Generic Sevco / Rangers meltdown thread

[Platinum Scotty]

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Peculiar, although I am smiling.

All through the company whilst it was trading, the administration, and thus far in the liquidation, I don't remember this lot being mentioned when it came to security. There was talk of CW having it, and Ticketus, all of which came to naught.

I'm not saying that they don't. .....this story has had too many twists to rule it out. ...but my questions would be "if you had a genuine claim, why didn't you exercise it before the company went into administration? And why did you not lodge a claim in the administration? "

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http://www.telegraph.co.uk/sport/foo...rs-assets.html

is this relevant?

[greenginger]

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Peculiar, although I am smiling.

All through the company whilst it was trading, the administration, and thus far in the liquidation, I don't remember this lot being mentioned when it came to security. There was talk of CW having it, and Ticketus, all of which came to naught.

I'm not saying that they don't. .....this story has had too many twists to rule it out. ...but my questions would be "if you had a genuine claim, why didn't you exercise it before the company went into administration? And why did you not lodge a claim in the administration? "

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Maybe they were waiting on administrators/liquidators doing all the hard work in building a creditors pot for them to claim.

Maybe they thought that any pot would go to some crooked spivs would lessen the efforts of the insolvency spivs.

[CropleyWasGod]

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http://www.telegraph.co.uk/sport/foo...rs-assets.html

is this relevant?

Yeah it could be.

I remember all that. It all went quiet, like I say. D&P ignored it. .....in hindsight, that's no great shakes :) ....



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[Jack]

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Maybe they were waiting on administrators/liquidators doing all the hard work in building a creditors pot for them to claim.

Maybe they thought that any pot would go to some crooked spivs would lessen the efforts of the insolvency spivs.

Haha!

All these pots and not one to piss in!

[CropleyWasGod]

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Maybe they were waiting on administrators/liquidators doing all the hard work in building a creditors pot for them to claim.

Maybe they thought that any pot would go to some crooked spivs would lessen the efforts of the insolvency spivs.

That's possible as well.

I'm just sceptical that there never has been any security over Ibrox mentioned in any of the accounts or the subsequent dealings. (Other than the infamous pie loan). Perish the thought that its existence was suppressed by the company and its lawyers, which would mean that it's auditors were either misled, incompetent

or.....gasp....complicit

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[Ozyhibby]

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On stv comedy news saw fat fk Sucullent lamb trainer ushering lying king in to press conf or was that old footage

Traynor owns Level 5 PR company. They are employed by Rangers to place positive stories about them in the press everyday. Doing a fine job of it and charging a pretty penny to do it.


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[greenginger]

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That's possible as well.

I'm just sceptical that there never has been any security over Ibrox mentioned in any of the accounts or the subsequent dealings. (Other than the infamous pie loan). Perish the thought that its existence was suppressed by the company and its lawyers, which would mean that it's auditors were either misled, incompetent

or.....gasp....complicit

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I think it would be amazing if White did not take out some security over the assets. After buying the club from Murray, paying off the bank with Ticketus cash, he had plenty time to get his claws in.

Trouble is what would any security cover ? the £ 1 investment

[CropleyWasGod]

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I think it would be amazing if White did not take out some security over the assets. After buying the club from Murray, paying off the bank with Ticketus cash, he had plenty time to get his claws in.

Trouble is what would any security cover ? the £ 1 investment

Exactly.

I remember having this conversation hunners of pages ago. Whyte couldn't have security because there was no freaking debt.

Similarly, this Law shower. ...security for what? ?

Edit. ....thinking this through......

CW probably led Law to believe that he had security over Ibrox for the money that he was supposed to be investing in the club. ...to pay off the BOS. As we all know now, he didn't invest a penny, so there was no loan and no security.....and nothing for Law to take over. In that scenario, they are yet another who have been duped by CW.


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[andrew70]

Taken from a man interview with D. King today.

Q: Your expectations for the new manager?
A: My expectations haven’t changed - I honestly felt we would win this league comfortably. I’m not being arrogant but I think we can now prepare for next season. It gives us a lot of time to think about it and get it right.

[Ozyhibby]

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Taken from a man interview with D. King today.

Q: Your expectations for the new manager?
A: My expectations haven’t changed - I honestly felt we would win this league comfortably. I’m not being arrogant but I think we can now prepare for next season. It gives us a lot of time to think about it and get it right.

Wow


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[Spike Mandela]

5 games in and King and Warburton discussing on tv what they will need to compete in Premiership next year. Arrogant twats oh how I would love to see it go pear shaped.

[Smartie]

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Taken from a man interview with D. King today.

Q: Your expectations for the new manager?
A: My expectations haven’t changed - I honestly felt we would win this league comfortably. I’m not being arrogant but I think we can now prepare for next season. It gives us a lot of time to think about it and get it right.

That's ridiculous.

Unfortunately for us I don't think Warburton or Weir would agree.

[Jim44]

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Taken from a man interview with D. King today.

Q: Your expectations for the new manager?
A: My expectations haven’t changed - I honestly felt we would win this league comfortably. I’m not being arrogant but I think we can now prepare for next season. It gives us a lot of time to think about it and get it right.

Oh how the mighty can fall. You can think these things, Mr Lying King, but you shouldn't utter them prematurely. Mind you, talk is cheap and the Hun hordes will be loving it.

[grunt]

There's more weird stuff coming from his interview, something about repaying the Oldco creditors and resurrecting Oldco? Too bizarre for me, I'll let CWG explain what's going on.

[Ozyhibby]

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There's more weird stuff coming from his interview, something about repaying the Oldco creditors and resurrecting Oldco? Too bizarre for me, I'll let CWG explain what's going on.

He's basically saying they are a new club and he wants to buy the old club back so we don't tease their fans.


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[greenginger]

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There's more weird stuff coming from his interview, something about repaying the Oldco creditors and resurrecting Oldco? Too bizarre for me, I'll let CWG explain what's going on.

Its not Crops that's needed, more like a psychiatrist . I think the guy has flipped.

[Ozyhibby]

What’s the club’s cash position?

A: There are already the loans of over £4 million put in by myself and the Three Bears. Funds would no longer be required now because season ticket sales are beyond what we were budgeting on. Additional funding would only be required depending on transfer activity into the end of the first quarter of next season. We are very comfortably funded for the next six months.
Q: So your personal contribution has been one loan of £1.5m?

A: Yes, and the Three Bears had already put in £1.75 million and then another £750,000. That was perfect to get us through to the start of the season. The season ticket cash is not enough to get us through to the end of this season, we know that.

But the deficit is now less because the season ticket sales have been better than expected. You are talking about hundreds of thousands and the rest will depend on Mark’s transfer activity.

Q: And your plans for a share issue?

A: Until we get the audit out of the way, it is on the back burner. For me, that’s just admin. It doesn’t matter as far as funding is concerned. Whether we provide that through loans or new shares, I’m indifferent to it. I’ll give the club the money it needs either way.

Q: The pending court cases can’t help?

A: I would find it very difficult as a businessman to say to an institution in London that there is a case for investing in Rangers. For that reason I always said it will depend largely on the fan base and investors like ourselves. At this moment in time, Rangers is not something you should be putting other people’s money into.

Q: Will Rangers remain toxic to investors until the club has been fully cleansed?

A: We were toxic but I think ‘problematic’ is a better word to use now. There are issues still to be resolved. A lot of things behind the scenes are still problematic. If I was talking with a financial institution in London hoping for a £5 million investment they would be asking questions. Some I could answer, some I could give them my best guess. Some I could say ‘I think we are in control of the outcome’. And others I would have to say there is a lot of other stuff going on behind the scenes we don’t know. That is a reality of the legacy we stepped into.

Q: Could the legal action present problems in terms of the ownership of the club?

A: There are certainly a load of complications as to where things might end up. Craig Whyte has now come up with this new Worthington claim. There are a lot of messy things which will have to be dealt with.

We have a vision going forward where I would like to see us taking Oldco out of liquidation and putting assets back into Oldco - putting Rangers back into the old company. We can’t do it while all this stuff is being sorted out.

Q: Why is reviving the Oldco important to you?

A: It would be a good thing to do. It would be back to the traditional Rangers. I think the supporters would like it. It is not economically important but it is something I would like to do.

Q: A sense of closure? You could almost put an asterisk beside these past few years?

A: Exactly. You can never rewind what has happened but in 100 years’ time you might look back and say there was a blip of four or five years in Rangers’ history when this all happened and it was resolved to the norm again.

Q: Is it feasible?

A: It is practically feasible and legally feasible. We just have to get in the position where the liquidators have done everything they can. The club can then be rehabilitated.

But if you have all these claims floating around, where we don’t really know who is claiming assets and what they are, then it will continue for a longer period.

Q: Would this result in the oldco’s creditors being paid back in full?

A: You don’t have to pay 100p in the pound to creditors. If creditors accept a compromise and waive some of the debt it could be 50p or 60p in the pound.

Q: But better from a moral point of view?

A: Yes. At the moment if you look at the potential for the liquidation, with getting the money from Collier Bristow plus potential other claims, if HMRC are taken out the picture, then there is an opportunity for everyone to get 100p in the pound.

Take Craig Whyte’s new claim out of the picture as well and people could conceivably get 100p in the pound.

Q: You’ve previously expressed regret about the creditors. Is that part of why you want to do this?

A: Yes. It’s an emotional thing as well with the supporters.

They hear all this, ‘you’re not Rangers any more’. And ‘You are a new club.’ We just want to put all that behind us and say we had this unwanted period and now we are back to where we were. It would be a good thing.

Q: Do the newco jibes hurt?

A: Not as much as it hurts the fans. I’m told about it but I’m not in there all the time. It’s part of being in Glasgow. It’s part of the history of the two clubs. Rangers fans over the years have been keen to have a dig at Celtic when there is an option to do so. To me it’s not really serious.

Q: The jibes about ‘where is Dave King’s money?’. Do they bother you?

A: Not really. I’ve put money into the club. I said I would fund the shortfall and I’ve done it.

Q: But you did promise to invest £30m of your children’s inheritance. Didn’t that box you into a corner?

A: No because people are not saying that to me - not outside of this room. It only ever comes up in chats with you guys.

You people have reasons for continuing to bring it up.

Q: Do you believe Ally McCoist’s legendary status should continue despite him taking so much cash out the club?

A: To me there is no ‘despite’ about it. Ally McCoist was treated poorly. He was the manager of the club and was not given the backing of his board. Ally has been treated very poorly. But because he is a Rangers man he has been gracious enough to accommodate us by coming to a formal compromise. I certainly don’t look on Ally as having done anything even remotely untoward.

Q: Have you invited him into the director’s box?

A: We have. We are quite keen to get him back and get his mum back. My mum misses his mum, so all the mums would be happy.

Q: Cynics might think McCoist has a job lined up as a Champions League pundit on TV?

A: I’m not saying that he won’t. But what I can say is our discussions started months ago and he has shown no resistance at any time to reaching a compromise. If he does have another job I say good luck to him. He has accommodated Rangers and I am extremely grateful. He didn’t have to do it.
Q: Do you expect a Cup this season?

A: If we could accelerate our entry to Europe then that would be fantastic - but that’s hit and miss. We’re at an early stage.

Q: Title challenge next season?

A: Definitely. My feeling, sitting here today, is we can start next season INTENDING to win the Premier League. Celtic are strong and experienced but I think we should start the season with that intention. The gap is not as big in my mind as it was three or four months ago. Celtic have a bigger budget than Rangers. But do I think the quality of player Celtic has is a multiple of the budget that Rangers have? I do not.

Q: You said you were grateful to Celtic for buying Scott Allan. Might you live to regret that?

A: It was nice of them to help us out! Next season is a different season - next season we will have another five or six Scott Allans.

Scott Allan is one player. The value to us of having him taken away from Hibs is more than the value for us having him the next couple of years.


Q: Your expectations for the new manager?

A: My expectations haven’t changed - I honestly felt we would win this league comfortably. I’m not being arrogant but I think we can now prepare for next season. It gives us a lot of time to think about it and get it right.


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[KeithTheHibby]

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Taken from a man interview with D. King today.

Q: Your expectations for the new manager?
A: My expectations haven’t changed - I honestly felt we would win this league comfortably. I’m not being arrogant but I think we can now prepare for next season. It gives us a lot of time to think about it and get it right.

What a slimy looking arrogant Hun ****.

[HIBERNIAN-0762]

Liars and cheats, just like their wee brothers.

Dempster should go to town with this pack of lies.

Nothing short of a disgrace.

[MKHIBEE]

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There's more weird stuff coming from his interview, something about repaying the Oldco creditors and resurrecting Oldco? Too bizarre for me, I'll let CWG explain what's going on.

I wouldn't have a problem provided the newco oldco were made to start life in the junior ranks

[greenpaper55]

Pride comes before a fall and all that !, it would be so good if the wheels came off and they started to struggle in games but it would seem unlikely. To say they are going to win the SPL next season is unbelievable.

[Scorrie]

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I wouldn't have a problem provided the newco oldco were made to start life in the junior ranks

I was just about to post the same thing. The oldco would be the new newco so would be the old club which is restarting up and so should start at the bottom rung of the ladder!

[Moulin Yarns]

Regarding the claim from King that Hibs approach them to sell Scott Allan, has nobody realised he wasn't even in the country when this was supposed to have taken place? He couldn't have been party to these conversations, if they took place at all.

[CropleyWasGod]

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There's more weird stuff coming from his interview, something about repaying the Oldco creditors and resurrecting Oldco? Too bizarre for me, I'll let CWG explain what's going on.

IMO, he's just playing to the gallery.

The idea of transferring everything back is a non-starter, for so many reasons.... and he alludes to that in his interview. It makes for a good headline, though.

[SirPsychoHibee]

"We've won the league after 5 games and Celtic did us a favour signing our main transfer target."

[CropleyWasGod]

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What’s the club’s cash position?

A: There are already the loans of over £4 million put in by myself and the Three Bears. Funds would no longer be required now because season ticket sales are beyond what we were budgeting on. Additional funding would only be required depending on transfer activity into the end of the first quarter of next season. We are very comfortably funded for the next six months.
Q: So your personal contribution has been one loan of £1.5m?

A: Yes, and the Three Bears had already put in £1.75 million and then another £750,000. That was perfect to get us through to the start of the season. The season ticket cash is not enough to get us through to the end of this season, we know that.

But the deficit is now less because the season ticket sales have been better than expected. You are talking about hundreds of thousands and the rest will depend on Mark’s transfer activity.

Q: And your plans for a share issue?

A: Until we get the audit out of the way, it is on the back burner. For me, that’s just admin. It doesn’t matter as far as funding is concerned. Whether we provide that through loans or new shares, I’m indifferent to it. I’ll give the club the money it needs either way.

The bits in bold are interesting.

That says to me that they will either be selling in January (who? Wallace?) or DK will need to be put in more cash.

The one question not asked, of course, is..... What happens if MASH demand repayment of their money?

[worcesterhibby]

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"We've won the league after 5 games and Celtic did us a favour signing our main transfer target."

He is an absolute roaster, but it was a win win situation for them with Scott Allan. His came out of it as well as we possibly could have, but we did still lose our best player. Right now they do look like romping the league too, The number of points they drop will be very dependant on how we play..we need to win EVERY game from now on including the games against them to ensure there is still some pressure on them.

[JeMeSouviens]

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IMO, he's just playing to the gallery.

Exactly. In the short term, the New Hun cashflow can only come from patg bums on seats. He'll say anything to keep the fickle Huns onside.

[Spike Mandela]

The glib and shameless liar's utterances become more outlandish and over the top every day, spoon fed to an unquestioning MSM that one can only conclude the reason is to mask some really bad **** going on in the background.

[Jim44]

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The glib and shameless liar's utterances become more outlandish and over the top every day, spoon fed to an unquestioning MSM that one can only conclude the reason is to mask some really bad **** going on in the background.

Is lamb back on the menu?