Generic Sevco / Rangers meltdown thread

[Leithenhibby]

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Stop spoiling the moment and enjoy watching them squirm for the time being!



I want it all






(By the way I'll be one of them)

[Hibbyradge]

I was told 2 things this week

1. HMRC will not enter into CVA's if the debt is as a result of Tax fraud.

2. HMRC have already appointed their own administrators and they are waiting in the wings.

[down-the-slope]

Now some of the shadowy secret investors will do walking away.....as Green himself stated would happe if CVA failed

[PatHead]

Any chance that Cheshire and Lancs can get a survey up quickley to confirm current feeling re Rangers getting straight back in. It is important that clubs know the strength of feeling and don't think it has gone away.

[hibs0666]

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The Hun is dead!


Long live the New Hun?

Continuity Rangers it is then. Let the fun and games really begin.

[Pretty Boy]

Liquidation, liquidation ole ole ole

[Leithenhibby]

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Any chance that Cheshire and Lancs can get a survey up quickley to confirm current feeling re Rangers getting straight back in. It is important that clubs know the strength of feeling and don't think it has gone away.

I think that even a blind man will see what's going on and the need for surveys are long gone...

Just my take, but I can't see how clubs can swerve this one...

[CropleyWasGod]

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I was told 2 things this week

1. HMRC will not enter into CVA's if the debt is as a result of Tax fraud.

2. HMRC have already appointed their own administrators and they are waiting in the wings.

HMRC have indicated who they would prefer as liquidators, should that happen;the creditors (and administrators) have accepted this. That much is in the public domain.

[BarneyK]

Latest from Chuckie -

CHARLES GREEN, who is leading a consortium to acquire Rangers Football Club, issued the following statement today.

Mr Green said: "I am hugely disappointed by the decision of HMRC not to support the CVA proposal and that disappointment will be felt acutely by Rangers fans across the world.

"Frankly, I do not see what benefit will be achieved by this decision. My consortium's offer for a CVA amounted to a total of £8.5 million.

"Now that we will have to complete the purchase via the formation of a NewCo, the purchase price and therefore the amount available to creditors will be £5.5 million.

"I can understand HMRC deciding that football clubs which do not pay their taxes need to be punished, but by effectively banning Rangers from Europe for three years all that will happen is that there will be less revenue generated by the Club and consequently less money paid over to the taxman.

"Also, I do not believe that by opting to vote against the CVA proposal, HMRC will generate more cash by pursuing those they believe as responsible - but that is a matter for them.

"I am particularly saddened by the fact that this decision will mean that small shareholders will lose their shares in The Rangers Football Club plc, something which we were trying to avoid happening.

"We will be exploring ways for the 26,000 shareholders who have lost their shares to subscribe for shares in the new company. We expect to appoint a private client broker in due course to allow existing shareholders and fans to buy into the new company.

"We will, however, examine how to address this with regard to shares in the new company.

"The solemn promise I can make to Rangers fans today is that this Club will continue as Rangers Football Club and will continue to play at Ibrox Stadium.

"We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL.

"I, along with my investors who believe that Rangers can have a bright future, will fight tooth and nail to ensure the Club recovers from this catastrophic phase in its proud history.

"The fans deserve better and we will work tirelessly to realise their ambitions."

[Hibbyradge]

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HMRC have indicated who they would prefer as liquidators, should that happen;the creditors (and administrators) have accepted this. That much is in the public domain.

Thanks.

[joe breezy]

ice cream and jelly

the huns are deid - although we should protest at the assets not being sold for creditors...

[CropleyWasGod]

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ice cream and jelly

the huns are deid - although we should protest at the assets not being sold for creditors...

HMRC and BDO will be on that particular trail.....

[GreenCastle]

SPL Fixtures due out on the 18th June - will this happen ? Will they include Rangers ?

Will the SPL even be able to start on time ? With all the legal stuff going on can we see the season actually starting when it is meant to?

I can see it being delayed and other clubs suffering due to Rangers

[GloryGlory]

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Latest from Chuckie -

CHARLES GREEN, who is leading a consortium to acquire Rangers Football Club, issued the following statement today.

Mr Green said: "I am hugely disappointed by the decision of HMRC not to support the CVA proposal and that disappointment will be felt acutely by Rangers fans across the world.

"Frankly, I do not see what benefit will be achieved by this decision. My consortium's offer for a CVA amounted to a total of £8.5 million.

"Now that we will have to complete the purchase via the formation of a NewCo, the purchase price and therefore the amount available to creditors will be £5.5 million.

"I can understand HMRC deciding that football clubs which do not pay their taxes need to be punished, but by effectively banning Rangers from Europe for three years all that will happen is that there will be less revenue generated by the Club and consequently less money paid over to the taxman."Also, I do not believe that by opting to vote against the CVA proposal, HMRC will generate more cash by pursuing those they believe as responsible - but that is a matter for them.

"I am particularly saddened by the fact that this decision will mean that small shareholders will lose their shares in The Rangers Football Club plc, something which we were trying to avoid happening.

"We will be exploring ways for the 26,000 shareholders who have lost their shares to subscribe for shares in the new company. We expect to appoint a private client broker in due course to allow existing shareholders and fans to buy into the new company.

"We will, however, examine how to address this with regard to shares in the new company.

"The solemn promise I can make to Rangers fans today is that this Club will continue as Rangers Football Club and will continue to play at Ibrox Stadium.

"We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL.

"I, along with my investors who believe that Rangers can have a bright future, will fight tooth and nail to ensure the Club recovers from this catastrophic phase in its proud history.

"The fans deserve better and we will work tirelessly to realise their ambitions."

Errmmm - the whole point is that they haven't paid money due to the taxman. Is this guy for real?

[Newry Hibs]

When will RFC officially officially cease to be? Will any Newco have any claim to their history other than we all know they are a continuing disease?

[hibs0666]

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ice cream and jelly

the huns are deid - although we should protest at the assets not being sold for creditors...

I can't see how Green's purchase is simply done and dusted without the say-so of creditors. The creditors (i.e. HMRC) must surely have the ability to go back to court to challenge the Green purchase if they so desire, and get BDO onto the case pronto.

[Leithenhibby]

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ice cream and jelly

the huns are deid - although we should protest at the assets not being sold for creditors...

Who said that? have I missed something .....

[hibs0666]

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When will RFC officially officially cease to be? Will any Newco have any claim to their history other than we all know they are a continuing disease?

I might stick in a bid for their history. If I buy it then Hibs will become the most successful club in world football at a stroke.

[PatHead]

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Who said that? have I missed something .....

My understanding was that Green got the assets for £5.5 million due to a prearranged statement in the CVA.

I would think Rangers assets are worth considerably more.


BTW What is the situation on players contracts now. Are they all null and void with registrations passing to SFA?

[reservoir hibee]

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Liquidation, liquidation ole ole ole

[joe breezy]

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Who said that? have I missed something .....

According to D&P Green has a deal in place to get all the assets including Ibrox and Murray Park for £5.5 million

[ehf]

Administrator Paul Clark added: "HMRC has taken the view that the public interest will be better served with the liquidation of The Rangers Football Club plc as a corporate entity.

"The Club will continue to operate as it has always done but within a new company structure."

So it will carry on cheating then...

[s.a.m]

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Yup and one of those is King claiming £20 million who has stated desire to torpedo Green

.......so, they've been undone by a King and the Queen. Irony!

[Leithenhibby]

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My understanding was that Green got the assets for £5.5 million due to a prearranged statement in the CVA.

I would think Rangers assets are worth considerably more.


BTW What is the situation on players contracts now. Are they all null and void with registrations passing to SFA?

Man this is moving fast

1) HMRC will be looking to get the assets Im sure
2) A lot more...
3) Not sure when this would happen, but it will happen ..

[MyJo]

Green won't get to purchase the assets for £5.5m. He is obliged to agree to a purchase and liquidation if the CVA fails but if BDO get the liquidators gig they will not allow that deal to be the best available to to the creditors, the will sell off everything separately to ensure maximum return and I can see the blue knights putting in a better offer to secure the stadium at the very least

[CropleyWasGod]

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According to D&P Green has a deal in place to get all the assets including Ibrox and Murray Park for £5.5 million

Not so fast, Meester Breezeeeee.

Cav spotted a clause in the CVA document, which suggested that not all of the assets (ie not the properties) were being transferred to the Newco.

Also, even if they are included, the creditors have the right to petition the Courts if they feel their interests are being prejudiced., eg if they think the assets are worth more.

[Monts]

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Latest from Chuckie -

CHARLES GREEN, who is leading a consortium to acquire Rangers Football Club, issued the following statement today.

Mr Green said: "I am hugely disappointed by the decision of HMRC not to support the CVA proposal and that disappointment will be felt acutely by Rangers fans across the world.

"Frankly, I do not see what benefit will be achieved by this decision. My consortium's offer for a CVA amounted to a total of £8.5 million.

"Now that we will have to complete the purchase via the formation of a NewCo, the purchase price and therefore the amount available to creditors will be £5.5 million.

"I can understand HMRC deciding that football clubs which do not pay their taxes need to be punished, but by effectively banning Rangers from Europe for three years all that will happen is that there will be less revenue generated by the Club and consequently less money paid over to the taxman.

"Also, I do not believe that by opting to vote against the CVA proposal, HMRC will generate more cash by pursuing those they believe as responsible - but that is a matter for them.

"I am particularly saddened by the fact that this decision will mean that small shareholders will lose their shares in The Rangers Football Club plc, something which we were trying to avoid happening.

"We will be exploring ways for the 26,000 shareholders who have lost their shares to subscribe for shares in the new company. We expect to appoint a private client broker in due course to allow existing shareholders and fans to buy into the new company.

"We will, however, examine how to address this with regard to shares in the new company.

"The solemn promise I can make to Rangers fans today is that this Club will continue as Rangers Football Club and will continue to play at Ibrox Stadium.

"We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL.

"I, along with my investors who believe that Rangers can have a bright future, will fight tooth and nail to ensure the Club recovers from this catastrophic phase in its proud history.

"The fans deserve better and we will work tirelessly to realise their ambitions."

How can he possibly promise the bit in bold?

The only reason I can see that he could buy ibrox at a cut price is that no company that might have an interest in the site/property would want the hassle of all the huns blaming them for the demise of the club.

[down-the-slope]

sing along now...

Liqidation...liquidation....liquidation....its what you need

if you want to rid a pest....bring joy to all the rest..

liquidation's what you need

[magpie1892]

Admins - reason not to merge this?

[frazeHFC]

Who gives a **** about merging!

Wheeeeeey gtf huns!