I see Leeds United are being held up as a model for Rangers to liquidate and emerge as a new club. Leeds United’s circumstances are highly unlikely to bear any relationship with those at Rangers unless Duff and Phelps can agree a Creditors Voluntary Arrangement.
Leeds United AFC Ltd entered administration in the control of KPMG Restructuring on 4 May 2007 and on the same day were sold to a new company Leeds United Football Club Ltd subject to a Creditors Voluntary Arrangement (CVA) being agreed. Both Leeds United AFC Ltd and Leeds United FC Ltd were controlled by Ken Bates.
A CVA requires 75% of creditors (by value) to vote to accept a reduced percentage of the money they are owed. The company was forced to act as HMRC, who were owed in excess of £6m, had issued a winding up petition which was due to expire on 25 June 2007.
Before creditors voted on the CVA several other bidders came forward with offers for the club, however, the vote, on 1 June 2007, returned 75.02% of creditors accepting the CVA offer (75.20% after a recount).
Creditors can challenge a CVA within 28 days of the vote. On the 28th day, 3 July 2007, HMRC challenged. With the CVA subject to a challenge, KPMG asked for further offers for the company to be submitted by 9 July 2007. Despite the extended offer period, the administrators still accepted the offer from Ken Bates Leeds United FC Ltd.
With a CVA agreed, subject to challenge, the Football League transferred Leeds United AFC’s league share to Leeds United FC Ltd under its “exceptional circumstances” provision. The League imposed a 15 point penalty on the club for the 2007-08 season for failing to satisfy the outstanding legal challenge in time, necessitating the ‘exceptional circumstances’ rule.
HMRC withdrew their objection to the CVA the following month. Leeds United subsequently appealed against their 15 point penalty citing a CVA had been agreed and that the league programme does not allow time for spurious challenges to be dealt with. The Football League refused the appeal.
Believing Football League procedures were at fault, not their own behaviour, Leeds United served the League with a High Court writ to challenge the points deduction, however, both parties agreed to abide by the findings of an arbitration panel hearing.
The arbitration panel found against Leeds United citing the following two reasons:
A director of Leeds United FC signed an earlier agreement not to commence any proceedings against the League.
Leeds United waited 7 months before commencing the action, which brought unnecessary sporting consequences on other promotion chasing clubs, specifically Doncaster Rovers, who would no longer be in an automatic promotion spot if Leeds’ 15 points were restored.
In summary:
Leeds United AFC Ltd’s administrators achieved the necessary 75% support for a CVA.
They withstood the challenge from HMRC, paid creditors and concluded the transfer of assets, including League share, to Leeds United FC Ltd, according to the terms of the CVA before winding up the old company. No loose ends were left.
This is not a Liquidator’s Charter. Provisions in football only exist to transfer a League share from one company to another if creditors are satisfied, either by being paid in full or, as with Leeds United, with 75% agreeing to accept a diminished amount.
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Zbyszek on 4 April, 2012 at 23:44 said:
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Respects to your father’s memory.
Did he know that his son would be corresponding and indeed informing Celtic fans around the globe when Polish players were linked with them. Giving an insight we did not have. I hope so. :-)
If not he would have been proud.
Respect as always Z!
AoW
Getting to the point i dont care what happens with the bhuns. stay or go, live or die, spl or otherwise,
I care about Celtic 1st last and always
Looking forward to the weekend
remembering my favourite league winning day
http://www.youtube.com/watch?v=3Qywda-v64c&feature=related
Invercelt
keep your chin up
Kojo
Dont know what caused the furore, but have always found your post good value.
HH
Mike
Philvis…
So true about Senator Joe McCarthy…
Possibly the most unfairly maligned politician in US history..
He was fed his info on the thousands of Commie infiltrators by the FBI..gained principally from two highly placed Communist agents in the US,who recanted. Just as important was a huge transmission intercept and decipher project called ‘Venona’..which ran from 1943 until the 19904,and was so secret that none of the Democrat Presidents,Roosevelt or Truman,were ever informed about it,so riddled was the Democrat administration with Commies.
The first US President to learn of this project was the Republican, Eisenhower.
On his first visit to the US after Glastnost,Gorbachev was asked by excited Leftie Journos whether McCarthy was wrong.
Gorbachev replied by stating that the efforts of Joe McCarthy set back the KGB programme in the USA by at least ten years,and ensured that Zbyszek would enjoy a Free Poland in his lifetime.
Contrary to common misconceptions,the bipartisan Congress Committee headed by Joe McCarthy ONLY dealt with individuals who served in the administration,the armed services,and sensitive defence industry posts..
Of the thousands of cases dealt with by his committee,where Robert Kennedy acted as one of his prosecutors…no-one was sentenced to prison.
For the minority who did not readily admit to their guilty allegiances,they were offered the option of either resigning from their current position,or accept being reallocated to a less security sensitive government post…
Compare and contrast what was happening in Stalin’s Gulags over the same period.
And Joe Mccarthy was NEVER EVER involved in investigating Hollywood and other prominent public figures….that was the remit of a SENATE committee,dominated by Democrats,which began its investigations two years before McCarthy’s Committee was formed…
However,Joe was just too dangerous for the Democrats to have around,as he was uncovering too many traitors in high positions,so they conspired to end his Senate career using administrative dirty tricks..
He was never an alcoholic during his years of public service,but he did become a heavier drinker on leaving the Senate,and was assassinated by administration of Carbon Tetrachloride,by person or persons unknown,and died of acute liver failure….
Enter SFTB from the Left….spouting his usual skatalogical verbiage…
Look Away ,Virginia…
I salute you,JOE McCarthy,the Greatest Irish American of the Last Century(after the Magnificent Ronald Reagan,who played Tonto ,to Maggie’s Lone Ranger)
(Double Thumbsup).
Art of War
Thanks.
I loved my father very much. I must say he was wise but not a prophet. What do you think? If he knew that I would be corresponding with Celtic supporters or would be meeting people from Great Britain, would he give me Zbyszek name?
He would not. Pawel, Daniel, Jan, Robert, Marek…but not Zbyszek.
canamalar put up or shut up still waiting for your proof
i have witenses to your name calling, put up or shut up or are you the craig whyte of CQN lol
Big Nan,
Chill – I’ve no idea what you read and make no assumption either way. What is clear however is that Waverley market is getting the tabloid focus and publicity as it involves a prominent city landmark and a David Murray company.
I’ve read the link – I don’t agree with it’s concern over the act. What the legislation is doing is removing the involvement of parties who have disposed of their land, for full value, from continuing to assert a hold over it. It is the same principle that was applied when feudal superiors were removed a number of years ago.
Lot of this on here tonight;
http://www.youtube.com/watch?v=fP5bSexIpBE
Threatening ?
Not at all, simple courtesy of making myself available for your obvious hatred
I find morons like you prefer to take things to extremes
So. I made the offer
But it appears you’d rather be the snivelling little keyboard coward I suspected.
Easy to make remarks when you don’t have to face those you accuse eh.
Car crash of a blog today; very poor reading in the main, with the notable exception of BRTH’s contribution. Apologies to anyone else who may have made worthwhile contributions, but it has been a chore reading otherwise.
Night all.
Jelly and Ice cream at twenty paces……FIGHT!
Zbyszek on 4 April, 2012 at 23:55 said:
————————-
My father is not a prophet either but I’m still lucky to have him. I noticed a bit of pain when you mentioned your father and you obviously miss him.
So what does Zbyszek mean? My name means `the beloved’ but even my wife would challenge that! :-)
Wanted to call my son Henrik Bobo but the wife would have divorced me!
HH
AoW
PS. Heinke was at my boys birth – well he was in the same hospital – as his wife, Magdalene, was in giving birth also. Met him at the drinks machine and wished each other luck!
ST
Unlike you I’m no sad enough to copy arguments from years ago.
If you can’t remember then that’ll be that.
Wee McCarroll is right about you
Goodnight all you tims, nearly a nice long weekend with a small celebration in the middle!
Celtic about to win the league. Currants a laughing stock.
What do we get on here? Agenda driven tumbleweed catching too much attention.
hmmm, co incidence?
Scroll or stroll by a Troll
http://www.dailymail.co.uk/news/article-2125094/Tribal-violence-flares-200-British-soldiers-involved-Kenyan-bar-brawl.html#ixzz1r7EwksOs
An argument is said to have flared when troops from one regiment began mocking the other over bad driving. Earlier in the day a British Army vehicle was involved in a road accident in the town.
‘Tribal’: The Sportsman’s Arms Hotel, Nanyuki, where the bar brawl took place, is a popular nightspot for British squaddies
But insiders suggested trouble might have broken out after supporters of Celtic Football Club in the Irish Guards taunted Rangers fans in the Royal Regiment of Scotland about their beloved team going into administration.
LOL!!!!!
Got my flights for me and my family booked tonight to come over the weekend of the huns game. Cannae wait.
Ryanair return fares to Dublin on the Sunday through the roof, went for Aer Lingus instead. Never miss a trick on fixtures in Ryanair.
the Veuve Cliquot will come out on Sat I think(shame i was in Killie last Sat not this), taking too long for rangers to implode.
It is 3 days to the league win. If the mood on here today is analogous with Good Friday then hopefully in 3 days the blog will rise again in harmony and celebration.
hail hail
My take on kojo
He claimed to have been resident in glasgow in 60’s/70’s as a Celtic fan but stated he never went and watched the lions ~ not once!!
He badmouthed a young glaswegian guy playing for club he supported(and still does) and made our club £9m at every opportunity
A young guy who had to suffer dogs abuse whenever he went out and our esteemed poster called him a Thug for defending himself when attacked by 3 huns
I have and never will read one word this guy posts and it irritates me know even typing this
However his last line today, i know contradicted myself but hey, i think sums up the person he is ” still laughing” Ignorance personified good night all
Art of War
Zbyszek is diminutive from Zbigniew. Zbigniew is old Slavish (only in Poland) name. That is the one who has to shake off the anger, angry man.
Yes, I miss my father.
Craig Whyte???
Mmmm….???
So, everyone on here who knows me…
Could I make a fortune (not for me, but for various charities?) if….
I didn’t spill the beans?…
I did spill the beans?… (could be a long court case but..BINGO..)
or…
We have the usual.. Every fan outwith rangers continue to support CHEATING… and the band played on…. BELFAST
Bhouy 67 23.51……………great attacking football from mcclair and johnstone played with tempo,,,,none of this passing back to a midfield player you get from the likes of hooper…yes they were excellent strikers,,
So,Kojo,in discussing former US Senator Partrick Buchanan,mentions some opinions held by this politician….from his latest book ?
Well I learned something that I didn’t know…that Pat Buchanan was a Catholic.
When he ran for the Republican Presidential Nomination in 2000,he was doing well in the polls,until he sought the backing of a controversial evangelical Southern Baptist leader,Jerry Falwell.
Falwell was a well-known Anti-Catholic,who had recently made inflammatory remarks about the Holy Father….Buchanan ended up second in the race..
And as far as Buchanan’s remarks on micegenation are concerned,I believe these views are widely held over large areas of the globe..from the Middle East,to Pakistan,India,Japan,Malaysia ,and Indonesia..
I don’t notice folk rushing to criticise the society in these countries..
topkat on 5 April, 2012 at 00:16 said:
Bhouy 67 23.51……………great attacking football from mcclair and johnstone played with tempo,,,,none of this passing back to a midfield player you get from the likes of hooper…yes they were excellent strikers,,
Agree
Free flowing attacking football the celtic way, the third goal was a thing of beauty, from our penalty box to the onion bag without an opposition player getting a touch
wonderful
HH
Mike
I’m just outraged at the thought of Rankers being allowed to slither straight back into the spl. I know it shouldn’t happen,but things being the way they are these days in Scotland,it keeps being touted.
I don’t like feeling like this. I really want to get back to concentrating on us and how we play. But here we are: waiting for justice. What’s new.
Anyway, I truly am looking forward to the match at the w/end.
Happy Easter to you all. Have a good few days. By Sat. night we should be celebrating!
miki67 on 5 April, 2012 at 00:24 said:
You just summed up exactly how I feel mate!!
Still… Got my ticket for the Chadwick Saturday…back to Irvine Club for The Amadans, jelly and ice cream and a good old sing song.Good to be a tim!
Coneybhoy on 5 April, 2012 at 00:14 said:
are you over on saturday ? ;-)
If so , got a suggestion for you – The Kano Foundation End of Season bash !!
Takes place in The Kerrydale at Celtic Park on 28/04 and features a 3 course meal , Michael Buble (tribute) , auction , raffle and up 400+ tims (assuming all pledges come through – i mean , we’re not them , are we?)
Anyone who’s going , please get on touch to make payment and arrange ticket delivery . MWD , Greenlion2 , TTTT , I’ll see you on Super Saturday with your tix .
Further details from eos@thekanofoundation.com
HH
Sanna
setting free the bears on 4 April, 2012 at 23:04
This is a general point for the board and I am using your posts to make it if you will forgive me..
I looked back at Z’s post to which you responded. He never said that you rushed to judgement, but that appears to be how you took it. Fair enough because the key point here is we ALL react to being judged, especially if we think it is a wrong judgement and even if what caused the reaction was not done for that purpose. It is only words on a screen that bring out something in each of us according to our world view born of our experience.
Since no two experiences are the same, so too no two world views are the same and what we see on screen is the projection of another world view. Nothing more, nothing less, until we put our own meaning (born of our experience) on what we read and if that meaning is someone is passing a judgement on us, then we react. Its human.
For that reason I hesitate to form judgements simply because I lack the other person’s world experience. I have no idea what factors influenced their view and if I did, I might form a different judgement. Always leave room for doubt is my thinking.
However on a less introspective level if someone regularly posts ideas and views that go against the prime ethos of the group it would help if their some accepted approach to address the issue.
I managed a web community for 7 years where all members were experiencing divorce or separation. This was before the Kubler Ross grief model was so well known (indeed the support was based on knowing what the model said) and anger, being one of the stages there was a lot of judgement going on, especially if someone who left turned up and there were a few one’s left behind on line at the time. Phew judgements were flying then!.
Anyhoo being an advocate of not judging and a non judgemental environment being key to dealing with the grief, I had a problem on how to deal with members who regularly brought more heat than light to the proceedings. What I did was not to ban them (although we eventually had a sin bin for the worst regular offenders) but to get them to judge themselves.
We asked them why they felt it necesary to introduce discord, asked them to look at their motives. This was done either by e mail or sometimes on the community.
What happened was that in most cases, after given a little time to look at their behaviour, even the angriest became contrite. Not judging them was the key, giving them the space to either explain or explore their behaviour worked in most cases with apologies all round. It was only with the greatest reluctance that the most persistent were sin binned.
Judgement of what is good and bad is the curse of mankind, If Genesis is a metaphor with a message it is that it is that there was no death before judgement arrived. (That surprised me)
I would not condemn Kojo, but I would ask him, given the value he places on the blog, why he sometimes presents a world view that he knows many will react to. Does he really adhere to that view and why or is it just to provoke a reaction?
In either case let him do the judging of himself since he is the only one who can change his mind.
CQN’s favourite racist in training
http://www.youtube.com/watch?NR=1&feature=endscreen&v=bMEccNLXcQc
Zbyszek–came back from Cracow 2 weeks ago. Had a great time, apart from the Auschwitz tour.That really got to me and my wife and friends. It wasn’t too bad until I got to the piles of clothes and hair, and saw the little dresses and among the piles of hair, a little golden pigtail. I broke down, and I wasn’t the only one. I just wish our Las Vegas wiseguy would do the tour. It would teach him some respect. Anyhow I loved the castle and cathedral tours, the salt mines, and the music in the pubs. The Polish people are like the Irish in my view, but more religious and harder working. The tour guide was a Wisla Krakow fan, and very uncomplementary about Legia Warsaw!! Hope your team make up a league winning double with Celtic.
Despite Sanna’s comment about The Kano Foundation end of season night featuring ‘400+ tims’, given the flavour of the blog today I would like to point out that there is no requirement to be a tim to attend.
Non-tims are welcome.
Do we need to come out with the HUN crap any time Germany is mentioned.
Auld Neil Lennon heid on 5 April, 2012 at 00:36 said:
setting free the bears on 4 April, 2012 at 23:04
This is a general point for the board and I am using your posts to make it if you will forgive me..
I could’nt agree more with your points, folk on here are all individuals with a common love for celtic.
but in a lot of cases that is all they have in common,
When the conversations strike a chord with one individual or another, either positive or negative it provokes a reaction.
Most posters are mature enough to know what they are doing and saying.
self restraint is the only solution, god knows i have been guilty of reacting in a negative way and have gone on the attack, regret usually follows.
its up to us all to catch ourselves on.
HH
Mike
The Singing Detective on 5 April, 2012 at 00:19 said:
DNA reveals Neanderthal extinction clues
.. do you know something we dont?
I have criticized those countries for their racism. Try Apollo 11. That always goes down a treat with Asian racists.
I wonder what both King of Kings think of some Celtic supporters views on Miscegenation ?
Right bhoys time to move on
Paul has deleted the post and yellow card has been issued
stroll on by .
This should be the greatest time of our life,s,the Huns going bust and Neil Francis Lennon winning the league title for Celtic football club.
Over 30 years supporting the hoops,I could not have expected the events that have unfolded in the last 12 months.
The dark days of watching the beasts win and taunt us with their songs of bile and hatred will soon be gone.
Paul67 has provided this great site for all Celtic fans to voice their opinions and make friends all over the world.
No matter if I agree with their opinion or view.
Paul67 has the final say and has always been fair.
So get the fridge stocked up with beer,champagne jelly and ice cream because we got a few great days coming up in the next 5 weeks and forgive and forget and celebrate why we all love Celtic .
Havingapartywhenthehunsdiex csc
Jam67
jungle jam67 on 5 April, 2012 at 00:55 said:
Right bhoys time to move on
Right on the money.
HH
Mike
jungle jam67 on 5 April, 2012 at 00:55 said:
ok fair enough
Sorry guys would have been 5 but I “goat fund oot”
http://www.sportinglife.com/football/scottishpremier/news/story_get.cgi?STORY_NAME=soccer/12/04/04/SOCCER_Rangers_Nightlead.html&BID=425
No be long now Neil.
Saturday :O).
Kingoh on 5 April, 2012 at 00:41 said:
————————————–
Thanks Kingoh, we bit of brevity to the situation. All welcome.
Can’t believe that a poster can cause so much unrest at a time when things are looking well rosy.
Calm your jets.
Tinpot typers. Cease.
Celtic win the league this weekend. Rejoice and be merry.
Nuff said!
AoW
Something just dawned on me there. Despite all my fears and suspicions it’s clear that our foe from Govan is seriously in trouble. To qoute on of my comedy heroes, “that’s the bottom line”. No matter what the outcome of their upcoming trials and tribulations, and the way these events are reported in the Scottish media, the damage has already been done. They are already seriously limited and without the intervention of some exotic oligarch or sheik they are no longer a force to be reckoned with. And I’m not sure a debt ridden midden like Ibrox is an attractive prospect to any potential bidder.
Again, despite all my fears and suspicions, it would seem that our team is in very good shape on and off the field. Relatively speaking in terms of the league we’re in, and all it’s implications. Of course we can pick the bones of certain issues, and think about ways to improve at every level. We’re fans and we want more. But at this moment it feels like we’re winning the battle and I’m proud to be a Celt.