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But Rangers steady stream will largely come from the gate receipts of the massive stadium that they forgot(?) to liquidate.Quote:
Originally Posted by Greendrongo
When they were 'winding up', how could they overlook the failed companies 2 biggest physical assets? How? Its been driving me mad.
Again :greengrin This will be investigated by liquidators when they are appointed. The administrators will have to show that they achieved the best possible price.Quote:
Originally Posted by Hibs Giant
Surely you can smell a rat? £5.5m? For everything? The land on which Ibrox sits alone must be worth at least twice that.Quote:
Originally Posted by CropleyWasGod
This is the great injustice of it all. Yet no one seems to have noticed.
I disagree on that point. Of course people have noticed. It's been all over this thread, and presumably every other club's fans board. Where it hasn't been mentioned is in the mainstream media, but that's been one of the features of this saga. It hasn't been the MSM that has been asking the important questions, it has been people like Paul McConville, Alex Thomson and amateur sleuths on fans' boards.... if it wasn't for the upsurge in fans' pressure about what division to put the Huns in, it is very likely that they would have still been in the SPL.Quote:
Originally Posted by Hibs Giant
Having said all that, the most important people in this issue over the next few months will be the liquidators.... and, for sure, they WILL have noticed.
One word of caution. The administrators paid a firm of surveyors £25k for their valuation of the properties. That's a professional firm, whose reputation is at risk if they got it as wrong as many people have suggested. Yes, there has been much debate on here about open market, about listed status, about housing value and flood plains and and and..... but at the end of the day the liquidators will be relying on professional opinion.
Jabba on BBC selling the lie that Gweenie's consortium bought Rangers. They bought ASSETS belonging to the soon to be liquidated club called Rangers FC, they didn't buy Rangers. Get it right, Jabba, you lard ass. :agree:
Those items, plus the car park, were sold for the princely sum of £1.5m.Quote:
Originally Posted by Hibs Giant
Loads of good points Mr Giant sir!Quote:
Originally Posted by Hibs Giant
No easy answers though :D
Greyskull is partially listed, there is ways around it but not sure the ground it sits on is worth the effort value wise.
Re the training ground ... It's also listed .... for non residential use only, here though, there's some wee "issues" with that. On one hand there's west of Scotland rugby team (I think) just along the road with a training facility that's not listed and were quoted as having a buyer in the wings (2-3 mill talked about).. So sell existing grounds and move into Murray park... Simples..... Add to that, the Murray park listed status is under threat anyway, fields just along the road with the same listing had the listing changed and houses were built.... There's ways and means it seems!
Add to ALL of that we have a director of Sevco a week or so after they bought old co assets for the 5.5 mill quoted in official meeting minutes that those same assets had made the newco worth 50 million plus (link to it somewhere way back in these pages). So 8 or whatever Green paid duff and Duffer + 5.5 = 50 as far as newco bean counters are concerned.... As the guys above have already said this makes the upcoming BDO investigation very interesting!.... There's more to this yet I think :D
One of those assets that they bought was the goodwill of Rangers, ie its name. So, in that sense, he is right.Quote:
Originally Posted by FalkirkHibby
Quote:
Originally Posted by CropleyWasGod
He didn't buy Rangers Football Club. If he had it wouldn't have been called Sevco Scotland for two months and now "The Rangers." He bought parts of the corpse of a failed institution called Rangers Football Club.
He didn't buy the shares of the old company, I agree. But he(through Sevco) did buy the trading name, and in that regard he owns the name.Quote:
Originally Posted by FalkirkHibby
It's similar to me buying a Macdonalds franchise from a company that has gone into administration. My company might be called CWG Limited, but that company owns the right to the Macdonalds name, so I can call the business Macdonalds. I can change the company name to anything I want, subject to certain restrictions, but my trading name is still Macdonalds.
The reason he couldn't use the Rangers name for his company right away was because it was too similar to the old one, and that is prohibited under Company Law. Once the old company changed its name, then he was at liberty to change it to TRFC.
It's all on the Companies House website.
What happens if it turns out the administrators did not achieve the best possiblle price?Quote:
Originally Posted by CropleyWasGod
Quote:
Originally Posted by Jim44
The gross alienation of assets that is abundantly clear to all you mean? Cropley might need a new line of defence. Oh dear.
And no, he didn't buy Rangers Football Club. He bought assets and brand rights. Rangers FC is in the hands of BDO, let's hope they do the decent thing and get the creditors justice.
As I understand it, there are two options:-Quote:
Originally Posted by Jim44
1. to have the sale reversed ie for the assets to revert to the old company, so that the liquidators can get a better price. That is messy, and could take a long time, but is probably the fairest way.
2. for TRFC to pay the old company a fair price. That would bankrupt TRFC.
Quote:
Originally Posted by FalkirkHibby
Rangers FC is not in the hands of BDO. They haven't been appointed yet.
As for the "line of defence" jibe, there is no need. All I am doing is setting out the legal process that has happened, and is likely to happen.
Quote:
Originally Posted by CropleyWasGod
i could get fair excited at the thought of that :hyper:
Thats unfair.Quote:
Originally Posted by FalkirkHibby
Whilst I agree that the sum realised is at odds with any reasonable, IMO, valuation of the companies assetts CWG (and the other accounts guys) are only communicationg the process that must be gone through.
Whilst the outcome of said process may appear to some to be pre determined I would point out that most, if not all, decisions reached thus far have contrasted sharply with Charles Green's desired outcome.
There you go again.... Oh dear.Quote:
Originally Posted by FalkirkHibby
I for one am just very grateful that a poster like Cropley can be bothered to put up many posts in this thread which make it easier for people like myself to follow what's going on.
You came out of your last few bashes at him on this thread looking a wee bit foolish. Why keep having wee digs like that? There's no need for it.
Not again ! Please take your petty little vendetta against CWG into your smallest room and shove it where the sun don't shine.Quote:
Originally Posted by FalkirkHibby
Quote:
Originally Posted by The Green Goblin
You're entitled to that opinion, mate.
I was just stating the facts, Rangers Football Club are in the hands of the liquidators, Binder Dijker Otte. Mr Green bought assets and brand rights, not a football club for a supposed sum of £5m. A deal that can be unwound if a gross alienation of assets by Whyte's spivvy administrator is uncovered by this respectable accountancy firm.
Quote:
Originally Posted by Seveno
Cheers mate. I won't dare contradict CWG again, now I know he's a holy relic on HN. Thanks. Hope you sleep okay now I will avoid any critiques.
No they are not. They are still in administration. Exhibit A.... http://wck2.companieshouse.gov.uk/e6...59/compdetailsQuote:
Originally Posted by FalkirkHibby
And the term you are looking for is "gratuitous alienation".
As for "respectable", I used to work for BDO..... kinda undermines your opinion of 'em, no? :wink:
Though possibly more of an unfair preference than one of those--not that I am wanting to interrupt! :wink:Quote:
Originally Posted by CropleyWasGod
Sorry, but since when can 'goodwill; be classed as an 'asset' ?Quote:
Originally Posted by CropleyWasGod
An asset is something tangible - ie. ground, training facilities NOT how the club may be perceived OR history [50+ titles]
:confused:
I'm not a fan of Wikipedia, but the first line of this link defines it pretty well. http://en.wikipedia.org/wiki/Goodwill_(accounting)Quote:
Originally Posted by Tynie01011973
Going back to my earlier post (you were paying attention weren't you? :cb), arguably the most valuable asset that Macdonalds has is its Goodwill.
Quote:
Originally Posted by Tynie01011973
Its a term from the Black Art of Accountants that is widely used when a business changes hands. In this instance Sevco's predecessors left them a customer base of about 40k Orc's. Those 40k orcs were only worth a quid if I remember correctly.
...only because HMRC doesn't recognise anything less than £1. :greengrinQuote:
Originally Posted by Kaiser1962
Quote:
Originally Posted by FalkirkHibby
Quote:
Originally Posted by CropleyWasGod
So apart from a "timing" issue, you guys are both saying the same thing.... this feels like one of me and the millstone's arguments then!
:wink:
Not at all. I may be a relic, but I'd baulk at the use of the word "holy". :greengrinQuote:
Originally Posted by Sir Alf R
Are you ok?Quote:
Originally Posted by FalkirkHibby
:greengrinQuote:
Originally Posted by CropleyWasGod