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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DD
Pastor Jack…what a fecking case.
He had a sidekick we called ‘Bible John’, who once told me that somebody was breaking into his house and stealing his electricity.
He said it was under control though, because he called the Chief Constable to sort it out.
True Story.
And i thought i was bad:)
HH
TD67
LOL, you auld chancer:)
Seeing you in a different light now:)
HH
Margaret McGill,
Trump is Delegating things.
I know Nothing Bro, Heck. I even told you with links to Dr Future, he has a lot more querries than moi.
The Obvious thing is the start of the 4th Reich, well, when you are One Sided.
The Almighty has the BEST ever Story Ever.
You got to Roll With it.
TD67
You were a Dexy’s Midnight Runner.
Respect. Buy you an Masty an ale soon.
HH
MAGICAL
Delaneys Dunky on 9th February 2017 1:10 am
I’d love to join you and masty and TD for a beer. I’ll even pay.
How about this May?
I’d give Scott a rest on Saturday. Keep him on the Bench.
Magical.
TGM
Do you remember when the Pastarts cars locks and house locks in Dowanhill got filled wi superglue.
Saint Tams Schoolbhoy pranks! :)
HH
The most important game.
Scottie on the Bench.
Mystical, Magical.
Petec
Im not sure if your daily medication is wearing off this time of day or whether you actually believe this religious claptrap. What you seem to post is outrageous.
Murderators
Can you please curtail Big Peat his behaviour today has been absolutely intolerable.
DD
The cult of Pastor Jack.
He had a wee group of bedraggled followers.
I believe they had a crib behind Tennants back in the old days, Fire and Brimstone, Hell and Damnation type scenario.
A few of his wee followers used to sneak in for a pint behind Pastor Jacks back, we were sworn to secrecy:)
HH
Broonie has been slipping in his performances.
Brendan is Ruthless.
I Like that so much.
M McGill
I will be in Lisbon fae 24 to 27 May. Would be a beautiful time and place to meet you. ;))
HH
Margaret McGill on 9th February 2017 1:17 am
Petec
Im not sure if your daily medication is wearing off this time of day or whether you actually believe this religious claptrap. What you seem to post is outrageous.
…………………………………………………………………………………………………………………………………
If only you realised.
pharmakeia.
Don’t be getting Canamalar Involved in this Discussion.
Mr C dabbled into Everything.
A Wide Ass like No other.
I’ll Always promote the Old School.
TGM
My mate John McLaughlin fae Dowanhill Street reckoned they ate babies in Pastor Jacks underground kirk in Dowanhill. My sis in law taught in the adjacent Notré Dame school. Devil she said he was. Vampire like.
Broonie has been piss since coming back from the Break.
He gave Everthing the early hauf of the Season.
Brendan is Ruthless, Broonie won’t be there next season, first team regular Anyway.
Scratching my head at this,still funny though.
https://www.theguardian.com/technology/2017/feb/08/wikipedia-bans-daily-mail-as-unreliable-source-for-website
Back out to work,playtime over.
DD
Yeah he was certainly a satanic john knox like headcase:)
His sidekicks were like something out of Rosemary’s Baby:)
HH
I’m thinking Erik will become the King of Celtic.
I Love the guy and the way he plays the game.
Winning Club
Where’s the feckin’ moderators?
Not liking The Doors – straight RED right there if I ever saw one!
Only Huns and sexual deviants don’t like The Doors; one of the most influential bands that ever existed – classically schooled jazz musicians creating incredible sounds in an unholy tryst with the greatest iconic frontman that ever stalked a stage, a punk before punk, a cultural demigod.
“Don’t like The Doors…”
Pah!
‘Grandmaister, prime the goat…’
;))
Brendan brings him on when there is a danger of losing a goal.
Brendan I think was giving the Special player a Rest, a well deserved rest.
MAGICAL.
Canamalar
Dunning–Kruger
Forrest Gump has a lot to answer for.
Actually. Sounds like Trump.
Sandman on 9th February 2017 1:41 am
Phillistines eh?
Couldnt agree more
awe wait a wee minute
hod oan there big man
he pissed on peepil
err naw he didny. That was you.
Mags,
Good eh :)
So the Job is Done?
Time for baw baws
I’m as suspicious as Anyone Ever about BIG whatever he is Called – oh Pete.
Kojo, IMO, wasn’t a multi poster. Jealous people made him out to be that.
I know Nothing.
Summa of Sammi Let the CQN massive know about fakers. Unless a person is Shamed, then why do that?
Until I am furnished with evidence to the contrary, I’ll always be very disappointed that Kojo isnae still here.
Petec
Just take the time, email celticquicknews@googlemail.com and ask directly of Paul67 how many non de blogs Kojo posted with, arguing and backing himself up. Enlighten yourself.
MWD
MoonbeamsWD – Tell me yourself.
Why Won’t Paul67 EXPOSE Kojo?
I know I would.
Lets all talk about Sevco.
Petec
I’m surprised, Sir, at your faulty inference. Perhaps your suspicion is based on your very self being wholly influenced by others who would take to persecution as their hobby of choice?
I don’t know.
Remember the Dominicans are there to pray and teach. The Benedictines to pray and work.
It’s your choice.
Papa Francis doesn’t have all the answers.
That’s why he shy on abortion, but big on recycling.
It’s not what Christ would wish for.
Teach or work?
Now if it is in a Secret conversation.