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Lampitt on the latest admin situation

I am pretty sure that the vast majority of you would have read the thoughts of David Lampitt regarding the latest venture into administration that Pompey are poised for, or even heard his thoughts on Express FM?

Well if not, although to be fair it is also something that needed looking at here too, this is some of what he has said in the past 24-hours as quoted in The News...

He confirmed that the application for administration has been filed, with him confident that the courts will grant this later this week.

He also thinks that the process of finding yet another new owner can then begin with this with this 'easier' as a result: 'an application has been submitted by the directors for an administration order to be granted. That is something the court then considers and determines whether or not to allow.

'I believe it will be granted and it should be granted.

'We have got to make it clear to the court this is the right course of action. It has to be in the best interests of the creditors that the company goes into administration.

'After all, it will provide a better return for creditors rather than winding up the company.

'If the court grants it there will be an official handing over to the court and the preferred administrator will oversee matters.

'Granting the order will take the club through to hopefully find a buyer.'

Who will this 'preferred administrator' be?

Well UHY Hacker and Young, which of course means Admin Andy and co, are the preferred option apparently!

Although a court can oppose this suggestion: 'the directors of the football club have taken the decision.

'They (UHY Hacker Young) are the people we have included on the application and it is up to the court to decide whether to accept that.'

They do say 'better the devil you know' although to be honest I would not be jumping for joy in the least should Admin Andy and co be appointed as the administrators again...

Should the accounts be unfrozen then around £2.5m or so, including the gate receipts from the Chelsea FA cup game and monies from the sale of Ryan Williams, will become available along with the advanced parachute payment from the premier league.

So, hopefully, this can finally see the players and staff wages paid - as despite claiming he had done so Balram Chainrai has not paid this!

Administration, it would seem, is the only way we can survive but what quality of life will this be?

For me all the while we have the likes of Chainrai and Gaydamak with the noose around our necks there is no way out for me...

Yep, debts that have built up since our last administration will be reduced as will 'debts' to CSI - who are not a secured creditor - but with Chainrai secured his £17m this is a massive loss that someone literally has to write-off from the off!

Until Chainrai and Gaydamak ride off into the sunset and remove the stranglehold that they have on us how can we have a future other than one that will see a case of déjà vu every other year or so...

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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Tuesday February 14 2012

Time: 1:22PM

Your Comments

Bank accounts get unfrozen & Chanrai will take his money out & pay admin andy!!! It's a fcking mess created by overseas illegal aliens who care fck all for us & the mess they leave behind. We are just a name on a verty poor balance sheet. If they never set foot in England again let alone Pompey they wouldn't give a t0ss. We are being strangle dto death by them and the damage is extremely lasting. Why would anyone come in to buy us at such a ridiculous asking price?
storagematt
in essence, would I buy a club and just write off 17m as the first thing I did?...Would I heck as like! Finding an owner; dammed difficult if not impossible!
penton
If we survive this will any body want to do business with us in the future knowing they're likely to end up as unsecured creditors. And please let it be anybody other than AA, I wouldn't be able to cope with another 3 months of his bull*****. Penton would it be possible for somebody to buy BCs debenture and pay £1 for the club?
PFCblue
Not quite like that Penton- clubs are happy to do business cos football creditors get priority.
Russellm
I'm very sad to see that on the various websites yet again I read Pompey people who think they are owed something for nothing.... Worse still they think we are all as simple and thoughtless as they are.
Russellm
 

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