Date:Wednesday August 4 2010
Day one is done and dusted, we go onto day two today as we move closer to finding out what the future holds for Pompey.
Whilst I would not get 'carried away', from my reading into things - and I am not being unduly optimistic, I think - I would say we hold a 'slight' advantage as it stands...
It 'seems', and from some of the texts that I have had and lines I have read on t'internet, as if the judge has been 'less than impressed' at times with HMRC's case, apparently he has even questioned the basis of their case against Pompey as it does not exactly seem, whilst what has happened has 'arguably' not been right, they have anything new to challenge things as they stand in football?
The main issue clearly centres around how much money HMRC feels they 'should' be entitled to in relation to what they 'would' get.
They feel, and probably rightly so in all honesty, that it is 'unfair' that secured football creditors will get back the full whack on what they are owed, whereas the taxman and other unsecured creditors have to settle for a percentage as agreed on a CVA - it should really be one rule for all and not some. As I say, this is unfair and football creditors should not be entitled to any preferential treatment but those are 'the rules' so what can they do?
Obviously all rules are eventually challenged, and inevitably these rules eventually change, although will this be the time...
The actual amount owed is also the seriously challenged issue with Pompey accused of avoiding millions in taxes by operating a 'tax sham', due to the 'image rights' issue.
This has not, as far as I am aware, been 'illegal' - although it may now be? - basically, my understanding of 'image rights' was that it is a means of topping up a players wages, in essence to almost make them paid 'tax free', with this amount gained topping up the shortfall from their basic wages lost in tax.
Again though this is not an issue that has been trialled, and successfully won, in the past. Lets make this perfectly clear, Portsmouth Football Club IS NOT the only club doing this...
This appeal is against the CVA agreement, where HMRC - like the other non-secured creditors - would get 20p in the £, although at this point in time, again not wishing to 'raise hopes' too much or anything like that, the case being brought before the judge, including the introduction of 'new evidence' does not seem to be arguing this specific point very well apart from highlighting how 'unfair' some things are!
Lots of things are unfair in this world, although simply being unfair is not always enough for a challenge to be successful, and successfully doing this would almost certainly accelerate our path to oblivion - with this thought in mind, and the consequences that this would mean for Portsmouth Football Club and its hundreds of thousands of followers we 'may well' get lucky...
As said, the new evidence and the case being presented so far 'seems' to be irritating the judge somewhat, and irritating a judge is the last thing that HMRC would want to do, although it is the best thing for us for them to be doing this!
With the court reconvening today, again at 10.30am, lets hope the slim - it seems - half time lead we 'seem' to have can be carried through to full time with the judge, when he makes his ruling, bringing the hammer down in our favour tomorrow...
PLAY UP POMPEY!
Date:Wednesday August 4 2010
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