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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Does the tax laws not change tomorrow that allows Hector to go after companies that phoenix to get out paying what they owe? I seem to remember it being said a wee while back.
When is the decision due to come back regarding the SFL investigation into the two contracts?
Anyone?
Somewhere in deepest, darkest Lanarkshire.
Election Day.
Willimina: get up Billy the polls close in an hour
Billy: gies peace ma heids banging fae band practice
Willimina: I thought you said your voting
Billy:I did but I cannae be bothered noo
Willimina: what about Salmond? did he no help the Rangers?
Billy: pr***k ! he did but he forgets we’re quinti…quinti…British and proud of it. I’m no voting for him, I heard wan of his aunties married a kafflick and he’ll get rid of the pound and the queen. He’s an absolute…
Willimina: Aye alright calm doon you’ll wake up the dug.Who yees playing this week?
Billy: Stenhousemuir away
Willimina: you going?
Billy: aye Parks have pit a free bus on.
roy croppie on 5 April, 2012 at 08:42 said:
“Rangers title hopes lay in shreds today after a heavy defeat at Stenhousemuir, manager McCoist said “no way ur we giein’ up, we owe it to the fans who turn up for us week in week out, we don’t do walkin’ away”
I am NL in NZ Tauranga
Hi mate, You are lucky to have spent a week there. I just had the day so i didnt even scratch the surface. Although what i did see will stay with me forever. A magnificent place. I might take my lady there next summer, would be good to spend a week there & they now have beautiful resorts not far away in Aquba. HH
Paul etal.
Has Craig Whyte given up his ownership of RFC,I haven’t read anywhere that he’s sold off his ownership of the club yet,and that he still owns RFC,he bought Rangers for £1,he paid of Rangers debt to Lloyds banking by negotiating a loan from Ticketus,surely that is a legal bit of business,is there anything I’m missing there.
Has he given up all rights to his ownership,the last word I heard from the owner of Rangers was that he is still the owner and will not be selling to anyone soon,to The Blue Knights,or anyone else,The Whyte Knight is not about to relinquish his hold on Rangers.
Has there been moves to take The Whyte Knight to Court to recover RFC from his clutches,or is this just a figment of the packs imagination that The Whyte Knight has done something illegal or dishonest in his purchase of Rangers.
I’m not in anyway a financial guru, but what The Whyte Knight did, was legal ,It wasn’t a good deal for RFC as a club,but it was legal and above board, in my honest opinion.
The commonwealth Games will have come and gone,and THEY, will still be in a battle to secure ownership of RFC.
Hell mend them all.
starry plough
After that result Billy’s chucked it :))
Morning all from a glorious North Ayrshire.
Woke today with a feeling of serious angst, brought on by the revelation of Salmond’s secret meeting with HMRC.
Since the Shame Game, when the perpetrators, including McCoist, who instigated the stramash, where Brines, the 4th Official, is seen dithering whether to attack our manager, rather than restrain McCoist, Salmond called a summit. One outcome was the Offensive Song Act (totally unnecessary as there was already legislation on the statute book, but deemed as evening things up as the only club punishable by the existing legislation is Rangers).
Shortly after, the JUSTICE Minister praises their sectarian and racist repetoire to the skies after the League Cup Final. Despite widespread anger about these idiotic remarks, Salmond takes no action against MacKasill. Indeed, he is still in position over a year later.
Subsequently, it transpires that it is up to the Police to decide which songs are against the law, although a number have already been declared illegal. Ed Smith, a referee and Match Commander at Celtic Park, deems that there has been sectarian singing there at a European match and, in an unprecedented action, he takes it upon himself to report Celtic to the UEFA Match Observer.
This comes against a background where the whole refereeing confraternity (would Brotherhood be a better appelation?) have it in for Celtic, who challenged them for one of their number lying to our manager. The media, for their own reasons, in the midst of this, peddle their own agenda that our manager “brings it on himself”. This “bringing it on himself” includes being assaulted in front of an audience of millions on TV, which resulted in the assailant, having pleaded guilty, being found not proven. It also includes bombs and various other evils being sent to him and other Celtic people through the post. The charges for these wrongs were subsequently reduced from attempted murder to assault. How does one assault with a bomb? Nary a word about all these outrages from Salmond, except at the funeral of Paul McBride, where our First Minister uses the occasion to make a political point. Crass.
Now, we have the Establishment team in serious financial difficulties, brought on primarily by cheating HMRC for years. Salmond immediately calls for a deal to be done between the two. So far, so foolish. Now it transpires that is not where his involvement ends: he has been meeting HMRC secretly to try and arrange a get out for the said Establishment club, whom he does not even support. Their power is so nefarious that even our First Minister is in thrall to them.
Where will it end? Where will it be allowed to end?.
SunnyBhoy on 5 April, 2012 at 08:34:
Sunny, Yorkston is the guy who is willing to allow his beloved Pars to drop out of the SPL so that RFC(IA) can keep their place and carry on cheating.
One can only conclude that the guy’s masonic debts are even bigger than his (club’s) debts to the banks.
The folk who need to ‘grow a pair’ are the Pars fans, who ought to be bringing this odious geezer to book. …
FF
oldtim67 on 5 April, 2012 at 08:47 said:
That was my question earlier, all this stuff about buyers and bids is worth the Record’s ink if Whytey doesn’t want to play ball.
It’s an elaborate hoax and as Alan Sugar said yesterday, do any of these EGOS have any money!!
Let them rot and suffer say I..
Give us the title on Saturday Celtic and let the party begin..
MIB now …… This is all very taxing ….. Is there no end to the corruption here
One of the ‘dangers’ of an offshore tax framework is that is becomes impossible to achieve a satisfactory level of transparency. A main Trust is fed with contributions, and in turn feeds sub trusts, offshore corporations and other vehicles, and ultimately the cash becomes untraceable. Once the cash is papped into the main Trust, the level of transparency declines to ‘trust me on this’.
In business, this presents problems for transparent, open and fair procurement for example, where the possibility exists for a compnay, via its apparently legal and above board offshore trust, to divert cash to points of influence.
In football, the implications are clear: Points of influence are numerous, and untraceable cash is a useful lever. Rangers for example declared a total of £49 Million of EBT contributions, but we have no satisfactory method of accounting for its distribution, only a ‘trust me’ statement that it all went where it was intended to go, where ever that was.
With the revelation that John Greig was a beneficiary, it becomes clear that the EBT framework was used for relatively trifling sums, in addition to larger ones. In 2010 Greig received £15,000 for his work as a Non-Executive Director. In 2009 a mere £1250. One could surmise that the differnence between the two years’ payments reflect the benefit Greig received each year via EBT. Using an offshore trust for such small sums is remarkable given the cost of establishing and managing such a complex legal framework.
Of course what was declared as Greig’s remuneration, and what he might have otherwise received via the Trust may be separate matters. We simply have to ‘trust’ that the declarations reflect the actualité…
Which brings us to HMRC and their current investigation into Referees and their tax affairs. I suppose we’ll simply have to ‘trust’ that not a penny of the otherwise unaccounted for £49 Million of EBT contributions found its way to Benficiaries in Black.
Won’t we.
TBB
Wow.. I wonder if an investigation into Refs incomes will uncover any “hidden” payments? Has someone tipped HMRC off that there may be some “extra” income that the refs are not declaring?
Mick on 5 April, 2012 at 08:11 said:
Kenny Clark QC and the Right Rev. Stuart Dougal will be wheeled out by 2 O ´Clock today to dismiss HMRC and the nations fears while pocketing a tax free bung from their chosen organ
Hail Hail
not read thru YET,take all day?
ARE THEY NOT DEID YET?
HH
Interesting developments with the Mib’s. On another note a grade 2 ref, who is a follower of the Hoops, was telling me at the weekend a lot of them haven’t been paid for last months matches. The SFA have told them that they are owed a lot of money from member clubs and when this comes in they’ll be ‘squared’ up!
Who could owe money?
theweegreenman @ 08:38,
Not sure about the details but it doesn’t affect RFCia, asked the question a while back.
If it’s asked again Auldhied might go aff it (his aul’ hied that is).
ComposiumCSC
This blog has gone mad. When did we forget to move on and forget things. Rush of blood to the head and all that.
I wonder what Dougal and Ted would say about it all, now.
TBB,
you fail to identify the advantages that the parent company can exploit using such a setup. Lets say John Grieg got 15k as an executive director for his work in 2009. Regular practice would be to pay the trust lets say 45K for John Grieg .. delete the paper work or shred it .. give Griegy his 15K and keep 30k available in the trust for the likes of the disabled in Aryshire
Hail Hail
Just heard dinglebell of THEMS trust saying” no need for liquidation,or the fans will protest. They can trade their way out of the problems..!”
Comical or what?
They don’t do brains over Govan way..
Anyway.. Heading back to Donegal today and I will be celebrating a title win hopefully in the company of a 100% Celtic audience..
HH
By KENNY MacDONALD
Published: 04th April 2012
THE SFA have no power to remove Craig Whyte as a Rangers director.
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Their decision to brand him not a fit and proper person to hold office is a “red herring”, according to a Hampden insider.
The SFA charged Whyte with seven alleged rule breaches and deemed him unfit to be a club official.
Whyte snubbed an SFA hearing on March 29, but his lawyers asked for it to be postponed to give them time to prepare a case.
Our insider said: “This business is a total red herring. The SFA has no jurisdiction to prevent ANYONE being a director of a Scottish football club.
“They can say he’s not fit and proper all they want. All that means is the person cannot represent his club at the SFA council meeting and they cannot go to the AGM.
“The SFA are entitled to ask if the person breaches their Articles 10-13, but these simply ask if he is a fit and proper person, if he’s ever suffered from a mental disorder, or if he’s listed as an official of another club.
“It’s a matter for Companies House who clubs have on their boards. The SFA can’t do anything about it.”
FRom Shug
NEIL LENNON is the most extraordinary manager in the history of Scottish football, says Peter Lawwell.
Celtic’s chief executive last night heaped praise on his manager as two bigots await sentence for plotting to injure Lennon, former MSP Trish Godman and the late Paul McBride QC.
Trevor Muirhead and Neil McKenzie posted nail bombs to all three and for Lennon it was a nightmare episode in a sustained period of threats and attacks stretching back to 2002.
Lawwell insists no one else in the Scottish game has endured abuse on such a sickening scale.
With Lennon just a single point away from clinching his first SPL title as manager, Lawwell said: “No one in Scottish footballing history has had to contend with this level of pressure while trying to do their job.
“Neil has shown tremendous strength of character and resilience and we will continue to support him in any way we can.
“We are pleased this matter is now over and we thank Strathclyde Police for their assistance. Neil has done exceptionally well in this difficult period.”
Lennon was also attacked on the touchline during a game against Hearts at Tynecastle last season.
Lawwell said: “No one could imagine the pressures this man has been under in the past two years.
“He has coped with this particular episode, last year’s assault and seemingly unrelenting attacks from many quarters.”
There’s no hiding Lennon’s relief at bringing an end to a year of madness that scarred the reputation of Scottish football.
Lennon said: “This has been a very stressful and difficult time for me and my family and clearly I’m glad it is over.
“I thank Strathclyde Police for their professionalism throughout in bringing these individuals to trial and for the support they have given me and my family. I’ll forever be thankful to the police.
“I’m sure I also speak for Trish and Paul’s families when I say I’m glad this is over. This has been an ordeal no one should endure.
“My good friend Paul’s sad passing remains very raw to those close to him and we continue to miss
him dearly.
“I am sure his family and partner Gary will receive some comfort to know those who tried to intimidate him in this way have been dealt with.
“Like Trish and me, Paul did nothing to deserve such a cowardly attack on his freedom. I’m just sorry he’s not here today to see this matter brought to an end.
“There is no question this has been a challenging episode in my life and one which has made my role as manager difficult.
“However, the position of Celtic manager is one I’m very proud and privileged to hold.
“I’m now looking forward to putting this behind me and getting on with this important job.”
As a midfielder, Lennon won 40 caps for Northern Ireland but quit the international set-up in 2002 after a death threat from sectarian idiots before a match against Cyprus.
In September 2008, he was the victim of a brutal assault in Ashton Lane in Glasgow’s West End when he was attacked by two thugs.
Meanwhile, Lennon will join cricket legend Ian Botham next Thursday on the Glasgow leg of Beefy’s Great British Walk.
The 10-mile leg passes through Drumpellier Park, Coatbridge, where the public can join in at 1pm.
Sannabhoy posted about Kano Foundation bash at Kerrydale Suit at CP on Saturday at 00:36 last night. For anyone not in Killie or coming back from Killie, sounds great. I am not allowed over to Scotland as was at St Johnstone game and going to rangers game, plus Easter, plus no ticket so lost the argument with my much better half! Sounds a great option for those in west of Scotland and a great cause.
Hail hail
By STUART BATHGATE
Published on Thursday 5 April 2012 00:00
RANGERS administrators Duff & Phelps hope to be able to sell the club next week, having announced that they had received four “best and final bids” by the close of business yesterday.
Three of the bids came from parties previously known to be interested in the troubled Ibrox club: the Blue Knights consortium, an American group, and a Singapore-based consortium. The other offer has been tabled by a hitherto-unpublicised German company.
Duff & Phelps will spend the next few days analysing the bids and seeking any clarification required from the interested parties. They then intend to identify a preferred bidder and agree a sale – although a period of due diligence will follow as the would-be purchaser assesses the state of the business before finally deciding whether to proceed.
Due diligence never lasts for a specific length of time, but Duff & Phelps nonetheless hope that the club can exit administration by the end of the season. They have now been in it for almost eight weeks, even though Rangers owner Craig Whyte claimed in February that it could be a swift process which from start to finish could be over in a month.
Joint administrator David Whitehouse issued a statement last night confirming the number of bids and offering a sketchy outline of what he and colleague Paul Clark expect to happen next. “Following our announcement on 30 March, that best and final bids for control of Rangers Football Club should be submitted by 5 April, I can confirm we have received four bids by close of business today,” Whitehouse said.
“The bids are structured in various ways, but I would describe them as positive and constructive. The administration team will now analyse these bids over the forthcoming days and hold discussions with relevant parties to gain further understanding of the details of their bids.
“It will be our intention to accept an offer next week and this will be followed by a period of due diligence and exclusivity. At this stage, we cannot be precise in timescale, but estimate that an exit from administration before the end of the season is achievable.
“We appreciate the need to conclude this process as quickly as possible. It is, however, most important to secure the best possible outcome for creditors, Rangers Football Club and its supporters.”
Paul Murray’s Blue Knights group has been by far the most open concerning its intentions for the club after any successful takeover. Former Rangers director Murray wants creditors to agree a Company Voluntary Arrangement (CVA) as the best way of getting out of administration swiftly and cleanly. The Blue Knights are also the only bidders to have received substantial support from Rangers supporters.
The American bid has been made by the remaining elements of the consortium which previously included Club 9 Sports of Chicago. Club 9 released a statement on Tuesday to say that, contrary to previous reports, they were not bidding for Rangers. Their withdrawal has not prevented their previous partners from maintaining an interest, but it remains to be seen if it has weakened the financial strength of the American bid.
The Singapore group has been assisted in tabling its bid by Glasgow-based businessman Shazad Bakhsh, whose Bakhsh Group has interests in education, printing, property and transport. The bid is thought to be fronted by wealthy businessman Bill Ng.
The German company which tabled the surprise bid has had not so much a low profile as a nonexistent one since the takeover saga began shortly after Whyte put the club into administration on Valentine’s Day. Duff & Phelps refused to divulge any information on its bid yesterday, other than to include it in that general assessment that all four are “positive and constructive”.
The quartet of bidders must now await the next step from the administrators, but will be conscious that there are three factors which could complicate the picture. Those factors are Whyte, Brian Kennedy and the impending outcome of the so-called big tax case between Rangers and Her Majesty’s Revenue & Customs (HMRC).
Duff & Phelps have insisted that Whyte has no part to play in Rangers in the medium to long term, and there have been contradictory statements elsewhere about the businessman’s willingness to co-operate with any new buyer for the sake of the club.
Until he completes the sale of his majority shareholding, however, Whyte remains a major player. If he chooses to hold on to those shares, which he bought last year from Sir David Murray, there is no apparent legal mechanism to prise them from his grasp, no matter how many detractors he has who believe he has long since forfeited any moral right to have a say in the running of the club.
Kennedy, who owns Sale Sharks rugby club, is not yet a major player, having had his initial bid rejected by Duff & Phelps. But he has said he will come back into the market if Murray’s bid is rejected and the only alternative would be to liquidate the club and start all over again with a new company.
And the big tax case, which has the potential to land Rangers with a bill for £49 million, could throw the whole process up into the air again. Even under a CVA which offered just a few pence in the pound, potential owners might find the burden of a massive tax bill too much to bear.
Conversely, if the tax tribunal finds in favour of Rangers, a significant weight would have been lifted off the club. An announcement from the tribunal is expected soon, but the longer it takes, the more potential bidders will have to hedge their offers with hefty caveats.
The tribunal, which sat in January, has to decide whether Rangers owe tax based on their use of Employee Benefit Trusts (EBTs) dating back around a decade. Having taking legal advice before the tribunal sat in Edinburgh, Rangers have always expressed their confidence that the tribunal would find in their favour. For their part, HMRC believe they have a strong case
By STUART BATHGATE
Published on Thursday 5 April 2012 00:00
SOURCES close to the Rangers bidding process are cautiously confident that the club is edging towards exit from administration via a Company Voluntary Arrangement (CVA), and that the dreaded prospect of liquidation is receding.
If that analysis is correct, it is sure to offer some relief to supporters of the club, who had feared that liquidation would not only lengthen the time needed for Rangers to recover, but would also consign the club’s proud record to history.
Without full publication of the four bids received by administrators Duff & Phelps yesterday, it cannot be said with complete certainty whether the confidence of those sources is well founded.
From the public utterances of that quartet of bidders, it is becoming apparent that the body of opinion in favour of a CVA is steadily growing.
But even if only one bid favours liquidation, that bid could still win the day if, in the judgment of the administrators, it has the most merit.
Still, with that caveat, what can be said is that two of the four bidders, plus Brian Kennedy, are in favour of a CVA, while one group which had previously been connected with the liquidation option has now opted out.
Paul Murray’s Blue Knights consortium has always been unequivocally in favour of a CVA, and Murray has been motivated above all by a desire to do what is best for the club. Last month he told The Scotsman that he would not hesitate to step aside in favour of another bidder if he thought it was in Rangers’ interests.
Kennedy, the owner of Sale Sharks rugby club, had an initial bid rejected by Duff & Phelps on the grounds that it was too low. But earlier this week he came back into the fray with the announcement that he would table a new, improved bid if that was what it took to save the club from liquidation.
In other words, his stance is tantamount to an insurance policy for the CVA route should others who favour that option be dismissed by Duff & Phelps. It offers the CVA option a second chance of success, and could prove enticing to the administrators should they conclude that the Blue Knights’ offer is not good enough.
“The prospect of a newco frightens the living hell out of me,” Kennedy said when explaining his strategy. “Whatever euphemism you may want to use, we are ultimately talking about the liquidation of Rangers FC and the selling of its assets into a newco, with all the issues which result from that.
“If this is the only option left standing, that’s when I will come back in.
“The financial model involved in a newco situation does not work unless you are prepared to invest many millions of pounds and take a four-year view on the club’s finances. You would need to accept losing excessive amounts of money.
“These guys will be looking for a decent return. They are not doing it for the love of Rangers, so why enter into a deal like this? The existence of the club is at stake.”
Glasgow-based businessman Shabaz Bakhsh has been the public face of the Singaporean consortium which tabled a bid yesterday, but it is thought he is acting primarily as a middle-man, opening the door for a group which may lack hands-on experience of the British legal system and sports industry.
Lack of information about the Singapore group had led to speculation that it would favour liquidating Rangers, but this was denied by an acquaintance of one of the key players in the group, entrepreneur Bill Ng.
“Ng is a seriously wealthy individual,” he said. “He feels Rangers represent a fantastic marketing opportunity. He would take the brand out of Europe and across the globe, but in particular to the Far East where there is serious money to be made.
“Not only Rangers would benefit. Scottish football would be taken to these new markets.
“The people behind this don’t want to conduct their business in the public eye, which is why they have not been as vocal as some of the bidders. But they are serious and honourable, respected business people. Reports stating they would liquidate Rangers are wrong. They have always favoured the CVA route.”
Similarly, the American group were thought to have concluded that liquidation was the most sensible route from a business point of view, if not from that of the Rangers fan base. But that was when Club 9 of Chicago was the best-known component of that group.
On Tuesday, Club 9 issued a statement saying it was not bidding for Rangers, and claiming that it had not in any case been in favour of liquidation.
It remains uncertain who is left in the consortium in which they once played a part, or what their attitude on that issue is. But it is thought that the withdrawal of Club 9 had nothing to do with a disagreement over strategy, making it appear more likely than not that the Americans, like Murray, Kennedy and the Singapore group, will also opt for a CVA. “We understand that it has been strongly rumoured that our group planned to liquidate the club,” Club 9 stated.
“It should be made clear that any party that attempts to acquire the club, eliminate the debts, affect a turnaround, invest monies and put the club back on solid ground is in fact ‘saving’ the club from liquidation and preserving its past and its future.
“We would like to acknowledge that any successful bidder for Rangers will indeed need to embrace the legendary fan base of the club and communicate with openness and regularity. There is no doubt that the remarkable record of championships won by Rangers is matched only by its equally remarkable support from legions of fans, supporters and followers throughout the world.”
Those closing remarks may have been a belated attempt to curry favour with those fans, but they are nonetheless words which the other bidders would do well to heed. Murray, the Singapore group and Kennedy appear to be doing so.
The Americans and the fourth bidders, a German company, have yet to follow suit and make their intentions plain. The confidence of those close to the deal, however, suggests that, even if either group does favour liquidation, the size of its offer has not bowled the administrators over.
Auldheid
While I disagree with some of the definitions about what is judgemental and what is non-judgemental or only a wee bit judgemental, and, therefore, does not really count, I am going to respond to the spirit of your statement.
I had already pledged to give up my posts claiming that Antifa was a “false beard” multi-poster so, logically, I will go further and cease responding to his creator. Anybody who is remotely interested in the truth about Joe McCarthy’s success in uncovering a few genuine communist agents by using the technique of scything through every liberal leftie and friend of liberal lefties he could find, can do their own research. I will ban myself from responding to it.
If both of the above are products of Kojo’s fevered typewriter, I should maybe extend my ban to his posts too but I am really, really, opposed to Racism making an appearance here and that includes words which are deliberately intended to seem to offer succour to racism. So, I reserve that right.
There are many benefits to a tolerant and hippie-ish approach to discord. However, when they start punching you, or your friends, or the vulnerable in any power struggle, then denouncing or distancing yourself is often not enough.
And if I can finish on a highly judgemental note.
There urny half a lot of zoomers on the CQN nightshift :-)
I’m off line for the rest of the day shift :-)
How do you do one of them smileys that roll about laughing?
http://www.rangerssupporterstrust.co.uk/RangersFC_030412.pdf
A bright, frost-sparkled morning here in North Ayrshire.
EXCLUSIVE
by Keech Jackson 9.15 Thursday 5th April
Record Sport can reveal more on the stunning late bid by a german consortium. The company trades under the name of Ratzinger Holdings GMBH. They have an offices in Munich Bavaria and across the globe.
Record sport can also exclusively reveal their owner is a wealthy german businessman called Joseph Aloisius Ratzinger who now lives in a secret.hideaway in Italy.
We can reveal that Ratzinger first became interested in Rangers on a swooping two day visit to Scotland in September 2010 where he met with a Bella Houston who remarkably stays just a short walk away from Ibrox. This will be great news for all the bears that this company have been so close to what has been happening at Ibrox.
Ratzinger Holdings also have a office in Edinbugh headed by a Mr.o Brian. Although unavilable for comment record sources can reveal their bid will stump the three other bids
This is stunning news
An insider , when questioned by record sport, if liqidation was a possibility
” A Certainty . It is good news for all employees of Mr Ratzinger “
oldtim and starryplough
Both correct, Craig Whyte still owns 85% of the shares in Rangers Plc (In Administration) through his company The Rangers Football Club Ltd (formerly Wavetower) and quite recently he secured this 85% shareholding through the form of a debenture to a company called Liberty Corporate ltd (who’s only director is CW’s father).
No one, not even the administrators can sell his 85% shareholding without his permission and agreement.
What the administrators have done is ask parties to submit bids for the purchase of the assets and liabilities of the club as these are owned by the company and not the shareholders.
What is still unknown is the level of security Craig Whyte may have over any of the major assets, e.g. Ibrox and Murray Park and if these are secured then the admins can’t sell these either.
They are hoping to put pressure on CW to sell up but if he doesn’t want to, he still remains in control (ownership wise).
Mort
Avocado
that should be sent to UEFA that document
HAil Hail
First through the door???;
Rangers forward Sone Aluko is wanted by Spanish top flight side Rayo Vallecano, STV understands.
The Nigerian moved to Glasgow on a free transfer in November, signing a deal to keep him at Ibrox until the end of the season.
Rangers hold the option to extend his contract for a further two years but, with the club currently in administration, doubt remains over his long-term future.
Administrators Phluff & Delps are charging up to £654 an hour for each member of their staff’s service.
Tuesday and Thursday nights are time and a half, and weekends are double time.
Expenses such as air fares and hotel bills are on top.
The Fighting Fund will need to go into overdrive to meet their fees.
Hell mend the Huns!
I made up the bit about overtime rates…
;o)
Is it possible that HMRC have ‘found’ some refs’names in the rfcia EBT investigation .?….. Now that would be the ‘can of worms’ to end all ‘can of worms’ ….
Mort on 5 April, 2012 at 09:20 said:
Thank you Mort for that clear explanation now I understand the differences in who owns what etc etc.
So if Whytey decides to play hardball there will be a few EGOS whistling Rule Brittania!!
Hahaha What a Mess!!
Starry..
Mark Dingwall, of the Rangers Supporters’ Trust, said: “Anyone who came in looking to liquidate the club would find the fans united in their opposition. They would receive no financial help from the fans and it would be done in the face of great opposition.”
Does that mean that square sausage revenue streams are going to dry up?
Mick on 5 April, 2012 at 07:54 said:
http://www.accountingweb.co.uk/article/hmrc-arrests-bankers-film-finance-probe/524329
”Do we know of any footballers that might fall into this category?”
Alex McLeish’s remuneration package from the huns is rumoured to have involved this type of scheme.
seventyxseven ‘gelee et glace’
fry up?
I have a view over the port here and see lots of big cruise liners, Today there is a German one I’ve never seen before. Should i take it as a sign?
I think we should support this german bid, on the condition that they go off to play in the bundesliga and leave us to play in unbigoted peace.