Generic Sevco / Rangers meltdown thread

[JeMeSouviens]

This time the New Huns are 2 companies: RIFC which owns RFC (formerly Sevco Scotland).

There might be some way to pass on RFC to a new vehicle and leave the debt behind in RIFC?

[greenginger]

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This time the New Huns are 2 companies: RIFC which owns RFC (formerly Sevco Scotland).

There might be some way to pass on RFC to a new vehicle and leave the debt behind in RIFC?

Even if they managed to pass on TRFC to a new holding company, the 25 penalty points sanction would still apply. That is very clear in the SPFL rules. Any disposal of the companies main asset would have to be agreed by the shareholders of RIFC.

I don't think there is that much debt as nobody will give them credit. Their problem is finding hard cash to pay wages and Hector.

[JeMeSouviens]

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Even if they managed to pass on TRFC to a new holding company, the 25 penalty points sanction would still apply. That is very clear in the SPFL rules. Any disposal of the companies main asset would have to be agreed by the shareholders of RIFC.

I don't think there is that much debt as nobody will give them credit. Their problem is finding hard cash to pay wages and Hector.

Yes, the 25 pts is clear. But could they avoid div 3 for a New New Huns by keeping this New Huns under a different holding co?

Debts of 5M to Ashley and a few M to 3 bears.

[Ozyhibby]

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Even if they managed to pass on TRFC to a new holding company, the 25 penalty points sanction would still apply. That is very clear in the SPFL rules. Any disposal of the companies main asset would have to be agreed by the shareholders of RIFC.

I don't think there is that much debt as nobody will give them credit. Their problem is finding hard cash to pay wages and Hector.

I agree, I think it's cash flow rather than debt that will sink them.


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[overdrive]

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Yes, the 25 pts is clear. But could they avoid div 3 for a New New Huns by keeping this New Huns under a different holding co?

Debts of 5M to Ashley and a few M to 3 bears.

Similar to what happened with us, you mean?

[CropleyWasGod]

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Yes, the 25 pts is clear. But could they avoid div 3 for a New New Huns by keeping this New Huns under a different holding co?

Debts of 5M to Ashley and a few M to 3 bears.

The issue with that is the SFA licence. The new holding company would have to apply for a new licence. That's what did for them last time.

However, the way round it is to have a successful CVA, as Hearts did. Not sure how likely that is. It would probably depend on the extent, actual and relative, of the HMRC debt.

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[Ozyhibby]

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The issue with that is the SFA licence. The new holding company would have to apply for a new licence. That's what did for them last time.

However, the way round it is to have a successful CVA, as Hearts did. Not sure how likely that is. It would probably depend on the extent, actual and relative, of the HMRC debt.

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Would they not struggle for a CVA while ownership of all the asserts is in dispute? And while the brand is owned by Ashley.


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[CropleyWasGod]

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Would they not struggle for a CVA while ownership of all the asserts is in dispute? And while the brand is owned by Ashley.


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A successful CVA would pay off Ashley as the secured creditor and return the brand to RFC.

Whether it would be successful? Like any CVA....that would depend on a willing buyer and a willing seller. The buyer would have to satisfy themselves as to the ownership of the assets, and offer enough to make it worthwhile to the seller, ie the unsecured creditors.

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[Ozyhibby]

Ashley doesn't just have security though, he owns the ip.


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[greenginger]

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Ashley doesn't just have security though, he owns the ip.


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He also has security over a dated , half empty office block called Edmiston House and a car park that has some significance planning wise for the Club to use its corporate guests deck.

[greenginger]

http://www.dailyrecord.co.uk/news/sc...nsfers-6607054

Daily ****** having a pop at Imran Ahmad for moving his assets to his wife's name.

Fail to mention he is only copying Chairman King when the South African Hectors were closing in on him .

[greenginger]

Even more Machiavellian plotting from JohnJames.


https://johnjamessite.wordpress.com/.../11/rfc-redux/

[MrSmith]

The more I read of this farcical merry go round, the more I'm convinced the Rangers are finished! There is no money in Scottish Football and there is no-one daft enough to invest in a sunken ship that is breaking up on the ocean floor ...

[Killiehibbie]

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The more I read of this farcical merry go round, the more I'm convinced the Rangers are finished! There is no money in Scottish Football and there is no-one daft enough to invest in a sunken ship that is breaking up on the ocean floor ...

As long as they go pop before the end of the season, i've backed us at 14's, 16's and 20's to win the league.

[JeMeSouviens]

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Similar to what happened with us, you mean?

Yes, although STF ultimately paid the holding co's debt didn't he?

[JeMeSouviens]

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The issue with that is the SFA licence. The new holding company would have to apply for a new licence. That's what did for them last time.

However, the way round it is to have a successful CVA, as Hearts did. Not sure how likely that is. It would probably depend on the extent, actual and relative, of the HMRC debt.

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No, last time the licence was held by the company that was the old huns. When that died, the licence was passed to Sevco, since renamed RFC. Separately, RIFC was set up to own Sevco.

So this time RIFC could go pop (incurring a 25 pt penalty as the parent co of Sevco) but Sevco itself and its licence could be passed on.

[CropleyWasGod]

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No, last time the licence was held by the company that was the old huns. When that died, the licence was passed to Sevco, since renamed RFC. Separately, RIFC was set up to own Sevco.

So this time RIFC could go pop (incurring a 25 pt penalty as the parent co of Sevco) but Sevco itself and its licence could be passed on.

That's not what happened.

When RFC went into liquidation, the licence was lost. A new licence was subsequently granted to Sevco, as the result of the infamous 5 way agreement.

If the company goes into administration, it will keep the licence, as Hearts did. If it then goes into liquidation, the licence will be lost.

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[CropleyWasGod]

.

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[Cropley10]

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As long as they go pop before the end of the season, i've backed us at 14's, 16's and 20's to win the league.

Great value. well played.

[JeMeSouviens]

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That's not what happened.

When RFC went into liquidation, the licence was lost. A new licence was subsequently granted to Sevco, as the result of the infamous 5 way agreement.

If the company goes into administration, it will keep the licence, as Hearts did. If it then goes into liquidation, the licence will be lost.

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No, that's not right. They didn't get the Old Huns' SPL share, they did get the Old Huns' SFA membership.

[CropleyWasGod]

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No, that's not right. They didn't get the Old Huns' SPL share, they did get the Old Huns' SFA membership.

We're probably splitting hairs here. My understanding is that the place was vacant and that Sevco were awarded it as a result of the 5 way agreement.

It wasn't a fair process of course, and it's likely that that would be repeated in the event of their going into liquidation. However, that's on the assumption that there's another buyer who could pick up the pieces quickly enough. That's one of the reasons why the last process "worked"...because there was a buyer in place at the back of the failed CVA.

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[Keith_M]

When the 12 members of the SPL met to discuss the then Sevco's (now Rangers International) application to be admitted directly to the SPL, one of the 12 voting on it (and the only one to vote in favour) was Rangers.

Now, if they were one and the same entity, how could that be possible?

[CropleyWasGod]

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When the 12 members of the SPL met to discuss the then Sevco's (now Rangers International) application to be admitted directly to the SPL, one of the 12 voting on it (and the only one to vote in favour) was Rangers.

Now, if they were one and the same entity, how could that be possible?

Only 11 voted.

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[PatHead]

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Only 11 voted.

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Was it Killie that abstained?

[Kaiser1962]

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Was it Killie that abstained?

Yes

[Moulin Yarns]

Only a month until we find out if Charles Green has screwed the Rangers for his legal fees

http://news.stv.tv/west-central/1330...y-legal-costs/

[greenginger]

Let the fun begin.

https://mobile.twitter.com/Pmacgioll...41865767227392

[grunt]

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Let the fun begin.

https://mobile.twitter.com/Pmacgioll...41865767227392

Doubt much will happen today, just an administrative exercise. Unless they all plead guilty!

[Ozyhibby]

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Doubt much will happen today, just an administrative exercise. Unless they all plead guilty!

Agree. Today will be an anti climax.


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[J-C]

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Doubt much will happen today, just an administrative exercise. Unless they all plead guilty!

I was up at the council to pay my taxi licence fees and there was a fairly large police presence outside the courthouse and all around the High St area, loads of press waiting outside too, I wonder how much all this is costing the tax payers.