Pay Up Pompey,Pompey Pay Up!

[dporter]

Hmm, did the timing of "the wrapping up of Swindon's work" coincidentally happen at around the same time AA took over at Pompey where he would come under more media scrutiny? An incentive to rid of past things that may lead to more awkward questions.

Or could it be that now he has another lucrative job to go to he doesn't need to drag it out with us anymore?!

[Red Affliction]

Hmm, did the timing of "the wrapping up of Swindon's work" coincidentally happen at around the same time AA took over at Pompey where he would come under more media scrutiny? An incentive to rid of past things that may lead to more awkward questions.

I'd like to think so but that would imply he has a conscience, albeit the kind of conscience a murderer would have whilst doing a last check for evidence to cover up before leaving the crime scene!!

[pauld]

Hmm, did the timing of "the wrapping up of Swindon's work" coincidentally happen at around the same time AA took over at Pompey where he would come under more media scrutiny? An incentive to rid of past things that may lead to more awkward questions.

No, he still carried on dragging it out for another 2-3 months after he took over at Pompey. The annual report on the CVA is due at the end of May each year, so I'd imagine that's why the story is being reported now, as he's finally submitted the sign-off on the thing

[Power to people]

EDIT: Just checked on companies house and we're no longer listed as being in CVA. So maybe that aspect of the story is correct and we're finally rid of the fucker. Hooray, hooray, the witch is dead!

That is great news. I'd love to know whether the club were chasing AA to get this resolved. It's got to be worth reporting the tosser to make him accountable for taking over a year to do some formal paperwork!! It would also be interesting to know whether not having the CVA signed off has hurt us commercially in some way. If so then sue the little shit for damages. As far as the Pompey situation goes any chance of getting a good return for the creditors will be heavily off set by AA's fees, seeing as he appears to be spending huge amounts of time there at a daily rate well in excess of a couple of grand I would imagine (plus expenses) !! 

I do know that stfc were indeed chasing this and that AA had some 'loose ends' to tie up, it had an effect on stfc in the fact that if they wanted credit for anything then they would be listed as in a CVA and it would have an effect on their credit rating, now (hopefully) the CVA has gone that millstone has been removed from around Fitton & Watkins necks and if and when they need loans it is easier as the club is on a stable financial footing.

[redbullzeye]

EDIT: Just checked on companies house and we're no longer listed as being in CVA. So maybe that aspect of the story is correct and we're finally rid of the fucker. Hooray, hooray, the witch is dead!

Crikey - "Daily Mail in slightly accurate report shock" 

[Red Affliction]

Crikey - "Daily Mail in slightly accurate report shock" 

And they missed the chance to add a racist slur to the article. Given the Greek element & the financial subject matter they could have had a topical field day!!

[pauld]

Crikey - "Daily Mail in slightly accurate report shock" 

They did manage to be wildly misleading about the "only just paying off creditors" bit though so it's not all lost - their fine tradition for printing utter bollocks is tarnished but still intact. Still something of a shock though - I blame the immigrants and politically correct Euro madness. (That OK, Red Affliction?)

[Red Affliction]

They did manage to be wildly misleading about the "only just paying off creditors" bit though so it's not all lost - their fine tradition for printing utter bollocks is tarnished but still intact. Still something of a shock though - I blame the immigrants and politically correct Euro madness. (That OK, Red Affliction?)

Fine editing Paul, that copy is now good to go.

[chalkies_shorts]

and don't forget single mothers are to blame as well

[Summerof69]

Going back to Pompey, insolvency experts claim they can get creditors a minimum 65p in the pound. Certainly trumps AA ...

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8724793.stm

Importantly the story says :

The BBC understands that Her Majesty's Revenue and Customs, who say they are owed £35m by Portsmouth, will vote against Andronikou's proposal to take Pompey out of administration, arguing that the amount does not offer a suitable return for taxpayers.

Which will be enough to block the CVA.

[BrightonRed]

Going back to Pompey, insolvency experts claim they can get creditors a minimum 65p in the pound. Certainly trumps AA ...

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8724793.stm



Importantly the story says :

The BBC understands that Her Majesty's Revenue and Customs, who say they are owed £35m by Portsmouth, will vote against Andronikou's proposal to take Pompey out of administration, arguing that the amount does not offer a suitable return for taxpayers.

Which will be enough to block the CVA.

Laughable.

To suggest that the new company would be able to sustain contributions at that level whilst operating at a profitable (or even-break even) level in an industry such as football is rediculous. It would end very quickly in the liquidation of the new company and the demise of the football club altogether.

[Summerof69]

Laughable.

To suggest that the new company would be able to sustain contributions at that level whilst operating at a profitable (or even-break even) level in an industry such as football is rediculous. It would end very quickly in the liquidation of the new company and the demise of the football club altogether.

Just as bad, in 2002, saying that Swindon could afford a final payment of £900k, despite having difficulty finding £100k annually.

[jonny72]

It would end very quickly in the liquidation of the new company and the demise of the football club altogether.

So what? The only concern is the return to the creditors, why shouldn't they get as much as possible?

Portsmouth will be getting something like £70m in parachute payments and TV money and the like, why should a large chunk of that be used to keep the club competitive rather than going to the creditors? Blackpool and Doncaster survived on smaller budgets than that so why can't Portsmouth?

[BrightonRed]

So what? The only concern is the return to the creditors, why shouldn't they get as much as possible?

Portsmouth will be getting something like £70m in parachute payments and TV money and the like, why should a large chunk of that be used to keep the club competitive rather than going to the creditors? Blackpool and Doncaster survived on smaller budgets than that so why can't Portsmouth?

Well unlike most other modest mid-table championship clubs they would have a CVA in place suggesting that the club can pay 65p in the £ against an unsecured debt of £123m. Cash flow would be shot to pieces because suppliers would demand cash up front. This is whilst keeping absolutely up to date with taxes and post-arrangement creditors. Simply not possible.

A CVA is about getting the best return for creditors in comparison to winding-up. If the CVA is not feasable and would likely end up in winding-up then the whole exercise is pointless.

Don't get me wrong, I think a club the size of pompey needs to go under for people to realise that football is continuing to operate at an unsustainable level.. however that doesn't change my views that this firm is tryng to steal a job by offering creditors an unobtainable return on their debt. and placing the future of the club at risk.

[jonny72]

A CVA is about getting the best return for creditors in comparison to winding-up. If the CVA is not feasable and would likely end up in winding-up then the whole exercise is pointless.

Don't get me wrong, I think a club the size of pompey needs to go under for people to realise that football is continuing to operate at an unsustainable level.. however that doesn't change my views that this firm is tryng to steal a job by offering creditors an unobtainable return on their debt. and placing the future of the club at risk.

That's wrong. Administration is about getting the best return for creditors, whether that be a CVA or liquidation - the future of the club has absolutely fuck all to do with anything at this point (or at least it shouldn't do).