Generic Sevco / Rangers meltdown thread

[johnrebus]

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Nah, bump them down to division 3.

Liquidated should mean just that.

Never mind Scottish Fitba', the country would be a better place without them.

One down, one to go.......,

[ehf]

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Okay, after a wee walk at lunchtime, this is the way I now see things happening.

Cav, you are right about the properties not being sold to NewCo. Green has the club, its soul if you like, for £5.5m. That's not a bad price, no matter what league they are in next season. In the SPL, it's a steal, in the SFL it's more of a medium-term payback.

The properties stay in OldCo. Their proceeds, plus the £5.5m, will be used to pay creditors. They will probably get more than they would have under the CVA, so they're better off.

Green knows that there is a limited market for Ibrox, given the listed status of the frontage. He, through another company, (or perhaps someone else that he has already lined up) will buy Ibrox and rent it to NewCo.... hence his "solemn promise" today.

Have I missed anything?

No, the £5.5M goes to pay D&P's fees and their legal expenses.

[JoeTortolanoFanClub]

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Nah, bump them down to division 3.

...of the Glasgow Sunday amateur league !

[JeMeSouviens]

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Nah, bump them down to division 3.

*Then* change the tv money carve up and the voting structure. Job's a good 'un.

[BarneyK]

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Liquidated should mean just that.

Never mind Scottish Fitba', the country would be a better place without them.

One down, one to go.......,

It should, but will it...

[down-the-slope]

so predictions...what will come first application by NewBuns to SPL...or Re-convened SFA tribunal....timings / order in all this makes it all the more interesting....chance of SPL fixtures being out on shedule next Monday....NIL

plenty more pages of this thread before a ball is kicked next season....

[Part/Time Supporter]

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Liquidated should mean just that.

Never mind Scottish Fitba', the country would be a better place without them.

One down, one to go.......,

http://news.google.com/newspapers?ni...g=1834,2111179

This has to be said about Rangers FC, briefly, because Prague beckons. As a Scottish football club, they are a permanent embarrassment and an occasional disgrace. This country would be a better place if Rangers did not exist. -- Ian Archer, 9 October 1976.

[Billychaotic182]

I feel the spl clubs will bottle it and let them back as a newco into the spl

[SurferRosa]

Apologies if this has been asked but i`ve not read through the last few pages yet..but how does this now affect the double contract investigation, the ineligible players and the years of cheating.

Is all of this now irrelevant? Can the newco still be liable for this?

[jgl07]

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No, the £5.5M goes to pay D&P's fees and their legal expenses.

So a brilliant piece of Administration. The creditors end up with diddly-squat.

Duff and Phelps have not covered themselves in glory with this one.

This whole thing has been a stitch-up from the start.

[Speedway]

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Liquidated should mean just that.

Never mind Scottish Fitba', the country would be a better place without them.

One down, one to go.......,

Two to go, surely?

[PatHead]

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If Rangers want back in to the SPL they pretty much have to agree to anything don't they?

Now's the time to get a bigger share of cash and change the voting structure. At the very least.

Not enough. Re-start in Division 3 or there is no integrity left whatsoever. They have cheated for years, let them suffer and start again at the bottom.

[Lincoln Green]

Does anybody actually think that the other SFL Chairmen will vote for FC Govan to reapply for the league and start again in division 3?

Turkeys do not vote for christmas and St Johnstone, Kilmarnock, St Mirren and probably even Celtic will keep FC Govan alive in the SPL. Its a total disgrace that a team running up so much debt and breaking so many rules will probably get away with it just because of who they are.

As a side issue does anybody else have doubts that Hibs will vote with integrity on this matter? I for one dont.

I dont post often but I am furious about this. If this was Hibs, Hearts, etc we all know what the outcome would be.

[Part/Time Supporter]

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Not enough. Re-start in Division 3 or there is no integrity left whatsoever. They have cheated for years, let them suffer and start again at the bottom.

Boot them out and change the voting structure anyway.

[RyeSloan]

How can a clause in the CVA...a CVA that has now failed...be invoked to sell all the assets for £5.5m before the liquidators are appointed?

This seems like hot air and hubris and would almost certianly be challenged in court by the main creditors no?

Should the admins not now pass this to the liquidators as is and the liquidator will then pursue best value for the assets for the creditors...i.e effectively Rangers are now owned by their creditors and therefore all assets should be retained for their benefit. The common shareholder has been wiped out

What I don't understand is when this legally happens..when does the control/ownership move from the common shareholder to the liquidator/creditor? And I certainly don't understand why D&P and Green are in such an unholy rush to get the £5.5m deal completed...one final attmept to shaft every creditor one last time?

[Andy74]

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Not enough. Re-start in Division 3 or there is no integrity left whatsoever. They have cheated for years, let them suffer and start again at the bottom.

Quite agree - was just thinking at least if they are to be voted back in there needs to be big changes as they are in no position to say no to anything.

The SPL doesn't have any other divisions so punting them to Division 3 isn't an option for the SPL. They just have to decide on a yes or no basis and it would be for the SFL to worry about how they fill the gap.

[JeMeSouviens]

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How can a clause in the CVA...a CVA that has now failed...be invoked to sell all the assets for £5.5m before the liquidators are appointed?

This seems like hot air and hubris and would almost certianly be challenged in court by the main creditors no?

Should the admins not now pass this to the liquidators as is and the liquidator will then pursue best value for the assets for the creditors...i.e effectively Rangers are now owned by their creditors and therefore all assets should be retained for their benefit. The common shareholder has been wiped out

What I don't understand is when this legally happens..when does the control/ownership move from the common shareholder to the liquidator/creditor? And I certainyl don't understand why D&P and Green are in an unholy rush to get the £5.5m deal completed...one final attmept to shaft every creditor one last time?

By sheer coincidence, it's about the same amount as D&P have racked up in fees.

[cabbageandribs1875]

in between all the no surrender watp blah blah blah threads on swallow swallow, there's actually a sensible thread asking a pertinent question in relation to the NIC's/PAYE/VAT whatever monies(which i've often wondered about myself) , WHY in the last several months did HMRC not do anything about the non-payments from the buns hertz get a letter of court proceedings every other month that they haven't been paid, so why allow the buns to go month after month after month without doing something about it a helluva lot sooner




apologies if Q already answered 2,333,532 posts ago

[Part/Time Supporter]

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in between all the no surrender watp blah blah blah threads on swallow swallow, there's actually a sensible thread asking a pertinent question in relation to the NIC's/PAYE/VAT whatever monies(which i've often wondered about myself) , WHY in the last several months did HMRC not do anything about the non-payments from the buns hertz get a letter of court proceedings every other month that they haven't been paid, so why allow the buns to go month after month after month without doing something about it a helluva lot sooner




apologies if Q already answered 2,333,532 posts ago

Because Rangers had never missed a payment before. HMRC don't send the heavies round just because you miss one or two payment dates.

[Since90+2]

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Does anybody actually think that the other SFL Chairmen will vote for FC Govan to reapply for the league and start again in division 3?

Turkeys do not vote for christmas and St Johnstone, Kilmarnock, St Mirren and probably even Celtic will keep FC Govan alive in the SPL. Its a total disgrace that a team running up so much debt and breaking so many rules will probably get away with it just because of who they are.

As a side issue does anybody else have doubts that Hibs will vote with integrity on this matter? I for one dont.

I dont post often but I am furious about this. If this was Hibs, Hearts, etc we all know what the outcome would be.

No chance IMO. The backlash from their support if they did would outway any negatives from Rangers being pumped out.

[down-the-slope]

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Apologies if this has been asked but i`ve not read through the last few pages yet..but how does this now affect the double contract investigation, the ineligible players and the years of cheating.

Is all of this now irrelevant? Can the newco still be liable for this?

Answered few pages up...SPL dual contract investigation could still leave them open to 'charges'...From Hectors point of view its over (other than seeking to nail historical owners / directors)

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So a brilliant piece of Administration. The creditors end up with diddly-squat.

Duff and Phelps have not covered themselves in glory with this one.

This whole thing has been a stitch-up from the start.

To be fair to D&P (hard as that is) Rangers made themselves toxic and worth diddly squat...like selling pork for a Jewish wedding feast

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Not enough. Re-start in Division 3 or there is no integrity left whatsoever. They have cheated for years, let them suffer and start again at the bottom.

Div 3 would be my favoured route---and should ensure all those saying they would not go back without punishment will fill ER to the brim

[cabbageandribs1875]

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Because Rangers had never missed a payment before. HMRC don't send the heavies round just because you miss one or two payment dates.

but it wasn't just the one or two payments though, or was it

[Andy74]

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in between all the no surrender watp blah blah blah threads on swallow swallow, there's actually a sensible thread asking a pertinent question in relation to the NIC's/PAYE/VAT whatever monies(which i've often wondered about myself) , WHY in the last several months did HMRC not do anything about the non-payments from the buns hertz get a letter of court proceedings every other month that they haven't been paid, so why allow the buns to go month after month after month without doing something about it a helluva lot sooner




apologies if Q already answered 2,333,532 posts ago

Was this not what HMRC applied to put them into administration for in the first place?

Hearts would have got that too if they hadn't paid up each time at the last minute.

[johnrebus]

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Two to go, surely?

Well, not really. Would rather they just suffered than disappeared.

When the EBT thingy is done and dusted with the Gers it will be the Yams turn next. Seem to remember something dodgy about Skatchels reported wage in a court case a few months back?

Maybe that bloody Scottish Cup will end up on the ER sideboard after all...........,

[down-the-slope]

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By sheer coincidence, it's about the same amount as D&P have racked up in fees.

Nope thier fees are around £3.5 (still a scandal) with £2million of other costs like legal fees..also they have disclosed having over £3 million in the bank

[CB_NO3]

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Does anybody actually think that the other SFL Chairmen will vote for FC Govan to reapply for the league and start again in division 3?

Turkeys do not vote for christmas and St Johnstone, Kilmarnock, St Mirren and probably even Celtic will keep FC Govan alive in the SPL. Its a total disgrace that a team running up so much debt and breaking so many rules will probably get away with it just because of who they are.

As a side issue does anybody else have doubts that Hibs will vote with integrity on this matter? I for one dont.

I dont post often but I am furious about this. If this was Hibs, Hearts, etc we all know what the outcome would be.

Pretty sure they need 8 teams do vote in their favour. I know for a fact us and Dundee United will defo not vote for them. Sure Aberdeen and Hearts will be in the same boat as us. I will be happy if they go into the 3rd division and most Rangers fans I have spoke to will accept that aswell, and am not talking about the mutant huns that say they are going to put a ring of fans round Hampden.

[CropleyWasGod]

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No, the £5.5M goes to pay D&P's fees and their legal expenses.

And the proceeds of the properties go to the creditors, so they are much better off.

[SurferRosa]

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Answered few pages up...SPL dual contract investigation could still leave them open to 'charges'...From Hectors point of view its over (other than seeking to nail historical owners / directors)

Cheers.

[Togs91]

Sorry if this has been asked/answered before, but i've seen a few rankgers fans complaining that the league structure was once changed to keep aberdeen in the spl years ago. Cant find any articles to back this statement up and maybe im too young to remember, was wondering if anybody is able to shed any light on this?

[JimBHibees]

My opinion is that the situation has got to a stage where it is getting almost impossible for clubs to be able to vote them in to the SPL due to the furious backlash from their own fans.