Congratulations to The Kano Foundation for their magnificent fifth annual charity dinner on Saturday. The Kano story is beyond incredible and a credit to those who call ourselves Celtic fans – whether you are involved with them or not.
Well done also to everyone who participated in the Celtic Foundation Zip Slide across Celtic Park on Saturday, in aid of children’s’ charities. It was exhilarating and is sure to be repeated. A weekend without Celtic and hundreds of Celtic fans get stuck into our reason for being.
They can blame the last guys for the lack of commercial revenue streams, or for paying incompetent coaches too much money. They can even blame them for over-ambition when it came to funding the playing squad, but for all of its short corporate life, Rangers International PLC’s previous board members have been able to produce accounts on time and all received approval from authorised nominated advisers.
If the new board members are unable to deliver a nominated adviser, blaming the old board, as one newspaper tried today: “largely because of the scorched earth policy implemented by the previous board in the last days of the Mike Ashley empire – they must do so before the City shuts down for the Easter holiday”, would be both dishonest and a very worrying (for some) departure from a company which seeks to build its corporate reputation.
This entire question should be moot. Mike Ashely didn’t need to be on the newco board to exert the control he needed with an 8% share and neither would Dave King. King could easily take a back seat and appoint trusted men of stature who would breeze the nomad requirements. We can only speculate as to why King NEEDS to be on the board, and don’t count on anyone who can get close enough to King, or his PR, asking this question. The entire uncertainty is an unnecessary nonsense.
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Don’t worry the huns have a plan….
‘We’ll just no pay it what can he do’
Legal contracts don’t mean anything to zombies.
Read phil’s latest
The unsecured loan the 3 DOBears gave them was only unsecured because there was nothing to secure it against, big mike has already secured everything hahaha
Great to see Ashley still taking the p#$$….:))
Danny Wilson? Might need to toughen up a wee bit, and punch his weight for me.Reminds me of Derek Whyte..
#shudders
If Sevco scrape through via the play offs they get £342.000 from which Mike Ashley gets £500,000.
TheGift CSC
Nomad or no mas?
£500k to Geordie land HAHAHAHA absolutely feckin hilarious !!
bournesouprecipe
How can our “governing” body, the wonderfully fit for purpose SFA continue to sanction this sham of a club, it’s obvious if you have to borrow money to pay the wages every month that the club is not solvent and is a danger to the structure of the league they play in.
Ogil Campbellvie despite his best efforts at same the Orcs is having his haw maws chewed by Big Mike.
Next up on the Moonbeam conveyer belt?
Melbourne mick
Great stories .. keep them coming
To the point –
‘ I will not be resigning .I have much work to do.The players have much work to do.
‘ I work the players too hard – ? Nonsense .Hard work is doing a 60 hour week in 35 degree heat picking tomatoes for less than the price of a 2 pack of Prada underpants..’
Antonio Conte 31 3 15.
jamesgang
Any luck for Friday night?
Luis Suarez says, even though it was just in training sessions, that Danny Wilson was one of the most difficult opponents he has ever faced.
” Dani escapo del anti-futbol de dos surnames, y con la libertad de ese regimen cruel y sadistico comenzo a enjoyar su futbol againo.
Wilsony practico futbol con la alegria de un Hobbit que descubrio un tunel de escape en el centro de Mordor y que exclamo “adios, Orcs”.
Luis does, however, think, that Wilson may have bitten (2 ‘ts’, right Nir?) off more than he could chew when he joined Liverpool.
SoT
Great quote. Snaffled.
Read the AIM Message and just stopped laughing. Loved this bit at the end:
“In forming our review conclusion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in note 1 of the financial statements concerning the company’s ability to continue as a going concern. These conditions, along with the details provided in note 2 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern.”
Tin helmet on
I would like to make it crystal clear that at no time did i wish to create in fighting or disharmony among the chaps on here.
My colleagues who have praised this site for years, telling tales of how accepting CQN is and how accepting all of the Celtic community is are unfortunately not true, I do understand that there are plenty of sites I will now go and find to fill my work downtime, but I would like to thank the host of this site as I learned more about Rangers and their troubles from this site , the tax case site and that phil guy.
The rangers based sites were full of head in the sand and bravado which done the fans no good, combined with the press selling us every tom dick and fanny who were into save us.
You don’t, or maybe you do now, appreciate how lucky you were to get McCann in at the time he was needed.
So contrary to our mantra of not walking away, this bear and his shiny brown brogues have left the building.
Good luck with the treble
*****BillBear*****
BYM
That’s about the only statement in the entire spiel which can be accepted with any credibility.
Radio Clyde running a Guess the year section this morning , one of the clues was – Airdrie were liquidated in this year .
Man comes on to guess the year and says Airdrie were liquidated and adds that the last club to be liquidated was R*****s , awkward silence then quick move on to next item .
Dont know what everyone is getting worked
up on 500,000 clause.
Lying King is probabaly as we speak
and as per pre EGM war cry ripping up these
contracts and will see billionaire Mike Ashley
in court.
As my bhoy says “aye right”
Maybe they should change their motto
to AYE right from AYE ready
According to the sevco accounts, Newcastle are due £500k for the loanees if sevco are promoted …. The gift that keeps on giving …. hahahahahahaha
fourgreenfields
09:46 on 31 March, 2015
It was Duff and Phelps, the Administrators, who sold the assets.
I’ve never understood why they were allowed to do so given their role, as Administrators, was to save the business as a going concern and not liquidate the assets. BDO are the liquidators who are responsible for selling the assets to recover funds for creditors.
There’s also a strong argument to say fair value wasn’t received for the assets sold by D&P given the exclusive arrangement made with Sevco pre CVA and the haste in which the deal was done.
It’s unlikley the sale of assets to Sevco would be reversed but if BDO had the will they could peruse a revised value with the purchaser, although, this again is a complex course of action.
If the criminal proceedings against the two Administrators ever make it to a courtroom then there maybe some answers but I doubt it’ll get that far.
cv
cv
Good morinio and HH, talking about Hail, look ou East Kilbride there is one sheet load storming your way, just passed through Castlemilk there, WOOFT, it was bad.
Morinio=morning lol
“to achieve our vision of building a modern football Club founded on our traditional values and standards.”
——-
Errrrrrr………..
BILLBEAR…
does walking away. Pity. As I said yesterday,you could have been our new Ed Ursus,doyen of many a CQN dayoooooot. Guid Ayrshire lad too.
So,Billbear or Ed Ursus. You decide.
https://m.youtube.com/watch?v=Z_UGD7AazMI
Cathedral View 10:31
There’s also a strong argument to say fair value wasn’t received for the assets sold by D&P given the exclusive arrangement made with Sevco pre CVA and the haste in which the deal was done.
—————–
Not to mention the valuation placed on the assets in the accounts….
tomtheleedstim
10:07 on
31 March, 2015
Nomad or no mas?
———
Deffo the latter with this mob!
TheTimReaper – no joy yet amigo!
HH jamesgang
cathedral view
Thanks for that , there’s so much went on with that mob that I can’t keep up :-))
You know how you get these conundrums from time to time, circumstnaces that completely baffle you.
One of the most famous is Joseph Heller’s 2nd World War novel Catch 22, whereby, one could be given a discharge from combat action if one was considered to be mad, one only had to ask, but asking to be discharged from combat action proved that you were sane.
The theme is repeated in different settings throughout the novel. In one particular situation, Catch 22 is used as a justification for enforcing a particularly harsh ruling:
“That’s outrageous. I demand to see Catch 22”
“I don’t have to show you Catch 22”
“Show me the law that says you don’t have to show me Catch 22”
“Catch 22”
Now, bringing it right up to date:
RIFC is showing £3.3M in cash at the end of December.
Of that sum, £3.2M is held in Rangers Retail and, being paid as dividend to shareholders, is “not immediately available” to RIFC.
Because RIFC needed cash, they borrowed £5M from the other shareholder of Rangers Retail, in exchange for their controlling shares in Rangers Retail. They get the shares back when they pay off the loan. Simple, right?
They’ve spent the loan money.
Because they have no cash again, RIFC needs the Rangers Retail dividend.
In order to get the dividend, they need the shares back.
In order to get the shares back, they need to repay the loan.
In order to repay the loan, they need the cash.
Catch 22
HellerAndBackAgainCSC
I haven`t read this yet . One of the replies response to Phil`s latest article contained the link. It is from Kev Jungle`s hero in the DR:
“THE newly instated regime at Rangers is already facing a race against time to protect their own credibility.
Directors Paul Murray, John Gilligan, Douglas Park and John Bennett have until Saturday not only to appoint a new nominated advisor, but also to convince the regulators of the AIM market this beaten-up business is in fact deserving of a second chance and readmission to the Stock Exchange.
Now this will not be at all easy, especially given that over this last year Rangers have the dubious honour of being tagged officially as the single most complained about company on AIM’s books.
In pictures: Inside the March 2015 Rangers EGM at Ibrox
There is a strong suspicion the top brass in the City are sick to the back teeth of this Ibrox odditorium.
That they have been embarrassed by it once too often and, having already suspended their shares, would rather wash their hands of it good.
Of course, Murray and his men cannot be blamed for any of this. On the contrary they have taken on the job of cleaning up the mess others have left behind in the board room and are discovering now the full extent of the toxicity of their predecessors.
They ought to consider ditching the standard issue blue blazers and brown brogues for a while because, while this process continues, they’d be better off in full-on chemical protection suits.
Newcastle United owner and Rangers shareholder Mike Ashley supported the old board and is still a major player at Ibrox
There seems no reason to doubt they are acting in good faith but they are also operating in a quagmire which has been created by all manner of chancers and charlatans over the last three years.
And yet the fact remains should they fail to deliver on either of the above then Rangers will be de-listed which is precisely the scenario the new board have been battling to avoid ever since being voted into office by shareholders on March 6.
While a delisting might not ultimately prove disastrous to their long-term plan of rebuilding a football club it would none-the-less come as an unwelcome blow to their hopes of restoring Rangers’ reputation and standing.
For that reason alone it’s a situation they would far rather avoid. But time is not on their side. Not only must they convince the market regulators that Dave King is a fit and proper candidate to run the club as chairman, in spite of all those tax convictions in South Africa, but they must reassure the men in London that Rangers are no longer going to be more bother than they are worth in order to have their suspension lifted.
And – largely because of the scorched earth policy implemented by the previous board in the last days of the Mike Ashley empire – they must do so before the City shuts down for the Easter holiday.
There would have been no need for such a rush job had WH Ireland, Rangers former Nomad, stuck to their promise to oversee an orderly handover to a new firm of financial experts.
Instead, on March 4, they pulled the rug out from under the feet of King and Murray by resigning from the position with immediate effect.
As far as King and his group were concerned this was a completely unexpected move. But it may not have come as such a shock to the likes of Derek Llambias and Barry Leach who, with just two days left before being wiped out at an EGM, were doing their best to booby-trap the boardroom as a welcoming present for the new board.
Somehow they managed to blow £300,000 on organising that shareholders vote and of course they also signed up a job lot of players on loan deals from Ashley’s Newcastle without stopping to think a medical or five might be required.
The serious health issues surrounding one of them, Gael Bigirimana , is another incendiary device that was left ticking in a corner of Murray Park.
But it was the resignation of WH Ireland that really set the clock racing because from the moment that bombshell went off, Rangers were tied in to the 30-day period that will end at close of business on Good Friday unless a time extension is granted over the bank holiday weekend.
King cannot play any part in this drama until such times as he is cleared to take on the chairmanship and that will also require a fit and proper pass from the SFA which, again, adds to the general picture of confusion behind the scenes.
This new board has taken on a great deal, perhaps even more than it realised, and the first three weeks in office have been quietly chaotic.
Not much has been said at all by the men in charge and even though interim chairman Murray spoke out through the club’s website on Friday in an attempt to fill the void the truth is he was able to say not much at all. It will probably remain so until the big issues of this week have been dealt with, one way or another.
That’s the problem with campaigning on a ticket of openness and transparency – saying nothing is simply not an option even when it’s a great deal easier to keep schtum.
As things stand, Murray has five days left to negotiate with both the authorities at Hampden and in the Square Mile and also to tie up the business of replacing the Rangers Nomad.
The biggest task of all might well be to convince the Stock Exchange there should be a place for this club to trade their shares on the market.
This is the job they signed up for when they said they wished to cleanse Rangers. Three weeks in, they’re going to need a bigger bath.”
JJ
JUNGLE JIM HS
“cleanse Rangers”
I reckon they should use the Red Adair approach to oilwell infernos.
Nitro-glycerine,blow it all tae f………
Have now read the `article` and there are some crackers in there but, for me , this paragraph expresses the intent of the piece:
“Of course, Murray and his men cannot be blamed for any of this. On the contrary they have taken on the job of cleaning up the mess others have left behind in the board room and are discovering now the full extent of the toxicity of their predecessors.”
JK
Next time I sell a property I’ll be asking for the valuation to be done by the person who does the surveys at Ibrox.
cv
BMCUW
To `cleanse Rangers` (sic/sick) would be as easy as taking the salt out of the oceans .
JJ
JUNGLE JIM HS
Gonna need a bigger desalination plant!
CC
Would that be the £5 million, £40 million or £120 million evaluation? 0:-)
JJ
CV not CC
BMCUW
Too true.
I think, for the first time in the whole Rangers/Sevco fiasco, I am beginning to think they really will disappear.
JJ
Too much `thinking` !!
bankiebhoy1
09:16 on 31 March, 2015
“…………..after tax,…………………………..”
:))))))))))))))))))))))))))))))))))))))))))))))))))))))
:)))))))))))))))))))))))))))
:)))))))))))))))))))))))))))))))))
;)
There yiv went and done it again :)))
Coffee spluttered.
Hun sitting this morning thinking of the days before “Newmedia”when they could print anything and it got spun as good news then,
buried,then along came “educated Timmy” and his bampot mates and shone the light on their delusions and highlighted just how much nonsense they are talking.
Ps I wonder who wrote that for “the quiff” Murray to put his name to.
“they owe Newcastle £500k if they get promoted”
the gift that keeps giving, I will now pop onto twitter & TSFM and witness their statements shredded remains
No luck Huns we are watching you.
Just clean out the 6th floor at Hampdump and our results would be so much better though.