Generic Sevco / Rangers meltdown thread

[ancienthibby]

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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?

I think HRH Mr Croppers has already stated that such an event can be challenged in the Courts and potentially set aside.

I would think Hector has given BDO such a mandate.

[Seveno]

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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)

I wonder if HMRC are fully aware that the Green bid is going to fall apart and are content to stand back for the time being. This would then let the Liquidators move in and realise the fully value of the assets.

As for MIH, the are something like £700m in debt with the only real value being in the assets of their subsidiary, Premier Property Group. A fire sale beckons.

[GreenCastle]

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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.

I agree - can't see it being resolved before the new season - still so much to sort out

[Seveno]

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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.

The Board at Motherwell Football Club today (Tuesday) released the following statement in light of recent developments in the on-going situation at Rangers FC.
“The Board is very aware of implications of all scenarios and will consider them in detail when all the information we need is at our disposal.
“We will consult our members, shareholders and fans before taking a decision on what our position should be.
“We regard the sustainability of the club and the integrity of the sport as inter-linked. We have a duty to act in the interests of our club and we hope these can be reconciled with the interests of the game.
“It really is more important than ever that all Motherwell fans continue their fantastic support of our club.”

Sounds a bit like they will consult but vote for the money.

[Paisley Hibby]

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An easy one to fix. Celtic and Rangers are in the same city, so replace them with Dundee and Dundee United in the fixture list. Then Celtic can take over the original Dundee United fixtures. Sorted!

What about fixture clashes if/when Rangers are in another league? OK, let's not go there...

Ah, but once the novelty has worn off (which will only take a couple of weeks) the bigoted glory hunters will be heading to Tynecastle instead.

[Spike Mandela]

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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!

I now give you the most stomach churningly twisted view of events so far. Rangers have been cheated discuss..........over to you Mr Traynor.............

http://www.dailyrecord.co.uk/footbal...6908-23895361/

Despite the baying mob and their crazy notion that Rangers should be shunned because they are cheats the fact is this club and these fans have themselves been cheated. If there is anything in their DNA make up that’s irrational or wrong it is their love of their club and this game.

[Paisley Hibby]

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The Board at Motherwell Football Club today (Tuesday) released the following statement in light of recent developments in the on-going situation at Rangers FC.
“The Board is very aware of implications of all scenarios and will consider them in detail when all the information we need is at our disposal.
“We will consult our members, shareholders and fans before taking a decision on what our position should be.
“We regard the sustainability of the club and the integrity of the sport as inter-linked. We have a duty to act in the interests of our club and we hope these can be reconciled with the interests of the game.
“It really is more important than ever that all Motherwell fans continue their fantastic support of our club.”

Sounds a bit like they will consult but vote for the money.

The bit in bold should mean they will vote no. However, everything else they say contradicts that and so, sadly, I think you're right.

[Seveno]

Duff & Duffer say that the transfer to Newco will take place in a 'matter of days'. Or a couple of months as we would know it.

There is also still the threat of a suspension under transferembargogate and/or dualcontractsgate.

So........... if there was to be no Rangers for just next year say, every club in the SFL moves up a place and Spartans/ Cove Rangers or Gala Fairydean get into SF3. Next year, Newco Rangers FC come along and say what ? ' gonnae no squeeze up a bit ? '

Could be our chance to get a larger SPL, especially with no 11-1 majority being required.

[Swindonfan]

May have been said but there is a article by the leyton orient chief executive on bbc website i think about how there is no way the other SPL clubs would boot rangers as they would be shooting themselves in the foot due to the loss of revenue from games against them and the loss of the present TV deal.

Personally something that truly disgusted me was the new owner to be talking about the possiblity of re signing Gutuso. Saying that he had situation explained to his agent and was interested in coming back. How can they be looking to spend even 1 penny when they owe millions. How could they look to get a CVA at 9p in the pound while talking about making a signing as soon as they came out of the CVA. Are they offering Gutuso 10K a week but he will only get 9p in the pound ?

I think purely down to SPL rules the scottish FA should relegate them anyway. There shouldnt even be a vote by other SPL clubs. Only reason there looks like thier will be is the rest of the clubs panicking over money from those games against rangers and the tv deal.

I see the other clubs are saying we will consult everyone including our fans. Well lets see if they are honest about that because unless your a rangers fan there is not one other fan in scotland or beyond who thinks they should be in the SPL next year.

[Seveno]

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I now give you the most stomach churningly twisted view of events so far. Rangers have been cheated discuss..........over to you Mr Traynor.............

http://www.dailyrecord.co.uk/footbal...6908-23895361/

Despite the baying mob and their crazy notion that Rangers should be shunned because they are cheats the fact is this club and these fans have themselves been cheated. If there is anything in their DNA make up that’s irrational or wrong it is their love of their club and this game.

Well I have to agree with one thing that he is saying :
" Whether you like them or not they are important. Along with Celtic they are the engine that drives our game. "

And where exactly has our game been driven, James ?

[BarneyK]

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May have been said but there is a article by the leyton orient chief executive on bbc website i think about how there is no way the other SPL clubs would boot rangers as they would be shooting themselves in the foot due to the loss of revenue from games against them and the loss of the present TV deal.

Personally something that truly disgusted me was the new owner to be talking about the possiblity of re signing Gutuso. Saying that he had situation explained to his agent and was interested in coming back. How can they be looking to spend even 1 penny when they owe millions. How could they look to get a CVA at 9p in the pound while talking about making a signing as soon as they came out of the CVA. Are they offering Gutuso 10K a week but he will only get 9p in the pound ?

I think purely down to SPL rules the scottish FA should relegate them anyway. There shouldnt even be a vote by other SPL clubs. Only reason there looks like thier will be is the rest of the clubs panicking over money from those games against rangers and the tv deal.

I see the other clubs are saying we will consult everyone including our fans. Well lets see if they are honest about that because unless your a rangers fan there is not one other fan in scotland or beyond who thinks they should be in the SPL next year.

Has hee-haw to do with the Leyton Orient Chief Exec, so baffled as to why he's being asked his opinion on this. That said, his knowledge of it is obviously being garnered from the press reports, so no surprise with his thoughts on the situation.

[Paisley Hibby]

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May have been said but there is a article by the leyton orient chief executive on bbc website i think about how there is no way the other SPL clubs would boot rangers as they would be shooting themselves in the foot due to the loss of revenue from games against them and the loss of the present TV deal.

Personally something that truly disgusted me was the new owner to be talking about the possiblity of re signing Gutuso. Saying that he had situation explained to his agent and was interested in coming back. How can they be looking to spend even 1 penny when they owe millions. How could they look to get a CVA at 9p in the pound while talking about making a signing as soon as they came out of the CVA. Are they offering Gutuso 10K a week but he will only get 9p in the pound ?

I think purely down to SPL rules the scottish FA should relegate them anyway. There shouldnt even be a vote by other SPL clubs. Only reason there looks like thier will be is the rest of the clubs panicking over money from those games against rangers and the tv deal.

I see the other clubs are saying we will consult everyone including our fans. Well lets see if they are honest about that because unless your a rangers fan there is not one other fan in scotland or beyond who thinks they should be in the SPL next year.

You're right, there should be no need to consult anyway, it's obvious what the right thing to do is here. Consultation is simply being used as a delaying tactic in the hope that something will turn up to get them off the hook or give them a reason to justify (they will think) their voting yes to NewHunco.

[hibeesdude]

http://forum.rangersmedia.co.uk/inde...owtopic=222559

alternatley you could crawl back to whatever putrid, pus filled, rancid, infested, hate filled swamp that you dragged yourself from and do the decent thing ......DIE QUIETLY

you cheated...you got caught...man up and take it on the chin

[Just Alf]

Saw it reported last night (chan 5 I think) that Sky will NOT walk away ( :-) ) from the TV deal, a direct quote was "we don't want to go to war with Scotland".

Sorry on my moby so can't find the link

On the money front, I've said it before but if a team votes a newco in.....

Is it really the best idea financially????

On one hand the Hun supporters have already stated they're boycotting all away games so the only difference is you'd also lose a significant part of your home support.

So vote yes = a lose/lose situation
Vote no = a lose/win situation

Something like that anyway!

[Paisley Hibby]

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http://forum.rangersmedia.co.uk/inde...owtopic=222559

alternatley you could crawl back to whatever putrid, pus filled, rancid, infested, hate filled swamp that you dragged yourself from and do the decent thing ...... DIE QUIETLY

you cheated...you got caught...man up and take it on the chin

Thanks for posting - gave me a laugh!

[Posh Swanny]

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I now give you the most stomach churningly twisted view of events so far. Rangers have been cheated discuss..........over to you Mr Traynor.............

http://www.dailyrecord.co.uk/footbal...6908-23895361/

Despite the baying mob and their crazy notion that Rangers should be shunned because they are cheats the fact is this club and these fans have themselves been cheated. If there is anything in their DNA make up that’s irrational or wrong it is their love of their club and this game.

he's changed his tune...

[IWasThere2016]

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he's changed his tune...

That's cos he's a havering erse - basically he fulfils the only required criteria to work for the Daily Rag.

[SurferRosa]

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I now give you the most stomach churningly twisted view of events so far. Rangers have been cheated discuss..........over to you Mr Traynor.............

http://www.dailyrecord.co.uk/footbal...6908-23895361/

Despite the baying mob and their crazy notion that Rangers should be shunned because they are cheats the fact is this club and these fans have themselves been cheated. If there is anything in their DNA make up that’s irrational or wrong it is their love of their club and this game.

A desperate rant from a died in the wool Hun....

But some of the replies are priceless..

"
Duncan Young

1:22 PM on 13/6/2012
Are you for real , cut them some slack , millions of lost tax , small buisnesses suffering , players not getting paid , clubs owed money for players , playing players they haven`t bought , not one apology from Ibrox , where is Sir David , did Walter know he couldn`t afford the players he was signing , no sympathy mr Traynor , dry your eyes , wipe the succulent gravy from your chin "

"

Stevenkerry McCann

1:45 PM on 13/6/2012
Traynor ,you can almost taste the bitterness in each line of that one eyed rant

you"re well known to be a"pure rangurs man" and that is self evident in you tainted article.

To say that"It's all madness rooted in jealousies and twisted logic" more or less confirms to us all that you have no understanding of the extent of the damage that your favorite cheating institution has caused.

and ,as far as you are concerned its everyone elses fault and we should all give rangers a collective "kick in the jewels" and that will suffice.

Well pal the extent of the cheating and lying has disgusted the country as a whole,football minded and non football minded alike,and quite frankly getting rid of that rancid institution all together is the first unnecessary step in cleansing the game in Scotland (rubber gloves and detol please)

So do us a favour and go away and sit on the bleachers in numerous wee backwater stadiums in 3rd division and peddle yer backwater pish to whoever will listen

we will find journalists with maybe a slither of integrity to fill that very small ,insignificant void that you will leave "

[Off the bar]

hard to express quite how much i hate Traynor, with all that has gone on how can he support the myth that spl will suffer without rangers? Does he really believe that a newco with a clean slate back into the spl will be accepted and all the rest big tax case, dual contracts etc etc will go away? the man is an arse, this saga will run for years and years and years while liquidators and hmrc go back through RFC recent history with a fine tooth comb and the full extent of the wrong doing is exposed. Letting them back in brings their poison back in and alienates all fans other than new RFC fans.
They must be punted out of football for a year while the dust settles and the true extent of their cheating emerges, and then asuming it gets no worse and no further skeletons emerge, let them apply the sfl to play in div 3.

[ancienthibby]

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The bit in bold should mean they will vote no. However, everything else they say contradicts that and so, sadly, I think you're right.

Not sure about that, if their last sentence is correct.

Does anyone know if clubs can abstain from voting on the Newco question, per SPL rules.

If abstaining is allowed, then clubs like the Mothers, Arabs and the Buddies might well take that option.

In such circumstances, the HunNewCo could well struggle to get 8 positive votes!

[Leithenhibby]

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That's cos he's a havering erse - basically he fulfils the only required criteria to work for the Daily Rag.

Got to say, that pretty much covers it for me also ...

[Speedway]

10 Rangers threads and 4 Yam threads on the front page of main.

Seriously?

What about getting back to hysterically slating everything related to our own club?

[CropleyWasGod]

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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.

Sorry, they won't. Misapplication of an employer-operated tax scheme is the responsibility of the employer. Only in cases where fraud or collusion can be proven, would they seek to recover lost PAYE etc from an employee.

[Pretty Boy]

What Hibernian topics would you like to discuss?

Rangers are big news at the moment so its fairly obvious why people are talking about them.

The silence from ER at the moment is deafening and just about every other close season topic has been done to death in the last couple of weeks.

[R'Albin]

Here we go again with another non-Hibs related thread

[Chuck Rhoades]

Attending a meeting with the club tonight - hoping to have minutes posted by 10pm, then you will have something to read.

[iwasthere1972]

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Attending a meeting with the club tonight - hoping to have minutes posted by 10pm, then you will have something to read.

Looking forward to reading them.

[edinburghhibee]

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Attending a meeting with the club tonight - hoping to have minutes posted by 10pm, then you will have something to read.

Tell them from me that should Hibs vote Rangers back into the SPL they can have my season ticket back.

[HIBERNIAN-0762]

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Looking forward to reading them.

Great avatar...

[Geo_1875]

Just a couple of points here.

People talk about SKY walking away if they aren't guaranteed 4 OF games each season. Now if either of the OF sides were to have a poor season and finish in the bottom 6 and only 3 OF games were played what would happen. Would the SPL cry the games a bogey and reorganise the SPL to guarantee the required 4 OF games or would SKY tear up the contract and walk away? I don't think that would happen and I hope that the SPL board did not sign up to a contract which tied them to such a guarantee.

And Jim Traynor's a ****.