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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Looking for some help from all CQN’srs especially Cowiebhoy or any of you familiar with what was Hasties Farm Blantyre…. I’m looking for a recording of John Doc ..I know he did a recording “Live at Cowie Bowlers” and I am led to believe at Hadties Farm ….any help in locating these recordings/Tapes will be greatly appreciated…. cheers !
Paul Krugman…“To invest these funds, people have turned to financial professionals – but most probably weren’t aware that these professionals were under no legal obligation to give advice that maximized clients’ returns rather than their own incomes.”
What utter nonsense. An absolute Pontius Pilate moment.
When you invest money it is incumbant upon you to read the T&Cs. Wing it at your peril.
THETIMREAPER on 8TH FEBRUARY 2017 11:40 PM
Boom boom. :-)
Fair enough. Why will they play a weakened team next time?
Gordy
Bought the 3 day ticket for £150.
Would have paid that to see the best live band I have ever seen in my life.
RADIOH34D Friday wi plenty bowls of Glasgow Green on Glasgow Green. ;)
Trust me I am a doctor
WHAT IS THE STARS on 8TH FEBRUARY 2017 11:36 PM
Just read that opinion piece.
The MAN has been full on about the inability of small business to raise loans from the banks.
Not mentioned by Mr. Krugman . It should have been.There are two sides which must be put ,otherwise your correspondent is simply preaching to the converted.
Who needs that ?
Let`s both wait and see how things pan out.
Mags
That’s nothing, some people rack up 4 yellows in one shift!
Big Peat
Tbh i don’t really care, the Bhoys will have our top team out at the weekend and that’s all that matters.
DD. Nice gesture bhudy. Hope all ok with your mum . HH
BPof I .
Leicester are 16/1 for the FA cup. 9/4 to be relegated. Odds according to Betfair.
DD
most of the line up aint my cup of tea,
had a feeling you would be there the weekend,
now if it was only Little Mix ;-)))
DD
In Rainbows in the Basement… on YT
Lovely Radiohead set.
HH
THETIMREAPER on 8TH FEBRUARY 2017 11:48 PM
Tbh i don’t really care, the Bhoys will have our top team out at the weekend and that’s all that matters.
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Well of course. But when your a fitba fan your a fitba fan period.
We have everything and more to play for in the league (and cup) and I expect BR to not let up on anything. I do expect though that there will be some rotation up front now that players are chapping at the door, fit for purpose again.
Tsk, tsk, tsk, people goading, lol, and the CT clique buzz word being used, Troll.
Reminds me of paranoid, an obsessed, wits that clique like :))
ANGELGABRIEL on 8TH FEBRUARY 2017 11:48 PM
Leicester are 16/1 for the FA cup. 9/4 to be relegated. Odds according to Betfair.
——————-
Good odds. A monkey for a tenner.
Macjay
Lets both wait and see how things pan out….
The rich will betray the poor….they always do.
Ok .at least you read the article.
Thanks
BY the way I really like that young Muslim immigrant of Malian descent ….whats his name again
Moo Sa
Moo Sa Dem Bell A
Moo Sa Dem Bell A
Moo Sa Dem Bell A Dem Bell AEY Dem Bell AEY
John James
“Warburton is one major loss away from his P45. If Morton prevailed on Saturday he will be gone. Should Celtic convincingly beat Rangers on March 12th and lift the title, the humiliation of a 30 point deficit should be too much to bear for the rogue board. Kenny should invest in some media training as he will be swapping a track suit for business suit in short order.”
…johnjames seems to be predicting misser as the next pisser
TD67
Insomnia?
HH
Donny Toadily… come out from behind the couch
TGM
Man flu.
Big Peat,
you asked for a price that Leicester stay up,
its about 1/3,the double would pay £227 roughly
Oh chit there’s the guy called Margaret , what a strange person?
GORDYBHOY64 on 8TH FEBRUARY 2017 11:57 PM
Big Peat,
you asked for a price that Leicester stay up,
its about 1/3,the double would pay £227 roughly
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Not a bad hedge if you think they have got cup legs in them.
I don’t think for a minute they will get relegated.
BhoyfromSky
I’m down in Manchester, back up the road Friday, I’ll ask my Auld Da and Maw when back up – I used to have the one from the Bowlers, think I through it out recently when I moved a few months ago, as you can’t get anything to play tapes now :-)
Will let you know at weekend Bhud
Ps- ask your Johnie to ask that Brother in law of my mines brothers, they will also possibly know and have it if so ?
In fact that brother in law of mine may also have it if he made one, his daughter coming back on holiday early March – and could bring a copy if so ? I will drop him a note as well
Hail Hail
Been a terrible year on CQN in ’17 with the loss of Kitalba & Awe Naw so far.
But wait…..Paul gave them both an ‘in’
This means that, to date, they have not complied, which is their lookout. We ALL follow the roolz until we transgress and it is then up to the individual to give an assurance.
They are not martyrs…just naughty bhoys.
What rips my knitting is that those who started the shitstorm, then try to distance themselves from it.
Yep thats you Mr Deceptive Big Pete.
I’m not condoning physical threats but as a monarchist Big Pete will understand why Kitalba wanted to rip his head off and refused to retract his words ala ‘absit iniuria’
Big Peat,
i replied as you asked for a price on them staying up,
which was 1/3,Angelgabriel gave you a price on them being relegated.
I wouldnt be that surprised to see them go down,they appear to have no confdence at all just now
Yeeesssssss Big Gas Meter , take a bow, outstanding big man, a true Celtic supporter.
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/?ref=rss
TGM
Politics, shmolitics. Democracy is an illusion.
Was he pushed or did he jump???
Tony Blair knows.
Thom Yorke is exposing him in truth.
Radiohead like to come to Caledonia and tell da truth. Immense Jonny Greenwood trippin on Campsie shroom riffs to enjoy. Nice!! :)
HH
Art of War on 9th February 2017 12:04 am
or maybe they dont give a shit anymore
Cosy Corner Boy,
I posted the other night re the origin of John Mc.Phail’s nickname.
It came from the way he ” hooked” the ball over the advancing Motherwell keeper to score the winner in the 1951 Cup Final.
PS.
I wasn’t there, but my dad told me when he got home.
Donny….to allay your conceptual difficulties
How’s the night school coming along? Still pluggin it?
Mags….then that would be truly sad.
Art of War on 9th February 2017 12:10 am
It is.
GORDYBHOY64 on 9TH FEBRUARY 2017 12:04 AM
Tonight might just be the result that turns things around for them.
There are not many teams who continue in bad form indefinitely. The last 4 EPL games have only thrown up one surprise for me and that was the Southampton game.
Man Utd and Chelsea expected. Only one goal in it against an in form Burnley.
The Burnley and Southampton games were away from home.
They have more chances of winning a few of their games and putting some form together in March-April fixtures.
Men of substance are far and few
Bent in shape or just askew
i’ll leave the answer .. .
up to you!
for Mags
BhoyfromSky
Seen this
http://www.7tt77.co.uk/HASTIES_FARM.htm
DD
I was sort of on loan tonight:)
Listening the the drivel of a perspective Conservative candidate, nodding my head while trying to respectfully tell him that he knows feck all:)
Its a fecking nightmare….which i hope to wake up from, soon:)
Weird Fishes:)
Shrooms Va Voom:)
HH
Couldent stand the Doors, never understood Doors fans who used to stand watching them at concerts while the lead singer urineated all over them, but each to they’r Owen a suppose.
TONYDONNELLY67 on 9TH FEBRUARY 2017 12:05 AM
Yeeesssssss Big Gas Meter , take a bow, outstanding big man, a true Celtic supporter.
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In spite of the poo flung his way.
Couldn`t agree more.
AngelG
Cheers pal wee Molly is still kickin the baw big time. Trying to assert her alpha female fenian dominance in the care home, and it’s working. :)
HH