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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Let me leave you with something to ponder.
DBBIACSC
jungle jim
13:14 on 3 March, 2014
IMO no, Mathews is our best right back. You missed sammy ? :-) HH
kikinthenakas
12:50 on
3 March, 2014
Our own GordonJ has been nominated for new book crime award….it’s called “calling cards”
Great read….
Got my copy the other day and picked it up to read a few pages this morning just to a feel of it. Half an hour later I was still reading it………..couldn’t put it down!
Ask me no questions and I will tell you no lieS
It’s knowing that your door is always open
And your path is free to walk
That makes me tend to leave my sleeping bag
Rolled up and stashed behind your couch
And it’s knowing I’m not shackled
By forgotten words and bonds
And the ink stains that are dried upon some line
That keeps you in the backroads
By the rivers of my memory
That keeps you ever gentle on my mind
Choice to listen to any of the three Michaels….Buble,Ball or Bolton,or pull your toenails out with rusty pliers?
I would be limping for months.
Sorry, the first line of my previous post was adressed BMCUWP at 13:12
SFTB, very good! Think I’ll pass on that one, though. I’ll stick to I Want You and the cover versions of his songs.
The thing is, every time I hear ELO’s Mr Blue Sky, I want to sing it in the style of Bob Dylan.
If you try it yourself, you might not be able to get it out of your head.
Bashi
Worth checking out Malwarebytes and Avast along with AVG. Beauty of the freebies is you can try them out and if you don’t like just remove them.
Tip 1 – Only install any one at a time as they clash with each other where there is more than 1 on system.
Tip 2 – Bin your Norton and save some cash.
HH
Gordon_J
In which bookshops can I buy your book ?
JJ
PS just had a decent reply from JP Taylor re my email about Celtic` s view on CO remaining in power. Would recommend others also ask.
Definite cheerio for now!
XTC….
All Along The Watchtower….
Blows Bobby Zimmerman away.
Nearly as good as Jimmi.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS ………FC not PLC
13:25 on 3 March, 2014
Imagine you peein on his leg
badmancsc
oscar positive thoughts unionbearbhind
13:31 on 3 March, 2014
bashi-bazouks
avg have an excellent free version
HH
Many thanks, will do.
BMCUW
Radar Capacity did indeed reply ( brother-in-law). And I will take his advice, but I’m sure the source suggested pays for the security. I stayed on until about 10.40 but didn’t see any other leads. When I get home tonight I will scan through again in case I missed something.
Many thanks,
Bashi
Bashi
http://www.avast.com/free-antivirus-mac
“I went to see the movie Doctor Zhivago the night I wrote it. Everyone’s made a whole lot out of that. I know it gave me a feeling that caused me to start writing, but as far as saying it came from that, I don’t know. It just came from experience. While I was writing it, if I had any idea that was going to be a hit, it probably would have come out differently and it wouldn’t have been a hit. That just came real fast, a blaze, a blur.”
John Hartford
On: “Gentle on My Mind”
Oscar positive thoughts unionbearBhind
13:31 on 3 March, 2014
bashi-bazouks
avg have an excellent free version
HH
———————————————————————————————-
Does AVG work with the mac operating system?
Thanks for that, Bashi: now everyone knows I’m related to a cheap-skate iMac user …
FF
Modern AVG working with mac operating system is rubbish.
f.a.b. virgil
13:42 on 3 March, 2014
Bashi
Worth checking out Malwarebytes and Avast along with AVG. Beauty of the freebies is you can try them out and if you don’t like just remove them.
Tip 1 – Only install any one at a time as they clash with each other where there is more than 1 on system.
Tip 2 – Bin your Norton and save some cash.
HH
Many thanks , Bashi
eddieinkirkmichael
13:46 on 3 March, 2014
Bashi
http://www.avast.com/free-antivirus-mac
Many thanks, Bashi
From THE_TBK
Couldn’t possibly be a charade all of this Sevco stuff could it?
I recall MSM reporting Easedales meeting with King in SA last year?
My reply.
Yes I agree there’s something just not right about the current Rangers board wanting an outsider like King who doesn’t own shares to come in to the office to explain his allegations.
bashi-bazouks
—-
No need for any security suites with macs. Just go for it without adding anything
JJ
Celtic acting on RC Ogilvie now is a bit like fixing a leaking dam after it has completly burst flooding the valley washing away everything in it’s wake.
Club never had any intention of sorting the SFA problem.
If they wanted to they would have done so before now.
MWD in Celtic PLC I do not trust.
Folly Folly
I’m sure there’s prob a few worse on here you could be related to …???!!!
HH jamesgang
With all the talk of banning Russia from just about everything meaningful in the world……..who will sponsor the CL if Gazprom get black balled?
I think we should be told!
Folly Folly,
What can I say? It was ever thus!
I blame the exams of my big brother.
8-)
Folly Folly,
Or even example!
Guess who can’t spell mbu in 3 goes.
8-)
Bashi
Bashi
Yae dinny need security saftware wae yur mac.
Jist plug n play.
MWD
And back to work…….
Bashi
GlassTwoThirdsFull
I was born in 1978 so by your calculations I have never seen Rangers win the league fairly.
I always thought it was just the MIB and SFA that were stopping us but in the last few years it has been revealed it was much worse than that. Horrible mob.
LB
As you say, Bashi … ’twas ever thus!
Are Russia and Ukraine not planning a joint league? Never mind WW3, this could harm our chances of leaving SPFL
Speaking of options
What flavour of Jelly are you lot getting for desert tonight?
traditionalist88
Yes Calton Books and Timland will have copies of the Seville book. It will be available at CQTEN and then on sale at Celtic stores, Waterstones, HMV etc as well as online through CQN – you can pre-order now using one of these links:
UK & Ireland
https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=SUL2TY2JPQWTA
Rest of World
https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=YNUUQAPLS6GV8
BMCUW-Was at Preston for the weekend.New York on Thursday ;))
MWD
It is not Celtic but the SPFL who need to act.
Their lawyers asked for ALL correspondence relating to employee benefit trusts from inception of SPL in July1998.
D&P as Administrators either could not find or willfully witheld correspondence under the defined terms.
That corresponsdence has now come to light and the SPFL are the body responsible for acting on it or not according to what advice H&M provide.
If it were me I would say they will wait for UTT result and consider all factors at that time.
If HMRC win then ALL ebts were irregular payments which means it is no longer a incorrect registration issue but payments by a means other clubs could not lawfully use. LNS was always a hostage to UTT fortune.
If HMRC lose then only the two ebts for De Boer and Flo are irregular and the football impact of that is a lot less whilst still confirming football was cheated from 2000 to 2003.
moonbeams wd. kano 2000 \o/ supporting neil lennon 29.9%. champions. c’mon wee oscar.
14:06 on 3 March, 2014
Bashi
Yae dinny need security saftware wae yur mac.
Jist plug n play.
MWD
Excellent,
Thanks
Bashi
Winning Captains, cheers
HH
“Impeach Grimmond McCrummoch”
If they do go into admin and by cutting costs get rid of the expensive players,
Will they have to pay them either redundancy or pay off the players contracts?