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Case adjourned until March 15th

Case adjourned until March 15th

Well guys we were back in court today - this how it went basically...

Justice Alastair Norris was overlooking events today.

HMRC's Gregory Mitchell questioned the validity of our administration with them wanting proof of transactions between owners to ensure that Balram Chainrai was our owner and able to put us into this? They were also asking if the administrator, Admin Andy was 'independent', or is he working on behalf of someone within the club?

Basically they were questioning our whole admin process but ultimately is admin something that we have a chance of coming out of? We need to find £7m before end of month, another £14m by the end of May - where is money coming from?

Admin Andy said that the club will sell Fratton Park to Chainrai for £10m and then rent it back from him for £1.2m per season.

Customs said that everything about the club is 'shrouded in mystery'... And HMRC wants a FULL INVESTIGATION into the clubs transfers - something that I think we will ALL welcome.

Our debt stands at £65m, which includes the value of the players. Without them it would be £86m - players were valued at £21m, despite Peter Storrie valuing them at £38m!

Customs pushed for a fresh winding-up date on 8th March but in the clubs defence, from Simon Barker QC, he said that was too soon. He also 'claimed' that Portpin Ltd were making £15m available to Admin Andy for the running of the club - which should be enough.

If the appointment of the administrator in place was challenged then there would be an application for a court appointed administrator - would this not have been better anyway?

Barker questioned the claims from customs over Admin Andy's 'independence' and feels that he should basically be allowed to just 'get on with his job' and not hindered as he is - then again I guess if Chainrai's company Portpin Ltd are funding him how 'independent' is he?

HMRC did not think that the money provided to fund our administration was enough but ultimately said there was no proof of this funding being there anyway, this is merely being done on what is basically a 'promise'...

All in all this IS something that the Judge basically agreed with! He said 'there is a shadow over the administration that must be removed.'

The Judge did was not happy that the 'promise' of money being there for the costs of administration etc. as this was not good enough, and was not confident enough in this at this time.

So, a new hearing will take place on March 15th, but in the meantime Portpin Ltd MUST provide documents of the money they have lent Pompey and the money Pompey has paid Portpin Ltd and/or Chainrai - this documentation MUST be with him by March 12th.

PLAY UP POMPEY!


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Writer:pompeyrug
Date:Tuesday March 2 2010
Time: 1:18PM

Comments

0
Good summary from our Court reporter Rug. There appears to be a great deal of mistrust between the revenue and the club's owners both past and present and the Administrator. Nevertheless figures are worrying and HUGE to say the least. All back to the court again in two weeks then this just drags on and on.
eastneydave
02/03/2010 13:26:00
0
it drags on but this case in 2-weeks time will bring an end to it, right? if we are being done we will be done - if not we move on...well to our next admin fight!
pompeyrug
02/03/2010 13:28:00
0
As Dave said, a good summary Rug. Rug, if we lose in 2 weeks time wouldn't this mean that HMRC will get their way and wind us up rather than a further admin fight?
PFCblue
02/03/2010 13:34:00
0
Anyone got Cattermole's number, he allegedly has £180M which should satisfy the judge?
bluedr
02/03/2010 13:37:00
0
Good interview with Terry Clark on Sky News.
PFCblue
02/03/2010 13:42:00
0
The shadow of dooms still hangs then. Oh well what's next, ahh yes the cup game with Brum. Time to focus on that lads.
storagematt
02/03/2010 13:51:00
0
They said the winding-up petition would be heard on the 15th after the initial hearing if that goes against the club/administrator.
NorfolknBlue
02/03/2010 13:53:00
0
Admin Andy on sky saying they are content that the info they have supports the case and "he says "HMRC are entitled to ask as part of the process and he would expect to provide information in advance of the 15th March". The Ad man says "it is as you were, and they are happy that Mr Chanrai will continue to support the cost of the administration". Seems a confident man, if not cocky. He might not be completely independant but if he gets us through and we come out of it in good shape- IDGAFk
russellm
02/03/2010 14:00:00
0
The rumbling shambles continues to roll ! If PS thinks he can get £38M for our squad he too is living in cloud cuckoo land FFS!! This is really getting me quite mad now as it is obvious that Admin Andy is nothing but a puppet put in front to try and appease a court that he is independent...........It stinks to me.....and therefore I can understand the HMRC postition. Hate to say it, but we really do need a clean broom to shoot through the whole set up at Pompey, 2 more weeks and even more Bull**** will be spouted!!! How on earth did we accrue debt of £86M with our player sales, prem league income, ticket & merchandising, sponsorship, fa cup & european run?? There is simply something rotten to the core about the whole place. If Admin Andy is independent and transparent, then he needs to come out within the next 2 weeks and show US the fans, where the money has all gone......WHO HAS POCKETED !!!??? At the minute, I don't think the PFC appointed Administrator even has the support of the fans, so how on earth does he expect to get any support from the Courts, HMRC and other creditors...................IT FECKIN STINKS ! oh......PUP!
BarneyArmy
02/03/2010 14:01:00
0
Rug, be clear we need a pro survival administrator to survive, given HMRC stance; do you really think a court approved administrator would be pro survival? Please be carefull what you wish for or it could be Havant & Waterlooville for me next season! Noting your other question, HMRC asseses Pompey need 7 million, not the HKY. We need to keep in mind it is in HMRC interests to reduce the value of the club assets, and increase the debt problem to be able to wind our club up to change a law. We should be under no illusion rightly or wrongly they might support the principal of administration bur they do not want Pompey to survive.
russellm
02/03/2010 14:29:00
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