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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Hamiltontim
I mean what do you want me to say?
No I didn’t? You’re wrong?
Did you not heed the Moderators?
I mean what exactly is your point this morning?
Moving along. (first provocative goad of the day noted)
British army veterans planning on marching through Derry next month against what they see as victimisation of soldiers .
This won’t end well…
Whoever thought this would be a good idea should be sacked.Cue huns and the EDL types invading Derry.Madness.
DRAMBOWIECELT on 8TH FEBRUARY 2017 9:57 PM
@MACJAY …aye me………
They called it time and study………….
Time and study. Your age is showing.
Victimisation of soldiers.
IMO, anyone who becomes cannon fodder for warmongers deserves anything coming to them, fools of the highest order.
Eff them.
Nice goal, just what Leicester need at this point of the season.
Canamalar
I’m guessing that they’d find 14 individuals and slaughter them claiming that their demonstration had been a peaceful protest in response to a belligerent and sectarian regime.
SANDMAN on 8TH FEBRUARY 2017 12:16 PM
Why would BDO appeal the pro-HMRC EBT decision if, as you say, HMRC employed them. ?
I’m not against any soldiers protesting in what they understand as unfair treatment, I’m just not sure that marching in Derry is prudent.
It must suit someone’s agenda for this March to go ahead.
No counter protest planned but today is first I’ve heard of it and seems like I’m not the only in Derry .. some bloody Sunday family members only commenting today so I’m pretty certain there will be plenty of people oppressed to it.
It’s nothing but a smack in the face to the victims families who have yet to see any legal justice handed out .
Quonno….At’s what the the official lookin gent wae the stopwatch said:)
H.H
Work rate was the mantra of diddy coaches with clipboards.
Bobby Murdoch could have stood on the touchline drinking whiskey and smoking yet would still have had more influence on the game than the other 21 players.
He knew how to tackle and hold his position and put his team in scoring positions with a perfect range of short and long passes.
No headless chicken routine from him.
Now the mantra is formations and systems.
With most of the coaches incapable of implementing said systems properly.
TET
I dont know much about the proposed soldiers march in Derry (proudbhoys post was the first I heard of it) and it seems a crazy idea,however they may just have a point..if and only if … their angle was that its not them who should be answering questions about historic crimes/incidents etc but the Government ministers and Army chiefs who instructed them to go out and terrorise the Irish people.
Some goal, great player that boy!
Soldiers can’t complain about what they are ordered to do, they know the deal when they sign up.
Stars
If people actually thought about things and told the governments and the warmongers to eff off, we are NOT going to fight your wars for you so you can make more money or have more control, the world would be a much better place, No.
So in a way you have a point, but it’s wasted on fools.
HH
Bada
Yes you are probably correct
The old we were only following orders routine has been tried and rejected before as a defence.
and rightly so
With the league all but sewn up, it’s not too early to consider how to prepare for our Champions League Qualifying campaign which kicks off close season.
After the scares of last year, I’m sure BR has thought of this well before me.
But he has to weigh up providing first class entertainment and records to be set, against what can only be seen as intelligent reorganisation to rest key players for the Champion league.
Without over-elaborating, my gut feeling is to go for the league record points gap. It’s a lifetime achievement that only a select few Celtic supporters will ever see in hundreds of years if ever again, if we do it.
Our squad is gelling and becoming stronger in its understanding. That takes some time to acquire and we are going into the new European campaign a completely different side from last time.
@TET Universal Soldier?
H.H.
Exiled
I suppose thats kind of my point
But unfortunately the nature of armies tends to be ….follow orders or else
oops meant to add he never sees the writing on the walls…..
H.H
DBC
There is no need for wars, no need for soldiers, end of
HH
!!BADA BING!! on 8TH FEBRUARY 2017 10:10 PM
Soldiers can’t complain about what they are ordered to do, they know the deal when they sign up.
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Interesting point but i disagree. Most soldiers are barely young men and they don’t think past their next meal. They take their orders and get on with it and know very little about the bigger picture.
Been reading back for some time (3days worth!) and a lot of it has been hard going! I do feel sometimes our Aussie friends (I have met Macjay btw at a Hoot) really are staunin oan thur heids …
Anyway I was unable to find the answer to the origin of Hooky for big John McPhail and to a lesser degree big Jon Colrain! My recollection (seldom reliable) is that they were both extremely ‘hen-toed’ and ran ,or rambled really , in a manner that their footsteps were invariably inward pointing to the extent they almost tripped themselves up hence Hooky!!!
Evening Celts
Big Peat
Do you just threaten to get the polis everytime someone says something you dont like?
Are you taking over the blog or what.
Do what you like sort of thing?
Way back in 1939 the Unionist parliament in Norn Iron weren’t so enamoured of the British Army.
See, and you will love this one Macjay, they were all set to implement conscription in the six counties. Most Good, God fearing Protestant men were in reserved occupations, farming, shipyards, Short Brothers aircraft factory, ruc etc, so the idea was to send off the fenians of Military age to do the fighting and dying for King and Empire. Great plan until someone pointed out that after the war they would have thousands of highly trained fenian men returning to “their” country and it might not be so easy to keep them down with the part time hard men of the B Specials.
The result? The loyal Ulster parliament never introduced conscription. As my mum, and her father a WWI veteran, always said “loyal to the Crown, but even more loyal to the half crown”
proudbhoy on 8th February 2017 10:04
Ulterior motives? Brexit?
Dan Q
Just a reminder that I’m looking for three tickets for the match v Soft Loans Co on March 12th. They don’t need to be together.
Ruairís40thpresentcsc
@TET…..Agreed …..
Hopefully in 2167 when we are established on Mars………
The kids will review their History homework and think……….
OMG……..
H.H
Was at Still Game last night, decent enough show with a few laugh out loud moments, highlight though was Big Judith sitting a few rows in front of me…
fan-a-tic on 8th February 2017 10:05 pm
“Work rate was the mantra of diddy coaches with clipboards.”
I know what you mean. I remember schools football, for example (okay not the same standard) where hard work was viewed as something to reward more than natural ability as the teachers or whoever took the team felt that they had to reward those who put the effort in rather than the ones to whom it was effortless (and sometimes they were also “bad boys”)…..and who, inevitably were the ones who made the difference. Hard work is no substitute for ability but ability is not a pass to get out of hard work and application.
At the risk of stating the bleedin’ obvious, a hard working team of good player will most times beat a team of equally good players who don’t work as hard.
I was just talking to my son about the difference in Leicester City this year. Last year, they were in the faces of the opposition, pressing hard and far up the pitch. Okay ,teams understand how to play against better but Leicester do seem to have taken their foot off the gas and the work rate does not seem to be as it was last year.
Almore
How was your Madrid trip
Big Peat of Islay✝ on 8th February 2017 10:15 pm
!!BADA BING!! on 8TH FEBRUARY 2017 10:10 PM
Soldiers can’t complain about what they are ordered to do, they know the deal when they sign up.
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Interesting point but i disagree. Most soldiers are barely young men and they don’t think past their next meal. They take their orders and get on with it and know very little about the bigger picture.
They know when they sign up, they are under orders to do as is requested from the government.FWIW, i was a fireman and on strike 2001/02,like a few other bhoys on here.We had no beef with the army, they were thrown into another situation , under equipped and not trained to do.We had guys following in cars to incidents, to help them out.Anyway, a totally stupid idea, to protest in Derry of all places.
West End- any photos….:0
Brendan says a talent needs to be a working talent, that’ll do for me.
Bada
Agreed
Its the location of the March in Derry thats the real problem
Why not march through London to Downing Street and hand in a letter there.
!!BADA BING!! on 8TH FEBRUARY 2017 10:26 PM
West End- any photos….:0
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Lol
!!BADA BING!! on 8TH FEBRUARY 2017 10:24 PM
They know when they sign up, they are under orders to do as is requested from the government.
Anyway, a totally stupid idea, to protest in Derry of all places.
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They swear an oath to follow orders. And so they should. How could it be otherwise. That’s a universal.
Derry? Agreed. It’s highly provocative.
ProudBhoy: I’m sure there will be some sort of reaction to this, your post is the first I heard of it.
Can’t see it going ahead in FreeDerry.