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Gratuitous Alienation rears its head again

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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.

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 [liquidator of the club formerly known as Rangers]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?

Mr Green also told Talk Sport “The club has got cash, and it’s still got no debts.”  This claim was modified slightly by a statement on rangers.co.uk, “The Rangers Football Club Ltd is a company free of external debt”, perhaps suggesting the company is in debt to people or organisations involved in its operation.

It would be interesting to learn what internal debt The Rangers Football Club Ltd has, what terms exist on the debt and whether money raised in the forthcoming IPO will be used to repay debt.  If only Mr Green ever spoke to someone in the media, exposing himself to such questions.

Busy day, more later, hopefully.  We’ll get onto the John McGlynn plan tomorrow.

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  1. TBB,

     

     

    Thanks for the clarification was wondering why the Whyte Knight was so interested in that little kerfuffle.

     

     

    Noticed on the tweets eminating from the CoS, that R@ngers have 1.7M Cash in the Bank, Charlie Green is no’ going to be happy, he had to pony up to keep the RFC shebang on the road ’cause D&P told him they were skint.

  2. Steinreignedsupreme on

    I’ve already told me ole mucker Charlie Green he should open a pub next to Ibrox and call it The Brown Brogue and Sash.

  3. South Of Tunis on

    The Battered Bunnet @ 13 51.

     

     

    Thanks —– your guess makes sense to me .

     

     

    PTFC pal tells of being dragged to a Bearsden tea and pastel colored cup cakes place by his very elderly Auntie .

     

     

    He said they sat within earshot of 3 classic Bearsden ” blue rinses” . They dealt with Saville , they dealt with youths from Drumchapel being allowed to walk the streets of Bearsden under the cover of darkness and then they moved on to the plight of The Rangers . Seems it’s all the fault of an Ayrshire spiv and that at least one Bearsden lady isn’t convinced that the wheelchair was anything other than a feel sorry for me prop.

  4. Neil canamalar Lennon hunskelper extrordinaire on

    Miki67,

     

    When I saw hodges last statement on how the conflict of interest issue does not really effect this case, I must admit it disappointed me, d&p’s performance and lack of conformity with legal procedure probably wont affect the case either.

  5. As the court cases, enquiries, investigations drone interminably into the future with no sign of resolution (as intended) we have to witness the spectacle of huns at it as usual with the same level of presstitute puffery and credibility, in the same strips and the same stadium, marching around in their world of keech like the arrogant little infestation of old, perpetuating their loyalist scum intolerance on and on and on and on and on……..in a whole new world of misery in the fourth division, but itching like the scabied horde they are to get back to howling at us any way they can.

     

    Sickening scum.

  6. johann murdoch on

    HenryClarson

     

    12:38 on

     

    31 October, 2012

     

    This is where it gets real. The Court of Session isn’t as susceptible as our beloved media to PR and spin. Proper questions will be asked and answers will be meticulously analysed.

     

    Wouldn’t it be nice to see Lord Hodge advising a few of the parties to bring their toothbrushes along when he’s concluding?

     

    ————————————

     

    Is it a sleepover? HH

  7. Silver City 1888 on

    Very informative poster

     

    Law & Hedges‏@mdkster

     

     

    The FTT proceedings ended in January. D&P’s lawyer told Lord Hodge that they do not know when the FTT decision will be issued.

     

     

     

    All concerned are saying they don’t know when the decision will be issued. By that do they mean they don’t know when it will be issued to the public? Do they all already know the outcome?

  8. johann murdoch on

    doug.k ‏@douglas_kane

     

    @ClydeScoreboard Greene has given away 11,000 free tickets for tonights game ..sweep sweep sweep

     

     

    Interesting. 11,000 free tickets?

     

    —————————————-

     

    Is this a new world record for freebies for a 3rd division team?..Im sure SSN will let us know..

  9. Steinreignedsupreme on

    Silver City 1888 14:21 on 31 October, 2012

     

     

    All parties were informed of the outcome 12 days ago according to RTC.

     

     

    Oh – and the appeal was lost…

  10. johann murdoch on

    Great article Paul..loved the following… “Haven’t these poor creditors been through enough?”

     

    HH

  11. Philbhoy - It's just the beginning! on

    I’m sure someone posted on here recently that BDO would not pursue Green et al for the assets.

     

     

    So what is the score?

  12. Paul67

     

     

    This bit

     

     

    ” It would be interesting to learn what internal debt The Rangers Football Club Ltd has, what terms exist on the debt and whether money raised in the forthcoming IPO will be used to repay debt.”

     

     

    should be scaring the smelly stuff out of the SFA. It was the ability to hide internal debt in MIH accounts that enabled Rangers to carry on as long as they did.

     

     

    Surely the SFA know or have asked exactly who owes what to whom?

     

     

    Surely CG has to clarify in any prospectus?

  13. Steinreignedsupreme

     

     

    14:25 on 31 October, 2012

     

     

    Silver City 1888 14:21 on 31 October, 2012

     

     

    All parties were informed of the outcome 12 days ago according to RTC.

     

     

    Oh – and the appeal was lost…

     

    ————————————————–

     

     

    Wasn’t it not part of newco getting oldco licence transferred to them that they had to inform the SFA about the outcome of the tax case, no later than 14 days after thet were told?

  14. Philbhoy - It's just the beginning! on

    Off topic!

     

     

    Any of our bhoys who were booked last night likely to miss the semi against the mankies?

  15. Some guy on talksport talking about moving snooker WC from Sheffield…..”you can buy many things but you can’t buy history”

     

     

    made me smile……

  16. Hundead FC should give away another 3.5k free tickets on top of the 11k already issued.

     

    Then they can take Celtic’s attendance on Tuesday & rightly claim that they gave more than that number away in freebies.

     

     

    Another WORLD RECORD.

  17. Steinreignedsupreme on

    gerry 14:32 on 31 October, 2012

     

     

    I think the information is generally put in the public domain around two weeks after the parties involved have been told of the outcome.

     

     

    Not sure any different rules apply to MIH and Rangers.

  18. John McGlynn’s comment is really dumb and no self-respecting newspaper or TV channel would have run with it. I know, I know…. Scotland, where the MSM have never heard the wisdom “if you can’t say something nice, shut up”. And there’s a nasty sub-text to it too: the wishful thinking that Celtic would just up-sticks and move to another league is really not that far away from the xenophobic prejudice of the famine song.

  19. Silver City 1888 on

    According to the BBC Lustig, Ambrose and Watt were booked. Don’t know how that leaves us for suspensions.

  20. Steinreignedsupreme on

    Silver City 1888 14:32 on 31 October, 2012

     

     

    “They are telling the truth and yet decieving. Neat trick!”

     

     

    They do nothing else…

  21. Hi Auldheid,

     

     

    Hope you enjoyed Barcelona? Had the pleasure of meeting Oldtim and BT the next day, a pity I missed you:)

     

     

    Would you mind if I asked you a quick question off-blog please?

     

     

    It’s off-topic, but perfectly harmless.

     

     

    I am not a Nigerian prince looking for a temporary bolthole for my gazillions, etc

     

     

    HH

     

     

    Tootingtim@live.co.uk

  22. South Of Tunis on

    Auldheid @ 14 28

     

     

    ” Surely the SFA know or have asked exactly who owes what to whom ?.

     

     

    I wish I had your faith ..

     

     

    The evidence suggests that The SFA deliberately turned a blind eye and thus participated in the process ” that enabled Rangers to carry on as long as they did “.

     

     

    I have no faith that The SFA have any intention [ or the ability ] to evaluate the financial affairs of The Rangers Football Club LTD .

     

     

    Everything about the history of the SFA suggests that they are nothing more than a bunch of freeloaders who were given the job of bureaucratically rubber stamping the wishes and desires of that thing called Rangers.

  23. Glendalystonsils likes a mr whippy with his lime green jelly on

    Dontbrattbakkinanger

     

     

     

    14:06 on 31 October, 2012

     

     

     

    On the worldwidehillbillynet they learn all kind of useful stuff

     

     

    The trouble is, there’s a lot of information there for their ,ahem, “brains” to process without getting extremely muddled.

     

    Yer average hillbilly is likely to send a nail-packed roadkill to Sandy Jardine, to shout anti Pope slogans at his Mother (or sister?) and to pop his scrofula scabs into the weans smarties to replace the green ones

  24. Neil canamalar Lennon hunskelper extrordinaire

     

    14:15 on 31 October, 2012

     

     

    Just the other week we had a wee discussion about BDO and the good Lord.

     

     

    I said I had no faith in him, and there could possibly be a carve up, tis looking that way so far…….

     

     

    It’s scotland after all.

     

     

    But time will indeed tell.

  25. Glendalystonsils likes a mr whippy with his lime green jelly on

    We played so well last night it has tended to overshadow the fact that the MIB was quite appalling.

     

    Managed to book 3 of our players for next to nothing while failing to act on several much worse offences by St. J. players.

     

    Must have been quite frustrating for him that he couldn’t do more to affect the outcome.

  26. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    TBB

     

     

     

    didn´t CB relieve Withey of his duties as a partner ?

     

     

    This may be cosmetic but I would expect that LLoyds got 18m from the 25m

     

     

    I suspect that Gary and Craigy skimmed a couple of million off for themselves … rather than leaving it to D&P … and that this is the real issue and why D&P ditched their partners within this scam … this missing few millions

     

     

    The question I am interested in is if Grier jumps from D&P to become a defendant of CB

     

     

    Then the question is was Grier part of the skimming of a few million or was he well aware that he would eventually be fingered by those further up in the scam of selling Rangers for 1 pound

     

     

    Hail Hail

  27. The Moon Bhoys on

    Fassreifen @ 14.38, agree entirely, if Celtic didn’t exist everything would be just fine, what an idiot, can understand him saying it but MSM going with it as a headline story – well out of order. What next – “If Barcelona didn’t exist Celtic would probably win their Champions League group” – somehow cant see them running with that as a headline.

  28. Looks like the establishment in Scotland values its fraudulent bigots and shysters far more than honesty and fair play. Blue heaven. Enough to make you heave.

  29. Shieldmuir Celtic on

    If it is true that our game agaist St. Johnstone has been moved froM Saturday to Sunday because our 4th Division neighbours are playing at 3.OOP.M on Saturday, Celtic Football Club should protest in the stongest terms. Were they consulted about this? If so what was their response? Saturday afternoon is the norm and more suitable for us than Sunday. Surely by all that is fair and reasonable, a Premier League club takes precedence over a 4th Division club.

  30. prestonpans bhoys on

    Shieldmuir Celtic

     

     

    This is where your arguement fails

     

    “Surely by all that is fair and reasonable, a Premier League club takes precedence over a 4th Division club”

  31. South of Tunis

     

    No icons for irony makes it hard to convey. The SFA need overseeing to make sure they are accountable to supporters to a greater degree.

     

    They are not fit for purpose.

     

     

    Tootingtim

     

     

    Fire away but Im off to see Skyfall now hopefully in English.

  32. Gene's a Bhoys name on

    Shieldmuir Celtic

     

    Given we play DU this Sunday and Barca on Wed then playing StJ on Sunday instead of Saturday is no bad thing.

     

     

    I am sure that the fact its 11/11 is purely coincedental.

     

     

    Don’t forget your poppy

  33. I hope that Celtic will officially complain, if, as seems the case, we have been moved to the Sunday because thon deid team is playing on the Saturday. Surely, the SPL takes precedence over the 4th tier of Scottish football????

  34. South Of Tunis on

    Auldheid.@ 15 25 .

     

     

    Thanks .

     

     

    Skyfall .? Enjoy !

     

     

    RAI movie channel currently showing all the Bond movies. All dubbed in Italian . The jokes don’t translate well

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