Generic Sevco / Rangers meltdown thread

[JimBHibees]

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

Yes I heard that as well but his argument was that it would be easier for Rangers to work their way up from the third than go into the SPL heavily sanctioned. He was also implying that it would be a way to make the other clubs suffer.

I honestly never used to think he Favoured the OF over other clubs but he has shown his true colours spectacularly during this whole saga. Anyone who buys the Daily Record needs their head examined imo.

Completely agree. He and all his lackeys have shown their true colours throughout this shambles.

[PatHead]

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

Its a strange one. The fixtures that will include Rangers are put in place so they don't clash with Celtic at home. If say Dundee were included instead, what happens if Rangers were meant to be at home to say Hibs but Dundee replace them and are at home to us on the same day Utd are too? I think they need to re think how they are going to work it all out.

Sky and ESPN will move all the fixtures anyway as they wouldn't be able to show Celtic and Rangers away on alternate weeks.

[CropleyWasGod]

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

Completely agree. He and all his lackeys have shown their true colours throughout this shambles.

Except for Keith Jackson, who broke the Ticketus story last July. Without that, we may have been none the wiser.

[cocteautwin]

HMRC will recover their monies due, with interest, from the individuals involved in the case, including:

David Murray
Craig Whyte

and every single person paid through the EBT. These are individuals with a lot of money. They'll be pursued for non payment of taxes. The only argument will be whether the money paid through the EBT is to be considered a gross or net payment to the individuals involved.

Assuming the 47m is all paid at higher rate, HMRC Is looking at a relatively easy recovery from the individuals of 40% x 47m = approx 19m.

[Seveno]

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

Except for Keith Jackson, who broke the Ticketus story last July. Without that, we may have been none the wiser.

Unless you were following the award winning blog 'rangerstaxcase', of course.

[Stevie Reid]

http://rangerstaxcase.wordpress.com/

The announcement that HMRC would oppose the CVA proposal for rescuing Rangers FC is just a few hours old, and I thought that a quick post was due. However, I do not have any new information. I just wanted to move this blog-page along.

As it starts to sink in that The Rangers Football Club plc is now destined to end in corporate failure and liquidation, the questions are coming thick and fast as to what happens next.

The simplest answer is that there are too many permutations to provide a certain path forward. HMRC had previously indicated that they would want Duff & Phelps replaced by BDO as liquidators. I expect that they will want ‘clean hands’ from this point on and that there will be fresh faces atop the marble staircase within a few days. However, it is possible that the liquidators will want to proceed with an asset sale to Green. Other bidders may emerge (or reemerge).

Given the tiny amounts that would be raised in a public fire-sale, it does appear that an asset sale to a newco is almost certain. So a new organisation purporting to represent the legacy of The Rangers Football Club plc will emerge. However, if they are to be playing in any league next season the asset sale will have to be unopposed. If there are legal challenges to a sale, we could see at least one season without any Rangers-type team.

The focus will soon turn to the SFA and the SPL. The ruling bodies of professional football in Scotland have the responsibility to determine whether a newco attempting to transfer Rangers’ league ‘share’ and SFA membership will be allowed to join the top flight of the Scottish game- and if so- when. What must be clear is that any organisation that has bought another club’s share / membership must also face the punishments that awaited the old club. To allow a newco-Rangers to ditch its legacy responsibilities will be to set an expectation that others can do likewise. The battleground is now going to shift and we can expect a massive effort to convince us that an SPL without Rangers would be unbearable.

[JimBHibees]

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

Except for Keith Jackson, who broke the Ticketus story last July. Without that, we may have been none the wiser.

I am cynical enough to think that he was fed this information by some of the other Rangers Director/bods who finally realised what Whyte was doing.

[21.05.2016]

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

"The whole thing is just so sad. I look back and think about all the medals I won at Ibrox.
Leading Gers to Nine in a Row, the League Cups and Scottish Cups"

These will be the "tainted" medals and cups that you won with the dual-contracts and the cheating then Mr Gough?




"I had Andy Goram on the phone as soon as I woke up and he couldn’t get his head round it. Like me, he wanted answers"

No. Like you, he's just a bit bigoted (as well as being thick as ****) and seem to think that everyone "owes" Rangers something!

Exactly. Sick of them coming out and giving all this "poor rangers" garbage and make out this is some big injustice being done to them. Rangers Football Club has been corrupt for years and they only have themselves to blame for it. They are finally starting to get what they deserve.

Rangers try to make out that they ARE the SPL and without them everybody else cannot survive without them.

[Spike Mandela]

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

Except for Keith Jackson, who broke the Ticketus story last July. Without that, we may have been none the wiser.

I know hindsight is a great thing but the delusion and denial in this thread regarding the story is hilarious...........


http://forum.rangersmedia.co.uk/inde...ic=191199&st=0

[ScottB]

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

Except for Keith Jackson, who broke the Ticketus story last July. Without that, we may have been none the wiser.

The Record and co sat on this story till the writing was on the wall, the Rangerstaxcase blog had been talking about the mess at Ibrox for at least a year prior to the brown stuff hitting the fan.

The apologist tabloids refused to break the story until the club was dragged into the courts and they had no choice.

[Stevie Reid]

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

I know hindsight is a great thing but the delusion and denial in this thread regarding the story is hilarious...........


http://forum.rangersmedia.co.uk/inde...ic=191199&st=0

Posted 13 June 2011 - 09:05 PM
Rangers will be in business forever, will the Fenian Record?

[Just Alf]

http://www.heraldscotland.com/sport/...s-bid.17860526

you cant make this up!

1) at least 1 new bidder is in putting in a higher bid than Green

2) Green hasn't got the cash together and is struggling to get the rest (NOW we know what the season ticket money is for!)

3) One of Green's backers was wanted by Interpol for "stealling assets from a bank"

4) another backer pulled out last week taking his 4 Mill with him leaving Green with the shortfall

[calmac12000]

I think it highly likely that we should all prepare ourselves for yet another round of self-pitying articles from Hun sympathisers, proclaiming yet again their innocence and that it "was all the fault of a bad man and definitely not us", you wil note the complete ignorance of reality and utter lack of contrition. Then we'll have the usual Scottish football needs Rangers etc., no doubt with the addition now of you can't do anything once the fixtures are published. Even allowing for the blatant nonsense and fallacy contained in any statement of that ilk, this red=herring can be easily dealt with by the existence of modern technology allowing wholesale changes to be made within a matter of hours, if not minutes. The bottom line for Der Hun is simply to paraphrase one of their songs"no one likes you, no one cares" and more importantly we definitely do not need you, so quite simply GTF!

[RyeSloan]

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

http://www.heraldscotland.com/sport/...s-bid.17860526

you cant make this up!

1) at least 1 new bidder is in putting in a higher bid than Green

2) Green hasn't got the cash together and is struggling to get the rest (NOW we know what the season ticket money is for!)

3) One of Green's backers was wanted by Interpol for "stealling assets from a bank"

4) another backer pulled out last week taking his 4 Mill with him leaving Green with the shortfall

This is just the start. It's clear to everyone that a 'clean' Rangers (Oxymoron I know!) that retains Ibrox and Murray Park will, in the medium term, be an investment worth considering.

I fully expect a significant amount of interest in securing the assets and goodwill and Green will be left well out of the picture. There is also an intersting prospect of rival newco's being set up, each purporting to be the new Rangers and each attempting to get a hold of the assets...the picture being painted is one of a complete package being sold to a single investor or group but I see nothing stopping one investor gettign a hold of Murray park, another one Ibrox but neither actually having an interest in running a football club, that may be left to a third (or fourth) party to do and provide the rental income for the new owners of the physical assets.

Considering the above scenario it's patently clear the £5.5m figure is bolloc*s and a sale on the open market (sealed bids for the different parts by a set deadline would be very interesting!) would provide signifcantly more to the creditors.

I think Green's moaning yesterday was driven by the realisation his moment had come and gone and the chance to fill his troosers with cash off the back of Rangers was gone.

Lastly I don't see how any of this can be resolved in time for the new season and I think there is a significant chance there will be no Rangers at all in Scottish football next year. Now that would be a real shame.

[calmac12000]

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

Posted 13 June 2011 - 09:05 PM
Rangers will be in business forever, will the Fenian Record?

Just further proof if indeed any were neede as to why the cancer that is Rangers must be excised from our game.

[Kato]

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

There is also an intersting prospect of rival newco's being set up, each purporting to be the new Rangers and each attempting to get a hold of the assets...the picture being painted is one of a complete package being sold to a single investor or group but I see nothing stopping one investor gettign a hold of Murray park, another one Ibrox but neither actually having an interest in running a football club, that may be left to a third (or fourth) party to do and provide the rental income for the new owners of the physical assets.

[KWJ]

He definitely would. Considering all that's happened to him since getting his dream job I think he's handled himself extremely well. There's certainly been a couple of wobbles and requirement of a slap but it's understandable. He said weeks ago that he was beginning to think moving to the 3rd would be the best option.

[Gus Fring]

BBCchrismclaug BDO: D&P intend to complete transfer of business and assets to new company in the coming days, putting club on more secure footing, once this is done, BDO will determine what can be recovered from the remains of the existing company. 13/06/2012 13:10

Thats disgusting, so the newco gets to keep all the "good" bits for themselves and keep it away from the creditors and then sell off the bumf thats left? Surely it should be the other way round?

[BarneyK]

BBCchrismclaug
BDO: D&P intend to complete transfer of business and assets to new company in the coming days, putting club on more secure footing, once this is done, BDO will determine what can be recovered from the remains of the existing company.

I'm pretty sure that is D&P's intentions. I would be disappointed if BDO are happy to go along with it though.

[HibeeMG]

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

BBCchrismclaug BDO: D&P intend to complete transfer of business and assets to new company in the coming days, putting club on more secure footing, once this is done, BDO will determine what can be recovered from the remains of the existing company. 13/06/2012 13:10

Thats disgusting, so the newco gets to keep all the "good" bits for themselves and keep it away from the creditors and then sell off the bumf thats left? Surely it should be the other way round?

I've asked him (for the second time) whether BDO are able to, and will they, challenge the sale of assets without a creditor objecting first.

[Posh Swanny]

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

I know hindsight is a great thing but the delusion and denial in this thread regarding the story is hilarious...........


http://forum.rangersmedia.co.uk/inde...ic=191199&st=0

I only got to page three but the were already a couple of absolute gems...

we arnt leeds. that mess was a totally different situation to ours we arent going to be spending more money than we should esp with UEFA demanding that clubs that wish to participate in their competitions get their house in order. that is one of the most stupid headlines ive seen from the record.

This is also the same pish stained paper that has Alex Mcleish going to villa, even though Birmingham have rejected his resignation

[BarneyK]

I direct again to the following from the website of the Serious Fraud Office, their definition of asset stripping. Maybe someone can explain how this differs to the Green/D+P proposals? I can only assume that it would be legal if the valuation of £5.5m is seen to be fair and in line with current market value?

What is asset stripping?

Asset stripping is taking company funds or assets of value while leaving behind the debts.

Company directors transfer only the assets of one company to another and not the liabilities. The result is a dormant company with large liabilities that cannot be met and it has to be put into liquidation

Stripping of company assets is normally done for two main reasons:

•The fraudsters deliberately target a company or companies to take ownership, move the assets and then put the stripped entity into liquidation
•"Phoenixing" - directors move assets from one limited company to another to 'secure' the benefits of their business and avoid the liabilities. Most or all the directors will usually be the same in both companies. This usually arises as a way of 'rescuing' the assets of a failing business rather than targeting a company

[Big Frank]

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

He definitely would. Considering all that's happened to him since getting his dream job I think he's handled himself extremely well. There's certainly been a couple of wobbles and requirement of a slap but it's understandable. He said weeks ago that he was beginning to think moving to the 3rd would be the best option.

Sorry KWJnr. Completely disagree.

The "wobbles" you allude do have been a disgrace imho

[Seveno]

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

http://www.heraldscotland.com/sport/...s-bid.17860526

you cant make this up!

1) at least 1 new bidder is in putting in a higher bid than Green

2) Green hasn't got the cash together and is struggling to get the rest (NOW we know what the season ticket money is for!)

3) One of Green's backers was wanted by Interpol for "stealling assets from a bank"

4) another backer pulled out last week taking his 4 Mill with him leaving Green with the shortfall

All hilarious but the best bit is the picture. Rangers in the gutter.

[ancienthibby]

Rangers: Football to continue at Ibrox say liquidators


Rangers' liquidators insist the club will continue to play at Ibrox.
Malcolm Cohen and James Stephen from financial company BDO have been appointed as Joint Liquidators.
A CVA proposal from a consortium led by Charles Green was rejected byHMRC forcing the club into liquidation.
"It's important to understand that the appointment of liquidators will not mean the end of football at Ibrox - only the end of the company that ran the club," said Cohen.
Continue reading the main story

“The liquidators will seek to protect any remaining assets, maximise recoveries for the benefit of creditors, and investigate the reasons behind the failure of the company.”

Rangers' Liquidator Malcolm Cohen

"The liquidators will seek to protect any remaining assets, maximise recoveries for the benefit of creditors and investigate the reasons behind the failure of the company."
Administrators Duff & Phelps plan to transfer the business to a 'newco' set up by Green in the next few days.
Cohen continued: "Once this is done, BDO will determine what can be recovered from the remains of the existing company.
"It is right that there is a full and robust investigation into why the company failed, together with concerted efforts to recover monies for creditors and the taxpayer.
"This may include pursuit of possible claims against those responsible for the financial affairs of the company in previous years."

Is there enough money in the remaining MIM empire to pay Hector in full??

(p.s. taken from BBC Scotland website)

[jonty]

So, as far as I can see
Dundee applied to join the SPL a few weeks ago.

Motherwell and ICT are to poll the fans on their views for which way they should vote.

Clearly the SPL Fans Survey has reinforced their view that the fans have a very important say in all of this.

IMHO they should just save themselves the hassle and vote no.

[Dashing Bob S]

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

This is just the start. It's clear to everyone that a 'clean' Rangers (Oxymoron I know!) that retains Ibrox and Murray Park will, in the medium term, be an investment worth considering.

I fully expect a significant amount of interest in securing the assets and goodwill and Green will be left well out of the picture. There is also an intersting prospect of rival newco's being set up, each purporting to be the new Rangers and each attempting to get a hold of the assets...the picture being painted is one of a complete package being sold to a single investor or group but I see nothing stopping one investor gettign a hold of Murray park, another one Ibrox but neither actually having an interest in running a football club, that may be left to a third (or fourth) party to do and provide the rental income for the new owners of the physical assets.

Considering the above scenario it's patently clear the £5.5m figure is bolloc*s and a sale on the open market (sealed bids for the different parts by a set deadline would be very interesting!) would provide signifcantly more to the creditors.

I think Green's moaning yesterday was driven by the realisation his moment had come and gone and the chance to fill his troosers with cash off the back of Rangers was gone.

Lastly I don't see how any of this can be resolved in time for the new season and I think there is a significant chance there will be no Rangers at all in Scottish football next year. Now that would be a real shame.

Great post, agree totally. The pro-Rangers media are living in this world where one party buys Rangers total assets, lock, stock and barrel. The newclub play in the SPL with minor penalties and soon all is forgotten. However the HMRC liquidators are unlikely to be as sentimental as the dodgy administrators appointed by Whyte (with the unofficial blessing of Murray?) and will sell off the assets to not the highest bidder, but the highest bidders. It's highly probably that selliing the assets individually would fetch a greater price than disposing of them as a cut-price job lot.

I also agree that its very hard to see this being resolved in time for the august kick-off. I doubt anybody with any sense will want to do much till the 'big case' is resolved and I also think that if prosecutions of well-known football figures are undertaken, then FiFA will be compelled to act, thus throwing another spanner in the works.

So all good.

[green glory]

The thing I'm finding most worrying is that BDO seem content to allow the sale of the club and assets into a Newco BEFORE liquidation. Then they will pursue remaining assets.

Surely this would preserve the history?

[BarneyK]

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

Rangers: Football to continue at Ibrox say liquidators


Rangers' liquidators insist the club will continue to play at Ibrox.
Malcolm Cohen and James Stephen from financial company BDO have been appointed as Joint Liquidators.
A CVA proposal from a consortium led by Charles Green was rejected byHMRC forcing the club into liquidation.
"It's important to understand that the appointment of liquidators will not mean the end of football at Ibrox - only the end of the company that ran the club," said Cohen.
Continue reading the main story

“The liquidators will seek to protect any remaining assets, maximise recoveries for the benefit of creditors, and investigate the reasons behind the failure of the company.”

Rangers' Liquidator Malcolm Cohen

"The liquidators will seek to protect any remaining assets, maximise recoveries for the benefit of creditors and investigate the reasons behind the failure of the company."
Administrators Duff & Phelps plan to transfer the business to a 'newco' set up by Green in the next few days.
Cohen continued: "Once this is done, BDO will determine what can be recovered from the remains of the existing company.
"It is right that there is a full and robust investigation into why the company failed, together with concerted efforts to recover monies for creditors and the taxpayer.
"This may include pursuit of possible claims against those responsible for the financial affairs of the company in previous years."

Is there enough money in the remaining MIM empire to pay Hector in full??

(p.s. taken from BBC Scotland website)

It seems clear from this that they won't stand in the way of Chuckie's £5.5m asset buyout...unless of course they were to put the assets up for sale only on the proviso that whoever bought them would lease them back to Der Hun?

[down-the-slope]

BDO spokesperson asked outright if they will seek other offers for assets (opposing Green offer in effect)

Answer: No Comment

thats good enough for me..they have to let things run as per legal process but I take from that they will be blocking / seeking judicial review of sale to Green as soon as their feet are under the table...