Generic Sevco / Rangers meltdown thread

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Originally Posted by ancienthibby

More breaking news from the Beeb:

Brian Kennedy expected to be among up to five bidders for Rangers

http://news.bbcimg.co.uk/media/image...72_chrismc.jpgBy Chris McLaughlinSenior Football Reporter, BBC Scotland
Rangers' administrator is expecting four or five final bids for the club - and BBC Scotland understands Brian Kennedy will be one of them.
It is believed the owner of Sale Sharks rugby club has tabled a fresh offer.
BBC Scotland also understands that owner Craig Whyte has agreed to transfer his shares to the Blue Knights consortium led by Paul Murray.
Meanwhile, Duff and Phelps is investigating the consequences of liquidation with football authorities.
The administrator has confirmed that it has started negotiations with both the Scottish Premier League and the Scottish Football Association over the formation of a so-called newco Rangers should that course of action be followed by a new prospective owner.
More to follow...

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:rolleyes: Nothing like trying to drum up business :wink:

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Originally Posted by PatHead

Think they would be looking for more than they can expect from liquidation and them becoming a "normal" creditor. The old "half of something is better than all of nothing" would be their take. Don't think it will be as straightforward as is being reported though.

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Sticking another £10m in working capital on top of what they've already given over? Seems like they will be extracting what they can as joint owners of the club for as long as they can if they get in.

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Originally Posted by PatHead

Think they would be looking for more than they can expect from liquidation and them becoming a "normal" creditor. The old "half of something is better than all of nothing" would be their take. Don't think it will be as straightforward as is being reported though.

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It strikes me that Ticketus are the one concern that would benefit financially from RFC surviving in its current form, because they could then enforce their original contract - or a diluted version of it. The arrangement that's being reported seems to me to destroy that advantage to the extent that they'd probably be better off in a liquidation. There has to be more behind this deal than meets the eye (or at least more than meets my eye).

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Originally Posted by hibs0666

Huns have applied to the SFA for a European club licence apparently.

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I thought it had been a bit quiet on that front. :wink:

Meanwhile, alex thomson has been chatting to Craig Whyte today, from his twitter:

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CW reiterated his point that he is due £30 million and wants his £30 million
CW tells me " I've now spoken to all the bidders except Club 9 and none of them wants to seel liquidation"
CW tells me "so far as I understand Paul Murray isn't putting in any of his own money" into RFC bid
CW tells me liquidation of RFC is "absolutely unnecessary" all RFC needs "is to live within its means in future"
Says he's not for walking away and wants to see CVA to exit administration
Craig Whyte tells me any notion he's selling his shares to PM is " absolute nonsense."

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Originally Posted by hibs0666

Huns have applied to the SFA for a European club licence apparently.

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I think I would have done the same in the administrators' position - they have to make the application even if they know it will be refused. If they do get the licence though........:timebomb::furious::worms:

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Originally Posted by Caversham Green

I think I would have done the same in the administrators' position - they have to make the application even if they know it will be refused. If they do get the licence though........:timebomb::furious::worms:

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Their argument seems to be that the UEFA deadline is not until June and so there is plenty of time to get things sorted out.

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Originally Posted by hibs0666

Their argument seems to be that the UEFA deadline is not until June and so there is plenty of time to get things sorted out.

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Just like it was with Portsmouth two or three years back. Not!

In any event the draw for the 1st and 2nd Qualifying Rounds is to be held on 25 June. It will need to be resolved well before then.

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Originally Posted by Caversham Green

It strikes me that Ticketus are the one concern that would benefit financially from RFC surviving in its current form, because they could then enforce their original contract - or a diluted version of it. The arrangement that's being reported seems to me to destroy that advantage to the extent that they'd probably be better off in a liquidation. There has to be more behind this deal than meets the eye (or at least more than meets my eye).

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Originally Posted by JeMeSouviens

Meanwhile, alex thomson has been chatting to Craig Whyte today, from his twitter:

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CW reiterated his point that he is due £30 million and wants his £30 million
CW tells me " I've now spoken to all the bidders except Club 9 and none of them wants to seel liquidation"
CW tells me "so far as I understand Paul Murray isn't putting in any of his own money" into RFC bid
CW tells me liquidation of RFC is "absolutely unnecessary" all RFC needs "is to live within its means in future"
Says he's not for walking away and wants to see CVA to exit administration
Craig Whyte tells me any notion he's selling his shares to PM is " absolute nonsense."

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Could these two be related?

Ticketus know they will get the money from CW, or at least stand a good chance, through the courts, or some such thing … which is why CW wants £30m. Enough to pay off Ticketus and a few million in his tail for his troubles.

http://bit.ly/Hi1ooy

Interesting as BBC were reporting only minutes previously that Whyte had agreed to sell to Blue Knights.

He, Whyte, wants his 30m back as well :)

The story today is confirmation that the administrators are speaking to the footalling authorities about the consequences of liquidation.

Why isn't the BBC reporting that?

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Originally Posted by smurf

The story today is confirmation that the administrators are speaking to the footalling authorities about the consequences of liquidation.

Why isn't the BBC reporting that?

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They have been, Mr Smurf - see post at 2.39pm today!

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Originally Posted by Jack

Could these two be related?

Ticketus know they will get the money from CW, or at least stand a good chance, through the courts, or some such thing … which is why CW wants £30m. Enough to pay off Ticketus and a few million in his tail for his troubles.

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Get £30 million from Whyte?

You have got to be joking.

Whyte will get no more than a nominal price for his shares.

The club is insolvent and the Big Tax case will flatten what is left once the Tribunal reports.

"I have £30m in cash and guarantees on the line but I would walk away if it is best for Rangers."


What???? He bought the club with a pound and paid off the Lloyds debt with somebody else's money. Exactly when has he put any money into rangers???

From today's Scotsman:

"... Kennedy is thought to have upped his interest in Rangers as he is keen to avoid the club being liquidised."

:faf:

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Originally Posted by dan sarf

From today's Scotsman:

"... Kennedy is thought to have upped his interest in Rangers as he is keen to avoid the club being liquidised."

:faf:

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That would be a 'solution' to please us all.:agree:

And now Kennedy says he will not bid.
A bad day for the pr machine of rangers?

5...4...3...2... Cannae be long now!!!!!!

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Originally Posted by dan sarf

From today's Scotsman:

"... Kennedy is thought to have upped his interest in Rangers as he is keen to avoid the club being liquidised."

:faf:

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They'll be up to their knees in bodily fluids!

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Originally Posted by Caversham Green

It strikes me that Ticketus are the one concern that would benefit financially from RFC surviving in its current form, because they could then enforce their original contract - or a diluted version of it. The arrangement that's being reported seems to me to destroy that advantage to the extent that they'd probably be better off in a liquidation. There has to be more behind this deal than meets the eye (or at least more than meets my eye).

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Since it's reported that the £10m is working capital until the share offer, any chance then Cav that this share offer will include some money being ringfenced to then pay Ticketus back, possibly both the £10m working capital, and maybe a lump sum on top? Maybe even offer then non voting stock that they can sell down the line when the price jumps enough?

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Originally Posted by keekaboo

"I have £30m in cash and guarantees on the line but I would walk away if it is best for Rangers."


What???? He bought the club with a pound and paid off the Lloyds debt with somebody else's money. Exactly when has he put any money into rangers???

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Whyte has done a bit of jiggery pokery to try and ensure that he stays at the head of the queue when the dosh is being doled out.

http://news.stv.tv/scotland/west-cen...old-over-club/

So, does it work like this?

Whyte's RFC Group (formerly Wavetower) buys RFC for £1.

RFC sells xx thousand STs up front for £27M.

RFC Group borrows £18M from RFC, pays off Lloyds, thereby taking on the secured debt of RFC. There are now loans in both directions but one is unsecured.

Whyte takes out a debenture over RFC Group securing first dibs on any money accruing to it before its creditors (RFC).

RFC liquidises, RFC Group collects the security (Ibrox + Murray Park), Whyte shuts down RFC Group and heads for the hills.

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Originally Posted by JeMeSouviens

So, does it work like this?

Whyte's RFC Group (formerly Wavetower) buys RFC for £1.

RFC sells xx thousand STs up front for £27M.

RFC Group borrows £18M from RFC, pays off Lloyds, thereby taking on the secured debt of RFC. There are now loans in both directions but one is unsecured.

Whyte takes out a debenture over RFC Group securing first dibs on any money accruing to it before its creditors (RFC).

RFC liquidises, RFC Group collects the security (Ibrox + Murray Park), Whyte shuts down RFC Group and heads for the hills.

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Pursued by large men all sounding like Dr.Paisley.

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Originally Posted by HibeesLA

Since it's reported that the £10m is working capital until the share offer, any chance then Cav that this share offer will include some money being ringfenced to then pay Ticketus back, possibly both the £10m working capital, and maybe a lump sum on top? Maybe even offer then non voting stock that they can sell down the line when the price jumps enough?

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I dont know if they could ring-fence that money. If it comes in before exiting administration it would surely have to go into the CVA pot, and if it's a post-administration promise they would have real difficulty achieving the CVA - who's going to accept keechpence in the pound when they know there's more money to come from the new owners? I do suspect there must be a value in equity prospect, but it looks very high-risk to me. Alternatively, Ticketus could be into RFC's income for a very long time.

Now here's another thing that's got me baffled

http://www.bbc.co.uk/sport/0/football/17601438

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Originally posted by Phluff & Skelps "What we have also discussed with interest parties is the concept of a hybrid of both whereby they could buy the business into a newco but trade it through the existing company to preserve the SPL share."

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How's that gonna work then? If Oldco survives the debt remains with it unless there's a CVA, and if there's a CVA there's no point in having a newco.

Club9 Sports have just pulled the plug on their bid.

Statement from CLUB 9 SPORTS
“We can confirm that representatives of Club 9 Sports have been involved with investigating, analyzing
and considering a potential purchase of Rangers Football Club, plc on behalf of a group of interested
parties from the US and UK. However, at no time has Club 9 Sports itself offered a bid to acquire the
club. Our role has been as a member of a proposed consortium. We can also confirm that we have not
met with, spoken to or otherwise been associated with Craig Whyte in any way.
Furthermore, Club 9 Sports will not be bidding for control of Rangers Football Club, plc. We understand
that it has been strongly rumored that our group planned to “liquidate” the club. It should be made
clear that any party that attempts to acquire the club, eliminate the debts, affect a turnaround, invest
monies and put the club back on solid ground is in fact “saving” the club from liquidation and preserving
its past and its future. In an asset purchase, all of the good and valuable assets (records, marks, names,
trophies, players, staff, history) are preserved and separated from the bad and harmful liabilities (tax
bills, bad contracts, creditors), which have put the club into administration and which act to force the
entirety into liquidation. By putting all of the assets into a different corporate structure, the assets are
in fact rescued from liquidation. Such a transaction would be very similar to the one that occurred at
Leeds United in 2007, which simultaneously rescued that club, maintained its proud history and allowed
the club to shed its debt burdens so that it could have the opportunity for future success.
Finally, we would like to acknowledge that any successful bidder for Rangers will indeed need to
embrace the legendary fan base of the club and communicate with openness and regularity. There is no
doubt that the remarkable record of championships won by Rangers is matched only by its equally
remarkable support from legions of fans, supporters and followers throughout the world.”

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Originally Posted by stokesmessiah

Statement from CLUB 9 SPORTS
“We can confirm that representatives of Club 9 Sports have been involved with investigating, analyzing
and considering a potential purchase of Rangers Football Club, plc on behalf of a group of interested
parties from the US and UK. However, at no time has Club 9 Sports itself offered a bid to acquire the
club. Our role has been as a member of a proposed consortium. We can also confirm that we have not
met with, spoken to or otherwise been associated with Craig Whyte in any way.
Furthermore, Club 9 Sports will not be bidding for control of Rangers Football Club, plc. We understand
that it has been strongly rumored that our group planned to “liquidate” the club. It should be made
clear that any party that attempts to acquire the club, eliminate the debts, affect a turnaround, invest
monies and put the club back on solid ground is in fact “saving” the club from liquidation and preserving
its past and its future. In an asset purchase, all of the good and valuable assets (records, marks, names,
trophies, players, staff, history) are preserved and separated from the bad and harmful liabilities (tax
bills, bad contracts, creditors), which have put the club into administration and which act to force the
entirety into liquidation. By putting all of the assets into a different corporate structure, the assets are
in fact rescued from liquidation. Such a transaction would be very similar to the one that occurred at
Leeds United in 2007, which simultaneously rescued that club, maintained its proud history and allowed
the club to shed its debt burdens so that it could have the opportunity for future success.
Finally, we would like to acknowledge that any successful bidder for Rangers will indeed need to
embrace the legendary fan base of the club and communicate with openness and regularity. There is no
doubt that the remarkable record of championships won by Rangers is matched only by its equally
remarkable support from legions of fans, supporters and followers throughout the world.”

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WTF!!!!! Pass the ****ing sickbag.

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Originally Posted by stokesmessiah

Statement from CLUB 9 SPORTS
“We can confirm that representatives of Club 9 Sports have been involved with investigating, analyzing
and considering a potential purchase of Rangers Football Club, plc on behalf of a group of interested
parties from the US and UK. However, at no time has Club 9 Sports itself offered a bid to acquire the
club. Our role has been as a member of a proposed consortium. We can also confirm that we have not
met with, spoken to or otherwise been associated with Craig Whyte in any way.
Furthermore, Club 9 Sports will not be bidding for control of Rangers Football Club, plc. We understand
that it has been strongly rumored that our group planned to “liquidate” the club. It should be made
clear that any party that attempts to acquire the club, eliminate the debts, affect a turnaround, invest
monies and put the club back on solid ground is in fact “saving” the club from liquidation and preserving
its past and its future. In an asset purchase, all of the good and valuable assets (records, marks, names,
trophies, players, staff, history) are preserved and separated from the bad and harmful liabilities (tax
bills, bad contracts, creditors), which have put the club into administration and which act to force the
entirety into liquidation. By putting all of the assets into a different corporate structure, the assets are
in fact rescued from liquidation. Such a transaction would be very similar to the one that occurred at
Leeds United in 2007, which simultaneously rescued that club, maintained its proud history and allowed
the club to shed its debt burdens so that it could have the opportunity for future success.
Finally, we would like to acknowledge that any successful bidder for Rangers will indeed need to
embrace the legendary fan base of the club and communicate with openness and regularity. There is no
doubt that the remarkable record of championships won by Rangers is matched only by its equally
remarkable support from legions of fans, supporters and followers throughout the world.”

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So what was the shimmy that Leeds pulled?

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Originally Posted by hibs0666

So what was the shimmy that Leeds pulled?

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Leeds tried to go with a CVA with Bates offering 1 pence in the pound later rising to 8 pence in the pound but this was blocked by a legal challenge from HMRC.It was a very dubious CVA as there was strong suspicion that certain of the major creditors were 'persuaded' to vote for the CVA (and this shaft HMRC) by being offered shares in the new company.

Evenually the club was sold by KPMG. This was accepted by the Football League and the Newco was allowed to remain in League One with a 15 point penalty for next seeason. There was no doubt that Ken Bates was behind the bid. It was not possible to find out who the new owners were are it was all hidden behind a holding company somewhere in the Cayman Islands.

Eventually the Football League upgraded its disclosure rules following pressure from the Premier League and the precise ownership details became public.

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Originally Posted by jgl07

Leeds tried to go with a CVA with Bates offering 1 pence in the pound later rising to 8 pence in the pound but this was blocked by a legal challenge from HMRC.It was a very dubious CVA as there was strong suspicion that certain of the major creditors were 'persuaded' to vote for the CVA (and this shaft HMRC) by being offered shares in the new company.

Evenually the club was sold by KPMG. This was accepted by the Football League and the Newco was allowed to remain in League One with a 15 point penalty for next seeason. There was no doubt that Ken Bates was behind the bid. It was not possible to find out who the new owners were are it was all hidden behind a holding company somewhere in the Cayman Islands.

Eventually the Football League upgraded its disclosure rules following pressure from the Premier League and the precise ownership details became public.

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OK cheers.