Generic Sevco / Rangers meltdown thread

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09-01-2018, 08:04 AM
Moulin Yarns

Quote:

Originally Posted by Ronniekirk

Pena is away on loan to Mexico and the club he has signed for are paying his full wages
They didn't appoint new Manager ,but have recently brought in an assistant They are still bringing players in
While their clearly are ongoing cash flow issues ,they always seem to find a way through these despite all the predictions of their demise
Unless Civil War breaks out in their Boardroom ,they will reluctantly work their way through this and at some point King will exit left, and someone else will take them forward to challenge Celtic But thats another few years down the line
The calibre of signings may not be enough to progress in Europe next Season and will wait till Transfer Window closes as then we will have a clearer indication of how difficult things are
Europe isKey King ,knows that and a Rookie Manager is unlikely to get them through the Qualifying rounds
King has hinted that the Summer will see the Main overhaul of the Squad ,and i assume a new Manager
But its a big ask to see them to well in Europe
If they go out the Scottish Cup early ,and find themselves slipping down the League ,to fourth ,the pressure will be on them

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I hear there was a picture of Pena walking across a car park blowing his nose with a pair of The Rangers shorts (either that or he was sniffing them)

How to respect the club that you are still employed by.
09-01-2018, 09:28 AM
Winston Ingram

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.
09-01-2018, 09:31 AM
ancient hibee

Quote:

Originally Posted by Ozyhibby

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.
09-01-2018, 09:32 AM
Spike Mandela

Quote:

Originally Posted by Winston Ingram

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..😎
09-01-2018, 09:38 AM
Killiehibbie

Quote:

Originally Posted by Winston Ingram

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.
09-01-2018, 10:22 AM
JeMeSouviens

Quote:

Originally Posted by Ozyhibby

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?
09-01-2018, 10:29 AM
Ozyhibby

Quote:

Originally Posted by ancient hibee

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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09-01-2018, 12:14 PM
Brunswickbill

Quote:

Originally Posted by ancient hibee

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.
09-01-2018, 12:20 PM
Ozyhibby

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

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09-01-2018, 12:21 PM
CropleyWasGod

Quote:

Originally Posted by Brunswickbill

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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09-01-2018, 12:58 PM
Ozyhibby

Quote:

Originally Posted by CropleyWasGod

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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09-01-2018, 02:57 PM
HoboHarry

Latest piece from Phil Mac

https://philmacgiollabhain.ie/2018/0...-row-at-sevco/
09-01-2018, 03:04 PM
CropleyWasGod

Quote:

Originally Posted by HoboHarry

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? [emoji848]

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09-01-2018, 03:13 PM
HoboHarry

1 Attachment(s)

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

Attachment 20007
09-01-2018, 03:22 PM
Ozyhibby

Quote:

Originally Posted by CropleyWasGod

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

Is it sufficient to block a CVA? [emoji848]

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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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09-01-2018, 03:24 PM
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 ****.
09-01-2018, 03:44 PM
Ronniekirk

Quote:

Originally Posted by HoboHarry

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

Attachment 20007

I smell S---

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09-01-2018, 03:52 PM
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?
09-01-2018, 06:08 PM
Famous Fiver

Do you mean they owe it to themselves?

Now, where have I heard that before?........................................... .........................
09-01-2018, 06:12 PM
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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09-01-2018, 06:15 PM
snooky

Quote:

Originally Posted by Ronniekirk

I smell S---

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Is that your comment on the photo or a caption for it? :dunno: :wink:
09-01-2018, 06:22 PM
Skol

Quote:

Originally Posted by Ryan69

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
09-01-2018, 06:38 PM
Stuart93

Quote:

Originally Posted by Skol

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
09-01-2018, 06:48 PM
Skol

Quote:

Originally Posted by Stuart93

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
09-01-2018, 06:50 PM
lapsedhibee

Quote:

Originally Posted by Skol

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

:faint:
09-01-2018, 07:11 PM
HoboHarry

Quote:

Originally Posted by Skol

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.
09-01-2018, 07:20 PM
Ozyhibby

Quote:

Originally Posted by Skol

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 [emoji23]) and Celtic has to go to court over it and it cost the head of the SFA his job.

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09-01-2018, 07:21 PM
Ozyhibby

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

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09-01-2018, 07:24 PM
MrSmith

Quote:

Originally Posted by Skol

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.
09-01-2018, 07:25 PM
Ozyhibby

Quote:

Originally Posted by Skol

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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