Generic Sevco / Rangers meltdown thread

[Thecat23]

Without scrolling through about a million posts what is happening?

I notice this thread is alway floating around the top of the page yet there is nothing on the news about them. I don't read the red tops either.

The Rangers aren't going bust anytime soon according to many so just wondering why this is still ongoing?

Or maybe I should stop being lazy and just read it 😁

[CropleyWasGod]

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Funding an admin would be a long term affair would it not if these assets ownership is in dispute?


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If the assets ownership is in dispute, all the more reason for administration rather than liquidation. At least, in administration, there is a chance of saving the business.

As for funding, RFC are still a potentially viable business who could probably fund an administration themselves in the short term .

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[CropleyWasGod]

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CWG

When I was talking about writing off debt I was meaning potential liabilities for all the cases pending. Am I right in saying that none of these potential liabilities would be met if verdicts went against them? Surely liquidation would make sense given that scenario?

The debts wouldn't be written off, though. If the assets were sold in a liquidation, the debts would more than likely be paid off.

There would be no business, though, unless the assets were sold to someone who wanted to run a football club. So I am not sure it's in the club's interest.

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[CropleyWasGod]

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Without scrolling through about a million posts what is happening?

I notice this thread is alway floating around the top of the page yet there is nothing on the news about them. I don't read the red tops either.

The Rangers aren't going bust anytime soon according to many so just wondering why this is still ongoing?

Or maybe I should stop being lazy and just read it 😁

Who are these people that say that? What are their names?

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[Thecat23]

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Who are these people that say that? What are their names?

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Wee Davy down the local.

Malcolm who collects the trollies up Morrisons.

Colin who lives few doors down the road from me.

I'd give you their numbers as well but I'm not sure they won't to speak to a stranger!!

[CropleyWasGod]

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Wee Davy down the local.

Malcolm who collects the trollies up Morrisons.

Colin who lives few doors down the road from me.

I'd give you their numbers as well but I'm not sure they won't to speak to a stranger!!

****, you've got me there.

Okay, against that argument, I'm out.



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[Ozyhibby]

http://www.philmacgiollabhain.ie/an-ecumenical-matter/


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[CropleyWasGod]

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http://www.philmacgiollabhain.ie/an-ecumenical-matter/


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Simple answer to that question.

"Current liabilities " are those that are payable within 12 months.
As I understand it, the SD loan had no set repayment period.

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[Brunswickbill]

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If the assets ownership is in dispute, all the more reason for administration rather than liquidation. At least, in administration, there is a chance of saving the business.

As for funding, RFC are still a potentially viable business who could probably fund an administration themselves in the short term .

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It will be interesting to see what happens to the securities over Sevco properties currently held by SD and which will be released as/when/if the £5M loan is repaid. Will they be held by Sevco or will they be held by “Rangers minded people?” It may be that that people putting up the cash to repay the loan may want these as security. Could this also afford protection of the assets if trusted individuals have security on them ring-fencing them from any future administration? I’d be interested to hear from people who know about such things. But no doubt the SMSM will be closely monitoring such things and will keep us fully informed.

[Ozyhibby]

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Simple answer to that question.

"Current liabilities " are those that are payable within 12 months.
As I understand it, the SD loan had no set repayment period.

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That is certainly how they presented it before, in fact I'm sure Dave King once questioned if it ever needed paid back. Now, however, there seems to be a mad rush to get it paid back when they do not have enough cash on hand to finish the season and getting their hands on the money is obviously proving difficult. Is it possible they mislead their auditor about the nature of the loan?


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[CropleyWasGod]

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That is certainly how they presented it before, in fact I'm sure Dave King once questioned if it ever needed paid back. Now, however, there seems to be a mad rush to get it paid back when they do not have enough cash on hand to finish the season and getting their hands on the money is obviously proving difficult. Is it possible they mislead their auditor about the nature of the loan?


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The auditors would have seen the loan agreement. If it's the same one that I saw (albeit a Twitter version) I wouldn't have classed it as a Current Liability.

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[brog]

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Simple answer to that question.

"Current liabilities " are those that are payable within 12 months.
As I understand it, the SD loan had no set repayment period.

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The question is then, why are they paying it now? And if it has no set repayment period but is payable on demand, say 1 month notice, then it should still be in current liabilities. Even if it's in long term liabilities would there not have to be notes to the a/c's stating the terms of the loan?

[CropleyWasGod]

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It will be interesting to see what happens to the securities over Sevco properties currently held by SD and which will be released as/when/if the £5M loan is repaid. Will they be held by Sevco or will they be held by “Rangers minded people?” It may be that that people putting up the cash to repay the loan may want these as security. Could this also afford protection of the assets if trusted individuals have security on them ring-fencing them from any future administration? I’d be interested to hear from people who know about such things. But no doubt the SMSM will be closely monitoring such things and will keep us fully informed.

If I were lending the club money to repay a secured debt, I would sure as **** want the same security. That would at least give me preference in an administration.

However, the implication in the various pronouncements is that those loans would be soft and unsecured. If that's the case.....and, given some of the strange commercial decisions made over the past few years, I wouldn't be surprised. .....there would be none of the protection that you mention.

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[Ozyhibby]

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It will be interesting to see what happens to the securities over Sevco properties currently held by SD and which will be released as/when/if the £5M loan is repaid. Will they be held by Sevco or will they be held by “Rangers minded people?” It may be that that people putting up the cash to repay the loan may want these as security. Could this also afford protection of the assets if trusted individuals have security on them ring-fencing them from any future administration? I’d be interested to hear from people who know about such things. But no doubt the SMSM will be closely monitoring such things and will keep us fully informed.

The intellectual property won't return to Sevco. That will go to Rangers Retail which is 50% owned by SD.


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[Brunswickbill]

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Without scrolling through about a million posts what is happening?

I notice this thread is alway floating around the top of the page yet there is nothing on the news about them. I don't read the red tops either.

The Rangers aren't going bust anytime soon according to many so just wondering why this is still ongoing?

Or maybe I should stop being lazy and just read it 

For your edification and seeing that I haven’t been invited to take part in a boozy Black Friday, here’s some of the future action.....

Ashley is suing SEVCO for damages for breaching the confidentiality clause in £5M loan agreement

Ashley is taking SFA to court for judicial review of King being a fit and proper person.

Green is appealing against the rejection of his claim that SEVCO should pay his legal expenses in the trial for his fraudulently acquiring Rangers OLDCO

Green and Whyte on trial for fraudulently acquiring OLDCO

Worthington Group/ Law Financial have stated that they have a claim on Sevco assets

Employment tribunal by a number of former Rangers players for holiday pay could be 5/6 figure sum

All of these could have financial / legal implications for SEVCO/RIPFC. On top of that King and the Board say they have managed to scrape together £5m to repay the loan to Sports Direct which they said they had intention of repaying at the EGM earlier this year. They also have to find £2.5M to keep the lights on. So there is a continuing legal and financial vortex with SEVCO in the middle and no one can be sure what the eventual outcome will be. You should follow this thread, it’s got a more exciting story line than Eastenders, although the cast of Eastenders are better looking.

[bingo70]

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For your edification and seeing that I haven’t been invited to take part in a boozy Black Friday, here’s some of the future action.....

Ashley is suing SEVCO for damages for breaching the confidentiality clause in £5M loan agreement

Ashley is taking SFA to court for judicial review of King being a fit and proper person.

Green is appealing against the rejection of his claim that SEVCO should pay his legal expenses in the trial for his fraudulently acquiring Rangers OLDCO

Green and Whyte on trial for fraudulently acquiring OLDCO

Worthington Group/ Law Financial have stated that they have a claim on Sevco assets

Employment tribunal by a number of former Rangers players for holiday pay could be 5/6 figure sum

All of these could have financial / legal implications for SEVCO/RIPFC. On top of that King and the Board say they have managed to scrape together £5m to repay the loan to Sports Direct which they said they had intention of repaying at the EGM earlier this year. They also have to find £2.5M to keep the lights on. So there is a continuing legal and financial vortex with SEVCO in the middle and no one can be sure what the eventual outcome will be. You should follow this thread, it’s got a more exciting story line than Eastenders, although the cast of Eastenders are better looking.

Thanks for the summary bill

[CropleyWasGod]

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For your edification and seeing that I haven’t been invited to take part in a boozy Black Friday, here’s some of the future action.....

Ashley is suing SEVCO for damages for breaching the confidentiality clause in £5M loan agreement

Ashley is taking SFA to court for judicial review of King being a fit and proper person.

Green is appealing against the rejection of his claim that SEVCO should pay his legal expenses in the trial for his fraudulently acquiring Rangers OLDCO

Green and Whyte on trial for fraudulently acquiring OLDCO

Worthington Group/ Law Financial have stated that they have a claim on Sevco assets

Employment tribunal by a number of former Rangers players for holiday pay could be 5/6 figure sum

All of these could have financial / legal implications for SEVCO/RIPFC. On top of that King and the Board say they have managed to scrape together £5m to repay the loan to Sports Direct which they said they had intention of repaying at the EGM earlier this year. They also have to find £2.5M to keep the lights on. So there is a continuing legal and financial vortex with SEVCO in the middle and no one can be sure what the eventual outcome will be. You should follow this thread, it’s got a more exciting story line than Eastenders, although the cast of Eastenders are better looking.

You were doing so well until the last sentence.

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[Libby Hibby]

So is the game being played here by Sevco, to make out that MA wants his £5m loan back, when really he doesn't or the loan agreement doesn't say it needs to be paid so if the current board of directors decide to pull the plug (in the background as things are getting so bad), they have a big bad wolf to blame? So to speak?

[Weststandwanab]

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Simple answer to that question.

"Current liabilities " are those that are payable within 12 months.
As I understand it, the SD loan had no set repayment period.

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What if they were repayable "on demand" ?

[CropleyWasGod]

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So is the game being played here by Sevco, to make out that MA wants his £5m loan back, when really he doesn't or the loan agreement doesn't say it needs to be paid so if the current board of directors decide to pull the plug (in the background as things are getting so bad), they have a big bad wolf to blame? So to speak?

That's part of the intrigue:)

Arguably, it's in SDs interests to have the loan remain unpaid. And RFC know that. And I'm not sure that the "paperwork " that is being talked about will actually be finalised.

As for blaming SD, I reckon that's bang on.

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[CropleyWasGod]

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What if they were repayable "on demand" ?

It's not, though, according to the version doing the rounds on Twitter.



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[bingo70]

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That's part of the intrigue:)

Arguably, it's in SDs interests to have the loan remain unpaid. And RFC know that. And I'm not sure that the "paperwork " that is being talked about will actually be finalised.

As for blaming SD, I reckon that's bang on.

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What's the story with Ashley's merchandise deal? He gets a high percentage of any Rangers merchandise bought doesn't he? I assumed once the £5m was paid back he'd lose that deal, is that not the case?

Sorry, so many questions!

[CropleyWasGod]

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What's the story with Ashley's merchandise deal? He gets a high percentage of any Rangers merchandise bought doesn't he? I assumed once the £5m was paid back he'd lose that deal, is that not the case?

Sorry, so many questions!

The deal has, apparently, a 7 year notice period. That notice can only be given when the loan is paid back :)

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[Ozyhibby]

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What's the story with Ashley's merchandise deal? He gets a high percentage of any Rangers merchandise bought doesn't he? I assumed once the £5m was paid back he'd lose that deal, is that not the case?

Sorry, so many questions!

While the loan remains unpaid he gets 75% of any profits of Rangers Retail.
It reverts back to 50% after its paid back.
That's not what makes it such a bad deal though. Rangers retail can only buy stock from SD and they charge RR like a wounded bull.
There is a 7 year notice period that can't be handed in until the £5m is paid back.


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[Brunswickbill]

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While the loan remains unpaid he gets 75% of any profits of Rangers Retail.
It reverts back to 50% after its paid back.
That's not what makes it such a bad deal though. Rangers retail can only buy stock from SD and they charge RR like a wounded bull.
There is a 7 year notice period that can't be handed in until the £5m is paid back.


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According to the Guardian, Rangers transfered 26% of its holding in Rangers Retail Ltd (RRL). RRL is a joint venture set up by the club and Sports Direct, with Rangers in control of 51% and SD controlling the rest. As part of the new loan deal, the club also agreed that from the 2017-18 season, for the duration of the loan, any future shirt sponsorship proceeds “will be for the benefit of RRL”.

http://www.theguardian.com/football/...y-sport-direct

[Ozyhibby]

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According to the Guardian, Rangers transfered 26% of its holding in Rangers Retail Ltd (RRL). RRL is a joint venture set up by the club and Sports Direct, with Rangers in control of 51% and SD controlling the rest. As part of the new loan deal, the club also agreed that from the 2017-18 season, for the duration of the loan, any future shirt sponsorship proceeds “will be for the benefit of RRL”.

http://www.theguardian.com/football/...y-sport-direct

Maybe they are worried Mike would put '****** KING' on the jerseys?


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[Ozyhibby]

http://www.dailyrecord.co.uk/opinion...-being-7035297


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[1875godsgift]

[QUOTE=Ozyhibby;4525462]http://www.dailyrecord.co.uk/opinion...-being-7035297


the the rangers fans are revolting.....

😷

[Springbank]

Before I wish Falkirk all the best for today (fwiw I think The Bairns will beat The The by 2-0) just remembered one further potential court case that could have serious damage for the The The board members. Easdale taking them to court to challenge the electoral process for recent EGM decisions ie saying his shareholding was denied a vote illegally.
Sounds dry and technical but if he challenges and wins then the whole board may be banned from holding any UK directorships for a period, ie overnight they'd all be out on their erchie, with no board to run the crumbling ship.
Good luck to him.
And to Falkirk today.

[greenginger]

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While the loan remains unpaid he gets 75% of any profits of Rangers Retail.
It reverts back to 50% after its paid back.
That's not what makes it such a bad deal though. Rangers retail can only buy stock from SD and they charge RR like a wounded bull.
There is a 7 year notice period that can't be handed in until the £5m is paid back.


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Also the fact that Sports Direct shares in Rangers Retail are Class A shares and RFC shares are Class B shares.

Class A shares have 2 votes each on all " financial matters " and Class B shares only have 1 vote.

Even when the loan is repaid ,and the share holding temporarily transferred to SD is returned to RFC , Ashley will still have control of all financial matters of Rangers Retail.

However Rangers F C will be able to decide where their office Christmas party is held !