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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Emerald.
My season books have been activated (I hope) . Although I am on the home ticket scheme, money came out on the 3rd. Does your neighbour have season tickets?
TD67
Im blaming you for causing that scrap:)
Lucky you escaped a card
GEAROID1998
Agreed,big fella. He wears his love of THE HOOPS on his heart and on his sleeve.
To be fair,all the Aussie blokes from here that I’ve met are fine fine fellas too. As is my brother-in-law.
Guess I’m just lucky(!)
Bourne @ 2.41, thanks. Mind at rest.
Bobby, that made me chuckle.
TGM
It had K O before I came in, a jist joined in, as yi do .
The Green Man says SACK THE Board on 8th February 2017 2:45 pm
“Moderator Can i still boo the villains:)”
Aye, but we don’t play them until March so you’ll have to wait
There probably wil be some mibbery at work on Saturday but I reckon Brendan is aware of the threat and will send out a team that will render it futile.Our manager’s the smartest guy in the room,and also the most talented.
We’re at home,have better players who are full of confidence,and have the motivation of making history,I don’t see anything but a win for the bhoys.
It’s all good just now,lap it up and la la love it.
BLACKFRANCIScsc
BMCUWP
That was me….On my Anti Trump Crusade
Read it in todays Irish Times
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
Here is what the Russian Football news website thought of the lad, before we stepped in:
“It is remarkable that at 18 years old, Eboue has such a wide range of abilities, and is already quite a complete midfielder. Playing deep, he has a similar style to Alex Song during his time at Arsenal, as he is perfectly capable of sitting and defending, but is actually more adventurous, and will dribble with the ball out of defence, with aspects of flair to his game. His range of passing is excellent and well suited to Krasnodar’s counter attacking set up, while his reading of the game means he can put in his fair share of interceptions and tackles.
When required to play higher up the pitch rather than at the base of the midfield, his work rate is good, and that paid dividends, as he charged down the Birkirkara defence to score his first senior goal in the Europa League, deflecting a clearance straight into the empty net.”
I’d be interested to see how a team with Kouassi and Armstrong in it both driving at teams would pan out.
Hail Hail
50 SHADES OF GREEN on 8TH FEBRUARY 2017 2:50 PM
Yep, he does have a season ticket. That was why I was a wee bit worried. I think I’ll arrive a wee bit early, just in case there’s a rapid retreat to the TO needed!
Fingers crossed and thanks for the replies chaps.
CADIZZY on 8TH FEBRUARY 2017 2:55 PM
The Green Man says SACK THE Board on 8th February 2017 2:45 pm
“Moderator Can i still boo the villains:)”
Aye, but we don’t play them until March so you’ll have to wait
●⊙●⊙●⊙●
Why are we playing Aston Villa? ;)
TD67
Joking of course:)
But you could start a fight in an empty hoose:)
HH
Moderator
I would be appreciative if you could point out where I made any aggressive, threatening or snide remarks.
Any comments I made were in my opinion respectful, factual and to my mind pertinent to what was being stated.
Thank you
Got my ticket for Motherwell game – print at home over 65 £19.30 – bargain – an added bonus is that i’ll miss the vale home game :))
EMERALDBEE –
When the Celtic website announced that season ticket holders could now purchase Scottish Cup tickets, it clearly stated that season cards would be activated on completion of purchase.
I went onto the site and bought 2 seats using my and my son’s season cards. I received an email confirming that our cards have been activated.
You say you phoned the ticket office today and had it confirmed to you that your season card(s) would be activated for the ICT tie, yet still you come on here asking for further confirmation.
You will save yourself a lot of grief and heartache between now and Saturday if you simply accept what you have been told.
Hail Hail.
JAMABHOY
Re. how Eboue played at times in Russia.
The last couple of home games big Jozo and The Bhoy Ata finally heard my exhortations (ok, my shouting at them) and both took to running straight at the central midfield spaces that were gaping as both teams (Hearts and Aberdeen) fell back to shut down space and mark up. Immediately the opposition players were forced to make a decision as to whether they should break ranks and head for the Celtic player, thus freeing up space or player, or hold fast, thus allowing the Celtic player to further encroach into a more dangerous area. I’ve been crying out for our central defenders to be doing this for ages, rather than just recycle the ball from side-to-side as they probe for an opening.
If big Aboue has this in his locker already I’m looking forward to it.
Smashing wee choon for THEGREENMAN and for the posters recently discussing whether Trump has a mandate.
Died way too young from the very things he warned against in many of his songs. I’d have loved to listen to his views on the current administration.
https://m.youtube.com/watch?v=sLtRHN7fsgY
Auld Tam,
Thanks for that, but if you had read my original post it stated that I had been told that the tickets would be posted out in the first instance. Was just looking for clarity and peace of mind, but anyway, thanks for your in put.
https://twitter.com/aarbee13/status/828981657621393409
IMATIM on 8TH FEBRUARY 2017 2:59 PM
I deleted all posts that were either involved in the childish squabble or referred to; named posters or used a c&p of their post to make a point on the subject matter.
I clearly stated all whether the contribution was deemed large or small.
___________
p.s. Apologies for any relevant posts I might have missed.
THE GREEN MAN SAYS SACK THE BOARD on 8TH FEBRUARY 2017 2:59 PM
TD67
Joking of course:)
But you could start a fight in an empty hoose:)
HH
Awe! If there’s nothing goin down, am yer man. :)
An interesting comment on the John James site, given the headline to Paul’s blog.
“HMRC as largest creditors, sit on that board and direct BDO.
It’s my posit HMRC are directing everything here. Including the BDO appeal to the Supreme Court on EBTs.
This latest action is classic major Creditor (HMRC) chasing gratuitous alienation of assets.
HMRC appointed BDO.”
EMERALDBEE
Point one,thanks.
Point two,I genuinely think we will have a talent on our hands from my limited reading of things so far.
Moussa and Scott already petrify defences with their pace and prowess,if Eboue can do that to their other two lines as well,it’s game over.
Happy Days…
Moderator
No need for apologies, IMATIM was baw deep in it like the rest of us, your findings and facts where bang on, ….we get done…. so does he :))
EMERALDBEE –
I got that. I just couldn’t see why you weren’t accepting what you were told this morning. You say your neighbour, also a season card holder, received paper tickets through the post. That would happen where he specifically requested seats other than his normal season card seats. Having a season ticket gives you priority in purchasing tickets, but you are not restricted to your own seat.
Enjoy the game and another victory.
Anyone listen to Clyde last night when the Tim Johnathon came on? Very articulate ready to give them the scoop on sevco, …….Wooooooooooooooshhhhhhhhhhhhh, ….oh we seem to have lost Johnathon there, …….I like f… they did, he got bumped, the guy was good too.
Tony
There was a thread on Follow Follow looking for him. The Peepil thought he was about to bring good tidings…
TONYDONNELLY67 on 8TH FEBRUARY 2017 3:18 PM
Moderator
No need for apologies, IMATIM was baw deep in it like the rest of us, your findings and facts where bang on, ….we get done…. so does he :))
……………………………….
I’m sure the moderator will now sleep easier knowing that he has your endorsement and stamp of approval :-))
THETIMREAPER
KNOWING THEM of that I have no doubt that’s what they thought, but a can assure it wasent mate.
It was going to be aweeeee bad for the establishment trust me.
Emeraldbee
You are right to be wary. The exact thing happened to me at the Malmo game in Aug 15.
It turned out my ST was not activated and I had to make my way to the TO. By the time I had taken my seat I had missed two goals. I had even received a confirmation E-Mail.
To be fair JPT took up the case immediately after I e- mailed the following day. He offered a free upgrade for two at a game of my choosing. I’ve still to take him up on that.
Better safe than sorry and get a reassurance.
HH.
IMATIM
Of that there is no doubt my friend :))
So Latest Bit of Wisdom from MR Breadman
3 of his team ran 12kM on SAT so they deserved more
Maybe he should sign MIKE
https://en.wikipedia.org/wiki/Mike_the_Headless_Chicken
North Men South Men Comrades all
Dublin Galway, Cork and Donegal
We’re on the one road ………..
Come all Ye young Rebels
And listen while I sing
For the love of one’s country
Is a ……………..
And it’s goodnight from him………….
Can anyone a mean anyone in here imagine going out for a pint wi a moderator in here :)
Me,,WUT yi want? Mod yi mean what am I drinking?
Me: f…… bartenders taking ages,,,mod: watch your language
Me:look at the a… on that waitress…… mod:you really need to stop that.
Mod: whereas the toilets in here?…me: sorry WUT yi say there a was distracted wi her a… again.
Mod: I’m out of here..me: aye ok GIRFUY :))
Greenpinta
Ta. All warnings heeded and will be acted upon.
MODERATOR on 8TH FEBRUARY 2017 2:33 PM
Moderator, moderator rise up and be strong
The morning is here and there’s work to be done.
Take your delete key and your red card and the bold dynamite
For to shift a few tons of this mornings pure sh*te
You’ll get the sack! My posts:
VFR800 IS NOW A MONSTER 821 on 8TH FEBRUARY 2017 11:52 AM
and
VFR800 IS NOW A MONSTER 821 on 8TH FEBRUARY 2017 11:58 AM
Are part of the conversation so, in all fairness, should be deleted. There are a few others as well. :>)
KTF