Generic Sevco / Rangers meltdown thread

[Dan Sarf]

Judge rules Rangers deal with Ticketus must stand




A judge has ruled the controversial season ticket deal Craig Whyte used to buy Rangers must stand, dealing a blow to attempts to sell the club.


Rangers administrators Duff and Phelps had sought directions from the Court of Session in Edinburgh over whether they could renege on the agreement and not pay Ticketus the proceeds of sales.
But Lord Hodge ruled he would not give the administrators guidance on what could be done in this case.
However, the judge declined to grant Ticketus preferential creditor status as Rangers seek to exit administration under a creditor voluntary agreement.
Rangers owner Craig Whyte sold off 100,000 season tickets at Ibrox until 2015 for �24.4m which effectively funded his takeover as he used part of the cash to wipe off the club�s �18m debt to Lloyds Banking Group.
Duff and Phelps had claimed that the deal would hamper their attempts to sell the club.
Their QC David Sellar had claimed in court that two of the four indicative bids for the club were dependent on the Ticketus deal being breached.

[CropleyWasGod]

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Would that include the Blue *****s consortium, that includes Ticketus?

I doubt it.

The Blue Knights bid still represents Ticketus' best chance of getting their money back.

[green glory]

@TonyMcKelvie: The Memorandum of Offer issued (by Admins) invited interested parties to assume that "no future revenue needs to be committed to Ticketus"

[CropleyWasGod]

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@TonyMcKelvie: The Memorandum of Offer issued (by Admins) invited interested parties to assume that "no future revenue needs to be committed to Ticketus"

Only a fule wood do that.

[Newry Hibs]

Maybe I'm not up with all the legalise - but the report suggests that the judge is not giving an opinion. Is that the same as giving the opinion that the Ticketus deal is valid?

[jgl07]

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Maybe I'm not up with all the legalise - but the report suggests that the judge is not giving an opinion. Is that the same as giving the opinion that the Ticketus deal is valid?

No he is refusing to say that it is invalid.

[Newry Hibs]

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No he is refusing to say that it is invalid.

So given what the admins were asking about how the offers may be affected, they accept that Ticketus are owed the cash (dependant on liquidation etc etc).

[johnrebus]

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Judge rules Rangers deal with Ticketus must stand




A judge has ruled the controversial season ticket deal Craig Whyte used to buy Rangers must stand, dealing a blow to attempts to sell the club.


Rangers administrators Duff and Phelps had sought directions from the Court of Session in Edinburgh over whether they could renege on the agreement and not pay Ticketus the proceeds of sales.
But Lord Hodge ruled he would not give the administrators guidance on what could be done in this case.
However, the judge declined to grant Ticketus preferential creditor status as Rangers seek to exit administration under a creditor voluntary agreement.
Rangers owner Craig Whyte sold off 100,000 season tickets at Ibrox until 2015 for �24.4m which effectively funded his takeover as he used part of the cash to wipe off the club�s �18m debt to Lloyds Banking Group.
Duff and Phelps had claimed that the deal would hamper their attempts to sell the club.
Their QC David Sellar had claimed in court that two of the four indicative bids for the club were dependent on the Ticketus deal being breached.

Nice work if you can get it, eh?

So, the old boy just says, 'thats for me to know and you to find out'?

[CropleyWasGod]

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Nice work if you can get it, eh?

So, the old boy just says, 'thats for me to know and you to find out'?

More like... I have no opinion, and it's not my place to have one.

[PatHead]

Oh how I have missed this thread whilst it has been all quiet on the Rangers front. Poor CWG must have developed a twitch through withdrawal symptoms, better now eh!

Favourite quote is

In his decision, Lord Hodge noted: "I am informed that the expected income flow from the sale of the season tickets is likely to represent about 60% of the cash flow of Rangers in those seasons."

So they are skint for the foreseeable especially if the "10" have the gonads to push through the changes.

[johnrebus]

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More like... I have no opinion, and it's not my place to have one.

So, if I'm understanding this correctly, then D&P could just tell Ticketus to bolt - and then wait for the inevitable court case?

[Seveno]

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More like... I have no opinion, and it's not my place to have one.

Or to put it another way ' see you both back in Court another day'.

An option being for D&P to rip up the contract and challenge Ticketless to sue. The old Hodgie lets us know the real answer.

Oh, and welcome back from your temporary retirement CWG.

[CropleyWasGod]

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So, if I'm understanding this correctly, then D&P could just tell Ticketus to bolt - and then wait for the inevitable court case?

Yeah. That's about it.

[CropleyWasGod]

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Or to put it another way ' see you both back in Court another day'.

An option being for D&P to rip up the contract and challenge Ticketless to sue. The old Hodgie lets us know the real answer.

Oh, and welcome back from your temporary retirement CWG.

Cheers.

Thing is, I'm off on holiday in 10 days... and there's F all chance of this being tied up before then. Do you think you guys will be okay on your own?

[Seveno]

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Cheers.

Thing is, I'm off on holiday in 10 days... and there's F all chance of this being tied up before then. Do you think you guys will be okay on your own?

I don't recall seeing a Holiday Request From being submitted to this forum.

Any of the rest of you guys seen it ?

[CropleyWasGod]

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I don't recall seeing a Holiday Request From being submitted to this forum.

Any of the rest of you guys seen it ?

Um.. it's actually a business trip. Honest. Egypt... um... seeing if I can interest any dodgy sheikhs, I mean oil barons, in RFC or HOMFC. Should be able to drum up a couple of camels, no?

[Hibs Class]

Can someone please post a link to the cartoon that was on here a week or two back - the two characters talking about we are the people etc. I know it's somewhere on this thread but hopefully I can be saved trawling through 130 pages. Cheers.

[PatHead]

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Can someone please post a link to the cartoon that was on here a week or two back - the two characters talking about we are the people etc. I know it's somewhere on this thread but hopefully I can be saved trawling through 130 pages. Cheers.

http://www.youtube.com/watch?v=H8x_5...e_gdata_player

Beware of language though!

[stokesmessiah]

So CWG in your learned opinion where does this leave us?

I am guessing as its not good news for them that its another step towards oblivion?

[blindsummit]

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Um.. it's actually a business trip. Honest. Egypt... um... seeing if I can interest any dodgy sheikhs, I mean oil barons, in RFC or HOMFC. Should be able to drum up a couple of camels, no?

There's no need to get the hump

[Seveno]

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There's no need to get the hump

He's off on some pyramid selling scheme with his mate, wee Mr Whyte.

[CropleyWasGod]

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So CWG in your learned opinion where does this leave us?

I am guessing as its not good news for them that its another step towards oblivion?

IMO, I think it would have been a major surprise if that case had gone the other way. Ticketus would have slapped an appeal in straight away, on the grounds that the Judge was an apron-wearing Grand Wizard.

It isn't good news for them, but in many ways there's not much change from where we were. If we believe the press stories, two bidders will probably drop out now.

But the two who remain will rely on a CVA. I am not sure how Ticketus would view that, but HMRC are still the key there.

And the BTC has still to rear its head. Each week, each Court case, brings us closer to that.

[Hibs Class]

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http://www.youtube.com/watch?v=H8x_5...e_gdata_player

Beware of language though!

Magic - cheers.

[ancienthibby]

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How do you mean?

Because, Mr Headmaster Sir, I was following the line put out by Paul Murray that the size of RFC's debt was immaterial - it would simply change the pence in the pound to the creditors.

So, today's ruling would suggest that the ST sales are NOT going to be clawed back into the ultimate available pool of reddies. So, even less than thought for a creditor distribution.

Us, as taxpayers, via the HMRC therefore take the biggest hit?

Ain't that the case, BigBossMan?

[PatHead]

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Cheers.

Thing is, I'm off on holiday in 10 days... and there's F all chance of this being tied up before then. Do you think you guys will be okay on your own?

Can you at least promise to get all your coffee flasks in a line and stay on the keyboard updating us 24/7 until the holiday?

BTW do they not have computers in Egypt? What about getting a blackberry thingy before you go you selfish person?

God I'm getting withdrawal symptoms already!

[CropleyWasGod]

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Because, Mr Headmaster Sir, I was following the line put out by Paul Murray that the size of RFC's debt was immaterial - it would simply change the pence in the pound to the creditors.

So, today's ruling would suggest that the ST sales are NOT going to be clawed back into the ultimate available pool of reddies. So, even less than thought for a creditor distribution.

Us, as taxpayers, via the HMRC therefore take the biggest hit?

Ain't that the case, BigBossMan?

Sorry, my question wasn't meant to sound argumentative. It's Friday, and my brain is slipping into the weekend.

Okay, I can follow that logic. But it assumes that the BTC is going against RFC. If it doesn't, and HMRC still resist the CVA, then liquidation will follow. We will get most of our £15m cash from the property proceeds.

If it goes against RFC, then we will get a bigger percentage share of the property proceeds, as we will be by far the biggest creditor ...but of course we will get nowhere near the full whack.

[s.a.m]

Does it make any difference, from the point of view of the football authorities, or HMRC, whether Rangers, a) find a way out of administration before being hit by BTC case loss, and having to do it again, or b) are hit by the (potential) loss of the case during the current administration period?
If you see what I mean.

[ancienthibby]

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Sorry, my question wasn't meant to sound argumentative. It's Friday, and my brain is slipping into the weekend.

Okay, I can follow that logic. But it assumes that the BTC is going against RFC. If it doesn't, and HMRC still resist the CVA, then liquidation will follow. We will get most of our £15m cash from the property proceeds.

If it goes against RFC, then we will get a bigger percentage share of the property proceeds, as we will be by far the biggest creditor ...but of course we will get nowhere near the full whack.

Never took it that way - like most posters in this thread, I am punching in the dark!

The bit about the property proceeds, though, is just not likely is it, since the planning restrictions on both properties in Govan and Milngavie are likely to deter any potential bidder. AFAIK no potential bidder has suggested that he would buy the assets on that basis.

[ancient hibee]

I was offered 20 camels for my wife once but I insisted on Benson and Hedges.

[IWasThere2016]

More doubt and uncertainty and time lost for the Burrent Cants! Hopefully one or two parties walk away! GTF!