After 11 months of innuendo and unanswered questions the Sun today publish confirmation that Charles Green was a frontman for Craig Whyte. The news will be a bombshell to many but few in the Celtic online community will be surprised.
The Sun today report that Craig Whyte and partner, Aiden Earley, are majority shareholders in Sevco 5088 Ltd, the company which bought Ibrox, Murray Park and other assets from Rangers’ administrators’ Duff and Phelps.
They also claim Charles Green subsequently transferred Sevco 5088’s assets into Sevco Scotland Ltd, which Whyte said was done without his permission. Green was given considerable opportunity to respond to the claims but despite pages of comment does not deny the central claim that Whyte and Earley were majority shareholders in the company which purchased assets from Duff and Phelps. The rest of the story amounts to little more than gratuitous detail.
Where does this leave things?
Whyte’s QC has started legal action, seeking control of Ibrox and other assets.
Duff and Phelps (presumably unknowingly) discretely sold Rangers assets to the man who appointed them and who is currently subject to an investigation into the collapse of the club. Rangers’ liquidators, BDO, can cancel the sale of assets and claim them for creditors if they believe it was not conducted in an appropriate manner – and this is anything but appropriate.
When Sevco 5088 Ltd was negotiating with the SFA Green assured the SFA that Whyte was not part of his consortium. This was a condition of the Newco being granted associate membership. The SFA are now duty bound to investigate (although with president Campbell Ogilvie in place make no assumptions here).
What has any of this to do with St Mirren, you may ask?
St Mirren chairman, Stewart Gilmour, appears to have made a pact with Charles Green, who I hear has given Green his assurance that he will vote against league reconstruction plans, which the SPL are due to vote on 15 April.
Questions like who owns Ibrox, whether the Newco is a legitimate associate membership of the SFA, whether BDO will declare the sale to Sevco 5088 void, in the event this circus makes it to next season, whether anyone will buy tickets to the shambles, all remain unanswered….
…but Stewart Gilmour is making plans with Charles Green. St Mirren fans should be outraged. Mr Gilmour should be careful who he does deals with.[calameo code=0003901714557cf2d2048 lang=en page=134 hidelinks=1 width=100% height=500]
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The intractable cussed intransigence of McAskill and Crown Office in relation to the nonsense that is The Offensive Behaviour Act is quite incredible
Courts are dismissing cases ….no convictions ..just an outrageous waste of public funds
The Act is stupid, ill conceived and must be repealed
Looking forward to the rally and walk along the pavement to CP.
COYBIG
CQN joins FAC demo Sat 6/4
VERY IMPORTANT: Please read this link re. your rights with regards Police and your attendance on Saturday
http://scalp.noflag.org.uk/legal-guide
Gildeas Solicitors num. 08450510810 (just in case – note. may not be today this is required as FOCUS enjoy their 4am raids midweek).
UP TO DATE LIST OF CQNers ATTENDEES INCLUDED BELOW- try to keep up and use this. Doh!
Doc has organised 2m*3m banner. (Will require £5 from everyone turning up to help cover costs – anything collected over cost will go to CQN charity funds).
Demo starts at 12 in George Square.
Plan to meet at Gallery of Modern Art (GOMA) around 11:45. Couple of coffee shops in vacinity Costa/Cafe Rouge sells beer).
This is most up to date list. Copy, add your name and repost if you are joining us.
Doc
The Bhoy Jinky
BT
Johann Murdoch
Cowiebhoy &
Miss Cowieghirl
mighty tim
WDH (For WDH Only: join us at George Square then jump taxi)
TenMenWonTheLeague
Catman
FourGreenFields
FourGreenFields Jnr (16)
Four Green Fields Jnr Jnr (10)
Murdochauldandhay
MWD
Mini MWD
Troon Tim
daviebhoy1965
Eurochamps67
Richie
Vmhan
Neganon
Palacio67
sipsini
gerry123
leftclicktic
SwanseaBhoy
Hamiltontim
Jonathan from Perth Aus ✊
Minx1888
Vale Bhoy
Gallagher
KevJungle
Roy Croppie
Timabhouy
Gordon 64
voguepunter
Willy O ,the bold Fenian Mhan (lurker)
petec
Aidan (12) so no pubs.:)
Celticrollercoaster
Mrs CRC (if I can persuade her)
Caityrollercoaster
Deccyrollercoaster
Miss Doc
Karen
Martin (16)
Dominic (8)
Hail Hail
SOAL
Fred C. Dobbs
BHOYS IN SPIRIT
bognor bhouyle
Glasgow Dave
Frae
alibalif
Mr alibalif
stairheedrammy
67heaven
Timabhouy
Oldtim67
dim sam
Jungle Jim
bamboo
Che
Shaunbhouy29
Dontpatmadug(+3)
mic1888
The Bhoy from Oz and Junior
….PFayr
09:51 on
6 April, 2013
Unfortunately how often has a politician held their hands up, confirmed they got it wrong and changed course. I imagine this very poor piece of legislation has a while to run yet.
HH
Safe journey to all on the demo.
HH
Well done to all those going to the march to the ground. Sorry l couldn’t walk that distance as l am no longer fit enough to do so (going into Southern General on Monday to get a date to have my hips replaced) .These days l can just make it from the disabled parking areas at CP into the stadium.
God bless all. via con dios.
Good luck to all on the protest today and let’s be careful out there!
The signs from the police before and from their statement don’t look good, I won’t be there, the miles from here to there insurmountable this week but I am looking forward to meet up with some bould CQN’ers next month when I’m home to visit my Mammy..
Thank you all who are taking it to the streets, I fear it’s the only way anything will change..
Starry..
Stand up for your rights
If I get lifted by the cops today I will do a deal and grass MWD as 1 of the CQN banner trouble-makers.
nae weekend lye-in for me
Lovely morning in Clonmel. Over the years I’ve lost count of the number of demos I attended but the one today means the world to me and I’m gutted I can’t be there. I’ll be glued to CQN for updates. God Bless All who are attending. Hail Hail.
MWD – I’ll be there too (+1) ;-)
Morning,
Best of luck to everyone going to the Demo and the game later:
There will be a large Police Presence and note that all badge numbers should be clearly displayed.
If there are a large number “marching” together under the CQN banner– watch this between Royal Exchange Square and George Square as that might be a pressure point– a static demonstration is permitted in George Square– no where else!!
As an aside– here is a “wee” post I put on TSFM this morning– it is technical and lengthy but it shows that Charlie Green may well be be in deep trouble if Craig Whyte has his ducks in a row:
——————————————————————————————————————-
Good Morning,
here is an excerpt from a post by Hirsuite Pursuite last night:
————————————————————————————————————————
Offer of Loan to Company
4.17 Following the extensive marketing of the Company and the extensive sale process, an offer was made by Sevco 5088 Limited (“Sevco”) to make a loan on certain terms (explained below) in conjunction with the purchase by Sevco of the Group Shares.
4.18 Having considered the offer from Sevco and compared it to other offers received for the Company / business and assets, the Joint Administrators determined that the Sevco offer was preferable because it:
secures the best available return to creditors of the Company; and
proposes a CVA in respect of the Company, the benefits of which are outlined in paragraph 2.10.
4.19 Consequently, on 12 May 2012, the Joint Administrators agreed and signed an offer letter with Sevco (“the Offer Letter”) and granted Sevco exclusivity to complete a takeover of the Company or a purchase of the Company‘s business and assets by 30 July 2012. Sevco made a payment of £200,000 to the Company for such exclusivity.
4.20 The Offer Letter is confidential between Sevco and the Company, but the principal terms are as follows:
4.20.1 In addition to the £200,000 referred to in Paragraph 4.19, Sevco agrees to advance to the Company the sum of £8,300,000;
4.20.2 £8,300,000 will be available for draw down by the Company no later than 31 July 2012, but only once certain conditions (the “Conditions”) are satisfied;
4.20.3 The Company will repay the Loan together with interest on it on or before 31 December 2020; and
4.20.4 The loan will, subject to the laws of Scotland, be secured by standard securities and a floating charge over the assets and undertaking of the Company.
4.21 From 6 June 2012, Charles Green will be appointed to assist in the day-to-day management of the business of the Company (at no cost to the Company or the Joint Administrators), in order to manage the ongoing trading costs of the Company and allow for a smooth transition in ownership.
If it had transpired that a CVA was agreed, Sevco 5088 would have been contractually bound to LEND Rangers £8.5m – which would have been secured by a floating charge over the assets of the company.
——————————————————————————————————————–
The above is as per D&P and their report on events and may well be taken directly from the agreement they entered into with Sevco 5088 Ltd.
Hirsuite Pusuit goes on:
———————————————————————————————————————-
In the event, a CVA was not agreed and, as per the contract with D&P, Sevco 5088 purchased the assets of Rangers FC.
Either way, Sevco 5088 had a substantial part to play.
It appears that Mr Whyte is saying he offered to make his Rangers shares available to Mr Green on the understanding that he (Mr Whyte) would have the majority shareholding in Sevco 5088. Mr Green appears to confirm that the deal was verbally agreed; but as the agreement was not made in written form, he had no intention of following through on his side of the bargain.
If, as the Sun reports, Mr Green “was just telling Whyte porkies so he could get the businessman’s shares”, it seems to me that this is a dangerous admission for Mr Green to have made.
Assuming jurisdiction is held to be in Scotland (and I do not see why it would not) a court will confirm to Mr Green that a verbal contract is held to be as binding in Scotland as a contract established in written form.
It does not seem to me a particularly good defence for Mr Green to say that he wishes to treat a verbal contract with Mr Whyte to be null and void simply because he (Mr Green) had entered into that contract in bad faith.
———————————————————————————————————————-
Now note the dates in all of the above, the names of the companies mentioned, and who contracted with whom.– Also note the sum invested/lent/provided by Imran Ahmed– £200k.
Ok going forward:
Here is a statement by Malcom Murray taken directly from the interim accounts of Rangers International Football Club PLC:
“The acquisition of the trade and assets of the then Rangers Football Club plc by a consortium of investors was completed on 14 June 2012 and heralded the end of a traumatic period for the Club, during which the then Rangers Football Club plc had been placed into administration by the previous owner. Following the rejection of a Company Voluntary Arrangement by creditors, the Rangers Football Club plc was put into liquidation and subsequently Rangers International Football Club plc was created, incorporating The Rangers Football Club Ltd into the Group.
Note the date of 14th June and the fact that the assets were acquired directly from Rangers PLC (In Admin) by The Rangers Football Club Ltd aka Sevco Scotland Ltd– not Sevco 5088 Ltd— which is the company Duff & Phelps say they contracted with on 12th May 2012 and to whom they granted an “exclusivity” to in return for £200k– presumably provided by Mr Ahmed.
This will be the same Mr Ahmed caught on tape who was present when Whyte was assured that he was Sevco 5088 and who appeared to be raising money for Sevco 5088 Ltd.
In the interim accounts for Rangers International PLC, Deloittes go onto confirm that The Rangers Football Company Ltd was incorporated on 29th May 2012— so quite clearly that company was not in a position to make any offer, enter into an exclusivity agreement or any other type of contract on 12th May– nor could anyone have paid over any money on its behalf in return for exclusivity on 12th May.
Therefore the only legal entity that could have had any rights to buy the assets or anything else was indeed Sevco 5088 Ltd– yet Charles Green seems to suggest that company just did not matter when the CVA was rejected.
Clearly, that is not the case.
Further, if Sevco 5088 Ltd did actually buy the assets and then transferred them to Sevco Scotland Ltd (aka The Rangers Football Club Ltd ) at a later date, then the interim accounts do not mention that anywhere for some reason.
The very same accounts go on to say the following:
Basis of consolidation
The Group’s condensed set of financial statements incorporates the financial information of Rangers International Football Club plc and entities controlled by the Company (its subsidiaries) for the accounting period from incorporation on 29 May 2012 until 31 December 2012 through the application of merger accounting. Under these principles the financial statements of the Group have been prepared by combining the results of the combining entities for the interim period under review. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefit from its activities. All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Note that the start of the accounting period is the date of incorporation of Sevco Scotland Ltd—- then go back and look at what D& P say are the key dates in their deal with Sevco 5088 Ltd.
Again the interim accounts go on:
” Acquisition expenses relate to one off costs paid on acquisition of the trade and assets on 14 June 2012 from RFC 2012 plc.”
This again implies that the deal was direct with D& P as administrators of RFC PLC with no mention of Sevco 5088 Ltd who I stress again had complete exclusivity according to D & P.
Again the accounts go on:
16. Related Party Transactions
On 6 August 2012, Brian Stockbridge, a director of RFCL provided a loan of £50,000 to RFCL. No interest accrued on this balance which was repaid on 7 August 2012. Brian Stockbridge also received a payment of £30,000 for the period from 14 June 2012 to 31 December 2012 with respect to his consultancy services as a director.
The following balances were novated from Sevco 5088 Limited (a company of which Charles Green was the sole shareholder and hence a related party) on 29 May 2012 to RFCL, hence the dates are before incorporation of RFCL and RIFC plc:
· On 11 May 2012, Imran Ahmad, a director of RFCL, provided a loan of £200,000. £ 178,000 was repaid on 15 August 2012 and £22,000 was converted into ordinary share capital of RFCL. Imran Ahmad also received an arrangement fee of £50,000 relating to this loan.
· On 21 May 2012, Charles Green, a Director of RFCL provided a loan of £25,000. No interest accrued on this balance and this was repaid on 15 August 2012.
Note the word ” Novation” which is defined as follows:
“novation ordinarily arises when a new individual assumes an obligation to pay that was incurred by the original party to the contract. It is distinguishable from the situation that occurs when another individual makes a guarantee that a debtor will pay what he or she owes to a creditor. In the case of a novation, the original debtor is totally released from the obligation, which is transferred to someone else. The nature of the transaction is dependent upon the agreement between the parties.
A novation also takes place when the original parties continue their obligation to one another, but a new agreement is substituted for the old one.”
The word “novated” was brought up lat night by Ianagain and at the time its significance passed me by but worked away at me over night.
Now– if all of the above creates a logical trail– If Ahmed was raising money for a company that was meant to include Whyte– or Whyte was meant to believe that it included him in every way, with a majority shareholding, with Green as a front, and which entered into an exclusive binding contract which saw Ahmed pay over a sum of money for the benefit of that company as noted in the RIFC interim accounts:
Isn’t Charlie Green and Imran Ahmed in potentially very deep doo doo here given Charles’ very VERY public pronouncements of late about telling Whyte anything to get him to go along with the initial deal with D&P?
Without that exclusive contract Sevco Scotland Ltd ( The Rangers Football Club Ltd ) would have gotten nowhere near the assets of Rangers PLC and subsequently there would have been no AIM flotation.
Another potential interpretation of events is that they told Whyte what he wanted to hear because that was the only way to get D&P to enter into any deal at all with Green and Ahmed– in other words Whyte controlled D&P all along irrespective of what they were saying publicly.
If Craig Whyte had not been behind Sevco 5088 Ltd and if Green and Ahmed were not fronting for him, would here ever have been a contract between Sevco 5088 Ltd and D&P at all???
Sorry for the length of all this but it is interesting.
The full interim accounts can be found here:
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11506139
For the bhoys n ghirls taking to the streets. I salute you, wish I could be there.
http://www.youtube.com/watch?v=oM9WkluNL7M&feature=youtube_gdata_player
PFAyr – coupon pick? ;-)
The CQN Banner won’t be used as a banner to march under.
It will be held aloft at the demo in George Square only.
We don’t want to do anything to provoke a response from the Police.
It then be taken down and put away. Many of us are taking our kids along, we won’t do anything to put them in harms way.
See you there.
Get up Stand up, Stand up for your Rights…
http://youtu.be/Tg97JiBn1kE
Please be careful out there today, always with you in spirit, if not in person.
NFL would like to finish with ‘a swagger’, a ‘stagger’ will do me!
Again good luck for today, please take it easy, be lucky!
H.H.
This land is your land, this land is my land,
from the northern highlands, to the western islands
HH
Stick my monicker onto the bottom of the protesters list.
Wasn’t sure I was going to be there.
We shall overcome.
:¬)))
anyone any tips for the national bhoys
HH
.
BhoysOfOz..
ABC2 Now..Ross Kemp on Poverty in the UK..in Glasgow..
BRTH – thanks for that post. Following on from JF’s post yesterday it is becoming clear that “there may be trouble ahead”
Unless some genuine “Rangers man” steps in with serious cash to buy these shysters out then I can see nothing but misery, infighting, court cases, insolvency events and on-pitch humiliations for years to come.
I like the view……………………………….
mighty tim
On His Own.
Good luck to everyone on the FAC rally today. Stay safe and enjoy. Wish I could be there with you all.
.
THE CURIOUS CASE OF GEORGIOS SAMARAS
Its certainly been a more productive season for our big Greek Talismanic God. Long gone are the days the big chap is sarcastically cheered off the park when being substituted. With our whole European season behind us it would be very foolish to forget just how good the striker was for us this season.
With a magnificent pass across the box for Hooper to turn in against Helsinki our European season was off and running. Samaras, that assist aside wasn’t at his fluent best, and was a touch of the old frustrating Samaras. The Away leg however after the storm was saw by Celtic and Samaras dominated with the big man scoring a delightful second to send the Celts on their way. Another away goal for Samaras saw Celtic clinch a 2-0 win in Helsingborg and we were champions league bound!
Suddenly Samaras was an instant first choice pick for all European games, not just in Lennon’s eyes but in the fans’ eyes too. In the league Samaras continued to amble on with the rest of the team, but his real season has been in Europe. A glorious last minute header in Moscow saw Celtic win their first ever away game in the Champions League and amazingly made it 3 out of 3 away from home in Europe for Celtic this season and 3 goals in 3 games for Samaras. Another header (deflected in) in Barcelona saw Samaras give Celtic an outrageous lead which was turned into defeat in the last minute of the game. One of the big factors in the game was Samaras’ injury and going off 10 minutes before half time. Some felt Celtic would have had more of an out-ball in the second half if the big Greek was playing.
Samaras continued his hard working performances in Europe with a good game versus Barcelona at Parkhead in the famous victory. He then gave Celtic an equaliser in the away leg in Benfica which, if things stayed the same would have saw Celtic through. Samaras then went on to win the penalty that ultimately did send Celtic through to the last 16. Goals v Hearts and Dundee amongst others saw Samaras on the scoresheet domestically and Celtic headed into the new year looking forward to a last 16 showing with Juventus.
Samaras then missed the first game v Juventus but returned the second leg to play his usual left striker role but as much as he battled away it wasn’t his best performace as Celtic were humiliated out of Europe by Juventus. Not to worry, Samaras’ season wasn’t over just yet…
St.Patrick’s weekend, Celtic are 3-1 down to Aberdeen with 20 minutes to go. Bang 3-2 Bang 3-3 and then in the dying stages the ball found its way to Samaras who banged in the winner with an outrageously amazing Overhead kick which was followed by an outpouring of emotion from Samaras for just about the first time ever.
But still, theres talk of Samaras being player of the year. I think he’d have as good a shout as anyone if the competition was solely based on European exploits. Sadly though, with Celtic’s poor domestic form creeping up again and again so is the old frustrating Samaras. He never ever hides, which is to his eternal credit, but sometimes a wee spell out of a game, a wee 5 minutes without the ball would do Samaras the world of good.
Is he POTY material? Not this year for me. He has however, scored the goal of the season, a wonderful thundering header which completed a sensational passing move from Celtic at Kilmarnock in December. All in all Samaras has had his best season in a Celtic jersey but not at the level yet where we call for him to be player of the year. Next year though? Samaras should go on from strength to strength and will be vital if Celtic are going to embark on another Champions League adventure.
Summa of PlayerOfTheYearCSC
Take care today bhoys, don’t get suckered by the polis. Stay safe.HH
Hope it goes well at George Square.
After the previous two matches Celtic are due a good result against Hibs but it won`t be easy.
Shamelessly stolen from a poster on the Herald site re the Sandaza sacking –
“Ally will be phoning Fran Sandaza and speaking to him.”
Hopefully for the Club’s sake (size of pay-off) not to advise him to use the “Green defence” at his SFL Appeal.
The mitigation of “I told the hoaxer what he wanted to hear to keep him sweet” should be more than enough to scupper Mr. Green’s attempt to prove “serious misconduct”.
Wish I was there with you Bhoys at the Demo. Stay safe.
BRTH 10.08
Does that come in a kindle version:-)
Hail Hail to all cqn,rs at the rally today. Stay safe and do us proud.
Stay safe my Celtic friends……..and no devilment from you, “bmcuwp”….I get the impression you love a wind-up.
; > )
burgas bhoy
cheers mate
HH
Ross Kemp…..plum extraordinaire…..using the hardships of our city to self-glamorise his fake image.
Rat.
doc is neil lennon
10:16 on
6 April, 2013
The CQN Banner won’t be used as a banner to march under.
It will be held aloft at the demo in George Square only.
We don’t want to do anything to provoke a response from the Police.
It then be taken down and put away. Many of us are taking our kids along, we won’t do anything to put them in harms way.
—-
Welcome to Scotland 2013. People afraid of walking under a banner for fear of Police action. I despair I really do. Please take care folks.
Hail! Hail!
For those of you who didn’t catch this article on Green v Whyte (how simple their plan to own the assets of Dead Club really was) & the inevitable demise of Sevco.
http://www.onfieldsofgreen.com/?p=636
A must read…..
Were all off to George Square in the Green….
For anyone who doesn’t know me, I will be with the two year old leading the chanting.
Hail Hail
Just a quick post to wish all at the demo a safe and effective day
And like many others to warn all to watch out for plod he won’t hesitate to demonise us
Here’s to a nice three points and murderwell gubbing to complete the weekend
Hail hail and salut to yez all from sunny englandshire