Paul Simon wrote about ‘a loose affiliation of millionaires and billionaires’ but if you want to raise money to rescue a company you need more than a loose affiliation. ‘The rebels’ at Celtic managed this in 1994 (somehow), but Paul Murray’s Blue Knights affiliation unravelled over a few days.
While Duff and Phelps were casting aspersions on the SPL for spiking their plans to announce a preferred bidder last week, the Blue Knights were already struggling to pull £0.5m together as a covenant to secure a period of exclusive rights to buy the club.
18 years ago a Celtic supporter walked into a branch of Bank of Scotland and paid £1m into Celtic’s bank account to bring it back under agreed limits and prevent the club going into administration – without any security or negotiating rights. A discrete but hugely important act by a man still on our board. No one from the Rangers consortium was prepared to gamble half as much last week, they even asked Ticketus, finance provider for Craig Whyte’s doomed venture, to stump up the non-refundable cash! The ticket agency declined.
The Celtic consortium soon fell apart with a modest degree of acrimony but personal issues were put to the side until the job of securing the club was complete. Paul Murray’s group was less fortunate. As a chartered accountant Murray would have been fully aware of the Employee Benefit Trusts which brought the club to its knees. What he knew and whether he benefited are likely to be some of the questions other consortium members were asking. He was not best placed to lead the recovery.
Murray also tried to keep a broad church together, from wealthy but detached Rangers fans to various elements of the support. This sounded ambitious from the off.
The most important comment from the Blue Knights yesterday was “The consortium believes that the whole deal process has become incredibly complex and it is critical that a preferred bidder is appointed this week.”
If it’s possible for the words “incredibly complex” and “critical” to be an understatement this is the occasion. The Scottish Premier League and Scottish Football League announce their fixtures in the middle of June. If Rangers are to phoenix before then they better hurry up and die. The liquidation process will take weeks (if it goes smoothly) and can be open to legal challenge. Stadium ownership has also to be secured and the claims of Ticketus and Andrew Ellis have to be satisfied.
Add to the mix creditors, the big tax case, punishments from the SFA for their on-going inquiry into the last takeover, potential punishments from the SPL inquiry into improperly registered players, increasingly widespread opposition from within the SPL and the rest of Scottish football to a place being created for a phoenix and you get the picture.
The last few years reads like a lesson in how to destroy a huge football club. Chances of SPL football at Ibrox next season? No more than 50%.
Bids for the original canvass painting of Neil Lennon by US based artist, Joseph Gormley, have hit an incredible £500. Keep an eye on the auction, which ends on Thursday, here.
Buy a hard copy of CQN Magazine, issue 7, by clicking on the button below. You can read online here.
1,002 Comments- Pages:
- «
- 1
- ...
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- ...
- 27
- »
Now that “walking away” is so passé; and “stepping back” soon to be the same, what will be the next big statement?
“Stopping to tie your shoelaces?”
savo01 – Here is a little definition of what a secured creditor is. Have a read then see why it is so laughable that D&P believe Whyte to be “irrelevant”. I don’t think we know if Whyte has a fixed or floating charge:
===========================================================
A secured creditor is a person that lends money to a company in return for a legally enforceable claim against assets of the company. A creditor solicitor can assist with the setting up of such a charge, which, if not properly registered, could mean that the charge is void.
The body lending the money should ensure that the charge is registered with the Companies Registry, failure to do so will mean that the security is void and although the company will still owe the money, there will be no security for the money and the lender will become an unsecured creditor.
If the charge is properly registered, the lender will have a right to repayment of the debt over other creditors if the company becomes insolvent. The charge holder could also take possession and sell the assets which are the subject of the charge in the event that the terms of the loan are not met.
There are two main types of charges companies can give: fixed charges and floating charges. A fixed charge over land, buildings and major items of machinery gives the lender the right to be paid out of the proceeds of sale on the insolvency of the business, before other creditors. The borrower cannot sell the assets subject to a fixed charge without first consulting the charge holder. A floating charge is a charge over all the company’s assets or a class of the company’s assets that are constantly changing so the company retains the freedom to deal with the assets whilst still giving the lender security for their loan.
Allegedly Neil Lennon is being held responsible for the wilful fire raising that took place close to Kinning Park last evening.
The SFA have confirmed that Mr Lennon will be shot at dawn.
Ah and there it is!!!! we finally got there, all that slow build up for that!!! Really??? thats the best you’ve got??? Lets be clear, i’ve been away from Glasgow and Strathclyde Polis for 10 years so know as much about Eddie Smith as I do about you! I can only repeat what I heard from someone who was at the game, that Awe no clearly doesn’t fit your narrative which is fair enough I suppose, and if you believe that kind of behaviour is acceptable at a kids game again fair enough, each to their own I suppose. I on the other hand think thats a scandal, everyone is entitled to an opinion and the ability to express it on here which makes CQN the great site that it is. If that offended you flower then get over yourself! Now back to lurking and reading the intelligent posters comments!
thomthethim
Personally I think it will be “Slinking back in”.
RobertTressell on 17 April, 2012 at 17:02
;-)
Will any of these land sharks ( from Whytey to Minty ) be in the clubhouse wearing bracelets when this is all over? Supposedly Whytey has done nothing legally wrong. The RTC site says tax related fraud is virtually impossible to enforce in Scots Law…I just want the gang of tax dippers to have all those titles erased & for King Billy’s XI to start in Div3…that has to be the LEAST we can expect. Shirley.
sparkleghirl
They dont keep their history if they are voted straight back in to SPL.
That is a PR spin you cannot ‘buy’ history
Hail Hail
MC TALL
too much career necessitated voluntary fellatio has left you permanently brain damaged I reckon. The proof is in the pudding. You dont need to kiss hun ass any more or bend over for it.
Hail Hail
theCelticOne – the SPL have already stated that should NewCo be voted back in via the carrying of a motion allowing the transfer of the SPL share and the SFA membership of OldCo to NewCo, OldCo’s sporting history goes with the share and membership in their opinion.
Right fellow CQN world travellers.Some hints,tips and advice looked for.
Mrs medtim and I have just booked flights for 3 weeks at the start of March next year for South America.
We plan to stay in Buenos Aires,Santiago,Chilean Lake District,Patagonia and Montevideo.
Any hints,tips,do’s and don’ts much appreciated.
Would love to go to the Atacama Desert and the Aguazu Falls but they take us a wee bit out of the route we are planning.
Thanks
medtim
With the news that Duff & Duffer are chasing C&B for 25m regards the MBB takeover of the ragers .
Would this indicate that the recent court case with D&D and Ticketus was not as good for D&D that the LL led us all to believe, add to this the fact that TBK and Bg seem to be having to take Ticketus on board with any bid .
Has Ticketus got themselves a solid claim to 100,000 future ST ,dear oh dear .
FSTB
sure they have and CW is interlinked to that hence he would never have been able to pay off Lloyds
Hail Hail
TheCelticOne on 17 April, 2012 at 17:32 said:
They dont keep their history if they are voted straight back in to SPL.
That is a PR spin you cannot ‘buy’ history
—————-
As I understand it that’s only if a completely new football club is formed.
What has been suggested is that the football club could be transferred intact to a new, different holding company. The football club would continue as normal, but would now be owned by a different parent company. The old parent company could then be liquidated and the new one would be debt free.
Is that not possible then? If not, why not?
RL
what does any purchaser get for their money ..
i`ve little knowledge in this field
with a CVL what do the owners actually retain by way of assets
assume RFC are liquidated
whats to stop someone else forming a new co and seeking entry to Div3
leaving Ng having paid £20m for jack
Serge on 17 April, 2012 at 14:52 said:
“we don’t do Woking away”
==================
Magnificent.
And why should they? For tomorrow Keech Jackson will reveal wee Billy Ng who’s ‘luvved ra Rangers longtime’ has ‘wealth off the ladar’…
sparkleghirl
Because theres no chance of them agreeing a CVA?
HH
traditionalist88 on 17 April, 2012 at 17:42 said:
Because theres no chance of them agreeing a CVA
___________________________
They don’t have to though, do they? They sell the football club on to another company, then liquidate.
med tim- for what it’s worth the bhoy was in Argentina a couple of years ago, went by bus from Buenos Aires[ ‘fantastic city’] to the Azuaga Falls [‘a bit of a trail but definitely worth it’]
Sandman- VG :}
PFayr – with Our Hero holding the security it is 100% up to him what the new owners get for their money.
He holds the security and the 85% share holding. D&P cannot make him sell his shareholding to anyone. I also doubt it could be sold whilst Ellis is claiming he is due 25% of it. As a lawyer would you allow your client to sit back and watch the asset he is claiming part ownership of be sold and pursue a character like Whyte for 25% of his proceeds at a later date like Ellis would have you believe? D&P will need to satisfy Whyte’s charge over the assets aswell before they can be sold.
We really have no idea what is on the table for Whyte. What we do know is Whyte will cherry pick the best and leave everyone else his scraps.
I have been told that Rangers property and land portfolio extend beyond Ibrox and Murray Park. Mr Ellis had his greedy eye on some of it doon by the river……
Hurdles, fences, hurdles, fences.
Tick Tock
It was first thought the hunnery would be Tesco but its actually going to be Tenko.
sparkleghirl
Thought that was why Leeds kept their history, so to speak…because they agreed a CVA and satisfied creditors. If they liquidate, the Rangers we all knew is finito as far I am concerned!
HH
What’s the rough running total on D&P wages so far?
Are they paid after the matter is resolved?
Who actually pays them?
What’s a projected best case scenario on their ‘costs’???
u
Awe Naw
I thought it strange that TBK were hooking up with Ticketus after the LL had told us that D&D were pleased with the court findings and it was just a case of D&D ripping up the contract and leaving Ticketus as an unsecured creditor in the queue with the other 275 poor buggers .
TBK then had the brass neck to phone Ticketus for the 500,000 to have a peek at the (recipe )books .
I would have loved to be a fly on the wall when that call came in .
hail hail
traditionalist88 on 17 April, 2012 at 17:49 said:
Thought that was why Leeds kept their history, so to speak…because they agreed a CVA and satisfied creditors. If they liquidate, the Rangers we all knew is finito as far I am concerned!
————
I hope that’s right. But would there be any legal obstacle to selling the club first, then liquidating the holding co and leaving the club as a going concern?
Joe O’Rourke
Those of you who are regular visitors to this site will know that there has been no activity on it for a couple of weeks; I would like to explain why.
I had an exchange of online comments with someone who I don’t even know, this exchange was either misinterpreted or misunderstood, and that caused some people to feel offended, for that I sincerely apologise. I never have and do not wish any ill will upon people who are not of the same faith as me, or on the basis of their religious identity.
I am very proud to be the General Secretary of the Celtic Supporters Association, the fact that Celtic Football Club is all-inclusive and welcomes players, staff and supporters from all walks of life make me immensely proud, I would not discriminate against anyone on the basis of their religion, skin colour, ethnic or national background.
The last couple of weeks have been very difficult; I have received messages of support from many people who know me, some as far away as North America, for that I will be eternally grateful. I think it now time to move on and do the job I was elected to do to the best of my ability. The Association will look to update how we use our communications in the future.
UM
I believe they charged the ragers 1.2m for their expertise last month but only brought in 1m ,so I think they are 200 grand down so far ,time for another 1st team pay cut me thinks
Or get another couple of mincers in the bridgeton butcher shop ,square sausage anyone
FSTB
Ticketus can flirt with any of the prospective bidders.there only problem is that HMRC are a bigger creditor than they are …but are they preferred ?
Hail Hail
Fortunes Favour Mibbes on 17 April, 2012 at 17:29 said:
thomthethim
Personally I think it will be “Slinking back in”.
**********
could turn out like “Lannigan’s Ball”.:>)
sparkleghirl
This is the one to refer back to, not sure if draft proposals from the SPL are going to put a spanner in the works on the 30th:
http://www.celticquicknews.co.uk/?p=8535
HH
Dear All,
John Yorkston is on Shortbread at 6;05pm- if you have read my post on Rangerstaxcase today you will know why you must must must tune in to hear this sage of corporate governance and fiancial stability tell us all what we should be doing with football in general and the nations biggest ever defaulting football club– who with their massive support and world wide following were allowed to run up severe bank debt which as to be paid for through thrir huge stadium and massive revenue.
Unlike Dunfermiline who have ran up a pretty big debt with a small provincial club, but who fortunately don’t owe money to the bank– just a private company owned by the former treasurer and managing director of the bank– oh he was also David Murray’s banker and the architect of the “handshake” banking policy that seems to have brought HBOS down.
Oh– and I nearly forgot– Dunfermiline also borrowed £90k from the Livingstone chairman– that will be Livingstone who were forced into Liquidation when the aforesaid Bank Treasurer’s stadia business went bust!!
That’s right– HBOS put Livi down to save the old boy– and Livi only owed the bank £3-4M as opposed to Dunfermiline’s £12M of debt.
But listen to Yorkston becuase he is a man who knows how to deal with these situations and in no way is he a mouthpiece for the former bank Director who is the owner of Dunfermiline’s parent company– who might have just employed Jack Irvine in a familiar PR role as far back as 2004.
No similarity to Rangers at all there.
Remember the SFA letter– did anyone else have an EBT– I wonder?
Rangers administrators launch £25m legal claim against Collyer Bristow for their handling of Whyte takeover.
Guinness Book of Records for period in Admin?
A spokesman for TBK said ” we don’t do walking away ,we prefer slinking “
Surely it is teh job of teh administratros to make sure as many creditors get as much money as possible. Can’t they sell Ibrox £100M, Murray Park £25M, and a couple of players to make up the potential £135M.
Then since Clyde haven’t been paying their bills to North Lanarkshire Council for Broadwood, they could move rANGERs there.
McTall and others
For the most part last night, the Green Brigade were on fantastic form last night. It is true they let off a number of flares, but from where I was standing (right at the back of the Broomloan Front) they brought a fantastic atmosphere and a great display of colour.
Where they did let themselves down was with the “pass the parcel when Rangers die” song, while a broken chair was passed amongst the supporters.
We are better than that, don’t give our enemies (going by the team of police videoing our every move last night we have plenty) any ammunition
As the tatties boil and the mince simmers I started to think………
When was the last great flounce from CQN…..there have been some rippers in the past but not many of late….
MWD gave a great link to an old article (Killi game 3 – 3)…..I wonder if he has a lexicon of flounces…..
Dinner time!!
STV comedy gold there-Bill Ng at a Club night out in Singapore “this is only the beginning” followed by fans of the Club singing “forever and ever we’ll follow the bhoys……” .Is this guy getting mixed up here?