Portsmouth fc

[watfordroyal]

Considering Creditors are getting 2p in the pound, Yes, its a complete Joke and totally unjustified.

If you invite the devil you suffer his fire!

[Ian Royal]

Do you think administrators work for nothing, then?

Obviously. Does a comment like that make you clever?

Did I say that?

Straw poll....If anyone can be arsed to prove my point...Please indicate your feelings toward this statement:

Is 4.8m a Joke amount for an administrator to be paid by a Football club on the brink of liquidation.

Yes or No.

i would guess most, like me, would suggest Yes.

No, you moron.

[watfordroyal]

No, you moron.

See IanRoyal, why do you have to do that,
If you don't agree with him/her, just say so & why,
It's a debate, why do you have to make a personal comment.

It's more a reflection on you, I'm afraid.

[Schards#2]

If the administrators are charging themselves out at, say an average of £200 per hour, that's 24,000 hours.

I find it hard to believe they have worked a fraction of that figure so, yes, it's a pisstake.

My heart is literally bleeding for them.

[Mr Angry]

Don't forget, its not just Trevor Birch; 2 other PKF Directors - Ian Gould and Bryan Jackson - were also appointed at the same time on February 17th - in other words, 6 months ago. They will, in turn, have a number of more junior staff in there as well, digging into the mess that is Pompey's finances.

Anyone who thinks that this wouldn't cost a fortune in professional fees to sort out is incredibly naïve; Pompey have been cooking their books for Years!

[Ian Royal]

No, you moron.

See IanRoyal, why do you have to do that,
If you don't agree with him/her, just say so & why,
It's a debate, why do you have to make a personal comment.

It's more a reflection on you, I'm afraid.

It's stupid. Why expect a company to come in and carry out work for a pittance of the value of the work? The creditors will have been made aware of the cost as stated and I believe would have to have agreed to the Administrator that was appointed.

As said above, a staff of at least half a dozen very well paid and experienced people have been working on this for months.

[watfordroyal]

If the administrators are charging themselves out at, say an average of £200 per hour, that's 24,000 hours.

I find it hard to believe they have worked a fraction of that figure so, yes, it's a pisstake.

My heart is literally bleeding for them.

It's obviously a business to be in if you want to make a good wack off the misery of others, no doubt.
On a par with lawyers, along with many others on here I'm sure, I've been charged £100+ per hour plus ££'s for writing and reading a letter, for simple family law.
So would not be surprised if Birch was charging £500+ per hour or beyond plus costs +++.

[Spirit of Elm Park]

It's no being naive, or a Moron Ian, thanks for the input. It is an obscene amount of money that just does not seem justified. I'm not 100% sure 4.8 is the true figure, even if it end up being a million plus, for an administrator who effectively failed in their task. I don't doubt the work that goes on behind the scenes, but it's hardly helping in the scheme of things. Surely it makes more sense to just liquidate than rack up a further creditor (or so it seems).

It is after all a recession, Portsmouth f'd up, and personally I wish they would just die quietly, but the admins here need to take a long hard look at themselves IMO.

[Victor Meldrew]

No, you moron.

See IanRoyal, why do you have to do that,
If you don't agree with him/her, just say so & why,
It's a debate, why do you have to make a personal comment.

It's more a reflection on you, I'm afraid.

I'm afraid Ian is not very good when it comes to the social graces.
It comes,in part,perhaps from the fact that he never goes to football but sees himself as a top pundit.

[Alexander Litvinenko]

Why has the administrator failed in their task.

Their task is to work for the creditors and to get them the best deal possible - that may not always be possible in the event of a real financial train-wreck. But don't forget Birch was appointed (after a struggle) ahead of Chanrai's pet administrator - he's teh one who buggered things up in the last administration. I'd say Birch has been pretty good.

But insolvency practitioners will know the going rate and there won't be much variation between them - it's not like the creditors could have looked in the window of the local newsagents and seen a card saying "Cut price insolvency practitioners - no rescue, no fee".

[Stranded]

Sure I read somewhere they are charging £384 ph.

[Ian Royal]

It's no being naive, or a Moron Ian, thanks for the input. It is an obscene amount of money that just does not seem justified. I'm not 100% sure 4.8 is the true figure, even if it end up being a million plus, for an administrator who effectively failed in their task. I don't doubt the work that goes on behind the scenes, but it's hardly helping in the scheme of things. Surely it makes more sense to just liquidate than rack up a further creditor (or so it seems).

It is after all a recession, Portsmouth f'd up, and personally I wish they would just die quietly, but the admins here need to take a long hard look at themselves IMO.

It's one of the two I'm afraid. Financial services like this cost a lot. I'm not sure you can even liquid a company without Administrators of some sort getting involved and taking their cut. Someone has to do it and you sure as hell aren't going to trust the buggers who run the business into the ground not paying you anything to do it fairly.

I say again, who on earth would go in to administrate a club knowing they're only going to get 2% of their professional fee. It's utterly ludicrous. The same applies whether you're right and it is £4.8m (And I've never seen that figure anywhere but from you) or whether it's the £1.8m I have seen quoted. It's the cost of the work they've done and it's the going rate. Whether the rates Accountants and so forth charge is fair is an entirely different question to whether its fair teh Administrators are getting their fee, whatever it is, when the creditors will be getting sweet FA.

The villains are the previous owners of Pompey and their previous pet Administrator, not Trevor Birch and his team.

[Who Moved The Goalposts?]

Despite his behaviour repeatedly being similar to that of a sewer-rat, he seems to think he has the moral high ground in every single debate.
Simply put, he's a cock gobbler.

I take it you're not drinking buddies then?

[Ian Royal]

Despite his behaviour repeatedly being similar to that of a sewer-rat, he seems to think he has the moral high ground in every single debate.
Simply put, he's a cock gobbler.

I take it you're not drinking buddies then?

I wouldn't piss on Ideal if he was on fire. Unless I pissed parafin.

[SpaceCruiser]

I'm afraid Ian is not very good when it comes to the social graces.
It comes,in part,perhaps from the fact that he never goes to football but sees himself as a top pundit.

Despite his behaviour repeatedly being similar to that of a sewer-rat, he seems to think he has the moral high ground in every single debate.
Simply put, he's a cock gobbler.

Funny enough, Victor Meldrew isn't exactly gracious either.

Also, I seem to remember a long time ago that same said poster once posted on here claiming that he was more knowledgeable about football than everybody on here.

[Rax]

...to be honest I'm not bothered if the admin fees are £1.8m, £4.8m or whatever - as someone rightly pointed out earlier, it's an obscene amount of money to be charging when the unfortunate small businesses, charities and man on the street is forced to accept 2p in the £.

It seems that the admins have a right old gravy train on the go here - regardless of whether it's Portsmouth, Leeds or Plymouth - players are protected by the FCR - the admins get the rest and between them they don't give one if half a dozen small businesses fold due to cashflow problems caused in the main by "X football club" not paying it's debts.

Shame on all of them - the lowest of the low!

[SpaceCruiser]

...to be honest I'm not bothered if the admin fees are £1.8m, £4.8m or whatever - as someone rightly pointed out earlier, it's an obscene amount of money to be charging when the unfortunate small businesses, charities and man on the street is forced to accept 2p in the £.

It seems that the admins have a right old gravy train on the go here - regardless of whether it's Portsmouth, Leeds or Plymouth - players are protected by the FCR - the admins get the rest and between them they don't give one if half a dozen small businesses fold due to cashflow problems caused in the main by "X football club" not paying it's debts.

Shame on all of them - the lowest of the low!

Not so low as a club spending money that they don't have.

[Rax]

...to be honest I'm not bothered if the admin fees are £1.8m, £4.8m or whatever - as someone rightly pointed out earlier, it's an obscene amount of money to be charging when the unfortunate small businesses, charities and man on the street is forced to accept 2p in the £.

It seems that the admins have a right old gravy train on the go here - regardless of whether it's Portsmouth, Leeds or Plymouth - players are protected by the FCR - the admins get the rest and between them they don't give one if half a dozen small businesses fold due to cashflow problems caused in the main by "X football club" not paying it's debts.

Shame on all of them - the lowest of the low!

Not so low as a club spending money that they don't have.

Whilst I totally agree, one has to feel sorry for the normal man on the street trying to earn a crust while players on £x per week are protected by the FRC and the fat cat admins trouser the rest!

Something has to be seriously wrong here - surely??

[Mr. Reading]

The Admins fees are at the going rate; you all have no idea how many people, and therefore hours of work, are put into liquidating a club. Administrators in that role take a big risk that they won't be paid at all, so have to charge what you/me would consider 'obscene amounts of money', as their next job may not pay back. PFC will have tendered for that business, and the current Administrators will have been the best 'value' - to go and ask them not to be paid their full wage now is not only unfair, it's stupid.

[Mr Angry]

This has been a nice piece of deflection by Chainrai that a number of the gullible on here and at Pompey have fallen for hook, line and sinker; the fact of the matter is that Pompey are unsellable whilst they have a massive debt hanging over them owed to a single individual who has refused to budge on that debt....not Kitson, or Lawrence or Kanu, but Chainrai himself.

If he had removed himself from being a preferred creditor and instead took the 2p in the £ offered to all other creditors, then Pompey would have been a better bet for a risk taking investor to purchase; as it is, no-one with an ounce of business-savvy would touch them with the proverbial at this time. This is the only reason he went back in as a possible owner (again) simply to safeguard the debt heis owed by the club.

So the villain of the piece isn't PKF or the administrators, its Chainrai.