@Pmacgiollabhain: Senior legal source very well connected to Rangers (1872-2012) say the new entity is "perilously close to administration". #SevcoCashFlow
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@Pmacgiollabhain: Senior legal source very well connected to Rangers (1872-2012) say the new entity is "perilously close to administration". #SevcoCashFlow
Quote:
Originally Posted by green glory
:pray:
Please be true!...........
And there's more:Quote:
Originally Posted by green glory
http://www.dailymail.co.uk/sport/foo...Dave-King.html
It's clearly a plot hatched between the football authorities, the Green side of Glasgow and indeed the Vatican to shut down the Big Hoose.Quote:
Originally Posted by green glory
The hidden Fenian hand I believe it's called.Quote:
Originally Posted by steakbake
Rumours abound last night that the club deck at Ibroke is closed due to the state of the roof.
I read a similar story in the Record yesterday or the day before.Quote:
Originally Posted by green glory
Whilst we have to be careful of the PR job being done here (Green=bad, Walter=good), and also be mindful of the history of one Dave King, the consistent story seems to be the extent to which RFC have spent most of the IPO money.
£15m in less than a year???? WTF?
@Pmacgiollabhain: Source was one of three well placed individuals who informed me that RFC had run out of cash in October 2011. We now know that to be true.Quote:
Originally Posted by green glory
The boardroom battle seems very intense and its being played out within a largely compliant and unquestioning media so it's hard to figure out motivations.Quote:
Originally Posted by CropleyWasGod
Phil MacGiollabhan has been all over this story since day one. The emergence of Charlotte Fakeovers is also very interesting but is being generally ignored by the MSM.
In summary, unlike the Hearts situation, this really is #allverycomplex
Clearly, TRFC have learned nothing from history. £15mil to win Div3 and be pumped out all of the cups (including the Ramsdens) seems a ridiculous price to pay.
Ah well... hell mend them.
If, and it may be a big "if". TRFC do go into admin, does that trigger a points penalty?........
I make it 28 pts if this is the case............. :wink:
Not sure if the old SPL rules have been imported into the SPFL, but, if they have been, you will be right.Quote:
Originally Posted by LeithenHibby
Shame, eh?
And does that mean we'd get Deano for free?Quote:
Originally Posted by LeithenHibby
I recall reading that somewhere, too. They won Div3 by 24 points. I think Div2 might be a slightly sterner test but you'd still imagine that lads paid 5k+ a month would still overturn that to reach the upper positions of that League.Quote:
Originally Posted by LeithenHibby
I wonder what the game plan would be if TRFC don't make it out?
Another restructure? Promotion through Fair Play (now Ian Black looks like he's off)?
Would be nice!Quote:
Originally Posted by Billy Whizz
Please, if there is a god. I want :aok: Funny as ***kQuote:
Originally Posted by steakbake
My heart bleeds......... :wink:Quote:
Originally Posted by CropleyWasGod
And all to win D3, you couldn't make this up :^)Quote:
Originally Posted by CropleyWasGod
An interesting blog on the share issue. There have been doubts before that 22m was actually raised.
http://alzipratu.wordpress.com/2013/02/05/39/
It was a good & timely statement from the SFA but I'm not sure it's entirely accurate re Yams. While their misdemeanours re tax were not in same class as Oldco there's no doubt they were withholding payments of taxes while signing & paying new players. Again that was their choice.Quote:
Originally Posted by Caversham Green
I suspect it's a case of Rangers having enough money in the bank to pay the tax, but chose not to, while Hearts didn't have the money.Quote:
Originally Posted by brog
Of course the reason they didn't is because they spent it all on wages and the like...
At the time, I expressed doubts (don't know if it was on here or not) that they could actually raise £22m. However, the spin was that yes, they actually did manage it.... and I slunk away, another prediction gone wrong.Quote:
Originally Posted by green glory
That article, though, raises lots of questions.
most interesting bit there (IMO) is the re-emergance of ticketus, it always seemed a bit odd to me that they had taken a bath for £15m or whatever it was CW borrowed from them to buy oldco.Quote:
Originally Posted by green glory
''2. Placed Shares – these shares were pre-sold to a number of institutions (but see above) subject to certain conditions. If you read the Prospectus very carefully not all of the conditions have been revealed. It is our understanding and perfectly feasible therefore that no cash has been paid to RIFC plc for these shares. Furthermore, if you read the Prospectus very carefully again, there is no definitive statement that cash is guaranteed to be received for these shares. They do ‘though have a cash value hence the Prospectus and subsequent statements refer to “Share Capital”. The suspicion is that these are a front for Ticketus. In other words, Ticketus have swapped the money they are owed by Rangers FC for shares in RIFC plc. At some point in the future, Ticketus will sell these shares in order to recoup its losses and/or may even just be holding them as security against repayment from season ticket income.''
Ahhhhhh.... missed that bit.Quote:
Originally Posted by hoxtonhibby
Initial thinking is that that is a no-no, particularly if they haven't paid for them.
a no-no as they should'nt (potentially illegal) have done it or could'nt (not possible and conjecture in blog is wrong) have done it?Quote:
Originally Posted by CropleyWasGod
I did say initial thoughts.... which, given my age, normally means mixed-up bulldust. :greengrinQuote:
Originally Posted by hoxtonhibby
Breathe.
If it is correct, that Ticketus have these shares, and they haven't paid for them (which is what I'm reading it as)... they basically owe Rangers that money. I don't know if failure to pay for shares is an offence, but it's not very nice.
If Rangers go into admin again, I reckon the administrator will try to recoup that cash. And Ticketus won't get it back. Which means that Rangers will have stuffed them. Again.
They really do deserve each other, this lot.
Quote:
Originally Posted by CropleyWasGod
Why would Ticketus have put themselves in that position? To get rooked twice by the same crooks?
Dunno. I have my doubts that it's true.Quote:
Originally Posted by steakbake
If it is true, the only thing I can think of is that they took the view that these shares in the new Rangers were a sure thing.
Reputable international brand.
Solid customer base.
Respected people in charge.
What could possibly go wrong?
:rolleyes:
Haha very true...Quote:
Originally Posted by CropleyWasGod
Quote:
Originally Posted by CropleyWasGod
thanks CWG I read it as Ticketus taking the shares instead of chasing the old debt and making things difficult for the newco, but as with everything in this saga it is as clear as mud.
If this scenario isn't true it does make me wonder why Ticketus went so quietly as oldco folded shirley they should have chased that debt harder, they seemed to just dissapear from the scene, which has bothered me since. Would it be too good to be true that they hatched a secret deal with Greene, and are about to reveal themselves as a large shareholder and wade into the boardroom wrangling. If only we were'nt so rank on the park I could really enjoy the re-emergance of this story!
I very much think TRFC are to an extent, protected by the media. There is a great deal of information that has come out through social media sources - documents, recordings etc - which is simply glossed over or ignored.
Wasn't the deal with Whyte, though? IIRC, they are chasing him (or whatever company guaranteed it) for it.Quote:
Originally Posted by hoxtonhibby
Therein lies some of the mystery. The stench of some kind of connection between Green and Whyte hasn't really gone away despite the no doubt thorough internal investigation carried out at Ibrox.Quote:
Originally Posted by CropleyWasGod
Yeah it was how Whyte paid off the RFC overdraft. I guess my point is that if I had lent money with 3 years of RFC season ticket sales as collateral I would find it a bit rich watching a team playing in blue at Ibrox selling 30,000 season tickets and me being out of pocket. If I recall correctly one of the stumbling blocks to the newco was the Ticketus debt, and there was some talk at the time that Tickets where involved in Greene's bid, would make sense that Ticketus went in with Greene's bid and agreed to take shares as a swap for the debt or a portion of the debt and agree not to rock the boat as the newco was set up.Quote:
Originally Posted by CropleyWasGod
I'm probably putting 2 and 2 together and getting 5 here, but it does seem to me that Ticketus lost a lot of money and did'nt (in public at least) put up much of a fight for it.