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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TD67
LOL, Dean Martin more your thing?
HH
He was about to take in another mouthful of the most succulent
lamb – anyone who knows Murray shouldn’t be surprised to learn
he is a full-blooded, unashamed red meat eater – when he put
down his knife and fork.
It was like a statement of intent and looking directly across the
table to make sure I hadn’t yet succumbed to the wine, he said:
“Bring on the next 10 years, there’s more to come for Rangers.
“Understand that I care passionately about what I’m doing with
Rangers and believe that in 10 years time we will still be setting
the pace.
Ouch!
Thanks Cowiebhoy I’ll get on to Johnie, any help will be great…. been with an old pal tonight and Recalling the good old days at the bowlers..,..and would love to get a copy of Doc to revive those times…
Moderator moderator hear my voice
Bhoys on the blog
Have made their choice
They’ve sussed me out
So I’ll squeem and squeem
Dont let them have
Jelly and ice creammmmmmm
ok back to Celtic.
I see it this way.
After whats has went on in Govan in the 21st century so far and whats happened since 2012 up and until even today.!!!!!! ……the SFA SPL SPFL can GIRFUY (copyright Donny)
So what about the future?
10iaR couldny gee a …. nothing will change in this country.
EPL?
another league?
fairy stories.
Europe is where Celtic’s past present and future lies.
If Brendan Rodgers can do a “jock” all bets are off UEFA style.
I genuinely believe that.
If Celtic can get to a CL final or even semi I think it will make UEFA reconsider their current WWF format and migrate back to the fans because in the long term its all about money and for that you need 500 million TV fans not 50. An all inclusive European competition.
With the rise of football again in Eastern Europe I think UEFA must ultimately consider this.
Yes I know its expecting a lot from Brendan but I believe he is capable.
If it all ends in shite and all we want to do is F*** the huns then BR will move on its over and I’ll go fishing.
Donny the thing about pish on CQN is that most of it seems to come out of your mouth.
TD67
What about Al Jolson?
Do you still remember seeing the first ‘Talkie’….The Jazz Singer
I bet that was a big event back then in your youth:)
HH
Jazz singer a wee bit before my time, Jolson was a kinda Michael back in those days, so they say.
TD67
What do you mean Catholic?
The Pope playing bongos:)
Had you down as a bit of a crooner, Sinatra, Perry Como, Tony Bennett etc?
HH
5 to 1.
1 to 5.
Noone here gets out alive!
Turn on Tune in Drop out MrMojorisin
Immortal Stoned Immaculate
GNGB xx
TGM
This is more of the kinda chit a like listening ti.
https://youtu.be/50xx1_CbJTI
Canamalar
Believe he is calling Donald Trump after he phones ra Polis:)
HH
TD67
Ah, got you now
Like that as well.
Mod and Motown classics sort of thing?
HH
AFAIK 3 things made ANNAOANN give up
1. Celtic’s lack of sincerity in dealing with res 12.
2. Paul67 embracing symbiotically the Born again OF Lawwell style.
3. The CQN Twatterati such as on show here today/tonight
Mod, R&B, Motown, small faces, Philadelphia sound, awe that stuff.
TGM,
Careful, bullying clique alert, well, imbeciles that can’t reach common conclusions independently, have to make that connection :)
Some discord on CQN, when will we ever learn?
Never, I’m sure, but apologise and regret, and remorse.
Some humility, and respectful discourse.
Goodnight CQN.
Ya roasters.
TD67
The Small Faces…The Autumn Stone, Great album, Great band.
Love Stevie Marriott
HH
So the Jesuit order is now under the spotlight. Good.
Snide comments are not Ever welcome. Cowards make them, ALways.
It is a Military Order.
Christ and his disciples ain’t nothing to do with Forcing people. It is a lot more than that.
Make no mistake that the Jesuit Ordered are in control of Everything now – In America anyway. Pray that they Do the Right things. Power is a horrible THING to have, the responsibility is unreal. Stopping so many Abortions. Magical. Stop it FFS.
Some people think about their own street cred more than Millions being sacrificed and even being used for Organ Donations. They never faced that sh!t but are so vocal.
TGM
catholic
ˈkaθ(ə)lɪk/
adjective
including a wide variety of things; all-embracing.
“her tastes are pretty catholic”
synonyms: diverse, diversified, wide, broad, broad-based, eclectic, indiscriminate; More
TonyD
Do you dislike The Doors because they wrote a song called Maggie McGill???
Listen to Morrisson Hotel. World Class sounds! Will meet you and Masty for a beer soon in the Brazen. :)
HH
TGM
Saw the small faces live in the Duck Bay Marina, hmmmm a think it was about 66/67.
Canamalar
Youre wasting your time.
I apologize for not responding to you last night as I genuinely never heard of that guy.
Trump is stopping Abortions as much as he can.
To me, well that is SO Important.
DD
No no not at all, a just didn’t get the urinating thing, I just didn’t like the sound, .
See you in The Brazen.
Canamalar
Dont want to say too much, already been mentioned in dispatches:)
Its like that time Pastor Jack Glass tried to convert me on Byres Rd, he ended up threatening to call ra Polis:)
Or more recently when i was a bit flippant to two mormon sisters again on Byres Rd; i shouldnt have said when they were telling me about Joseph Smith and the Golden Plates…’That was a lucky find eh’:)
HH
Petec
The sanctity of life is all.
I pray for Saints like your sis who respects and supports All life. The Gift.
HH
TD67
Duck Bay Marina…been there many a time, wasnt lucky enough to catch the Small Faces though.
HH
Trump wants dialogue with Putin – to end the bloodshed in Syria?
Proper dialogue?
Who knows.
God is running this Show.
And it is the Greatest Ever Known.
Everything will Pass away (Paul McStay) and Still……….
Let the olde people Sing.
Celtic is so Magical.
Scottie Sinclair.
Petec
Hows it going bud?
HH
Delaneys Dunky on 9th February 2017 12:54 am
Petec
The sanctity of life is all.
I pray for Saints like your sis who respects and supports All life. The Gift.
HH
……………………………………………………………………………………………
There is a Reason I’m not beside my Sister.
So Many haters out there. I’d end up getting Jailed.
She is the Bravest of the Brave.
TGM
Was a lonngggg time ago, ended up after the show we hired a bus it was awe castlemilk and Gorbals boys, anyway….of course the word had Gorbals round Loch Lomond that Glasgow mods where in town, and low and behold we steps outside, fekin rockers awe over the place, finished up a great night, never forget it, ohhhh to be 18/19 again :))
Mags,
No problem, Google the Dunning Kruger effect, you’ll like it it applies to quite a few on here :)
TGM
I was in a Physics lesson at Saint Tams in the lead up to the Hillhead by election. Pastart Glass was outside our school screaming on a megaphone screaming we were papists going to hell etc. Mr Deighan ordered us out 10 minutes before the bell. We knew where the bricks and boulders were stashed. Glass fled like a coward fae 13 year old fenians.
UTLR
Right am gonny try the bed thing now.
HH lurking Huns GIRFUYs
TD: The doors never pissed on anyone away and lie doon and follow your doctors advice
Petec: Trump is Putin America first
These are not alternative facts.
TD67
Ha, Happy Days eh
And did you happen to indulge in any ‘Sweets’ of varying colours, like heart shaped ones:)
You auld rogue:)
HH
TGM
Dexadeens, an a wee bit of hashes, :))