The very last thing anyone connected with Rangers wanted to read this morning is that Andrew Ellis, Craig Whyte’s former associate, is suing the Rangers owner for 24.9% of the club’s shares. This puts a further legal impediment in the way of any potential transfer of shares or stadium assets from Whyte to a new party. It remains to be seen if Ellis is in a position to legally enforce his claim however the veracity of his claim may be moot.
Prospective Rangers buyers do not have time to spend in court hearings and appeals before the start of the new season. If a phoenix (or even a CVA) is to be put in place it is likely that those with a claim, any claim, will need to be satisfied.
This development comes a week after Whyte transferred the security over Ibrox he holds through Rangers FC Group Ltd to Liberty Corporate Ltd.
Legal issues over ownership of shares and assets aside, Rangers’ administrators still have to deal with creditors, in particular, HMRC, who will soon learn if their tax demand against the club has been upheld by the First Tier Tribunal, and Ticketus. Duff and Phelps were denied the right to set aside the deal which Ticketus struck with Rangers to buy thousands of seasons tickets, leaving a path open for Ticketus to present a legal challenge to any deal which does not recognise their interests.
Chances of an early exit from administration appear to be diminishing by the day. Motherwell were in administration for four days short of two years between April 2002 and April 2004. If Rangers are not out of administration on the morning the new season kicks off they would start on minus 10 points.
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Dontbrattbakkinanger – I hear you can still get free succulent Pot Noodle from Craig Whyte… if you can find him. (thumbsup)
Dontbrattbakkinanger on 10 April, 2012 at 13:19 said:
If it hadn’t been Joe O’Rourke it would have been someone else-
=================================
Oh well thats ok then!
It would have been no more acceptable for anyone else than it would be for Joe O’Rourke. If he wants to represent himself, do it under another moniker, if he is associated with CelticFC then his thoughts are represented as those emanating from either the club or its supporters.
Dontbrattbakkinanger on 10 April, 2012 at 13:19 said:
If it hadn’t been Joe O’Rourke it would have been someone else- all the Hunguffers are desperately looking for anything which puts Celtic [SPL Champions 2012] and their support in a bad light, to distract from events at Minas Morgul.
It’s impossible now to find any Scottish journo who enjoyed succulent lamb- heaven forfend!
They’re all lifelong vegans!
—
Didn’t take you long to catch up.
Loovens contract up at end of season. There a bonus today!
Just hope we can get Murphy & Rasmussen out the door as well.
Paul67,
Joaquín Boghossian , young chirs sutton in the making. That shold be our main target in the summer. Would be dynamite !!
On the Titanic issue
I’ve already posted on this, but some of the comments on here today are absolutely unbelievable, and I take no joy in saying so.
Let’s be clear. The “joke” in question never mentioned bigots. It never mentioned a sectarian employment policy at the shipyards. It said the word “Protestants”, and the reply from Joe O’Rourke didn’t mention bigots either.
It’s clear to me that it’s a sectarian joke. Catholics were building an iceberg? What does that even mean? Why is that funny? Why is a disaster that killed 1000 people, INCLUDING CATHOLICS, funny?
As a Catholic I find the joke offensive. I find the reply offensive.
The joke is sectarian. The reply was shocking. There is no defence here, none, and those attempting one are way off the mark.
iki on 10 April, 2012 at 13:17 said:
Thomthethim
Great minds? Or fools?
You were right the first time.:>)
Now Dudd & Fudd have published the full list of creditors what would be the reason for the audited accounts still being held back? The only things I can think of is that it may show payments to Duff & Fudd pre admin or the going concern notice would mean that they are currently trading while insolvent.
I think the Celtic plc Dilemma quandary tizzy is about to begin. I have noticed that the slow build up to the idea that Rangers IA will somehow be with us next year at the start of the new season.
For me this is already too late. They have failed to present the financial criteria that needs to be met before the March 31st deadline.
If Rangers IA are playing in the SPL next year and Celtic participate in it then that will be the end of a life long love affair
AND I personally have never spoken to a Celtic fan that does not feel EXACTLY the same way as me
so it is going to be interesting …. I just hope we dont blow it after playing it so superbly since Dougiegate
Hail Hail
James Forrest is Neil Lennon! We are ALL Neil Lennon! on 10 April, 2012 at 13:25 said:
On the Titanic issue
Spot on.
A Son of Dan@ 12.59.
Re the war zone that is the RFC(IA) directors box. Does anyone remember that an Aberdeen director was head-butted by an RFC(IA) VIP guest? I think this occurred in the late eighties or early nineties. Was the offender No Surrender
Johnston?
A son of Dan:
I was thinking just that…
WGS: you been abscent (without leave) of late?
I’m sure I missed your insights into transfer targets in January…
Sorry Joe, you gotta go. Unfortunate but you can’t make remarks like that and stay…
C1st- I was strung out on me Lenten loop, but now I am coming round the final bend like ole Dave Wottle.
Rubicon:
Good to see you back on here mate, and with a salient point.
I believe your memory of said incident to be spot on.
Could we have an Avatar debate instead?
My contention: Avatar is a vile, misanthropic, and zoophilic movie that expects us to cheer the slaughter of human beings by giant blue cats who were selfishly hoarding resources with no consideration for the billions of human lives they were putting at risk by doing so.
If I had been the commercial director in charge of the Pandora project, I’d have nuked the blue kitties from orbit, it’s the only way to be sure.
People who liked Avatar are on the same moral plane as Kim Jong-il, and should be banned from voting and the internets. (thumbsup)
Liquidise…….and then rinse clean.
Job done.
Titanic interesting points,How did number 11 not happen Hmmmmmmmm
http://library.thinkquest.org/20502/data/inf1frames.html
HAIL HAIL
I suspect a charm offensive will soon be launched telling us how wonderful it is that Rangers IA will be torpedoed under the water for the 5 year -25 point penalty that they will have to endure. That this is brilliant and that as a fait au compli there was nothing that poor Celtic plc could do about it.
If the already existing rules are not adhered to by UEFA, the SFA the SPL, the SFL , HMRC, UK and Scottish governments I can see the professional game in Scotland dying along with Celtic PLC going bust pretty quickly
HAil Hail
Good to see Mark wilson, getting a run out for the Development squad today
p
Awe_Naw – I agree the chapter when we get involved is going to be very interesting. We have cleverly kept out of it with the correct exceptions of the First Minister’s ludicrous comments about CFC needing RFC, Hateley’s spectacular OG about tainted titles (thank you Mark) and upfront ticket payments, all issues where we were completely and unambiguously in the right.
Celtic must be ready to move if required. It ought not to be required.
I hasten to add, my reference to the giant blue space kitties from Avatar was in no way a reference to their religious or football affiliation, I was merely discriminating against them on the basis of the colour of their fur. (thumbsup)
WestWales,
Back with avengence,
Joaquin Boghassain and Milan Badelj would be my prime targets come the summer.
Roger Johnson will be up fro grabs of wolves a swell in the summer.
If Forster goes i’d be taking a look at Rene Adler of Leverkusen
then the list goes on Federicho Marchetti, Diego Benaglio, Kasper Schemichel. Cedric Carrousel
James Forrest is Neil Lennon! We are ALL Neil Lennon! on 10 April, 2012 at 13:25 said:
Got to say that I have a different take on what Joe O’Rourke’s reply meant.
Translating the tweet, I assume that he meant that the logic of the original post was ridiculous as the Titanic colliding with the iceberg killed many people of all different backgrounds.
HOW DARE YOU SIR…….I challenge you to take that back. I know bobbyrussel, and his father, smashinmilkbottles….and they’re both fine young(ish) upstanding men…..your accusations bring nothing to the table….
l
I should have added that once the charm offensive starts then it will be pretty clear that UEFA the SFA, the SPL, SFL, UK & Scottish governments have already met and agreed upon a strategy. If that strategy does not adhere 100% to the rules that are already in place and I suspect that they haven´t AS SURELY THE ANNOUNCEMENT by the SFA would already have been made. It would have been the decent thing to do to prevent peeple giving even more of their money to Rangers IA then they WILL have slit Scottish footballs throat. It is going to be a very interesting summer.
Hail HAil
James Forrrest,
Many thanks. If my recall is correct, I must have missed the MSM’s outrage at his subsequent appointment as chairman.
I’ve just seen Collum interviewed on BBC Scotland. Oh, dear…….
the Huns have less chance of staying afloat than the Titanic !
Rubicon…….
That wasn’t a headbutt…………………..he was just reluctantly noddin’ in reply to an impertinent question…….
HH
Ghuys,
Dignity had £935K cash in the bank as at 31 March 2012, plus £200k (approx) from the RFF, plus ‘some’ monies from 3 home games, rough guess £300K, grand total of £1.435M , to see them through to the end of May 2012.
Going along-with Duff £ Phelps , charade of receiving £1M by granting exclusivity to the preferred bidder, takes the cash pile to £2.435M.
The generous reduction in wages of a £1M per month from the playing squad will be consumed by Duff £ Phelps , therefore Dignity’s revised running costs will in fact be the same prior to Admin, £3M per month. Therefore, the cash pile will be exhausted 2.4/3 part way through April 2012, which is the 24th April 2012.
If the £1M exclusivity does not materialise then the cash runs out 1.4/3 part way through April 2012 , which is the 14 April 2012, which is this Saturday.
There are a number of assumptions in the above calculations , not least a level cash burn through the month, however the key parameters, the starting cash position, admin fees, and running costs are known.
I suspect that Duff £ Phelps will be out with the begging bowl to the Blue Knights and when that fails , the season tickets for the remaining games will have to be ripped up, just to fulfil the fixtures.
If the FTT judges are taking the view that there is really no rush and that to keep order in the streets then the verdict will be delivered after the season has completed ……. Duff £ Phelps will be praying that HMRC get the verdict and pull the plug but I suspect that this will now play out days after the season finishes……..if the cash position allows that to happen.
Cashiskingcfc
JF – I started the debate (at least this time around). Agree with almost everything, but willing to give JO’R the benefit of the doubt that he did not intend the tweet to be sectarian even if that was the inevitable perception. Correct outcome is the same regardless.
jock steins celtic – the Huns have less chance of staying afloat than the Titanic !
At the moment they’re rearranging the deckchairs and the flute band has struck up another merry tune to distract the passengers. (thumbsup)
I reckon Cha will be on his way as well.
I can’t wait to see if Ibrahim can rediscover his potential. It appears Blackman is well thought of by the management team.
With or without rangers how good is next season going to be.
Regards Titanic, I have heard alot worse in my Forty years. Was it right? No. Should people get their knickers in an absolute twist over it? Gies a break…
tried looking for a reference to a director being headbutted in Morgul Vale but could only find this
I wonder what ‘party songs’ Cameron was singing?
Also, look at the name of the guy being threatened with a nail-bombing – spooky, huh?
ASonOfDan – Regards Titanic, I have heard alot worse in my Forty years. Was it right? No. Should people get their knickers in an absolute twist over it? Gies a break…
Don’t deny people their pleasure in being offended. (thumbsup)
dirtymac, 13:45
Speaking of Tory politicians and party songs, here’s an odd one…
http://order-order.com/2009/06/19/friday-caption-contest-bercow-rangers-edition/
EKBhoy
The accounts showed rangers took in £1 Million but the charges accrued by Duff&Duffer were £1.1 Million.
I believe that is why they were advised not to be in the directors box from now on…
WGS@13:38
Federico Marchetti?
Aside from Gigi Buffon, there isn’t a decent Italian keeper worth his salt in Serie A
The Italians haven’t produced a top goalkeeper for many, many years