Not for the first time around Ibrox, we’re deep into denial territory than an insolvency incident is imminent. A whole load of irrelevant questions have been answered; they will not go into administration on ‘Sash Wednesday’, nor will a board meeting be convened today, but the pertinent question, whether club consultant Philip Nash, and director Graham Wallace, have held pre-administration talks, remains curiously unaddressed.
My information is that administration is only one of a number of options under consideration.
They have alternatives. A sale and leaseback of the stadium and (still magnificently named) Murray Park could provide the club with enough money to see them through until season ticket renewal time next year, when they have a chance of being in the Premiership. If it was your objective to maintain shareholder value, this must surely be considered. Cast your mind over what we know about the bulk of the shareholders and there should be no doubt about their priorities. These are not shareholders who will accept cumulative losses or even a pound-in-pound-out model.
They could continue to secure assets against borrowing from hedge fund-shareholders at an interest rate of 30%. This is an attractive return for a hedge fund. If they secure the stadium in return for a future loan they will be in a position to earn attractive returns from whichever club plays there for many years to come.
If you are a fan, or indeed, a director of Oldco, who set on a path to liquidation, this reality will feel intolerable. Those responsible for strategy, oversight and governance at Oldco set the wheels in motion; Newco’s burden is a consequence of Oldco trying to put their rivals in their place, and allowing the wolves in.
Intolerable though the situation may be, I’m not sure what can be done about it. Using season ticket sales to threaten to subvert the value of investments made by hedge funds, and shareholders who have made it their absolute priority to remain anonymous, is incredibly risky. Incredibly. Risky.
Here’s the question, are those anonymous investors likely to submit to threats, or are they the kind of people who can afford to play hardball and would raze the stadium to the ground rather than be bullied?
My guess is we are talking about hardnosed, wealthy individuals, who will forever remain anonymous and who have never been bullied by minority shareholder action in their lives. It’s easy to whip football fans into a pitchfork-esque revolt, 10 years of CQN has provided regular evidence of this (mostly over comparatively trivial misinformation), but if this was my club, I’d be going off my head at the behaviour of just about everyone involved and I don’t think I’d be able to sleep at night.
‘Seville’, the book detailing the incredible stories you, the Celtic support, experienced and set down on record, is out this month. To order your copy click on the link below.
701 Comments- Pages:
- «
- 1
- ...
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- »
jude2005 is neil lennon \o/,
I caught some of it tonight, thought bfdj was going to reach a scale were his voice would disappear when the hurting hun confronted him about his denials of newcos predicament.
Comedy gold:)
CRC
21:57
Emailed team about 2 hrs ago.
If not received, let me know.
HH
sipsini
Comedy gold indeed but very dangerous if ur driving!! Ho Ho Ho <:0)
Wasn’t Sutton’s last minute goal the one which ensured that we whitewashed Big Feck’s mob? Such memories… Nuno Craptooslow, Egil and friends. All seems so ridiculous now. Getting upset about Rangers I mean.
What a mess they are still in
Night night all.
Serious Q
How many shares do sevco have? Greens got 500000 fatsalarys got abt the same. Do they just print them off on demand?
Hi ghuys received my tickets on Saturday. Mrs Hebcelt and I are seated at table12. who else will be joining us? Hail Hail Hebcelt
notthebus
19:06 on 3 March, 2014
Seen on twitter
2h
Wonder if Rangers Standard asked Unicorn A M who was to provide the loan? Was it Laxey again as they are shareholders in Unicorn.
———
Anyone looking for a wee update on what happened at the UTT today could do worse than check out one of TSFM posters report.
John has been there most days.
lct
UTT??
call me Gerry
22:09 on
3 March, 2014
Got it Gerry, cheers
HH
CRC
eddieinkirkmichael
20:04 on 3 March, 2014
Thanks for that ,I should fully catch up before posting to notthebus :)))))
Hebcelt
There’s only 11 tables :-)
Deary deary me the link to the UTT update
http://www.tsfm.net/utt-thread/
whitecroock tim 18.59
Airdrie and bitter go and grow together.
papa john supports wee oscar
21:34 on 3 March, 2014
———————————-
Petition signed. Between that and Sky News trying to turn it into a circus, we are dealing with the tragic, violent death of a young woman!
Wd like to ask Johnstone – Paterson – Rae- and all the other x-huns if they have bot S T’s. I know they dont have to but it wd be a nice touch dont you think?
Pogmathonyahun aka Laird of the Smiles
Sadly it seems to be the norm, we live in a evil twisted world, where morals are non existent.
Awerabest PJ
The Comfortable Collective said:
No Excuses
The last minute winner in the last league game that season was Alan Thompson.
No Excuses got it spot on. It was Chris Sutton who scored in the last minute to secure a whitewash over the Huns. 6 Glasgow derbies that season. 6 Celtic victories.
Pogmathonyahun aka Laird of the Smiles
22:35 on
3 March, 2014
.
Agreed.The whole charade is an offence to decency.
However,imho,it`s the S.African authorities who have ” turned it into a circus.”
Sorry Auldheid
How come 4 or 5 supporters can unearth the evidence to at least make a job of producing the correct questions yet a very proffessional well reputed board of directors and astute business men couldn’t. I don’t buy it. The will was not there and as ever it is only when pushed with the evidence thrust in their big beetroot pasted embarrassed faces that our PLC had no choice to act as thankfully the fans involvede were also minor shareholders.
MWD as he says doesn’t trust our board to do anything unless it means bonus’s all round.
=====================
MWD
You underestimate the man hours spent on this to even get it on the agenda.
The problem was more capacity than unwillingness from Celtic, the capacity and willingness grew over time but there is still the problem of circumventing the provenance, not veracity of what documents provided the means to question.
Since a case for investigation was made up to and post AGM Celtic have been helpful in looking at the issues and deciding how to deal with them.
One of the problems that will emerge if a successful conclusion is reached is that certain world views of Celtic will have to be revised.
macjay1 for neil lennon
22:45 on 3 March, 2014
———————————–
It wouldn’t surprise me in the least if somebody in SA is making big money out of this!
hamiltontim you at a windup? Over 400 people going, 40 a table don,t think so. My ticket says table 12 seats 3&4. It,llbealrightonthenight CSC Hail Hail hebcelt
Pogmathonyahun aka Laird of the Smiles
More to the point Money will decide the outcome, IMO.
Awerabest PJ
47 Tables 1 to 48. table 13 doesn’t exist and is dedicated to the Deadco
There are three vitual tables too for absent friends.
Auldheid
Ah hiv hid a Loatta Trouble.. tryin tae Figger oot
if
You.. Auldheid.. wiz Pro or Anti Board.
Tae save me further any further Wastin’ Guid Mullin’ Time..
Please tell me..
Ur Ye or Ain’t Ya..?
Ah suppose it awe depends.. How Irish Ye ur..but.. Mayhap,in Your Case..
It Wullnae.
Nae Fence sitting, Please.
Kojo
Still, Laughin
No excuses/ gold coast tom
Well there you go. Fair enough. I was sure it was Alan Thompson who scored in the last minute to make it 4 league wins that season but I stand corrected.
You couldn’t make it up.
FF upset that Colin Kinsworh of Laxey Loans :) is also director of a Co called Celtic Property Developments SA in Poland.
From FF: At very least it would be an unfortunate coincidence? Unfortunate is one word
From http://www.celtic.pl : at present the Company is concentrated on residential activity, mainly realisation of its key project in Ursus, a district of Warsaw. Ursus? I’m starting to feel a bit dizzy….
SOrry Kingsnorth not worth
I’m being as patient as I can over the Res12 issue but
“One of the problems that will emerge if a successful conclusion is reached is that certain world views of Celtic will have to be revised.” Has me exercised
Chris Sutton doing what he loved to do, slaying the huns
http://www.youtube.com/watch?v=E3GkoWKO56A
Auldheid,
A once in a lifetime chance of rectifying Scottish football and our multi million pound per year profitable club that has never been in such rude health ran without any dynamic contribution from our billionaire board members in fact the opposite and we don’t have the capacity to pursue truth and justice against crimes against ourselves for 12 years and we dont have the capacity ?
If the only world views of Celtic that are changed are those in permanent denial and continually proffering excuses and soft soaping then I cant help but feel it will be worth it.
HH
Kojo
22:56 on
3 March, 2014
I find labels restrict independence. On some issues I understand why certain policies make sense, on other I think they may be or are damaging.
Depends on the policy and its effect and whether I think that effect helps or hinders Celtic.
I’m pro Celtic and see no separation, in fact I think that pro and against thinking is harmful to Celtic as a whole.
Awe_Naw_No_Annoni_Oan_Anaw_Noo
23:09 on
3 March, 2014
I speak as I experience it, of what experience do you speak?
Auldheid,
Being clear hear. Their capacity not the resolutionists
HH
Auldheid,
Does my last comment make an answer to your last question redundant ?
HH
Any news on our standing area yet? I think sevco are ahead of us in this they are planning tents around I-broke. You couldn’t make it up, from twitter
http://t.co/UIzEsBnKBv
Bawsman
I’m being as patient as I can over the Res12 issue but
“One of the problems that will emerge if a successful conclusion is reached is that certain world views of Celtic will have to be revised.” Has me exercised
=======================
Depends on the world view but if it is Celtic are not to be trusted and it turns out on this issue of Res12 that they can, then that previous world view is at least questionable.
Pogmathonyahun aka Laird of the Smiles
22:49 on
3 March, 2014
Agreed.