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Pompey Takeover Saga


Fitzhugh Fella

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Surely Chanrai/Gaydamack would be better off liquidating the football club and flogging the land to Tescos then?

This is a good laugh and a situation you think someone in the toy retail sector should really be aware of...

 

Tesco’s decision to cut its store-expansion programme, which has characterised its growth during the past decade, will send shockwaves through the UK’s commercial property sector.

 

The country’s largest retailer by market value, which said on Thursday that it planned to sell more non-food items through the internet, is a significant force in the property market, buying and selling billions of pounds worth of land, supermarkets and high street shops every year.

In the past five years, Tesco has sold £6bn-worth of property globally, giving it net divestments of £5.2bn on which it has made £1.3bn of profit. Nearly all of the disposals have been in the UK, where the retailer has a mature portfolio of supermarkets and inner-city shops.

Its rate of disposals in its domestic market means Tesco has been the sixth-largest property vendor since 2007, only slightly behind Lloyds and Royal Bank of Scotland – the two government-controlled lenders under pressure to sell their property holdings.

Edited by Guided Missile
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hehehehehe. Coffee over monitor moment.

 

Actually, not only does she look like a bit of a shaaaaag-piece, a bit of posh totty nice to have on the side, her profile sounds pretty respectable.

 

http://www.conservatives.com/People/Members_of_Parliament/Mordaunt_Penny.aspx

 

Just a pity she knows f**k all about football. I mean, if she cant understand how bent PFC is and how it is taking the rest of the sport for a ride, she aint going to understand the offside rule...

 

Like this bit "a magician's assistant for Paulsgrove resident and former President of the Magic Circle" this could be what they are waiting for!

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Portsmouth supporters are considering a £32million buy-out of the crisis club.

 

Fans will meet with local business leaders on Thursday to discuss the rescue mission – and how the purchase could be financed.

 

Top of the agenda will be an emergency package to halt a winding-up order by Revenue & Customs over a £1.6million tax bill.

 

Parent company CSI are already in administration and Pompey face the same fate unless they can start to balance the books.

 

But administrator Andrew Andronikou has warned any potential buyer would need to come up with around £32m, including £20m owed to previous owners Balram Chainrai and Alexandre Gaydamak.

 

Scott McLachlan of the Portsmouth Supporters’ Trust said: “Other clubs, notably Swansea, have been bought out by their fans and this is an avenue we have to explore.

 

“We have to make every effort to save the club. There is the possibility that between us we can organise a community fans buy-out but a lot of money is involved.”

 

 

LOL, maybe someone should explain that Swansea City Supporters Society Ltd owning a 20% stake is not buying out the club.

 

Where do they think that they will find at least £32m from? They could always ask the alleged 200,000 people who were on Southsea Common to stump up £160 each.

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Portsmouth supporters are considering a £32million buy-out of the crisis club.

 

Fans will meet with local business leaders on Thursday to discuss the rescue mission – and how the purchase could be financed.

 

Top of the agenda will be an emergency package to halt a winding-up order by Revenue & Customs over a £1.6million tax bill.

 

Parent company CSI are already in administration and Pompey face the same fate unless they can start to balance the books.

 

But administrator Andrew Andronikou has warned any potential buyer would need to come up with around £32m, including £20m owed to previous owners Balram Chainrai and Alexandre Gaydamak.

 

Scott McLachlan of the Portsmouth Supporters’ Trust said: “Other clubs, notably Swansea, have been bought out by their fans and this is an avenue we have to explore.

 

“We have to make every effort to save the club. There is the possibility that between us we can organise a community fans buy-out but a lot of money is involved.”

 

 

LOL, maybe someone should explain that Swansea City Supporters Society Ltd owning a 20% stake is not buying out the club.

 

Where do they think that they will find at least £32m from? They could always ask the alleged 200,000 people who were on Southsea Common to stump up £160 each.

 

Why...the UK taxpayer of course - as usual.

 

They REALLY don't get it.

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James Pearce @Pearcesport

Jury's been hearing from Alan Hills at HSBC private banking in UK. He was Redknapp's banking relationship manager

 

Hills told the Court that Redknapp didn't tell him about the Monaco account until 2008 - nearly 6 years after it was opened

 

Hills said he would have expected to have been told much earlier about Monaco account

 

Hills said at one stage he'd requested details of Redknapp's assets and liabilities, and Redknapp hadn't mentioned Rosie47 at the time

 

Hills said his surprise at not knowing about Rosie47 was even greater because he worked for HSBC. Rosie47 was held in HSBC Monaco

 

When Redknapp told Hills in 2008 about Monaco account Redknapp didn't give him any paperwork but told him there was a code word - Rosie47

Hills said he was intrigued by origin of code word and asked Redknapp for reason. Redknapp told him Rosie was his dog's name

Hills was asked by Redknapp to get the account in Monaco closed. Hills named the move to do that "Project Rosie"

Short break now and then jury will begin to hear recordings of Redknapp's interviews with the police

 

We are going to have an early finish today as judge has other business, so Court will sit until 1330 with no lunch break and then finish

 

During cross examination of Hills, Redknapp's barrister revealed R made "disastrous investments" including £250,000 loss in Oxford United

 

Edited by trousers
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Pompey must be gutted...haha they found the wrong Russian.

 

Bompey on the other hand..... bids rejected for Matt Tubbs, Stuart Beavon, but they've had a bid accepted by Brighton for Will Hoskins...rumour on Twitter that they'd also be interested in Connolly.

 

Fair play to Bompey though - they did the right things after Admin and lived within their means. See how easy it is Skates, you know, if you really try?!

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Answering a previous post:

 

Will you be toast, or do you think that the chancers who run your club, or the bent administrator of CSI, have some ace up their sleeves to gain you a stay of execution?

 

No idea, reckon it could go either way. The biggest issue, as I said before, is whether Chainrai is willing to take a risk that he'll get as much from the club being liquidated as he would from any offer. One offer's on the table which is way below the £18m he wants but is apparently pretty realistic. My heart says he'll take an offer and we'll get through but knowing what a greedy litle ****er he is it could go either way. Love the way you think the administrators are looking out for us by the way. You're so sharp on here guys. LOL

 

Is this a revised offer from the Joca? LOL. Is this more realistic offer that is way below the £18m, just a token £1, plus taking on the debts?

 

And yes, although you are apparently not in administration (yet) we already have had the notion aired that the Android was seeking to sell assets of CSI to put money into PFC. Why, even the board of PFC yesterday mistakenly said that PFC were in administration, before amending it. So yes, excuse the impression given that the Android is looking out for you, obviously on behalf of Chainrai.

 

And of course, apart from the debt you list, there is the debt to HMRC, there are the running costs, the inflated player's wages, etc. No ground, no training ground, no land around the ground. What a bargain the club is!

 

True there's the debt to HMRC but running costs can be reduced quite easily. Quite a few of the higher earners only have a year left on their contracts and can probably be encouraged to find another club if we release them (now or at the end of the season). And the offer that's on the table is from a guy whose background means his angle is probably about developing the infrastructure of the club to improve it's value long term

 

Thanks for the belated acknowledgement that you might also owe some tax. It seems to be a Skate disease to forget the little details like that. As for the cost reductions regarding the players, this contention of yours has already been shot down in flames by several other posters. I'm afraid that your opinion on this lacks credibility, old son.

 

The difference is that our wealthy benefactors are respectable business people, ethical, reliable, trustworthy. None of these adjectives apply to any of the past few owners you have had. Furthermore, the level is debt we have is miniscule against the value of assets owned by the club and also against the returns achievable by the return to the Premiership. So our owners are making astute investments, whereas yours were laundering money/picking the bones of your carcase/speculating funds they didn't have. Do you see the difference now?

 

Yes the difference seems to be that if it's Pompey it's cheating but if it's Saints it's fine to live beyond your means because it's "investment". You talk about the level of debt being "miniscule against the clubs assets". What is the level of your debt exactly. You seem to know the figure.

 

Yes, correct, except that we are not living beyond our means. And as you say, monies spent on improving our infrastructure like our training ground facilities, is indeed investment.

 

And yet for all your bleating about how other clubs had similar gate receipts and also similar wages to turnover ratios, yours was the first club in the history of the Premiership to go into administration.

 

Yes, because our backer stopped funding us and the bank called in £30m+ overnight. Are you saying that could never happen to you? Or any club for that matter? Also, would you not agree that the player sales we made should have been more than enough to prevent administration, yet somehow the money wasn't available to the club. What happened to it? If the "crooks and puppets" you've mentioned siphoned some out of the club then is it PFC's fault that bills weren't paid?

 

It did happen to us when Lowe was in charge, and of course for a miniscule debt compared to yours. But whether it would happen under our current ownership is extremely unlikely and unlike your past few owners, the Liebherrs would be good for the money. Yes, it was possible that it could happen to other Premiership clubs, but as it only happened to yours, that must be indicative that other clubs could cover their debts, whereas you couldn't. In your case, the owner/s who had paid for the overpaid players, put the money back into their pockets when they were sold. What would you expect them to do? Put it back into the club? And yet again, I have to remind you when apportioning blame, that "the club" is not just the owners, but the players, the fans, the staff, etc. You obviously get the owners you deserve.

 

As for inviting comment on the sensitive information regarding your ownership, which is currently being investigated by the journo, you surely wouldn't expect us to comment on it when the newspaper hasn't even cleared it with their legal eagles yet.

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Pearcesport James Pearce

Redknapp "We ran the Sun and it turned out I hadn't been paid for 18 months"

1 minute ago Favorite Retweet Reply

 

Pearcesport James Pearce

Redknapp says accountant asked him where was money for his Sun column. R said he assumed it was with accountant. In his bank....

2 minutes ago

 

Pearcesport James Pearce

Redknapp "I pay a fortune to my accountant to look after me. He pays my bills. He runs my life"

3 minutes ago

 

Pearcesport James Pearce

Redknapp "My accountant runs my life. I haven't seen a wage slip for possibly ten years. I don't have bank statements"

5 minutes ago

 

Pearcesport James Pearce

Redknapp: "I've never written a letter in my life. I write like a two year old and can't spell"

6 minutes ago

 

Pearcesport James Pearce

Redknapp: "I'm most disorganised person in world. I can't work a computer, don't know how to email. Never sent a fax or even text message"

7 minutes ago

 

Pearcesport James Pearce

Lots to update you on. We've been hearing tape of Redknapp's police interview in 2009

 

 

-----

 

Carry on Arry - wanna shovel?! :lol:

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Quite a few of the higher earners only have a year left on their contracts and can probably be encouraged to find another club if we release them (now or at the end of the season).

er, the only high earners out of contract in the summer are TBH and Rocha.

 

The rest have 18 months or more. Mokoena 2013, Varney 2014, Halford 2014, Kanu 2013, Norris 2013 or possibly 2014, Kitson 2013, Lawrence 2014 and Husseklepp 2014.

 

This idea that they'll be happy to move is very much dependant on them finding another club able to match what you offered and seeing as you are paying the likes of Norris more than he could get at big spending Ipswich I doubt he'd get a better deal elsewhere.

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Pearcesport James Pearce

Redknapp "We ran the Sun and it turned out I hadn't been paid for 18 months"

1 minute ago Favorite Retweet Reply

 

Pearcesport James Pearce

Redknapp says accountant asked him where was money for his Sun column. R said he assumed it was with accountant. In his bank....

2 minutes ago

 

Pearcesport James Pearce

Redknapp "I pay a fortune to my accountant to look after me. He pays my bills. He runs my life"

3 minutes ago

 

Pearcesport James Pearce

Redknapp "My accountant runs my life. I haven't seen a wage slip for possibly ten years. I don't have bank statements"

5 minutes ago

 

Pearcesport James Pearce

Redknapp: "I've never written a letter in my life. I write like a two year old and can't spell"

6 minutes ago

 

Pearcesport James Pearce

Redknapp: "I'm most disorganised person in world. I can't work a computer, don't know how to email. Never sent a fax or even text message"

7 minutes ago

 

Pearcesport James Pearce

Lots to update you on. We've been hearing tape of Redknapp's police interview in 2009

 

 

-----

 

Carry on Arry - wanna shovel?! :lol:

 

He is sounding more and more like a blithering idiot. And this guy is being talked up to manage the national team someday? lol

 

Either he really is a complete fool and is going to be walked over forever more or he is cleverly acting the fool to hide the dodgy dealing that seem to follow him where ever he goes.

 

Fact is he admited to being paid money for the crouch deal and it went via a Monaco secret bank with a code word without paying any tax. Cant see that fact being brushed aside cause the guy is a village idiot.

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Pompey must be gutted...haha they found the wrong Russian.

 

Bompey on the other hand..... bids rejected for Matt Tubbs, Stuart Beavon, but they've had a bid accepted by Brighton for Will Hoskins...rumour on Twitter that they'd also be interested in Connolly.

 

Fair play to Bompey though - they did the right things after Admin and lived within their means. See how easy it is Skates, you know, if you really try?!

And now Bournemouth, having realised that a club of their size can't move forward anymore without being forced to sell their entire first team for peanuts every year, are following Pompey's lead by taking some dodgy Russian's money. It will end in tears for them as well.

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Where do they think that they will find at least £32m from? They could always ask the alleged 200,000 people who were on Southsea Common to stump up £160 each.
I can image one or two Saints fans in PO codes being less than impressed if the local council steps in with money a part of this deal. With cuts left right and centre the thought of them wasting money on them is not going to go down well.
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Seems to me Redknapp is gonna play the ignorance card on his court case, saying he believed tax was paid as he didn't have anything to do with it, and left it all to his accountant.

 

If your going by the police interview where he sounds like he is pleeding complete ignorance on anything official then maybe. But the NOTW interview contradicts what he says slightly and so does the HSBC guys info as that suggests Arry was in control of the Monaco account and he even learnt to send a fax just for that purpose!!

 

Ignorance or not it sounds like he knew enough about the account and what was in it to be able to give a bit more info to the police or his accountant when asked.

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Seems to me Redknapp is gonna play the ignorance card on his court case, saying he believed tax was paid as he didn't have anything to do with it, and left it all to his accountant.

 

Tut tut, there was me thinking that ignorance is no defence in a court of law.

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Tut tut, there was me thinking that ignorance is no defence in a court of law.

 

Exactly, I can't see how he is going to defend his actions other than pretending to me a complete buffoon. He received money into an account he knew about and opened, which he even gave a code name to. He didn't pay tax on that money, he didn't even inform his accountant about it, so he knowingly didn't declare his earnings. Surely he has to be found guilty?

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Seems to me Redknapp is gonna play the ignorance card on his court case, saying he believed tax was paid as he didn't have anything to do with it, and left it all to his accountant.

 

Alas (for Redknapp), claiming "ignorance" is not a valid defence in a court of law. One assumes the judge will direct the jury accordingly....

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Portsmouth supporters are considering a £32million buy-out of the crisis club.

 

Fans will meet with local business leaders on Thursday to discuss the rescue mission – and how the purchase could be financed.

 

Haven't "local business leaders" already, unwillingly, given them a **** load of money?

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Expert just been on Talksport

 

1. Either they pay in full, go bust or go into admin.

 

Where would the money come from at the moment? If no money then how can they go into admin as who will fund it?

 

2. AA will be administrator if they go into admin.

 

That assumes that there is another creditor bigger than HMRC. Is there ? There must be question on the conflict of interest if CSI are still in Admin and Pompey go in admin as well as both would be without any funding !!!

 

3. When asked if HMRC are being “vindictive”, answered why should taxpayer subside a football club

Agreed

 

4.Much harder to find buyer now.

 

No one was seen just ariving from Mars !!!

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True about them sitting on their arses but if they've only got a year left why not move on to get a two or three year contract elsewhere so they can guarantee they can sit on it some more?

 

As for the infrastructure, we have the land available for a training ground free of charge and Tesco willing to pay up to £20m for land that could be put towards the cost of a new stadium.

 

Also, I'm amazed that none of you investigative genius' have posted about the story oen of the tabloids are trying to get past their lawyers about people involved with PFC at the moment. Have you posted it on a different thread and I've missed it or something?

##

 

So, Roesy...BC would get more if he let your cesspit go bust, club in with the maimer and let HMRC do what they wish with the dregs?!

 

It seems to have escaped your notice that Poopey don't own the ground, land...anything other than a massive (and growing) debt really!

 

Ma Tel me another one!

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Expert just been on Talksport

 

1. Either they pay in full, go bust or go into admin.

 

2. AA will be administrator if they go into admin.

 

3. When asked if HMRC are being “vindictive”, answered why should taxpayer subside a football club

 

4.Much harder to find buyer now.

 

"expert" and "talksport" ...interesting juxtaposition!

 

Havinmg said that I am curious about who woud be the administrator. It presumably depends in who actually decides to put them into administration. The club can do so itself can't it, voluntarily? They can't want AA again surely to god? Whereas if it is Portpin, ie BC who puts them into admi , he obviously will want AA ...though HMRC may object.

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"expert" and "talksport" ...interesting juxtaposition!

 

Havinmg said that I am curious about who woud be the administrator. It presumably depends in who actually decides to put them into administration. The club can do so itself can't it, voluntarily? They can't want AA again surely to god? Whereas if it is Portpin, ie BC who puts them into admi , he obviously will want AA ...though HMRC may object.

 

He was 100% clear that as AA was admin for CSI, it would be him.

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Scott McLachlan of the Portsmouth Supporters’ Trust said: “Other clubs, notably Swansea, have been bought out by their fans and this is an avenue we have to explore.

 

I do wish he'd shut the f3ck up about Swansea. He hasn't a clue.

 

LOL, maybe someone should explain that Swansea City Supporters Society Ltd owning a 20% stake is not buying out the club.

 

The Trust owns 20%, but the other directors really are just fans with small local businesses.

 

The trust is 10 years old just recently. Here is a recent article about the takeover

 

We gave him the money and he tossed it on floor

 

Of course what these potted histories don't tell you is the 'softening up' process that got the crook Tony Petty to the negotiating table. I'm absolutely not saying any of the Trust or eventual directors were involved in this, but Tony Petty feared for his physical safety (seriously. Google).

 

Here is one of the attack sites that still exists

The Crook Report

Petty Out

 

There were a lot of people, individually and in small groups making his life hell.

 

Whereas, Pompey, in the presence of crooks wave their bare arses in the air and say "Do what you want for an FA cup mister".

 

No similarity at all. Shut the f3ck up about Swansea Mr McLachlan.

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He was 100% clear that as AA was admin for CSI, it would be him.

 

Any idea if that's because of a legality (i.e. the administrator of a subsidiary has to be the same as the parent company) or is it more a matter of that's what tends to happen 99% of the time due to convenience/continuity/etc? Don't forget we're not dealing with a "normal" business here....!

Edited by trousers
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James Pearce @Pearcesport

Jury's been hearing from Alan Hills at HSBC private banking in UK. He was Redknapp's banking relationship manager

Hills told the Court that Redknapp didn't tell him about the Monaco account until 2008 - nearly 6 years after it was opened

Hills said he would have expected to have been told much earlier about Monaco account

Hills said at one stage he'd requested details of Redknapp's assets and liabilities, and Redknapp hadn't mentioned Rosie47 at the time

Hills said his surprise at not knowing about Rosie47 was even greater because he worked for HSBC. Rosie47 was held in HSBC Monaco

When Redknapp told Hills in 2008 about Monaco account Redknapp didn't give him any paperwork but told him there was a code word - Rosie47

...

 

So sometime in 2008 he lets on about "Rosie47", it would be nice to know which month ?

When did he tell his Accountant was it was mentioned the other day ?

 

 

Because at 6:06 on the 29 Nov 2007 the Police raid a house in Sandbanks with a search warrant, and "a lap top computer and some bank statements were in fact removed" (point 5 & 20 on link).

R is then arrested on return from Germany, bailed and then rebailed until 23 May 2008 (point 22).

2 May 2008 the Warrant is deamed to have been issued unlawfully at the High Court (didn't show it to Mrs- point21; didn't complete PACE 8.3 correctly - point 16 etc). (Which I believe means that items seized cannot be used in a Court Case).

http://www.bailii.org/cgi-bin/markup.cgi?doc=/ew/cases/EWHC/Admin/2008/1177.html

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Expert just been on Talksport

 

1. Either they pay in full, go bust or go into admin.

 

2. AA will be administrator if they go into admin.

 

3. When asked if HMRC are being “vindictive”, answered why should taxpayer subside a football club

 

4.Much harder to find buyer now.

 

HMRC are simply representing the UK public and they are quite right, why should the UK taxpayer subsidise a football club - its as ridiculous as the notion from the skate trust that Central Government should pay off their debts.

 

The spin and lies being peddled by the skate MP, skate trusts, skate '12th man' endorsements etc is all absolutely sickening and corrupt to the core. Why these people want to see loan sharks and childmaimers being paid millions by the UK public is beyond me. The skate tory MP is the worst of the lot, she should have the intelligence to realise that what she is doing and saying is pure evil and sometimes morals and integrity should rise above trying to win votes. The skate fans are just desperate and deluded, they simply dont get it - so it is slightly understandable why they get caught up in the dirty spin tatics.

 

Shut them down HMRC, for the good of the country - they are rotten to the core and it is important that their disease does not spread throughout football and other industry.

 

COYHMRC - you can beat this sh*t

 

 

 

In other news, Ipswich are still trying to buy poopey players and now they want the carrot top:

 

http://www.ipswich.vitalfootball.co.uk/article.asp?a=270476

 

and Voldermort is doing his best to peddle the 'down to our bare bones' myth that is the second highest net spenders and most expensive XI Quality over Quantity strategy:

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/appy_players_have_to_fill_squad_gaps_1_3454272

 

 

DCFSBs

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2 May 2008 the Warrant is deamed to have been issued unlawfully at the High Court (didn't show it to Mrs- point21; didn't complete PACE 8.3 correctly - point 16 etc). (Which I believe means that items seized cannot be used in a Court Case).

http://www.bailii.org/cgi-bin/markup.cgi?doc=/ew/cases/EWHC/Admin/2008/1177.html

 

FFS....that's what annoys me about 'justice' in this country....people more often than not "get away with it" due to technicalities or procedure errors rather than the evidence itself being tainted. Yes, I know that "human rights" take precident over the validity of the evidence but it still wrankles. I predict 'Arry will be found "not guilty"....not becasue he's necessarily innocent but because of a technicallity.

 

Waste of tax payer's money. Hmmpff (for those of us that pay all our taxes of course....)

 

Edit: Surely a jury are clever enough to work out whether the evidence is still reliable if they are informed as to the procedural errors made in collecting it? As long as the caveats are known then let the jury decide. FFS

Edited by trousers
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What a complete waste of tax payers money. Will bet good money that Redknapp will walk free over a technicality or the jury buying the 'simple old man' act.

 

I think that all that previous poster meant was that the EVIDENCE gathered on those raids couldn't be used in THIS trial.

 

I seem to remember someone mentioning ages ago, that the Crown had plenty on Harry then - but couldn't proceed with the case (not this one) because of the balls-up.

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FFS....that's what annoys me about 'justice' in this country....people more often than not "get away with it" due to technicalities or procedure errors rather than the evidence itself being tainted.

 

Edit: Surely a jury are clever enough to work out whether the evidence is still reliable if they are informed as to the procedural errors made in collecting it? As long as the caveats are known then let the jury decide. FFS

 

That would be a downward spiral, how far do you need to follow procedure before it is made redundant or the court is deciding on points of procedure rather than evidence. It would be better to make procedures easy to follow and transparent rather than overly bureaucratic.

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Pearcesport James Pearce

Redknapp: "I'm most disorganised person in world. I can't work a computer, don't know how to email. Never sent a fax or even text message"

7 minutes ago

 

Cant work a computer? Makes you seem to be a bit of a technophobe! You seemed to manage quite well on the Wii on those TV adverts a while back!

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That would be a downward spiral, how far do you need to follow procedure before it is made redundant or the court is deciding on points of procedure rather than evidence. It would be better to make procedures easy to follow and transparent rather than overly bureaucratic.

 

Yeah, agree in all seriousness....was just venting one's spleen at people walking free for the wrong reasons.

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Why do people never praise the legal system for any of the cases it gets right?

 

Because that's what people expect to happen.

 

It's human nature....it's like whenever there's, say, a transport disaster, people will spend days/weeks/months talking about how to prevent another rare event happening than highlight how well it works most of the time.

 

In other words, human beings love nothing more than a good old moan at stuff!

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Surely if AA were appointed administrator, then that would create a conflict of interests between CSI admin and the pompey admin, as he would be representing a creditor on one side of the equation and a debtor on another? It would be in his interests to give preferential treatment to a particular creditor if he could do so? One presumes that may be a grounds for complaint by HMRC?

 

But I suppose that hasn't stopped him becoming administrator of North One Sport as announced yesterday (we missed this yesterday in all the excitement of HMRC's WUP for PFC)...

 

http://www.london-gazette.co.uk/issues/60041/notices/1516969/all=north+one+sport;sort=newest

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Surely if AA were appointed administrator, then that would create a conflict of interests between CSI admin and the pompey admin, as he would be representing a creditor on one side of the equation and a debtor on another? It would be in his interests to give preferential treatment to a particular creditor if he could do so? One presumes that may be a grounds for complaint by HMRC?

 

But I suppose that hasn't stopped him becoming administrator of North One Sport as announced yesterday (we missed this yesterday in all the excitement of HMRC's WUP for PFC)...

 

http://www.london-gazette.co.uk/issues/60041/notices/1516969/all=north+one+sport;sort=newest

 

Hmmmm....interesting....so why is it taking PFC2010 longer to go into administration than North One Sport I wonder....? Especially when PFC2010 have more debt and cash flow issues than North One (presumably?)

 

Edit: so, the administrator for North One was appointed on 10th January. Which means that from that date onwards.....drum roll......CSI and PFC were "one single economic entity"....?

Edited by trousers
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