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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The Moderator Devouring the Posts by Goya (1819-1823)
DONTBRATTBAKKINANGER on 9TH FEBRUARY 2017 8:45 AM
WHither the cash strapped scrofulous hillbillies the day?
Magic.
A familiar ” face ” with a familiar question.
Hail Hail , my fellow Tim.
JIM PAYNE…….MD has a better all round game,but recon if
you gave the two of them ten chances LG would do better.
Ayn Rand was bullied at school.
Adolf was teased by the bi-testicular members of the school yard.
Beware the revenge of the Crybaby!
Aff oot!
NYE BEVANS’ REBEL SOLDIER on 9TH FEBRUARY 2017 9:07 AM
JIM PAYNE…….MD has a better all round game,but recon if
you gave the two of them ten chances LG would do better.
============================================================
Why not both on at the same time ?
From ( flawed ) memory , was that not the combo that gave us the winner against our old adversarial twats in Royal blue ?
SETTING FREE THE BEARS FOR RES. 12 & OSCAR KNOX on 9TH FEBRUARY 2017 9:08 AM
Ayn Rand was bullied at school.
Adolf was teased by the bi-testicular members of the school yard.
Beware the revenge of the Crybaby!
Aff oot!
====================================================
Takes wan tae know wan.
Circa `59.
We’re living on the verge of a generation of Gratuitous Alienation.
Wee Leigh and big D .
https://www.youtube.com/watch?v=8qqB4KRGyLk
Dontbrattbakkinanger on 9th February 2017 9:17 am
We’re living on the verge of a generation of Gratuitous Alienation.
—————————————————————————————
Sounds like a line from a hip hop track.
I like it.
MACJAY1……..I would like to see both start I’m not
alone,but Brendan knows best and giving the season
were having who can argue?……..plenty on here:)
MWD ( wee bit of light hearted relief)
Hard labour is what’s needed for all you rule breakers and Internet bampots.
I speak from experience.
When somewhat younger I’d gotten into a tendency to get involved in scraps whether they had anything to do with me or not. My dad ( god rest him) was getting somewhat fed up with it. The usual deterrents of :
“You’re not going out”
“You’re pocket money is stopped”
weren’t successful.
A new tactic was attempted whereby he decided to carry out his threat of ” you’ll be going to a children’s home”
Packed a case for me ( I’m laughing inside thinking he’s taking this idle threat a bit far) and tells me…” right say cheerio to your mum I’m taking you to the police station and they’ll take you to the children’s home”
” Cheerio ma” ( still laughing inside if not so heartily). Never mind, let’s go along with the ruse.
Police station was a mile along the road. We start walking. 200 yards or so, ” hmm how far is he taking me before we turn back”
Quite some way actually. Straight into the cop shop and I’m put in a room and told to wait!
I’m not laughing now believe me.
Anyway, 10 mins or so later the policeman comes in and asks if I’m gonna behave from now on? A tearful twisty agrees and is frogmarched home again.
A few days later who appears in our house but the same copper. In for his tea no less. Transpired he was a friend of my dad whom he’d got to know when one evening the cop was being set upon by some neds and twisty senior got weighed in to help.
Ironic or what?
Anyhow armed with this information I failed to curtail my behaviour so a new tactic was employed.
Sent to a farm every night to bail hay. Let me tell ye, there wasn’t a muscle in my body that didn’t ache and I was scratched from head to toe.
A few days at that and lesson learned!!
That’s what I’d do if I was Paul 67. Get you all down on the farm. You’ll soon buck up yer ideas.
NBRS/Macjay
I have to start work soon so this will be me for a while. I think both are fine players and I wonder if Brendan would like to have tried them together more often than he has as they have had ‘moments’ such as the LC semi where they gelled really well.
Jimbo67
NYE BEVANS’ REBEL SOLDIER on 9TH FEBRUARY 2017 9:23 AM
Spot on.
Couldn`t agree more.
Having Brendan as our coach is comforting.
Yes.
Comforting.
Lovin` it.
Just lovin` it.
:-)
JIM PAYNE on 9TH FEBRUARY 2017 9:24 AM
Jim.
His comments about Leigh recently , I thought , were telling.
I got the impression that he was basically saying ;
” Shape up , Leigh .”
I hope very much that Leigh does.
Magnificent instinctive striker , whereas Moussa likes to ” make ” his own goals.
Twisty
Did my time on the farm. It didn’t make a woman of me. :@-)))
MWD
Reading back there was stunned to learn that Kojo never existed.
Too funny though to think Kojo had several different usernames and he would argue with himself on occasion, then back himself up at other times.
Surreal to say the least.
Best post imho was thon Booker T. & the M.G.’s track – sublime piece of music.
If Celtic win the league this season,then make it 7 the next…
Nerve wrecking to be perfectly honest.
The club is on the crest of a wave that should carry us all the way to the 10,God willing.
Peace to the Celtic nation.
HH.
TWISTS N TURNS on 9TH FEBRUARY 2017 9:24 AM
Great story.
Great moral.
Fabula Aesopii
http://www.eveningtimes.co.uk/sport/celtic/15080870.Celtic_strikers_Moussa_Dembele_and_Leigh_Griffiths_an_inspiration__says_Morton_loan_star_Luke_Donnelly/
Macjay
As I reached drinking age (16:-) and started frequenting the pubs, my cousins would tell me that my dad “would’ve started a fight in an empty hoose ”
See, I wasn’t a bad lad really. It was a genetic condition.
I think they’re calling it ADHD these days:-)
Wee lambs……
Kojo ‘never existed’.
..he could come back as SevKojo.
TWISTS N TURNS on 9TH FEBRUARY 2017 9:45 AM
Couldn`t agree more.
No problem with sticking up for yourself.
A rite of passage.
Tragically , today there`s always a ” pill ” for it.
And the medic who feels he has to ” dae something “
Twists. Method in the madness ;-)))
Talking of madness , mainly madness of the child like variety. When a poster becomes the Bertie Smalls of CQN but couldn’t find the time , energy or motivation to apologise / explain to another poster the meaning behind a reply that could only bring discord .
Nothing strange as folk but I expect better from fellow Tims .
Manners cost nothing. HH
So ole Twisty is suggestin’ the incorrigible malcontents go on a spot of gardenin’ leave?
Away for a session with my therapist,I’ll log on
later if I don’t he will.
Whats happening about the roof at Ibrox? nets up?
The pills they give out for ADHD don’t work . Often.
Kojo was talking to himself, I’m sure he wasn’t alone…
Still laffin’
MACJAY1 FOR NEIL LENNON on 9TH FEBRUARY 2017 9:13 AM
Why not both on at the same time ?
From ( flawed ) memory , was that not the combo that gave us the winner against our old adversarial twats in Royal blue ?
=========
I don’t think the problem is playing Dembele and Griffiths together, he played Suarez and Sturridge as a 2 at Liverpool, the problem is finding a way to play Sinclair, Dembele and Griffiths at the same time.
Sinclair only really suits playing wide left in a 3. He doesn’t fit in a flat or diamond 4-4-2, nor as a wing back in a 3-5-2.
I’d like to see Griffiths get more game time, but I can’t see it happening unless he is resting Sinclair or Dembele
Being unpopular is never easy; but being unpopular in a good cause is a shield against despair. Roger Scruton
Looks like the brown shirts are getting up a few people’s noses eh? Didn’t see that coming Phhffffttt
I did tell you,and you all laughed, but it’s going to get worse before it gets better, gets to a stage when they get a wee bit above what they are there for, only a matter of time.
Don’t get me wrong they are needed sometimes, but when you see them posting more than the posters, that’s when you know they think they are above you.
Takes a special person to be a moderator, I could post some of what I think it takes to be one, but I’ll just let it slide.
GIRFUYs
“Having a heid the size of a fitbaw is never easy, but having a heid the size of a fitbaw and not know is a sure way tae a fa'” Logo Rojo..
The best evidence of a mind is when you change it
Roger Scruton
It’s Baltic in here!
MWD
Pete,
Do you mind telling us, For what good Cause are you doing such a fine job in making yourself unpopular on this blog.
By the way I’m sure Roger Scruton didn’t have internet blogs in mind when he came up with that gem.
Mammy mammy phone the polis a big boy pished my trousers and ran away
Pete – do you see yourself as the St George of the blog
Kilmarnock will do the whole hog this year.