Generic Sevco / Rangers meltdown thread

[Seveno]

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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.

I may be wrong.... but that seems like a pretty crap deal for the creditors.

And as we know, CWG, all part of the master plan.

[Eyrie]

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.

[CropleyWasGod]

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And as we know, CWG, all part of the master plan.

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.

[PatHead]

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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.

Suspect that was BK plan as well hence them dragging out the bidding for weeks then putting in a stupid bid

[CropleyWasGod]

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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.

The BTC has been included by D&P in the creditors list, as that is part of HMRC's claim.

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.

[Eyrie]

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The BTC has been included by D&P in the creditors list, as that is part of HMRC's claim.

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.

Cheers :)

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.

[Brando7]

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

[Winston Ingram]

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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

[CropleyWasGod]

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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

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.

Wow.

[CropleyWasGod]

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Cheers :)

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.

The claim includes the BTC. So creditors will vote on that basis.

And, yes, HMRC will have that power.

[bighairyfaeleith]

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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.

Wow.

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!!

[Jim44]

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?

[bighairyfaeleith]

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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.

[1875godsgift]

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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.

Does it include the worth of the players as well?

[bighairyfaeleith]

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Does it include the worth of the players as well?

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 minimal

[bighairyfaeleith]

CWG, if they are liquidated who owns ibrox and murray park then?

How is it decided who gets to buy them?

[1875godsgift]

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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 minimal

Cheers! I said at the very beginning of all this, just put the whole f'in lot on ebay and see what happens.
I'm sure they'd get more than this latest shower are offering!

[bighairyfaeleith]

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Cheers! I said at the very beginning of all this, just put the whole f'in lot on ebay and see what happens.
I'm sure they'd get more than this latest shower are offering!

pretty sure someone did

[jgl07]

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CWG, if they are liquidated who owns ibrox and murray park then?

How is it decided who gets to buy them?

They could be sold in advance of liquidation by the Administrators to the Newco. Alternatively they could be sold post-liquidation by the Liquidators to the highest bidder.

[Brando7]

the big tax case surely cant be included in any CVA if it not been made final? either way i hope HMRC be telling them to bolt?

another thing wil CW still get sued by ticketus or that now for green to sort out? wouldnt have thought CW be selling anythnig if he stands to lose £30million??

[1875godsgift]

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They could be sold in advance of liquidation by the Administrators to the Newco. Alternatively they could be sold post-liquidation by the Liquidators to the highest bidder.

See, this is the bit I don't get. If someone had £20m they could buy Ibrox now and rent it back to rangers at £2m a year. That's more than double what Green is offering for the whole lot!

[Seveno]

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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.

Go to the top of the class, young man.

Next question - D&P have been an integral part of the scam. Discuss.

[jgl07]

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See, this is the bit I don't get. If someone had £20m they could buy Ibrox now and rent it back to rangers at £2m a year. That's more than double what Green is offering for the whole lot!

It's a stone wall certainty that a Newco will emerge. Maybe in the SPL, maybe in the SFL3.

Either way Ibrox and Murray Park will be worth a punt by an investment company with a view to renting them to the Newco in the future. This is whjat happened to Elland Road when Leeds got into financial bother.

[Just Alf]

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They could be sold in advance of liquidation by the Administrators to the Newco. Alternatively they could be sold post-liquidation by the Liquidators to the highest bidder.

Spot on.

Basically if the CVA fails (with no chance of recovery) then Duff and Duffer are required to take the Huns into Liquidation. At that point Duff and Duffer are required to sell off the assets to pay the creditors, they need to maximise any return and can either sell everything off seperatley or the whole lot to another company, if the Admins cant show they got the best deal then they would end up liable for any deemed gap in monies......

From what I've read "the Yank", the blue knights and the green ones have ALL created shell companies in recent weeks so we might see a 3 way bidding war for the assets..... By that time tho the huns as we know then will be dead.

[1875godsgift]

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It's a stone wall certainty that a Newco will emerge. Maybe in the SPL, maybe in the SFL3.

Either way Ibrox and Murray Park will be worth a punt by an investment company with a view to renting them to the Newco in the future. This is whjat happened to Elland Road when Leeds got into financial bother.

Ok thanks, I can see the logic in that. I was thinking that the new rangers would own Ibrox and murray park, which would be scandalous!

[CropleyWasGod]

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the big tax case surely cant be included in any CVA if it not been made final? either way i hope HMRC be telling them to bolt?

another thing wil CW still get sued by ticketus or that now for green to sort out? wouldnt have thought CW be selling anythnig if he stands to lose £30million??

The BTC amount (ie the amount claimed by HMRC) has to be included in the CVA.

Ticketus will still sue CW. IIRC, he has personal guarantees over that deal.

[Leithenhibby]

This is like coming to the last few pages of a gripping book, you just can't wait for the sequel .....

[Just Alf]

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This is like coming to the last few pages of a gripping book, you just can't wait for the sequel .....

[stokesmessiah]

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This is like coming to the last few pages of a gripping book, you just can't wait for the sequel .....

Unfortunately like most sequels i suspect we are all going to be a little disappointed.

[Eyrie]

I'm a bit disappointed in how the first book is turning out. Was looking forward to an execution in the final chapter and it's looking like a "not guilty" verdict is on the cards.