Generic Sevco / Rangers meltdown thread

[ancient hibee]

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Yes and no. Yes it’s fuelled speculation but we also know from their accounts that they need a significant amount of money this month (and £7m over next 18 months) from NOAL to keep the lights on. It appears that money has not arrived yet and the takeover panel has just ordered NOAL to fund a share offer to the tune of £11m. Until it’s confirmed that NOAL or one of the other directors has come up with this money then there will be speculation.


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Can’t see that the failure to make the share offer makes any difference.If King doesn’t do it I suspect there is no way of forcing him and nobody else least of all the club is in any way liable.

[Spike Mandela]

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The tweet from Oddschecker was 16 hours ago.

Still no denial from Sevco.

This is a club that managed to release a statement, minutes after the pitch invasion at Hampden.

......and every hour since at statement O’clock..😎

[Killiehibbie]

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The tweet from Oddschecker was 16 hours ago.

Still no denial from Sevco.

This is a club that managed to release a statement, minutes after the pitch invasion at Hampden.

Bets were placed on them finishing bottom or being relegated. 5000/1 was cut to 500/1 then suspended, must've been a slow news day. Even if they get a 15 points deduction and lose players they'd probably finish higher than 11th, if they got liquidated and newco admitted to bottom division bookies keep money.

[JeMeSouviens]

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I remember all the same chat through 2011. Let’s hope it’s wrong again.


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We know they have very little cash. They couldn't fund McInnes' compo, they have taken Murphy on loan because they couldn't stump up an initial instalment. The accounts said they needed £Ms more in directors' loans and that this time they would come from King/NOAL but since then King/NOAL are on the hook to fund a share offer. So I guess it depends on the other directors, are the 3 bears etc willing to put in yet more cash? They might just decide that King has been more trouble than he's worth and they can clear the decks and carry on without him?

[Ozyhibby]

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Can’t see that the failure to make the share offer makes any difference.If King doesn’t do it I suspect there is no way of forcing him and nobody else least of all the club is in any way liable.

The problem is the club need money and if King is cold shouldered then they can’t have the share issue they say they need to provide working capital.
The 3 bears appear to be tapped out and King could soon be barred from dealing with any FCA regulated company.
It costs about £2.5m a month to run Sevco and season tickets sales are at least 3 months away.


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[Brunswickbill]

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Can’t see that the failure to make the share offer makes any difference.If King doesn’t do it I suspect there is no way of forcing him and nobody else least of all the club is in any way liable.

It’s no longer just a matter of cold shouldering, King will be in contempt of court. Could be fined, but he’s already said he’s got no money, or it could be jail time.

[Ozyhibby]

https://philmacgiollabhain.ie/2018/0...ting-on-sevco/


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[CropleyWasGod]

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It’s no longer just a matter of cold shouldering, King will be in contempt of court. Could be fined, but he’s already said he’s got no money, or it could be jail time.

Or it could be appointing a Trustee or the likes to force him to pay. Part of the issue here is that the TP haven't been here too often, and there's little precedent.



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[Ozyhibby]

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Or it could be appointing a Trustee or the likes to force him to pay. Part of the issue here is that the TP haven't been here too often, and there's little precedent.



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The two previous cases that I could find they went straight to cold shoulder without asking a court to enforce the order. Not sure why they have went a different route here. Also in the other two cases they penalised all the members of the concert party. Again, they have gone a different route here.


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[HoboHarry]

Latest piece from Phil Mac

https://philmacgiollabhain.ie/2018/0...-row-at-sevco/

[CropleyWasGod]

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Latest piece from Phil Mac

https://philmacgiollabhain.ie/2018/0...-row-at-sevco/

One wonders how big the "pro King faction" is.

Is it sufficient to block a CVA?

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[HoboHarry]

Pena back in Mexico wiping his nose with a pair of Sevco shorts

Pena.jpg

[Ozyhibby]

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One wonders how big the "pro King faction" is.

Is it sufficient to block a CVA?

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In other words, if NOAL doesn’t come up with the cash, this is the only option.


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[Spike Mandela]

Anybody see the BBC Scotland investigates program last night about the unscrupulous millionaire bankrupts?

Absolutely enforces the notion that administration is just an absolute scam for those unscrupulous types to ditch their debt whilst hiding their assets. The insolvency practitioners are so under resourced they rely almost entirely on these debtors being honest with the receivers.

An administration at Rangers will be choreographed perfectly to ditch their high earners, give a small p in the pound payment to their creditors, give a hefty wedge to the insolvency practitioners of choice and save all their assets in a nice little bundle and off they go again with a new chancer at the helm

The murky swamp of high finance, bankruptcy and football clubs is corrupt as ****.

[Ronniekirk]

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Pena back in Mexico wiping his nose with a pair of Sevco shorts

Pena.jpg

I smell S---


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[JeMeSouviens]

For those of us not paying sufficient attention - is the debt mostly in RIFC plc or Sevco Ltd itself? Which entity is actually likely to go into admin? And if it's RIFC plc, will they actually try and save it or just sell Sevco ltd on to another holding co?

[Famous Fiver]

Do you mean they owe it to themselves?

Now, where have I heard that before?........................................... .........................

[Ozyhibby]

It’s not the debt that’s the problem it’s cash flow. They have run out of cash and need to borrow more. They could have zero existing debt and still go into admin if the money runs out.


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[snooky]

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I smell S---


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Is that your comment on the photo or a caption for it?

[Skol]

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Problem is that the game is so corrupt here.

And has been for decades.

I still cant understand how with the money they have used to get to SPL and the position they are in....They gain a license from UEFA to play in Europe!

Inregard to Financial Fair Play rules.

The game is not corrupt. A fair sprinkling of incompetents yes, but not corrupt

[Stuart93]

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The game is not corrupt. A fair sprinkling of incompetents yes, but not corrupt

Na I think it's totally corrupt in favour of the so called establishment clubs

[Skol]

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Na I think it's totally corrupt in favour of the so called establishment clubs

What is the evidence of corruption ?

Were rangers allowed to re-form and retain their place ? OK the rules were bent, but lets be honest while we enjoyed the fall we also want to see rangers back in the top flight, but maybe not winning

What about Celtic, did they get corruption in their favour when the Jorge Cadete registration was botched.

Yes they get the better of decisions, but its not corruption

[lapsedhibee]

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What is the evidence of corruption ?

Were rangers allowed to re-form and retain their place ? OK the rules were bent, but lets be honest while we enjoyed the fall we also want to see rangers back in the top flight, but maybe not winning

[HoboHarry]

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What is the evidence of corruption ?

Were rangers allowed to re-form and retain their place ? OK the rules were bent, but lets be honest while we enjoyed the fall we also want to see rangers back in the top flight, but maybe not winning

What about Celtic, did they get corruption in their favour when the Jorge Cadete registration was botched.

Yes they get the better of decisions, but its not corruption

It absolutely is corruption when the SFA can call the registrations of the those with side letters "imperfect but eligible". That was a decision taken in the light of day and I can't personally think of any other occasion in sport when cheating of that magnitude has been allowed to go unpunished. Rotten to the core.

[Ozyhibby]

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What is the evidence of corruption ?

Were rangers allowed to re-form and retain their place ? OK the rules were bent, but lets be honest while we enjoyed the fall we also want to see rangers back in the top flight, but maybe not winning

What about Celtic, did they get corruption in their favour when the Jorge Cadete registration was botched.

Yes they get the better of decisions, but its not corruption

It was indeed corruption when Cadette’s registration was deliberately delayed (botched ) and Celtic has to go to court over it and it cost the head of the SFA his job.


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[Ozyhibby]

https://m.soundcloud.com/hibstalk/fanreps1
Here’s Frank and Tracey explaining why they wanted to move on.


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[MrSmith]

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What is the evidence of corruption ?

Were rangers allowed to re-form and retain their place ? OK the rules were bent, but lets be honest while we enjoyed the fall we also want to see rangers back in the top flight, but maybe not winning

What about Celtic, did they get corruption in their favour when the Jorge Cadete registration was botched.

Yes they get the better of decisions, but its not corruption

Sorry mate but I never wanted to see them back! Complete farce and corruption akin to an Machiavellian plot! My only regret is that, our club allowed the corruption to persist.

[Ozyhibby]

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The game is not corrupt. A fair sprinkling of incompetents yes, but not corrupt

Deliberately concealing a dual contract system for ten years from the SFA is not corruption? Falsifying statements in order to achieve a uefa licence is not corruption?


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[Skol]

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Deliberately concealing a dual contract system for ten years from the SFA is not corruption? Falsifying statements in order to achieve a uefa licence is not corruption?


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Cheating by Rangers, but not signs of corruption by the SFA

[Skol]

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It was indeed corruption when Cadette’s registration was deliberately delayed (botched ) and Celtic has to go to court over it and it cost the head of the SFA his job.


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The claim was corruption against the big 2.