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:
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- ...
- 20
- »
Moderator, i should say that I have no problem with the deletion of any of my posts.
My only question is how BMCUWP managed to escape the cull this time. :>)
KTF
TONYDONNELLY67 on 8TH FEBRUARY 2017 3:51 PM
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 :))
●○●○●○●○●
Had me lolling there Tony. ;))
TD67
I heard that guy on Clyde.
Roger Hannah on Twitter now saying the chap was going to make allegations that could have involved Clyde in litigation. I assumes he means sued. Hannah being asked if The Sun will check it out.
I thought the chap was nervous as I would be if I thought I was bringing something important to the public’s attention.
Bobby Murdoch…
Thanks for the link. I think it portrays a generation of submission among the Sevconians… A few defiant delusionals but a refreshing amount of realism with some even accepting 3rd or 4th place as reality. ..( I’m thinking 3rd for sure)….
I’d love Celtic to tie up the league and throw points away to Aberdeen and Hearts…
AULDHEID on 8TH FEBRUARY 2017 4:13 PM
Now I’m desperate to find out what it was
:-/
TD67
There’s no chance of any moderator or person of moderate mind ( see what I did there?) meeting you for a pint so rest easy… Btw is wheel tappers and shutters still on the go? Is Bernard Manning still alive .. ?How good was the last chubby Brown gig.. .?
…and no moderators are not minded to petition for the return of the Black and White minstrels..before you ask.
#Donaldtrump.csc
MSM-backed ICT will fail on Saturday, unless postponed because of high winds and roof damage.
Saturday’s danger won’t be ICT, it’ll be Kevin Clancy (the MIB).
We need to get on top early and put them to the sword so that and Mibbery is irrelevant.
Hope to see Armstrong and Eboue at some stage on Saturday.
KTF
Trouble at t’mill today?
Yokermill?
Can I just say my friend Arnold had a look at the blog today and he is not impressed.
I saw a picture yesterday of Tom Rogic at an airport, with one of his feet heavily swathed in bandages, making his way in crutches.
I think we may see a further absence from our Antipodean playmaker.
Green Brigade TIFO
TD67, you might like this:
https://www.gofundme.com/Lisbon50tifo
GB are raising money for a Tifo.
KTF
word of the day
gratuitous
gratuitous alienation
gratuitous violence
gratuitous hunnery
gratuitous postings
gratuitous evil laughing
gratuitous double postings :)
anyone got any fart jokes?
laterz
As for the blog “standard” of contribution.
Being on Pacific time and having a busy day at work, it doesn’t leave much time for CQN.
However, I do read back frequently of an evening. Following from a distance, what is obvious is that there is a constant presence of sleekits and trolls sowing discord and ensuring emotional reaction, response and retorts from the rest.
I have noted they are particularly adept at steering conversation away from Celtic, and particularly focused on squashing any feel good factor that may have arisen for whatever reason.
Unfortunately, many are too eager to communicate and respond to these trolls, which only only encourages them further.
What is amazing is where these folk find the time, as they always seems to be at least one them ready to jump in with their mince.
ObservationsFromAfarCSC
P.S. The irony of this seeming like a troll-like post is not lost on me :-)
My observations stand none the less.
Typically a troll will sow discord by stating his opinions in a manner that he knows will ensure negative reaction from others.
When he is challenged in reply in any way, he will respond with “hurt feelings”, defensiveness, further outlandish posts, or simply disappear.
Hence the word “troll”, or “con-trol” the emotions and thoughts of others.
Don’t fall for it and they melt away. Simples.
Aff oot.
If D&P had sold the assets separately to highest bidders, the continuity myth could never have been propagated. The assets had to be sold in a basket, even if that meant underselling (which is not to say that anything has ever, in fact, knowingly been undersold over there). The case of the basket sale is fortunate for us, given that the Basket Case has provided us with more entertainment ever since than it has to its investors and paying customers.
more than a hunch
https://www.youtube.com/watch?v=cfR7qxtgCgY
I have quick scan of posts and scroll past those that look dull.
Or obsessive about ‘The Board’
A great day with my bhoy
https://youtu.be/ExUaW4aAp0c
HH
VFR800 IS NOW A MONSTER 821 on 8TH FEBRUARY 2017 5:34
You won’t get him at this time he’s listening to Clyde wan :-/
“Mr Whyte has not been known during his time at Rangers as a sentimentalist, so it seems that when he found the share certificates lurking at the back of the cupboard he quickly sold them.
But then, according to the Daily Record Mr Whyte blocked a move for the cash to be paid into the Rangers bank account, demanding instead it stayed lodged in one of his own companies, Pritchard Stockbrokers in Bournemouth.”
Craig Whyte sold the Arsenal shares for £230,000.
He must have just locked the door and began to rummage about the place, like a cat burglar looking for anything of monetary value that he could sell on.
No time for sentiment.
HH.
What does RELEGATION really mean especially in Scotland & What happens if you have A bet on it
http://twohundredpercent.net/curious-case-rangers-relegation/
The Bhoy Who Cried Wolf…
http://thecelticblog.com/2017/02/blogs/watt-the-hell-is-the-matter-with-this-arrogant-little-sod/
Paul67 et al
Sad to hear of the death of Alan Simpson, one half of Galton & Simpson, begetters of Steptoe and Son, and the Beckett and Pinter of television comedy. Who could forget the anguish of Albert Steptoe in a desperate plea to his son;
“Arnold, ………….Arnold…………….Arnold”
whoindeedcsc
I see that waste of space Tony Watt is claiming he’ll never play for a Scottish club again. Like anybody cares. What a loser.
AULD TAM
Somebody on here claimed he would outscore Moussa this season at Hearts:))
Bad bad attitude the boy..
Tony Watt is telling it like it is.. financially it is better to earn a living playing second rate football in England than playing in the Scottish league
We (not Celtic) pick up players from 3rd tier in England to play in our premier competition
BLANTYRETIM IS PRAYING FOR THE KNOX FAMILY
That’s nothing new, it’s always been that way, that’s why the best Scots always went down South to play.
It’s a bit rich coming from a guy whom got bombed out of Celtic and had his contract torn up at Hearts.
6 teams in four years, maybe he’s the problem naw??
HH
Starry
I thought he was on loan at Hearts from his parent club
I agree he hasn’t made the most of his career but his statement stands. He was asked the question and answered it honestly
BT
my young lady about the house was in today and was full of praise meeting your dad and listening to his tales the other night, though she got the impression he wasn’t particularly fond of someone
will get into BV soon
Auld Tam. 6.23.
I care about Tony.
Hail Hail
16 Roads- One of the best laughs i have had over the huns compendium of shi/#,was listening to wee Dawwell King on Clyde , close to tears when wee Craigy Bhoy sold the Arsenal shares, unforgettable.
SP- I thought Watt was a good signing at the time for Hearts, and would score around 20 goals this season.A story that never came out that was when WGS picked him for a Scotland game, he wasn’t going to start the game he told him where to shove his team, ar$#and necked on the next flight home.A boy who had all the tools to make it, a total waster.
WDH
He isn’t fond of many people… ;/)
See you soon pal
BLANTYRETIM IS PRAYING FOR THE KNOX FAMILY
I thought he came across as a bit bitter mate, he didn’t finish his loan period at a Scottish club therefore our game is crap, sounds like sour grapes.
It’s clear and has been as long as I can remember that English football was better paid and in recent years the gap in standards of the two top leagues has widened considerably.
We’re the only team in Scotland that would have any chance down South.
As for Tony Charlton is starting to look like the last chance saloon..
HH