Generic Sevco / Rangers meltdown thread

[Aldo]

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He has, Celtic "minded" as well apparently, so like Craig whyte before him, cometh the hour cometh the man!

;-)

[Ozyhibby]

I think King will win the vote. I also think this will be bad for Rangers. They will have to come up with a lot of cash quick sharp to pay Mike Ashley.

[Bostonhibby]

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I think King will win the vote. I also think this will be bad for Rangers. They will have to come up with a lot of cash quick sharp to pay Mike Ashley.

And then there will be the bad smell whilst they fiddle a way round the fit and proper person test and the UK company law problem. Id prefer King as I suspect Ashley would have been more likely just to legally chuck as much money as they need at the club to gain success - With King "running the show" however he does it Ashley still holds quite a few aces and they ain't going to get them cheap or at all if he doesn't want to play ball.

King / the variable number of bears/the rangers men actually have very few tactical advantages over Ashley hence their appealing direct to the shareholders on the basis of their apparent rangers credentials. King is the shadier of the two by some way but the truth is he is Hobsons choice - they don't want Ashley and no one else is lining up claiming to have the money. Not since Craig Whyte and Cheeky Charlie anyway - both of whom were welcomed as saviours, ala King.

[brog]

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He may be the sacrificial lamb.

As has been said, it sounds as if the voting is pretty close. Perhaps Easdale's resignation is designed to sway some of the undecideds the way of the current Board.

His statement bangs on about "not having the support of the fans", so there may be some truth in that.

I don't think there's any doubt that King etc will win the vote. Easdale has never had the support of the fans so it definitely seems as if he's jumped before being pushed. It's what happens after King wins the vote that is intriguing!

[Deansy]

There seems to be a general assumption that if King wins, then his 1st struggle will be to repay MA - admittedly I know next to nothing about the legalities/conditions of these 'loans' or business-matters but bearing in mind King's 'Record/Form' and general character, I can see a very long protracted court-battle coming out of this ! Or as the previous club did - the big BUMP !!

[Bostonhibby]

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There seems to be a general assumption that if King wins, then his 1st struggle will be to repay MA - admittedly I know next to nothing about the legalities/conditions of these 'loans' or business-matters but bearing in mind King's 'Record/Form' and general character, I can see a very long protracted court-battle coming out of this ! Or as the previous club did - the big BUMP !!

If they liquidate they lose the property assetts I think as Ashleys loans are secured on them he has first call - like I said before they are playing with the big boys this time rather than mugs they can walk over because they are Rangers, or the rangers.

[CropleyWasGod]

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There seems to be a general assumption that if King wins, then his 1st struggle will be to repay MA - admittedly I know next to nothing about the legalities/conditions of these 'loans' or business-matters but bearing in mind King's 'Record/Form' and general character, I can see a very long protracted court-battle coming out of this ! Or as the previous club did - the big BUMP !!

That's my take on it.

Indeed, DK has already alluded to that. Paraphrasing him, he said that he would "look at" the MA loan. I don't see him repaying it on Day 1.

Which leads to MA's reaction to that. Given that he has security for his loan, he may move very quickly to act on that.

So we may well have a "who blinks first?" situation.

As you say, it will probably end up in Court, which will be costly for the club.

[Moulin Yarns]

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That's my take on it.

Indeed, DK has already alluded to that. Paraphrasing him, he said that he would "look at" the MA loan. I don't see him repaying it on Day 1.

Which leads to MA's reaction to that. Given that he has security for his loan, he may move very quickly to act on that.

So we may well have a "who blinks first?" situation.

As you say, it will probably end up in Court, which will be costly for the club.

What are the chances of Admin part 2 and The Rangers finishing in 7th place (based on current league table)?

[CropleyWasGod]

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What are the chances of Admin part 2 and The Rangers finishing in 7th place (based on current league table)?

Not any greater, or lesser, than they have been for a while. The cash continues to diminish, and time is not on their side.

If MA keeps control of the boardroom, more cash will be needed.

If DK gets in, the same, but with the added pressure of MA's loan, and the danger that MA may call in his security. In a way, administration might be more likely if DK takes control.

[AndyM_1875]

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Not any greater, or lesser, than they have been for a while. The cash continues to diminish, and time is not on their side.

If MA keeps control of the boardroom, more cash will be needed.

If DK gets in, the same, but with the added pressure of MA's loan, and the danger that MA may call in his security. In a way, administration might be more likely if DK takes control.

I doubt it would be a very long administration. King & co would end up owning them anyway and Ashley would get shafted for his loans.

Actually that could be pretty funny.

[Ozyhibby]

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Not any greater, or lesser, than they have been for a while. The cash continues to diminish, and time is not on their side.

If MA keeps control of the boardroom, more cash will be needed.

If DK gets in, the same, but with the added pressure of MA's loan, and the danger that MA may call in his security. In a way, administration might be more likely if DK takes control.

Thats my take. If DK takes control he will have to fund the shortfall of about 8m a year without being able to take any security as Ashley has all that.
He also won't have any income from merchandising, stadium advertising etc. Ashley owns all that now.
There will also be the problem of owing a large amount of money to Ashley, the man he has just forced from the boardroom.
In short, I think that there was no chance of admin under Ashley but with King in charge there is a big chance.

[Phil D. Rolls]

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He could at least have got a chant of "wee tee-pee people" going (as opposed to "we are the people").

I thought the Apaches were the "wee arra people" due to their skill as marksmen.

[CropleyWasGod]

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I doubt it would be a very long administration. King & co would end up owning them anyway and Ashley would get shafted for his loans.

Actually that could be pretty funny.

How would MA get shafted? He's the only secured creditor, AFAIK.

[Bostonhibby]

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Thats my take. If DK takes control he will have to fund the shortfall of about 8m a year without being able to take any security as Ashley has all that.
He also won't have any income from merchandising, stadium advertising etc. Ashley owns all that now.
There will also be the problem of owing a large amount of money to Ashley, the man he has just forced from the boardroom.
In short, I think that there was no chance of admin under Ashley but with King in charge there is a big chance.

Agree. Ashley should easily extract value from the property his loans are secured against.

[Bostonhibby]

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How would MA get shafted? He's the only secured creditor, AFAIK.

He is but maybe they had already hawked the stadium out earlier?

[Weststandwanab]

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Or, its Ibrox payday tomorrow, maybe does not want to be around when the cashlines don't produce the readies.

If Ashley is losing the vote , he is not going to release more cash to the black hole and Super Ally's wealth fund.

It is indeed payday tomorrow at The Rangers !

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What are the chances of Admin part 2 and The Rangers finishing in 7th place (based on current league table)?

I would rule nothing out.

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Not any greater, or lesser, than they have been for a while. The cash continues to diminish, and time is not on their side.

If MA keeps control of the boardroom, more cash will be needed.

If DK gets in, the same, but with the added pressure of MA's loan, and the danger that MA may call in his security. In a way, administration might be more likely if DK takes control.

If DK gets control I think at some point we will see The The Rangers

[ancient hibee]

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Thats my take. If DK takes control he will have to fund the shortfall of about 8m a year without being able to take any security as Ashley has all that.
He also won't have any income from merchandising, stadium advertising etc. Ashley owns all that now.
There will also be the problem of owing a large amount of money to Ashley, the man he has just forced from the boardroom.
In short, I think that there was no chance of admin under Ashley but with King in charge there is a big chance.

They'll start selling season tickets to raise cash.

[Jack]

If anyone in all this is not going to get shafted it's billionaire Ashley.

[Bostonhibby]

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If anyone in all this is not going to get shafted it's billionaire Ashley.

It really is hard to see what he has to lose - not even clear that he actually wants to own the embarrassment that is the rangers outright - but if he doesn't get the whole mess he is going to earn on his shares and the merchandising and other image rights that are his regardless.

You could say he took advantage of their desperation when none of the other talkers were willing to put up any alternative cash. Shame really.

[gorgie greens]

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It really is hard to see what he has to lose - not even clear that he actually wants to own the embarrassment that is the rangers outright - but if he doesn't get the whole mess he is going to earn on his shares and the merchandising and other image rights that are his regardless.

You could say he took advantage of their desperation when none of the other talkers were willing to put up any alternative cash. Shame really.

Think if you get in to bed with the devil your going to get rodgered big time, They had no other options when they had the begging bowl out and MA has taken full advantage of their dire situation,only one winner here and its no the peeepleeee

[Springbank]

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I thought the Apaches were the "wee arra people" due to their skill as marksmen.

So Sioux me

[gorgie greens]

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So Sioux me

looks like the BIG CHIEF will be SITTING and telling them BULL ++++

[Ronniekirk]

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looks like the BIG CHIEF will be SITTING and telling them BULL ++++

But then again they may just Bury Thier head at Wounded knee ,if you believe in Ghost Dancers

[PatHead]

Not really kept up lately but can someone confirm to me what exactly King will get when he takes over unless he spends a fortune to pay off Ashley?

My recollection is Ashley has

All merchandising rights for the forseeable future
The badge for the forseeable future
Security on the stadium
Security on Edminston House
A loan repayable on demand of £10m
2 seats on the board

He won't give that up lightly or for nothing.

The new series is just about to begin of this long running saga.

[scoopyboy]

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Not really kept up lately but can someone confirm to me what exactly King will get when he takes over unless he spends a fortune to pay off Ashley?

My recollection is Ashley has

All merchandising rights for the forseeable future
The badge for the forseeable future
Security on the stadium
Security on Edminston House
A loan repayable on demand of £10m
2 seats on the board

He won't give that up lightly or for nothing.

The new series is just about to begin of this long running saga.

IIRC he doesn't have security on the stadium.

He does on Murray Park however.

[PatHead]

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IIRC he doesn't have security on the stadium.

He does on Murray Park however.

That is right, is there not a rumour that Craig Whyte's dad is involved somehow and has a charge or ownership on the stadium. That may just be a Celtic myth though but I think that is what Bomber Brown was on about when he rallied the troops about the title deeds.

Is there any way to check?

So difficult to keep up, it was like the second series of Broadchuch.

[CropleyWasGod]

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That is right, is there not a rumour that Craig Whyte's dad is involved somehow and has a charge or ownership on the stadium. That may just be a Celtic myth though but I think that is what Bomber Brown was on about when he rallied the troops about the title deeds.

Is there any way to check?

So difficult to keep up, it was like the second series of Broadchuch.

The title deeds are an irrelevance.

If there is a security, it should be registered at Companies House (and one other place, whose name escapes me for the moment).

However, if it isn't registered in either of those places, that doesn't mean to say that a charge doesn't exist.

[Iain G]

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Not really kept up lately but can someone confirm to me what exactly King will get when he takes over unless he spends a fortune to pay off Ashley?

My recollection is Ashley has

All merchandising rights for the forseeable future
The badge for the forseeable future
Security on the stadium
Security on Edminston House
A loan repayable on demand of £10m
2 seats on the board

He won't give that up lightly or for nothing.

The new series is just about to begin of this long running saga.

He has only released the first half of the £10m loan I think but a chunk of that was to repay his first smaller loan, so god knows at the moment how it all stacks up! The two board seats are tied into the loan conditions.

[Hibs Class]

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The title deeds are an irrelevance.

If there is a security, it should be registered at Companies House (and one other place, whose name escapes me for the moment).

However, if it isn't registered in either of those places, that doesn't mean to say that a charge doesn't exist.

General Register of Sasines?

[greenginger]

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General Register of Sasines?

or maybe,



https://www.ros.gov.uk/services/regi...il-and-session

Books of Council and Session.