Generic Sevco / Rangers meltdown thread

It's a slow day for news on this thread, so this might help:

You can mess up the company payments, avoid the taxman, but DO NOT fail to pay her who must be obeyed!

http://www.scotsman.com/news/rangers...wife-1-2190318

Och I've got to the point of not believing a single word of anything that comes via the laptop loyal. Fantasy and wishful thinking, that about somes up our popular media. I'm just waiting with glee for the Heart to join their Glasgow brethern. Maybe the scandal over at Castle Greyskull will prompt some enterprising reporter to look at the finances down Gorgie way.

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Originally Posted by ancienthibby

It's a slow day for news on this thread, so this might help:

You can mess up the company payments, avoid the taxman, but DO NOT fail to pay her who must be obeyed!

http://www.scotsman.com/news/rangers...wife-1-2190318

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Now there's a name to conjure with - Ms Brabender, wonder if she's featured in "Lawyers Wives" etc.

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Originally Posted by calmac12000

Och I've got to the point of not believing a single word of anything that comes via the laptop loyal. Fantasy and wishful thinking, that about somes up our popular media. I'm just waiting with glee for the Heart to join their Glasgow brethern. Maybe the scandal over at Castle Greyskull will prompt some enterprising reporter to look at the finances down Gorgie way.

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Well a week gone and wages still not paid at the PBS.

Just over one week to go before audited accounts have to be submitted for last year.

How can any auditor sign off the Hearts' accounts if wages remain unpaid? This is especially the case given the public statements made by UBIG.

If could still be a big double whammy by the end of the season: Rangers and Hearts!

Duff and Duffer loose the Ticketus case. 100,000 Season Tickets sales gone west. Craigy boy you are a Hero !:thumbsup:

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Originally Posted by jgl07

Well a week gone and wages still not paid at the PBS.

Just over one week to go before audited accounts have to be submitted for last year.

How can any auditor sign off the Hearts' accounts if wages remain unpaid? This is especially the case given the public statements made by UBIG.

If could still be a big double whammy by the end of the season: Rangers and Hearts!

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The big team are too small fry for the Authorities to bother about.

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Originally Posted by greenginger

Duff and Duffer loose the Ticketus case. 100,000 Season Tickets sales gone west. Craigy boy you are a Hero !:thumbsup:

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Great news :agree:

I couldn't imagine a situation where a Court would decide otherwise, TBH, but one did worry.

Where are you getting this from?

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Originally Posted by greenginger

Duff and Duffer loose the Ticketus case. 100,000 Season Tickets sales gone west. Craigy boy you are a Hero !:thumbsup:

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So what does this mean then?

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Originally Posted by CropleyWasGod

Great news :agree:

I couldn't imagine a situation where a Court would decide otherwise, TBH, but one did worry.

Where are you getting this from?

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Its been tweeted from a couple of people at the Court , I know I know _____

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Originally Posted by Judas Iscariot

So what does this mean then?

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It means that Ticketus are due the proceeds from the first 100,000 ST sales over the next 3-4 years.

It probably also means that some of the bidders will drop out of the process, as that is a huge hole in the club's income.

All expenses against Duff and Duffer as well apparently :agree:

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Originally Posted by greenginger

All expenses against Duff and Duffer as well apparently :agree:

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There is a God.

And he ain't a Proddy :greengrin

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Originally Posted by greenginger

Duff and Duffer loose the Ticketus case. 100,000 Season Tickets sales gone west. Craigy boy you are a Hero !:thumbsup:

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Originally Posted by greenginger

All expenses against Duff and Duffer as well apparently :agree:

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http://i1175.photobucket.com/albums/.../thumbsupg.gif http://i1175.photobucket.com/albums/...es/cheersg.gif


http://i1175.photobucket.com/albums/...olrangersg.gif

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Originally Posted by Judas Iscariot

So what does this mean then?

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It means that if the Huns somehow manage to wriggle out of administration with a deal from the notoriously non-football-dealing HMRC then they will get no income from the first 20 odd thousand season tickets each season for the next 3.

If they are forced to liquidate and emerge as Phoenix Huns, the position is much less clear. You would imagine a newco selling its STs would not be bound by a deal done with the original Huns. However, there is some speculation that Ticketus have something up their sleeves, possibly tying the deal to whoever takes ownership of Ibrox rather than the football club. Almost certain to go through the courts for a protracted period. :wink:

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Originally Posted by greenginger

All expenses against Duff and Duffer as well apparently :agree:

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Is that likely to be alot?

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Originally Posted by JeMeSouviens

It means that if the Huns somehow manage to wriggle out of administration with a deal from the notoriously non-football-dealing HMRC then they will get no income from the first 20 odd thousand season tickets each season for the next 3.

If they are forced to liquidate and emerge as Phoenix Huns, the position is much less clear. You would imagine a newco selling its STs would not be bound by a deal done with the original Huns. However, there is some speculation that Ticketus have something up their sleeves, possibly tying the deal to whoever takes ownership of Ibrox rather than the football club. Almost certain to go through the courts for a protracted period. :wink:

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It's 100,000

http://news.stv.tv/scotland/west-cen...ticketus-deal/

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Originally Posted by Judas Iscariot

So what does this mean then?

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Liquidation, methinks.

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Originally Posted by JimBHibees

Is that likely to be alot?

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Advocate's expenses for both sides, for a day in Court, plus the related solicitors' fees in preparing the cases.

Oh yes. :agree:

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Originally Posted by JimBHibees

Is that likely to be alot?

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I'd imagine it would be added to their bill anyway.

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Originally Posted by Spike Mandela

Liquidation, methinks.

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Not yet.

They still have a few options to work through.

1. 2 of the 4 bidders will probably drop out, but that still leaves 2.

2. the CVA has still to be attempted.

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Originally Posted by Spike Mandela

Liquidation, methinks.

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For the moment I would think that would put the Paul Murray deal well in front, since he already has a working capital deal in the bag with them. (Ticketus, that is!)

Leaves the taxpayers well and truly out of the money!:agree:

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Originally Posted by CropleyWasGod

It's 100,000

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Does it not start until next season's STs? Was assuming it included the current season. Even better if not. :greengrin

SSN reporting that a sheriff has ruled that the ticketus deal stands!!

GITYU rangers!!! :agree:

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Originally Posted by CropleyWasGod

Not yet.

They still have a few options to work through.

1. 2 of the 4 bidders will probably drop out, but that still leaves 2.

2. the CVA has still to be attempted.

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And Craigy boy still owns 80% of the shares......,

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Originally Posted by JeMeSouviens

Does it not start until next season's STs? Was assuming it included the current season. Even better if not. :greengrin

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I understood that it was to be over 3 years, including this one. Then, when CW couldn't pay the first instalment this season, the deal was extended to 4 years.

So.. this season has still to be paid for, and the next 3.

:flag:

http://news.stv.tv/scotland/west-cen...ticketus-deal/

"Duff and Phelps had claimed that the deal would hamper their attempts to sell the club."

Hardly a solid legal position to get out of a legally binding transaction.


"The administrators QC David Sellar had claimed in court that two of the four indicative bids for the club were dependent on the Ticketus deal being breached."

So what?


Are those the best arguments they could come up with?

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Originally Posted by ancienthibby

For the moment I would think that would put the Paul Murray deal well in front, since he already has a working capital deal in the bag with them. (Ticketus, that is!)

Leaves the taxpayers well and truly out of the money!:agree:

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How do you mean?

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Originally Posted by keekaboo

http://news.stv.tv/scotland/west-cen...ticketus-deal/

"Duff and Phelps had claimed that the deal would hamper their attempts to sell the club."

Hardly a solid legal position to get out of a legally binding transaction.


"The administrators QC David Sellar had claimed in court that two of the four indicative bids for the club were dependent on the Ticketus deal being breached."

So what?


Are those the best arguments they could come up with?

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TBH, it was the only ones. I kind-of understood their motivation, but never got the justice of it. Now they've had their justice, and had to swallow the costs as a result.

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Originally Posted by JeMeSouviens

It means that if the Huns somehow manage to wriggle out of administration with a deal from the notoriously non-football-dealing HMRC then they will get no income from the first 20 odd thousand season tickets each season for the next 3.

If they are forced to liquidate and emerge as Phoenix Huns, the position is much less clear. You would imagine a newco selling its STs would not be bound by a deal done with the original Huns. However, there is some speculation that Ticketus have something up their sleeves, possibly tying the deal to whoever takes ownership of Ibrox rather than the football club. Almost certain to go through the courts for a protracted period. :wink:

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The report suggested that the Judge declined to give Duff and Phelps an indication that they could renage on the Ticketus deal and effectively convert them into creditors.

The Judge also denied Ticketus preferential creditor status.

It looks more and more like liquidation is the only possible outcome.

Rangers have been pulling in crowds of 40,000 to 45,000 and losing £1 million a month. If they continue to attract that level of support they will effectively be on crowds of 15,000 to 20,000. That will not be enough to keep the lights on.

The only possible way that they could come anywhere near breaking even would be regular appearances in the Champions' League group stages. That is already out for next season. The season after Scotland drops to one CL place and that is likely to involve three qualifying rounds starting in mid-July.

There is a way for the SPL to rid themselves of the problem of dealing with the mess that will undoubtedly follow. That will be to deduct sufficient points from Rangers (pre-split) to ensure that they will be relegated. There are more than enough justifications for this action.

It will then be an issue for the SFL to sort out!