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.
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The life of a Hun has changed beyond all recognition in the last few years
Imagine the horror you would feel if it was our club that’s headlines fill the media each day … Not to mention the real scandals they read on the bam pot media
We see and hear their defiance and we accuse them of being deluded but I’m certain that deep down .. In hushed voices .. Their concerns and fears are rising daily .
The pages on my social media are full of articles and jokes about the next round … Admin ( 2 as they like to call it) … Their defiance is now diminishing with only the real numpties and hard core Neanderthals sticking to the no surrender party line
Dave the lying King v the kray twins is the only show in town with the bell about to ring and the outcome will be swift
Popcorn time for Timmy with the prospect of jelly and ice cream for afters ;)
Suck it up bhoys and Ghirls as the zombies self destruct while NFLs young team win three in a row by the biggest margin on the field of play and the much maligned balance sheet outlasts the clean sheet ;)
A great time to be a Celt
#Happyshafter
Bayern are twenty points clear at the top of the Bundesliga.
They need to move to a more competitive environment.
twists n turns
04:38 on
4 March, 2014
A veritable conga line of loan offers for operation “hun lifeline.”
Generosity spilling out of every cupboard..
Why don`t these philanthropists just refinance the loan for Rangers?
No doubt there would be some small print to work their way around,but that shouldn`t be too much of a problem for these city chaps.
Wonder if there was a finders fee for the current loan.
Ogilvies is in his position because he knows where the bodies are buried!, END OFF.
Big sean
Sean
Perhaps he will join the body count sooner or later
Tsfm site has a UTT thread on the goings on at court
The blogger John Clarke is fantastic
You should read this
HH
Kitalba @ 1.57
Great post that resonated with me and I suspect many, many more.
Your post and the news of the UK’s response to the crisis in Crimea only serves to show how far the modern world has moved to make money their idol.
“Britain’s attempts to ensure any EU action against Russia over Ukraine would exempt the City of London were embarrassingly revealed when a secret government document detailing the plan was photographed in Downing Street. The document said Britain should “not support, for now, trade sanctions … or close London’s financial centre to Russians”.
Pathetic bankers!
http://www.theguardian.com/world/2014/mar/03/ukraine-crisis-us-europe-putin-crimea
Great tune at 03.57 by the way
A wee funeral song for Dead Rangers and now Sevco.
Lower them down……and cover them with earth……
http://www.youtube.com/watch?v=i8N6SScXb8M
22 Aug 2013 – Uploaded by JohnNewmanVEVO
Music video by John Newman performing Cheating. (C) 2013 Universal Island Records, a division of Universal Music Operations Limited …
A surprisingly bright start to this ( busy) day………….
HH.
oooops!…….
nearly forgot –
“Impeach McCrummoch”.
As the battle of the spivs down Ibrox way continues to heat up,who’s yer money on?
http://www.bbc.co.uk/news/world-asia-26413101
Good morning friends from a damp, overcast and pretty chilly (though not quite freezing) East Kilbride.
Kitalba …..Goldcoast Tom …..finally two great Celtic men do the right thing and bury the hatchet, don’t mean that literally lads!! Don’t go ganging up now or we will need to call you Tom Kit, agreeing to disagree will be just fine. I am sure you men will have a few shared beers and a right good meaningful Celtic conversation one of these days in Queensland. Well done both of you for standing up. Hail Hail the Celts are here.
Surely it bamos.
Ergo the localized oft heard saying in the towns on the north coast
Esta nacho. El bamos . Vamoos
Thank God,
Peace has broken oot with Gold Coast Tom & Kitalba
Well done Bhoys
Hail Hail
BMCUWP……
The current spiv incumbents have the shares so a no brainier for me really.
Unless…….King is part of their ‘plan’………naw,couldnae happen,ey?
ryecatcher
06:59 on 4 March, 2014
BMCUWP……
The current spiv incumbents have the shares so a no brainier for me really.
Unless…….King is part of their ‘plan’………naw,couldnae happen,ey?
…………………………………………………………..
All the characters just part of a charade to let it be thought there were good and bad players in this debacle?
Na, too far fetched, but wait……………
Jobo,
Thanks for that mate…..
Nowhere near East Kilbride at the minute,but I love to learn different things every day.
What is the humidity and precipitation levels in Calderwood?
Is=are
Kojo at 00.30
Glesca Papes?
A very strange phrase to use regarding Celtic fans
I’ve only heard that being used by Zombies……
ryecatcher
Beautiful Sunshine, splendid views of the Indian Ocean, from the Infiniti pool ( and room) as I sit, in over 30 degrees at 10.00am
How is that for the weather :-)
Hail Hail
CQN Book Club –
I have just completed reading The Goldfinch, the third novel by US writer Donna Tartt.
I loved her first book The Secret History published in 1992 and to a lesser extent The Little Friend published 2002. She said she would publish her third novel after another 10 year gap. It was actually 11 years, but well worh the wait.
The Goldfinch is quite possibly the best contemporary novel I have read in over 25 years. An utterly breathtaking read, brilliantly crafted and beautifully written. The writing really is quite stunning and the characterisations are superb.
I really cannot praise this book highly enough. It is 776 pages long but there isn’t a word or a sentence out of place. I am going to spend a few days catching up with other stuff, then at the weekend, I will start reading it from the beginning once again, something I have done only once before in my life. It really is that good.
CQN book lovers . . . get it read!
Have any of my fellow CQNers arleady devoured this book?
Cowiebhoy
The Kenyan Fenian, and proud of it :-)
Hail Hail
ryecatcher –
sorry but I’m a Murray Rhebel ;-)
Already had ma pancakes at breakfast
Happy pancake ( shrove ) Tuesday to CQN
Hail Hail
Smashingmilkbottles….
Was the only Tim on a job once and was kindly referred to as the Wine Grape many years ago.
Revenge was I got out the shoite hole it was to what I would consider better things and not one of the Huns did.(they had no Masonic influence when they had to integrate into the civilised world,after the place shutdown).When I think back I don’t get as angry as I did then…..I just got even!!
Auldheid
Sorry but I won’t make the meeting tonight mate, parenting duties take priority this time.
BIG NAN
The “Good Guys” have paid a hefty price already to the “Bad Guys” just to get pleasant publicity.
I prefer to think of it as the much-referenced omnishambles. There may well have been a plan at one time,but they have been out-spivved.
By experts in their field.
Happy bunnet day everyone….
HH
Cowiebhoy….
Sunny and at least 30 degrees in South Staffordshire as I contemplate kicking my Villaboy mate’s ass at skins on the golf course this morning.
FarnheitCSC
.
Smashin Milk Boatles..
Are You still heading Down-Under for Paddys Day..
I’m busy that Weekend but Free Paddys day and Hopefully Paddys Boxing Day..【ツ】
Summa
ryecatcher
Enjoy your day
I’m abooot to show 2 future sons in law, the art of Table Tennis :-)
Hail Hail
..
Gold Coast Tom..
If You’re posting as Kit he will Kill Ye.. Ha Ha
“All We are saying is give Peace a Chance”
Summa of HappyCSC
A mother was preparing pancakes for her sons, Kevin, 5, Ryan, 3. The boys began to argue over who would get the first pancake. Their mother saw the opportunity for a moral lesson. “If Jesus were sitting here, He would say, ‘Let my brother have the first pancake. I can wait.’”
Kevin turned to his younger brother and said, “Ryan, you be Jesus!”
What’s the big ‘whoop’ about PL joining the ECA? Isn’t this the very same organization we laughed at for saying that Sevco FC were the same entity as RFC (IL). Wasn’t this the very same organization who were we told had absolutely no relevance to European football and were no more than a ‘ wee boys club’ and oh how we laughed when Sevco used the ECA statement as proof that they were accepted as being one and the same as RFC (IL) . Has this all changed since the SSM has joined are they now a credible group with a major say in the governance of European football? Hopefully they will soon issue as statement that Sevco are indeed a new club, but don’t hold your breath.
FRW 7.31
They used to be huns,but they`re all right now.
kojo
00:22 on 4 March, 2014
HamiltonTim
Ye ur Wrang,pal..
when ye say…”Celtic,ur More than a Balance Sheet”
———-
And that thankfully encapsulates the difference between us.
Morning all. Dreich here today. Any good news to brighten things?