This afternoon’s statement from Octopus Investments was very professionally written piece. It was designed to give investors a sense that the business has taken appropriate steps to secure money spent with Rangers.
For a start, we now know their company, Ticketus, “purchased tickets for Glasgow Rangers games for a number of seasons”. This clarifies one matter, money received by Craig Whyte’s solicitors back in May last year was a straightforward purchase, not a loan, so VAT was applicable, and should have been declared and paid. We can assume this VAT was not paid, whether it was declared or not will determine future consequences.
Octopus explain their investments are “designed with capital preservation in mind”, with “appropriate security being available” and “extensive due diligence”.
A reasonable interpretation of this is that the company have sufficient security to ensure that they have rights to sell Rangers tickets for parts or all of the stadium in years to come, although, the company stop short of making a firm statement on what is, after all, a private commercial matter. They add that “no trading activity is risk free”, no one can assume there will be a Rangers in the future, and while their statement mentions Glasgow Rangers, it does not specifically mention a legal entity.
A floating charge exists over the stadium in Craig Whyte’s favour. This would see the stadium revert to Whyte in the event of the club being liquidated. Octopus may, or may not, have a claim on this floating charge.
Armed with this information, the administrators and Strathclyde Police will be keen to learn why none of the money for Rangers tickets went into the club. Perhaps more importantly for any potential phoenix, questions remain over exactly who owns what claims on the stadium.
There could be a lot of sentimental photos being taken at Ibrox tomorrow.
All levity aside, this club is enduring a seemingly unending trauma.
Fancy writing something for CQN Magazine? Drop me an email and let me know what you would like to write about before you get started, just in case someone else has the same angle covered: celticquicknews@gmail.com.
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Terry O superb stuff!
HH
Duddsy raging on Radio Scotland.
Licence payers money used to give a platform to a bitter Hun. Roon ye.
Jedward would have been better administrators.
Re Administrator – not surprising really that Craig Whyte appointed these monkeys. If one person at ibrokes
looses their job then how can that attempted signing be justified.
1888
Schadenfreude is an anagram of
Huns F.C. are deed!
Hail Hail
ibleedgreenandwhite1 says:
17 February, 2012 at 18:57
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The callers, slippery antics made his call invalid I guess ?
Hail! Hail!
Wowsa.
Think the the air of incompetence round the currant administrators has just ‘crystalized’. Or another piece of appeasement PR ie they ‘tried’ to register ye olde Cousin knowing the authority would say ‘eh?!’
KevJungle -“…no seats in the Jungle…” says:
17 February, 2012 at 19:01
ibleedgreenandwhite1 says:
17 February, 2012 at 18:57
………………………………………………………………………………………………………………………………
The callers, slippery antics made his call invalid I guess ?
_______________________________________________________________
Regardless the caller made a great point and instead of answering the guy,,,,Delahunt took the easy way out,,,poor in my opinion!!!
Hail hail
1. fritzsong says:
17 February, 2012 at 16:59
Back in the 1880s the Tory Opposition leader, Salisbury, desperately wanted to prevent Irish Home Rule. It was then that fellow Tory grandee, Lord Randolph Churchill, gave him the notorious advice, ‘The Orange card is the card to play’.
It worked – Orange protests all over Ulster, threats of violence and actual violence. The Liberals split and the Bill failed.
That was the 1880s and this is now. Now in 2012 it is Salmond who is playing the Orange card. If he comes out of this as the man who saved the Rangers it’ll be worth – conservatively – about 300,000 votes for him.
This is sinister stuff.
You are bang on with what you have pointed out I have warned about the SNP and what they are up to they have no depths to which they won’t sink.
I have no doubt Salmond has made the calculation that if he can do a deal to save RFC then it would be a great platform for independence. His team of advisors do not do anything unless they have weighed all the pros and cons, they have calculated that pi$$ing off Celtic supporters is worth it if he can gain the loyalist vote. This is a dangerous time for Catholics in this bigoted wee country a vote for the SNP is an anti-Catholic/Irish vote, they do not have any regard for our interests.
I warned some time ago that Salmond was up to no good with the Orange Order he was sending messages to the Scottish Ku Klux Klan that he could work with them if he got Independence.
I was told part of the deal would be keeping Her Maj as monarch of Scotland, this has now been confirmed by AS. The other part I was informed that he would deal with Catholic schools in that the SNP would start imposing joint campuses for schools for new build and over time they would withdraw the protection for Catholic schools.
Then we had the sectarian legislation that only seeks to criminalise Celtic/Irish football supporters, they ignored all the other political parties, legal bodies and external organisations. They were hell bent in dealing with us uppity Tims.
When will our support realise the SNP hate us and plan to undermine all our values, they were formed to stop Irish immigration to Scotland, they wanted a wee Protestant country, how much have they really changed.
The Catholic Church my Church should hang their heads in shame in supping with the devil, they took the “assistance” from the SNP, they employed failed SNP candidates in senior positions in the Church, they should be ashamed of themselves.
Very interesting this shift from Rangers as victims to
“Rangers in the right here? Everyone knows they’re not” – is the tide turning?
Exactly wht are the administrators trying to increase the wage bill? What ppossible reason can they have?
They are trying desperately to sign Cousin but forgot the rules ……….hahax10
Does that means they need Cousin to replace some other striker who costs a lot more a week
therepoman.csc
TerryONeill Neil ah love yae says:
17 February, 2012 at 18:58
Thanks to everyone who acknowledged ma call tonight it was much appreciated.
………………………………………………………………………………………………………………………………
If we were to take, your ghoodself and Keevins out of SSB then, it widny be worth listening to! IMO!
Great call again by a, Celtic Legend of the airwaves! IMO!
God Bless.
Hail! Hail!
TerryONeill Neil ah love yae says:
17 February, 2012 at 18:58
Terry – not heard it but from what the bhoys said, you played a blinder(again).
Well done mate – look forward to your Christmas compilation – put me down for one.
Hail Hail
David Leggat, how is that humble pie going down?
Lifted straight from Leggoland:-
Friday, 27 May 2011
JOHNSTON’S CHEAP JIBE
WHEN Alastair Johnston warned Rangers shareholders and supporters to be vigilant about Craig Whyte, the former chairman demeaned himself.
He also gave aid and succour to the many enemies of the Ibrox club in the media, who were just itching to write stories about a Rangers civil war.
———————————————————————————————————————————————————
Tuesday, 24 May 2011
WHYTE TAKES CHARGE – Exclusive
CRAIG WHYTE has given a clear indication that he will be a hands-on owner when it comes to running Rangers.
For multi millionare Whyte has been named as the new Rangers managing director!
And events today have served to confirm that Whyte, who is in Glasgow today, will be a no nonsense owner who will rule the roost with an iron fist.
The news that Whyte became managing director was announced by the new Ibrox club owner’s heavy hitting London law firm, Collyer,Bristow. The announcement came before Whtye suspended Martin Bain from his role as chief executive.
And one of the lead partners in the international law firm, Gary Withey, has been named as the new Rangers company secretary. Withey is a high flier who is a member of the extremely exclusive Hurlingham Polo Association.
———————————————————————————————————————————————————
Fast forward less than nine months…….
Friday, 17 February 2012
AN OPEN LETTER TO STEWART REGAN
DEAR STEWART REGAN,
Just what does Craig Whyte have to do for your Scottish Football Association to rule that he is not a fit and proper person to own a Scottish football club?
Murder someone? Commit rape? Or lead a gang of masked men on an armed raid?
There are some who say what he has done to Rangers makes him no better than a bank robber. Though without the balaclava and the sawn off.
The only difference being that instead of the Sweeney kicking down his door it’s the Fraud Squad who have been called in after £35M went missing from the Rangers’ books.
———————————————————————————————————————————————————
Ha ha ha ha ha ha ha ha ha
hamiltontim says:
17 February, 2012 at 18:58
Like davy murray and the tax bill…..AH FURGOAT.
The Administrator tried to register cousin, mon the Admin – that is hilarious. What’s the mighty Admin gonnae dae next? Take their dodgy penalty against Killie!? :)
Terry O – Well done amigo, i’ll listen later on the ssb rewind; blocked at work but get the jist of it on here:)
Give my regards to the young fella. I’ll probably see Gerry on Sunday which is the day i’m setting aside for a serious swally as it’s a holiday Monday over here.
slainte
tony
Jim Dellahunt must have been reading CQN.
He said Rangers FC PLC [in administration]….I think he is enjoying it as well.
Cousin excluded from SPL, maybe he can be their cup specialist. Oh! thats right…
Reading tomorrow going to be a Loyalist Love-in and Aunt Sally being talked of as a rangers legend.
Long may that continue…
HH
Reporting Scotland “sports report” had CoS minister talking about “dignity” and also had Sally McNair outside Ipox with a couple of huns “lucky bags” in her possession and she says that the fans hope their luck will improve soon – What the donald duck has luck go to do with it?
Their club has behaved in an irresponsible manner. Shocking report.
Hearts player Ian Black has been cleared of a charge of possession of cocaine after witnesses failed to turn up to give evidence.
At Edinburgh Sheriff Court the judge told him “the fact you are a footballer makes no difference to this court”.
The 26-year-old midfielder had been arrested at an Edinburgh nightclub last May. He was accused of possessing cocaine worth about £80.
Neither he nor Hearts Football Club made any comment.
ibleedgreenandwhite1 says:
17 February, 2012 at 19:03
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I think that if, the caller slowed down then his points would be more understandable! IOM!
Only saying like.
Hail! Hail!
Surely it is against regulations, if not illegal for the SPL to register a player to a club in administration.
I suspect Cousin has been paid up front. When finding this out the administrator can do nothing about it but it makes it easier to rip up a contract for an existing player….say Aluko or McCulloch.
Then comes the big doh! He was not, and cannot be, registered to play.
You could not make it up but I’m having a fair wee chuckle as these thoughts go though my mind.
St.John Doyle I think your giving Salmond to much credit if he was chaseing votes why aim at the Unionist voters better to aim for the republican vote.I think yesterday what we saw was Salmonds mask slipping and showing his bigotry for me it was a wake up call to how tims would fair in an Independant Scotland headed by Alex Salmond one of the bst adverts I have seen to vote NO. H.H.
The Exiled Tim
Noted Jim being a wee bitty bold there. He has clearly gnawed the leash recently.
broonie fan on clyde
Its actually davie no feckin john aright ya…ra peepul oan ra bus…araw laffin it me…bejesus…lets hear whit yuv goat tae say then put oan ra resident blues brother… naw ye wurni oan ra bus wur yi hugh…see if you ever criticise ra rangerz al feckin rip…al remember you dayell…see when we’re back in ra big time we’ll get you ya bam! See aw yuz tarrier bams…bejesus they are scrapping the barrel the night on clyde. Where do they get these yahoo rednecks from…aright boayz…see riz ranjurz fing its sending me blah blah feckin tonto…
Voguepunter
So you didnae send that p4 lassie who gave me the black eye!!
IMO!
oops :¬)))))
This is an administration like no other.
This is not a club who have been unlucky, who have a small fan base, who have no infrastructure of qualified experts to assist , who have had no european income, Oh no. This is a not a Gretna, an Airdrie, a Livingston, a Dundee.
This administration looks to have about as a result of pre meditated cheating, fraudulent behaviour, perpetrated by senior well qualified personnel who knew exactly what they were doing.
Re entry to SPL?
This should result (and may well do so) in jail sentences.
The good of the game???
This admin has dragged the name of Scottish football through the gutter. To restore good faith, the severest punishment possible must apply.
Possibly the best snyde ever.
Keevins: Broonie “is an excellent penalty taker”.
He cant help being an erse even when he’s praising us!
HH
Context ring any bells ??
http://www.bbc.co.uk/news/uk-scotland-south-scotland-17074759?print=true
Lockerbie man who gambled away £800,000 faces restrictions
A bankruptcy restriction order has been secured against a Lockerbie man who gambled away more than £800,000 instead of paying debts.
It will last nine years and affect Graeme Calvert’s access to credit, ability to manage a business and the type of employment he can have.
A sheriff was told how he gambled and lost the cash over a two-year period.
It included £400,000 from Dumfries and Galloway Council meant to pay VAT bills on a nursing home he ran.
Scotland’s insolvency service, Accountant in Bankruptcy (AiB), can seek an order where an individual is deemed to have behaved irresponsibly prior to the award of bankruptcy.
There are various types of behaviour which can lead to the order, including gambling and extravagant living.
AiB chief executive Rosemary Winter-Scott said they were central to protecting the bankruptcy process and “the people and organisations owed money who suffer financially from irresponsible or unscrupulous behaviour”.
She said they could also alert potential future creditors and employers that an individual had demonstrated inappropriate behaviour before or during their bankruptcy.
“In this specific case, money which could have gone to the debtor’s creditors could not be accounted for and was recklessly gambled away,” she added.
“This sort of misconduct can have far reaching consequences, not only for creditors but for all parties involved.”
Nuclear Bovril and a Half Munched Pie
He has clearly gnawed the leash recently…………….superb :>)
Jackie Mac!
Our CQN paths cross at last.
PS3, look for mathy1888.
And any other CQNers welcome
Attempts to register Cousin can only have been because they wanted to make someone else redundant – either someone on more money – Lafferty – or someone on more money with one leg – Naisy – or both.
now forced to lay off the cheaper guy and keep the unfit more expensive one, maybe
Excellent
Let them die
Kev J @ 18.41
“I think that Hugh is keeping his powder dry until, the ‘real’ genie’s come out of the bottle ?mmmm”
Revisionist nonsense.
Hugh went straight on the offensive, before he knew the story of what had happened at Ibrox, and was chief peddler of the narrative “We need to keep Rangers alive”.
He is now back peddling like amd as he gets some inkling of the rules and morality of the situation.
He kept no powder dry. He spent all his shot and is now stripping of his uniform and pretending to be a neutral civilian.
P.S. I cannot believe you criticised the logical clarity of the guy Delahunt wanted to ban