Generic clubs in financial crisis Thread

[Who Moved The Goalposts?]

Presume as HMRC didn't have a big enough slice of debt to block the original CVA I'm guessing they couldn't really do much to stop an amendment should the other creditors accept it.

That they weren't even informed, given that they do have a place on the creditors' committee, is staggering.

If they didn't know, it's because they weren't informed. All part of the strategy to reduce unsecured debt to zero I suspect.

What I find very odd is that this debt has been restructured in double-quick time and with no leak to the outside world. Were they all asked to keep quiet?

[exileinleeds]

Presume as HMRC didn't have a big enough slice of debt to block the original CVA I'm guessing they couldn't really do much to stop an amendment should the other creditors accept it.

That they weren't even informed, given that they do have a place on the creditors' committee, is staggering.

If they didn't know, it's because they weren't informed. All part of the strategy to reduce unsecured debt to zero I suspect.

What I find very odd is that this debt has been restructured in double-quick time and with no leak to the outside world. Were they all asked to keep quiet?

Either that, or they have walked into court with "a brilliant idea". Instead of paying everyone 20p- we are only going to pay 10p. What you gonna do about it.

HMRC will take a VERY dim view...and if Pompey get away with it, then expect them to give other clubs even less leeway.

[Tony Le Mesmer]

Slightly off topic, but Pompey now trying to get their game at Barnsley called off due to Injuries

http://www.portsmouth.co.uk/sport/pompe ... _1_3530797

[Barry the bird boggler]

And the FL will need proof of the injuries which apparently Portsmoth will have trouble with as they can't afford the medical bills....

Bet it is called off though.

Surely though, in the best long term interests of everyone, this club should be taken quietly outside and shot.

[andrew1957]

It will be an outrage if Pompey does not get at least a 20 point deduction. That should mean they are relegated which is the very least the club deserves.

[Friday's Legacy]

portsmouth reasons to judge for administration: (ssn)

unable to afford any more policing
no money to travel to barnsley

[andrew1957]

Surely though, in the best long term interests of everyone, this club should be taken quietly outside and shot.

Agreed - if Pompey were an animal a vet would have put it down long ago out of kindness.

[10539.4 Miles Away]

Slightly off topic, but Pompey now trying to get their game at Barnsley called off due to Injuries

http://www.portsmouth.co.uk/sport/pompe ... _1_3530797

My favourite bit:

Appleton has spoken out about the need for intervention from the Football League over Pompey’s plight.

He feels the club’s problems now raise serious questions over the integrity of the Championship as a competition.

Errr.... no it doesn't, the integrity of Championship as a competition is not blighted at all, Portsmouth are the only ones who are coming out of this looking like shit.

[exileinleeds]

Slightly off topic, but Pompey now trying to get their game at Barnsley called off due to Injuries

http://www.portsmouth.co.uk/sport/pompe ... _1_3530797

Well you can't expect them to play teenagers and kids from the acadamy can you? They are a massive club with the best supports in the league, they will never get back to the prem if they have to play with who they can afford...

[Friday's Legacy]

judgement for administrator due any minute. i really hope it isn't aa. birch would be the ideal choice for hmrc. enough is enough now. if portsmouth can be seen to get away with this again then it sends out all the wrong signals to the football world that it is a doddle to get out of your debts, carry on as frivolous as before and if it goes wrong again, don't worry, debts gone, another tiny points deduction and it's bau again.

it just shouldn't be as easy as this.

[Nick Shorey my Lord!]

Portsmouth won't / can't pay for a scan on Liam Lawrenece's leg.

[Geekins]

Portsmouth won't / can't pay for a scan on Liam Lawrenece's leg.

£400 scan
TV's in staff room/players lounge off as Sky cut off TV
Groundsmen cannot do any maintenance on the training ground as people who rent out the storage containers changed locks as not been paid.
Threatened by Gas/Electric to turn off supply

Shambles!

[andrew1957]

From Pompey news - very appropriate -

farehamscareham
Friday, February 17, 2012 at 01:21 PM I've just read in the Echo that " Portmouth FC are to merge with Havant & Waterlooville under the name of "Portalooville".

[Deadlock]

Trevor Birch appointed as administrator. Result?

[ZacNaloen]

Well it's not AA

(It's the HMRC's dude)

[Deadlock]

My only concern is that the Pompey fans on this thread wanted Birch instead of Andronikou as well.

[Barry the bird boggler]

From Pompey news - very appropriate -

farehamscareham
Friday, February 17, 2012 at 01:21 PM I've just read in the Echo that " Portmouth FC are to merge with Havant & Waterlooville under the name of "Portalooville".

[Friday's Legacy]

Trevor Birch appointed as administrator. Result?

no that is fantastic news for everyone non-portsmouth.

[ZacNaloen]

My only concern is that the Pompey fans on this thread wanted Birch instead of Andronikou as well.

Yeh cos they think Andronikou oxf*rd them over.

[Barry the bird boggler]

My only concern is that the Pompey fans on this thread wanted Birch instead of Andronikou as well.

TBF it probably doesn't make a lot of difference. Whoever the Administrator is they have to seek the best for the business they are administrating therefore they will pursue every possible legal avenue open to them to maintain the business as a going concern or to get the best possible value if the business has to be wound up.

Once a business comes out of Admin or is wound up that is it from their point of view. As regards AA allowing Pompey's signing of "expensive" players after the CVA was agreed, I would imagine that was the decision of the new owner not the decision of the Administrator who should be out of it at that point.