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Great Football Swindle reaches court

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By on CQN BLOG & Comments

So the day has come. Several of the alleged conspirators in the Great Football Swindle have arrived at the High Court in Edinburgh to face their charges.

It will be four years next week since I first asserted that Rangers would be liquidated, with all of the consequences that would entail. For the last two years I’ve tried to stay away from the subject and to concentrate on the matters which brought us together in the first place, but this issue deserves coverage.

In 2012 the illegal Discounted Options Scheme and Employee Benefit Trusts (only some of which are still subject to appeal) put HMRC in a position to demand payment, and subsequently reject administrators’ attempts to agree a CVA.  Thank you, Sir David.

Charles Green must be a great poker player. He raised enough seed capital to buy the rights to pay £5.5 for Rangers assets in liquidation. From that moment, we thought one of two things would happen:

Green would pull Newco together and within a few years things would look like the old days.

Or, Green would be undermined by those he out-manoeuvred, leading to a likely insolvency for Newco.

There were suggestions early on that Green and Whyte were acting in concert, but, as someone with more experience than I have on matters like this pointed out to me, to be convicted for this type of crime you need to take a billboard advert out explaining your misdemeanours, it’s so difficult to prosecute. Or you need to be very stupid and fall out with your co-conspirators.

Stupidity is alive and well.

Green’s claim for legal fees against RIFC will have a profound impact on the club’s finances within weeks, but the bigger issue at hand is what happens at the outcome of the various criminal charges relating to the disposal and acquisition of the assets of Rangers Football Club, now in liquidation.

If it is proven that the assets were acquired criminally, the transaction is likely to be struck down, meaning the club currently trading as Rangers would lose ownership of whatever assets they have, including stadium and the name “Rangers”, irrespective of who actually controls those assets.

I’ve discussed this matter with many well-informed people and no one actually knows how it will play out, or what the consequences of guilty verdicts would be. The only thing that is known for sure is that outcomes are currently indeterminate, cannot be planned for, and contingencies cannot be made.

The club itself has to get on with business as best it can until whatever happens, happens, but no one should believe that a Duff and Phelps-type liquidation-bounce is normal, or remotely possible again. Assets could be hamstrung for years and left derelict.

Back in 2012 I said the only way forward with any certainty is to start with a clean sheet. Find a tiny club on the brink (there are enough of them), change their name, give them blue shirts, ask St Mirren or Partick Thistle to ground-share, and build your way up the leagues. Let the courts take their course and bid for the assets you want when the dust settles.

But that’s not going to happen. It would require more strategic thinking than is possible right now.  My guess is they’re finished.  Finished.

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  1. Dallas Dallas where the heck is Dallas on

    Jamesgang, your son sounds wise beyond his years.

     

     

    My daughter hates football . She mentioned to this girl in her class that I was a Celtic supporter. The sevette started mouthing off that Celtic and their fans were evil and we were responsible for all the problems that happened at Ibrox.

     

     

    Now bearing in mind , my daughter has hee haw interest in football, she told the sevette , that her dad and brother are not evil and r@@@@@s, she doesnt know about sevco, don’t have any money and shouldn’t be allowed to play football.

     

     

    I was and am very proud of her. She still hates football mind you.

  7. Dallas Dallas where the heck is Dallas on

    Setting free the bears, Peter Mackie was the only reserve player I could think of with blonde hair. You’re right about Jimmy Quinn. All photos I saw of him, his hair wasn’t that long. D’oh.

  8. The Spirit of Arthur Lee on

    GORDON64 on 16TH OCTOBER 2015 11:51 PM

     

    I’ve got the strangest feeling RD is going to go with 2 up top tomorrow.

     

     

    Have you been on those sunbeds all day

     

     

    Love

  9. Burnley78 on

    Rubicon

     

     

    Worth remembering a couple things about baseball.

     

     

    It is a sport of the mass population not just AB’s or corporates.

     

     

    It is a sport with heaps of tradition and therefore authentic passion.

     

     

    I think the Blue Jays will win it too. It will be great for the city whose other franchise the toronto maple leafs last won the Stanley cup in 1967.

     

     

    I saw the Blue Jays win at New York Yankees 3 straight games in August and reckoned the buried a lot of deamons that weekend.

  10. Gerryfaethebrig on

    BGX 11.42

     

     

    He mentioned St Augustines, I went to St Augustines in Coatbridge so Frantic67 said that had caught his attention, he introduced himself last week as “I am the guy that died last week” seemingly somebody had made a mistake and it was posted he wasn’t with us, I can assure you the Fustenburgs he was sinking he is still here…. I I thought I was was sarcastic but he put me in my place……. His words…. It’s a small world !

  14. BGX on

    Now im off to visit the wonders of @Ms Diamond Jackson, i wish all my Cqners with a bit of Steel in their Heart a Fond farewell, And To the Cqners Terrified of The Masons i can only say, FFS Grow a Pair This Is Our City, And These are Our Colours GLASGOW IS GREEN AND WHITE,……Goodnight and COYBIG…

     

    .Top of The League Tomorrow….

     

     

    …ON and ON….

  15. lymmbhoy on

    Roy C/Summa,

     

     

    Thanks for the name checks …….that’s more than I usually get when I post ;)

     

     

    Summa,

     

     

    How’s the little one? Hope she’s lots better.

     

     

    Happy birthday Big Tam (in just before midnight)

     

     

    The Wakes – 8.30 am Glasgow Cross

     

     

    https://youtu.be/l_C8YglEwsc

     

     

    HH

  19. petec on

    Gordon64 on 16th October 2015 11:51 pm

     

     

    I’ve got the strangest feeling RD is going to go with 2 up top tomorrow.

     

    #####################################################

     

     

    I don’t think so, he is very strong willed. I’m hoping for our product coming through more than anything, perhaps that is that strange feeling yer feeling?

     

     

    Saltcoats the Metro

     

     

    God Bless ye Big Chap.

  20. jamesgang on

    Dallas ;-) power to her!

     

     

    GFTB – your love of the Tic is quite obviously infectious. You add to the feel good factor on cqn which I’m sure is also evident in the real world. PS you’re spot on about the joy of putting (admittedly ugly!) faces to cqn names!

     

     

    Delaneys – the only mystery to me is that a handsome 20 something Tim like you has nephews who aren’t still playing under 12s fitba!

     

     

    Night Timdom.

     

     

    Tomorrow I need to drive south from Loserville (aka aberdeeeeen) to see the Bhoys play.

     

     

    HH jamesgang

  27. setting free the bears for Res. 12 & Oscar Knox on

    Dallas and Roy C

     

     

    You were right about Jimmy Quinn- maybe the long hair was a good idea. I remember him as being very fast – maybe too fast to be composed in front of goal. Think Jock used to vary him between being a Left Back and playing Centre Forward.

     

     

    I don’t remember Kevin McCool or Jim Davidson- before he got the Generation Game gig :-)

  29. Dallas Dallas where the heck is Dallas on

    Roy Croppie, great picture of the majestic Pat Stanton in the hoops. I would have loved to have seen him in the hoops a few years earlier.

     

     

    He was on a STV football show with Peter Martin Maguire and Alan Rough a couple of years ago.

     

    Pat said he preferred playing in central defence rather than midfield.

     

     

    When Jock was boss at Hibs , Pat played as a centre back . The only time he was played in his preferred position as a Hibs player. Fast forward eleven years, Jock signs Pat and plays him at sweeper. Roddie McDonald had his best season with Pat beside him.

     

     

    Good night all and sleep well. Twelve hours to wee see the Hoops back in action.

  30. Gerryfaethebrig on

    Dallas….

     

     

    Your wee story is simple…we try and bring our kids up away from all the nonsense…..

     

    like your daughter I quite like the fact that my wee nemesis doesn’t like Celtic BUT like your wee girl if anybody says anything about her dad she will not stand for that….. Don’t blame the schools blame the parents !

  32. petec on

    It was good to hear Arsene criticise Liverpool when they sacked Brendan. I like Arsene as a coach.

     

     

    Ronny D needs Time to get HIS team out there, Oh my Goodness gracious, we have the Time.

     

     

    Paradise merci

  33. Gerryfaethebrig on

    Jamesgang

     

     

    You clock up some amount of work miles, I find it hard enough going into Glasgow !

     

     

    Safe journey and Hail Hail

  34. Gordon64 on

    Petec I’m hoping and wishing. but agree RD is not likely to change his formation. We will play our usual staitic defensive formation with little width or attacking intent.

     

     

     

    .

  36. jamesgang on

    Soal

     

     

    I always await a sting in the tail from you….like….pop into wishie….cos I’m going out!!!’

     

     

    HH jamesgang

  38. The Spirit of Arthur Lee on

    JG

     

     

    Nae sting

     

     

    Got some Tux cheese crackers

     

     

    seriously drop in after the game 10 minutes up the road

  40. Bawsman on

    Will the Socialist, non austerity SNP government, now nationalise the steel industry in Scotland?

     

     

    MWD……………is it AYE?

  41. Gordon64 on

    Our nearest challengers are in disarray time to show the world what we are all about. Attacking football at its best. Attack.

  42. petec on

    Gordon64,

     

     

    We need to stabilise the team, hopefully none of our best players will be sold for the next 2 seasons.

     

     

    Ronny has excellent ideas but granted, it is hard to manage 2 people never mind MANY people hungry to play for the Greatest ever Football Club.

     

     

    The only one I know

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