Generic Sevco / Rangers meltdown thread

[hibs0666]

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Think they have to be seen to at least try and go for a CVA.

Just suspend rational thought for a moment....

If they managed to convince all the creditors to accept 10p in the £, then buying the business as a going concern would become much more attractive.

They have to go through the motions, I reckon.

Agreed - just thought that the point of the current exercise was to flush out serious bids, complete with myriad if-then conditional clauses.

[Hibernia&Alba]

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Back to Plan A, which the admins always told us was Plan A, until the public posturing started.

A CVA.

Oh aye, thanks. It seems a long time ago since that old chestnut was discussed. Message to der Hun from Hector - yer no ha'en a CVA. Your move, ye fuds

[CropleyWasGod]

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Agreed - just thought that the point of the current exercise was to flush out serious bids, complete with myriad if-then conditional clauses.

Here's what my instinct is telling me:-

You're right, this is part of the flushing-out process.

Every bid will have conditions, not least of which will be the BTC being positive, and perhaps getting out of the Ticketus deal. For that reason, the bids will remain on the table, but obviously have to be parked meantime.

The admins will then continue down the CVA route.

They will continue down the road of the Court cases.

By then, we will be much closer to the BTC result.

If BTC goes bad for them, it'll be goodnight.

If it goes well, they're still in there with a snowball's chance.

[WindyMiller]

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Here's what my instinct is telling me:-

You're right, this is part of the flushing-out process.

Every bid will have conditions, not least of which will be the BTC being positive, and perhaps getting out of the Ticketus deal. For that reason, the bids will remain on the table, but obviously have to be parked meantime.

The admins will then continue down the CVA route.

They will continue down the road of the Court cases.

By then, we will be much closer to the BTC result.

If BTC goes bad for them, it'll be goodnight.

If it goes well, they're still in there with a snowball's chance.

Whilst bleeding the Huns dry hopefully.

[green glory]

AlasdairLamont tweets:

@BBCAlLamont: Rangers administrators v Ticketus at Court of Session continued until Monday by Lord Hodge

@BBCAlLamont: David Sellar QC, for the administrators, told Lord Hodge there was still seen to be "exceptional urgency" in the matter because it was...

@BBCAlLamont: ...anticipated that "indicative bids" due in today would give their terms on the basis of the Ticketus contracts remaining or not.

[hibs0666]

I hope this bid sees off the competition...

Ashley Madison

[Twa Cairpets]

Apparently 3 bids for Forces of Darkness FC

Club 9 - US sports specialists who it seems got told where tyo go by Sheff Wed and Tranmere, Kennedy and the knights of the masonic table.

It's not inspiring rapturous joy over on the bile fest that is the Rangers Media Forum.

[Hibernia&Alba]

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Apparently 3 bids for Forces of Darkness FC

Club 9 - US sports specialists who it seems got told where tyo go by Sheff Wed and Tranmere, Kennedy and the knights of the masonic table.

It's not inspiring rapturous joy over on the bile fest that is the Rangers Media Forum.

Are any of the bids unconditional?

[Twa Cairpets]

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Are any of the bids unconditional?

No idea Im afraid - its just seems that there is confirmation of these bids.

But I wouldnt think so.

[Seveno]

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Are any of the bids unconditional?

Just the one, from Mr S Claus who is fronting up a consortium of investors from Lapland.

[green glory]

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Are any of the bids unconditional?

Aye all of them.

http://www.rangers.co.uk/news/footba...rticle/2662724

[CropleyWasGod]

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Aye all of them.

http://www.rangers.co.uk/news/footba...rticle/2662724

None of them, Shirley.

At this stage we have indicative and conditional bids only.

[Hibernia&Alba]

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None of them, Shirley.

At this stage we have indicative and conditional bids only.

Aye.

"prospective purchasers are looking for clarity on certain issues at the earliest possible opportunity prior to submitting more detailed formal bids".



Don't go wetting yourselves yet, Huns. Any timewaster could step forward at this stage.

[green glory]

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None of them, Shirley.

At this stage we have indicative and conditional bids only.

Aye I meant none of them doh! Lol

[Hibrandenburg]

Just a quick question that's been niggling me. Now that the top players have agreed to take a massive paycut, does it mean that if Rankers do go into liquidation or need to sack the players, then would the payoff they're due also be greatly reduced.

P.S. keep up the good work, this is compulsive reading.

[greenginger]

Duff and Duffer seem a bit surprised and disappointed that the bidders want " a bit more clarity and certainty on some issues "


Has £ 24 million + of future season tickets gone already ?

Will the HMRC do a deal on the £ 15 million VAT and Tax debt ?

This EBT thingy they won't want all £ 49 million surely ?


A bit unreasonable of them to be nit-picking over mere details like those.

[bighairyfaeleith]

basically nae one actually wants to win this, they all want to look like they want to, but actually hoping someone else wins and they can say we tried.

There ****ed, even if they get through this they have more sanctions to come from uefa when porto complain, the floodgates are opening and nobody wants to be left holding this hunball!!

[CropleyWasGod]

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Just a quick question that's been niggling me. Now that the top players have agreed to take a massive paycut, does it mean that if Rankers do go into liquidation or need to sack the players, then would the payoff they're due also be greatly reduced.

P.S. keep up the good work, this is compulsive reading.

It depends on the wording of the revised contracts, I suppose. The admins did say that not all the revisions were the same. eg. Whittaker might be on £5k pw until the end of the season, then reverting to £20k therafter. Davis might be on £5k pw, with the option to walk away for nothing.

I doubt any would be on reduced wages for the rest of their contract, though.

[Hibrandenburg]

Sorry,maybe I didn't make myself clear. What happens if their contract is now terminated before the end of the season, would the payout then be smaller due to the lower expected earnings?

[CropleyWasGod]

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Sorry,maybe I didn't make myself clear. What happens if their contract is now terminated before the end of the season, would the payout then be smaller due to the lower expected earnings?

It would only be smaller by the cut they have taken for the next few months. If, for example, they were then due to revert to £20k pa for the remaining x years on their contract, that amount would remain payable.

There is no salary-related redundancy pay for the players, if that's what you mean. Being on fixed contracts, they are entitled to whatever is still due under that contract.

In reality, of course, they would be added to the list of creditors and ultimately be paid x pence in the £

[Hibrandenburg]

Cheers for that. Would still save them a nice wee wad if they dumped them now though. Or is that just wishful thinking :-)

[CropleyWasGod]

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Cheers for that. Would still save them a nice wee wad if they dumped them now though. Or is that just wishful thinking :-)

Wouldn't really. The dumped player would then be able to sue for the remaining pay due. Which would add to the amount of creditors, and also reduce the value of the playing squad. Short term savings, but false economy in the long run.

Or have I misunderstood your question?

[Jack]

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AlasdairLamont tweets:

@BBCAlLamont: Rangers administrators v Ticketus at Court of Session continued until Monday by Lord Hodge

@BBCAlLamont: David Sellar QC, for the administrators, told Lord Hodge there was still seen to be "exceptional urgency" in the matter because it was...

@BBCAlLamont: ...anticipated that "indicative bids" due in today would give their terms on the basis of the Ticketus contracts remaining or not.

I have Monday off. Can you tell me where this epic is taking place? I assume the paying public can gloat on?

[green glory]

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I have Monday off. Can you tell me where this epic is taking place? I assume the paying public can gloat on?

The court of session in Edinburgh. Grab some popcorn.

[s.a.m]

Do the administrators have to do the 'due diligence' thing with any new owner, or can they just offload the company, and turn their back on it?

[Benny Brazil]

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The court of session in Edinburgh. Grab some popcorn.

Can you cheer the good guys?

[CropleyWasGod]

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Do the administrators have to do the 'due diligence' thing with any new owner, or can they just offload the company, and turn their back on it?

.. you mean like SDM did?

[Hibrandenburg]

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Wouldn't really. The dumped player would then be able to sue for the remaining pay due. Which would add to the amount of creditors, and also reduce the value of the playing squad. Short term savings, but false economy in the long run.

Or have I misunderstood your question?

Yeah sort of, but crack on as I can see you've made a full time job of this one :-)

[green glory]

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Can you cheer the good guys?

Hibs scarves and rattles.

[jgl07]

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.. you mean like SDM did?

Or SDM was forced to do by Lloyds Bank Group?