This afternoon’s statement from Octopus Investments was very professionally written piece. It was designed to give investors a sense that the business has taken appropriate steps to secure money spent with Rangers.
For a start, we now know their company, Ticketus, “purchased tickets for Glasgow Rangers games for a number of seasons”. This clarifies one matter, money received by Craig Whyte’s solicitors back in May last year was a straightforward purchase, not a loan, so VAT was applicable, and should have been declared and paid. We can assume this VAT was not paid, whether it was declared or not will determine future consequences.
Octopus explain their investments are “designed with capital preservation in mind”, with “appropriate security being available” and “extensive due diligence”.
A reasonable interpretation of this is that the company have sufficient security to ensure that they have rights to sell Rangers tickets for parts or all of the stadium in years to come, although, the company stop short of making a firm statement on what is, after all, a private commercial matter. They add that “no trading activity is risk free”, no one can assume there will be a Rangers in the future, and while their statement mentions Glasgow Rangers, it does not specifically mention a legal entity.
A floating charge exists over the stadium in Craig Whyte’s favour. This would see the stadium revert to Whyte in the event of the club being liquidated. Octopus may, or may not, have a claim on this floating charge.
Armed with this information, the administrators and Strathclyde Police will be keen to learn why none of the money for Rangers tickets went into the club. Perhaps more importantly for any potential phoenix, questions remain over exactly who owns what claims on the stadium.
There could be a lot of sentimental photos being taken at Ibrox tomorrow.
All levity aside, this club is enduring a seemingly unending trauma.
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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Where were their supporters? Their Fans? Where were they as this all played out? Lazy lazy lazy lazy lazy lazy lazy lazy lazy peepil. All was good in your rotten theiving world. Ya didn’t see it comin ya muppets!! Hell mend you.HH.
Estadio says:
17 February, 2012 at 17:45
Good to see back in the playground, hope all is well. the article you posted is excellent I read it earlier this week and have been explaining all of this to my southern freinds at work this week. They have been bombarded by the brotherhoods party line on BBC and Sky all week, fair play to The Evening Standard and Independent for questioning the rhetoric from the LL.
Greenm … @ 17.42
I think Ticketus are to be paid in 3 now 4 lump sums.
The original plan was for a three year deal.
£24.4mill paid out to CW / TFOD Group in May 2011.
Ticketus to get money fom seasons 2011/12 + 2012/13 + 2013/14.
There instalments – £9.5mill in June 2012 / £8.5mill (guess) in June 2013 / £?.? In June 2013.
The TFOD sell the season tickets and pass the money onto .
However the TFOD could only pony up £3.0mill in June / July 2011.
Ticketus then get another year added to the deal.
Consequently any money now goes to the TFOD (admin) entity.
The fun starts at the end of the season when the season ticket renewals get sent out.
Could they move to Hampden, Murrayfield just for a few years until the ticketus deal is up with the promise of going back to Ibrox later? Deep down I am sure that ticketus will have all their bases covered, but….
Sorry forgot to add that I too fear tomorrow at Ipox will be the biggest Bigot Fest since Jock Wallace took his half time bow. The crowd scenesthis week had me enquiring if Brad Pitt had come back to finish the Zombie movie off.
From the hmrc manual:
INS44330 – What to investigate and how: Wrongful and fraudulent trading: How can I spot a potential wrongful trading action?
A review of papers the Department holds in relation to PAYE/NIC and CT may indicate the company has been trading whilst insolvent. The definitions of insolvency being the company is
either insolvent on a balance sheet test, or
unable to pay its debts as they fall due.
So any or all of the following may point to trading whilst insolvent.
If the last balance sheet showed the company was insolvent (i.e. total liabilities excluding share capital exceed total assets) and it has traded since then, it may satisfy the S214 IA 1986 test. You should check earlier balance sheets to see if it was insolvent at an earlier date.
Failure to make PAYE remittances on time over a number of months may indicate the directors should have known the company was in trouble, and so they may be liable under S214 IA 1986.
Failure to make CT remittances due may similarly indicate trading whilst insolvent.
Failure to pay VAT on time. You can check this with Customs & Excise if there is time to do so prior to the creditors’ meeting.
Just been on hun media…one guy wished for an undoning machine- the adverb of done? I put my tuppence worth in, suggesting he was stretching the concept of an adverb to credulity- in anycase he was merely describing a time machine (hewanted to assassinate minty)- accussed me of chauvinism in relation to kafflick schooling…thats what happens when your weltanschuung collapses…particularly when its founded on superficial notions of triumphalism….it falling down like a “big house” of cards…
I couldn’t hear this in the office properly today but I just heard it full volume.
Pablophanque would have this on repeat
Truly awesome
Billy No’well take it away
http://m.youtube.com/#/watch?desktop_uri=%2Fwatch%3Fv%3D-HyPCe73fdw&v=-HyPCe73fdw&gl=DE
Whyte” takes a step back” .. No kidding big man!
However you played a blinder.. Humped and dumped them in deeper mud..
The collective density at Ibrokes eg LEGNEDS to the boardroom is stunning..
Liquidation could not happen to a nastier thicker bunch.. Beautiful..
Focus on the prizes Celtic.. Treble and liquidation..
Accept no less!
Ferguson … @ 17.49
My thoughts as well.
Any NewCo is credible if it plays at Ibrox.
Not sure about the old badge, strip – a good copy maybe enough.
However I fear it is going to get complicated.
What does CW want for his £18mill floating charge?
What happens if no-one wants to pay £18mill for Ibrox?
Where does Ticketus fit into this puzzle?
On re-org / NewCo needs to sort out the creditors / sort out CW and his floating charge / sort out Ticketus.
Then it might be allowed to play football.
My sympathies go to Sally and Mr. Clark, who have the unenviable task of deciding who to release next week. How will they go about it?
Ability?
Experience?
Salary?
Or will it be case of:
Naw he canny go his faither’s in the Ludge,
Naw, he’s the only wan left that knows aw the words o’ the Billy Boys.
Aye, he can go his wife’s cousin’s a taig.
Who knows?
Paul or others
Any info on how the SFA are coming along with their investigation in regards to Craig Whyte being
fit and proper for the role as Toap Kiddie at ‘The Big House’?
U
WATP = We Are the Paupers
Whyte has issued a writ against the BBC over the documentary.
That will be interesting.
Paul67
Just had a look at the eBay listing – top bidder has zero feedback – hope it’s not some imposter causing trouble, that would be disgusting. (could just be someone who hasn’t used ebay before or wishing to remain anonymous)
Re SFA inquiry
Lets remember there were TWO SFA inquiries in to Farry which cleared him until Fergus pushed for a truly independent inquiry
HH
What influence did Celtic’s magnificent 19 point swing have on February 13th being administration day?
The question is who with the SFA rubber stamped Craig Whyte’s fit and proper person test???
And is that person going to be involved in the new investigation into ragers, if so what’s the point?
Sweet Fanny Adams..
WATP
When are they paying?
Dallas to head the inquiry, anyone?
Hello friends and a Big Happy Friday to you all!
Well that was the week that was. And the fun just keep on coming…
Jobo
Dontbrattbakkinanger says:
17 February, 2012 at 17:11
Octopus looking to get their squids back.
Can’t see for all that red ink.
Birthday Cake for ElDiegoBhoy
Happy Birthday.
Fire service on stand by in Balloch.
More trouble for our Craig?
Not sure if this has been posted, apologies if it has
Investors warned over Pritchard Stockbrokers
Last week the FSA banned Pritchard Stockbrokers from trading
Investors have been warned a stockbroking firm, whose company secretary is ex-Rangers chairman Craig Whyte, may not be able to return their investment.
Merchant Capital had £8.8m on account with Pritchard Stockbrokers in Bournemouth at the end of June 2011.
Parent firm Merchant House Group issued the warning to its clients in a statement to the stock exchange.
Mr Whyte is a lead investor in Pritchard.
He placed Rangers FC into administration earlier this week.
Last Friday, the stockbroking firm was banned from further trading by the Financial Services Authority.
It ruled that it had been using clients’ funds to pay its own expenses and to trade on its own account, thus putting clients’ funds at risk. That broke the rules under which it is licensed to act as a stockbroker.
Merchant House Group responded with a statement saying it was confident client funds were secure, but it has since updated and reversed that statement.
It told the London Stock Exchange: “We are awaiting further news on the possible implications and therefore we cannot at this time determine whether clients of Merchant Capital may suffer some economic loss”.
http://www.bbc.co.uk/news/uk-scotland-scotland-business-17073568
Hail Hail
Paul
Just wanted to thank you for continuing to cut through the crap in that forensic style of yours.
I’m not sure I’d like to be managed by you but I’m very happy to be in your team.
Keep up the sterling work.
You are a credit to our club!
HH
Only one possible Chair for the SFA independent inquiry. Only one man could cut through all the red tape, obfuscations, cronyisims, vested interests etc. Only one man could stay focussed on the objective and operate without fear or favour. Only one man straight and honest enough…
FERGUS MCCANN
Fergus …
Apologies for calling you Ferguson.
Bliddy I-Pad and it’s predictive text.
Always knew SJ was a TFOD mentalist.
Pat Fenlon, Hibernian’s new manager is really looking forward to crossing swords with fellow Irishman Neil Lennon in Sunday’s big game at Easter Road. Pat readily admits to being a lifelong Celtic supporter and was a season ticket holder for the past twenty years and has happy memories of going to a game like this and he would have been one of the lads, getting the early morning bus up the North, then the ferry over to Scotland and then on the bus again to the Celtic game.
Changed times though as he gets on with the job of rebuilding a Hibs side which was in chaos when he took over the managerial hot seat in November. In a lengthy interview in the Irish Evening Herald Pat is glad that things are starting to settle down. he admits some players have had to go and he has brought in seven new faces and now it’s more Pat Fenlon’s team than it was in the recent past.
Pat will definitely not be a Celtic fan on Sunday and we could be in for a right game at Easter Road.
Have you noticed how it’s all being turned into a possible ” criminal ” activity rather than yrs of Murray fiscal incontinence then denial from boardroom , to managers to fans.. Brilliant ..
Tomorrow is a collection of misery at Ibrox .. Kilmarnock Rangers v Glasgow Rangers ( near liquidation )..
All trying to pretend that it’s business as usual..
Jelly and ice cream in paradise will taste so much better watching the miseryfest…
HH
The Story of Rangers in administration will run and run they have managed to keep a reasonable grip on information coming out of Ibrokes this week.However,this will become harder and harder to keep a lid on what has been happenning behind the blue doors, next week will see the first empolyees lose ther jobs I would expect this to be both backroom staff and players and I believe we may well hear some truth from disgruntled ex employees.Rangers fans think they have heard the worst and it can only get better well imo they aint heard nothing yet.H.H.
Very good caller on Clyde just now…
Jobo
Investigative Journalist Jon Ronson is writing a new book about the goings on at Govan
He intends to call it The Goats Who Stare At Men…
U
Dear Hugh
I know you will be reading this so, even though YOU have banned me from the ‘hotline’…….
I still wish you all the best m8.
Your, “No shades of grey” comment is, commendable. Thanks.
So, after dispensing with the formalitie’s…..can I ask you a favour ?
Will you use your, considerable influence and ask Jim Delahunt, not to ban Terry O’Neill from Uddingston and, Frank from EK off the, SSB phone-in ? The fireworks are missing without those two fine gents! IMO!
P.S. I apologise for what I posted about your ghoodself, a couple of Fridays ago on here!
Hail! Hail!
McCoist on STV, very surprised at what is going on!
Has Gordon Smith had anything to say recently?
Gr8 call there to Snyde,,,,Keevins had no choice but o agree with all the points the caller made!!!
Hail hail
That mob have got to be buried!! salmond can f’k off, I am spewing hearing the support that shower of dirty f’n cheatin thievin filth are getting. One thing is obvious to everybody now…..we are not f’n paranoid!!! Peter lawell needs to earn his crust now and be our voice.
Hail Hail
Can you imagine the sense of liberation if that rancid institution goes tits up? It will be like a rehersal for the rapture
Not in UK and can’t get Clyde. Tried Real Radio a couple of times this week but while it’s good for greetin’ huns it’s useless for real info.
BBC Scotland or R5?