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Pompey Takeover Saga


Fitzhugh Fella

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The previous directors having fallen into a lifeboat...

 

A man has gotta save his skin when the ship is going under :)

 

Bit careless to lose two directors inside a month. Its almost as if something was driving them away...

Edited by buctootim
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Both the entries for Portsmouth FC (dec 11 and 10th Jan 2012) are listed as C2 - change of directors, not winding up petitions.

 

I knew Akers left the PFC2010 board this month, but what was the director change in December? (probably obvious but brain failure here)

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For any of you out there that are CSI creditors, you need to get your claim in by noon on Wednesday 1st February, ahead of the initial creditors meeting on Thursday 2nd February. I wonder how big the meeting room will be....

 

http://www.london-gazette.co.uk/issues/60034/notices/1513444/all=convers;sort=newest

 

Publication Date: Thursday, 19 January 2012

Notice Code: 2412

Meetings of Creditors

In the High Court of Justice No 1759 of 2011

 

CONVERS SPORTS INITIATIVES PLC

(Company Number 07375628 )

Quadrant House, 4 Thomas More Square, London E1W 1YW

Principal Trading Address: 20th Floor, Heron Tower, 110 Bishopsgate, London EC2N 4AY

 

Notice is hereby given by Andrew Andronikou of UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London E1W 1YW, that a Meeting of the Creditors of Convers Sports Initiatives plc, is to be held at Quadrant House, 4 Thomas More Square, London E1W 1YW on 2 February 2012 at 11.00 am. The meeting is an initial creditors’ meeting under paragraph 51 of Schedule B1 to the Insolvency Act 1986. A proxy form should be completed and returned to me by the date of the Meeting if you cannot attend and wish to be represented. In order to be entitled to vote under Rule 2.38 at the Meeting you must give to me, not later than 12 noon on the business day before the day fixed for the Meeting, details in writing of your claim.

Further Details: Greg Carrier, g.carrier@uhy-uk.com, 020 7767 2625, C265

Andrew Andronikou and Peter Kubik, Joint Administrators, (IP Nos 8806 and 9220), UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London E1W 1YW. Date of Appointment: 25 November 2011

 

It'll be very interesting to find out who the other creditors are other than Chainrai and how much they're owed. Also, at the meeting they'd have to discuss the value of the assets of CSI. I wonder what value they'd put on PFC?

 

Also, if Chinny is a creditor to CSI, but retains a charge over Nottarf, I wonder which entity owns the stadium: PFC or CSI?

 

Also one of the clowns on the Snooze messageboard keeps banging on about 3rd Feb as a key date. Don't know if this is from foresight, luck or knowledge. I vote luck.

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Saw this post on another forum. Dont know how true it is, but it seems pretty genuine to me.

 

If you consider that higher rate income tax runs at 50%, then an unpaid tax bill of £800k relates to a wage bill of only £1.6m. That really isn't an excessive salary bill for a Championship team - until you run out of cash of course!

 

 

The wage bill may be a lot higher if you add in NI, employers NI and remember the offshore 'Image Rights'.

 

Cala was quoted saying 8 players cost £1.1m, does the rest of the squad total £0.5m? Don't think so.

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Just catching up on the days events and if I am understanding correctly 'Arry is in the clear? The dog, otherwise known as Rosie, provides 'Arry with canine therapy (love, relaxation, exercise, etc) and that means 'Arry is better at his job at PFC so Milan decides to pay Rosie for her services which are, indeed, beneficial to PFC. Presumably Rosie is a French Poodle (?) and wants to be paid in Euros in to a French bank account but agrees that Monaco is near enough so 'Arry flies out there and opens her a bank account. Milan pays Rosie, like most employers, by BACS in to her account. Dogs are not liable to PAYE and do not have to complete a tax assessment either so she does not declare the income, why should she? 'Arry does not mention this to the tax enquiry, after all this is none of his business. Sadly, Rosie passes away and leaves her small fortune in her will to her beloved master, 'Arry. Fortunately, the amount is just under the death duties level and so no need to declare anything, is it all legitimate. The very worse that could have happened is HMRC could have pursued the dog for the money as she was a UK resident and if fond guilty she may have ended up in Holloway Kennels for a few months.

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Nah Phil' date=' watch it online through FirstRow... then do statellite.....!![/quote']

 

Why is your computer upstairs in the bedroom ? ......... thinks ............. way , perv ;)

 

 

.

 

Lol keep up! I bought access to Al Jazeera but it wouldn't work in the decoder on my telly so they put in a 2nd dish, but downstairs telly couldn't cope with two feeds so they installed the Footie upstairs in the bedroom...

Anyway an hour of work cables down the staircase & IT's WORKING! (Well, nearly, can't get the English channel yet but I have Araic so looks like DM on wireless - hell I hate technology

 

I was pushed to get off my butt by the appearance of saggy on Sky News. no way I was gonna watch that.

 

He seemed quite tense, nervous, anxious, why I'd go so far to say he looked decidely twitchy, and the reporter didn't paint a very rosie picture of his chances

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Limpet trying to sound positive and talks about player sales being the last resort, but then goes on to say that Chinny won't put any new money in and the club has to find money from a white knight or player sales.

He really is squirming.

 

Well that really must be 'cancel milk & papers' for them, then. Which benevolent multi-milionaire, however 'passionate', would willingly donate a significant chunk of their worth to keep that money pit going for another season?

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Lol keep up! I bought access to Al Jazeera but it wouldn't work in the decoder on my telly so they put in a 2nd dish, but downstairs telly couldn't cope with two feeds so they installed the Footie upstairs in the bedroom...

Anyway an hour of work cables down the staircase & IT's WORKING! (Well, nearly, can't get the English channel yet but I have Araic so looks like DM on wireless - hell I hate technology

 

I was pushed to get off my butt by the appearance of saggy on Sky News. no way I was gonna watch that.

 

He seemed quite tense, nervous, anxious, why I'd go so far to say he looked decidely twitchy, and the reporter didn't paint a very rosie picture of his chances

 

I got within a few yards of him and can confirm that he looked somewhat startled :-)

 

I do tend to have that effect on most people, mind you

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Just catching up on the days events and if I am understanding correctly 'Arry is in the clear? The dog, otherwise known as Rosie, provides 'Arry with canine therapy (love, relaxation, exercise, etc) and that means 'Arry is better at his job at PFC so Milan decides to pay Rosie for her services which are, indeed, beneficial to PFC. Presumably Rosie is a French Poodle (?) and wants to be paid in Euros in to a French bank account but agrees that Monaco is near enough so 'Arry flies out there and opens her a bank account. Milan pays Rosie, like most employers, by BACS in to her account. Dogs are not liable to PAYE and do not have to complete a tax assessment either so she does not declare the income, why should she? 'Arry does not mention this to the tax enquiry, after all this is none of his business. Sadly, Rosie passes away and leaves her small fortune in her will to her beloved master, 'Arry. Fortunately, the amount is just under the death duties level and so no need to declare anything, is it all legitimate. The very worse that could have happened is HMRC could have pursued the dog for the money as she was a UK resident and if fond guilty she may have ended up in Holloway Kennels for a few months.

 

Nutshell

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Lampitt live on express FM.........

 

DL........."Club not in admin...No 1 priority to get club sold...AA's main job is to do that.

"Tall order to get things sorted before end of the month.....Difficult circumstances since CSI went into admin"

 

He is not aware of a 2nd bid from ipswich,1st offer turned down for best assets.

"Any new owner does not want see assets sold"

 

"Interest in club has been maintained and is still there"

"Major creditor portpin who have a major financial interest in club ,do they want to continue to support club? they have shown unwillingness to do so"

 

"There are a few things that need to happen to bring PFC down....no new ownership..no player sales to fund club....I'm still positive we can sort things out"

"Things get done nearer the end of the transfer window,decisions are going to have to be made in a week to 10 days,difficult decisions"

"New owners issue are unlikely to be resolved in that time"

"Chanarai coming back is probably not going to happen,who knows what will happen,one of the potential routes for club to be sustained though"

 

"£800k from December,22nd December was the date it should have been paid...Paye owed also....."

 

"We are clear we need to get an owner is an immediate one"

 

"We were almost break even,accounts will be filed next month"..."cash flow the problem...back log of creditors"

 

"catch 22...the previous owners were not popular as they did not want a football club (Chanarai),CSI invested sensibly and should not be criticised"

 

"Football league could possibly forward a parachute payment.....but again will impact on CVA and cash flow...all it does is bring forward a solution but in the longterm will be more problematic...we have discussed this with the football league.....we have just received some from the football league"

 

"i would not look for them to advance a years parachute payment but perhaps 1 or 2 months worth while we try and buy time to get ownership sorted out"

 

"We find a buyer that gives us a clean break"

"plan B..pheoinix club,talked about alot with the fans....nuclear option...last resort,we have to fight what we have got...we can't shake of the circumstances we have got"

 

"Legal process around antonov will not be swift but a return is not an option....while they were here, Roman and Akkers were main contacts Roman had little to do with it"

 

"Roman and Akkers do not have the wealth to take over...better of a clean break....board of PFC...LOOK ON COMPANIES HOUSE ROMAN IS STILL ON there but not been updated ...me and John Redgate are the board of PFC"

 

"Why take Herman out and bring one in?...look at the playing squad...we are not bringing in players for the sake of it...Football league taking a great interest in what we are doing."

 

"Michael has his own ideas on playing squad but it will come down to me"

"Players pay cut? would we consider it ...yes..but it is not straight forward...we have had talks with PFA....it is easy to say just because they earn the most they should take one ..but it is an option"

 

"In terms of previous circumstances...we will get through this challenge..i cant guarantee it...but certain thing must not happen...we can avoid it as there is interest in the club"

 

"the value of the squad is far more valuable now than it was two years ago when this happened before"

"Great to know fans are keep coming to fratton we have had some great turnouts recently...support the club and the players...the revenue coming into the club...it stays with the club...cash coming through the door helps the club"

 

Question...do the council have a charge or say in the club?....Lampitt "i don't know"

 

"Football league and Pfc took the word of Antonov he could fund the club,any prospective new owner will have to jump through hoops to satisfy the football league"

 

"the message to all interested parties...the message given out loud and clear...don't delay the process"

 

"we are doing everything we can,i am sorry if i sound glum but i am being honest,sorry but some things i cant share...confidentality is key,some of the things that have come out these last few days has hurt us and hampered us"

 

"personally i would have not said anything,there is such things as timing,i would have protected our strength when it comes to negotiations"

The above is reference the HMRC winding up order.

 

Thats all folks,apolgies for grammatical errors,difficult to keep up on occasions...anyway..make of it what you will.

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"the value of the squad is far more valuable now than it was two years ago when this happened before"

 

How, and why is this allowed to happen???

 

This is the question the skates should be demanding of the FL - the ones that are monitoring things oh so closely ;)

 

Spending money you haven't got is the issue once again.

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Dont know. The gazette website doesnt give the details, just that change took place. Somebody would have to go onto the companies house website and pay £2 to find that out

 

It was Antonov and Akers. Their resignations tie up with the dates gazetted and the dates shown in the Credit Agencies records.

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Just catching up on the days events and if I am understanding correctly 'Arry is in the clear? The dog, otherwise known as Rosie, provides 'Arry with canine therapy (love, relaxation, exercise, etc) and that means 'Arry is better at his job at PFC so Milan decides to pay Rosie for her services which are, indeed, beneficial to PFC. Presumably Rosie is a French Poodle (?) and wants to be paid in Euros in to a French bank account but agrees that Monaco is near enough so 'Arry flies out there and opens her a bank account. Milan pays Rosie, like most employers, by BACS in to her account. Dogs are not liable to PAYE and do not have to complete a tax assessment either so she does not declare the income, why should she? 'Arry does not mention this to the tax enquiry, after all this is none of his business. Sadly, Rosie passes away and leaves her small fortune in her will to her beloved master, 'Arry. Fortunately, the amount is just under the death duties level and so no need to declare anything, is it all legitimate. The very worse that could have happened is HMRC could have pursued the dog for the money as she was a UK resident and if fond guilty she may have ended up in Holloway Kennels for a few months.

 

This is a brilliant post. Laughed my socks off

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So Harry was getting a cut out of outgoing transfers from Milan, not surprising that he didn't get on with Rupert then cos I very much doubt that he got that from Saints.

 

Indeed. And no wonder the bastard was in such a hurry to leave us and go back to his "spiritual home." And it certainly gives a whole new complexion on his infamous thumbs up at Krap Nottarf to Mad Milan.

 

Bastard.

 

I'm in a bad mood after today's match, so I won't even try to emulate the mass of very clever and witty film references to Cheats FC. So I will just settle for this.

 

die_monster_die_poster.jpg

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As i was bored and still p*ssed off after the result thought i'd browse the net for something to improve my mood and ended up at companies House.

 

PFC current status is: Active-Proposal to Strike off

 

Not sure wot it implies but made me feel better.

Also says : Next Return Due: 21/09/2011 OVERDUE

 

Ok i feel better now :smug:

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Another day of fun ahead then. Will the winding up order be advertised today? Will pompey sell any players before it is advertised? Not to mention all the fun of the fair at court.

 

Interesting that in the interview with lumpitt that he mentioned the starting of an afc pompey as an option. First time I think that someone associated with the club has stated this?

Edited by pedg
?
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Maybe the end game has begun?

 

Maybe. Maybe not.

 

Every day Chainrai doesn't sell and we get closer to being wound up the closer he gets to getting nothing for the club. Liquidation sees the player registrations revert to the FL and th parachutes distributed to other clubs. The value of the land that Fratton Park is on is about £3 - £4m tops without Gaydamak's land and there's no way Gaydamak would sell to him. Does he take the risk that he'll get something from liquidators as a credtor - especially as any liquidator is likely to be chosen by HMRC or does he sell now and make sure he gets something - even if it's way less than the figure he really wants.

 

One bids already in, let's see what happens girls.

 

PS, Nice work Nuge

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Maybe. Maybe not.

 

Every day Chainrai doesn't sell and we get closer to being wound up the closer he gets to getting nothing for the club. Liquidation sees the player registrations revert to the FL and th parachutes distributed to other clubs. The value of the land that Fratton Park is on is about £3 - £4m tops without Gaydamak's land and there's no way Gaydamak would sell to him. Does he take the risk that he'll get something from liquidators as a credtor - especially as any liquidator is likely to be chosen by HMRC or does he sell now and make sure he gets something - even if it's way less than the figure he really wants.

 

One bids already in, let's see what happens girls.

 

PS, Nice work Nuge

So the club owes 1.8m to HMRC who is paying AA? all debt to be to be found by any numpty stupid enough to buy Pompey.

So Chanrai may cut his losses and take 5m, add all the other toxic debt and the CVA, somebody will then have to still pay £20m + for the club.

As for the player registrations, we all suspect that Chanrai is pulling AA's strings, therefore if he is going to take a massive dive, he may as well instruct AA etc to sell the players. Afterall, Lampitt stated last night that the current squad is worth more than it was when you last went into admin!!!!!!! (where does that come from?) If so Chanrai is still quids in by selling the players.

The FL will without a doubt do anything to keep the club alive (parachute payments upfront again) and so no point deduction and turn a blind eye to you trading whilst insolvent.

It is a scandalous state of affairs, but why should we be surprised.

 

 

 

Nugent loved scoring against your lot as much he did us, by the way

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Maybe. Maybe not.

 

Every day Chainrai doesn't sell and we get closer to being wound up the closer he gets to getting nothing for the club. Liquidation sees the player registrations revert to the FL and th parachutes distributed to other clubs. The value of the land that Fratton Park is on is about £3 - £4m tops without Gaydamak's land and there's no way Gaydamak would sell to him. Does he take the risk that he'll get something from liquidators as a credtor - especially as any liquidator is likely to be chosen by HMRC or does he sell now and make sure he gets something - even if it's way less than the figure he really wants.

 

One bids already in, let's see what happens girls.

 

PS, Nice work Nuge

 

Chinnys charge on PFC (the club) is via CSI so he will get what ever he gets via the sale or liquidation of CSI I believe. He still owns the PFC ground though which is also the land. So if the club gets liquidated and proceeds are sent to the original creditors from the CVA and anything left over goes back to CSI then he will get his share out of that. How long before the ground is demolished and land sold to Tesco's or someone? Both Chainrai and Gaydamak im sure will get as much as they can out of that which should cover more of their losses than anything a potential buyer of the club is prepared to offer.

 

You may find a white knight, Chainrai may accept a ridiculas price and take a loss, Gaydamak may want out and sell up on the cheap too, the FL may be kind and not give you further points deductions while Harry and Milan's court case may get thrown out in the next day or so or bare absolutley no connections to PFC. Have I missed anything? Oh yeah, if that lot happens chuck a couple of quid on the euromilliions.

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Lampitt live on express FM.........

 

 

"Football league could possibly forward a parachute payment...we have discussed this with the football league.....we have just received some from the football league"

 

they have received "some from the FL"? Was that a scheduled payment or something outside the normal payment structure? If so that doesn't seem fair on the other sides in the league.
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they have received "some from the FL"? Was that a scheduled payment or something outside the normal payment structure? If so that doesn't seem fair on the other sides in the league.

 

Just catching up on here and that was the one thing that really stood out in that interview - amazed noone picked up on it last night , should come with a points deduction for unfair advantage

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