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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In the old days, ra berz would have fired Warbs out of a cannon, without the safety net:)
Mon the Morton.
HH
MODERATORS
Can we get a separate page that shows all the “Deleted Posts” please.
They can be much more fun than the actual Blog.
MOONBEAMSWD
They’re used to it,mate. They’ve been groping about in the dark for over three centuries.
None so blind as those who cannot see.
THE GREEN MAN SAYS SACK THE BOARD
Brilliant:))
Warbs: “Tally Ho, We’re Winning aren’t we”
Starry Plough
Wouldnt mind seeing ra berz wheel out the old mobile guillotine on loan from Paris.
Imagine them dragging him to his fate, and Warbs shouting ‘We won 15-1 on corners’:)
HH
VFR @11:00
Good post. Interesting to see the diff in Aberdeen being the two games we have played taking the points against them taking them last season.
I have always considered the team that comes up to always have a decent first hit at the SPFL then they tend to bounce back down a wee bit after that. I expect the same with Sevco.
MWD
PHILBHOY
Saw your reply yesterday when I got back up.
I’ll send you a photo of the bottle when I track it down. No idea how I escaped the cull,must have been polite in my tone for once.
I hope O melted her prelims. Best to her,her Mum,and yer guid self.
Offski now. I’ll read the fitba stuff when I get back.
Greenpinata
My apologies.
BMCUWP, can’t believe you’d want to scroll by some people on here. Disnae bear thinking about!
KTF
The Green Man,
I have absolutely no doubt that Big Peat is indeed the newest creation of the guy responsible for the litany of trolls you mentioned.
Sad thing is that this time he has taken out a very genuine Tim in Kit.
Didn’t always agree with Kit’s style but no doubt in the world he was a genuine Tim & a real decent ghuy.
Knowing the Kit’s of this world he won’t apologise or back down, neither will Awe Naw or The Bhoy Jinky, so 3 great Tims are red carded & lost to the site but Trolls are allowed to operate freely as long as they don’t physically threaten anyone or use a sweary.
Paul & his 2 Moderators need to wise up & see who the real trouble makers are & rewrite the rules.
BMCUWP
Cheers!
THE GREEN MAN SAYS SACK THE BOARD
Warbs : ” Let them eat Spacecake”
CORKCELT on 9TH FEBRUARY 2017 12:16 PM
You are sadly mistaken. Sorry to see you conform to the nonconformists.
Corkcelt
Well said, i totally agree.
I see the signs:)
And you know what they say ‘You cant kid a kidder’:)
HH
MOONBEAMSWD on 9TH FEBRUARY 2017 12:13 PM
I was interested to see if the rest were actually any worse or were we just so much better; so after looking I found the answers to be no and yes!
KTF
Starry Plough
‘Burn the Witch’, Burn the Witch’:)
HH
Goodbye until we meet again my friends in Celtic.
Starry Plough
If they get beat by Morton.
Remember the closing scene in the ‘Wicker Man’:)
HH
Starry Plough
‘Let them eat Spacecake….soaked in Buckfast:)
HH
And you thought it was only the Huns who could reinvent themselves
Kitalba YNWA
THE GREEN MAN SAYS SACK THE BOARD
I think Morton can get a result, the orcs will be under pressure and every mistake will be pounce upon…. interesting times…
Jimmy Calderwood with Kenny Miller in the Battle The Perma Tans:))
One thing for sure Celtic will be approaching this weekends tie with full focus regardless of Inverness’s league position, it’s Brendan’s way and I’m sure our Bhoys will get the result we are looking forward to.
The Wicker Man is I’m sure on the banned lists of things to scary for Swiss People to Know:))))
Children Of The Corn CSC
Those who respond to someone they think is trolling are part of the problem.
There are many good posts on here which pass without comment, yet when someone posts with the intention of being controversial, there is an immediate posse all to ready to feed him.
James Traynor pre Level 5
November 19, 1998
SECRET FEAR THAT DRIVES ME TO WIN;
10 IN A ROW: Rangers chairman David Murray opens up on the
highs and lows of his decade in charge of Rangers and
promises that the best is still to come
Exclusive James Traynor
RANGERS owner David Murray doesn’t often allow his true
feelings to surface, but currently he is finding it difficult to
disguise a pain which has been gnawing away inside since the
end of last season.
After a period of almost total dominance of Scottish football
during which Rangers racked up 17 trophies the club met with
failure.
Celtic won the championship and the League Cup and Hearts
beat Rangers in the Tennents Scottish Cup final, leaving Murray
with nothing to show for a massive investment in time and
money.
Even now he winces when he thinks of that season, but it is the
vivid memory, and the pain of defeat with which he now suffers,
that combine to drive him on.
Last night as he looked back on a decade as Rangers’ owner –
come this Sunday, the 22nd, it will be 10 years since he paid
Lawrence Marlborough pounds 6million for the club – Murray’s
desire to avoid the miseries of another barren season could not
be disputed.
To hear him speak was to listen to a man who believes himself
to be charged with some kind of great and mighty mission.
Murray, who chose to talk only to the Record about his dreams
and ambitions for Rangers, said: “No one should doubt that
Rangers are the biggest club in the country, but I know that talk is
cheap in this business and that we will have to prove just how
big we are.
“That doesn’t really bother me because as long as I am able to
influence this club we will be the biggest and we will be the best.
“I have spent 10 years of my life, and I know that sometimes I
gave up too much of myself to Rangers, but I am not about to
give up now.
“Neither am I willing to stand aside and allow another club to
overtake Rangers. The failure of last season hurt me a lot and
that pain was something I didn’t need nor want.
“It is also a pain which I never want to suffer again, but by God
that sort of thing just makes me even more determined to
succeed. I am still as driven, still as enthusiastic and I will
welcome the challenge of anyone out there.”
Murray was referring not only to the Kenny Dalglish/Jim Kerr
consortium who are stalking Celtic, but also the as yet
uncovered groups who are bound to make bids to buy out
Fergus McCann.
If the past 10 years have taught Murray, who is one of Britain’s
wealthiest individuals, anything it is how to win and he believes
Rangers will continue to grow and prosper.
“I look upon these last 10 years as a having been a great era, but
it is over and Rangers are about to head on into a new era,” he
said over a glass of the finest red.
He was about to take in another mouthful of the most succulent
lamb – anyone who knows Murray shouldn’t be surprised to learn
he is a full-blooded, unashamed red meat eater – when he put
down his knife and fork.
It was like a statement of intent and looking directly across the
table to make sure I hadn’t yet succumbed to the wine, he said:
“Bring on the next 10 years, there’s more to come for Rangers.
“Understand that I care passionately about what I’m doing with
Rangers and believe that in 10 years time we will still be setting
the pace.
“Too many of us have put too much into this club and we won’t let
someone come along and take it all away.
“What I’m saying here is that no matter who buys Celtic from
Fergus, they will need to have the deepest of pockets
imaginable.
“The fresh challenge would be good for the Scottish game and
lift the profile, but Celtic’s new owners had better be prepared to
spend.
“In the past, Celtic’s people maybe just haven’t fancied trying to
take Rangers on financially, but if I have to go in deeper to keep
my club up there then I will. I have done it too many times to be
frightened now.”
From anyone else such talk could be dismissed as no more
than empty rhetoric, but with Murray you just feel it is more than
bluster and besides, he does have a track record as a spender.
There have been times in his 10 years when he has taken
Rangers somewhere between pounds 15m and pounds 20m
into debt and he knows that if this season goes belly up like the
last one he could be looking at a potential debt of pounds 20m.
However, having taken the value of Rangers from pounds 6m to
approximately pounds 186m in 10 years he knows how far he
can gamble in pursuit of success.
This season alone he has allowed his new manager Dick
Advocaat to spend almost pounds 30m, but he refuses to lose
any sleep over it.
He said: “I don’t because I consider spending as much as
pounds 5million on someone like Andrei Kanchelskis as a
necessity. If a club like ours doesn’t do that then we fall by the
wayside.
“Look, I have many other businesses so I could find many other
things to worry about, but I love sport and I want Rangers to be
successful. I know this won’t be accepted by some people but
this isn’t about making money.
“pounds 56m has been invested in the stadium and in my time
pounds 200m has been turned over and after interest our trading
profit is minimal. Perhaps as much as pounds 60m has been
spent on players and I have even paid in about pounds 1m in
hospitality but never taken a salary from the place.
“I get six complimentary tickets the same as everyone else and if
I want extra I have to pay for them the same as everyone else.
“There are no free lunches for David Murray at Ibrox and I have
never taken part or been at the centre of any of the numerous
victory celebrations we have had.”
Murray disappears to celebrate success with a small group of
close friends, leaving the roar of the crowd to wash over the
players and management.
“Supporters don’t want chairmen hanging around, even though
they look to people like me to provide some kind of direction and
the new ways to keep moving the club on,” he said.
“I hope I can say that in my 10 years so far I’ve been fairly good at
that, but the day I run out of ideas is the day I’ll know it’s over. I’m
sure someone will tell me because I have good people around
me, I always have.
“But I’m not ready yet to step back and I see enough fresh
challenges, staying ahead at home and winning a place at the
European table, ahead in the next 10 years to keep my own
adrenaline flowing.”
He knows roughly how much it will cost him and he’s heard the
rumours that ENIC, who have invested pounds 40m in Rangers,
are uneasy at the club’s spending policies but Murray claims
these backers have always been supportive of his methods.
He said: “They could kick up a fuss but they don’t. Besides, I am
the owner of the club and so far most people seem to like what
I’ve done.”
THOMTHETIM
What can you say.
Most of the bhoys are having a laugh, gentle ribbing, nothing more.
There will always be trolls, thats a given.
They get plenty back, thats for sure.
HH
thomthethim for Oscar OK on 9th February 2017 12:27 pm
Those who respond to someone they think is trolling are part of the problem.
There are many good posts on here which pass without comment, yet when someone posts with the intention of being controversial, there is an immediate posse all to ready to feed him.
=================================================
This is true, especial… Ah, damn…
;))
THOMTHETHIM FOR OSCAR OK on 9TH FEBRUARY 2017 12:27 PM
Those who respond to someone they think is trolling are part of the problem.
————————-
Exactly. Spot on.
LOL
por cierto on 9th February 2017 12:30 pm
James Traynor pre Level 5
‘To hear him speak was to listen to a man who believes himself
to be charged with some kind of great and mighty mission.
He was about to take in another mouthful of the most succulent
lamb – anyone who knows Murray shouldn’t be surprised to learn
he is a full-blooded, unashamed red meat eater – when he put
down his knife and fork.
It was like a statement of intent and looking directly across the
table to make sure I hadn’t yet succumbed to the wine, he said:
“Bring on the next 10 years, there’s more to come for Rangers.
“Understand that I care passionately about what I’m doing with
Rangers and believe that in 10 years time we will still be setting
the pace. ‘
————————————————————————–
This must be republished on Valentine’s Day.
Title: ‘The Love That Dare Not Speak Its Name’.
One thin you can say about Jabba’s writing – it drips with homoerotic tension…
TGM
In that case, there is no cause for complaint, seeing as you enjoy it.
THOMTHETIM
Its not me thats complaining.
I could not give an expletive to be honest.
Wouldnt it be a boring blog if we all agreed on every topic.
You seem to be having a wee dig at me, why would that be then?
I think Mac………my Brisbane friend………you perhaps have now worked out who is who in the zoo
Always look on the bright side of life
new article posted.
The Green Man,
They may, as you say, “get plenty back”, but that is their whole purpose: feed in some imflammable stuff , fan those flames and giggle and chuckle as various posters attempt the impossible, ie to get them to admit to being wrong or out of order. THAT would never, ever happen. The only way to deal with trolling is to ignore it, hard at times of course, but engaging with them is exactly what they want.
We are going through some great times as Celtic fans – ask yourself this, then, why would genuine Celtic ghuys come on to the blog and sow discord just now? The answer is surely obvious.
Mats Nilloc anyone! Come on it must have crossed your minds.
Default podium….
New article? Where?
Here