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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Now, I’m not saying I’m flouncing….
…but I’m just backing away slowly, staring wide-eyed and slack-jawed…
Leicester have turned the corner. Momentum is the thing.
The ball is only the medium. The harmony exists in the shape, the movement of the agents.
Jeepers is PeteC a multiple poster.
DAVIDOPOULOS
I hope you’re properly attired for the slack jawed, wide eyed staring exit:))
HH
Something stinks in the State of Denmark
All joking aside, the days of a soft league are over. Success breeds success. Insomuch as is humanly possible, the gap will shrink accordingly to what, in terms of domestic fixtures, will be nip and tuck. Pride before a fall. We cannot let that happen. But the gap is closer than the gap suggests. Mind the gap. For the gap moves.
I once met a guy who literally had three toes on his left foot and three on his right foot. He had other toes as well. They fitted in nicely in the whole boot. Balance you see is the key to winning any game of football. The analogy with toes, nails it in my estimation. When you have a team of ten toes, goalie aside, the team will be in concert together, unless there is a problem with fungus or an ingrown problem.
Well Pete, It appears to me that you are simply intent on messing up the blog by one means or another, I must admit to a grudging admiration for your skills..
starry plough on 9th February 2017 10:46 am
DAVIDOPOULOS
I hope you’re properly attired for the slack jawed, wide eyed staring exit:))
HH
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I can’t! Wearing a tutu around here would make me the automatic winner of Miss Suffolk…until I’m disqualified for having an even number of digits…
Looking forward to watching the English games this weekend. Some cracking fixtures. More style and charisma on offer than in other places. The style, the panache, the plus fours. They mix skill with good old British fighting spirit. That’s incumbent on our legates to wax lyrical about The Glasgow Celtic so we can join the Britons down south of the Humber. It will be a special day. I look forward to it. Celtic on a stage that can exemplify our footballing legacy. But to keep the heid is paramount. Not to lose the bunnet for a bearskin. We remain a Scottish team with Scottish heritage. Fighting for Bruce!
Flammanville Nuclear power station north west France just exploded, nothing to see here move along
CORKCELT
It’s a form of trolling and better, therefore, ignored.
You will never, ever succeed in engaging in such a discussion. No one ever has, no one is ever likely to do so. THAT is the nature of the beast.
Can’t help myself. Some one was enquiring if “economic illiterate” was a fair statement to make about people, i’ll make it easy, their just illiterate. People on here whose egos are way bigger than their brains, they can’t believe they actually have a platform to spout their BS. A lot of very interesting, compassionate and good people on here, but like in every walk of life the arrogance of the stupid comes along to ruin it.
I’ve been looking at the comparative league positions between 2015-2016 and 2016-2017 so far. It’s quite interesting reading.
Last season after 16 games, we were 7 points clear of Aberdeen, 8 clear of Hearts and 12 clear of St Johnstone with a GD of 29 (7, 12 and 8 respectively for the others). This season we were 11 points clear of Sevco, 18 clear of Aberdeen and Hearts with a GD of 33 (7, 12 and 10 respectively for the others). However, Sevco and Hearts had played 2 more games and Aberdeen 1 more game. 7 points and 4 goals better off this season.
Last season after 20 games we were 3 points clear of Aberdeen, 9 points clear of Hearts and 15 points clear of St Johnstone with a GD of 32 (14, 12 and 4 respectively for the others); both Aberdeen and Hearts had played a game more. This season we were 19 points clear of Sevco, 21 points clear of Aberdeen and 27 points clear of Hearts with a GD of 40 (7, 16 and 12 respectively for the others). Hearts had played 1 game less. 12 points and 8 goals better off this season.
Last season after 24 games we were 3 points clear of Aberdeen, 14 clear of Hearts and 22 clear of Ross County with a GD of 43 (17, 18 and 3 respectively for the others). This season we are 27 points clear of Aberdeen and Sevco and 33 points clear of Hearts with a GD of 49 (20, 6 and 14 respectively for the others). Aberdeen have played a game less. 15 points and 6 goals better off.
Aberdeen have trailed off this season are 9 points worse off with a game less played; we can extrapolate that to being 6 points worse off if they win their game in hand against Motherwell. However, Aberdeen had beaten us twice last season by this stage; they have lost all games to us this season so that’s their 6 points less catered for. So on the whole, they are performing consistently in comparison to last year. Interestingly enough, the team in 3rd this season are the team newly promoted from the Championship. This is the same as 2015-2016 when Hearts, as the newly promoted team were in 3rd at this stage. Hearts were 2 points worse off at this stage last season but had played a game less; they won their game in hand against Ross County, putting them on 44 points after 24 games.
So by and large, the teams in 2nd, 3rd and 4th this season are performing to a very similar level as those in 2nd 3rd and 4th last season.
We went on to win the league by 15 points from Aberdeen, 21 from Hearts and 30 from St Johnstone with a GD of 62 (14, 19 and 3 respectively for the others).
However, as we already know, Celtic are performing at a significantly higher level than they were last season. The gap is increasing because we are improving and distancing ourselves from the chasing pack, not because our nearest challengers are getting any worse.
In the final 14 games of last season we picked up 31 points from 42 and increased our GD by 19. If we perform at least as well as last season we will amass over 100 points and have a GD of almost 70. All the signs are that we will do better than that.
It’s already been a good season with records being broken. How many more can we actually manage before the end of May this year?
KTF
CORKCELT on 9TH FEBRUARY 2017 10:54 AM
Once I have some pals to talk to I’ll stop talking to myself. You see I’ve been told nobody likes me. I’m sad and sorry about that. It’s not fair on me or my persona non grata. But its not in line with the faith to despair. One day someone will like me and talk to me. Probably some of the guys that hate me and want to cut of my head, they actually said that, will think on how bad that really is. I mean how can it possibly have come to this. Why wont they leave me alone. This is not a cry for help, its a cry from Mt Athos. You see northern Greece is the birthplace of right royal turnarounds. Look at Greece in the Euros. they won it. If they can win against those odds I’m in with a chance of those people stopping to think for a minute of what they are doing to my persona non grata. Cap in hand was a great song, but do those Leith twins know what its like to no be a twin and still have to beg to be liked? I’ll tell ye, worse things have happened!
REGGIE on 9TH FEBRUARY 2017 10:15 AM
Can`t argue with your understanding of formations.
Something I don`t share.
Whatever the setup Sinclair must play.
DAVIDOPOULOS on 9TH FEBRUARY 2017 10:41 AM
Now, I’m not saying I’m flouncing….
…but I’m just backing away slowly, staring wide-eyed and slack-jawed…
__________________________________
Business as usual then old bean? :>)
KTF
The Brisbane Roar are roaring in the Champions league. I don’t like them though. Charlie Miller. Elephant memory. They don’t like us. Tommy Rogic will back me up.
DAVIDOPOULOS
I was thinking one of those frilly flamenco shirts would be mair yer style:))
Doubles up as a Karaoke works nite oot special!
Suffolk beautiful part of the country..
Said Lizzie to Phillip as they sat down to dine
I’ve just had a note from an old friend of mine
His name is big Geordie he’s loyal and true
And his big broken nose is a light shade of blue
He says that the rangers are right on their game
And he asks for a trophy to add to their fame
We’ll make it a trophy the rangers can win
Says Phillip to Lizzie watch the Celts don’t step in
Says Lizzie to Phillip they don’t stand a chance
I’ll send up the Arsenal to lead them a dance
With Celtic defeated the way will be clear
And a cup for the rangers in my crowning year
But alas to the hopes of those royalty blues
Celtic beat Arsenal and Manchester too
Beat Hibs in the final and Oh what a scene
Old Hampden was covered in banners of green
Said Lizzie to Phillip when she heard the news
A blow has been struck to my royalty blues
So tell me dear Phillip for you ought to know
How to beat Glasgow Celtic and keep them below
Says Phillip to Lizzie there’s only one way
I’ve known the answer for many a day
To beat Glasgow Celtic you’ll have to deport
All the fighting mad Irish who give them support
Dedicated to friends no longer with us
Much more fun reading thr Monkey media Forum,than here lately.Best entertainment on the go at the moment.Think the last two Moderators on there died of stress,overwork,then heart failure.
Very illiterate sweary people.
Swearing only gets you in trouble, in the end, all said and done. I’ve never swore on here. I try to lead by example, like Paul McStay the Maestro extraordinaire. Soft spoken but talked with his studs. And big Peter to back him up. Elbows McCulloch could learn a thing or two from Peter. Just asked mark Walters. Dink ding, round 1.
Morning Celts
FFS, Roger Scruton is still on.
Sometimes the penny doesnt drop, especially when people are ignoring your greetin and moaning.
Pull yer troosers up, we can see your pink frilly knickers:)
Grow up
HH
VFR800 is now a Monster 821
Even more than usual! Should really see a doctor about it…
Starry Plough
Oh aye, that sounds quite good actually. I need an alternative to my vintage plaid shirts. I’m taking hipsters in a new direction from now on.
ernie lynch on 9th February 2017 11:13 am
“John Greig’s a bastard.”
Roger Scruton
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If that was on the @Scruton_quotes twitter feed Big Peat would have posted it.
How to win friends and influence people by Roger Scruton:)
HH
I was in the middle of writing a long piece. It’s very good, definitely suitable for publication as a main story on CQN. But modesty prevents me from using the blog as a platform to promote my Journalistic pretensions. The piece involves a story about the love of a Scottish club and a support that is schizophrenic due to mistaken identity. There are numerous reasons for that mistaken identity. I have the empirical evidence. But it’s like asking for code red all over again. It’s explosive. Remember where you heard this…You can’t handle the truth! Son, we live in a world that has walls. And those walls have to be guarded by men with guns. Who’s gonna do it? You? You, Lt. Weinberg? I have a greater responsibility than you can possibly fathom. You weep for Santiago and you curse the Marines. You have that luxury. You have the luxury of not knowing what I know: that Santiago’s death, while tragic, probably saved lives. And my existence, while grotesque and incomprehensible to you, saves lives…You don’t want the truth. Because deep down, in places you don’t talk about at parties, you want me on that wall. You need me on that wall.
We use words like honor, code, loyalty…we use these words as the backbone to a life spent defending something. You use ’em as a punchline. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very freedom I provide, then questions the manner in which I provide it! I’d rather you just said thank you and went on your way. Otherwise, I suggest you pick up a weapon and stand a post. Either way, I don’t give a damn what you think you’re entitled to!..It’s the same only about football and culture and the beautiful farce that was a game.
BR’s most exciting team at Liverpool had two up front (Suarez, Sturridge) AND a winger cutting in (Sterling).
Just saying like.
Roger Scruton, i take that all back.
I will now refer to you as Dan Brown.
Oh master of the quill:)
But code red isn’t the best. Not the best film either. That’s the Quiet Man. Didn’t I hear someone named Danaher bidding to eight hundred and ten? Feeny get your book out.
Oh, my poor sides;thet hurt so much :>)
This IS a genuine post from FF:
King William King William is offline
Five Star Poster
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Re: roger mitchell: lawwell is best in europe
Rangers for the forceable future will be alsorans, that is clear for all to see, they are all buying into the Rodgers and Lhiewell thingy and everyone in the mhedia is helping to foster the feelgood factor around them, the fact they have in Scottish football terms plenty of money, will see them win the title year on year, sadly we will not be at the races, doesnt matter who we replace MW with, it will be the same outcome, we need to somehow get rid of Ashley and hope that we can generate cash from some investors, who for some reason seem reluctant to become involved with us, its all part of the mhedia painting us as some kind of toxic club. I just hope when the full extent of where we are in the grand scheme of things financially wise and the fact that we wont be competing with them, that our support don’t start walking away.
KTF
Ffs! Awe this because we got one dodgy penalty call, and the simple thing is, use the technology ffs it’s there use it, thing is it would F?.. up the Masonic game completely, but it will come of that I have no doubt.
http://videocelts.com/2017/02/blogs/latest-news/motherwell-plead-with-sfa-to-explain-how-players-can-tackle/
DAVIDOPOULOS
Retro New Romantic, ye’ll be the toast of that London Hipster Mob!!
Celtic 6-0 Inverness Caledonian Thistle
Ayr United 1-0 Clyde
Dunfermline Athletic 0-1 Hamilton Academical
East Fife 1-2 St Mirren
Ross County 0-1 Aberdeen
St Johnstone 2-3 Partick Thistle
Heart of Midlothian 1-2 Hibernian
Rangers 3-0 Greenock Morton
BIG PEAT OF ISLAY✝ on 9TH FEBRUARY 2017 10:40 AM
Kilmarnock will do the whole hog this year.
____
Pretty sure they have a hog up front
DAVIDOPOULOS, I’m sure there are plenty looking in on Swallow Swallow and Hun Media; there’s definitely a doctorate to be gained by analysis of their forums! Bedlam disnae quite cover it!
KTF
VFR800 IS NOW A MONSTER 821 on 9TH FEBRUARY 2017 11:28 AM
How is that funny? It’s a sober assessment from someone who can see their side is in the mire.
I take my hat off to him.
If that’s what splits your sides, then carry on.