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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. Not wishing to tempt fate, but 12/5 on ICT for tonight (over 90′) sounds scarily tempting.

     

     

    Better still, 5/1 for the HT/FT double.

     

     

    FF

  2. Hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha

     

    hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha

     

    hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha

     

    hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha

     

     

    Happy Halloween everyone!!!

     

     

    HH

     

    /Bishop B

  3. Cara Sulieman ‏@carasulieman

     

    Although D&P are no longer administrators they have not been dispensed of liability. #Rangers

     

     

    The nightmare goes on for Duff and Duffer… They don’t get off that easily…

  4. Administration on Valentines Day.

     

     

    Liquidation on Halloween.

     

     

    All we need now is Sevco going tits up on Hogmany to complete the stellar work that David Murray started.

  5. Celbridge Celt on

    Teuchter/bbg

     

     

    I demand a recount….

     

     

    I’ll be honest – I voted for Malley and McGrory… always loved the Celtic History from yesteryear… Brother Walfrid has his statue (no sacrilege meant), Lions have a stand… Fergus although a saviour, was at the end of the day a business man and a very good one, but he sacked my favourite player Tommy Burns as manager and hired Jock Brown…

     

     

    Let’s change the Kerrydale suite to the Tommy Burns suite…?

  6. A Ceiler Gonof Rust on

    BMCUWP Aye ye dae. JJ gave me the following addy and I sent you mail at 16.23?

     

     

    ******1163@hotmail.co.uk (left the name part out so you dont get fan mail:-)

     

     

    Have you changed addresses. Maybe get back in touch with JJ and get him to ping you my details. This is like the masons, I think. Noo where’s the goats…….

  7. Congratulations

     

    On liquidation

     

    When I tell everyone that I am happy as can be

     

    Congratulations

     

    On liquidation

     

    I want the world to know I’m happy as can be.

     

     

    Cliff Richard

  8. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on

    Paul67 …… As per my moniker, What a lovely expression ‘Gratuitous Alienation’ is ……. Now that zombies1 have been LIQUIDATED, wonder if ‘they’ will now start calling zombies2 …..’THE’ …..and drop ‘O.. F…’ ……. No, that would asking too much ..!! ….LOL

     

     

    Let me tell you, Fholks, if The rankers get through, and meet us in the semi, this is one Celtic Supporter who won’t be anywhere near Hampden, after what that bunch put Scottish Football through since they started their financial / sporting cheating all those years go…..they didn’t give a shoite for us, and I don’t give a shoite for them. ……. I will NEVER step inside ANY stadium where they are present in future …….. They don’t, and never have known the meaning of the word SPORT, or INTEGRITY …… This pluke has been removed from our backside, and we don’t want / need them anywhere near Celtic Park in the future ……. Fortunately, I am convinced they will fold, withgreen & Whyte laughing all the way to the bank

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