Pompey Problems Continue

[Lighthouse]

Just when we thought it was dine and dusted this report from the BBC. The report goes on a bit but I have only used the part that gets to the point.

Portsmouth will return to the High Court on 15 March after their case against Her Majesty's Revenue and Customs was adjourned on Tuesday.

HMRC challenged the club going into voluntary administration and also questioned the validity of Andronikou's appointment as administrator.

It was claimed that Andronikou may have links with owner Balram Chainrai, compromising his independence.

Mr Justice Norris ordered a ruling into Andronikou's appointment in two weeks.

The new twist in the rocky fortunes of the club came after a challenge by the taxman to the administration and the judge ruled the "shadow over the appointment should be removed".

Gregory Mitchell QC, representing HM Revenue and Customs (HMRC), asked the court: "Have these administrators been validly appointed?

"The question of validity is a fundamental issue and that has to be determined one way or the other as quickly as possible."

"Our concern is that there should be a full and independent investigation of the position and the transactions between the club and Mr Chainrai.

[Jimpav]

Does this give them more time to get out of administration or will they be more likely to fold?

[finnster01]

Does this give them more time to get out of administration or will they be more likely to fold?

Not really. All it means is that they may have to appoint a new administrator due to conflicts of interests

[TonyGilroy]

Does this give them more time to get out of administration or will they be more likely to fold?

Not really. All it means is that they may have to appoint a new administrator due to conflicts of interests

Which suggests that HMR&C's motive is to ensure that the Administrator is independent and honest and properly identifies where the money went so that it can be reclaimed from those that have defrauded the club and doesn't limit himself to finding a buyer.

Fortunately not likely to be a problem for Messrs Redknapp and Storrie. Both honourable men.

[bigalffc]

shares in brown envelopes will take a dive again

[cebu]

shares in brown envelopes will take a dive again

I dunno, wouldn't 'Arry help bolster the market?