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SJ MASKELL: Time to blow Pompey's empty vessels out of the water...
at 14:36:04

But does the FL have the proof, let alone the balls to reject Portpin?

PKF are rumoured to be scared that Chanrai will sue them if they go with PST and he loses money as a result (especially because of PKF's ever-increasing fees) so it's not beyond the realms of possibility that the FL will bottle it too because regardless of how much we want to believe all the revelations, they are pretty much hearsay in the eyes of the law and will their lawyers advise them it's enough?

Ironic when the FL seem to make up the rules to suit themselves much of the time to suit the circumstances

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HALL RIGHT NOW: Double trouble — Proof Portpin put Pompey into administration twice
at 14:18:36

I absolutely commend your diligence and courage - your pieces shine some light into the murky world that PFC has "lived" in for far too long

Redgate's Statement of Affairs will have reflected what the company's accounts had FP in at (the "Book" value), and it is not uncommon for these values to bear no resemblance to reality and certainly not to the reality of values in a distressed sale, but his Statement would have been part of the argument that the business (ie, the football club) was worth saving because it would present a better return to creditors

I think what your blog shows is that AA has a very cosy relationship with Portpin, but relationships like that exist between a lot of IPs and lenders, be they High Street banks or just people with cash that lend to businesses and as you say, the way business is done like this is by no means illegal

Portpin could have appointed the Administrator themselves back in February under their debenture but it speaks volumes that they didn't - leaving it up to the company to apply to Court for an Order, which could suggest they didn't want to appear to be driving the process

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