Generic Sevco / Rangers meltdown thread

[Ozyhibby]

This quote is hidden because you are ignoring this member. Show Quote

The TP's action is against DK, not the company, so I can't see why it would, or could, stop them issuing more shares.

Any decision to dilute existing shares would disadvantage the very smaller shareholders the takeover panels decision was meant to protect. Until DK complies I doubt they will be able to get any share issue through.


Sent from my iPhone using Tapatalk

[Tornadoes70]

This quote is hidden because you are ignoring this member. Show Quote

Any decision to dilute existing shares would disadvantage the very smaller shareholders the takeover panels decision was meant to protect. Until DK complies I doubt they will be able to get any share issue through.


Sent from my iPhone using Tapatalk

I'm no expert on company law however what you say sounds perfectly reasonable as it would make sense for any sane board to firstly deal with the consequences of any enforcement issues surrounding the existing shares prior to starting a whole new share offer. Just my opinion of course.

GGTTH

[Ozyhibby]

If King gets Cold shouldered then I would imagine that it’s unlikely they will get any city companies to touch any share issue.


Sent from my iPhone using Tapatalk

[Tornadoes70]

This quote is hidden because you are ignoring this member. Show Quote

If King gets Cold shouldered then I would imagine that it’s unlikely they will get any city companies to touch any share issue.


Sent from my iPhone using Tapatalk

There is certain to be consequences if the expectation of enforcement to comply materialises. I think CropleyWasGod's suggestion the gasl would depart the scene may be a likely outcome due to the cold shoulder aspect among other things such as being reluctant to producing the amounts of money involved or he may not have the money to hand.

Not being an expert on company law I'm not sure what would then take place if the gasl fails to comply and departs the scene. It may be a new broom so to speak is sought to clean up the mess the gasl has left behind or even an administration event to cleanse the stink before the city or financial institutions would be able to become involved again. I don't know but its going to be very interesting indeed to see what does occur post enforcement to comply if issued which it should be in my opinion.

GGTTH

[Ozyhibby]

If DK departs the scene then someone is going to have to step up and fund the £7m shortfall they have over the next 18 months.


Sent from my iPhone using Tapatalk

[Tornadoes70]

This quote is hidden because you are ignoring this member. Show Quote

If DK departs the scene then someone is going to have to step up and fund the £7m shortfall they have over the next 18 months.


Sent from my iPhone using Tapatalk

Would certainly think so.

Its also creating case law as the Takeover Panel have never before as far as I'm aware sought a court of law to enforce its articles. The gasl and his accomplices attempted to virtually openly be dismissive of normal business practice rules. After being caught out doing so the gasl has now pleaded poverty and/or having no control over finances and is perversely in my opinion seeking the COS to overlook the breach of takeover panel rules as a result of his pleading poverty/no control over financial affairs.

I'm really looking forward to seeing what happens here. If the court does what it should do and orders the gasl to offer all shareholders 20p for each of their shares the fall out could be huge or not but I'm really looking forward to seeing what happens here should the COS reach the correct judgment.

GGTTH

[Ronniekirk]

This quote is hidden because you are ignoring this member. Show Quote

Would certainly think so.

Its also creating case law as the Takeover Panel have never before as far as I'm aware sought a court of law to enforce its articles. The gasl and his accomplices attempted to virtually openly be dismissive of normal business practice rules. After being caught out doing so the gasl has now pleaded poverty and/or having no control over finances and is perversely in my opinion seeking the COS to overlook the breach of takeover panel rules as a result of his pleading poverty/no control over financial affairs.

I'm really looking forward to seeing what happens here. If the court does what it should do and orders the gasl to offer all shareholders 20p for each of their shares the fall out could be huge or not but I'm really looking forward to seeing what happens here should the COS reach the correct judgment.

GGTTH

They seem to manage to avert the disasters everyone predicts could be round the corner for them
Am becoming cynical now
The only punishment that continues to irk the fans is not winning a trophy and not beating Celtic
Hope that continues for as long as possible and we beat them again 3. 2 the next time we play them


Sent from my iPhone using Tapatalk

[Ozyhibby]

This quote is hidden because you are ignoring this member. Show Quote

They seem to manage to avert the disasters everyone predicts could be round the corner for them
Am becoming cynical now
The only punishment that continues to irk the fans is not winning a trophy and not beating Celtic
Hope that continues for as long as possible and we beat them again 3. 2 the next time we play them


Sent from my iPhone using Tapatalk

They didn’t avert the disaster predicted for them in 2011.
They are spending money they don’t have and have no source of conventional borrowing available to them. Their fans are only now realising that they have no chance of catching Celtic anytime soon. This is likely to see a drop in attendances soon. The other directors now appear to be tapped out as far as more borrowing goes so it’s down to DK to keep financing the losses which could be a lot higher if the fans lose faith and they fail to make the group stages of the Europa league. In short, they can only defy gravity for so long. Eventually the money will run out.
As far as I can see the only thing that can save them is for Celtic to f up on a grand scale.


Sent from my iPhone using Tapatalk

[Hibee87]

This quote is hidden because you are ignoring this member. Show Quote

They didn’t avert the disaster predicted for them in 2011.
They are spending money they don’t have and have no source of conventional borrowing available to them. Their fans are only now realising that they have no chance of catching Celtic anytime soon. This is likely to see a drop in attendances soon. The other directors now appear to be tapped out as far as more borrowing goes so it’s down to DK to keep financing the losses which could be a lot higher if the fans lose faith and they fail to make the group stages of the Europa league. In short, they can only defy gravity for so long. Eventually the money will run out.
As far as I can see the only thing that can save them is for Celtic to f up on a grand scale.


Sent from my iPhone using Tapatalk

this is the crux of the matter for them. Its like Hearts self importance on where they 'Should be' but x1000. As others have said their fans will only accept playing second fiddle to Celtic for so long, and if they are not even making 2nd place (A real possibility) they really will be in trouble. Unless their fans accept the same as the rest of us in the league, its only going to end in one spectacularly messy way.

[Iain G]

This quote is hidden because you are ignoring this member. Show Quote

this is the crux of the matter for them. Its like Hearts self importance on where they 'Should be' but x1000. As others have said their fans will only accept playing second fiddle to Celtic for so long, and if they are not even making 2nd place (A real possibility) they really will be in trouble. Unless their fans accept the same as the rest of us in the league, its only going to end in one spectacularly messy way.

At the moment they aren't even second fiddle, more like third viola!

They will have to put up with being so far behind Celtic for a long time and put up with being on par with a number of other "also rans" and second place is not a guarantee for them.

Lack of income from Europe and the only prospect of finishing 2nd place at best will set them up nicely for their next fall and I can't wait for that to come

[Tornadoes70]

This quote is hidden because you are ignoring this member. Show Quote

They seem to manage to avert the disasters everyone predicts could be round the corner for them
Am becoming cynical now
The only punishment that continues to irk the fans is not winning a trophy and not beating Celtic
Hope that continues for as long as possible and we beat them again 3. 2 the next time we play them


Sent from my iPhone using Tapatalk

To be fair on myself Ronnie I'm saying I don't know how it will play out if the COS orders the gasl to offer the 20p for each and every share. It's unprecedented for the Takeover Panel to pursue someone through the courts to seek enforcement of their rules. If the COS does indeed insist the gasl should abide by the Takeover Panels verdict then its going to be very interesting to see how it all plays out.

GGTTH

[Ronniekirk]

This quote is hidden because you are ignoring this member. Show Quote

To be fair on myself Ronnie I'm saying I don't know how it will play out if the COS orders the gasl to offer the 20p for each and every share. It's unprecedented for the Takeover Panel to pursue someone through the courts to seek enforcement of their rules. If the COS does indeed insist the gasl should abide by the Takeover Panels verdict then its going to be very interesting to see how it all plays out.

GGTTH

I wasn't really digging anyone up Just venting my frustration that despite all their protestations , since the original penalty was put in place not a lot else has happened
Until King took over and tried to give them an arrogant swagger to fire up the mutants ,they had accepted it would probably take five years back in the top league to get back to competing with Celtic
Brendan Rodgers appointment has certainly shown how big the gap now is
Thats why their next managerial appointment has to be bold and one for now and the future




Sent from my iPhone using Tapatalk

[Tornadoes70]

This quote is hidden because you are ignoring this member. Show Quote

I wasn't really digging anyone up Just venting my frustration that despite all their protestations , since the original penalty was put in place not a lot else has happened
Until King took over and tried to give them an arrogant swagger to fire up the mutants ,they had accepted it would probably take five years back in the top league to get back to competing with Celtic
Brendan Rodgers appointment has certainly shown how big the gap now is
Thats why their next managerial appointment has to be bold and one for now and the future




Sent from my iPhone using Tapatalk

Fair points mate. The COS decision could hurt King and The Rangers but we won't know until the COS judgement is in and will have to wait and see whether King will or won't pony up so to speak and the consequences that would bring if the judgement is the correct one that enforces the Panels verdict. I hope King is not long for Scottish Football, he's an embarrassing stain on it in my opinion

[Hibernia&Alba]

Any news on the Hun manager quest? Nothing about McInnes? They can't afford his release clause, can they?

[southsider]

This quote is hidden because you are ignoring this member. Show Quote

Any news on the Hun manager quest? Nothing about McInnes? They can't afford his release clause, can they?

The Wally wi the Brolly please, pretty please wi sugar on top.

[Ozyhibby]

This quote is hidden because you are ignoring this member. Show Quote

Any news on the Hun manager quest? Nothing about McInnes? They can't afford his release clause, can they?

They’re skint and it’s not going to get better anytime soon.


Sent from my iPhone using Tapatalk

[TheReg!]

Now that NI are looking likely to go out of the WC playoffs, do we reckon Ze Huns will go after Michael O’Neil?

[Ozyhibby]

Michael Ball asking questions about why he was defrauded out of his fee when he left old Rangers.


Sent from my iPhone using Tapatalk

[HoboHarry]

This quote is hidden because you are ignoring this member. Show Quote

Michael Ball asking questions about why he was defrauded out of his fee when he left old Rangers.


Sent from my iPhone using Tapatalk

I had thought that in the event of a club going to the wall, that all football debts would be covered by the SFA?

[jacomo]

This quote is hidden because you are ignoring this member. Show Quote

Any news on the Hun manager quest? Nothing about McInnes? They can't afford his release clause, can they?

They are following their usual modus operandi - tap up their target, leak stories to the media, try to make their current job untenable. Then make a move with a cheap offer.

[HoboHarry]

This quote is hidden because you are ignoring this member. Show Quote

They are following their usual modus operandi - tap up their target, leak stories to the media, try to make their current job untenable. Then make a move with a cheap offer.

Aye but Stewart Milne is an Aberdonian - tighter that a ducks erchie and that's waterproof.........

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

I had thought that in the event of a club going to the wall, that all football debts would be covered by the SFA?

Football debts are paid out of the liquidation, so it would have been up to Michael Ball to make a claim to BDO.

If he has a case, it's BDO that should be in his sights, not the SFA. My suspicion is that BDO have rejected the claim

[HoboHarry]

This quote is hidden because you are ignoring this member. Show Quote

Football debts are paid out of the liquidation, so it would have been up to Michael Ball to make a claim to BDO.

If he has a case, it's BDO that should be in his sights, not the SFA. My suspicion is that BDO have rejected the claim

What grounds could BDO use to reject the claim? I'm struggling to think how they could.....

[Ozyhibby]

This quote is hidden because you are ignoring this member. Show Quote

I had thought that in the event of a club going to the wall, that all football debts would be covered by the SFA?

This is a fraud case where they told Everton and Ball they received a lot less than they did. Everton and Ball were due a percentage.


Sent from my iPhone using Tapatalk

[HoboHarry]

This quote is hidden because you are ignoring this member. Show Quote

This is a fraud case where they told Everton and Ball they received a lot less than they did. Everton and Ball were due a percentage.


Sent from my iPhone using Tapatalk

Ah, ok. Why doesn't take it to court then? Why would he be waiting for an explanation from the SFA?

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

What grounds could BDO use to reject the claim? I'm struggling to think how they could.....

Liquidators will reject a claim if there's not sufficient evidence to back it up. In a normal trading situation, that would be the creditor showing invoices and statements; the liquidator would check the company's records to see if the money was actually due, and whether it had been paid.

In Ball's case, he would have to show the contract (or the side-letter ) which shows the fee was due. BDO might come back and say "it was paid on...", or "the contract isn't valid" or. "you were only due £x if you played y games. You only played z games, so you're due hee-haw else".

I'd be very surprised if he (or his solicitor) hasn't already had this conversation with BDO.

[Ozyhibby]

This quote is hidden because you are ignoring this member. Show Quote

Football debts are paid out of the liquidation, so it would have been up to Michael Ball to make a claim to BDO.

If he has a case, it's BDO that should be in his sights, not the SFA. My suspicion is that BDO have rejected the claim

Sevco agreed to cover all football debts as part of the 5 way agreement?


Sent from my iPhone using Tapatalk

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

Sevco agreed to cover all football debts as part of the 5 way agreement?


Sent from my iPhone using Tapatalk

Yes, but it seems that this is not seen by anyone (other than MB and Everton) as a football debt. If they haven't made the case for that, it has to be dealt with by the liquidators.

[Ozyhibby]

This quote is hidden because you are ignoring this member. Show Quote

Yes, but it seems that this is not seen by anyone (other than MB and Everton) as a football debt. If they haven't made the case for that, it has to be dealt with by the liquidators.

If they make the case for it now though and win then surely it can’t be seen as anything other than football debt?
They can’t have made the case before now as the evidence wasn’t available.


Sent from my iPhone using Tapatalk

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

If they make the case for it now though and win then surely it can’t be seen as anything other than football debt?
They can’t have made the case before now as the evidence wasn’t available.


Sent from my iPhone using Tapatalk

Yes, but not to the SFA, which is where we came in.

MB is shouting up the wrong tree.