Generic Sevco / Rangers meltdown thread

[Kojock]

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When they are found guilty of these charges surely a long prison sentence awaits them?
Hope they get consecutive jail sentences .

Am I missing something here?? Guys that have shafted Der Hun should go to jail??

[Ozyhibby]

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Am I missing something here?? Guys that have shafted Der Hun should go to jail??

I'm perfectly comfortable with wanting these crooks sent to jail and wanting the new Rangers to go bust as well.


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[CropleyWasGod]

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Am I missing something here?? Guys that have shafted Der Hun should go to jail??

It's the creditors that they are alleged to have shafted

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[Mr White]

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It's the creditors that they are alleged to have shafted

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Doubt that detail will save them if they wind up in the other big hoose

[Deansy]

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Am I missing something here?? Guys that have shafted Der Hun should go to jail??

Agreed - anyone who's done damage to the Hun deserves nothing but thanks !!

[Kojock]

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It's the creditors that they are alleged to have shafted

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Cheers

[Ozyhibby]

Big Mike really does not like Dave. :-)


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[tamig]

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Big Mike really does not like Dave. :-)


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Lol.

[silverhibee]

From some guy on Facebook.

"Skybet temporarily suspended all bets on Hibs winning the league earlier due to irregular betting patterns! I noticed this myself, and they have now limited it to max stake of £93.75. Very strange? My thinking is maybe The Rangers could be hit with a points deduction for Admin2, rumoured to be incoming.Wishful thinking? Any thoughts?"

[HoboHarry]

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From some guy on Facebook.

"Skybet temporarily suspended all bets on Hibs winning the league earlier due to irregular betting patterns! I noticed this myself, and they have now limited it to max stake of £93.75. Very strange? My thinking is maybe The Rangers could be hit with a points deduction for Admin2, rumoured to be incoming.Wishful thinking? Any thoughts?"

Hope you are right

[Ozyhibby]

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From some guy on Facebook.

"Skybet temporarily suspended all bets on Hibs winning the league earlier due to irregular betting patterns! I noticed this myself, and they have now limited it to max stake of £93.75. Very strange? My thinking is maybe The Rangers could be hit with a points deduction for Admin2, rumoured to be incoming.Wishful thinking? Any thoughts?"

I know nothing but I really hope you are right.


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[liamh2202]

There was a guy on here earlier that had his skybet account shut when he backed hibs for the league

[greenginger]

Have the odds been changed ?

[Hibby Kay-Yay]

Sky bet
image.jpg

Paddypower
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Quite a difference in odds there for Hibs

[Callum_62]

that would be hilarious - but I doubt it

[Ozyhibby]

They are going to run out of money before the end of the season. Whether they can source finance is the big question.


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[greenginger]

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They are going to run out of money before the end of the season. Whether they can source finance is the big question.


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End of the season ?

They needed additional funding by November last season, might be December this season.

[Ozyhibby]

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End of the season ?

They needed additional funding by November last season, might be December this season.

Yes, and the 3 bears appear to have departed the scene, all the assets are already secured by MA except Ibrox, whose ownership is disputed. Tough conditions for borrowing money.


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[ballengeich]

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End of the season ?

They needed additional funding by November last season, might be December this season.

What are you basing that on? While we don't know how this season's wages compare with last, and we don't know how much of their other commercial income is being diverted to SD to service Ashley's loan, I'd have thought that the increased crowds this season will reduce their annual loss, whcih the interim accounts up to 31/12/14 suggested was running at around £8m pa. Based on that my guess is that it will be more like March before they run out of cash. Possibly I'm just being pessimistic

Mind you, if any of the loans suddenly get called in things could change very quickly.

[Ozyhibby]

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What are you basing that on? While we don't know how this season's wages compare with last, and we don't know how much of their other commercial income is being diverted to SD to service Ashley's loan, I'd have thought that the increased crowds this season will reduce their annual loss, whcih the interim accounts up to 31/12/14 suggested was running at around £8m pa. Based on that my guess is that it will be more like March before they run out of cash. Possibly I'm just being pessimistic

Mind you, if any of the loans suddenly get called in things could change very quickly.

All of their merchandising money goes to Ashley until the loan is paid back. All pitch side and stadium advertising goes to Ashley. Their only source of income is ticket sales.


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[greenginger]

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What are you basing that on? While we don't know how this season's wages compare with last, and we don't know how much of their other commercial income is being diverted to SD to service Ashley's loan, I'd have thought that the increased crowds this season will reduce their annual loss, whcih the interim accounts up to 31/12/14 suggested was running at around £8m pa. Based on that my guess is that it will be more like March before they run out of cash. Possibly I'm just being pessimistic

Mind you, if any of the loans suddenly get called in things could change very quickly.

The he way I looked at it was, last year they started with £ 4.5 million in the bank , all be it £ 3 million was rangers retail. They got £ 0.5 million for their stadium rent for the games in July, £ 3.1 million for a share allotment in August/September, they drew down £ 2 million of theAshley loan in October with a further £ 1 million at the beginning of November .

now season ticket sale may be up on last year but there are none of the other incomes I've listed so I reckon cash will run out unless somebody puts their hand in a very deep pocket.

[ballengeich]

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The he way I looked at it was, last year they started with £ 4.5 million in the bank , all be it £ 3 million was rangers retail. They got £ 0.5 million for their stadium rent for the games in July, £ 3.1 million for a share allotment in August/September, they drew down £ 2 million of theAshley loan in October with a further £ 1 million at the beginning of November .

now season ticket sale may be up on last year but there are none of the other incomes I've listed so I reckon cash will run out unless somebody puts their hand in a very deep pocket.

Thanks. I follow your reasoning. I was simply thinking that the increased gate money (over the season it won't matter whether it's season tickets or patg) would reduce the losses so allow them to continue longer without a cash injection than last season. On that basis King's claim that they can operate for six months before needing cash to complete the season seemed vaguely plausible. Let's hope your're right and the crisis is imminent.

[CropleyWasGod]

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Thanks. I follow your reasoning. I was simply thinking that the increased gate money (over the season it won't matter whether it's season tickets or patg) would reduce the losses so allow them to continue longer without a cash injection than last season. On that basis King's claim that they can operate for six months before needing cash to complete the season seemed vaguely plausible. Let's hope your're right and the crisis is imminent.

It will matter, in that the ST's are up front. No idea what they were last year, but this season's seem to be pretty healthy.That has to give them breathing-space.

The wage bill is also much less than last year's, which will help. As will the reduced squad numbers, and the removal of McCoist. (tried my best to use "slimmed-down", but it won't work in the same sentence as AM...)

[HoboHarry]

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It will matter, in that the ST's are up front. No idea what they were last year, but this season's seem to be pretty healthy.That has to give them breathing-space.

The wage bill is also much less than last year's, which will help. As will the reduced squad numbers, and the removal of McCoist. (tried my best to use "slimmed-down", but it won't work in the same sentence as AM...)

Wonder how many season tickets were used up paying off Swally?

[Jack]

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Wonder how many season tickets were used up paying off Swally?

3 or 4 months at £80k - 90k a month, depending on who you believe.

[Ozyhibby]

http://www.podcastgarden.com/episode...ode-1-06_58958

Interesting podcast for anyone interested in the financial goings on at Ibrox with our old friend David Low.


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[CropleyWasGod]

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http://www.podcastgarden.com/episode...ode-1-06_58958

Interesting podcast for anyone interested in the financial goings on at Ibrox with our old friend David Low.


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Listened to the first 15 minutes, and had to switch off.

The guy has little understanding of insolvency law. And he's banging on about security when there is none.

So glad he didn't get involved with us.

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[Ozyhibby]

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Listened to the first 15 minutes, and had to switch off.

The guy has little understanding of insolvency law. And he's banging on about security when there is none.

So glad he didn't get involved with us.

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Insolvency law seems to change with each individual case anyway.
The Yams got to pick and choose who voted on their CVA despite insolvency law indicating connected companies could not vote. With these sorts of shenanigans going on and what has already occurred with the liquidation of the original Rangers it appears to me that insolvency law in this country is a mess. With this in mind, his opinion is no more or less valid than anyone else. The experts on insolvency law in this country have not covered themselves in glory so far.
I am glad he's not involved in Hibs though.


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[CropleyWasGod]

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Insolvency law seems to change with each individual case anyway.
The Yams got to pick and choose who voted on their CVA despite insolvency law indicating connected companies could not vote. With these sorts of shenanigans going on and what has already occurred with the liquidation of the original Rangers it appears to me that insolvency law in this country is a mess. With this in mind, his opinion is no more or less valid than anyone else. The experts on insolvency law in this country have not covered themselves in glory so far.
I am glad he's not involved in Hibs though.


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Exhibit A. He talks about Preferred Creditors. There are none in Rangers case.

Exhibit B. He talks about Worthingtons being Preferred Creditors. They're not. They can't be.

Exhibit C. He talks about Worthingtons having security. There can't be security without a debt. That whole question was settled a long time ago.

Exhibit D. He talks about the Oldco being an attractive investment, because they might win the Big Tax Case. Even if they do, there are still tens of millions in unpaid debt

Exhibit E. He talks about the assets being transferred back to Oldco, as if it's an easy process. They're already (at least) 2 companies away. Good luck with that.

[Ozyhibby]

That's better. I prefer to know why rather than just be told someone is talking *****.
One thing I think is correct is that this will take a lot of time in the courts to sort out and that the new Rangers will struggle to borrow until it's all sorted.


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