News that Rangers’ liquidators BDO have raised an action against the club’s administrators, Duff & Phelps, transported me back to an item we discussed in 2012.
By 31 October 2012 Newco was enjoying life under Charles Green, then heralded like some latter day Osmond brother, but all of us on CQN were more sceptical at the time. This is from the blog that day, titled Gratuitous Alienation rears its head again:
“I see Charles Green dismissed out of hand the suggestion that his new company’s property assets were worth in the region of £8.5m, as suggested in a recent blog [he may be referring to Celtic Quick News, but we made no comment on what the assets were actually worth], although he refrained from disputing heads of terms exist for the sale and leaseback of Ibrox, Murray Park and the Albion Car Park [which CQN reported].
Green told Talk Sport, “The blog I’ve seen said that we’re going to enter into a sale and leaseback for £8.5m, you can shove the offer where the sun don’t shine. We’ve got a valuation in the share prospectus in excess of £80m.”
Mr Green is clearly an experienced negotiator.I am grateful to Paul McConville, who yesterday employed our favourite legal term, Gratuitous Alienation. It was June this year when Celtic Quick News suggested:
“Gratuitous Alienation [will]enter the lexicon soon. Gratuitous Alienation is the Scots legal term describing when property (or cash) is transferred to another party without any, or adequate, consideration.”
Paul reminds us that “Mr Green bought all the assets, including the right to over £3 million in cash due to the former Rangers, at a cost of £5.5 million. Now he says that the fixed assets are worth in excess of £80 million, and that a sale and leaseback at a price of £8.5 million is nonsense.“If BDO challenges the transaction as a gratuitous alienation, then it is for the purchaser to establish that “adequate consideration” was paid for the assets. That is NOT the same as saying it was the best offer anyone made.
“If BDO do raise a court action, I struggle to see how Mr Green can state that he has paid “adequate consideration” for the assets. Maybe someone could ask him”.
I am absolutely sure Mr Green will be able to demonstrate that he paid adequate consideration for the assets. He is a resourceful and experienced businessman. If anyone is going to find newly established oil under the Ibrox pitch, he will.
I am also sure that BDO are far too busy to worry about such questions and that the interests of creditors are best served by forgetting about this whole business. Haven’t these poor creditors been through enough?”
It’s worth reminding everyone that Charles Green acquired the assets in question (Ibrox, Albion, Murray Park, trademarks and other IP) on behalf of Newco Rangers (called Sevco Scotland Ltd at the time of acquisition). The BDO case against Duff & Phelps is the next front in this story. If successful, it will not be the last.
How we miss Paul McConville’s analysis. After all this time I didn’t think this was going to happen. It’s been years since I’ve touched this stuff, I’d moved on.
‘Here we go again……….’
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I think we all know the reason they are planning to march in Derry rather than London.
Bada
Meant to add…
On following orders. The IRA (read all variations, permutations) ironically have found this the most challenging aspect of their organisation over the years.
They have had a bloody history of internal dispute, internecine fighting and insubordination in their ranks: more splits than a professional gymnast will ever perform in their lifetime.
Leicester 16/1 to win the FA cup surely worth a bob or two HH
Almore/WITS
Any of you guys know anything about golf courses in the Dublin area? Looking to find out if Newlands and Castlewarden are any good?
Almore
I’ll do my best but the guy I go to has asked me this time so not hopeful.
Big Peat
No need for discussion or debate. I think you’re a troll and that you deliberately goaded Kitalba.
You claim that I’m wrong.
No problem, we’ll see in the long run.
CADIZZY
Being fair to Leicester they lost their entire engine room when Kante departed.
He was the conductor stopping opponents and setting up attacks.
Positional sense is key in that role.
The trick is to cover the ground without overcommitting or exhausting yourself.
His replacement Moussa is more like a headless chicken.
Hoping Kouassi can improve us in this area as its the one area we still look vulnerable in.
HAMILTONTIM on 8TH FEBRUARY 2017 9:55 PM
Wow.
Imagine the flair star players we would have lost if they had been forced to tow that particular line.
Individuals who brought us to our feet when they received the ball.
To be perfectly honest , i`m not sure about our adoption of the current style of tippy tappy at the back , crawling up the field.
I miss the old swashbuckling cavalry charge .
Yeah. I know.
Can`t argue with success , so I wont.
HAMILTONTIM on 8TH FEBRUARY 2017 10:33 PM
No need for discussion or debate.
————————————————
Thanks. Time to take your own advice. All the best.
WITS: It was great, I intended posting about it but been really busy since I got back. Maybe I’ll post something on Friday.
Hope to catch up with you and Park Road67 on Sat if he’s up for it.
Cream crackered, so off to mo leaba.
Btw, great to see CorkCelt, DBBIA, Big Jimmy and others back posting
Delaney’s: best wishes to you and your mum
Timreaper
Not into golf myself but I will get a few recommendations from my Dad and some pals that play
TTR
I would know a thing or two about the Dublin area golf courses, the two you mention are very fine courses.
Do you want a links, parkland, how hard do you want the course, are you on a budget, do you want to play the oldest and imo best course in Ireland ?
HH
QUONNO on 8TH FEBRUARY 2017 9:59 PM
DRAMBOWIECELT on 8TH FEBRUARY 2017 9:57 PM
@MACJAY …aye me………
They called it time and study………….
Time and study. Your age is showing.
========================================
:-)
At least work rate has gone.
FAN-A-TIC on 8TH FEBRUARY 2017 10:34 PM
CADIZZY
Positional sense is key in that role.
The trick is to cover the ground without overcommitting or exhausting yourself.
—————————————————-
Spot on. Never seen anyone do this better than Neil Lennon considering the length of his wee legs :-)
Timreaper
Why Newlands or Castlewarden ?
Has someone recommended them to you
Of the two Castlewarden would be my choice, to many torys frequent Newlands, or did when I played there :-)
Last Sat night was a great throwback to the feelgood Eve of old…
As young Dena will bear witness to……
May we have many more………..
H.H
Ahmed Musa is a forward and was not a replacement for Kante.
My thoughts on Leicester this season, Kante – massive loss, unbelievable player in terms of the job he does for the team. Secondly, i think the team has a bit of an identity crisis this season, looks as though Ranieri has tried move away from the tactics of last year which were mainly to sit deep, absorb and counter at speed with Mahrez and Vardy. This season they started playing a slightly more expansive style and it hasn’t worked. Recently it looks as though they have tried to go back to the tried and tested but the players confidence has already gone.
Just had a thought on the proposed Derry march.
I imagine there is some very good reason for making such a bold move.
Along the lines of….
#1. The soldiers feel that unless they provoke interest, they will be hamstrung.
#2. Derry is the place to do it.
#3. Knowing that it will get full media attention.
#4. Knowing that it will be highly policed and probably pretty safe.
#5. Turn the tables on the debate that they are the victims.
et cetera
WHAT IS THE STARS on 8TH FEBRUARY 2017 10:38 PM
Timreaper
Why Newlands or Castlewarden ?
Has someone recommended them to you
—–
We have both booked for May, Just don’t want any nasty surprises.
Exiled
I am shocked
No tories in Dublin !!!!
Maybe a few West Brits though
fan-a-tic on 8th February 2017 10:34 pm
True. Kante was a huge loss. However, the removal of one player should not change champs to possible chumps. They have done very well in Europe so can still clearly be a good side so why the rubbishy league form?
Ah football. It’s a funny ol’ game, Saint.
Timreaper
I will get you some info from fellas who have played there.
Exiled seems to know those courses from his time here,
Where will you be based. Meet for a pint hopefullly
Stars
Ha, there was mucho brit accents at Newlands, so I just assumed they were torys
HH
THE EXILED TIM on 8TH FEBRUARY 2017 10:36 PM
Thanks for that, both courses already booked for May this year. I wanted to play Portmarnock but the boys weren’t happy with the cost.
OWEN on 8TH FEBRUARY 2017 10:17 PM
Way back in 1939 the Unionist parliament in Norn Iron weren’t so enamoured of the British Army.
See, and you will love this one Macjay, they were all set to implement conscription in the six counties. Most Good, God fearing Protestant men were in reserved occupations, farming, shipyards, Short Brothers aircraft factory, ruc etc, so the idea was to send off the fenians of Military age to do the fighting and dying for King and Empire. Great plan until someone pointed out that after the war they would have thousands of highly trained fenian men returning to “their” country and it might not be so easy to keep them down with the part time hard men of the B Specials.
The result? The loyal Ulster parliament never introduced conscription. As my mum, and her father a WWI veteran, always said “loyal to the Crown, but even more loyal to the half crown”
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:-)
No conscription in the North. Didn`t know that.
All the black arts , eh ?
Believe it or not , my old man returned for Gallipoli and the Somme and was invited to join the Black and Tans.
Probably didn`t know his religion.
He declined.
:-)
WHAT IS THE STARS on 8TH FEBRUARY 2017 10:45 PM
Thanks, thats great. Staying at Citywest but will be heading into Dublin so whichever is easiest for you. It would be great to meet up.
Donald Trump: a man so obnoxious that karma may see him reincarnated as himself
https://www.theguardian.com/commentisfree/2017/feb/08/donald-trump-obnoxious-karma-reincarnated-as-himself-frankie-boyle
HT: it’s a big ask so no worries if nothing doing.
TTR: not a golfer but have played a few courses including Castlewarden. Didn’t think much of it tbh.
My favourite is the one on Howth Head, just can’t think of the name of it at the moment. Challenging, great scenery and open to the public. I’ll get back to you tomorrow.
Perth or Tassie today. Hell everywhere else. http://www.weatherzone.com.au/videos/National-Forecast-9th-February-2017/5315216465001
Big Peat
After you call the polis, dont forget to call Donald Trump.
Big Peat …..Your stating the obvious there old chap..
H.H
Cheers Almore, hopefully see you when over there. Will get email addresses from you and WITS nearer the time.
March in Derry.
In all probability it won`t happen , but the ” threat ” will achieve what was required.
Publicity and discussion.
See above.
But he has a heated driveway
>>>>>>>>>>>>>>>>>>>>>>>>>
http://www.eveningtimes.co.uk/sport/celtic/15079118.Peter_Lawell_is_the_best_CEO_in_European_football___he_could_lead_to_20_league_titles_in_a_row/
TTR: Citywest has its own golf course.
Definitely up the wooden hill now.
Oíche mhaith
TTR
That’s why I asked about a budget, Portmarnock is still part of the Dublin elite and charge accordingly.
If you can, you should try and get a game at The Curragh, the oldest and imo the best course in Ireland, Beechpark in Rathcoole would be less than a mile from Citywest, it’s a quality course, as is Citywest itself, CW also has an 18 hole par 3 course, well it’s not quite a par 3, it has a couple of par 4s and a par 5, but it.s cheap and always empty and two mins from where you are staying, but if you can the Curragh is the biz.
HH
@MACJAY…It won’t happen?…March the 4th,,,watch it happen….
H.H
TIMREAPER
When Moussa was signed punters her said he was Kantes replacement.I just assumed they were correct.
Have not seen them much but today he played higher up the field than other times have watched them.
CADIZZY
He was the lynchpin.Not finding an adequate replacement has weakened them.
Not surprised that the underperforming Chelsea of last season have had such a turnaround since his arrival.
Conte has also contributed.