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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Crack……..by Tom Leonard,
cuts inty the box
croass cumzthi centre hoff
a right big animull
crack
doon goes Dalgleesh
ref waves play on
nay penahlti
so McNeil complainzty im
oot cumzthi book
tipicl
wan mair upfurthi luj
HH
VFR
Nae laughing allowed.
Yellow Card:)
HH
I’ve never understood why Celtic supporters can lurk and haunt Rangers’ forums. What ever rocks your boat. Not me. Better things to do.
BIG PEAT OF ISLAY✝ on 9TH FEBRUARY 2017 11:35 AM
This line:
…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.
Now, if that’s a sober assessment with a comment like “its all part of the mhedia painting us as some kind of toxic club” then his lack of understanding is breathtaking.
To me, it’s hilarious! Then again, I’ve not had a humour bypass!
KTF
The colour of football boots is something I never worried about. Black and white. Trainees anaw. Kick or samba. Black and white.
Darth Vader :’Luke, i am your father’
Luke Skywalker: Nawwwwwwwwww
HH
THE GREEN MAN SAYS SACK THE BOARD on 9TH FEBRUARY 2017 11:38 AM
Aye, ma jaikit’s oan a shoogly peg!
KTF
VFR800 IS NOW A MONSTER 821 on 9TH FEBRUARY 2017 11:39 AM
So what? Just ignore everything else he said about them not being at the races.
if it suits your story.
True nonetheless.
ernie lynch on 9th February 2017 11:13
That was a belter, ernie,,,,ie, it made me laugh 0:-)
JJ
‘Infamy, Infamy, they all got it in for me’….Kenneth Williams
HH
Davie Provan’s shinpads.
I’ll need to nip oot for some coffee. Could be a long nicht the nicht.
But seriously where does Cameron get off by saying that stuff. He should have his licence to publish revoked!!!!!!!
I don’t tend to read Hun Media or SwallowSwallow, comments on here apart. But after having read Big P’s take on the rubber necking then there must be something good/fun it.
So… back soon. :@-)))
MWD
I’ll have to work out whether or not it’s worth it buying a ticket for the game. I’ve met too many Thénardiers in the last blink of an eye to care.
Skippy, Skippy, Skippy the Bush Kangaroo
‘Whats that Skip’
Skippy: tch tch thch tch thch
Ranger: What way did they go Skip
Skippy: tch tch tch tch
Ranger: What were the bad guys wearing Skip
Skippy: They wur wearin sashes an bowler hats, and they went thataway….tch tch tch:)
HH
Aw ffs…
This is beyond a joke now. Deliberate confrontation,feigned outrage,running to the mods,that I could just about put up with. But posting utter nonsense,meaningless and puerile,post after post,that’s trolling by any standards.
Back to work in a few minutes,yippee(!)
I have tremendous respect for the Celtic Graves’ Society. Honour the dead. It’s important. Say everyday one Pater Noster, one Ave Marie, Psalm 129 the de Profundis, the Gloria.
I should have said – I tend not to. Doh!
:@-)))
MWD
Bobby
Don’t go pal. We love you. I am Petec’s apprentice.
Anyways.
Simples.
Night Night CQN. I miss you already :-)
” A Trolls a Troll fur awe that”
Roger Screwtap
Meanwhile on a more serious note there’s a growing groundswell of opinion that thinks Jimmy Caderwood is just the man to save the day at the Doomdome.
Change the bulbs on the sunbed wid ye Brother Bell please, there’s a good chap…
And i thought Kojo/multiple poster inc was bad:)
Starry
They will only change the bulbs when 80% of them are out. Economics viability n awe that.
MWD
Before I go to bed.
Kojo was a good guy.
Kojo is a good guy.
multiple poster inc
Don’t speak ill of those who are defenceless.
I’m pretty sure Kojo still posts here, just changed his skin a wee bit…
Fitba in fortyeight hours.
That’s about 173k seconds. I’ll feel everyone of them if AWENAW doesn’t come back on here and explain again how to view CQN without the posts of particular posters.
WearingoutthescrollfunctionCSC
The Ghost of Alfie Noakes/Mr Pastry/Thompson Twin
Kojo is the cream of the best.
BIG PEAT OF ISLAY✝ on 9TH FEBRUARY 2017 7:55 AM
Moderator 2
As I’m sure you will see from reading back, I have subject to abuse from specifically from :-
———————–
Gents, reading back it seems I have been named by Big Pete of Islay ” of sending him vindictive and poisonous “threats.
This is absolute rubbish, I have not even been in correspondence with big Peat.
In no way am I getting involved, Mistaken identity I presume, or he really has issues.
Apologies to all in having to raise this unsavoury topic again.
HH
I see there has been what is termed a non nuclear accident at a nuclear facility in France.
So if the Huns roofs fall doon that will now be termed a non football accident when the debris falls on the spectators. Unless of course some falls on the park!
Naw! Maybe I’m just daft.
MWD
MOONBEAMSWD
It would make more sense financially to wait till 100% were out.
But it’s not easy looking down the back of a sofa in the dark!
BMCUWP
Is that possible?
Please expand.
MWD
Mr Pastry, evil maniac and nemesis of The Green Man:)
Im always on alert for any sign.
HH
Greenpinata
He was talking about me probably.
You are innocent:)
HH
BMCUWP
True. But there is a case for including the We Are Not That Skint People into the equation.
Imagine the chat if they waited till every bulb busy before getting a spark in, every door handle broke, and every candle went out in the toilets?
MWD