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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Doleman to cover it.
TBB
Are you saying https://youtu.be/9FnO3igOkOk ?
Is there not some public interest in seeing that officials charged with applying Administration law do so properly and that satisfaction transcends reputation?
Auldheid – thanks for your answer. I wonder why it has taken so many years for it to be challenged by BDO and why now? The only good that I see coming from it is that it keeps their club shrouded in a veil of murkiness that they find nigh on impossible to lift. The whole affair just keeps coming back to haunt them over and over again.
Wonder what Arnold would value the assets at…..
Rangers administration wasn’t a proper administration from the moment Craigy boy was allowed to choose his own administrators with the court’s blessing.
Subsequent events bore this out.
clinko
`I am finding it harder to justify to myself that this is really “a dear green place”. `
The number who cause your difficulty is probably in single figures. It just seems a lot more.
JJ
Auldheid
I recall way back in sfm discussing possibilities of sfa gettin sued.?
Murray had them in his pocket, the arrogant so annd so thought it was there game/baw.
Interesting Dand P gettin sued for incompetence.as desertbhoy points out they were highly incompetent in their submissions to nimmo smith fix
Was thinkin the unravelments in ye.:-)
HH
I agree with Auldheid re the administration of thems.
I am far from an authority on the subject but my (simple) understanding is that, when a company is placed in administration and administrators are appointed their job is to dispose of all assets, wind the company up and distribute the funds raised to the creditors. Why did this not happen with Duff and Phelps?
I wish Paul 67 would expand on his many hints at us moving leagues.
I fear that continually have to endure years of various legal teams hitting the headlines about newco, oldco, etc etc will make it soooooo much more difficult to rid us of the obsolete term “Old Firm”
HH.
Just had a thought .
If we have money to spare , pistol Pete should consider investing in the chopped pork futures market .
MOONBEAMSWD
I hate it when you sit on the fence!
Hope you are well!
Arnold says ..Keep calm and mind the gap!
The problem on a football blog when there is a whole week with no midweek games . . . how did you bhoys get through the summer without murdering someone?
DENIABHOY
There may be a murder this close season.
Watch this space.
:-(
Longest time lurker ………. no real desire to ever be a poster.
But 2 full pages without a single mention / discussion of Celtic ….. c’mon guys.
Perhaps it really is time to drop CQN from my essential reading – never thought I would be there – certainly not when our team (Celtic – remember them) where in such a strong position in ALL areas.
I’ll maybe try again in a few weeks …………
My problem with all this is that “ra peepul” will suddenly be portrayed as victims of sharp practice.
If Mr Green, Mr Whyte and the others are found guilty of their alleged crimes the zombie nation will be just helpless bystanders while “big boys did it and ran away”.
Completely ignoring the fact that the great unwashed unanimously backed every single regime at Ibrox. Voices of dissent are drowned out with abuse and threats of violence.
How do you get the klan on board? Play into their victim complex, play into the bigotry, play into the entitlement and always hang that threat of 10 in a row over their heads. Sound familiar?
SHILTRUM1
Any idea how Tom Rogic’s injury is coming along?
I am not sure how much we have missed him in view of our recent results without him.
Any thoughts?
Shiltrum 1
Maybe if you generated interest with Celtic posts, it might negate the requirement for non Celtic posts.
I don’t mean that in a bad way, but it’s your blog also. Collectively we all have a part to play.
Please get posting more, and almost forgot, as its your first post.
Are you a hundred, if so what colour.?
Seriously a warm welcome to you and HH.
Sorry to interrupt with a Celtic related post
Just heard my grand nephew is being Baptised a week on Sunday so I will be up for the Motherwell game – seen there a a few tickets left so will grab one this afternoon – excited already.
Might even try to do a gazebo or BV appearance.
Dog to walk
Hundred? Apologies I meant hun, didn’t mean to ask your age. Lol.
I’m sorry I’ll read that again.
The title of a very funny radio show in 50/60s?
Anyway last night I thought a little bit of humour might cut through the angst which whilst understandable sets an unpleasant and unwelcoming tone.
So I’ll read it again.
“I think it’s ok to be Antipodean.
After all what have the Podeans ever done for us?”
(Think Monty Python and The Peoples Front of Judea).
I was hoping for replies like.
Stuffed England at Cricket.
Let us dump our criminal element on their shores.
Left more room in the UK to take in our immigrants.
Kept the most poisonous of animals and insects in the one place.
I’m sure the CQN collective could come up with better.
Perhaps a wee time out fun hour is called for where individual and perhaps justifiable angsts are set aside just to create a different mood and tone?
It’s an individual creative decision, the kind we face everyday.
PHILBHOY
Rogic’s return has been a dilemma for me ….. with our current embarrassment of riches, when a player is out for almost 8 weeks, and we maintain our high standard – the question becomes a game of ‘who do you drop’. In a ‘forward’ midfield 3 (assume 2 holding midfielders & 1 striker), we can have any 3 from : Armstrong, Sinclair, Forrest, Roberts, Rogic, McGregor, GMS, Henderson – and now Kouassi.
If we assume Hendo, McGregor and GMS go back to ‘extras’. Brendan seems to be OK with Forrest / Roberts as interchangeable in 1 of the slots, and Sinclair and Armstrong pre-written on the teamsheets …. Aussie Tom may find it harder than he thought to get back in …….
I’ll be glad when this International week is over….
Hope we go with the strongest team at the weekend. Keep the momentum going, only changes would be if Armstrong / Rogic are fit to give them a run out.
Had a conversation earlier today with a Morton fan and a hun. They’re not happy that we are sending out our reserves to other SPFL or teams they meet in the cup. Morton fan quietly confident of a result at the weekend, hun biting his nails and not taking it well. Warbs will be a goner if they lose, didn’t take it well that they have no money to pay him off, we’ll find it from somewhere..:-)
Got me thinking, do we want them to lose and warbiola gets the boot or they win and keep him ? Of course we want them to lose :-)
Apart from on here it’s been a hoot this week….
Darren O’Dea…………..ggggggggggrrrrrrrrrrrrrhhhhhhhhhhhhhh
Is it safe now for an old Aussie to come back on the blog?
Us Antipods are taking an awfy battering just now maybe cause
you guys are all frozen over there and we’re over here melting :-))
37 degs tonight and our bhoys still training like demons getting
primed for their gig at the Celtic academy at easter.
Loads of new boys joined the club as word getting out about our
new ground and i’d like to think the excellent coaching the kids
are receiving, one Indian parent asked me about our Celtic bhoys
and why there was such a big difference not just in ability but in
attitude and determination compared to their boys who i must
admit are very laid back, could only tell him ” we’ll soon knock that
out of them ” lol.
While i was speaking to him don’t ask me why but i remembered
something that was discussed on here awhile back about the first
Indian to play for a British team, Celtic , and he played in his bare feet
he was amazed and after looking it up Mohammed Salim really was
a unique character and worth a bit more publicity than he gets from us
presently, in my opinion anyway, so when i show him it tomorrow i think
well have another couple of converts.
BLANTYRETIM
Regarding the Paul Larkin showing about referees thats coming over
here, well as i said PADDYMACOZ is already on the case as i predicted
thanks for the info.
H.H Mick
WESTENDOFEASTEND
Can I go for option three,they lose,decide to get rid,canny afford the pay-off,his £500k bonus from last season,compo for a replacement and the backroom staff he needs to do his job?
Or option four,as above but the roof falls in! Btw,I’m not talking metaphorically here…
Ooooft…..
I’m just makng a rare stop at CQN… Feel like I’ve just walked in on a party when the fight has erupted..slightly awkward. Unsure whether to stay and watch and hope the usual troublemakers get their a**** kicked or to turn round and walk out.
Anyhow I was only popping by to ask who else might be joining the team before our next European foray? Tricky bit is finding room on the bus when you don’t really want to kick anybody off. Unusually there are now very few passengers that need ditched.
I’m still a bit surprised at the panic around Craig Gordon..I’ve nothing against him but I do think he’s one of the more replaceable players, partly because of his position and partly because I don’t particularly think he is outstanding.
Any news on Griffiths? He seems to me to be getting the shitty end of the stick. I’m a big fan of his and worry that he’s being unfairly tarnished for past deeds ..again. Give a dog a bad name and all that. Unless of course he’s been naughty off the field. That said he’s still the best finisher imo.
Anyhow good luck with the squabbling…and mind the gap.
SHILTRUM1
There’s always room for quality,mate. Where,that’s why we have BR to make the decisions!
Possibility he might go three at the back,with Eboue doing an NL in front of them. Except that would curtail KT’s attacking. Happy to have BR in charge!
GREENPINATA – I’d rather be a hundred than a Hun ! – I have posted before, but very infrequently
I am a US based exile, and typically sneak a read at work early in my day (so reading AND posting could suck away my morning, and probably cost my job), so by the time I got a real chance to get involved in the posting, it was the end of the day for the home based guys, and the conversation had dried up.
In the old days, I would spend my evenings catching up on reading WG’s schoolboy memories from earlier (I was originally from his neck of the woods so could relate), or tuning in to Pablophanque’s night music sessions – never really in the right timezone to post / debate.
At the weekends I have been with Celtic TV since the very beginning (when Celtic played a pre-season friendly in Florida, and the pic was so bad we only knew Valderamma by the pixellated hairdo), so I dont really CQN during game time either. So I tend to be a reader only (or more recently a scanner).
I agree more posters could help the blog, but not sure at the stage it is got to, that we can make a dent in the guys who want to use it as a personal message board for their on-going feuds.
I’m I the only one worried about Saturdays cup-tie?,
lets not forget ICT are the only Scottish side to avoid
defeat against us this season,that and Scottish cup
history are causing me concern.
No another record ffs? :))
http://www.irishmirror.ie/sport/soccer/soccer-news/celtic-set-break-record-most-9779131
CELTICCHAMPSELECT
No,you didn’t choose to be classy. You chose to break the spirit of the site’s few rules then snigger at those who broke them in response.
Now,I’m too classy to tell you the word I would use for that.
Nothing unites the blog like a reported post from FF highlighting the agony or delusion of Sevconians….
I don’t have access or know how but if anyone does please indulge us…
NYEBEVANSREBELSOLDIER
I go into every Celtic game worried about us screwing up.
It happens to every team,and certainly to us on more than a few occasions.
Cup games are where we can be done up like a kipper, and that’s with NO phone call from the referee the day after either.
How about a song to get everyone feeling good today?
Black Joe Lewis & the Honeybears. You’re welcome.
https://www.youtube.com/watch?v=oJ-M_8pY6TI
NYE BEVANS’ REBEL SOLDIER,
I have a horrible feeling that we will be on the receiving end of an “honest mistake” on Saturday. These things even themselves out over the season or some such nonsense will be shouted from the rafters. We have been set up for it.
SHILTRUM1 on 8TH FEBRUARY 2017 1:31 PM
I think Rogic comes straight back into the team as he offers something completely different to the other midfielders. Of the wide players, arguably only Roberts could play as a 10, and Rodgers hasn’t shown any indication he would play him there, so the threat to Rogic comes from 3 players, Armstrong, McGregor and Henderson. All of them can play there, but I think all 3 are better suited playing further back.
At the moment I’d say the first choice 3 is undoubtedly Brown, Armstrong and Rogic. Backing them up is Bitton, McGregor, Henderson and Kouassi. I like Bitton but I don’t think he dovetails well with Brown. Both like to come deep for the ball, and while Bitton has played well in recent games, I think that has came at the expense of Brown’s performances who hasn’t been as effective playing slightly further forward.