The situation at Darlington has some comparisons with Rangers:
http://www.bbc.co.uk/sport/0/football/17926586
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The situation at Darlington has some comparisons with Rangers:
http://www.bbc.co.uk/sport/0/football/17926586
The difference appears to be automatic expulsion with their eventual place being determined by the FA.Quote:
Originally Posted by jgl07
I would like to see the same here with Rangers, but the rules are not in place to do that, as far as I know.
Clearly Bill Miller has been given back room assurances. Any notion that the SFA and SPL are continuing discussions with Miller is a pretence for media spin.Quote:
Originally Posted by JeMeSouviens
It also gives the SFA the chance to 'act tough' and keep the transfer embargo in place for the old company but let them transfer their share to the newco. It's like the bank repossessing your house but giving you a shiny new one mortgage free to live in.
D&P say he hasn't. The reason they were able to nominate him was because he dropped his demand for assurances.Quote:
Originally Posted by Spike Mandela
[QUOTE=H18SVG;3208274]And all the time a clock is ticking.....Quote:
Originally Posted by Jack
If wild Bill goes ahead and buys Rangers what happens to the big tax case especially if the findings go against Rangers, does it matter if is announced before or after he commits to buy ?.
Yeah right PTS................and in other news D&P announce that Elvis is alive and well living in a tenament in Constitution St.:greengrinQuote:
Originally Posted by Part/Time Supporter
This from the BBC website just now.
1406:BBC Scotland correspondent James Cook"The administrators say they understand Bill Miller has assurances that #Rangers will continue in the SPL with no further points deductions
Scandalous if true. Death of Scottish football, proves the league is rigged to benefit only 2 clubs.Quote:
Originally Posted by down the slope
2 answers to that.Quote:
Originally Posted by down the slope
1. Legally, no, it matters not a jot.
Wild Bill's Newco is buying the assets of Rangers Oldco. Wild Bill's Newco will get Rangers Oldco's SPL share (unless the rest of the clubs, including ours, suddenly grow a backbone). Wild Bill's Newco will be playing football next year.
Rangers Oldco (the current entity) will be left in administration with either a large debt or a ****** massive debt (depending on BTC), no stadium, no players, no league place, not playing football or indeed, doing anything.
Wild Bill claims he will attempt to get Rangers Oldco out of admin at some unspecified future time by agreeing a CVA and then merge them with Newco.
Everybody and their auntie knows this is next to impossible and when the fuss dies down, Newco are ticking along in the SPL and everyone is looking the other way, Rangers Oldco will be quietly liquidated.
2. Politically, on the other hand, the BTC coming in before Miller takes over might just be enough to rouse public opinion firmly against a stitch up. Faced with the public outcry over the Huns being found guilty of 10+ years of cheating, it's conceivable somebody in a position of power in Scottish football or within the SPL clubs might actually do the right thing and stop this travesty in its tracks. Not holding my breath but you never know.
Why punish Hibs for this?Quote:
Originally Posted by ScottB
I dont know why so many people are willing to walk away from the SPL then in turn Hibs due to this shambles!
Our club hasn't done anything wrong, every single Scottish football fan outside the Hun should be walking out on the SFA, Scottish national team etc etc not their own clubs..
In other news; a scientific study has found that bears search out woodland areas for the purpose of defecating.Quote:
Originally Posted by down the slope
The club need to speak out on this when it is certain that a newco will happen. By staying silent, they're as complicit as the rest of the SPL.Quote:
Originally Posted by Judas Iscariot
I think this is pretty much a gamble. Without RFC Doncaster's SPL is finished. Trying to call everyone's bluff now I think. Time for the other clubs to walk from the SPL. Time for Hector to push that big red button.
Quote:
Originally Posted by Judas Iscariot
Our club could put a stop to this. Issue a rallying cry for sporting integrity and guarantee that we will vote against a stitch up at every turn. Challenge other clubs to do the same. The support would be right behind them. Other clubs supports would demand that their club followed suit.
There is a concrete preferred bid on the table. Therefore, there is something to comment on right now.Quote:
Originally Posted by Beefster
It appears to be time to put Scottish Football out of its misery.
I really don't get how they can start a newco AND keep the oldco going but still be in the SPL with no points deduction. :confused:
Well we shall see, if Hibs vote with the herd and welcome Rangers back with open arms, then yes they have done something wrong.Quote:
Originally Posted by Judas Iscariot
At this juncture, merely particpating in this farce, and the 'rebel 10' continuing to play in the SPL is very much particpating, is, for me, wrong. It is the will full support of a company that has cheated us all out of £100million, in a league that is, without a shadow of a doubt, rigged. It won't be sport anymore, it will have all the integrity of WWE and I will have no interest.
At the least I expect a Hibs statement decrying it, but we will no doubt be as silent and subservient as the rest.
Why isn't there such a call for a "boycott" of all things SFA then?!
National Team(s), Cup Competetions etc etc
We'll see if the SPL chairmen have big enough balls on Monday. Remember them talking about starting a new league as part of the SFL with anyone wanting to join being welcome? Remember also the SFA talking about setting up a new Scottish National League? The SFL are meant to be announcing something today.Quote:
Originally Posted by JeMeSouviens
SFA and all clubs other than Rangers v SPL/Rangers battle looming?
I hope so.
Because the league is dead, sporting integrity is dead, there is absolutely no point in watching our club frugally living within their means while cheats prosper. I for one couldn't stomach watching Rangers become the wealthiest, debt free club in the SPL then continue to watch our journeymen overturned by their latest high profile new signings. it is already heavily weighted in their favour without this fiasco. Unless RP announces a policy of financial reckless abandon for Hibs in the hopes of acheiving a Hibs Newco what is the bloody point.Quote:
Originally Posted by Judas Iscariot
Sooner or later every single one of us has to reach a point where it is a matter of principle and a case of doing the right thing. If Rangers come out of this unscathed I no longer will want anything to do with the SPL and will take steps to cancel my season ticket and if it can't be done I will take the hit for one year but certainly won't be back.
They start the Newco and transfer all the assets to the that entity. The debts remain with the Oldco under the control of the administrators.Quote:
Originally Posted by green is good
They get the nod from the SPL.
Meanwhile they try to organize a CVA with the creditors and get hold of Whyte's shares.
Once the Oldco is out of administration they merger the two companies thus retaining Rangers' 'history'.
If they can't arrange a CVA the Oldco is liquidated but they are still in the SPL.
The Newco will gain entry to the SPL before the FFP regulations have been voted through so they will be exempt from any of them.
But how can you transfer the assets of the club when CW still has 85% of the shares?Quote:
Originally Posted by jgl07
BBC Scotland correspondent James Cook
"Administrators say they understand #Rangers will retain all previous titles and continue in SPL with no points deductions."
I think Spartans better start building a new stand for next season, I still need my football fix, but it won't be with the SPL.
#RIPScottishfootball
It's not a transfer, it's a sale. The admins have the power to sell the company's assets.Quote:
Originally Posted by green glory
They 'persuade' him by leaving the Oldco as a shell which is totally worthless. They can slip him a few quid for his shares as an alternative to liquidation where he would get nought.Quote:
Originally Posted by green glory
Just the other week the majority of Hibs.net was trying to pesuade Hibs to vote against measures which would have led to real sanctions for any Newco...
Well, Rangers walking straight back in is what you then get.
A new company should start at the bottom.
You would not need to impose sanctions against a Newco if you tell the Newco to apply to Division 3 of the SFL.Quote:
Originally Posted by Andy74
I don't much care if a Rangers Newco are in the SPL with or without sanctions.
Either way I am out of here!
Not getting at you Andy but can you elaborate on your comment?Quote:
Originally Posted by Andy74
That's up there with "its the fans' fault that we're mince". I'm not sure about the rest of the 'majority of Hibs.net' but I wasn't invited to vote on the proposals.Quote:
Originally Posted by Andy74
I believe the objections were either that it wasn't harsh enough, that no newco should be anywhere near the SPL, and in general the proposals were flawed and ill thought out.Quote:
Originally Posted by Andy74
Hardly equivalent to support of what is happening.
That much I understand, what I mean is how can they get away with this? Why should they be allowed to have a newco take the good bits and carry on as if nothing has happened while the oldco is left to sort out later?Quote:
Originally Posted by jgl07
I would suggest that's a little unfair as most folk really don't know (including the media!) what is going on at Ibrox with little transparancy of the affect the SPL vote would have had. It's clear most non-Rangers fans want to see the appropriate sanctions against the club, it's a total minefield now as to how this can be achieved and by the sounds of things if it can be achieved.Quote:
Originally Posted by Andy74
I emailed Hibs weeks ago regarding this matter to which i have yet to get a response but I would agree with many of the comments earlier where I would find it hard to justify forking time and money out on a sport that has lost all integrity (in the event a Newco goes straight back in to the SPL with no sanctions against it). For a club like Hibs, which we have all had to 'buy in' to a policy of prudency and long-term sustainabiliy this is especially galling. Really, what is the point if a newco Rangers comes in and starts cherry-picking the best of the SPL yet again weakening every other team season after season after a decade of cheating the taxman and scottish football in general.
I hope he's wrong. If Rangers retain their history that history includes a 12 month signing embargo, unpaid fines of £160k (plus £200k levied on their owner and director which he is refusing to pay - that should be pursued through the club) and as yet unanswered charges of double contracts/falsified records. They can't be allowed to cherry-pick which bits of their history they'd like to keep.Quote:
Originally Posted by Gingertosser
Is there any scope for an on-line vote of no confidence in the SPL board - along the same lines as the Newco survey?
Hopefully that no confidence vote will happen on. Monday at the meeting of the SPL chairman.Quote:
Originally Posted by Caversham Green
Because HMRC, Ticketus, other football clubs owed money, every SPL club and its supporters and every small creditor is about to get totally stiffed.........with the help of Doncaster, the SPL board and the SFA.Quote:
Originally Posted by green is good
There is no point whatsoever. The position according to the BBC is a followsQuote:
Originally Posted by talking_wiss
"Bill Miller has got sufficiently comfortable in terms of the football authorities to go unconditional with his bid, and on that basis we can proceed," said Rangers joint administrator David Whitehouse.
If that means what it seems to mean then I've got a problem. I will always be a Hibs fan but I just can't stomach this. I guess I'll end up following an English team. Scottish football is already dire anyway.
Rangers administrators in court tomorrow
http://scotslawthoughts.wordpress.co...re-lord-hodge/
for a 1 hr session.
And don't forget - HMRC collects money owed to you, me and all other taxpayers. So at a time when public sector jobs are being slashed and services cut, SPL is helping rob us all blind.Quote:
Originally Posted by RossHibs
If Rangers become a NewCo and all the creditors get stiffed, what happens to Duff & Phelps?
Aren't they supposed to get the best deal for the creditors? This seems to be the worst deal possible.
They will sell Rangers' assets to the Newco to put into the pot either for liquidation or for a CVA.Quote:
Originally Posted by HibeeMG
When is this Oldco to Newco transfer meant to happen ? Don't they know the transfer window is shut. Players are stuck at Oldco until the window opens. :confused:Quote:
Originally Posted by jgl07
Good point. There's something very odd about all this. Also, why is the BTC taking so long? A decision has been "imminent" since February. You would be forgiven for thinking that the powers that be are waiting for Rangers to get their "get out of jail free" card sorted before issuing a decision.Quote:
Originally Posted by HibeeMG
Hopefully they will find a way of landing the BTC mega-bill on the Newco if it has'nt been presented in its final text to the Oldco. :greengrinQuote:
Originally Posted by Paisley Hibby
Yes, you have to wonder about this. What`s the holdup.Quote:
Originally Posted by Paisley Hibby
This decision was expected around Easter so why is everyone still waiting?
After the final match of the season will do.Quote:
Originally Posted by greenginger
The transfer window does not prevent players moving but stops their new club playing them.
Chris McLaughlin, BBC Sport
"SPL source tells me that Bill Miller has been given no assurances about possible sanctions for a newco #Rangers"
JusT a nod and a wink from a strange man with a funny handshake and his trouser rolled up.:greengrinQuote:
Originally Posted by Sir Alf R
I wouldn't believe an SPL source if he told me Sunday followed Saturday.
Has anyone asked Mr William G Miller which foot he kicks with ? :wink:
Ah...... fair point!Quote:
Originally Posted by Spike Mandela
:hmmm:
I think they want it done before season endsQuote:
Originally Posted by jgl07
The player issue is a point, how can they do it? I know FIFA / UEFA can give special dispensation for a player to join a new club after being made redundant, but note that boy from Rangers still hasn't been cleared to join Bolton. It aint gonna happen overnight.Quote:
Originally Posted by moff1875
Which would suggest to me that UEFA would be able to stop that plan in its tracks. To be honest I don't think it's required, the SPL will likely vote them back in anyway, there isn't the need for the elaborate overnight swap between companies I suspect...
To be honest there are so many holes in the scheme that it can only go through with extreme corruption from the authorities.Quote:
Originally Posted by moff1875
There isn't a chance in hell of getting a CVA approved before the end of the season if at all. I will be surprised if Craig Whyte can be totally overlooked as Miller is arguing.
That leaves the Oldco facing liquidation which means that all the players contracts revert to the SPL and effectively all become free agents if they so wish.
So the Newco will be there without any history or any players. Miller has argued that he will curb excessive spending so they are going to be hard pressed to put together a competitive team even assuming that the SFA transfer embargo is not applied to the Newco.
My suspicion is that the whole 'incubator' company thing is a ploy to try and keep the fans on board and convince them that their history will be retained.
He will buy the assets from the admins for a knock down price and be looking to sell the Newco on as soon as possible.
In that case then, I presume they will have to justify the price they get for those assets with the courts?Quote:
Originally Posted by jgl07
If the solution to Rangers predicament was so simple, why didn't all the bidders come up with it. There has to be more to it, with not quite so simple a solution for Rangers.
Duff and Phelps saying HMRC and Ticketus have agreed the deal and creditors support the proposal:confused:
All over BBC that they will be no further sanctions and they will waltz straight back into the league.
When will the people in power not understand that this is nothing to do about money??? After this final, I won't be back to another game. Literally throwing money away! Happilygo to more games down south and abroad. Most people won't be like me, but it's making a mockery of the passion other fans invest in the Scottish game
It is liquidation/asset stripping by any other name, which was not on the agenda (of the prospective buyers, at least) until relatively recently. At the outset, the admins and buyers were more confident about a CVA and trade-out situation, and the L word was never mentioned. I think a healthy dose of reality, and a ticking clock, have concentrated minds somewhat.Quote:
Originally Posted by SetonClapper
It would appear from the most recent comments from D&P's that both HMRC and Ticketus are agreeable to the CVA proposed by Bill Miller.Quote:
Originally Posted by jgl07
So no sanctions from SPL, £130m debt disappears and I'm sure that the SFA will find in Rangers favour in regards the transfer ban. Start of next season with 40k ST's and no debt. Why the F bother anymore with Scottish Football?
This kind of thing? :wink:Quote:
Originally Posted by CropleyWasGod
What is asset stripping?
Asset stripping is taking company funds or assets of value while leaving behind the debts.
Company directors transfer only the assets of one company to another and not the liabilities. The result is a dormant company with large liabilities that cannot be met and it has to be put into liquidation
Stripping of company assets is normally done for two main reasons:
•The fraudsters deliberately target a company or companies to take ownership, move the assets and then put the stripped entity into liquidation
•"Phoenixing" - directors move assets from one limited company to another to 'secure' the benefits of their business and avoid the liabilities. Most or all the directors will usually be the same in both companies. This usually arises as a way of 'rescuing' the assets of a failing business rather than targeting a company
http://www.sfo.gov.uk/fraud/what-is-...stripping.aspx
Actually, how does this differ from what is being proposed? Looks well dodgy...
Where are you getting this from, Paul?Quote:
Originally Posted by PaulSmith
BBC journalists twitter.Quote:
Originally Posted by CropleyWasGod
Alastair Lamont on Twitter, I believe.Quote:
Originally Posted by CropleyWasGod
Something like that.Quote:
Originally Posted by BarneyK
It's the following extract from D&P's statement that I find most interesting:-
"In recent weeks there has been much debate about Rangers exiting from administration through a stand-alone CVA. However, the barriers to a proposed stand-alone CVA are now too high.
"These barriers include, in particular, the absence of any bidder proposing unconditionally sufficient funds to enable a stand-alone CVA to take place.
"Crucially a stand-alone CVA would take so long now to effect, the Club could not survive in administration.
As a consequence, no party has been able to submit an unconditional bid in a stand-alone CVA scenario.
"We confirm that discussions with the two final bidding parties for the Club included the possibility, as part of the proposals, the formation of a new company in addition to the preservation of the Rangers Football Club plc.
"Mr Miller's proposal involves the use of a specially created newco in addition to the retention of the Rangers Football Club plc. The business and assets he proposes to purchase will be sheltered in a newco and returned to the plc once the plc has been 'cleaned up'.
That begs a number of questions:-
1. what is the time-scale for the whole thing? Is that important?
2. what happens if the OldCo is not "cleaned up"?
3. what value is being put on the assets that are being sold? Is that value challengable?
I will have more.
Alasdair Lamont @BBCAlLamont
David Whitehouse: "We've already been in consultation with largest creditor, HMRC and they're fully aware of and are supportive of the bid.
DW: HMRC & Ticketus are both creditors of the company and the creditors have voted in favour of the proposals which enable us to do deal
DW: They will receive the benefit pro rata with other creditors of the pool of funds which have been created for the creditors generally.
DW: That pool of funds will come from the proceeds of the litigation that have been brought..
.. the existing assets such as they are and the proceeds of the sale and purchase agreement which we are commencing now with Bill Miller."
There was a poll on here, so you were.Quote:
Originally Posted by Beefster
I said then that the current situation was that they could get voted back in with no sanctions and so couldn't get the objections to sanctions being voted in.
The proposals did not make it any more likely than we have now that a newco would be voted in, but they did at least have some decent sanctions if it happened.
Just trying to get my head around this at the moment, but so far as I can see Miller wants to seperate the bad bit of Rangers (with the debt) from the good bit (the name/history etc), while getting an agreement through CVA to repay the creditors whoever much it is that they'll agree to in the pound.
I think a few football clubs have done that. In fact, didn't STF shuffle around debt and create companies (or at least another company) when he came into Hibs. The difference being that we didn't need to put a CVA in place.
The CVA is between Rangers and the creditors, and so really it's up to them what's agreeable and that doesn't then become a sporting issue per se, more a business one, (other than the football related debts, of course).
I don't understand what the SPL or SFA can do here. If Miller creates the newco and transfers the liabilities to that, while keeping the oldco intact, then there's probably nothing that the SPL can do about it.
Am I totally on the wrong track here, and if so, what have I got wrong?
It was on Radio Scotland. They also quoted SPL as saying they had given no assurances re a Newco Rangers. That is almost certainly disingenuous of SPL - Miller is saying that his plan is not a Newco so any assurances given by SPL would not be about a Newco. However, Radio Scotland also had guy from Ernest & Young on who said that "incubator" is just another word for newco.Quote:
Originally Posted by CropleyWasGod
That's cleared it up then :greengrinQuote:
Originally Posted by Paisley Hibby
I think the problem arises when the CVA is found to be unworkable and they decide to liquidate. The opinion seems to be that they will be able to do so without any real penalties.Quote:
Originally Posted by matty_f
What about the sporting issue of other clubs paying their full tax for the last 15 years?Quote:
Originally Posted by matty_f
Why don't we all just go for reckless financial spending and then set up a newco. Surely this is THE business model for a modern football club.
Just read it again and I see what you mean :greengrinQuote:
Originally Posted by BarneyK
It's the other way about.Quote:
Originally Posted by matty_f
I think Matty means as things stand. If the end game is liquidation and they are unable to be held accountable for that, well that's another matter. If they agree a CVA, I don't think we have much to complain about. Won't stop me, mind.Quote:
Originally Posted by Spike Mandela
Yep, that's a big issue but nobody can do anything about that until it happens, if it happens.Quote:
Originally Posted by BarneyK
I agree, but playing devil's advocate here, if HMRC agree the CVA and Rangers repay whatever in the pound, that's the same as many businesses who find themselves in the position of having to agree structured and partial debt repayments. That's between HMRC and Rangers, rather than the SPL (though IIRC, the SPL want to make being on time and up to date with tax payments part something that's punishable if it's not adhered to - it was in the proposals that are being delayed as far as I remember).Quote:
Originally Posted by Spike Mandela
Surely not the end of the saga by any stretch but I feel dejected, depressed and cheated by the possibility of Rangers coming out of this relatively unscathed. This is not the game I fell in love with and it's an absolute outrage that the authorities could even consider facilitating it. Money has ruined any sporting integrity if there really was any in this parochial footballing nation of ours. Time to logout.
Pretty much how I feel just now!Quote:
Originally Posted by moff1875
If it was as easy as this then why did the other bidders not come up with the same plan? Also, it has been clear from day 1 that Doncaster & the SPL were going to roll over like a puppy to have their bellies tickled by Rangers so how come it has taken so long for the Miller bid to be agreed?
I will be absolutely disgusted if they walk away from this, almost as disgusted as i am that the majority of Hun fans seem to be rejoicing at getting away with it. stupid B****** will still be singing god save the queen in weeks to come, god save her just dont bloody pay her the money you are due though eh?
SPL is dead if this happens.
Are there not laws in place to stop companies from shafting creditors by starting newcos and moving the debt to them while keeping the assets safe?
Looks like they've told HMRC that they expect to win the case against Collyer Bristow and that will provide £25m which will be split among the creditors.Quote:
Originally Posted by BarneyK
I'd be surprised if HMRC swallowed that one.
They are not doing that, though. They are selling the assets to the NewCo, and keeping the liabilities in the OldCo. Those liabilities will be partly paid off by the proceeds from the sale of the assets.Quote:
Originally Posted by matty_f
What about Craig Whyte's shares as well - was he not after £30m for them? Surely Miller can't buy the club without buying Whyte's shares?Quote:
Originally Posted by grunt
Quote:
Originally Posted by matty_f
Firstly, you need to ignore all the pish you've read and heard from Scottish football pundits over the last weeks and months.
Professional football clubs in Scotland are companies. Rangers FC plc is Rangers, there is no legal entity other than that one. The club/company may be in turn owned by another company, eg. Hibernian Holdings owns 90% of HFC, Rangers FC Group owns 85% of RFC, but the simple fact is that the club and company are legally indistinguishable.
Now, as you say, if the company can satisfy its creditors and agree a CVA it can exit administration and go back to trading normally, nothing to see here for the SPL/SFA. This is what Motherwell did.
This is not what's being proposed for the Huns. Miller is proposing to start a new company, ie. a totally new club that has never played before. This club will buy the assets of RFC including stadium etc. and attempt to join the SPL in place of the existing club. It is up to the SFA and SPL to decide whether or not to allow this new club to take the place of the existing one. Whether or not the existing company is immediately liquidated or left to hang around as an empty shell for a while is completely irrelevant.
When Airdrieonians FC were liquidated, an attempt was made to form a newco to take their place. This was blocked and relegation from SFL Div 1 was cancelled. Gretna took the resulting free space in the league. Subsequently, an Airdrie supporting businessman bought Clydebank FC, moved them to Airdrie and changed their name, but legally Aidrie United FC is Clydebank FC, they are the same company.
He's not buying the club. He is buying the assets.Quote:
Originally Posted by matty_f
Same question applies though chief - can companies be brought to task for doing that?Quote:
Originally Posted by CropleyWasGod
It seems like the machinations are coming to their conclusion now and the result the cynics always expected is to come about. Rangers will escape with a single bound and continue as if nothing has happened. I always expected that SDM, CW, the SFA, SPL D*P ect al were corrupt from the start and had this fix lined up from the start.
My one hope was that HMRC would be the spanner in their works, particularly all their talk of making an example of tax dodgers, EBT abusers etc.
Now it seems that they too are in on the fix and are compliant cogs in the Ranger support machine.
Is this then the real nub of the conspiracy (which this whole 20 year scenario has been, make no mistake)? Why would the supposedly impartial agents of our elected government do this? What is their motivation? Who do they really serve? And who can have directed or influenced them to save Rangers and why are they compliant?
This is now where our conversation will move onto, as it seems the battle for sporting integrity and a level playing field is over. R.I.P. Scottish Football, I knew you well. But no more.
I'm lucky in that I moved to Canada a few years ago so my spending on Scottish Football is now restricted to buying Hibs TV, getting stuff sent from the Hibs shop and the odd game when I'm over. but even that will be no more. I am certainly glad that i don't pay any taxes to the corrupt HMRC that's for sure.
Thankfully I got into Hockey & the Detroit Red Wings in a big way and that's where my focus will lie. It's not institutionally corrupt that's for sure and anyone can and does win, witness the surprises in this year's Stanley Cup Playoffs so far.
So after this years SCF, if anyone called Rangers is in the SPL next year, that's it for me. Sorry to be so negative but I'm so disgusted with the brazen sham in front of our eyes right now, I can hardly think straight for the anger.
He can buy the assets and his new club can use them. He can't fulfill his pie in the sky scheme to later resuscitate the old club and merge it with the new one but I don't imagine that would break his lil 'ol heart. :rolleyes:Quote:
Originally Posted by matty_f
Quote:
Originally Posted by JeMeSouviens
Cheers chaps, that makes sense to me now.Quote:
Originally Posted by CropleyWasGod
In that case, how can Miller possibly think that they can retain the history etc?
The SPL surely can't just waive Miller's club in then. That's a complete nonsense!
Thought you might ask that:greengrinQuote:
Originally Posted by matty_f
Basically, the assets will need to be seen to be sold at market value. What is "market value", though? RFC, the admins, Miller will argue that there is no other offer on the table, so MV basically means whatever anyone is prepared to pay for them. In this case, that's BM's £11m or whatever has been agreed.
If any creditor thinks the sale price is too low, I suppose they could apply to the Court to have the sale stopped. I am not sure that they will, though.... this is probably the best deal they are going to get.
That remains to be seen. Despite the admins claims, I am not accepting that scenario until HMRC have actually spoken.Quote:
Originally Posted by blindsummit
Thompson interviews Paul Clark
http://www.channel4.com/news/miller-...eferred-bidder
snake !.
I think the they were always likely to end up back in the SPL but if they get away without sanctions then i am with you. I hope to F*** that the SFA dont buckle and stick to their fines and transfer embargo. Provided that is that the embargo goes with whatever company RFC is trading out of.Quote:
Originally Posted by blindsummit
Can someone confirm or deny if that is attached to the licence or the company?
Indeed ...Quote:
Originally Posted by CropleyWasGod
Quote:
alex thomson @alextomo
HMRC on poss Rangers takeover "We will consider our position when any package is put to us."
I do hope you are right CWG. I'm just in such a pissy mood with the crap being spouted by the meeja and D&P etc that I'm at a low point.Quote:
Originally Posted by CropleyWasGod
:top marksQuote:
Originally Posted by matty_f
Unfortunately the normally excellent Thommo missed an open goal. Clark stated that D&P's job was to "protect the football club by transferring it to a new company" or somsuch. If I had been Thommo I would have said "oh that's funny, because I thought your job was to protect the creditors?".Quote:
Originally Posted by down the slope