Generic Sevco / Rangers meltdown thread

[CropleyWasGod]

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No, but I'm sure they were independent and didn't pay up Billy Dodds contract under instruction from RFC - that would be illegal. They simply loaned him an amount that happened to be the the same as he would have got on severance and he will no doubt repay it all plus interest in the fullness of time.

What time does your Festival show start?

[CropleyWasGod]

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Trust Deeds are usually recorded in Books of Council and Session and are available for public inspection.

Which would mean, of course, that H.M. Press would be having a look to see how the Trust is really set up.


Cav's jokes are catching...

[s.a.m]

http://rangerstaxcase.wordpress.com/...e-ever-deeper/

[RyeSloan]

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http://rangerstaxcase.wordpress.com/...e-ever-deeper/

Sums up perfectly what in the end is a rather straight forward case.

The EBT's were used to pay player wages

Rangers are obliged to provide the SFA of all wage payments to players

Failure to do so makes the player ineligible for competing in any SFA approved competition (SPL, Scottish Cup)

All players who received wages via the EBT are therefore ineligible


The only action can therefore be the retrospective stripping of all honours won using ineligible players...what other action can be taken that would be considered appropriate?

Minty's protestations are worthless and I hope he is held to account for not only knowingly bringing the game into disrepute but also knowingly avoiding £45m of tax payments.

[JeMeSouviens]

http://www.bbc.co.uk/sport/0/football/19058945

"Nearly 40,000 fans packed Ibrox" says BBC Scotland correspondent Billy McGoebbels.

Unless one of the stands has fallen down recently, this seems unlikely.

Actual crowd, 38160 = ~75% of capacity. This was their first home game and therefore the poster child for NewHun defiance, £15 a head and pay at the gate. I'm not so sure it will have Charlie and his investors sleeping much easier.

[lapsedhibee]

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http://www.bbc.co.uk/sport/0/football/19058945

"Nearly 40,000 fans packed Ibrox" says BBC Scotland correspondent Billy McGoebbels.

Unless one of the stands has fallen down recently, this seems unlikely.

Actual crowd, 38160

A good 12,000 of that crowd would be two-seater jobs, though (see avatar to left), so McGoebbels could be right that 38,000 packed the stadium.

[Famous5forever]

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http://www.bbc.co.uk/sport/0/football/19058945

"Nearly 40,000 fans packed Ibrox" says BBC Scotland correspondent Billy McGoebbels.

Unless one of the stands has fallen down recently, this seems unlikely.

Actual crowd, 38160 = ~75% of capacity. This was their first home game and therefore the poster child for NewHun defiance, £15 a head and pay at the gate. I'm not so sure it will have Charlie and his investors sleeping much easier.

it was only a fiver for hun runts to get in as well cant see them making much out of that plus they had to split the gate receipts for the game with the wadges there players are on that would be a loss.

[LeighLoyal]

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Sums up perfectly what in the end is a rather straight forward case.

The EBT's were used to pay player wages

Rangers are obliged to provide the SFA of all wage payments to players

Failure to do so makes the player ineligible for competing in any SFA approved competition (SPL, Scottish Cup)

All players who received wages via the EBT are therefore ineligible


The only action can therefore be the retrospective stripping of all honours won using ineligible players...what other action can be taken that would be considered appropriate?

Minty's protestations are worthless and I hope he is held to account for not only knowingly bringing the game into disrepute but also knowingly avoiding £45m of tax payments.

Nice blog by RTC that torpedoes Murray's sham statement. Skinty should be jailed along with the carrot politico who okayed his shameful knighthood. Awarded, I assume, for services to tax evasion and bank fraud!

[Ozyhibby]

Is there an SPL meeting this Friday? I seem to remember that the vote on changes to the voting system was put of till Aug 10th but I'm not sure. There have that many meetings, votes and deadlines I'm not sure of anything anymore.

[Smidge]

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Trust Deeds are usually recorded in Books of Council and Session and are available for public inspection.

It's an offshore trust - Jersey or Guernsey I think - so that wouldn't be the case.

[Famous5forever]

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Nice blog by RTC that torpedoes Murray's sham statement. Skinty should be jailed along with the carrot politico who okayed his shameful knighthood. Awarded, I assume, for services to tax evasion and bank fraud!

Knighthood should be stripped this guy has done worse than Fred Goodwin.

[CropleyWasGod]

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Knighthood should be stripped this guy has done worse than Fred Goodwin.

Much as I don't care for SDM, I don't think that being (allegedly, remember) responsible for cheating in a footballing backwater compares in any way to being party to the biggest financial crisis in 80 years.

[johnrebus]

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Much as I don't care for SDM, I don't think that being (allegedly, remember) responsible for cheating in a footballing backwater compares in any way to being party to the biggest financial crisis in 80 years.

Yes CWG, they don't really compare.


'Sir' Fred, was guilty of uneccessary risk taking and incompetence - he did nothing wrong in the eyes of the law.


Minty stands accused of deliberate tax evasion - which is illegal.



Big, big difference.

[CropleyWasGod]

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Yes CWG, they don't really compare.


'Sir' Fred, was guilty of uneccessary risk taking and incompetence - he did nothing wrong in the eyes of the law.


Minty stands accused of deliberate tax evasion - which is illegal.



Big, big difference.

To be fair, it was the morality of the comparative situations that I was commenting on.

[johnrebus]

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To be fair, it was the morality of the comparative situations that I was commenting on.

Point taken.



Maybe we should compare Minty to 'Sir' Lester Piggott then?


Same crime (allegedly), same punishment?

[Famous5forever]

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Yes CWG, they don't really compare.


'Sir' Fred, was guilty of uneccessary risk taking and incompetence - he did nothing wrong in the eyes of the law.


Minty stands accused of deliberate tax evasion - which is illegal.



Big, big difference.

Could a Criminal charge by brought against SDM If found guilty of these tax evasions ? or is it only moraly wrong not criminal ?

[LeighLoyal]

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Could a Criminal charge by brought against SDM If found guilty of these tax evasions ? or is it only moraly wrong not criminal ?

Definitely could be charges against him and all former directors of oldco, the liquidator BDO has far reaching powers. He'll be sweating as will Craigie boy. Would like to know how much of the 700m his pals in BOS handed out since 1988 is still tangible. The knighthood is the least of his worries, but it should be removed.

[Famous5forever]

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Definitely could be charges against him and all former directors of oldco, the liquidator BDO has far reaching powers. He'll be sweating as will Craigie boy. Would like to know how much of the 700m his pals in BOS handed out since 1988 is still tangible. The knighthood is the least of his worries, but it should be removed.

Any idea of a timeframe when the BDO Move in ? this could be the icing on the cake of this entire sorry mess

[PatHead]

Interesting thread from St Johnstone fan re Rangers "sums" for the year.

http://saintinasia.wordpress.com/201...rding-sandaza/

Cav, CWG, etc get your gums round that. Know there is a fair number of assumptions made though

[CropleyWasGod]

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Interesting thread from St Johnstone fan re Rangers "sums" for the year.

http://saintinasia.wordpress.com/201...rding-sandaza/

Cav, CWG, etc get your gums round that. Know there is a fair number of assumptions made though

I lost confidence as soon as he said that Sevco are 4 divisions below the Saints.

[CropleyWasGod]

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Any idea of a timeframe when the BDO Move in ? this could be the icing on the cake of this entire sorry mess

BDO (not "the" BDO... they do darts.. This is Binder, Dijke, Otte) will be in place within the next month or so. There are a few things D&P will need to do to wind up their work.... shredding of important papers, silencing of key witnesses, that sort of thing... and then BDO will be appointed.

I wouldn't expect overnight results, by the way. The first thing BDO will do is check how much funds are available, which fact may define their own work.

[Seveno]

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BDO (not "the" BDO... they do darts.. This is Binder, Dijke, Otte) will be in place within the next month or so. There are a few things D&P will need to do to wind up their work.... shredding of important papers, silencing of key witnesses, that sort of thing... and then BDO will be appointed.

I wouldn't expect overnight results, by the way. The first thing BDO will do is check how much funds are available, which fact may define their own work.

Why so long until they move in ? Surely this is just reducing the creditors pot even more.

[CropleyWasGod]

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Why so long until they move in ? Surely this is just reducing the creditors pot even more.

The answer is in my post

[Seveno]

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The answer is in my post

Ah ! And hear was me thinking you were just joking about the shredding etc. I feel so stupid now.

Just as well we have you jump up bookkeepers on board.

[CropleyWasGod]

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Ah ! And hear was me thinking you were just joking about the shredding etc. I feel so stupid now.

Just as well we have you jump up bookkeepers on board.

To be honest, though, there can't be that much work left for D&P to do. That said, there was talk a while back that Green hadn't paid the £5.5m.... maybe they are waiting for that?

[Famous5forever]

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BDO (not "the" BDO... they do darts.. This is Binder, Dijke, Otte) will be in place within the next month or so. There are a few things D&P will need to do to wind up their work.... shredding of important papers, silencing of key witnesses, that sort of thing... and then BDO will be appointed.

I wouldn't expect overnight results, by the way. The first thing BDO will do is check how much funds are available, which fact may define their own work.

I Take it D&P will be aware of this and the more money thery leave in the pot for BDO To play with will lengthen and deepen there enquiries this makes me think that most if not all of the 5.6 million will be gone by the time BDO Get in there.

[CropleyWasGod]

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I Take it D&P will be aware of this and the more money thery leave in the pot for BDO To play with will lengthen and deepen there enquiries this makes me think that most if not all of the 5.6 million will be gone by the time BDO Get in there.

The second thing they will do is ask D&P to justify the sale price. If they can't, then the recovery actions will begin. If they can, I can't honestly see the liquidation lasting too long.

[Famous5forever]

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The second thing they will do is ask D&P to justify the sale price. If they can't, then the recovery actions will begin. If they can, I can't honestly see the liquidation lasting too long.

I Cant see D&P Having a problem with that as Greens lot were the highest bidders at 5.6 million as to wheather they would have got more by pure liquidation and selling off the assets is another matter. But as Ibrox is a listed building it is no use to anyone Bar Rangers same goes for Murray Park.

[CropleyWasGod]

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I Cant see D&P Having a problem with that as Greens lot were the highest bidders at 5.6 million as to wheather they would have got more by pure liquidation and selling off the assets is another matter. But as Ibrox is a listed building it is no use to anyone Bar Rangers same goes for Murray Park.

That's an argument that has been done to death on here, for and against, so I won't go into it.

However, if it pans out that way, then Sevco are in the clear. It's then down to BDO to investigate the manner of the administration, and the conduct of the directors. They could end up spending a fair chunk of the £5.5m in doing that, which would further erode the dividend to creditors, with no guarantee of recovering anything extra

[Onion]

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I Cant see D&P Having a problem with that as Greens lot were the highest bidders at 5.6 million as to wheather they would have got more by pure liquidation and selling off the assets is another matter. But as Ibrox is a listed building it is no use to anyone Bar Rangers same goes for Murray Park.

Ibrox = much better than Hamdump. SFA pick up Ibrox for a couple of mill, level Hamdump and sell it to Tesco for a few more mill. Everyone's happy