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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Sooo many lies been told over sevco the past 3 years, will unravel Bhoys given time
TURKEYBHOY on 16TH OCTOBER 2015 2:42 PM
Rock Tree Bhoy – Would that be the same “Taxman”that liquidated them?.
That would be the same Taxman that lost the EBT Case when it went to court….
“Rangers have won their so called Big Tax Case against HMRC. Her Majesty’s Revenue and Customs had claimed the Employee Benefits Trusts (EBTs) Rangers used to pay a number of high earners at the club between 2000 and 2010 was illegal and designed to avoid tax. However, after two years and a lengthy appeal process a tribunal panel has today ruled that the EBTs were loans, not earnings and so are not recoverable by the taxman but from the employee who received them”
Courtesy of the Scotsman
The point I was making was for them to win that case, given all the available evidence, some one with some heavy duty clout had to be pulling for them.
Paul67 et al
So the Circus moves back to Auld Reekie. Question is though, where is the elephant in the room? Where is the Charlatan from Charlotte Square? Where is the great Scottish Scheister?
Where indeed is Sir David Murray, the Dark Knight of the Scottish Realm? Where indeed is the £109 million MIH wrote off against Rangers Football Club? Or the £268 million swapped for equity with Lloyds Bank, or the £350 million completely written of by Lloyds Bank? Or where are the majority of assets of Murray Estates, surely not disposed of by MIH, (with the blessing of Lloyds) after “an unsolicited approach from the Murray family” in 2013. Where indeed?
EXSLAEMUIRBHOY
Sadly,that time will be used tying up any loose ends to ensure the victim syndrome lives on.
Hope you’re well,mate. Really grateful for your efforts recently. I’ll make sure to thank you properly in March-unless you’re in Prestwick tonight!
That’s not an empty promise,btw. It’s a real one. Cheers,bud.
No matter how many court cases there will be about the dead body that is Rangers and now supposed owners, shareholders, investors, skint chairman, etc the Scottish hun establishment will see to it that any tribute act will be treated as the original with attached history
Saint Stivs……..thanks fur the reply,if It was my choice for
the fall guy it would be SDM,he started the corrupt farce
and almost destroyed Scottish fitba along with the ole
Rangers,I won’t be satisfied until he’s held accountable for
the financial doping, the spivs were just doing what spivs do.
CELTIC MAC
Where indeed
moonbeams has been shielded from day one some powerfull force.
SDM or the Dark Knight should be the biggest story in the Ibrox debacle and it’s to the eternal shame of the press here that he has never been investigated. What is happening just now re court cases is huge but he really is the elephant in the room.
HH
Mwd
naaaaaaaaaaaaw noooooo yooooooooooou :))))))))))))))))))))))))
CELTICMAC
It beggars belief,doesn’t it?
Murray causes a fire sale of his assets by being bust,buys at fire sale prices,toddles off wi multimillions and the bank shrug and let him off wi it?
RC
SPOT ON THE DEID CLUB IS THE BIGGEST SQUIRREL IN SCOTTISH FITBA HISTORY TO TAKE OUR EYES OFF WHAT HAPPEND TO IMHO ABOUT A BILLION POUNDS
Guys
I’m currently stranded in the Algarve.
Are we on Sky or BT tomorrow?
Billy Bhoy…….BT,I’m stranded in Paisley.
Billy Bhoy
BT Sport for tomorrow, but I want to be there..
Any spares around?
Happy Birthday to Tommy Gemmell.
MON told a story that when Tommy signed for Notts Forest he said to him first day,”Great goal in the final big man”to which Tommy replied “Which one”
The day minty took over at the bigot dome, was the day scottish football was finished, the suits are quite happy that the game is fecked, they have no ambition to elevate scotland to where it once was, they are content with getting it up Timmy, it suits their mentality.
I am amazed that Dermo hasn’t bought a lower league outfit down south.
http://image.wikifoundry.com/image/1/I2qF5HczG9eXomlK91gY3g43505/GW330H373
Happy Birthday Tommy Gemmell
Legend
HH
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS on 16th October 2015 7:12 pm
Really enjoy P/wick for a couple of beers . Been a couple of months since over there. Going to the game tomorrow (driving)) so no drink tonight.
I see planning permission has been sought for a statue of Billy McNeil on the Celtic way…good stuff and well deserved.
HH
leftclicktic: it drives me mental but as a hopeless optimist…Naw it still wont happen!
HH
JMCCORMICK on 16TH OCTOBER 2015 7:25 PM
Would be very surprised if there was no tickets for sale tomorrow. Always see tickets for sale down there.
It has been suggested that Celtic buy a wee club down south and rename and move them to Glasgow. Would it be possible to make that a resolution for the AGM? If the Board can’t back it publicly, could a group of shareholders not front the takeover and then offer the club to the Board? To me, it offers the best way out of the Scottish game which we know is and always will be stacked against us.
Great to hear that a statue is to be erected to Big Billy. First class.
https://www.youtube.com/watch?v=qYYQqbzotL4#t=698
League Clinchers
1998-2015
HH
JMCCORMICK
You can run down in 10 minutes and back in 15
Parkheadcumsalford
I love that suggestion that we buy a wee club down South, can you imagine this place if Celtic had to slog it out through the lower leagues, no European football for years, hell we could call it The Journey:)))
“When you go can you send back a letter from Preston North End”
HH
THE SPIRIT OF ARTHUR LEE on 16TH OCTOBER 2015 7:49 PM
Googled that Hibs player you mentioned last night as I had never heard of him. One of his Career highlights was getting send of for a bad tackle on Gordon Strachan in a testimonial.
First of all I hope the Bhoys put in a great performance tomorrow and bag the 3 points: no doubt the STEALmen will put up their best display of the season against us, but they all don’t they?
Regarding the court case that has just started in Edinburgh, living abroad it’s hard to follow.
There are a few shady characters being called up: but yer dog in the street could told you that they – and others – were not fit for purpose 3 years ago.
The same dog in the street is wondering about notable absentees from the proceedings – and one in particular. Teflon something or other…
Maybe he will be called as a witness later on ?
Dream on, my wee doggie.
The first thing that struck me reading the various comments was “Lord Turnbull”.
Initially, I thought – “Brilliant- shades Scottish fitba’s champion, the late and universally respected Mr Hutton!”.
Reading further, I began to have doubts…
He seems to be a special one alright.
Why can’t we just have a normal one?
Oh well, the Sevco saga lumbers on.
The ol’ lawyers must be rubbing their Big Hands – cos this is gonna cost mega mega bucks
:0)
Tomorrow, I want to see us destroy ‘Well, and with a bit of luck get back to the top of the Permiership!!!
HH
lennon’s passion
I still have about a dozen JT footy cards if you want wan
Love
Long shot but if anyone has any spares for Molde away give me a shout.
BMCUWP
I had a wee swatch thiis morning at last nights blog saw you & Dallas discussing Davie Dodds and the jungle giving it the “Davie Dodds song” I was in the jungle as young bhoy around that time and fair play to Davie Dodds (never the worst from that mob) he just continued to do his warm up then sleekit ran over and behind Davie Dodds back he put his hand over his mouth pointed at Davie then gestured to the jungle laughing, (at his teammate) much to the jungles amusement , I probably laughed back then but am afraid Sleekit was doing what Sleekit does…….playing to the crowd for his own vanity
BBC news report on the Court case; Fairly comprehensive as the two minutes would allow, but they managed to leave out a word which can’t really matter much in the proceedings… Liquidation.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS on 16th October 2015 12:11 am
DELANEYSDUNKY
Your Mum can spot a wrong ‘un,alright. Kennedy in particular, ouch.
I recall Ally Hunter wrapping himself round the Wembley posts to keep out a shot,never the same again. Kennedy ran into one,flapping,let the ball in,the post needed plastic surgery. One right ugly fella,no doubt.
*the last televised live game that I saw was on Saturday May 24 1975, less than 4 weeks later I left the country. It was a Scotland/england match.
Big Jock was on the tv panel and when asked to comment on the “new” greatest goalie the country had ever produced said hat he was a left sided goalie which was unusual. We had noticed that and capitalised on it 2 Saturdays previously in a 2-2 Glasgow Cup Final. He had no doubt that Don (Revie) would be aware of this.
All 5 england goals came at Kennedy’s right hand side even a soft headed lob from Kevin Beattie.
The “new” imposter between the posts never played for Scotland again.
roy croppie on 16th October 2015 7:34 pm
I see planning permission has been sought for a statue of Billy McNeil on the Celtic way…good stuff and well deserved.
It would be fantastic if we erect 11 statues in one massive huddle on the Celtic Way. Not in the traditional huddle style but spread out , not touching and encircling the Way. Either consisting of the Lions or 11 other special players like Henke. Or even a guard of honour style heading up the way
BMCUWP…
Sorry, I was on the phone, it was magic.
My body has just about recovered from the abuse I put it through:)
BBC Scotland news report on the Court case; 2 minutes ??!!??
This is the biggest scandal to hit Scottish – and maybe British – sport EVER.
The cover-up begins.
Time for the bampots to do their job for them – AGAIN !!!
https://pbs.twimg.com/media/CRccIvcWwAEX7KH.png
This legend last pulled on the Hoops 78 years ago today.
Legend
HH
ExSlaemuirBhoy
That may be a plan and we have so many legends to line the Celtic Way the questions will be: who to leave out?
niceproblemCSC
Leftclicktick 6.40pm
They would have got away with it if they could have limped on for a few more years, the banking crisis happened the rich circled their wagons, that mob are small fry even Murray International got to cut their own cake before liquidation (allegedly) I am a great believer in your reap what you sow on a lighter note it’s October week so at least the wee mhan didn’t lose golden time !
Gerryfaethebrig on 16th October 2015 8:06 pm
BMCUWP
I had a wee swatch thiis morning at last nights blog saw you & Dallas discussing Davie Dodds and the jungle giving it the “Davie Dodds song” I was in the jungle as young bhoy around that time and fair play to Davie Dodds (never the worst from that mob)
*we almost signed him