Generic Sevco / Rangers meltdown thread

[Lungo--Drom]

Here is hopefully what Castle Greyskull will look like within the next year....

This quote is hidden because you are ignoring this member. Show Quote

I've read a lot of this thread and a lot of the press stories, and reading about the Rangers fans views, Sandy Jardine, Fat Ally and the rest, the conclusion I have come to, after a lot of thought and deliberation is:

Screw the whole damned lot of them and I hope their vile, bigotted, hate filled, self important and cheating club dies a long slow painfull death...

[Lungo--Drom]

Watch this and imagine it being the 'big hoose'. It gave me a wee thrill thinking of all those horrible red bricks and blue gates crashing to the ground!

[Hibby Kay-Yay]

This quote is hidden because you are ignoring this member. Show Quote

This is where it gets a bit messy.

It was one of his companies, RFC Holdings/Wavetower I think, that paid off Lloyds. However, as I understand it, it is him personally (although I may be wrong on that) that personally guaranteed the Ticketus deal.

So... Ticketus sue him. He has a nice wee house in the Heilans, and I think one in the South of France. They'll do nicely, to start with.

Was he not acting for RFC though, or does the fact he said 'personally' separate him and RFC from this deal?

[grunt]

This is good stuff

http://scotslawthoughts.wordpress.co...os-punishment/

[Moulin Yarns]

The longer it takes, the deeper they get.

Bounced to get it off page 2

[Spike Mandela]

[Lungo--Drom]

Thanks for that link Grunt, really interesting and I love the bit about "keep the history and titles keep the punishment or avoid the punishment and lose the history." That will cause some gnashing of unbrushed teeth in the picket outside the 'big hoose'. I can just imagine their caveman brains trying to decide, "silverware or SPL, oog oog oog." :D

This quote is hidden because you are ignoring this member. Show Quote

This is good stuff

http://scotslawthoughts.wordpress.co...os-punishment/

[joe breezy]

Daily ****** reports

"Green’s vision of the future for Rangers sounds too good to be true at times."

Mmmhh....like Craig Whyte


http://www.dailyrecord.co.uk/footbal...6908-23866595/

[StevieC]

This quote is hidden because you are ignoring this member. Show Quote

Daily ****** reports

"Green’s vision of the future for Rangers sounds too good to be true at times."

Mmmhh....like Craig Whyte


http://www.dailyrecord.co.uk/footbal...6908-23866595/

"“That’s the moment when the accountant walks in my office with the balance sheet and says ‘Charles, we have all these assets and no debt – and here’s the bank statement with a pile of cash in the bank’.
“Then I’ll disappear (with all the cash) as fast as I appeared."


Fixed a small error in his statement for him.

[Spike Mandela]

This quote is hidden because you are ignoring this member. Show Quote

Daily ****** reports

"Green’s vision of the future for Rangers sounds too good to be true at times."


http://www.dailyrecord.co.uk/footbal...6908-23866595/

Interesting he is still perpetuating the old adage that "it's better for the creditors to get something than nothing." this is where administration basically becomes blackmail. This financial law is all wrong and set up to benefit the debtors especially in cases of football clubs.

The law should be there for justice for creditors imo and should do all it can to recoup money. This newco loophole should be closed and all assets should be sold for the creditors, even if it means demolishing Ibrox, christ you could probably get more in scrap value than in a CVA.

Despite the obvious scandal that is administration there is no way the legal world would create a just law as our financial institutions and city bigwigs know administration is a handy tool for writing off debt.

[ScottB]

Are these ******** dead yet? It's about the only thing that might cheer me up a bit right now...

[PatHead]

King claims he has first option on shares, not Green, Whyte disagrees. The soap continues...... Beginning to cheer up a little as it drags on..............

Rangers director Dave King has told BBC Scotland he has first option on Craig Whyte's shares in the club.
Prospective owner Charles Green has stated that he has an irrevocable deal with Whyte for the transfer of his 85% shareholding in Rangers.
But King says he and Whyte agreed last year he would have first refusal on the shares "at whatever price anyone offers and Whyte is willing to accept".
Whyte told BBC Scotland King's assertion was categorically untrue.
King claims to have come to an agreement with Whyte in Glasgow on 29 September last year and, when told of Whyte's denial, he added: "It was verbally agreed over lunch but is legally valid.
"It suited him at the time and I will hold him to it.
"I have first option on [his] shares and would not forgo this unless I was absolutely certain that any proposed transaction, that excluded me, was in the best interests of the club," he added.
"I have yet to see such a proposal."
King, who is Rangers' second largest shareholder, continued: "I stayed on because I also had my investment and those of the other minority shareholders to protect and I believe that my presence on the board prevented Whyte from getting away with more than he even did.
"The ultimate problem was that he knowingly lied to me and blocked my ability to validate some of his contentions with the club's financial controller. Craig Whyte Rangers' majority shareholder
"I believed that the financial controller had a fiduciary obligation to supply me with information even though it transpired that Whyte had told him not to.
"I was also alert to the fact that Whyte would run out of time and felt that it was better that at least one independent director would be there to protect the interests of the minority shareholders and the fans.
"If I had resigned Whyte would have had carte blanche. The minorities, in my firm view, were defrauded in the initial transaction by Whyte and I intend to seek recourse in that regard once I have access to the Duff & Phelps investigation of the company's affairs."
But when King's comments were put to Whyte on Sunday, he described them as "highly misleading".
"The minority shareholders were no worse off as a result of the initial transaction as one debt simply replaced another," he added.
"Lloyds would likely have put the club into administration last summer if the transaction hadn't happened.
"If the CVA is successful the minority shareholders will retain their shares in a club that will be a debt-free sustainable business and not the basket case that I inherited as a result of the mismanagement of the previous board."
King was one of the club directors identified in the Scottish Football Association's recent Note of Reasons for Rangers' transfer embargo.
He and his former fellow directors were criticised for not doing enough to highlight the non-payment of VAT and PAYE.
On that, King said: "The criticism of me is fair, but John Greig and John McClelland deserve the utmost praise for hanging around as long as they did in the hope that they could somehow make a contribution.
"It was only once they had become completely isolated that they resigned in the hope that this would be a catalyst for greater scrutiny of Whyte's actions.
"I know how gutted they both were - they are unsung heroes to my mind and all Rangers fans should know that they put the club first at all times."

[Just Alf]

This quote is hidden because you are ignoring this member. Show Quote

Are these ******** dead yet? It's about the only thing that might cheer me up a bit right now...

There's another nail in their coffin coming along on Wed

"BBC Documentary 8pm Wed 23rd - Ibrox Phone Tapping Scandal" ---- allegedly they were tapping wee Fergus and his cronies at Celtic.

Heard about it on twitter after SDM tried and failed to get an injuction.

Will see on Wed if the prog actually happens

[Bishop Hibee]

This quote is hidden because you are ignoring this member. Show Quote

Are these ******** dead yet? It's about the only thing that might cheer me up a bit right now...

[ScottB]

This quote is hidden because you are ignoring this member. Show Quote

There's another nail in their coffin coming along on Wed

"BBC Documentary 8pm Wed 23rd - Ibrox Phone Tapping Scandal" ---- allegedly they were tapping wee Fergus and his cronies at Celtic.

Heard about it on twitter after SDM tried and failed to get an injuction.

Will see on Wed if the prog actually happens

I had heard that one actually, very interesting to see how the 'how dare you question Saint David' brigade respond in the media.


Loving the share thing, so guy banned from Scottish football for life might have to sell his shares to guy already got no chance of passing a fit and proper person test and would have HMRC rubbing its hands together...

Fantastic

[Beefster]

This quote is hidden because you are ignoring this member. Show Quote

There's another nail in their coffin coming along on Wed

"BBC Documentary 8pm Wed 23rd - Ibrox Phone Tapping Scandal" ---- allegedly they were tapping wee Fergus and his cronies at Celtic.

Heard about it on twitter after SDM tried and failed to get an injuction.

Will see on Wed if the prog actually happens

There's a documentary about Rangers on at 8pm on Wednesday but it's about the tax case and Whyte's takeover.

[down-the-slope]

AH...back to the book that will be 'The Joy of Tax'

.....this thread will provide the needed relief from the season past and transfer rumors to come

[Moulin Yarns]

How many Huns did you have to fight your way through on Saturday??

[John_the_angus_hibby]

Now that pesky final is over with, back to the real issue! :)

[Gus Fring]

Am I right in saying today is the day we find out if a CVA is agreed?

Update: Suppose to be today but will now be later in the week.

http://local.stv.tv/glasgow/102416-r...sortium-named/

[ballengeich]

This quote is hidden because you are ignoring this member. Show Quote

Am I right in saying today is the day we find out if a CVA is agreed?

Not quite. The amount the creditors will be offered is supposed to be submitted today. They have until June 6th to agree or not.

Edit - I see D&P have just missed another deadline - what a surprise.

[Gus Fring]

Also, apparently if a CVA is not agreed then the shares stay with Craig Whyte.

Quote from Charles Green:

"That contract between Craig Whyte and Sevco, the bid vehicle, is binding. Err, the only way that contract would terminate, is in the event the CVA wasn't approved"

[jonty]

TOMOBLOG later: did Rangers Administrators ignore a bidder with more than £600 million in funds?

[Caversham Green]

This quote is hidden because you are ignoring this member. Show Quote

Interesting he is still perpetuating the old adage that "it's better for the creditors to get something than nothing." this is where administration basically becomes blackmail. This financial law is all wrong and set up to benefit the debtors especially in cases of football clubs.

The law should be there for justice for creditors imo and should do all it can to recoup money. This newco loophole should be closed and all assets should be sold for the creditors, even if it means demolishing Ibrox, christ you could probably get more in scrap value than in a CVA.

Despite the obvious scandal that is administration there is no way the legal world would create a just law as our financial institutions and city bigwigs know administration is a handy tool for writing off debt.

To be fair, the intention behind administration is to make the best out of a bad situation. Companies get into financial difficulties for all sorts of reasons, not all of them are avoidable, and the alternative to administration is to close the company down, which can often get the creditors less than they would get out of a CVA. It also means all the staff of the debtor company would lose their jobs. A CVA proposal is (or should be) the administrators saying 'You're not going to get all your money but we believe this is a better return than you'd get from liquidation'. If the creditors disagree they can vote against it, but blackmail shouldn't really be an option as the law stands.

The problem is in the way it is sometimes operated and enforced - in the case of Rangers, I have a feeling that Green's comments could be an own goal precisely because they do feel like blackmail. After paying the administrators fees and any preferred creditors there's going to be precious little for the CVA pot so the difference between that and liquidation is unlikely to be very much if anyand Green's comments are likely to engender a bit of bad feeling among some of the creditors and that might just point them towards the L button.

As far as a newco is concerned, again it is often the best way out of the situation a company finds itself in, although a 'pre-pack' arrangement often does look pre-meditated and I thing the government and HMRC are looking at ways of tightening that particular aspect up. There's an added dimension in football though, in that Rangers have gained an unfair advantage over other clubs by spending beyond their means (the amount they withheld from HMRC over 10 months is more than the annual turnover of the third and fourth biggest clubs in the SPL combined) but that is for the football authorities to deal with rather than the government or HMRC.

[grunt]

This quote is hidden because you are ignoring this member. Show Quote

There's an added dimension in football though, in that Rangers have gained an unfair advantage over other clubs by spending beyond their means (the amount they withheld from HMRC over 10 months is more than the annual turnover of the third and fourth biggest clubs in the SPL combined) but that is for the football authorities to deal with rather than the government or HMRC.

Welcome back to our own Mr Green. The unfair advantage point is well made, but I'm not holding my breath waiting for the SFA to "deal with" it.

[Caversham Green]

This quote is hidden because you are ignoring this member. Show Quote

Welcome back to our own Mr Green. The unfair advantage point is well made, but I'm not holding my breath waiting for the SFA to "deal with" it.

I agree, and that's the frustrating thing about the whole issue. It's up to us as non-Rangers fans to put as much pressure as we can on the SFA - and more particularly the SPL - but whether that's going to be enough remains to be seen.

[ancienthibby]

This quote is hidden because you are ignoring this member. Show Quote

Donald Trump!

[Lungo--Drom]

Rock'n'roll brer Hibby!!! That's my fave Them track!!! Woo hoo!!

My fave lyric in it is, "Yonder stands your orphan with his gun, crying like a fire in the sun."

That's what Der Hun fans are doing BTW, crying like a fire in the sun...

And "Your lover has just walked through the door, he's taken all the blankets from the floor." If that's not a brilliant analogy for Craig Whyte then I don't know what is!

This quote is hidden because you are ignoring this member. Show Quote

[Lungo--Drom]

This will cheer you up if you haven't seen it yet. Makes me cry with laughter every time. SUPERB COMEDY GENIUS!!!

This quote is hidden because you are ignoring this member. Show Quote

Are these ******** dead yet? It's about the only thing that might cheer me up a bit right now...

[Lungo--Drom]

Totally forgot about that, and seemingly so did they!!!

This quote is hidden because you are ignoring this member. Show Quote

How many Huns did you have to fight your way through on Saturday??