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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