch thats lasted for a month( the sort of hiccup most teams get during a promotion chasing season) The stripy bastards are still sitting on top of the pile but there bestist true red fans are turning into Dalek clones,

 

It's a mystery to most of us...feel free to teleport to an Austrian hill a prospectus on pure fish-smelling blue misery!

[mack rill]

Interview with AA on Solent tomorrow morning, apparently. Going to talk about a potential buyer

 

Funny, I thought AA was the Administrator for CSI. So presumably any money paid for PFC will go towards the creditors of CSI?

 

No moneys will change hands,,,,,,= No tax to pay simples

[dubai_phil]

Yes i do, DSK But! what i cannot work out is they have had a glitch thats lasted for a month( the sort of hiccup most teams get during a promotion chasing season) The stripy bastards are still sitting on top of the pile but there bestist true red fans are turning into Dalek clones,

 

Well you lot have the bestest fans we just have the moanest

[trousers]

Interview with AA on Solent tomorrow morning, apparently. Going to talk about a potential buyer

 

Funny, I thought AA was the Administrator for CSI. So presumably any money paid for PFC will go towards the creditors of CSI?

 

I'm about to think out loud so this could be a dim question....(for once)....

 

If CSI is the parent company of two subsidiaries operating solvently (Pompey and World Rally) how can the parent company be in an insolvent position in the first place?

 

Surely a parent company with solvent subsidiaries is, by definition, a solvent parent company...?

 

Unless, of course, one of those subsidiaries (*cough* Pompey *cough*) wasn't intact operating solvently and the parent company's fortunes were directly linked to that of said failing subsidiary.

 

How does that work? How can a parent company be broke when it's subsidiaries aren't...logically?

[Weston Super Saint]

I'm about to think out loud so this could be a dim question....(for once)....

 

If CSI is the parent company of two subsidiaries operating solvently (Pompey and World Rally) how can the parent company be in an insolvent position in the first place?

 

Surely a parent company with solvent subsidiaries is, by definition, a solvent parent company...?

 

Unless, of course, one of those subsidiaries (*cough* Pompey *cough*) wasn't intact operating solvently and the parent company's fortunes were directly linked to that of said failing subsidiary.

 

How does that work? How can a parent company be broke when it's subsidiaries aren't...logically?

Because the sugar daddy financing the company[ies] with [alleged] stolen money no longer has access to the [alleged] stolen money so can no longer continue to fund the solvent subsidiaries, not that he needed to do that in first place, what with them being self financing and all.....

[Winchester Red]

I guess because the Parent Company owes Chinny stacks of dosh still but no longer has the money to pay (as all the primary shareholders assets have been put in the deep freeze!)

[Winchester Red]

ah - beat me to it (with a better explanation in better english too!) - Cheers Guv (disappears mysteriously back around the corner...)

[pedg]

I guess because the Parent Company owes Chinny stacks of dosh still but no longer has the money to pay (as all the primary shareholders assets have been put in the deep freeze!)

 

Does putting a charge on a company mean they have to pay immediately? If not why would Chinny go for that option? Surely it would have been better to say to CSI "I would like my money soon so if you could sell off the WRC rights and pay up then that would be nice"? My guess is that he saw the lot being nabbed by the L countries and wanted to get as much as he could before they got their hands on the remains? Who knows?

[rallyboy]

looks fairly clear on the deductions as well when you read the small print - minus 10 for any insolvency event.

PLUS a further penalty for failing to exit correctly under the current CVA.

 

It'll be interesting to see who AA introduces tomorrow as the new saviour of the club, because if he doesn't name names it's quite clearly just a desperate PR attempt at convincing the league and the easily-led that all is well, when most people suspect it isn't.

I'm curious to see what he's cooked up this time....

 

And when he does produce yet another new owner to pay the January wages, I'd love to hear the league explanation of how the parent company and the club bought with money stolen by the parent company are not linked.....

[pedg]

I understand the name of their reclusive chinese backer is a Mr Ho Lu Gyam

[warsash saint]

I bet AA is bricking it at the thought of the Paxmanlike interrogation that Julian Clegg will give him

[Dr Who?]

Not a clue what is going on here, but can someone tell me if they are getting 10 points deducted? If not why not?

[tony13579]

There are a few options here

 

AA has a weak fantasist who he is presenting as a serious buyer

 

BC has found another front man to continue the chain of money laundering. BC is always the recipient of a secured loan at high interest and always at the top of the creditors list.

 

Or the missing Lithuanian millions has found a front man to buy CSI or Pfc to continue money laundering

 

Or very much long odds some Chinese investors who are very unlikely to have found this thread and have been duped into buying this empty shell of a club and are at a large sum to see the books

[pedg]

I may be thick here, it's happened before, but can someone explain -

 

If you need new owners in order to continue paying wages and basically continue operating, does that not confirm you the company is insolvent and cannot operate without it's previous owners, who are under arrest? If there weren't relying on money from these people, there'd be no problem and they wouldn't be desperate for new owners, and they'd be able to explain where the summer money came from, and why it was used to splash out further rather than service debt.

 

What have I missed?

 

I believe pompey have been getting money (one assumes a high interest loan) from Chinny which is the 'short term' money referred to by AA. While they have someone willing to lend them money so they can pay wages etc then I don't believe they are insolvent.

[Sevvy]

http://www.newsnow.co.uk/A/541749917?-11209,

 

Usual load of flannel as far as i read it fromm AA

[pedg]

http://www.newsnow.co.uk/A/541749917?-11209,

 

Usual load of flannel as far as i read it fromm AA

 

"There are one or two individuals but one prominent individual and he has not been linked with the club before," he said

 

Surely he should know if its one or two?

[Fitzhugh Fella]

http://www.newsnow.co.uk/A/541749917?-11209,

 

Usual load of flannel as far as i read it fromm AA

 

AA's use of the word "fairly" throughout shows he is far from convinced.

[pedg]

AA's use of the word "fairly" throughout shows he is far from convinced.

 

indeed, being "Fairly Satisfied" with the proof of funds is not really a ringing endorsement is it.

[sussexsaint]

Fairly sure of funds - well I'd be dead excited as a Pompey fan for sure.

 

LOL at Matt Slaters comments in the blog box right next to AA's statement on the FAPPT