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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. Glendalystonsils

     

     

    When Tony Watt was taken out for the pen last night, how could the ref only give a yellow card, hunbelievable decision.

     

     

    He commited 1 foul and got booked.

     

     

    Davidson for saints should have been sent off twice.

     

     

    It was a shocking display from the match fixer, but par for the course when we are playing.

  2. Glendalystonsils likes a mr whippy with his lime green jelly 14:59

     

    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.

     

     

    Ambrose’s tackle was definately a booking. He put his boot into the guy’s stomach. A terrible attempt at a tackle. Although quite why the player fell holding his face is anyone’s guess!

     

    On a similar theme, about 75min into the game, the St.Johnstone player bursts into the box and big Kelvin slides in, completely misses the ball and wraps his foot around the player. The player, to his credit, stays on his feet and attempts a shot.

     

    On another day he would have went down. And it would have been a stonewaller pen.

     

    The thing is, at 5-0 up and 15min to go, the big fellow shouldn’t even have attempted the tackle which would have resulted in a red card for him also.

     

     

    SPF

  3. Am I right in saying that mr green received the £5.5 million to buy ipox from a certain mr whyte and that all at duff & phelps are quaking in their boots if it comes out as the whole shenanigans would become null and void -or are am I way off track

  4. Lucky enough to be at Hospitality last night, Kris Commons did the honours as MOM ,what a nice guy too.He signed for all the waiting kids in the Car Park,last man to leave CP.

  5. THE EXILED TIM

     

     

    Hope you are wrong matey but i have a bad feeling you could be on the money.

  6. Douglas Fraser ‏@BBCDouglsFraser

     

    Lord Hodge in Court of Session confirms he’ll seek to force BBC to hand over Craig Whyte secret recording of Duff & Phelps. #Rangers

  7. Douglas Fraser ‏@BBCDouglsFraser

     

    Oldco #Rangers administrators took £2.5m fee from funds without proper permission, court told. It ‘rectified’ this later.

  8. Douglas Fraser ‏@BBCDouglsFraser

     

    Lawyers trying to block wind-up of #Rangers administration tell court £2m extra outlays only revealed this month, and not to all creditors

  9. Law & Hedges ‏@mdkster

     

    So apparently D&P did a Father Ted impression? “The £2.5m was just resting in my account…”

     

     

    LoL..

  10. RR

     

     

    There are quite a few players involved, from Zeus, Octopus, Ticketus etc. and I’m sure that CW is involved somewhere, but like everyone else, nobody really knows yet.

     

     

    It seems that the gang of vipers are starting to bite each other, some are getting shafted by another, and they are trying to cover their backs.

     

     

    As yet, nobody knows who actually owns Ipox and murry park……..

     

     

    Duff and Phelps are in it up to their necks, there have been rumours that BDO are complicit and even the good Lord is as well.

     

     

    But I would doubt that CW would have given CG 5.5 mill to buy the club he owned, and had bought for a pound.

  11. I doubt a Law Lord would see his reputation and career go down the pan,to try and protect thems.

  12. A SENIOR judge has declared himself “very concerned” that allegations had been made about the administration of Rangers by the London firm, Duff & Phelps.

     

     

    • Lord Hodge expect claims to be made available to Insolvency Practitioners’ Association which is undertaking an inquiry into the case

     

     

    • Move to end administration process and appoint liquidators opposed by Collyer Bristow, former lawyers for Craig Whyte during his takeover of Rangers

     

     

    • BBC has made allegations about the administration process with Lord Hodge requesting transcripts of conversations at the centre of the allegations

     

     

    Lord Hodge said at the Court of Session in Edinburgh that he expected the claims to be made available to the Insolvency Practitioners’ Association (IPA) which was undertaking an inquiry into the case.

     

     

    His comments were made during a hearing on an application by Paul Clark and David Whitehouse, the joint administrators of RFC 2012plc, formerly The Rangers Football Club, to end the administration process and appoint liquidators.

     

     

    The move is being opposed by Collyer Bristow, the London law firm which acted for former owner Craig Whyte at the time of his takeover of the Ibrox club.

     

     

    Duff & Phelps announced the application earlier this month and said that liquidators would have the power to pursue legal claims, such as one for £25 million against Collyer Bristow.

     

     

    BBC allegations

     

     

    The BBC has made allegations about the administration and Lord Hodge was told by counsel for the administrators that it was not known whether the IPA had been alerted to them.

     

     

    Sarah Wolffe, QC, said the IPA had not been in touch with Duff & Phelps about the allegations.

     

     

    Lord Hodge said he had asked the BBC to provide him with a DVD of the claims and full transcripts of conversations at the centre of the allegations. He had yet to receive a reply but understood the BBC might hand over transcripts only under a court order.

     

     

    He said he would consider making such an order in due course. His understanding of the position of Duff & Phelps was that matters may have been taken out of context.

     

     

    “It seems to me that this is material that should be made available to the IPA,” added the judge.

     

     

    “There may be a completely good answer to these allegations but I am very concerned allegations are being ventilated that call into question the probity of the (administration) proceedings.”

     

     

    Lord Hodge said the joint administrators were officers of the court.

     

     

    The hearing continues.

  13. Going by last night’s attendance,it could well be time to add League Cup ties at CP to the Season Ticket.The catering and Club Shop would possibly take up any shortfall for our costs for hosting the match.

  14. If Lord Hodge wants Craigy Bhoy’s secret tapes,Mark Daly may well try and squeeze the rest out of them before they are seized.

  15. Any tangible reason for the doom an gloom around Lord Hodge and the CoS?

     

     

    Has the liquidation request been agreed/delayed?

  16. After tonights game Chelsea Man Utd the draw for the Qtr Finals of the English Leage cup will be drawn live on SKY ….

     

    after tonights games in Scotland…. we will wait … and wait ….and wait

     

     

    “The Draw for the Semi Finals of the 2012/13 Scottish Communities League Cup competition will take place on Thursday 8th November, 2012 at 2.30 p.m. within Broughton High School in Edinburgh.

     

     

    The draw will be announced shortly after 2.30 p.m.

     

     

    For your information, the Semi Final matches will be played on Saturday 26th and Sunday 27th January, 2013.”

     

     

    WTF !!

     

     

    Next Thursday , ……in a school !!

     

    How long does it take to heat up the balls?

     

    Nothing dodgy going on …

     

     

    The Onlooker

  17. Pod I

     

     

     

    16:25 on 31 October, 2012

     

     

     

    Not really. He simply can’t allow the liqidation to go ahead whilst doubts remain over the dubious role of D&P in this whole saga. Seeing as they were court appointed, I can’t imagine he’d be too happy at being made to look like a fool by these spivs.

  18. !!Bada Bing!!

     

    16:22 on

     

    31 October, 2012

     

    Going by last night’s attendance,it could well be time to add League Cup ties at CP to the Season Ticket.The catering and Club Shop would possibly take up any shortfall for our costs for hosting the match.

     

     

    ………..

     

     

    The problem is that away clubs are due half the ticket money, so if if say 30000 season ticket holders turned up for a game on their book, we’d have to include 30000 x £12 in the gatemoney and give them £180000 from those tickets alone

  19. !!Bada Bing!!

     

     

    I agree, but I will still wait to see the outcome.

     

     

    I doubt he would have any loyalty to Duff and Phelps, he may well spank them for being naughty boys for getting caught.

     

     

    Had he not interviened a few months ago, the huns might not be around today.

  20. Bada Bing,

     

     

    Are the gate receipts not divied up between the 2 teams? So, Celtic have to charge entrance fee, I would have thought.

     

     

    Hope Lord Hodge gets to the bottom of this scandal asap. I don’t want thon deid team to even theoretically exist a day longer than necessary.

  21. The Spirit of Arthur Lee on

    Alex O’Henley‏@OHenleyAlex

     

     

    Lord Hodge granted the petitions and oldco #Rangers are now in liquidation.

  22. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    A CEILER GONOF RUST

     

     

    I don’t,bud-but I did get one from JUNGLE JIM,which I will reply to later.

     

     

    Have to go out now-blinkin’ HATE Wednesdays-and will check again later.

     

     

    Cheers!

  23. So liquidation it is then for Halloween. Should be some good trickin`and treatin’ tonight.

     

    What will Lord Hodge do with the tapes he has asked for? Is he looking to open a criminal case?

  24. Glasgow Road

     

    Thanks for that – Just voted….Here’s the standings

     

     

    Naming Of South Or North Stand

     

     

    The Fergus McCann Stand (41%, 631 Votes)

     

     

    The Brother Walfrid Stand (41%, 626 Votes)

     

     

    The Jimmy McGrory Stand (22%, 332 Votes)

     

     

    The Tommy Burns Stand (18%, 284 Votes)

     

     

    The Willie Maley Stand (16%, 250 Votes)

     

     

    The Billy McNeill Stand (6%, 90 Votes)

     

     

     

    Total Voters: 1,536

     

     

    http://www.affiliationregisteredcelticsupporters.org/news/2012/10/naming-of-the-south-or-north-stand/

  25. How apt that Rangers should die on Halloween. Their reign of terror is over.

     

     

    Now as for thier b*stard child Sevco….

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