Companies have a statutory duty to produce financial reports in line with commitments made to shareholders. The failure of Rangers to fulfil those commitments was put down to a lack of clarity over the future outcome of the on-going tribunal with HM Revenue and Customs. As a consequence of this failure, trading in Rangers shares have been suspended by the Plus Stock Exchange.
The Plus Stock Exchange also told Rangers broadcast partner, STV, they were “currently conducting an investigation into the circumstances under which Craig Whyte’s seven year disqualification from acting as a director in 2000 were not disclosed at the time of his appointment to the board of Rangers FC on May 6, 2011”.
Rangers today suggested there was “little, if any, tangible benefit for the club to be a listed company”. This may be true but the benefit of a listing is heavily weighted towards shareholders and creditors, who should have received structured financial information in a timely manner. Shareholders have also been denied the opportunity to attend an Annual General Meeting, which, in line with stock exchange rules, should have been held before 31 December 2011.
Many of you have watched Rangers speculate wildly for over two decades with the feeling that they would crash and burn. This has been a painful period for those who follow clubs who stick to budget, unprepared to take a seat at the roulette table. The day of reckoning draws closer.
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James Forrest
I read your exchange of information with TBB on Saturday and very illuminating it was too. Indeed I have never seen or heard anything approaching this in any newspaper or other media outlet.
Much of the discussion on CQN has focused (quite propertly) on the issue of administration and what, if anything, can be considered the property of Newco. Having read Saturday’s exchange, it appears that the legal issues which such an event raises are extremely complicated. It is certianly not the case that vote of the SPL committee will be enough to steer Newco neatly into that position which was formerly occupied by TFOD. Incidentally, am I now the only person on this blog who refers to them by the aforesaid acronym?
There is also the Whyte factor to consider, His less than deft handling of matters in the past few months, and cack-handed attempts to conceal his past, do not suggest to me that he is particularly capable of negotiating his way throught the legal and procedural minefiled which beckons. This is new territory which Scottish Football is about to enter and there is no map to provide a clear path to the other side. Unless there is extremely careful planing in advance of the admin. event, the SPL’s decisions re licensing and so forth may be open to challenge by any SPL club. This means that an interim interdict to prevent Newco from begining the season in the PSL might be granted even at the last moment. Once you consider who is in charge of the ship, namely the MBB himself, the prospects for this winding in a legal quagmire are almost endless.
I have one concern. I anticipate that there are discussions going on right now by way of a “back channel” with both the SPL and SFA to try to ensure that Newco have a smooth path into the SPL for next season. If so, I would hope we are also involved in this process albeit indirectly. At the very least I would hope we are taking legal advice at this stage to see where the procedural obstacles lie. If we know where the elephant (gorilla?) traps are, we can send Oldco right towards them.
Paul/anybody
Ordered paper copy of cqn mag on Dec 21st and still no sign of it………..any update?
Some musings on RFC,RTC and the MBB ,
what if ….
Rangers pulled the plug b4 the cup-tie with DU ?
they would
maximise revenue from player sales
maximise the revenue from that game (except for tv) by having all the tickets paid for by DD for SB holders
protect the fans whose money would be protected by the DD guarantee
convert DU to creditors , to the tune of £500K since they wouldn’t get their half of the gate
screw the banks for approx £1M who would have to reimburse the fans
Additional , there MIGHT be difficulties with Jan’s salary payments .
Of course , this is all just the musings of a bored mind.
Explain to me , what’s not to like if that’s how you operate ?
HH
Sanna
When are the huns due to pay our bill for damage to seating and to toilet facilities? That must run to quite a sum!
If they are still around when we are next due to play them at home we should demand a deposit be paid upfront to cover any likely damage – along with upfront payment for their ticket allocation.
Starryhope
Ernie
Whats the alternative? – irish heritage centre?
Paul67,
It has taken a long time for them to get to this point but thankfully it is nearly over now. Good riddance to bad rubbish.
Not quite 15 to 1.
I’m getting very worried for our players safety on the pitch, yesterdays referee the latest in a long line of pathetic officials who are letting opposition players away with bad fouls without even taking action. We have lost Beram to a very bad injury and we should be asking questions about these officials. It is possible that BK might never be the same player again because of his combative style in the middle of the park. Some of the stuff the referee was letting go yesterday was ridiculous.
Phil Macs article last year had high hopes John Fleming would do a good job as referee development head, surely he is watching the same pathetic attempts at officiating that we are. We should be demanding more protection for our players.
Peter Cook and Dudley Moore help us bid A not so fond farewell to Der Hun
A song for Der Hun
Soup taking Hugh and Spiers on Snyde tonight.
On the goal line technology
only 9/8ths of the ball was over the line, so no goal
More pearls of wisdom from the man who said this season’s league race would be over if Rangers opened up a 10-point gap…
Former Rangers striker Mark Hateley, who still works for the club, today urged supporters to show faith in Craig Whyte.
“It’s not been the easiest of takeovers because of all the ongoing debts and uncertainties of the debts,” Hateley said.
“You have to dig in there as a supporter and just try to see this storm out. It just seems to be one storm after the other at the moment but we have to believe in the chairman and the way he is taking the club and, at the end of that, that’s where he will be judged.
“There have been a few eyebrows raised since he’s been at the club with the way he’s done things and the way he has upset a few people shall we say. But it’s his club and it’s his club to be run the way he wants it to be run.”
I see Rangers FC 2012 has already registered its web site.
http://www.rangersfc2012.co.uk/
Steinreignedsupreme says
Heard the halfwit doing his Foghorn Leghorn impression on the news,a muppet.
ernie lynch says:
9 January, 2012 at 17:16
bournesouprecipe says:
9 January, 2012 at 17:11
‘Police have drawn a Blanc in Antony Worral Thompson allegation.’
——–
I have to quote the late great Humphrey Lyttleton…..
Antony Worral Thompson appeared on an advert for a packet of sausages…..the instructions said ……prick with a fork……..
The Orcs are going mental about us potentially stealing “their” Albanian Messi. Hardee hardee haar!
Paul67 – glass half full doubting Thomas reporting for duty.
To follow your analogy. Yes I believe Rangers will crash however, I doubt if they will burn and I firmly believe there will be ‘a Rangers’ (not Berwick) in the SPL next season. The establishment will ensure that this is the case. UEFA will do nothing.
The worrying thing is that it is not outwith the bounds of possibility that they will win the league this season.
We need to continue our winning streak and make certain that them winning the league this season IS outwith the bounds of possibility.
Barcabhoy says:
9 January, 2012 at 17:54
Caught red handed and they draw a blanc?
How does that work?
And I’m sure there’s a joke in there somewhere involving Samantha and a St Emilion.
!!Bada Bing!! Kano 1000: 9 January, 2012 at 17:53
He is a ludicrous character right enough. You would have thought his wife or weans would have told him how ridiculous he looks with that earing as well.
Reading today the Inverness our bogey team lie in wait for us.
I think the Pars may be putting a few if these stories on the dressing room door.
A friend just asked if Antony Worral Thompson was that guy from ready steady crook?
It’s the same guy who on hearing that lady Diana was killed by paparazzi, ask if that was the big fat opera singer. Who need enemy’s with my friends.
Lol I love the notion, again, that the “establishment” will help them out.
The same “establishment” was meant to come to their rescue, but they ended up with Whytey. The “establishment” was meant to assure the tax case never saw its end with Rangers in turmoil. Yet here we are. The “establishment” was going to assure they came to an understanding with Lloyds over the debt. Yet that debt was not waived until Whytey or someone assumed it, and it remains today. The “establishment” was supposed to assure their continuing dominance of the Scottish game by letting them carry on as before. Yet they are discussing scraping together a few beans to sign Francisco Sandaza. The “establishment” would never have let them end up in court more times than a sheriff officer, would never have seen them have un-audited accounts, would not have let them be struck off for it …
The “establishment”, it is coming to their rescue, is fair taking its time!
The “establishment” has to consider a couple of things.
This is not a football club that was poorly run and couldn’t pay it’s bills. This was a company which commited fraud to gain an advantage. The “establishment” cannot write a company which does that a blank cheque.
No-one is coming to their rescue mate. The “establishment” has bigger things to worry about right now.
I grant you Scottish football will bend over backwards to accomodate them. But sooner or later, someone, somewhere, is going to have to write a big fat cheque and I would stipulate that if that person existed Trotters Independent Traders would not presently own 85% of the club, and be taking them into darkness.
Good evening fellow tims,
Came home from work tonight and my little border terrier I’ve had since I was 8 has died, I’m absolutely heartbroken! The wee guy was getting on a bit and had been struggling lately, so I knew it was a matter of time really! Just had to phone the missus and that was just as bad as finding my wee pal. Broken hearted, got to go to the vet when the other half gets in.
My dear,dear,dear,friend… Petec
Hiya, palomine?
Yep..
Ye hiv Gubbed the NUB..o’ the Problem..
The Problem being ,of course..
The HIGH RATE of Injuries, which are being Sustained(Great Woid.. Pal.!..ed) By oor Players, when playing..
ither Teams.
And the Nub,which ye Gubbed.. is
OOR PLAYERS DAE NOT ENJOY the Amount of Protection..or…the Un-Protection.. fae Mayhem and Dirty Pool… Given tae oor Mortal Enemies…
Protection…is No being Fairly Meted oot, tae US… by the Scottish Refereeing Comunity.
Fur a while ,there..
Ah,like, ithers . hid Mistakenly blamed the Enormously High Number of
Injuries, which Oor Players were No Enjoying…oan..
well.. Everything ,but…. the Real Reason..
Which is. simply
Oor Players are Suffering Mightily Fae the Punch and Judy Treatment.. dished oot, by the Elbows. Shooders and Feet ..of oor Weekly Opponents in the S.P.L.
And those Guilty Cluggers are escaping, wi.. Soft Ball. recriminations,and Reprovals… from the Refs.. during those encounters.
It has gone well. past the Pantomime Stage!
Yep..
Verily,Mon Vieux..
Ye hiv Hit the sweet spot..or sore Spot, rather.. in your Accusations of the excess amount of Dirty Play, which is being allowed tae be Perpetrated against oor Players , with Impunity, by oor S.P.L. Brethern… check that.. Enemies…(Bettah, Much. Bettah!..ed)
Nice chatting.
Kojo,
yer pal..who likes ye aloater
Sir Kojo.
‘So who is oor best newcomer…?’.
Curiously,you omit our ever reliable Welsh Dragon,Joe ‘Steady’ Ledley,from your list of our Glittering Riches.
Good! Going on previous form,we can expect a Match Winning performance from ‘Steady’ Joe this weekend,as he has reacted to your previous snubs with alacrity.
Help,Virginia ! The Lesser Spotted Kilbowie Korncrake will be poised to swoop down and peck your ‘een out…
RATM says:
9 January, 2012 at 18:13
sad to hear your bad news RATM
RATM
Sorry to hear that mate
RATM says:
Best wishes fella.
just loved the STV reporter from outside Ipox this minute, described the suspension of trading in Rangers as a ‘shiteshow’ before correcting himself to say ‘sideshow’
James Forrest
I sincerely hope you are right mate but I’m afraid that 44 years of following Celtic and watching them get away with murder makes me feel that (as usual) they will get off lightly.
RATM says:
9 January, 2012 at 18:13
Sorry to hear your bad news.
hunSTV spouting the Chelsea link up,AVB then said nothing to back it up
Just heard that Neil has confirmed his interest in Salihi.
Keep the Faith!
Hail Hail!
Caller on Clyde right now stripping Keevins of his knickers.
Fantastic. Keevins writing his usual tripe, getting pulled up for it, and flapping. Guy nailing him on writing crap about Commons and Lennon.
“There was speculation …” said Keevins ….
“I thought you didn’t deal in speculation?” says the guy haha.
Oh yes. Flapping. Wriggling like a worm on a line. Idiot.
Who’s this clown on the phone in now…. An angry wee man!
!!Bada Bing!!
you see that in a shop ?
aldersyde avenue says:
9 January, 2012 at 18:19
I think Rangers Cheating FC will be back. I reckon that the timing of all of this is not within the control of MBB and Huns. The HMRC can impose sanctions on the Newco. Celtic and other teams can delay with legal actions. These all take time and do not fit easily into the football calendar.
I think they could spend a year in the wilderness.
Good evening and a happy and very belated New Year to Paul and all CQNers.
Been away from the blog for a while due to a bit of a health thing but it is good to be back reading again.
The first thing i have to do is put my hand up. I was in a taxi in Lisbon, on the way to the Estadio Nacional, a trip i wanted to make all my life. The taxi man checked the score, told us we were 3-0 down at Kilmarnock, and it was with that in mind I walked on to the turf there.
I won’t say it ruined it, because when you’re there nothing takes 1967 away. But i was angry as hell after. Snarling at anybody who came within range that Lennon ought to get that lot in a plane, take them over here and tell them what it means to play for the greatest club in the world.
When somebody told me it ended 3-3, i was still harrumphing. So what.
Well, so what, now, is a 17 point turnaround, a young team that’s finding its feet, some truly fine performances, not least in Europe, and a manager who is getting better and better at the hard bits of the job.
I came horribly close to losing the faith in us. Even on the turf at Estadio Nacional, when i was telling a couple of accommodating non-Tim mates to take up position outside the box so that we could re-enact the move for the winning goal (I was Stevie Chalmers – just got that nick to put it past Sarti at last!), i still thought it was a salute to the past.
I don’t feel like that now. We have a young and talented side and a young and talented manager and we are going places. Hopefully out of the SPL too, ASAP.
As for the Huns – much as i want them to crash, burn and cease to be, they won’t. I don’t care about 25 point penalties, or Newco Huns, or OldcoHuns, or their fellow-travellers and establishment lord protectors.
In this age they are an irrelevance and an embarrassment to their country.
We don’t need them. The world likes us. The Huns, however, need us. All we have to do is to stop playing their game. Think about the Celtic. Leave the huns to wither and die.
Sorry. I will now get back to being ill.
Hail hail
Good evening friends.
feedthebear @ 17:25 – I received an email to say the paper CQN mag will be posted out this Wednesday! Think it’ll be the download version for me from now on.
Jobo
My dear,dear,dear,friend.. The Singing Detective.
Aha. that wiz a Guid. “Gotcha”.. fae you,tae me…pally..
Yep. Ah did Omit . the Steady Wan.. in Ma List of
Candidates ,in Ma Question.
Ah made a Boob.
Ledley,is noo. firmly ensconced in the Panoply of Celtic
Potentially Great Greats..
Ah plead Guilty tae being Guilty, o’ The Sin of Omission.
And the Addition of Ledley… Adds anither One Hundred an Seventy
Pounds, o’ Truffles… tae the already Monumental Valuation o’ oor Young Guns.
Nice Chatting.. as always, palomine.
By the Way../
Ah see You mair as
The Wise and Drolly.. Sam Waller.. tae Ma.. Mister Pickwick…
than.. Your Suggestion of Last Evenin…
Right?
Kojo
Yer pal.who thinks yer Pixilated.