Generic Sevco / Rangers meltdown thread

[Deansy]

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Can't see that the BDO action will have any effect on the Rangers accounts, or their financial situation.

The claim is against D&P. If it succeeds, it will probably be met by their PII.

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But isn't it the point or chance, that someone has obviously been naughty and that the whole thing reeks of fraud/scam/con etc, etc and, hopefully, the finger is at last, pointed at the one who started all this - Murray ??. I just struggle to believe that he hasn't been seriously questioned in this, either by the police and, obviously to a far lesser extent, the 'media' ??. A 'respected businessman' being conned - FFS ??

[CropleyWasGod]

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But isn't it the point or chance, that someone has obviously been naughty and that the whole thing reeks of fraud/scam/con etc, etc and, hopefully, the finger is at last, pointed at the one who started all this - Murray ??. I just struggle to believe that he hasn't been seriously questioned in this, either by the police and, obviously to a far lesser extent, the 'media' ??. A 'respected businessman' being conned - FFS ??

The liquidation of the old company has got very little to do with the financial situation of the new one.

Charges were brought against the D&P guys, but dropped. I've always suspected, though, that new ones would be brought if BDO asked the right questions ....which they have been doing for months now. Depending on the outcome of the civil Case, we might see more criminal charges.

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[JackLadd]

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Can't see that the BDO action will have any effect on the Rangers accounts, or their financial situation.

The claim is against D&P. If it succeeds, it will probably be met by their PII.

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Jonjames seems to think otherwise. I assume he’s thinking Duff and Phelps would have to raise an action against Sevco to pay the £20m if they lost BDO case.

[JeMeSouviens]

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Can't see that the BDO action will have any effect on the Rangers accounts, or their financial situation.

The claim is against D&P. If it succeeds, it will probably be met by their PII.

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The effect of a successful challenge to a transaction as a gratuitous alienation is that the transfer is set aside, so that the transferred asset is returned to the company. However, if a third party has acquired the property in good faith, and for value, then the reduction of the transfer is probably pointless, and the restoration of the property to the company becomes impossible. The legislation therefore provides that “other redress” can be made by the transferee, typically paying the value of the property to the liquidator/administrator.

http://www.morton-fraser.com/knowled...-consideration

Aren't the New Huns the transferee?

[ancient hibee]

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Jonjames seems to think otherwise. I assume he’s thinking Duff and Phelps would have to raise an action against Sevco to pay the £20m if they lost BDO case.

He's wrong.

[hibs0666]

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Jonjames seems to think otherwise. I assume he’s thinking Duff and Phelps would have to raise an action against Sevco to pay the £20m if they lost BDO case.

He's a slavering idiot.

[steakbake]

Funny, even if there was a whiff that the BDO situation might cause a problem for Sevco, we'd soon be hearing that they are not the same club.

[greenginger]

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Funny, even if there was a whiff that the BDO situation might cause a problem for Sevco, we'd soon be hearing that they are not the same club.

Everyone knows they are not the same Club, except themselves.

The point is they ( Sevco ) were allowed to purchase assets at a gross under-valuation and I'm sure the dodgy dealing before D&P were appointed will be brought to the courts attention.

Keeping an existing company ( Rangers 1872 ) in business could have excused some of the D&P dealings, but after HMRC killed off that Club/Company, the only imperative should have been getting maximum return for the creditors.

Starting a new club and business was not part of an administrators remit.

But how BDO can accuse another insolvency practice of corruption is beyond me. Pots calling kettles black !

[CropleyWasGod]

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http://www.morton-fraser.com/knowled...-consideration

Aren't the New Huns the transferee?

The new company aren't being sued, though.

Way back a few hundred pages ago, the possibility of the new company having to stump up the actual value of the assets was discussed. It was Cav who suggested that the PII of the administrators would pay.

That fits in with what BDO have now done.

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[CropleyWasGod]

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Jonjames seems to think otherwise. I assume he’s thinking Duff and Phelps would have to raise an action against Sevco to pay the £20m if they lost BDO case.

JJ doesn't understand PII 😊

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[Slavoj Zizek]

Just noticed this in the Daily Ranger. An article about the best selling replica tops in Scotland and a survey of over 500 retailers found that ".. [The] Rangers tops, aren’t shifting full stop..." Pleasing. Here's the link: http://www.dailyrecord.co.uk/sport/f...tlands-9785066

[HoboHarry]

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JJ doesn't understand PII 😊

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I do - its 3.14159

[greenginger]

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I do - its 3.14159

That's only 5 decimal places.

This is Hibs.net, we need a bit more rigor.


http://www.eveandersson.com/pi/digits/1000000

[fat freddy]

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He's a slavering idiot.

But hes a funny slavering idiot, I go to his site every morning to see his latest plea for donations. He now claims that hes had to flee the country to a destination which cant be revealed, apparantly he is the victim of a contract maiming and his life is in danger, he says that money has been offered to pour acid in his eyes and chop his fingers off. He jumped on a plane and is hiding out somewhere exotic but hes skint and no one donates. No doubt that the guy has inside info as he hits the nail on many occasions but i have a feeling he lives in a tower block in East Kilbride and he dines out on bar lunches while taking calls from his brother in law who is married to a directors sister and has a loose tongue

[JackLadd]

Sounds a bit fanciful that the huns have squads after him but then you recall Lennon was seriously assaulted by two huns in a street, the bullets in post death threats he received and Tykecastle attack incident. The huns must have even more venom on him as he claims to be an ex fan that bought IPO shares. I don't think he's a fraud on that, for one he was pro Brexit and is firmly anti SNP, highly unusual positions for a Celtic supporter, plus he's clearly educated and informed way beyond any Celtic blogger, maybe with the exception of the late Paul McConville. The dude does sound a bit off, or in a spot, but he has done some real damage to King, Sevco and exposed SFA corruption especially. He's also posted two very critical blogs on the McCann's regards the Maddy case, again no Celtic minded blogger would rock that boat. 10m hits on his blog speaks for itself. I haven't donated but I don't rule it out.

[HoboHarry]

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That's only 5 decimal places.

This is Hibs.net, we need a bit more rigor.


http://www.eveandersson.com/pi/digits/1000000

That's no Pi ya daftie - that's what my wife wants for a divorce settlement.......

[HFCdeb]

Warburton has resigned according to Talk Sport.

[Bostonhibby]

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JJ doesn't understand PII 😊

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It's a PI claim subject to usual limits and deductibles so long as cover arranged and not voidable.

[portohibee]

Thanks for the best day out in my life time breadman

https://youtu.be/kBksfB-x_14

[Bostonhibby]

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Warburton has resigned according to Talk Sport.

Are they keeping the hat or does it go with him?

[Deansy]

An incredibly funny and hilarious night just gets even better -

http://forum.rangersmedia.co.uk/topi...-a-friend-etc/

'Anyway mate who knows a guy who's dad works for the club in the youth setup says his dad has mentioned administration.
Happy to pm mods with a name and I'm not one to make up ***** unless in the ot'

Lets all pray ...................... it comes true !!!

[Ozyhibby]

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An incredibly funnt and hilarious night gets even better -

http://forum.rangersmedia.co.uk/topi...-a-friend-etc/

'Anyway mate who knows a guy who's dad works for the club in the youth setup says his dad has mentioned administration.
Happy to pm mods with a name and I'm not one to make up ***** unless in the ot'

Lets all pray ...................... it comes true !!!

The people posting seem trusted as well. Interesting.


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[GreenLake]

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Can't see that the BDO action will have any effect on the Rangers accounts, or their financial situation.

The claim is against D&P. If it succeeds, it will probably be met by their PII.

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I was thinking P2 as in the masonic lodge

[silverhibee]

Is this why Kenny Miller isn't getting a new contract, nae money and The The Rangers going down the tubes again.

[Is It On....]

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The liquidation of the old company has got very little to do with the financial situation of the new one.

Charges were brought against the D&P guys, but dropped. I've always suspected, though, that new ones would be brought if BDO asked the right questions ....which they have been doing for months now. Depending on the outcome of the civil Case, we might see more criminal charges.

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Criminal charges...oh yes please.

[Thecat23]

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Is this why Kenny Miller isn't getting a new contract, nae money and The The Rangers going down the tubes again.

🤔

[JackLadd]

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Is this why Kenny Miller isn't getting a new contract, nae money and The The Rangers going down the tubes again.

New contract for a key player means a signing on fee, the only deduction can be Sevco can't afford to give him anything.This Warburton 'resignation' fiasco surely confirms that.

[northstandhibby]

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The liquidation of the old company has got very little to do with the financial situation of the new one.

Charges were brought against the D&P guys, but dropped. I've always suspected, though, that new ones would be brought if BDO asked the right questions ....which they have been doing for months now. Depending on the outcome of the civil Case, we might see more criminal charges.

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What do you mean by that? Either it has or it hasn't surely?

glory glory

[silverhibee]

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🤔

Here you, bigger smiley's eh, can't even see that with the gregory's on.

[CropleyWasGod]

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What do you mean by that? Either it has or it hasn't surely?

glory glory

Without hearing all of the evidence, one can't be certain about that. For example, it might clarify the exact nature (and valuation) of the amount that the new company paid for the goodwill of the old club.

(Insert stirring smiley)

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