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……….’
738 Comments- Pages:
- «
- 1
- ...
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- »
awe yer guid works in Secret and awe that
Ingrates.
It’s a word.
Paul67 is the most patient,tolerant, forgiving, focused, merciful webmaster I have come across.
I raise my cup of tea to Paul.
Why you do it Paul is beyond me.
Considering.
Must be times when you have thought of walking away. Changing the locks.
Kudos.
WAN thing about Kojo he was Brutal with his Rudi Vata.
I have said a few Times, his Reincarnation patter was Wrong.
Nothing is Left @ the End, except the Truth.
What secret conversations would that be Petec?
I’ve nothing to tell you. You already know it all.
It’s a lot simpler to put your own mind at ease though by directing your suspicions if others jealousy towards the one man who can answer your question for you.
But that would depend on whether you want the answer or whether you prefer to throw silly accusations of others jealously.
Hoing to my bed now to cut off the babble.
MWD
Celtic is in Good Hands.
Thankfully not Mine or Danny Bhoys.
:))
If Kojo was a multi poster and Paul67 knew this, and he is the Controller.
I don’t like fakers, one iota.
MWD. I’m sorry, I am not buying it.
Paul67 has the logs in front of him.
Kojo was a Liar and a Deceiver – it is not so hard to say.
I remember macjay1 doing a sort of U-turn, which gives yer patter credence.
So Kojo isn’t real.
And we are going to be in the BPL soon.
You Can’t afford to Live without Christ as your KING.
When Paul67 comes out and says that Kojo was a multiposter, and Quite frankly, after all the Jibber Jabber, it would be remiss of him to, Not Comment.
If only for old petec’s sake.
Out the loop…. Always. and that is the way I like it.
MWD – My Wee Brother is exactly like you. Obsessed about things, that have no Tangible Meaning.
James , Already has gave up on doing a 2:45 Marathon…. got a Cold.
The London Marathon can take a Breathe.
You Shoot down a Tony WaTT, You Shoot down so Many.
Its a Fallen World.
Martin was Brilliant with Robbie SAVAGE, Half Time.
MAGICAL that the HUMBLE player led Martin into givin’ out his Wisdom.
Respect the Dude.
GENIUS
They had talked prior about having Cameras in the Dressing Room.
Martin was STRONG in his opposition.
Magical.
Mr O’Neil.CSC
Brendan.CSC
YES
So many things Don’t mAKE sense.
if only people realised, Christ the Almighty.
kRIS AKABUSI.
The world is a great big melting pot.
https://youtu.be/5RcFAN4S1Qw?list=PLcTG-OItegCv4YWiH1HUx8X2HnEgIHlv0
https://www.youtube.com/watch?v=zAWn4FO1MOw
Peat.
Aussie bitsers.
:-)
A bishop visited a church in his diocese. Only three people turned up to hear him preach..
He asked the Vicar “Did you tell people I was coming?”
“No” replied the vicar, “but word seems to have got round anyway”.
..
BHOYFROMSKY on 8TH FEBRUARY 2017 11:41 PM
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 !
..
Do You mean John Doc Now of Residence in Germany..?
If so could maybe get a Contact address for Him..
Cheers
Summa
TWISTS N TURNS on 9TH FEBRUARY 2017 6:36 AM
:-)
Word of The Day
modicum /ˈmɒdɪkəm/
noun
1. a small amount or portion
2. a moderate amount
Word Origin and History for modicum
n.
“small quantity or portion,” late 15c., Scottish, from Latin modicum “a little,” noun use of neuter of modicus “moderate, having a proper measure; ordinary, scanty, small, few,” from modus “measure, manner”
KTF
Good morning CQN from a cold and frosty East Devon.
Good morning friends from a crisp, dry and fresh feeling East Kilbride.
Canalamar and Big Peat:
Various posts deleted, Moderator has asked you all to stop, please let it go.
MODERATOR on 8TH FEBRUARY 2017 10:58 PM
HAMILTONTIM on 8TH FEBRUARY 2017 10:40 PM
BIG PEAT OF ISLAY✝ on 8TH FEBRUARY 2017 10:45 PM
DROP IT – BOTH OF YOU!
Both these posts have been deleted – the subject matter was dealt with earlier today. I don’t wish to spend the rest of the evening having to read and delete petty to and fro posting. Paul67 issued a red card – end of!
——
I offered an opinion. I didn’t swear and I wasn’t threatening or abusive. In fact my post wasn’t vastly dissimilar to what I’ve copied above.
Out of respect for Paul I’ll accept your judgement.
Moderator 2
As I’m sure you will see from reading back, I have subject to abuse from specifically four people on this thread who are acting in a very very vengeful way.
HamiltonTim
Canalamar
MagsMacGill
GreenPinta
It seems there is an agenda to run me out of town.
No way.
I’d really like to see the post of mine that was deleted as I can assure you I respect the T.O.S. of the site.
Canalamar and HamiltonTim last night were the worst offenders but no doubt they will be joined by others today.
Very very sad that so called Celtic supporters act this way. Vindictive and poisonous.
Big Pete:
No agenda, some of those you mention had posts deleted. Moderators will not get involved with queries or questions, please refer to P67 at celticquicknews@gmail.com
I’ll not respond to any other posts from you or anyone.
Moderator
Getttin near the time we may as well run posts by yourself do you not think??
Sad
A club inspired by immigrants open to all.whose people ate grass whilst the lawmakers exported beef wheat and foodstuffs.
It was the law
It was bad law.
Pity 8 million perished
The disturbing nonchalance of conservative thinking!!
In the meantime
Leave it to the market!
Right wing scum then as now
HH
Haven’t read back, rarely do these day’s, what’s the
news on the injury front?
Nye Bevan’s Rebel Soldier
What do you think this is a site about Celtic?
Not read any official updates re injuries myself since last weekend though one of our own reported last evening that Tom R had been spotted heavily bandaged
Jimbo67
JIM PAYNE…….Rogic’s injury seems to be worst than
first thought,been out a while now.
Reading between the lines I think BR is not that happy
with LG for whatever reason…….might be talking shit eh!!
WHither the cash strapped scrofulous hillbillies the day?
Nye Bevan”s Rebel Soldier
Tom’s been out 2 months now – not a foul according to Paul Hartley though.
I have only read Brendan’s comments re Leigh so I am not sure of the overall context they were said but they do suggest frustration with Leigh. I have to admit that on Sunday for the first time I thought MD is better than Leigh- not potentially but now.
Jimbo67
Huns suggesting on FF that Laugherty and Jellywitch are both out and contract and would make a great pairing up front…
Whaus nixt?
Gough, Bomber and Butcher as a back 3?
I think it’s gone beyond desperation.
Personally I think they’re being very hard on themselves. A brand new club sitting in the top 3 of the premier league is not so bad.
Petec. Great can you get him to post to allow me a decent conversation for once.
MWD
Some need to grow up ffs,that reminds me,time to take my 10 year old to school…..
Did I really just read that post there from Big Pete to the mods?
For Pete’s sake grow up man.
Will someone toss his dummy back in his pram!
If that’s a guy who is not out to cause a riot in a Build Bear Factory…
MWD