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You are at:»»Gratuitous Alienation, prove you paid adequate consideration, Paul McConville, Here we go again

Gratuitous Alienation, prove you paid adequate consideration, Paul McConville, Here we go again

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By on CQN BLOG & Comments

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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  2. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    PHILBHOY

     

     

    Someone on here was saying that The Co-op own brand 12yo malt,yellow label,is a 12yo Dromore.

     

     

    Not found it yet!

  3. Ron Bacardi on

    BURGHBOY, Scottish establishment will ensure that no titles wil be removed and the new Rangers will have the history of the dead club

  5. Jim payne on

    Philbhoy

     

     

    I am not so bad mainly though problems with my back but other issues mainly in check.Loving the season – so far it is high in my list of the 50 seasons I have been going.

     

     

    Hope you are well too.

     

     

    Cheers

     

     

    Jim

  7. Philbhoy on

    BMCUWP

     

     

    Let me know when ye fun it!

     

     

    Please!

     

     

    How did you ye avoid cull the day?

     

     

    I know!

     

     

    You are MODERATOR2!

     

     

    I was telling the wee yin I’d had a couple of posts deleted today.

     

     

    “Time to pack it in Dad” she said.

     

     

    She’s grounded!

     

     

    And the girls are asking after you!

     

     

    Again!

     

     

    Should I be worried?!

  9. Philbhoy on

    JIM PAYNE

     

     

    All good here thanks, just about!

     

     

    I should know more tomorrow!

     

     

    I’ve been going to games since the early 50’s and agree, the feel good factor is approaching off the scale!

     

     

    You take care!

  10. The Battered Bunnet on

    For most young players, scoring the decisive goal against Barca in the Champions League would be the start of their career.

     

     

    For Tony Watt, it was effectively the end.

     

     

    For the rest of his life, he’ll be known as, and identify himself as, the boy who scored that goal against Barca at Celtic Park.

     

     

    If that’s good enough for Tony Watt, I’m fine with it. He’s a grown man now, responsible for and to himself. The lingering regret at a talent spent is neither here nor there. Its just not important to him, so why should the rest of us care.

     

     

    I shrug my shoulders when I hear his name now. Just like Tony Watt does.

  11. quonno on

    RON BACARDI on 8TH FEBRUARY 2017 8:18 PM

     

    BURGHBOY, Scottish establishment will ensure that no titles wil be removed and the new Rangers will have the history of the dead club

     

     

    When some on here were spouting p**s about THEM being deid, Quonno firmly stuck to the line that the only outcome would be that of THEM coming out of it all smelling of roses.

     

    Complicit in all this is the Scottish media which resolutely refuses to discuss the issue of how you can be the same club in the matter of retaining trophies, but not the same club when it comes to having sloped the packman and others.

  13. The Battered Bunnet on

    Cultsbhoy

     

     

    From your part of the world, there aren’t many teams at that level.

     

     

    I know the set up and the people at AFC, and by and large, they’re a good group running a good project.

     

     

    I’d think about letting the boy train with them, and keep him at his club for just now. He’ll learn a lot, and it mitigates the drawbacks.

     

     

    Jist sayin’

     

     

    TBB

  14. Philbhoy on

    THE BATTERED BUNNET

     

     

    In my close to 70 years on this planet supporting Celtic, young Tony provided one of the all time highlights!

     

     

    He might not be a hunskelper but he will always be a BARCA SKELPER!

     

     

    Not many of them in Celtic’s history.

     

     

    ;-(

  15. thetimreaper on

    Whatever is going on the Watt, I’m not sure myself but it seems like attitude and application are the main issues. On a similar note i had a discussion with another CQN’er a week or two back about Leigh Griffiths, coinciding with Brendan’s comments about him. My own view on this is you need to look at the very highest level of the game. There you will find Cristiano Ronaldo, a guy who lives and breathes football. I once read that he treats everything he does as training, working, eating, resting, sleeping. Everything he does is geared towards optimal performance, like him or loathe him, he is a phenomenal professional and an example to every young player. In terms of our own house, standards seem to be as high or even higher than ever before. VFR, you raised an important point about Moussa, not only is he a great lad but the matter is two fold. We need to create an environment where guys like him and Kieran Tierney can prosper, not just ability but also physically and mentally. In my view no other club in Scotland outside of Celtic is capable of producing young players at that level. It goes way beyond scouting and procurement.

  16. Hot Smoked on

    Auldtam @ 7:43

     

    Here is something I posted five years ago ( before I had to add Hot Smoked) :

     

     

    JUNGLE JIM on 9TH JANUARY 2012 2:45 PM

     

    This Cally go balistic thing. I posted here many moons ago concerning that headline. It is not even original. I saw it in either the Evening Standard or Evening News in London. A guy called Kelly had played well but his team ( I think, Kelly might have been an oponent,) had been awful. The Headline? SuperKellyquitefantasticQPRatrocious.

     

    I know it should not but it really angers me that the quality of wit is used as the excuse for rolling out the Supercally headline as often as possible when, unless not a single journo is aware of the origin, it is really just another excuse to have a go at Celtic. Hopefully, we stuff them (if they get through) and that will be the end of the SuperCally nonsense. I am away to see if I can find the SuperKelly headline on t`internet. Any help apreciated.

     

     

     

    JJ

  21. cadizzy on

    GreeninbingleyinOslo on 8th February 2017 8:01 pm

     

     

     

    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”

     

     

    I was reading that just as Alan Shearer was dishing out his half time drivel. Never has a man ever resembled a makeshift Celtic forward line.

  24. Margaret McGill on

    Oops I just re-read what I posted. For the sake of the CQN Self appointed deputies and protectors of all those 22 year old Lanarkshire Catholics that may be reading pachinko is not an asian racist epithet.

  25. Hot Smoked on

    TBB

     

    Thanks for that. I saw it when I lived in in London and it was headlined in either The Evening News (?) or The Evening Standard. Maybe they plagiarised the Liverpool Echo ……or maybe I just remember it wrongly.

     

    JJ

  29. BABASONICOS71 on

    Still,the two debut goals against at Fir Park and THAT Barca goal.Good memories nonetheless.

  30. Hot Smoked on

    re Tony Watt. Like many others I remember his cooly taken special goal against Barca but I don`t remember that he was as talented as some recall.

     

     

    JJ

  32. cadizzy on

    JJ

     

    The Liverpool Echo probably nicked it. Liverpool has previous after all in relation to nicking….. YNWA, the Fields….John Lennon’s auntie was Scottish so why people are claiming the Beatles were a Liverpool band is beyond me.

     

     

    ……and Lennox was never offside either.

     

     

    Bitter? Nah. But I bet lemon still is.

  33. Philbhoy on

    Good night Bhoys, Ghirls and Moderators!

     

     

    Great to be a Tim!

     

     

    Naw, even greater to be a Tim…….than previously!

     

     

    Prayers said for all those in need!

     

     

    God bless!

  35. owen on

    As regards Tony Watt I feel he will, like most modern footballers, do what suits him best and “to hell” with the consequences.

     

     

    I do remember that when he was loaned out by Neil Lennon a number of posters on here couldn’t wait to get wired into Neil, Peter Lawwell and Celtic in general for failing to handle him properly. Indeed some forecast he was destined to come back and haunt us in the future.

     

     

    Not one manager/coach in his career has been happy with his attitude but some on here were happier to place all the blame at Celtic’s door.

  36. THE EXILED TIM on

    JJ

     

    I agree re Tony Watt, can’t recall any time I was actually impressed with him, at times he tried, other times he didn’t seem to care, just the impression I got, could be totally wrong.

     

    HH

  37. proudbhoy on

    No doubt in years to come Tony watt will regret alot of decisions he made .. as we all do .

     

     

    Only his silly mistakes may have caused him a magic career with the club he supported as a bhoy. That will hurt alot . I hope he pulls himself together and has a decent career and a good life .

  38. Hamiltontim on

    JNP

     

     

    Very interesting reading your post about Tony Watt given that you’ve witnessed his development prior to joining Celtic. I’m opposed to the pro youth set up, it was one of the main reasons I gave up coaching. Tony wasn’t over coached and consequently he developed in a culture which promoted individuality. He was a prodigious talent and consequently he stood out from most of his peers.

     

     

    Because he’s no longer with us we’re inclined to dismiss Tony as a waste of space. Unfortunately, despite my dislike of pro youth football it may actually provide a structure which many young players require in the modern world.

  40. VFR800 is now a Monster 821 on

    The new version of Roots has just started on BBC4; if it’s anywhere near as good as the original it’ll be smashing.

     

     

    Laurence Fishbourne and Forrest Whittaker star.

     

     

     

    KTF

  41. !!Bada Bing!! on

    Ron Bacardi on 8th February 2017 8:18 pm

     

     

    BURGHBOY, Scottish establishment will ensure that no titles wil be removed and the new Rangers will have the history of the dead club

     

     

    And nobody will do jail time either HH

  42. voguepunter on

    Bada Bing

     

     

    Sorry ,big Fhella ,I was caught in pie stand queue.

     

    I’m good hope yir well.

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