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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SP
Cool
Bada
I thought he would do okay at Hearts too but some on here at the time had already dubbed Moussa a dud and that TW would outscore him.
That got right on ma nellies at the time.
Having’ a wee sly chuckle as Moussa worked out pretty good.
I think Tony is working his ticket right out of the game, he won’t be the first from our art of the world that had all the attributes and spunked them..
HH
£22 to park in ncp king street on saturday -ffs
SP- my first look at MD, i bet the 2 guys i was at the game with that he would score 20 plus…
!!BADA BING!!
Aye some of us can spot a player:)))
SP- those and suchlike….:)
I see with our forthcoming cup tie v ICT some of the meeja are still trotting out their take on the old Mary Poppins song………yaaaaaaaaaawwwwnnnn.
Derby v Leicester game, 2 reserve teams , punters avoid…
Bada – Apparently Craig Whyte tried to sell the Loving Cup as well, but he couldn’t find a buyer.
That video of Craig Whyte toasting on YouTube is comedy gold.
I think that history will be kind to him.
Also the Charles Green Christmas video is timeless lol
Wealth off the radar, Motherwell self-made billionaire – even the South African based tycoon gets a mention :
https://www.google.co.uk/amp/www.dailyrecord.co.uk/sport/football/craig-whyte-profile-the-scots-billionaire-1076110.amp
Classic.
HH.
coming out of normal lurking and asking for help if possible..i hit the big 50 on the day we play the new club on march 12th..six of us are coming over for the game with five of us using our season tickets but the promise of a ticket for my brother from somebody was unfortunately let down today..i know its a big ask but if anybody on cqn has a spare could you bear me in mind..fingers crossed!
Evenimg
Bad day from the off with all sorts of toast problems kicking the day off. Glad I stayed out of the ‘heated debate’ though.
I am rather sorry to learn of the continued downward spiral of Tony Watt I saw the headline from a blog written by James Forrest which suggests that writer does not share my lingering sympathy- I hope the article is less full of self righteous fury than the headline suggests it will be.
Watt has undoubtedly got massive attitude problems who seems utterly incapable of learning – a Nicolas Anelka with less ability – but I mind seeing a pre-season friendly at Firhill in 2011 with several CQN luminaries and thinking he was the only player we had who looked as though he might make it and now feel both sad and annoyed that he has not made anything much of the talent he had then
And RIP Alan Simpson – I stiĺl laugh at Steptoe and Hancock.
Jimbo67
TIMBHOY3 on 8TH FEBRUARY 2017 9:45 AM
The problem,with jail’s or detention centers,is they are to cushy,that system doesn’t work,prison are meant to be a punishment,now they are just holiday camps,they the Prison Services need to toughen up,let them know who is in charge,not them,but these liberals,and left wingers,are to blame for these softly softly approaches.
——————————————————–
Aye ,let them dae their time in the main stand at Celtic Park….cauld when it’s windy,queue’s at pie stall,pies no great and view no that braw, that will soon whip the ingrates into shape.
The Steptoe and Son episode when they split the house down the middle , inc the telly was brilliant.
GLENDALYSTONSILS –
The SuperCaley headline wasn’t even original. It first appeared a few decades ago down south after an FA Cup giant-killing act.
16 Roads- the article scrawled be the Scottish Football Journalist of the Year(sic) for the 2 years after that pile of sh/#@.HH
VP- how you doing old bhoy?
Some real nonsense gets posted on here these days. Grown men behaving like spoilt kids.
Really ruining the other excellent contributions.
Will never forget the moment Tony Watt’s shot struck the net against Barca.
Sadly, it looks like he will never reach anything approaching those heights again.
There was a good Guardian article about him a wee while ago. Apparently, one of his Celtic team-mates predicted he’d be driving a taxi within a decade.
GLENDA, they will need a spoonful and more of sour grapes
M’ON on bbc1 just grand.
Blessed is he who skelped thee most powerful cheats the Celts have ever faced.
Thanks Mr O’Neill.
….off-oot…..
The original headline was “Super Cally goes ballistic QPR atrocious”. It appeared in the Liverpool Echo in the 70s and refers to a brilliant performance by Liverpool’s Ian Callaghan v Queens Park Rangers at Anfield.
The Tony Watt saga is quite sad and depressing really. A lad with (literally) the world at his feet with his glorious gaol against Barcelona.
His lack of self awareness and maturity shines like a beacon. He has been hunted out of every club he has been with and roundly criticised by all his managers.
I have a friend who is a massive Charlton fan (he commentates for the deaf at all home games); when Tony watt signed and (as he often does) started well and scored a couple of really great goals, he was asking why Celtic let home go. About a month later he told me he knew exactly why!
He will never reach the heights he threatened to as he debuted with Celtic; that is the sad part.
The fact that he cannot change his behaviour to effectively use his God-given talent is depressing; there are many players with only a modicum of the skill Tony Watt has but have managed to have very successful careers from the game; that’s about attitude and mentality. It makes average players good and makes good players great.
Compare the attitude of 19 year old Moussa Dembele. He will be a great player – partly because of his skill, but (IMHO) mainly because of his attitude.
KTF
*why Celtic let him go”
KTF
I may be a simple soul but I always thought there was something dodgy with Duff & Phelps.
Can anyone tell never what could possibly be their motivation in undervaluing the assets of RFC ( il)?
Our hero Craigy was desperate to appoint them.
Craigy claims that him and Charlie were in cahoots.
Was is just simply a carve up to share the assets?
Anyway, the big deal for me is the Supreme Court hearing next month.
Surely justice will be done and the cheating confirmed for all to see?
Titles soon to be stripped.
Am I too naive ?
HH
Remember talking about how Tony Watt was instinctive as a result of not coming through the pro youth system
That could be a reason he is a loose cannon with little professionalism?
Tony Watt looks aulder than me.
Nuff said.
Jimbo 67. 7.23.
Very eloquently put.
Yes Tony can be his worse enemy but I am certainly interested in his career and wish him well.
Tony played boys club until nearly aged 15, one of the few players of the modern era to make it professional who had not played pro youth until that age.
Airdrie signed him, it was clear to any who watched him that he was a genuine raw talent, however it was also clear that he was daft as a brush. Tony would almost be lapped in pre season training but he would think it was funny. He would drive Jimmy Boyle mad, as he would just not take it seriously enough, on the pitch he would show his talent a game up at Brora he was sensational for that level and Kenny Black took notice. He managed to get into Airdries first team and then Celtic took notice. Tony was not the most skilful in the Airdrie team but his explosive acceleration and cool finishing was there for all to see. Everyone remembers Barcelona but I remember Fir Park when, as a young boy, he came on and scored two. Tony then done at Celtic what he done at Airdrie, he didn’t take it seriously enough, he started smoking and Lenny was driven round the twist. Interestingly Lenny said in his Graham Hunter podcast that he now treats the young players differently than he previously did as they were not responding to him. Tony has had many chances, my wish is that he will take one soon before it’s too late.
Hail Hail
Been many Tony Watt hopefuls down the years. Not for us to disparage them.
VFR –
You need to check that dictionary you’re so fond of and look up the meaning of “literally”.
:-)
Margaret McGill
No fart jokes. But all this Tony Watt talk reminded me of this:
We played a pre-season a few years ago with two up front – Amido Balde and Tony Watt.
Someone came on here and pointed out that our frontline thus read A BALDE T WATT
Someone else then came in with: “FFS – everybody’ll think we’ve signed Alan Shearer”
BT
Interesting re pro youth. My boy had two proyouth offers recently but sticking with youth as although pro youth more technical ( which he likes) but when he’s played at that level he finds the lack of attention to winning frustrating…his youth team have beaten pro youth teams their own age..even though pro youths had better players. Too many pro youths don’t learn how to win. Maybe Tony likes winning?
When the cull of pro youth is finished after project Brave…we’ll see more non pro youth players featuring…more Tony Watts… That will require managers to manage. Right now if you don’t fit the mould you are discarded.
In my lifetime the best players didn’t fit the mould…Best, Gascoigne, Le Tissier, Cantona..etc…Would be discarded now.
Auld Tam, in a footballing sense he did. IMHO.
KTF.
JimmyNot Paul @ 7.54
I fear its too late for Tony Watt. Far too familiar a story alas. I had a worate who knew Tony vaguely from school days and he was telling me worrying stories of his lack of application from very early on in his Celric career.
Philbhoy # 7.52
Aye but have you checked your portrait in the attic ?
Jimbo67
Borussia Dortmond fans giving a fine rendition of their version of In the heat of Lisbon…….not to be confused with the CQN version In the heat of Brisbane:)
HH
A wee plug for Mouldybhoy good man that he is:
https://mydonate.bt.com/fundraisers/theroadtolisbonpmuldoon
Just finishing a bottle of whisky I got for Christmas.
THE DALMORE, aged 12 years, 40% abv.
Lovely deep gold in colour.
And, with a splash of water, tastes GREAT.
The bottle, even when empty, looks pretty good too!
Now, once I finished the drink I’ll deal with anyone who disagrees with my posts OR who deletes them!
Only kidding!
Cults
Agree re pro youth I was just trying to explain the bhoys attitude and the fact that his natural talent wasn’t coached out of him
Couple of years time it wont be Tony Watt it will be Tony Who?
Pity