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……….’
738 Comments- Pages:
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Emeraldbee
I get what you are saying, however, there have been trolls on CQN for as long as i remember.
They never go away, no matter if you do ignore them, they simply put on another disguise.
Multiple poster trolls have been and will be on CQN.
Thats what i see.
HH
The Mods have removed Paul’s new article already!
KTF
Clandestine…….
Missing link is in the Lorne skin.
I stand corrected; there is another article, but we can’t post on it. A means to stop us misbehaving?
KTF
New article in Football Matters section. No comments allowed.
🏍
VFR800 IS NOW A MONSTER 821 on 9TH FEBRUARY 2017 12:51 PM
I stand corrected; there is another article, but we can’t post on it. A means to stop us misbehaving?
—–
Speak for yourself.
There is a new article but nae comments section.
Good move P67 :@-)))
ThomTheTim
A hink Yae wur jist trolled there. Dinny bite. :@-)))
Leave that Tae us numpties.
MWD
THETIMREAPER on 9TH FEBRUARY 2017 12:53 PM
So you’re not going to behave then? 😎
KTF
Paul 67 Red Carded whoddathunk it!!!
Timreaper
I’m assuming Paul posted on the go and made a mistake so I’ve sorted and new article will now take comments.
Maybe you are right though after the last day or so on here.
Brutal reading.
BIG PEAT OF ISLAY✝ on 9TH FEBRUARY 2017 11:38 AM
I’ve never understood why Celtic supporters can lurk and haunt Rangers’ forums. What ever rocks your boat. Not me. Better things to do.
Like be on here all day.
ho, ho, ho……
Raith Rovers new manager.
I’ll never forget that header he stuck past the flying pig.
I wish him every success.
TT