I hear regular reports that Our Hero is fastidious, clever, experienced and has expert legal advice on company rescue matters. But I read (on Random Thoughts’ blog) that he doesn’t always take great care when filling out forms or doing paperwork.
Now he has a formidable foe on his case. Alastair Johnston, the non-exec who may have been asleep at the wheel when Rangers FC PLC (in administration) were industriously working on schemes to avoid taxation, has written to the Crown Office asking them to investigate the acquisition of Rangers by Craig Whyte. No Surrender Johnston, as he is knows in some parts, a sleeping giant of the sports industry, is awake and he’s darn irritated!
I love good irony. Can you believe, he wrote to the CROWN Office! Forces of the Crown are all over this situation already. You have to wonder how deeply Her Majesty’s officers will delve now they’re on the case.
As anyone who has followed recent perjury trials in Scotland will know, not all alleged crimes are investigated, on occasion, action needs to be in the public interest, but you have to think that if our hero has failed to cross a t or dot an i, No Surrender Johnston will pursue Our Hero like the well-pensioned accountant he is. If his suspicions are correct, I’m sure he will not rest until it’s Gaol for the Rangers miscreants.
Fancy writing something for CQN Magazine? Drop me an email and let me know what you would like to write about before you get started, just in case someone else has the same angle covered: celticquicknews@gmail.com.
There was some incredible late night action on the eBay action for the signed Celtic top in aid of the Vanessa Riddle Appeal. I’m stunned, check out the link below. You are pushing the reputation of supporters of Celtic Football Club ever higher.
Bid and help send Vanessa for the treatment she needs by clicking here. Only one day left.
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Just in
It seems that Craig Whyte is in London , a journalist caught up with craig while he was having a drink at the winchester club
he never got far as he was ushered out of the club by a guy called terry
craig did try to change Rangers situation
Declan is right about the purple opal fruits. Of course, he is wrong about everything else!
They ruined the mighty smartie – the orange and brown ones were the best, but now they are just like any other smartie, and that includes the blue ones. Don’t start me on fruit gums…
Rangers pub names:-
The Vogue….
Rankers pub names….Liquid station
Morning Paul67 and everyone from a drab overcast North Ayrshire.
I haven’t had time to read back but I went to baw baws last night, somewhat exasperated with Matt McGlone and Michael Kelly, who were supposed to be discussing Celtic not needing them. Both agreed and then went off at a tangent and started arguing acrimoniously about our own dire moment. Was this the real intention of STV in inviting those particular 2?
Then, there was Traynor on Radio Scotland first thing this morning, reckoning that no blame could be attached to the sports “journalists” for not reporting the real situation at Ibrox or on Whyte, whom Traynor has latched on to as the scapegoat, allowing him to take all attention away from the real culprit, his friend Sir David Murray of that ilk.
So, let’s see the Establishment deal with that.
P.S. Mr Salmond, I for one will be delighted if I never have to experience the hate that their support brings to a football match. No more playing them will fill me with joy; even more will the knowledge that they have gone out of existence for ever and ever. That will indeed be a good day for all of Scotland.
The Succulent Lamb and Flag?
Rankers pub names….The Salmond Leap
Rangers are not alone they now have an Admin buddy
im not a follow follower
However my collegue across the office sent me this
http://www.followfollow.com/news/tmnw/the_options_for_rangers_fans_729168/index.shtml
Rangers pub names;
The Bitter Orange.
I’ll get me coat…
Rangers Pub names
The Comeuppance
Rangres Pub names
The Crooked scum
a frankly unique post from follow follow.
I’m Neil Lennon (tamrabam),
He can claim to have had a big part in it!
paulsatim is neil lennon says:
17 February, 2012 at 11:04
Gaol of the week
Gaol A – Craig Thomas Whyte(White)
Gaol B – (Sir) David Murray
Gaol C – Alastair ( Surrender, no) Johnston
Gaol D – Paul Murray
Gaol E – Alex (Fat Minister) Salmond
Rangers Pub Names,
The Crown and *anchor
The Laddy McGeary says:
17 February, 2012 at 11:14
Partizan Belgrade, Dziekanowski scores 4, Celtic win 5-4, out on away goals. Possibly both the best and worst. Unbelievable night and atmosphere. Rollercoaster of emotions was incredible. Indelibly marked in my brain.
That unique European atmosphere, imo, was not recaptured until Valencia at home, beaten on penalties as it happened, but Celtic Park as a European venue was reborn and it was the stepping stone to an incredible run and fortress that O’Neill built, WGS continued, and hopefully Neil will carry on.
Good question mate.
st martin – we will see. i cant see white facing any sort of court action when it comes out in the wash he actually saved the rangers. a statute will be put up for him at ibrox park. the police are giving lip servicing to this claim by johnson. there has been no wrong doings whyte has just been operatnig at a differnet level to these guys and they are pigmees compared to him. white control billions of punds of assets. this stuff is his breakfast. whyte has already one and at the same time as saving the bears he has doomed our own board as we will be in the car park again before we know it. i hope not though
hail hail
Another stupid question from me
The huns are currently in admin – they owe the taxman 9 million quid vat/ paye (plus)
lets say for example the booglie eyed man pulled 9 million quid out of pillowcase stuffed with ticketus money and pulled another few strokes and then david Cameron and alex salmond told the tax man to go easy and the huns were out of admin before the start of next season. Unlikely I know.
Is the 49 million tax quid bill included in this current admin process, since its subject to appeal or is that bill tax bill being saved for the next time they go into admin, if they survive this one?
Final stupid question (for this morning anyway)
Is it true that if they are still in admin by the start of next season that they will face a 25 point deduction.
its good to see the penny has dropped for at least one hun
Rangers ( in administration ) pub names
The Bigots Inn
jock steins celtic, octopus investments own ticketus. See article below.
Octopus Investments has been caught up in the Glasgow Rangers Football Club administration saga due to concerns about the whereabouts of a £24m loan from a company owned by the financial services firm to the club.
Octopus Investments owns Ticketus, a London-based firm which has provided Rangers with ’working capital’ in exchange for future season ticket sales. Administrator Duff & Phelps believes a £24m loan from Ticketus may not have reached the Rangers’ account.
At a press conference yesterday at Ibrox Stadium, administrator David Whitehouse, of Duff & Phelps, confirmed Rangers owner Craig Whyte had secured the loan on season ticket sales covering a four-year period after he took over Rangers last May. Whitehouse said the administrators were ’trying to understand’ the deal with Ticketus.
He said: “Our understanding is that the funds from Ticketus didn’t come through the company’s account. They went through a parent company account so we haven’t got visibility on that.”
Ticketus has had similar deals in place with English clubs, including Plymouth Argyle, Hull City and Watford. The arrangement with Rangers is thought to involve four years’ season ticket money up until the 2014-15 season.
The BBC reports the Ticketus debt was not secured against the assets of the football club.
In marketing literature, Octopus cites Ticketus as an example of a company the firm uses in its lower risk venture capital trust.
Octopus Investments declined to comment.
Rangers owner Craig Whyte is also board secretary at Pritchard Stockbrokers, which was banned from regulated activities by the FSA earlier this week for the way it handled client assets.
The FSA took the action based on “serious concerns” that the stockbroking firm had “failed to arrange adequate protection for clients’ assets when it was responsible for them” and “allowed client money to be used on Pritchard’s own account and not that of clients”.
The suspension means that structured products provider Merchant Capital has been forced to look for another custodian to handle client monies for its structured products division.
May I suggest that we as a support boycott the likes of Motherwell, who are saying that they need them to survive?
Rangers Pub Names,
The Cheque and Octopus
The Administration Inn
this is class
http://www.youtube.com/watch?v=-HyPCe73fdw
Sorry if already posted but enjoyed it so much I thought maybe somebody else may not have seen this.
The odd sweary word though.
http://www.youtube.com/watch?v=-HyPCe73fdw
welsh buoy
so are the Octopus Investments in that article you posted the same company whose website I posted ?
Pub Names The Fox and Pound por cierto
The Liquid Station
I tend not to post on any of the Rangers fans forums although I admit to being an avid reader and speak with both GS and MFDM about my thoughts on the situation regularly.
It was the on-going saga of David Murray’s attempts to sell the Club to “someone who can take the club forward” that prompted me to write this article. Apologies for being unable to find it on FF.
http://www.football.co.uk/rangers/who_is_andrew_ellis__rss775096.shtml
After that, it emerged that Craig Whyte was the new option being promoted by Donald Muir. More on the bold Donald later. That caused me some great consternation and the article below followed.
http://www.followfollow.com/news/tmnw/why_no_bright_light_on_our_whyte_knight_649236/index.shtml
Therefore, what has transpired since has caused me a great deal of concern but, unfortunately, wasn’t any less predictable. If anything, I would admit to being surprised by just how brazen Whyte appears to be.
There are a number of questions that we as Rangers fans need to be asking. I firmly believe that from day one Craig Whyte and his lackeys have engaged in a PR campaign designed to muddy the waters and lead fans down the wrong avenues of hope. With this article I will hopefully cover off some of the things that have been discussed that many people don’t realise the full extent. To start with however, I would like to take you all through approximate figures, which I am sure many people will attempt to tear apart, but on the most part I am being kind to Craig Whyte and basing my figures on his words.
Item Money in/out Balance
Cash in Hand May 11 £8,000,000
Working Capital Injection Promised £5,000,000 £13,000,000
Catering Investment Promised £1,700,000 £14,700,000
Player Investment £5,000,000 £19,700,000
Playing Squad Investment -£5,000,000 £14,700,000
Selling Players £8,000,000 £22,700,000
Ticketus Cash £24,400,000 £47,100,000
Close Asset Finance £3,000,000 £50,100,000
Season Ticket/Other Income £14,000,000 £64,100,000
Running Costs (9 months @ £3.75m) -£33,750,000 £30,350,000
Unpaid PAYE & NI £9,000,000 £39,350,000
This is clearly a very loose projection and the Close money I am counting as not spent as, will be revealed soon, there was already £2m set aside by the Club and £1m by Azure to pay for the upgraded facilities. Feel free to dissect the figures but I will qualify them by saying I DO NOT BELIEVE THEM – SIMPLY BECAUSE I DON’T BELIEVE CRAIG WHYTE.
Ticketus
It is becoming clearer by the day that the Ticketus money, OUR MONEY, cleared the Lloyds debt and paid for the immediate funding of all aspects of the takeover. However, remove that and there should still be in excess of £10m available which would amount to 2 or three months trading without the need for administration. If we are to accept that the Ticketus cash was paid for that purpose then it follows that Craig Whyte’s investment was a solitary pound. We could have done the same deal but have been in control of our own destiny.
If Ticketus Cash Bought RFC?
If it is established that the cash from Ticketus bought RFC, the money trail will show this one way or another but I’m lead to believe it does, then it is illegal. The legal terminology for the transaction would be “financial assistance”.
The importance of “Financial Assistance”
If HMRC or any other party, the DTI, the insolvency service, the FSA or one of the other of the plethora of agencies investigating this takeover establish financial assistance then there are two main outcomes. A guilty party could be punished with up to 2 years in jail. Furthermore, if it is proven then WAVETOWER/RFC GROUP LTD’S FLOATING CHARGE IS NUL AND VOID. Read that again, Craig Whyte has trumpeted that he controls the process with his floating charge but legally his floating charge may be kicked out.
Achieving a CVA
To achieve a Creditors Voluntary Agreement we all know by now that there needs to be 75% of creditors who agree to it. I keep reading, whilst slapping myself in the face, that Craig Whyte has positioned himself in position to control this vote by his floating charge and the level of debt to him. NO, JUST NO. If his floating charge is valid, he has no vote in the CVA as the administrator must get him his money before any other creditor. If he has a vote that means his floating charge isn’t being used and he will have to settle for a much worse deal than he’d get with the floating charge.
HMRC’s Position with Administration
Another thing I keep reading is that it’s genius that Whyte has pulled the plug before the FTT and that it circumvents that decision. No, it doesn’t. We have been given an assessment, which we have chosen to appeal to the FTT. In the event of an administration the administrator will need to decide whether they wish the appeal to continue, in which case they’ll have to incur any expense related to that in terms of legals etc, or they can drop the appeal and take the assessment into the creditors list. The only way to avoid the result of the FTT or the assessment is by liquidation – which I firmly believe has been the plan since day one.
What does this mean for the Ranking of Creditors?
Again, Craig Whyte isn’t being honest when he says he has a floating charge which ranks him ahead of everyone. Not true (to use a Craig Whyte phrase). Close Brothers have a fixed charge in relation to catering income which ranks them above Craig Whyte’s floating charge.
If Finnancial assistance is proven then its good news for the fans of RFC as we cannot be held to ransom by Craig Whyte and as a result HMRC who will stifle any deal from which he benefits.
Questions that need to be asked
Where has all the money gone?
Why enter into an agreement with Ticketus if Craig Whyte really did invest £33m of his own cash?
Why did we want to sell Jelavic? Why did we tell every Premiership team who enquired that the fee was £10m with weekly wages required of £40k per week? Why was fee so low in comparison to what was being asked for? Why were all the interested parties so keen to do business on the last day of the window?
Why deny there was any tax outstanding?
Why go into administration with, according to your own figures, decent levels of cash?
Why pay a substantial six figure sum to an amateur team run by your pals?
Did Phil Betts or any associated parties receive a substantial finance commission from Close or any other party for arranging finance on assets of the Club?
Who’s paying for the expensive suite at One Devonshire that you’ve had since May?
Have you attempted to sell or sold our shares in Arsenal?
Did you tell the players (as reported in Evening Times on 15th February 2012) that if you’re favoured administrator was appointed you would still “be in control” of the Club?
What is Andrew Ellis’ involvement?
Craig Whyte’s Credibility
I know that both GS and MFDM were both briefed in the last few days that Whyte would attempt to restore his credibility in an effort to ensure he can regain control of the club after an insolvency event. The first salvos in this effort were seen in the sympathetic (pathetic) Sun this morning. In the words of Paul Murray, should we really want this guy any wear near the controls for a second time?
PAYE
If you look back to the summer and the sympathetic articles that appeared and in particular the ones where Whyte accused HMRC of a vendetta of the Club there was a snippet that appeared in the Herald or Times whereby club sources pointed to the fact that there had been 3 PAYE inspections in the first 3 months of Whyte’s reign as proof positive of said vendetta. It also claimed there had only been 1 in the 3 years previous. Now we know why there were 3 – no vendetta, we were just refusing to pay.
“Wee” Tax Case
There was a commitment in the Circular to shareholders this would be paid and the money invested by Whyte to pay it. Since then we’ve heard excuse after excuse such as “it’s older than 6 years” and “it’s not enforceable” all as reasons why it should not be paid. Whyte committed to 26,000 minority shareholders that he’d pay it. Is he happy to mislead them.
VAT/Tax Arrears
Craig Whyte was asked on numerous occasions from May last year if the Club were in arrears with tax. He was either economical with the truth or lied. They were.
RFC Relationship with HMRC
The relationship between the Club and HMRC was never the best off the back of the EBT issue. However, the Club had continued to have dialogue with HMRC over “ability to pay” any amount arising after the FTT. Discussions over “affordability” were amicable and HMRC were aware that they may need to be pragmatic to achieve a result for them without jeopardising the long term future of a company with a decent size of turnover. That all changed when Whyte got the keys. Whyte set in motion a policy of confrontation. He was banking on HMRC not being able to counter his PR arguments – look at his PR offensive against HMRC on arrival. It was all designed to create a climate where, when HMRC eventually pulled the plug, he could turn round and blame it on an overly aggressive, unsympathetic tax man with some innuendos about an anti Rangers policy.
What Whyte hadn’t predicted was for HMRC to allow him to string along the debt, building it up with no result of the FTT in the timescales he expected. HMRC simply sat and waited on him running out of cash which they knew he would. They know about all the deals in the background, they know when the tipping point comes . They’re not as stupid as everyone seems to think. They just decided to give him enough rope.
Now, I fear that HMRC will do everything they can to make an example of Craig Whyte, not Rangers; it’s just Rangers that will suffer as a result.
Ticketus
Whyte denied he done this deal. He lied.
Whyte finally admitted he done the deal but won’t admit where the money went. He’s trying to avoid any accusation of financial assistance.
Given all of the above, the question that is most important is this – WHAT NEXT?
One man who Craig Whyte has planned to play a huge role in his new version of Rangers is Donald Muir. Expect him to be heavily involved in the running of the new club – look at today’s Sun and Whyte’s suggestion that he will be taking a back seat although remaining in control as the first steps to preparing the fans for Muir’s re-emergence.
David Grier
David Grier, the man who represented Craig Whyte at takeover discussions, done the cash flow projections for Whyte’s business plan – MUST BE A FINANCIAL WIZZ – and, after the takeover, represented RFC in meetings with HMRC and, curiously, with football agents when looking to recruit players. I was alerted to the fact that MCR (as they were called at that stage) would be appointed administrators. They subsequently were under their new name. Grier touted himself at a meeting with the Independent Board as “Donald Muir’s best pal”.
Donald Muir
Donald Muir, the man appointed to turn round Murray Group yet only appointed himself as Director of RFC and Premier Property Group. What wealthy, influential Bears did Muir speak with to try and broker a deal to take RFC forward? None.
He created the 1873 Club which never got off the ground. (Think he really meant 1872 – remember he’s a lifelong Bluenose). He produced a worldwide prospectus to sell the Brand to a Billionaire overseas? What happened to that? He opened the books for due diligence to a chance with a fake proof of funds. What did the chancer call himself? Ethan Hawke!! A character from Mission Impossible approaches the Club with a fake proof of funds and the bold Donald opens the doors.
http://www.heraldscotland.com/news/home-news/mission-impossible-the-rangers-takeover-attempt-by-ethan-hunt-1.1027050
Then he courted Ellis who was exposed for what he was. His plan was always the same as Whyte’s as Donald Muir knew fine well. They went back to the drawing board and were intelligent enough to realise that Whyte’s background could lead to him falling like Ellis had done. So they invested, invested in lawyers to protect Whyte’s reputation and intimidate the press into not to dig too deeply, threatening to sue at every turn. They invested in PR people to ensure that all the press were on message. The investment paid off, Whyte managed to push his takeover through.
Just a quick aside in relation to PR. I would be critical of Paul Murray et al as they lost the PR battle at that stage. But bear in mind, it was them (with relatively little PR experience) against David Murray, his PR Clout, Lloyds with their PR and Muir with his hired PR who were also close to Media house. Effectively, Whyte had 4 PR teams working on his behalf. The Paul Murray team were working on their own. Hopefully they’ll have learned from this experience.
But if we lose the fight and Whyte regains control, you read it here first, Muir will be back and it will have been planned all along.
That’s why it’s important that the fans unite – Craig Whyte cannot continue. He cannot be given a second opportunity to take our money. He has been proven to take money from companies that he shouldn’t have on a consistent basis – let’s not believe the spin that he’s doing it for our benefit. Let’s unite. The alternative may not be perfect but it will be a broad church of Bears done good, fans, former players and professionals of impeccable background and good Rangers credentials.
What price will you value our history? If Whyte liquidated RFC and bought Partick Thistle and relocated them to Ibrox and changed their name and the strip colour, would it be The Rangers? We all know it wouldn’t.
31003, beat me to it!
Meet you there when they’re done mate.
Rangers Pub
Last Orders
After watching the developments at Rangers this last week, It is quite clear to me, that the powers that be will not allow the huns to die. Even David Cameron is saying Rangers must live to fight another day. I wonder if any other club in Scotland would get this amount of support if they were in the same situation. The tax man is trying is best to close down Portsmouth so they will be no more, can the same be said of Rangers, I would not bet on it.
Rangers Pub Names,
Hector’s
close shave for milan
http://www.swfc.co.uk/page/News/0,,10304~2614198,00.html
Telegraph for Declan. Stop.
Please, please, please. Stop.
Hi all
First time poster and long-time admirer of the website. With the recent fiscal problems of Rangers FC PLC (in administration), I thought I would share some local news that’s happening in this neck of the woods.
26 January 2012
Stricken Swiss football side Neuchâtel Xamax has slipped into near-oblivion, with its Chechen owner arrested just hours after declaring the club bankrupt. Bulat Chagaev was detained by authorities in Geneva, who had been investigating him for suspected fraud, for “financial mismanagement”.
Hours earlier, Xamax said they would file for bankruptcy, then were formally declared bankrupt by a court in canton Neuchâtel. The two-time Swiss champion will drop out of the Swiss Super League midseason. Xamax’s season of turmoil on and off the field entered a terminal phase last week when the Swiss League revoked their license because of suspected fraud and a failure to prove they could meet its financial obligations.Their debts are estimated to be at least SFr8 million ($8.7 million).
Chagaev’s arrest was requested by prosecutors in Geneva, where his trading company has an office. “His provisional arrest was ordered after a hearing held this afternoon. Another hearing is already scheduled for [Friday],” the Geneva authorities said in a statement. Shortly before Chagaev’s arrest, his lawyer Jacques Barillon said in a statement that his client’s only aim had been to make the club prosper and not to draw any personal benefit from his ownership of the club.
Xamax’s vice-president, Islam Satujev, also spent the night under arrest. Xamax accepted their increasingly inevitable demise in a brief statement on the club website. “The board of directors of Neuchatel Xamax has decided today to file for bankruptcy, because of the withdrawal of its license and the financial position of the company,” the statement said. “The board also decided to immediately release the players from their obligations to the business.”
The club had launched an appeal on Monday to regain its license to play matches, claiming that the league’s disciplinary commission acted beyond its powers. Xamax’s prospects dimmed on Wednesday when they failed in two attempts to receive court injunctions against the league. The first team’s players and staff had not received their salaries since October, and the club had not paid taxes it owed or rent for the stadium it uses for its home games in Neuchâtel. Xamax were scheduled to face a bankruptcy hearing on Friday, forced by a creditor who also tried in November to bring the club down.
It was at that hearing that Chagaev’s legal team submitted an alleged fraudulent Bank of America letter* which purported to prove he had $35 million in a New York account. Prosecutors in Neuchâtel and Geneva are investigating the suspected fraud.
Xamax were scheduled to resume their league programme after the winter break on Saturday February 4 at home against Lausanne-Sports. They were fourth in the ten-team top division though were likely to drop to ninth after points deductions imposed by the league for failing to pay salaries and breaking administrative rules.
HH