Generic Sevco / Rangers meltdown thread

[dangermouse]

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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.

Nothing if Charles Green gets his way, The Rangers will foot the bill

[Smartie]

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Nothing if Charles Green gets his way, The Rangers will foot the bill

Although - if The Rangers choose to use employees' PAYE payments as working capital for a few months as they have nobody else prepared to lend them it before finding they can't then make payments to HMRC etc etc………...

It has happened before.

[Keith_M]

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Only 11 voted.

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Very informative but it didn't actually answer the question.

[CropleyWasGod]

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Very informative but it didn't actually answer the question.

Every club in the SPL, as it was, had a share in that league. The share held by the old Rangers was one of the assets transferred to Sevco.

Accordingly, Sevco had a vote.

Once they were voted out of the SPL, their share was transferred to Dundee.

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[steakbake]

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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/

Not far from Christmas...

[Ozyhibby]

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Every club in the SPL, as it was, had a share in that league. The share held by the old Rangers was one of the assets transferred to Sevco.

Accordingly, Sevco had a vote.

Once they were voted out of the SPL, their share was transferred to Dundee.

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It was old Rangers who had a vote.


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[Ozyhibby]

https://rangersfraudcase.wordpress.c...he-indictment/

Summary of today in court


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[steakbake]

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https://rangersfraudcase.wordpress.c...he-indictment/

Summary of today in court


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Interesting stuff...

[jacomo]

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https://rangersfraudcase.wordpress.c...he-indictment/

Summary of today in court


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Archive photos there - I wonder if Craigie boy is still rocking his renaissance man look?

Interesting to see the charges laid out. Did Whyte (allegedly) always plan to collude with Green, or did he (allegedly) put together his plan b once he realised plan a was failing?

[steakbake]

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Archive photos there - I wonder if Craigie boy is still rocking his renaissance man look?

Interesting to see the charges laid out. Did Whyte (allegedly) always plan to collude with Green, or did he (allegedly) put together his plan b once he realised plan a was failing?

We would probably already know the outcome had the sports journalism community asked the proper questions or even splashed the story.

There's been rumours about the stitch up for ages.

[Ozyhibby]

It looks like they are being charged with exactly what non sevconians said they were doing at the time.


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[Real Emerald]

If they are found guilty of this it has to put a huge question mark over the legitimacy of the company and why they should even be allowed to continue within Scottish football. They were let into the league without the necessary 3 years accounts which looks like being a massive mistake. IF proved guilty the whole existence and continuation of the company must surely be in doubt. At the very least the SPFL can't allow it to continue it's membership, or am I getting ahead of myself? If a company is fraudulently set up what happens to it? Anyone??

[Ozyhibby]

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If they are found guilty of this it has to put a huge question mark over the legitimacy of the company and why they should even be allowed to continue within Scottish football. They were let into the league without the necessary 3 years accounts which looks like being a massive mistake. IF proved guilty the whole existence and continuation of the company must surely be in doubt. At the very least the SPFL can't allow it to continue it's membership, or am I getting ahead of myself? If a company is fraudulently set up what happens to it? Anyone??

I've no idea what happens. Do the assets get returned to BDO? Do the new club have to pay compensation to BDO?
The licence to re enter the In Div 3 was on condition that Craig Whyte was not being involved. Will it be revoked? (Don't answer that)
Should it be? Of course it should.


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[PatHead]

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I've no idea what happens. Do the assets get returned to BDO? Do the new club have to pay compensation to BDO?
The licence to re enter the In Div 3 was on condition that Craig Whyte was not being involved. Will it be revoked? (Don't answer that)
Should it be? Of course it should.


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but will the SFA? More chance of Christmas be cancelled

[Ozyhibby]

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but will the SFA? More chance of Christmas be cancelled

The SFA's part in this is what I'm most interested in. Hopefully the the Sevco 7 don't go down without a fight.


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[CropleyWasGod]

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It was old Rangers who had a vote.


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You sure?

At the time of the vote, old Rangers were in liquidation, and all of their assets had been transferred to Sevco. One of those assets was the share in the SPL. Therefore only Sevco could have the vote IMO.

Thinking it through, why would old Rangers even want a vote? By that time, they were not a football club.
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[CropleyWasGod]

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I've no idea what happens. Do the assets get returned to BDO? Do the new club have to pay compensation to BDO?
The licence to re enter the In Div 3 was on condition that Craig Whyte was not being involved. Will it be revoked? (Don't answer that)
Should it be? Of course it should.


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If the criminal charges are proven, it will them be up to BDO to raise a civil case.

They have the right to ask to have the transfer cancelled, and the assets returned to old Rangers. However, that's unlikely. It's probably too messy; the assets are at least 2 companies away, for one thing.

It would be more likely that they would sue the main players for the money.

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[Bostonhibby]

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It looks like they are being charged with exactly what non sevconians said they were doing at the time.


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Agree, and they will emerge relatively unscathed as an institution this time around simply because the same culture exists in the corridors of Scottish football politics and if all else fails, they are the people-that usually does it.

Got to love what their two previous messiahs almost got away with though.

[lucky]

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If they are found guilty of this it has to put a huge question mark over the legitimacy of the company and why they should even be allowed to continue within Scottish football. They were let into the league without the necessary 3 years accounts which looks like being a massive mistake. IF proved guilty the whole existence and continuation of the company must surely be in doubt. At the very least the SPFL can't allow it to continue it's membership, or am I getting ahead of myself? If a company is fraudulently set up what happens to it? Anyone??

Your in a different planet if you think Scottish Football is going to kill off Rangers. The company stuff is irrelevant the SPLF & SFA just won't kill off half the old firm. I doubt that even Hibs would vote them out of existence. Scottish football needs them as it needs all its big clubs

[ehf]

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Interesting stuff...

Key point here is that Whyte (allegedly) refunded £137,500 of the exclusivity fee paid by Green's consortium to Duff & Phelps. That's dynamite, and there's no way way this would be on the indictment if the CPS did not think they could prove it.

[CropleyWasGod]

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The SFA's part in this is what I'm most interested in. Hopefully the the Sevco 7 don't go down without a fight.


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One also wonders if SDM will be a witness. That might be interesting :)

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[Ozyhibby]

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If the criminal charges are proven, it will them be up to BDO to raise a civil case.

They have the right to ask to have the transfer cancelled, and the assets returned to old Rangers. However, that's unlikely. It's probably too messy; the assets are at least 2 companies away, for one thing.

It would be more likely that they would sue the main players for the money.

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So even though both of these companies are accused of aquiring the assets illegally, they would be allowed to keep them?
And BDO would be left chasing Whyte and Green for some money?
Duff and Phelps malpractice insurance may cover it but surely they would want the assets recovered?


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[Jack]

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You sure?

At the time of the vote, old Rangers were in liquidation, and all of their assets had been transferred to Sevco. One of those assets was the share in the SPL. Therefore only Sevco could have the vote IMO.

Thinking it through, why would old Rangers even want a vote? By that time, they were not a football club.
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I was under the impression that the SPL share automatically reverted to the SPL in the event of liquidation. If that's the case then Rangers (old) couldn't transfer it and therefore sevco never had it to vote with.

[Keith_M]

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You sure?

At the time of the vote, old Rangers were in liquidation, and all of their assets had been transferred to Sevco. One of those assets was the share in the SPL. Therefore only Sevco could have the vote IMO.

Thinking it through, why would old Rangers even want a vote? By that time, they were not a football club.
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The fact remains, no matter how you dice it, that there were two entities in the room claiming to be Rangers.

One of them must have been lying.

[Spike Mandela]

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Your in a different planet if you think Scottish Football is going to kill off Rangers. The company stuff is irrelevant the SPLF & SFA just won't kill off half the old firm. I doubt that even Hibs would vote them out of existence. Scottish football needs them as it needs all its big clubs

So no matter the criminality, no matter the illegality and no matter the sheer illogical mess of it all Rangers FC floats about in the ether like an untouchable entity.

Are they just an omnipresent figment of faith like God?

[1875godsgift]

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So no matter the criminality, no matter the illegality and no matter the sheer illogical mess of it all Rangers FC floats about in the ether like an untouchable entity.

Are they just an omnipresent figment of faith like God?

No, they're like a steaming piece of s***e that always floats to the top.

[CropleyWasGod]

.

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[CropleyWasGod]

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I was under the impression that the SPL share automatically reverted to the SPL in the event of liquidation. If that's the case then Rangers (old) couldn't transfer it and therefore sevco never had it to vote with.

That's the SFA licence you're thinking about, no?

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[CropleyWasGod]

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So even though both of these companies are accused of aquiring the assets illegally, they would be allowed to keep them?
And BDO would be left chasing Whyte and Green for some money?
Duff and Phelps malpractice insurance may cover it but surely they would want the assets recovered?


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The new companies would end up having to sell the assets. I can't see any way that they could do otherwise.

Not sure that BDO would want anything other than cash.

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[Spike Mandela]

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The new companies would end up having to sell the assets. I can't see any way that they could do otherwise.

Not sure that BDO would want anything other than cash.

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The establishment and judiciary will have the whole outcome choreographed to Rangers advantage just as the pre pack administration made it simple for them in liquidation.

They will find a way.