Its seven months since the Worthington Group, who represent the interests of Craig Whyte, reported Charles Green and Imran Ahmed to the Serious Fraud Office over the ownership of Sevco 5088 Ltd.
Sevco 5088 Ltd bought and paid for irrevocable rights to buy the assets, including Ibrox Stadium and Murray Park, of Rangers Football Club PLC, in liquidation. Those rights were subsequently assumed by a different company, Sevco Scotland Ltd, now called Rangers Football Club Ltd, who are a football club in the third tier of Scottish football.
The question is, how did Sevco Scotland acquire those rights?
When this question was raised back in April, it was reported that Rangers International PLC instructed Pinsent Masons to investigate the matter, but instead, Pinsents reported on whether Craig Whyte was involved in Sevco Scotland Ltd, a company he claimed no connection with.
The BBC, who broke the story yesterday evening, suggest Police Scotland are investigating if Craig Whyte is still involved with “Rangers”. Although this would break the terms of Newco Rangers entry into Scottish football, it is not, of course, a crime, nor something the police would concern themselves with.
More importantly, the BBC suggest police want to speak to Charles Green, former chief executive of Rangers International PLC, about a document submitted to Companies House. The dispute over the ownership of Sevco 5088 Ltd has played out through documents submitted to Companies House, not all of which can be legitimate.
Perhaps the biggest challenge of all to the Newco is that these matters have a history of taking a long time to resolve. Time is not a commodity a company without bank borrowing or positive cashflow can afford.
If only any of us saw this coming………
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CQN Annual is shipping this week:
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Doc says Vive La Resolution 20:03 on 12 November, 2013
ACGR, what time will you be getting it cap on Friday?
…………..
Doc, run that one past me again please?
Is there any source for the LSE / press conference rumours other than the spoof Spiers twitter account?
bada bing- there’s a Spiers spoof (careful how you say that) twitter account that always catches a few out.
kikinthenakas
get that phone aff or the safety bhoys will get ye…
I can be at the sou gen tomorrow drop me a pm on FB with ward details and ill come over steal your sweeties
HH
Ghuys,
I’m sure you will all wish Kickinthenakas a successful operation tomorrow, his Hip. He will not be able to join us on Saturday for Beers in the Beer Café. For those than can, see you from 14:00, Merchant City.
Keep the Faith!
Hail Hail!
oldtim67
20:11 on 12 November, 2013
He has already confirmed to me that he will have his phone with him.
Keep the Faith!
Hail Hail!
Kickinthenakas, before they pump you full of gas and start hacking bits off you, can you answer a quick question for me please.
How long does it take for a jelly to set?
Good luck with the op and nae manhandling the nurses.
HH
ACGR, spellcheck!
CP as in Celtic Park, AGM.
Frantic07 @ 19.19
Kojo?
ACGR, I know some of the nurses in that ward, hairy big men they are.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS @17:00
“The way I read it at the time,and now,is that no-one is entitled to any form of opinion,much less a dissenting one. Pay up,sit down,beat it.
We apparently don’t know enough about the game to form an opinion.”
Bobby, Sorry I had to leave unexpectedly and left our debate unfinished.
I realise, from the above quote, that this is the way you feel, having read his post. However, I can see nothing in his words that say “shut up” or “sit down” or “beat it”.
He does suggest that most of us do not have a well informed opinion on the background issues to be so cocksure in our condemnations.
In essence, the message I take is, “your opinion is mince” not “your opinion should not be heard”. In either case, he has no power to limit your ability to criticise.
There is such a lot of criticism on this site about our players and manager. The critical traffic after a draw or defeat is out of all proportion to the praise received after a victory, unless it happens to be an extremely unexpected one like Barca.
Behavioural Psychologists say that, if you want to influence behaviour, you should give 4 or 5 positive statements for every mildly critical one you make. Scots people tend to reverse the ratios and say ” You’re a complete waste of space with mad ideas, no dress sense and terrible teeth but I quite like you.” That’s damn near a Scottish Love Story.
When we come on here gutting our players and managers, some people who like those guys are going to disagree. If the guys getting their lumps in, complain that people disagreeing with their views are trying to censor them- they are playing the Kojo card “poor, poor, pitiful me! You’ve all got it infamy!”
Some of us love the players and love the manager. We feel hurt when we consider the criticism over the top or uninformed. We reserve the right to criticise the critics, if we feel it is justified.
That seems fair to me.
If we are to believe the volume of traffic evidence, then the mineshafter view has a lot of support. The responses of a few happyclappers like me, gerald, Sandman, 67 Heaven and others is really no threat to the “Celtic are rubbish” tendency.
But, of course, there are 57 shades of happyclapper and mineshafter views out there from moonhowler to boring bassa.
We will continue to hear from both the thick skinned and the thin skinned varieties.
The Battered Bunnet
13:44 on 12 November, 2013
Oglach
Actually, that’s a common misconception – that Sevco/Rangers will continue to exist regardless of Police action/prosecutions and whatnot.
Let me try to explain.
First up, it’s an implied condition of every sale of goods that the seller has the right to sell the goods in question. I cannot sell anything to you if I do not have the right to sell it myself.
A long time ago, in a galaxy far, far away…. in the constellation If Major:
D&P entered into an irrevocable agreement to sell the business and assets of ‘Rangers’ to 5088. Unless – and it remains possible – 5088 properly waived its corollary right (and obligation) to purchase the goods, D&P were not entitled to sell to Sevco Scotland Ltd. They did not have the right to sell the goods to anyone other than 5088.
Unless there was/is a clear waiver of those rights, 5088′s rights remain.
While the matter of Land Registry will impact upon the proper ownership of the heritable properties, the Intellectual Properties bundles up in the ‘business and assets’ – and critically the right to use copyrights and trademarks of ‘Rangers’ and to trade as ‘Rangers’ – are easier to deal with, and the prospect remains tangible that Sevco Scotland Ltd has properly acquired no such rights, and consequently…
…the team playing in blue at Ibrox Stadium lately is none other than…
…the Sevco Scotland works XI, the same entity who obtained SFA membership under curious circumstances last year.
Now, from the Police perspective, they have 2 issues to deal with:
1) Were the shareholders of 5088 fraudulently deprived of their rights? (It is possible that they were but the circumstances warrant a civil remedy rather than a criminal one).
2) In such an event, there is the small matter of the subsequent IPO of shares in the Sevco Scotland parent company RIFC plc to deal with. If Sevco Scotland doesn’t have title to the assets, quite what were Charles and Imran selling to the city? Naughty bad.
From the football perspective, if Sevco Scotland does not have the right to trade as ‘Rangers’, then ‘Rangers’ hasn’t kicked a ball since May 2012, and the last season in Scottish football hasn’t happened.
It’s referred to here and elsewhere as the Pamela Ewing’s Dream scenario.
It’s all utterly opaque of course at the moment, and a possible outcome is a private settlement, whereby the shareholders of RIFC plc will require to compensate the shareholders of 5088 for their losses – a share of the IPO should do the trick, say £20M? How much was the Ticketus loss by the way?
Nevertheless, whether it is likely or unlikely, the prospect is sufficiently serious for RIFC plc’s auditors to issue an Emphasis of Matter Statement on the topic to the effect that… the issue is serious and unresolved, and critical to the business going forward. Be Careful.
King, McColl, the list of apparent Rangers men who would save the club, won’t put up a thin dime to do it because they appreciate the danger that has arisen from the matter at hand – they too have absolutely no idea what they would be investing in.
RIFC plc is a pig in a poke, and only once the poke is opened will they, and the rest of us, know whether it’s pork or pup inside.
=======================
I wondered at the Pamela Ewing reference on Twitter :).
Excellent setting out of the issue and how the later statement by Rangers does not change the seriousness of the issue.
Evening Fellow CQN’ers
I sincerely hope UEFA do look at what happened on the streets of Amsterdam on Wednesday night.
We, and other Celtic fans, will be only to happy to provide them with statements, photographs, video excerpts and lessons on the law which may well lead them to an obvious conclusion.
CQN Magazine will be with you very shortly and it will show quite clearly what happened, when it happened, why it happened and what steps they should take to ensure that it doesn’t happen again!
There is lots of other CQN News coming your way so stand by your bunks.
By the way, the mental image of a certain someone splashing themselves all over with Ambre Solaire on the Rest and be Thankful is really not a good one!
Doc says Vive La Resolution
ACGR, I know some of the nurses in that ward, hairy big men they are.
Aye and thats just the females.
Jack Irvine’s been a busy boy toady. Phil has retweeted a comment on twitter, saying the Daily Retard has an anti-Celtic spread tomorrow, coinciding with rumours of press conference at the shit-hoose!
Is it finally crumbling?
Ice cream and jelly at the ready!
HH
Doc, hope to be at CP half an hour before the start of the agm. I’ll probably leave here about 07.30 to be on the safe side. I’ve booked a hotel for the night as I believe there’s a bit of a shindig planned………………….not that I’m into that sot of thing:)
Durtystopoot.com
Paul67
While gazing out the 2nd floor window in Braehead office today I witnessed a huge double rainbow over the yards at Scotstoun , really vivid, special even.
that got me all mellow man
Guy reporting it on twitter is called @DanielOConnel18.
It’s the nurses in the southern I feel sorry for…:)
Paul67
We went up to Inverary last weekend. I informed the Minx that the particular stretch of road we were about to travel on was called ‘The Rest and be Thankful’. She thought it a strange title and a bit excessive.
She knows now!!!
Durtystopoot indeed.
I’m working, therefore driving, but will be attending the ole shindig.
CSC London Road last time I read anything.
CQN Annual complete
Laura from HCPT group 77 here ( and I’m not from Cowie :-) dad ) so call me HCPT Ghirl lol
To all those who have contributed to my HCPT Appeal a HUGE thanks it is so humbling and a very lucky little girl will have the time of her life in Lourdes with HCPT 77 because of the CQN family generosity.
A special thanks to those further a field that have donated including Antipodean Red – from the other side of the world in Oz! P.s my dad says he hopes you don’t win cause it will cost him a fortune to post it to you haha!
Anyway, can those who have made contact and wish to participate send confirmation to HCPT77@hotmail.co.uk
There is still time for those who would like to join in on this fundraising, all you have to do is send an email to the above.
We are hoping to have the draw on Thursday night around 10pm as my dad thinks you will all be busy eating jelly and ice cream tomorrow night haha!
With heartfelt thanks,
HH and God Bless
Laura :-)
Johan Murdoch, aye, poor nurses.
Che, if any of them lurk you’ll be in bother.
one of those Kids have the funniest test paper answers were published in one of the papers today
subject – geography.
Deserts can be described as either very hot, or very cold.
Name one of each.
A. A hot desert could be custard, A cold desert could be Jelly and Ice Cream.
For goodness sake, when are Celtic going to ban the Daily Retard ?
50 years ago this month, the President of the United States had his head blown off in broad daylight.
As is to be expected, there are those who will passionately argue that this event is of little historical significance.
What is somewhat surprising is that those who argue thusly include some of the most respected academics and researchers of our era, yet the picture that emerges from the historical record is one fundamentally opposed to that painted by the critics who argue that his death was of no significance.
Up and to the left
Jim Garrison CSC
Let the Rectum in…………………….just don’t buy it.
Doc, the CSC London road is a no go. Morrissey posted last night they had double booked, he’s looking for an alternative.
If you turn up there after the AGM there’s a pensioners tea party going on where we should have been listening to Billy NoWell.
These pensioners could be a decent gig though:-)
Hopefully Morrissey will find an another suitable venue where BN can entertain us.
Doc
there are lurkers amongst them and they currently make my life a misery
having kikinthenakas on their ward is an ideal form of retribution
Chairbhoy
Thanks for sourcing the quote from gerald criticising Paul67’s Karagandy report.
However, having just used the word “behoves” myself ( I am not related to Mr. 766 nor have I met him) in a reply to PFAyr the other day, I think you are reaching in seeing signs of intimidation or threat in that. The idea that I would seek to threaten PFAyr, who looks like a prop forward, is beyond a joke. I could maybe outrun him but I would not fight him :-)
You may feel you were threatened personally in a post you cannot locate but I cannot say it is a typical tactic on here where there is more bluster than bite, thank God.
Anyway, there will be no limit put on criticism in CQN. I predict a successful season for Celtic domestically with another double (Europe, I fear, we may not be successful) but I also predict a rising stream of criticism because we are losing interest, patience and perspective as fans, and we are taking this out on the players and manager.
I fear it will worsen with the effect that we may lose a successful management team sooner than we might otherwise do and we risk going on that cycle, beloved by failing clubs everywhere, of chopping and changing manager and playing squad every 9 months like a hyperactive whirling dervish during a Rytalin famine.
Bhoys
Thanks for all the kind words….if their are any nurses lurking….be gentle with the bed baths….
Please let me wake up ramorra to another Armageddon event down Govan way….I’ll blame the anesthetic if it happens or not!
Kikinthenakas
Didn’t see Morrisseys post, will keep an eye open for the alternative, we’ll find out on the day I dare say.
Che, you deserve everything they dish out:-)
Bournesouprecipe
Yes the CQN annual is not only complete but I have my copy and it is a cracker.
It is as heavy as hell and anyone who is given a good skelp with it will have a very pleasant sleep for a prolonged period!
Seriously though— The way the The Winning Captain produces these things is astonishing.
There are new articles in there by myself, Phil, and a few others.
Some of the features and the research contained in the annual are worthy of a Sunday Supplement.
There is charity stuff, Samaras feature, team of the decade, a reply to Four Four Two Magazine, historical pieces, supporters features and lots more.
Paul67 will be on tonight with some stuff to say and he will give you the links for the edition of the magazine which is… well…. a stoater!
But beyond that……. there’s still more…… as Jimmy Cricket would say!
Kik
Speedy recovery mate.
I’ve also just discovered I have an insatiable appetite for jelly and ice cream.
asonofdan
19:55 on 12 November, 2013
This guy Christian Visser sounds on the ball, sounds like he’s come across these ‘police officers ‘ before. Hope the 2 bhoys get out before the 21st HH
never a dull day
good day at work, bad day at work,
personal life in shi*
personal life on a high
there’s always life in cqn, loved reading back today