Generic Sevco / Rangers meltdown thread

[Is It On....]

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Lloyd Cross also is a notorious on line hun. The one who posted the defamatory remarks.

Did he not post the "really nasty" anti Catholic pictures and video a while back?

[Stonewall]

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What money?

Given the way that the Rand has plummeted against Sterling, I doubt it would amount to much even if he has the fortune the press seem to accept. Even if he had the cash, how is he goininggoing to get it out if South Africa?

King like Murray, Whyte, and Green before him is using other people’s money to prop up the club. If they are being forced to go to what are effectively corporate loan sharks, this probably indicates that the cash from local mugs, sorry donors has finally dried up.

is it not true that the money from Kings family trust was not held in South Africa?

Also going back to the secured loan it could also be money required in addition to that specified in the accounts. Does indicate they're running out of people prepared to pony up though. Essentially they are spending next year's st money already and this lender will have no hesitation in pulling the plug, having no sentimental attachment to the club.

[MrSmith]

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is it not true that the money from Kings family trust was not held in South Africa?

Also going back to the secured loan it could also be money required in addition to that specified in the accounts. Does indicate they're running out of people prepared to pony up though. Essentially they are spending next year's st money already and this lender will have no hesitation in pulling the plug, having no sentimental attachment to the club.

To be honest and no derogatory pun intended, I think close bros are knees deep in it already. Funny how their name keeps appearing ...

[Oscar T Grouch]

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Did he not post the "really nasty" anti Catholic pictures and video a while back?

Probably, I have removed myself from both Twitter and Facebook so not seen much recently but Cross is a particularly nasty online hun, a classic troll and an evil human being. I am sure his post will be removed as it is defamatory.

[Deansy]

More evidence substantiating the Huns claim that Morelos is valued at £8m -

(apologies if already posted)


http://www.bbc.co.uk/sport/scotland/43026710


What a belter !!

[lapsedhibee]

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More evidence substantiating the Huns claim that Morelos is valued at £8m -

(apologies if already posted)


http://www.bbc.co.uk/sport/scotland/43026710


What a belter !!

Nowhere near as bad a miss as the one his fellow huns striker had at Starks Park last season.

[HoboHarry]

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Nowhere near as bad a miss as the one his fellow huns striker had at Starks Park last season.

Well yes but his team mates value is about 8 bob, not 8 million.........

[The Green Goblin]

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Probably, I have removed myself from both Twitter and Facebook so not seen much recently but Cross is a particularly nasty online hun, a classic troll and an evil human being. I am sure his post will be removed as it is defamatory.

Without wishing to hijack the thread, I have been thinking of doing the same for a while, so can I ask why you did that? And how are you getting on?

[Ozyhibby]

Couple articles with copies of their new loan agreement.
https://thecelticblog.com/2018/02/bl...-of-directors/
https://philmacgiollabhain.ie/2018/0...ficant-lender/



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[CropleyWasGod]

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Couple articles with copies of their new loan agreement.
https://thecelticblog.com/2018/02/bl...-of-directors/
https://philmacgiollabhain.ie/2018/0...ficant-lender/



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It's not a loan agreement. It's the document registering the security that Close Brothers have.

I don't agree with Phil's assertion that it's a loan. The document clearly refers to the "facility".

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[Billy Whizz]

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It's not a loan agreement. It's the document registering the security that Close Brothers have.

I don't agree with Phil's assertion that it's a loan. The document clearly refers to the "facility".

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What’s the difference, as both will have to be paid back?

[Is It On....]

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It's not a loan agreement. It's the document registering the security that Close Brothers have.

I don't agree with Phil's assertion that it's a loan. The document clearly refers to the "facility".

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As in a "secured revolver" credit facility?

[PatHead]

Can’t believe it is six years since they went into administration

[CropleyWasGod]

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What’s the difference, as both will have to be paid back?

A facility is like an overdraft. You don't need to draw on it if you don't need it.



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[CropleyWasGod]

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As in a "secured revolver" credit facility?

...with every chamber loaded

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[PatHead]

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...with every chamber loaded

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So he is wrong about the loan but is he right they are a busted flush?

[HoboHarry]

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A facility is like an overdraft. You don't need to draw on it if you don't need it.



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You really think they won't draw it down?

[CropleyWasGod]

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So he is wrong about the loan but is he right they are a busted flush?

I have no idea if they are. I'm not party to their internal records, and I'm not sure he is either.

However, he has based his conclusion on an incorrect assumption. Both his and the Celtic blog have put their green glasses on here, I reckon.

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[PatHead]

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I have no idea if they are. I'm not party to their internal records, and I'm not sure he is either.

However, he has based his conclusion on an incorrect assumption. Both his and the Celtic blog have put their green glasses on here, I reckon.

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Damn. Was looking forward to a good nights sleep dreaming of them going into admin again.

[CropleyWasGod]

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You really think they won't draw it down?

I don't know. My point is that Phil et al are running about accusing RFC of lying, with all the implications of that. That document says to me that they're not lying.

In some ways, an overdraft could be worse for them if they draw all of it. It would be repayable on demand. A loan wouldn't be, as long as the repayment schedule was kept to.

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[Oscar T Grouch]

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Without wishing to hijack the thread, I have been thinking of doing the same for a while, so can I ask why you did that? And how are you getting on?

I stopped FB because it was depressing me, that was 18 month ago and I don’t miss it one bit. Twitter was a forced retirement 😉 their T&Cs dont allow relentlessly calling piers Morgan a see you next Tuesday apparently. I kinda missed it a first but not now. I think it’s been good for my mental health I don’t get bombarded with stuff all the time and I usually only lift my phone to answer it or change song or podcast. I still have an IG and you tube account though.

[Tornadoes70]

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I don't know. My point is that Phil et al are running about accusing RFC of lying, with all the implications of that. That document says to me that they're not lying.

In some ways, an overdraft could be worse for them if they draw all of it. It would be repayable on demand. A loan wouldn't be, as long as the repayment schedule was kept to.

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Of course some might say its a carefully constructed ruse to convince the Court of Session Inner House that the Lying King is indeed impecunious in absence of direct control over the disputed trust fund arrangements. The smokescreen of the alleged bids of 8 million plus planted into the obliging Jabba controlled Scottish media could be construed as the forerunner to placate the supporters while putting into place the plan to once again involve the close brothers. Whereby giving the impression of the Lying King being pot-less yet the club with millions of transfer money obtainable in the future. I'm probably stating the obvious but there you are.

mon the cabbage!!!

[CropleyWasGod]

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Of course some might say its a carefully constructed ruse to convince the Court of Session Inner House that the Lying King is indeed impecunious in absence of direct control over the disputed trust fund arrangements. The smokescreen of the alleged bids of 8 million plus planted into the obliging Jabba controlled Scottish media could be construed as the forerunner to placate the supporters while putting into place the plan to once again involve the close brothers. Whereby giving the impression of the Lying King being pot-less yet the club with millions of transfer money obtainable in the future. I'm probably stating the obvious but there you are.

mon the cabbage!!!

Some might say that Close Brothers were involved in a conspiracy to pervert the course of justice???

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[Tornadoes70]

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Some might say that Close Brothers were involved in a conspiracy to pervert the course of justice???

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I've given a reasonable theory of the Lying King attempting to bolster the impression he's impecunious and not in direct control of the disputed trust funds. Its up to others to either give it some merit or not.






mon the cabbage!!!

[ballengeich]

The accounts estimated that they needed £4million put in this season. The way I see it is that soft loans have dried up so they've borrowed enough to get them through to when season ticket money starts coming in. In the accounts there was also an estimate of just over £3m needed next season if players in were funded by players leaving. We don't know what other assumptions went into that estimate, but they need to make money on player transfers in the summer.

In crude terms, if they bring in £3m net on player deals they break even next season and will be looking for a short-term loan again around this time in 2019. To avoid needing a loan next season they need £6m profit from summer deals. Have they staked the house on Morelos?

[CropleyWasGod]

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The accounts estimated that they needed £4million put in this season. The way I see it is that soft loans have dried up so they've borrowed enough to get them through to when season ticket money starts coming in. In the accounts there was also an estimate of just over £3m needed next season if players in were funded by players leaving. We don't know what other assumptions went into that estimate, but they need to make money on player transfers in the summer.

In crude terms, if they bring in £3m net on player deals they break even next season and will be looking for a short-term loan again around this time in 2019. To avoid needing a loan next season they need £6m profit from summer deals. Have they staked the house on Morelos?

That £4m was a minimum.

There was also a note somewhere ( canny find it for now), which said the forecasts were based on their achieving the Europa League (group stage) for 3 out of 5 years.

[ballengeich]

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That £4m was a minimum.

There was also a note somewhere ( canny find it for now), which said the forecasts were based on their achieving the Europa League (group stage) for 3 out of 5 years.

Given the time at which the accounts were produced I'd think the £4m wouldn't be too far out, as income and spending for the remainder of the season would be fairly well known. While Phil Mac G is a bit hit and miss, he was posting a couple of weeks before the Close Bros announcement that Rangers were seeking emergency funding because King had reneged on the commitment to cover the season's loss. He also claimed that Alistair Johnston and one of the Hong Kong lenders had put £1m + for the January bills. Given that he seems to have had information before it appeared elsewhere and the consistency of the arithmetic with the accounts estimate I'm inclined to give him credence on this one.

If the Close Bros money is in addition to a £4m loss then the position's a lot worse than had been predicted and it's hard to see an escape strategy.

I think longer term forecasts were for 3 from 5 years in the Europa League group stage to break even. The auditors' figure of £3m was for next season, but the assumptions and approximations behind that are unclear. The point I was trying to make is that the forecasts that have been given assume that player costs are neutral, but if they can start making a profit on transfers then some of the prophecies of insolvency begin to look like wishful thinking.

Using transfer profits was always central to the concert party's plans as it has been to Celtic's finances in recent years.

I'm not claiming that their position isn't precarious.

[jacomo]

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That £4m was a minimum.

There was also a note somewhere ( canny find it for now), which said the forecasts were based on their achieving the Europa League (group stage) for 3 out of 5 years.

I’ve said it before, but for the greater good of humanity Hibs and the Dons need to finish above them in the League.

Of course they can still qualify for Europe via the Scottish Cup - hopefully someone else can take care of that.

[Captain Trips]

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I’ve said it before, but for the greater good of humanity Hibs and the Dons need to finish above them in the League.

Of course they can still qualify for Europe via the Scottish Cup - hopefully someone else can take care of that.

Here here

[Tornadoes70]

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I’ve said it before, but for the greater good of humanity Hibs and the Dons need to finish above them in the League.

Of course they can still qualify for Europe via the Scottish Cup - hopefully someone else can take care of that.

This would be very nice of course however the vital decision is upcoming which of course is that the Court of Session Inner House confirms Lord Bannatyne's decision of finding for the TP. If upheld the gasl's position is untenable and puts their club into a state of chaos and flux. If not it gives the gasl a clean slate in which to move forward with share issues and the ability to obtain cleaner financing. Its the most important factor at this time.





mon the cabbage!!!