Summerof69
 Offline
Posts: 8598
|
 |
« Reply #720 on: Sunday, April 18, 2010, 22:02:29 » |
|
And Andronikou still says they'll be out of admin in 6 weeks....
|
|
|
|
|
Logged
|
|
|
|
reeves4england
Offline
Posts: 16005
We'll never die!
|
|
« Reply #721 on: Sunday, April 18, 2010, 22:30:16 » |
|
And Andronikou still says they'll be out of admin in 6 weeks....
Andronikou says a lot of things |
|
|
|
|
Logged
|
|
|
|
pauld
Aaron Aardvark
Offline
Posts: 25436
Absolute Calamity!
|
|
« Reply #722 on: Sunday, April 18, 2010, 22:44:36 » |
|
And Andronikou still says they'll be out of admin in 6 weeks....
Proposals to be put to creditors on May 6th apparently. Wonder if he'll include one of his ground redevelopment get-out clauses that isn't this time? |
|
|
|
|
Logged
|
|
|
|
Samdy Gray
Dirty sneaky traitor weasel
Offline
Posts: 27137
|
|
« Reply #723 on: Monday, April 19, 2010, 06:59:03 » |
|
I just couldn't believe the flagrancy of the guy to think he was 'famous' enough to sign autographs like he was some kind of celebrity... oh wait, yes I can. Chiles & co found it hilarious though.
|
|
|
|
|
Logged
|
|
|
|
|
|
pauld
Aaron Aardvark
Offline
Posts: 25436
Absolute Calamity!
|
|
« Reply #725 on: Tuesday, April 20, 2010, 17:23:20 » |
|
Seems Pompey's debt is growing at a rate only matched by inflation in Zimbabwe, now up to £119m http://www.guardian.co.uk/football/2010/apr/20/portsmouth-reveal-extent-heavy-debtI do not believe that the figures will come as a surprise to anyone who has been interested in buying the club, when they do due diligence it is there for them to see," Adronikou told Soccernet. "So, for that reason, it is not unexpected, although, of course, the figures are vastly different from what has been reported. It may, though, come as something of a shock to those who believed your previous (all wildly different) statements as to what the debt was which were "vastly different" from what you're now claiming. One group who these figures will not come as a surprise to though is creditors of our CVA, or the Joe Bloggs one Andronikou was criticised for inflating by a High Court judge - they're all well used to his habit of "discovering" extra debt (in our case 5-6 years after the CVA was agreed). |
|
|
|
|
Logged
|
|
|
|
Nemo
Shit Bacon
 Online
Posts: 21567
|
|
« Reply #726 on: Tuesday, April 20, 2010, 17:36:59 » |
|
Is the suspicion that they're running up more debt so HMRC can't block a CVA alone?
|
|
|
|
|
Logged
|
|
|
|
pauld
Aaron Aardvark
Offline
Posts: 25436
Absolute Calamity!
|
|
« Reply #727 on: Tuesday, April 20, 2010, 17:40:28 » |
|
Is the suspicion that they're running up more debt so HMRC can't block a CVA alone?
I think it's more than a suspicion. And so that the club can be "returned" to Chainrai and whichever shadowy figures are behind him. If indeed they are. |
|
|
|
|
Logged
|
|
|
|
Bob's Orange
Has brain escape barriers
Offline
Posts: 28728
|
|
« Reply #728 on: Tuesday, April 20, 2010, 18:49:46 » |
|
|
|
|
|
|
Logged
|
we've been to Aberdeen, we hate the Hibs, they make us spew up, so make some noise,
the gorgie boys, for Hearts in Europe.
|
|
|
tans
You spin me right round baby right round
Offline
Posts: 25292
|
|
« Reply #729 on: Tuesday, April 20, 2010, 19:59:06 » |
|
Wankers!
|
|
|
|
|
Logged
|
|
|
|
Power to people
Offline
Posts: 6438
|
|
« Reply #730 on: Wednesday, April 21, 2010, 07:44:47 » |
|
Isn't their debt now up to something like £117m conveniently
|
|
|
|
|
Logged
|
|
|
|
Samdy Gray
Dirty sneaky traitor weasel
Offline
Posts: 27137
|
|
« Reply #731 on: Wednesday, April 21, 2010, 08:34:41 » |
|
£119m, as stated 6 posts above yours  |
|
|
|
|
Logged
|
|
|
|
pauld
Aaron Aardvark
Offline
Posts: 25436
Absolute Calamity!
|
|
« Reply #732 on: Wednesday, April 21, 2010, 10:28:15 » |
|
Actually the last £14m of that is a bit notional as it's been forward borrowed against fees due to Portsmouth from other clubs. So it's really more lost future revenue, as it's covered even if technically owed hence why it's been categorised as "off balance sheet". But when you have a debt of over £100m, what's £14m among friends?
|
|
|
|
|
Logged
|
|
|
|
jonny72
Offline
Posts: 5554
|
|
« Reply #733 on: Wednesday, April 21, 2010, 10:41:14 » |
|
I reckon it won't be long now until HMRC make their next move. They aren't going to be that far away from being able to block the CVA themselves (they must have at least 20% of the debt at present) and I'm sure there will be some other creditors willing to back them.
But I reckon we could see them take some other action, possibly going after the previous directors and owners for running up such a large debt - if you allow your company to trade whilst insolvent and run up even more debts its a criminal offence and you can be held personally liable for the debt. Then there is the question of where the extra debt has come from, over and above the figures that were provided to the courts not that long ago - would the court of allowed the winding up order to proceed if they had known the correct figure?
Hopefully the mess will be bad enough for the football authorities to finally take some action and stop this shit from happening.
|
|
|
|
|
Logged
|
|
|
|
pauld
Aaron Aardvark
Offline
Posts: 25436
Absolute Calamity!
|
|
« Reply #734 on: Wednesday, April 21, 2010, 11:00:40 » |
|
I reckon it won't be long now until HMRC make their next move. They aren't going to be that far away from being able to block the CVA themselves (they must have at least 20% of the debt at present)
If the figures in the CVA are agreed, they've got less than 15%. But yes, I'd be astonished if they don't have something up their sleeves and as you say I can't see them just rolling over and allowing themselves to be squeezed out like that. We could see some interesting scraps on validating the overall debts, especially bearing in mind Andronikou's previous on this. |
|
|
|
|
Logged
|
|
|
|
|
