It may appear unfair (and to a point it is) but it seems to me that the Premier League are "exploiting" a loophole and, no doubt if Argyle were (obviously hypothetically) in their shoes, we'd do the same. All the Premier League has allowed is for a sale of a player from Pompey to another Premier League club: the player cannot play for the new club (or Portsmouth for that matter), but Portsmouth can pocket the money now. FIFA would have to allow the player to play for the new Premier League club this season ... which wouldn't happen, obviously (as they wouldn't allow the player to play for any club). The Football League could allow this to happen to any member club in their ranks: it isn't the fault of anyone this wasn't chased when Bournemouth, etc went into administration.
Now odds are FIFA will probably extend their transfer regulations so that all future player purchases are done through their bank accounts (rather than just the international ones), but at the moment, the Premier League have done nothing wrong.
If Argyle were in Pompey's position, what would fans here think? What's right for the club, or what's right for football in general?