I've just checked out a sheffield united forum and don't think they like the guy much
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I've just checked out a sheffield united forum and don't think they like the guy much
Have the SFA got enough time to do check whether Green is a "fit and proper" person to own the Huns?
Right enough, Rupert Murdoch wouldn't want to harm his reputation.:greengrinQuote:
Originally Posted by TrickyNicky
With his track record, i would say he suits them right down to the ground.:aok::greengrinQuote:
Originally Posted by Hibs07p
Quote:
Originally Posted by Hibs07p
obviously this has been in the off for a good few weeks now so we've had plenty time to carry out all the propper measures ....SFA spin doctor monday morning
Shouldn't take long, anyone wanting to buy that shower clearly isn't a fit and proper person!!!Quote:
Originally Posted by Hibs07p
The question needing clarified this morning is 'preferred bidder' or 'done deal'?
Got the impression from the news it was a done deal but who knowsQuote:
Originally Posted by moff1875
No due diligence? Does anyone ever buy a company without doing due diligence?
Quote:
Originally Posted by moff1875
http://www.google.co.uk/url?sa=t&rct...DbXVCTfxOu3f9A
I have a sneaky suspicion we aren't finished yet.:thumbsup:
So 10am Press conference - just enough time to set up the smoke and mirrors....expect another Pravda style masterclass.
remember they need cash right now (million a month) they cant sell ST's as no clarity of being in any league. UEFA are going for the 3 year Euro ban what ever route is now taken (I think there is maybe a bit of revenge for Manchester in there) CVA has a coolong off period for creditors to object....this goes beyond end of this season...so they will still be in admin come new season deadline and so more points deductions...and still the other clubs have new rules to decide on....
The only concern is they are trying to get to a point where NewCo happens (in other words pretend want CVA to placate the morons...when reall NewCo is cheaper and suits thier needs to leave debts behind) before 30th ay when its still SFA and not all clubs that would have to make desicion on any such application......
Quote:
Originally Posted by Beefster
Perhaps someone with no interest in keeping the club as a going concern? :cb
This guy Green had better not be on the level. I'd be most upset.
RBS>Abn Amro ....... that turned out well.Quote:
Originally Posted by Beefster
Everybody seems to be forgetting, they still have to agree a CVA, they are not out the woods yet, not by a long shot.
What's the situation with the players contracts will they revert back to normal wages once todays game is over and done with?
According to what's being reported, yes they willQuote:
Originally Posted by Mon Dieu4
Cheers bud, that's obviously not going to help them muchQuote:
Originally Posted by Barney McGrew
Quote:
Originally Posted by Hibs07p
http://company-director-check.co.uk/director/902819485
I think it might be more than a 5 minute job to get through this lot. :greengrin
Must be the wrong Green Date of Birth 1925 ? I'll keep looking.
Looks promising 14 companies all ended up bankrupt one way or other. :greengrinQuote:
Originally Posted by greenginger
He is definitely the man for the job!!! An expert in liquidating & dissolving companies. Cheerio, cheerio, cheerio:not worth:thumbsup:Quote:
Originally Posted by greenginger
So rangers last two owners will have been green and whyte?? Hahaha.
I mean has anyone checked he's a Protestant?Quote:
Originally Posted by Beefster
Charles Alexander Green is the guy. When you click on the link to check his status as a director of companies ,it comes up as 'block all results' He wouldn't have something to hide? Would he?:greengrinQuote:
Originally Posted by greenginger
According to STV he is going to be named the preferred bidder so the deal still has to be done. Green claims to have been working on this around three months now. How long have Duff and Phelps been in there again?
Has a deal actually been done as BBC suggests or is green just today's preferred bidder?
Quote:
Originally Posted by Mon Dieu4
From most reports it seems to be accepted that they revert back on the 1st of June.
Sky sports said the deal has been agreed but won't be finalised til a meeting with creditors on June 6th so a long way to go on this one
http://company-director-check.co.uk/director/907595268Quote:
Originally Posted by greenginger
Right guy this time, I hope.
DUFF and Phelps, the administrators of Rangers Football Club, issued the following statement today.
David Whitehouse, joint administrator, said: "We are very pleased to announce that we have accepted an offer from a consortium headed by Mr Charles Green for the purchase of Rangers Football Club.
"Mr Green has secured, via a substantial financial commitment, a period of exclusivity to complete the purchase of the Club and this is expected to be finalised at a creditors' meeting on June 6.
"The structure and quantum of the offer from Mr Green is such that it is acceptable to us as administrators and, having been in discussions with major creditors throughout the process, we believe this presents the best prospect of financial recovery for creditors.
"Mr Green, through a corporate vehicle, has entered into a binding commitment to inject funds into the Rangers Football Club plc so that the administrators can propose a Company Voluntary Arrangement which, if approved by creditors, will result in their claims being compromised for specific amounts and the company exiting administration free of the historic debt and with new owners. Work on issuing a CVA proposal has already started and will proceed with utmost urgency.
"If the creditors do not approve the Company Voluntary Arrangement, the agreement obliges Charles Green's purchasing vehicle to acquire the business and assets of the Club on agreed terms, through a newco structure. It is Mr Green's strong preference to achieve a CVA.
"We would like to thank Rangers supporters for their patience as a purchaser for the Club has been found and hope they will now support a bid that has the capability to take the Club forward.
"We would also like to thank the professionalism and dedication all the staff at Rangers have shown throughout the sale process. Furthermore, we thank again the Rangers players who made a major financial sacrifice to ensure the Club could continue to function."
Charles Green commented: "I am delighted our proposal to purchase Rangers has been accepted and we are working night and day to finalise matters.
"This is a great football club with a tremendous history and we will preserve that while building a solid platform for the future.
"Rangers supporters have every right to believe their Club should be a success on and off the pitch and that is exactly what we will strive to achieve.
"At all times we will make decisions that are in the best interests of the Club. Not every decision at a club can be popular but I can tell every Rangers fan now that whatever decision is taken they will always be told the truth.
"We will do everything in our power to achieve a CVA and we already have a detailed written commitment from Mr Craig Whyte for the transfer of his shareholding.
"I look forward to working with everyone at Rangers, staff, players and supporters, in building a better future. It's what this great Club deserves."
:greengrinQuote:
Originally Posted by Antwerphibs
:top marks
More shoddy reporting from the BBC.Quote:
Originally Posted by Hibs Class
Whyte has signed over majority shareholding to consortium according to RFC media man
'Majority shareholder Craig Whyte has signed documentation to transfer his shareholding in #RFC to the Green consortium.'
Sporting Life reporting same.Quote:
Originally Posted by grunt
http://www.sportinglife.com/football...s.html&BID=165
Where did you hear that the deal is acceptable to the creditors?Quote:
Originally Posted by H18SVG
And if it was acceptable to the creditors, why would you need a back up plan?
Sounds like more spin to me...
:agree:Quote:
Originally Posted by grunt
What is the likelihood of a CVA being achieved? I would assume the Tax Man has to decline?
Alasdair Lamont@BBCAlLamontCg also says doesn't believe it's in hmrc's interest to turn down deal, faced with alternative of nothing
So his reign at Rangers starts out with intimidation - no change there, then.
Highly unlikely that a CVA will be acceptable. We're headed down the Newco route here, I reckon.Quote:
Originally Posted by H18SVG
I don't believe anyone in this saga anymore. Green has said that he and his consortium have been meeting in private with Duff and Duffer for the last five weeks and whilst others ahead in the process they have had the cash in place. Interestingly, Green says the agreement is irrevocable.
So, was Miller, the Blue Knights and whoever else all just a smokescreen for this bid???
GreenGinger that is some list of directorships eh? The obvious football / sports related ones are:
PLAYERS WORLDWIDE LIMITED
Dissolved (Company Secretary Resigned 17/08/1998)
FOCUS SPORTS AND LEISURE INTERNATIONAL LIMITED Active (Director Resigned 05/04/1997) SHEFFIELD UNITED PLC Active (Director Resigned 30/06/1998) BOBBY CHARLTON INTERNATIONAL LIMITED Active (Director Resigned 22/04/1998) PREMIER SPORTS SERVICES LIMITED Active (Director Resigned 22/04/1998) SHEFFIELD UNITED ACADEMY LIMITED Active (Director Resigned 22/04/1998) SHEFFIELD UNITED (DEVELOPMENTS) LIMITED Active (Director Resigned 22/04/1998)
but that is only seven out of thirty-nine so it looks like football / sports is not his main thrust in life. I see a lot of medical / bioscience companies on the list so maybe he's the ideal man to try and bring Der Hun back to life lol. Let's hope not :rolleyes:
Am I reading the full list of 39 directorships wrong or is he actually not a director of anything at the moment?
Quote:
Originally Posted by greenginger
I'm afraid liquidation in some form or other has ALWAYS been the likely scenario. Unfortunately, the legal semantics have been a bit too much for the gutter press and Billy Hun to comprehend. I'm sure that today on TV/radio we'll have the usual defiant expressions i.e. we're back etc..The truth is that at best they are a severely damaged "brand" and the Rngers we know and love is at best in abeyance for a few years.Quote:
Originally Posted by BEEJ
Try Nova Resources in Google. The names Chan **** Meng and Chung Dongwook may be the Far East interest in the consortium.
Here we go again. Quantum. Quantum? That's a Latin word but in my understanding used in that context doesn't make sense. Do they mean 'amount' and if so why can't they just say 'amount'? I bet the jabbering masses on RM, FF et al won't like the Administrators using Latin, except of course they are all too thick to know it is Latin. Well here's some more Latin for everyone at Duff & Phelps, SPL, SFA, Glasgow media and RFC...Quote:
Originally Posted by Duff & Phelps
....putrescet in inferno :greengrin
In sermone finita. Amare et colere Dominum in pace :flag:
:greengrin I'm going to make a point of saying that to someone today. It's my 9yr old daughter's birthday party today, so I should have plenty opportunity.Quote:
Originally Posted by Lungo--Drom
I'd love them to go completely bust. However, that would result in a Rangers Newco which would probably get voted back into the SPL by the spineless ones. Freed from all the financial baggage they could quickly run amok in Scottish football. An Oldco that is financially and legally hamstrung for years to come is a much better option - especially if the SFA sticks to its guns on transfer embargo.
Am right in thinking that even if a CVA is agreed, creditors have a 4 week cooling off period? So if creditors meeting agrees in June, the Bearz can't be sure they are out of the woods on this until July?
Reading between the lines, this says everything. Newco will be the result.Quote:
At all times we will make decisions that are in the best interests of the Club. Not every decision at a club can be popular but I can tell every Rangers fan now that whatever decision is taken they will always be told the truth.
so, it's actually the GREEN knights that have saved them :eyes:
If the CVA is rejected, surely there's a very high chance that they won't be around next season at all?
After the 4 week cooling off period, we'd be into early July. I can't imagine creating a newco would be a speedy process. At what point is next season deemed to start? Presumably before the first ball is kicked anyway.
I think it's time that the SFA / SPL make a call, otherwise the entire SPL and SFL is going to be up in the air, who will be in what league? Fixture decisions won't be able to be made, clubs won't know their budgets, fans will no doubt still be holding off renewing etc.
It's an already massive mess that's potentially going to get a lot, lot messier.
Going by some twitter posts I've read Green has mentioned European football, which Rangers will be exempt from for the next 3 years...even with CVA UEFA have apparently said a CVA is a loophole they are going to close...
Also, what are the motives?
Huns are celebrating but Sheffield United fans could tell them a thing or two...(from Sheffield United message board below)
"Charles Green was the Chief Executive when McDonald was in charge. He is a very controversial figure and not liked by many United fans. He is a lad from Doncaster that has made a lot of money from deals that many might claim were not legitimate. The majority of these he has done working for Mike McDonald.
The infamous incident that Green oversaw was selling Fjortoft and Deane in the same day. All his good work before that (signing Della's and Borbokis etc) was undone when he sold our 2 best players. It seems he had overspent, by brining in the Greek due and offering big contracts to Deane etc and then panicked. It is a real shame, as we'd assembled a good team (Kelly/Tracey, Quinn, Borbokis, Marker, Ward, Patterson, Deane and Fjortoft) and he ended our promotion chances in one foul swoop. Realistically we had been struggling since McGraph was injured and then Whitehouse, but selling 2 goal machines on the same day was nothing short of criminal.
I know someone quite close to owd Charlie boy and I have it on good authority that he made a lot of money from SUFC. He amassed a substantial sum when we were floated on the stock exchange and I think he got a bit pay out at the end. Green reckoned he was the fall guy and he was just doing what McDonald told him, but I just do not buy it. I am not sure there was any malice in his decisions, just greed and extremely poor judgement.
I remember the cries of 'Charles Green, you've ****ed up our team' ringing round BDTBL in 1998 and also a car park protest. I despise the guy, but no more so than Trevor Birch. Both blagger idiots that got exposed when they were clearly out of their depth when facing difficult circumstances. Taking hefty salaries whilst making very poor decisions and then crippling United for years to come.I'd like to sit down and have a pint with both of these two (amongst other things) and ask them exactly how they managed to pull the wool over people's eyes in the first place."
Quote:
Originally Posted by Lungo--Drom
"Quod Spero they operor" :aok:
" Vos can tantum tripudio per diabolus pro adeo ,then vos exuro quod intereo":timebomb:
I think Alex Thomson tweeted last week that UEFA have confirmed a CVA would be a 1 year ban, possibly extended to 2 or 3, depending on the circumstances.Quote:
Originally Posted by joe breezy
Rangers leech is an anagram of Charles Green.
Quote:
Originally Posted by cabbageandribs1875
Sure is , Charlie was at a function last night after the bid was accepted , no sure who else was there difficult to make out ,if you enlarge it the guy on the left with the Celtic away hood he has tattoos on his hand from where who knows .
Attachment 8245
:tee hee:Quote:
Originally Posted by Mon Dieu4
From his statement it sounds like he will be in for the short term then looking to sell up.
Surely recent years suggest that there isn't a large number of people interested in owning that lot!
When is the verdict on the EBT due? Surely it's in HMRCs best interest to get this out as soon as possible, in order to make their share of any CVA pot bigger?
Why would the creditors accept £8.5 million? Surely if you sold off all Rangers assets it would come to more.
I find the most interesting thing so far is that Craig Whyte just handed over the club for nowt :hmmm:.
Quote:
Originally Posted by DH1875
The thing is, nobody was going to give him the "£30 million" reported... :rolleyes:
£8.5m is short of B Miller, but TBK's came in well short of Charlie boy IIRC ...
Well his shares are worthless and the fans would string him up if he ever went near the place again. I suspect he just wants rid.Quote:
Originally Posted by DH1875
I suppose he may have tried to shift his Ticketus liability, if it exists, but I can't imagine anyone would agree to that either. Given that liquidation is still the likeliest outcome, I suspect this is a token gesture to take some heat off himself.
Quod est hilares domine! :D :D :D
Quote:
Originally Posted by cad
A new Alex Thomson Blog has appeared.
http://blogs.channel4.com/alex-thoms...substance/1481
Agree. Right now if I was to stand at one of Edmiston Drive wearing green and white and a t-shirt that said "All huns are in-bred ******ed fatties!" and Craig Whyte was standing at the other end, as soon as the orcs came pouring out the front gate of Castle Greyskull I'd fancy my chances cause I think CW would be heading for a lamppost first :O ;) :)
Quote:
Originally Posted by ScottB
Quote:
Originally Posted by Lungo--Drom
Where did you get my T-Shirt???
Reading Green's plan to me it seems clear that he is using a form of blackmail. Agree a CVA or we will form a newco remove all the assets and leave you with oldco, liquidation and very little if any recompense.
Is there anything to stop the major creditors HMRC and Ticketus offering the administrators more money than Green to obtain the assets?
We all know Green is offering next to nothing for the assets but as soon as he owns them he will immediately claim that Ibrox and Murray park are worth a significantly greater amount. So play him at his own game, HMRC and/or Ticketus could buy out the assets then lease back these assets or indeed sell them at a later date for closer to market value.
Can it really be the case, that a new owner forms a newco and transfers all the assets to newco, merely leaving a hollow shell of a company, with all the debts? Could the debtors not get some sort of court order to stop the transfer of the assets until accounts are settled?Quote:
Originally Posted by Spike Mandela
Quote:
Originally Posted by sahib
Thats the bit that I can't see as legal...if no CVA then surely liquidation? Moving assets to create Phoenix companies and avoid liabilities can't be done - so i'm not sure how the Administrators can have the NewCo clause in place when liquidation may see others prepared to enter the fray as then the debts are in effect not an issue and creditors get what ever proceeds such a sale realises....what if ticketas fancies owning a nice shiney stadium .... and renting it to any future NewCo as a means of getting better value for its position...
Nothing wrong with this provided the assets "change hands" to Newco for "market value"! :agree:Quote:
Originally Posted by down-the-slope
Why, because that's the best estimate of what the original company with the debts could have sold them for! :agree:
Perhaps it's an agreement that they must bid as a newco, rather than a guarantee that they'd be the only ones to do so.Quote:
Originally Posted by down-the-slope
I wonder if fan anger stirred up by the Blue Knights could lead to a situation of two or more New Rangers trying to buy assets and start again...
But that is the issue...if its a 'private' sale by D&P how can market value be judged when they have been trying thus far to sell lock stock and barrel via CVA...Quote:
Originally Posted by TornadoHibby
If its assets only and no toxic debts / contracts etc then others may fanct the cleanness of that...surely they have a duty to continue to sek best for creditors...if not the creditors can seek a court order blocking such a sale...(which I hope they would / will)
I imagine that independant professional valuations will be obtained for existing use as well as alternative viable uses and assessments would have to be made regarding the nature, complexity, timescales and likelihood of obtaining consents for the alternative uses before determining the "market value" to be used although existing use would usually be the norm I guess! :wink:Quote:
Originally Posted by down-the-slope
Meanwhile, who pays the bills?Quote:
Originally Posted by TornadoHibby
Green appears to have the newco in place already, if part of this article is anything to go by.
Quote:
And he became a director of Sevco 5088 Ltd earlier this month, although the company - which was only formed on 29 March - has not yet listed what its activities are.
In practical terms, the company in administration (to justify the value(s) for the assets) but the return to the creditors is reduced, of course, £ for £!Quote:
Originally Posted by WindyMiller
The Purchaser would also take independant professional advice on the value(s) I imagine!
Where would the cash come from?Quote:
Originally Posted by TornadoHibby
From the cash flow of the company in administration post the appointment of the Administrators!Quote:
Originally Posted by WindyMiller
Seems to have attended the same business school as Craigy. In for a quick buck and leave a mess behind.Quote:
Originally Posted by Eyrie
We wish you our very best, Mr Green. :thumbsup:
They might even know each other a wee bit better than that! :wink:Quote:
Originally Posted by Seveno
http://scotslawthoughts.wordpress.co...wer/#more-1161
From Paul McConville
As I read the deal, Green is putting up money to tide the company over during the summer. It has all but run out of cash, with no decent income for a while and wages back to the level they were at pre-administration. That injection will keep them going until Green walks off with Ibrox... I mean, completes his machinations.Quote:
Originally Posted by WindyMiller
:faf::thumbsup:
Quote:
Originally Posted by keekaboo
Does this mean that whatever he pays for the club, say, £8.5m, will be shared out on a pence per pound basis to all creditors and then all other expenditure out of his and his consortium's pockets?Quote:
Originally Posted by CropleyWasGod
I think so, but ofcourse it depends if the creditors accept 8.5 million, it's a lot less than the 135 million they may be oweQuote:
Originally Posted by Jim44
I am trying to find the link, but the way I read it (albeit early this morning) was that the £8.5m is what is being paid, full stop. He is putting in £x just now, and the balance will be available for the CVA.Quote:
Originally Posted by Jim44
I may be wrong.... but that seems like a pretty crap deal for the creditors.
More likely to be around 6 million once the Duff guys are paid off.Quote:
Originally Posted by bighairyfaeleith
And as we know, CWG, all part of the master plan.Quote:
Originally Posted by CropleyWasGod
Puts the Blue Knights bid in perspective when it can be trumped by £8.5m.
One thing puzzles me though. If the big tax case is still undecided, will it form part of the CVA? And if not, will it mean that the Huns will face a second administration, but this time only until they sell their assets at market value to the newco and can then be liquidated?
Assuming of course that the CVA is accepted by the existing creditors.
I am beginning to think that the master plan (#372) now is that Green knows he won't get a CVA (despite the usual stuff from D&P saying that they have been in consultation with the major creditors), and would be quite happy to get his hands on the assets.Quote:
Originally Posted by Seveno
Suspect that was BK plan as well hence them dragging out the bidding for weeks then putting in a stupid bidQuote:
Originally Posted by CropleyWasGod
The BTC has been included by D&P in the creditors list, as that is part of HMRC's claim.Quote:
Originally Posted by Eyrie
If the BTC is undecided by the time of the payout, I think creditors will be paid at the (lower) rate on the assumption that the BTC goes against RFC at the amount already accounted for. If the case goes the other way, or indeed is settled at a lower amount, there will be more available to pay creditors. There would then be a second pay-out.
I think. :greengrin
Cheers :)Quote:
Originally Posted by CropleyWasGod
So the administration cannot be completed until the big tax case is announced. Here's hoping that takes until August.
Edit - This is starting to give me a headache, but how can the creditors vote on the CVA in June without knowing how big HMRC's claim is? Including the BTC would give them to power to veto any deal.
just before the celtiv v yams game they said hey offering 1p in the pound for the CVA??? no chance that will be accepted
newco it is then
I'm surprised it's as much as that:agree:Quote:
Originally Posted by Brando7
That would be £1.34m for creditors. Which suggest that what I said earlier about the £8.5m being the total price is correct. So the other £7m is presumably being used for D&P's fees and working capital until they can get some cash in.Quote:
Originally Posted by Brando7
Wow.
The claim includes the BTC. So creditors will vote on that basis.Quote:
Originally Posted by Eyrie
And, yes, HMRC will have that power.
almost makes you wonder if these people have always been behind whats been going on for the last 12 months. whyte was never a hun!!Quote:
Originally Posted by CropleyWasGod
Is a CVA not offered on a take-it-or-leave it basis? If they leave it what other options do the creditors have? What might they gain from liquidation or alternatively a newco?
depends if they think the assets are worth more than they are being offered, murray park and ibrox are worth ore than 1.3 million, worth more than 8 million as well depending which figure you believe to be true.Quote:
Originally Posted by Jim44
Does it include the worth of the players as well?Quote:
Originally Posted by bighairyfaeleith
I would have thought so, though I'm no expert, however all the players will be leaving in a few weeks as per there right given the wages being cut by 75% for the last couple of months so the value of the playing staff will be pretty minimalQuote:
Originally Posted by 1875godsgift
CWG, if they are liquidated who owns ibrox and murray park then?
How is it decided who gets to buy them?
Cheers! I said at the very beginning of all this, just put the whole f'in lot on ebay and see what happens.Quote:
Originally Posted by bighairyfaeleith
I'm sure they'd get more than this latest shower are offering!
pretty sure someone did:greengrinQuote:
Originally Posted by 1875godsgift