Today’s pre-trial hearing at Edinburgh Sheriff Court against Charles Green, Craig Whyte and others involved in the business of Newco Rangers brings the state of the football club into stark focus.
Charles Green is accused of raising £21m for Newco Rangers by fraud via their December 2012 IPO. He is also accused of defrauding Sevco 5088 Ltd, the company who were awarded the right to buy the assets of liquidated oldco by administrators’ Duff and Phelps.
Craig Whyte maintained that he, or his associates, had a controlling interest in Sevco 5088 Ltd, and produced a famous recording allegedly featuring Green tell him “You are Sevco”. Although Duff and Phelps contracted to sell to Sevco 5088, another company, Sevco Scotland Ltd, actually bought the basket of assets.
Sevco Scotland was controlled by Charles Green or his associates. The company was renamed to The Rangers Football Club Ltd and is now a football club, sitting top of the Scottish Championship.
While in charge of Newco Rangers, Green’s PR issued a number of confusing statements around Sevco 5088, insisting both that he made certain arrangements with Whyte which he had no intention of honouring, and that he was entitled to switch the beneficiary of the Rangers liquidation Sale and Purchase agreement to Sevco Scotland Ltd. A move he claimed was to give the company a Scottish registration number.
The remainder of the various rap sheets tell grubby tales. Green is accused of fraudulently obtaining the £5.5m he used to acquire the assets of Rangers, and of using £200k from Rangers Youth Development Ltd to aid the purchase. Whyte is accused of defrauding Ticketus and Merchant Capital of £28m, and various other crimes and misdemeanours, but these issues are a side matter. The action regarding the future concerning football is with Charles Green.
Think back to his counsel’s words as he sought funding for his defence from Newco Rangers last month. The £21m IPO money and those assets purchased by Sevco Scotland were ploughed into the club now sitting at the top of the Championship. Should these charged be upheld, the assets would be proceeds of crime.
Green was allowed to issue unfathomable edicts as a desperate PR campaign blamed others for bizarre conspiracies. This was enough for an already-compliant media and he played to the gallery magnificently. Supporters lapped it up.
Under pressure to provide the stock market with a clean bill of health, the club went to the Masons for a report in April 2013, Pinsent Masons, who in conjunction with auditors, Deloitte, found none of the alleged links between Green and Whyte surrounding the asset sale and setting up of Newco. I understand the investigation heard no testimony from Craig Whyte, so found no evidence of anything inappropriate.
All of this provided temporary respite on the park and in the Scottish media but the ultimate Day of Reckoning was never going to be affected by PR. Should charges against Green be upheld, the only unfathomable consideration will be what future a football club with no legally acquired assets has.
There is a chance that all the dominoes will fall in Newco’s favour. That all charges are unsuccessful, that Mike Ashley relinquishes control of all contracts and that investment will be found to meet medium-term cash requirements. It is also possible that one or more of these dominoes will remain standing, and that nothing will ever be the same again.
Best of luck to all parties. I wonder when the penny will drop with those recently rooting for Green to be put away of the consequences……
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Nir is a good refined player IMHO but Broonie provides leadership on the pitch – something I feel we’ve lacked recently
It shows how far back we have gone
A couple of years ago Scott would have been lucky to get a place on the right hand side of midfield now he is our lynchpin , I know he has matured but has he become a better player ?
Imo no
Anyway crabbit as back to work tomorrow after 2 week break, as Jobo said earlier at least I have a job to go to
Hail Hail and KTF
PFAYR …. giving away FREE advice?! Setting a dangerous precedent! I might have to report you to our union! :)
MIKE IN TORONTO on 5TH JANUARY 2016 10:21 PM
PFAYR …. giving away FREE advice?! Setting a dangerous precedent! I might have to report you to our union! :)
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You mean your football advice on CQN is billable?! :-))
MIKE IN TORONTO on 5TH JANUARY 2016 10:14 PM
And young KT is a Fan who in my opinion does have the quality I talk of.
Of the others I don’t think James Forrest apart are cradle Celtic Fans, if I can use that expression. However, there are only a few others in my opinion that get Celtic, Lustig, Commons and in my opinion have the quality and drive we need right now. Craig Gordon in a way gets Celtic but not a Fan, he has the quality.All the rest I would describe as Professionals, out for themselves and to earn as much as they can before the short career of being a Professional Footballer ends or being out for not being a particularly good footballer. An example of the latterAmido Balde.
Keep the Faith!
Hail Hail!
MIT
Happy New Year to you and your family. If you remember last season when Scott Brown was out injured, we were rudderless and teams were waltzing through us,( ok a wee bit of exagerration), but on his return we played some of the best football under Ronnie. I predict we will walk this title when Our Captain returns. IMHO mind you. Lol. HH
Weefra …. Cheers, pal!
I will grudgingly admit that we have missed SB’s drive … but only if you agree not to tell anyone else on here that I said that!….. otherwise, I will be getting pelters from some on here! :)
ps … nothing wrong with a ‘wee bit of exagerration’ on CQN … we all do it… and normally, those are the most fun posts to read.
Hail hail
MIKE IN TORONTO on 5TH JANUARY 2016 10:14 PM
Meant to add Griffiths to the names of Commons and Lustig that get Celtic.
Keep the Faith!
Hail Hail!
Meant to mention, talking about all those players losing form, I believe they will rediscover their form when Scott Brown returns. That is, in MHO the effect he has on the squad and on the park. A true leader on and off the park. HH
Natknow … of course! should I get your email address from P67 to send the bill? :)
Lennybhoy
Of course, don’t think anyone mentioned having a supporter in the team just for the sake of it.
We all have our own opinions, personally I dislike referencing former players with over 350 appearances for the club in such a light?
The stats would lay testimony that Grant had not a bad time in the game.
Again, just my opinion, but during his time with us he was probably being compared to another great supporter and player In Paul McStay.
HAIL HAIL
Mammy,” says wee Susie, “why do you always cut the ends off the sausages before you put them in the pan?”
“Och, that’s the way my mammy always did it. You’ll have to ask her.”
“Granny,” says wee Susie the next time her grandmother’s visiting, “why do you and ma Mammy always cut the ends off the sausages before you put them in the pan?”
“Och, that’s the way my mammy always did it,” says Susie’s granny. “You’ll have to ask her.”
“Great Granny,” says wee Susie the next time they visit her
slightly senile great grandmother at the nursing home, “why do you and Granny and ma Mammy always cut the ends off the sausages before you put them in the pan?”
“Awwh, FFS,” says Great Granny, “are they still using that f@@@@@g wee pan?”
lennybhoy …. agree with your basic sentiment …. sadly, I think the days of playing for the jersey are fading quickly … and not just for Celtic … makes it hard for young local lads to break through …. around the world, money talks loudest. sad but true, I”m afraid.
so, I am particularly happy when we do see a young bhoy like KT break through for us.
MIKE IN TORONTO on 5TH JANUARY 2016 10:31 PM
Natknow … of course! should I get your email address from P67 to send the bill? :)
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You can try…! ;-)))
had dad not passed away three years ago, today would have been his and mum’s 52nd wedding anniversary …. will take mum out for dinner tonight …. but still miss the old guy.
I know he used to read CQN every day, but never figured out if he actually posted … shame …. you guys would have liked him.
MIT
Correct. I spoke to our Swindon CSC today and we both agreed it’s like sticking needles into yer eyelids watching Celtic just now. Lol. But you get my drift, all we want is to be entertained. We will most certainly be when Scott Brown returns. Incidently, yer secrets safe with me. Lol. HH
MIT
So sorry to hear that. Lost my mum 2 years ago. The pain never goes, but eases in time. The memories last forever. We are so grateful for the path they put us on in life. RIP. HH
BIG-CUP-WINNERS on 5TH JANUARY 2016 10:32 PM
Didn’t mean to make light of Peter Gran’ts record or to what he gave to Celtic. I agree with the points you make, I think the point I was trying to make, albeit clumsily was could we have had someone with more quality, we may have won more trophies. We could not afford to have more than one Peter Grant in our Team as right now we need more quality but there I defeat my argument as I do recognise that we need more Players with Heart and Guts that will roll up their sleeves and get tore in.
Keep the Faith!
Hail Hail!
This verdict is the kind of thing that you only ever see on Legal comedy dramas:-
best lawyer ever
Next step- Auto Breaking & Entering Syndrome
or Auto Gratuitous Violence Syndrome
Defo Night Night. HH
MIKE IN TORONTO on 5TH JANUARY 2016 10:21 PM
PFAYR …. giving away FREE advice?! Setting a dangerous precedent! I might have to report you to our union! :)
Reminds me of a guy who claimed to have attended a Harvard graduation who said that possibly as a statement of their intentions for the future, members of the Law School were holding up inflatable sharks.
– See more at: http://www.celticquicknews.co.uk/pre-trial-hearing-brings-stark-focus-to-newco-future/comment-page-7/#comment-2748684
https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwiD8rPT35PKAhWJ6CwKHUVrDwQQyCkIHjAA&url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DpieK7b4KLL4&usg=AFQjCNEUq19tkiaUPnXVGrqpBfDY9J3cIA&bvm=bv.110151844,d.bGg
One of Sevco’s new signings is called “Crooks”?
Really – ye couldny make it up…!
Kristoffer Ajer will begin training with Celtic on Wednesday as part of a week-long trial.
The 17-year-old midfielder is currently with IK Start in his native Norway.
Ajer made his senior debut with Start in 2014 and has become a regular for the Tippeligaen side. He has also been capped by Norway Under-17s.
Defending champions Celtic, managed by Ajer’s countryman Ronny Deila, are currently three points clear at the top of the Scottish Premiership.
Lennybhoy
I know a few on CQN are from out in the area where Peter grew up? Any idea what his natural game was?
Reason I’m asking is I recall clearly Grant’s early games for Celtic. Now I was young and daft(ter) then… but he seemed a skillful player. I always thought perhaps he had been reinvented as a grafter/hard player to compliment the Maestro and his other peers.
mum has just dropped by the office, so off to take her for dinner….
have a good evening.
HH
RT-thanks,pop ups brutal on iPhone 5 ;(
BIG-CUP-WINNERS on 5TH JANUARY 2016 10:55 PM
Peter is from Chapelhall, I lived in Airdrie in those days, now Coatbridge. Did all my drinking in ML5, Peter would often drop into Phil Cole’s after a midweek game, his future Father-in-Law’s Oub at the time to see his future Wife. Always had time for you.
I never took him as the skilful Player, he was in my eyes the Grafter/Enforcer who rolled up his sleeves and aided the likes of the Maestro.
As I posted mate did not mean to make light of his contribution and his ilk was needed then as it is now.
Keep the Faith!
Hail Hail!
We should have signed McGinn in the summer,always played well against Broony and Co in midfield,lots of potential.
when playing Peter Grant was a whipping bhoy for the “never made it experts” all around the ground.
simple fact, if you played next to Paul McStay, your going to look a very ordinary player.
However, he gave 100% every game.
and in comparison with others around the same position, he was above the the line. better than most.
thats my honest, revisionism , position.
keep it lit.
Bada – I use android. The site,was a total pain since it was relaunched. Thought I’d try it. I’m not very tech minded but it appears to have worked by and large.
William Hill and John Bull no longer appear when I visit CQN!!!!
Is Broonie a better player than The Pointer was?
!!BADA BING!! on 5TH JANUARY 2016 11:03 PM
We should have signed McGinn in the summer,always played well against Broony and Co in midfield,lots of potential.
Valid point which I was about to make myself.
Also it would be a signing that would carry no doubts about the player’s commitment to Celtic.
– See more at: http://www.celticquicknews.co.uk/pre-trial-hearing-brings-stark-focus-to-newco-future/comment-page-8/#comment-2748704
SAINT STIVS on 5TH JANUARY 2016 11:04 PM
simple fact, if you played next to Paul McStay, your going to look a very ordinary player.
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Beat me to it!
Hebcelt
A cracking we programme a few references to the Hoops,too.
A good insight into community based sport.
Don’t know what part your daughter played in it but, the soundtrack and the storyline was good and the camera work caught the passion of the fans, players and the action all in all a nice wee hour spent watching the best sport in the world.
Not a professional critique…. but as I see it a well put together professional programme.
Well done all involved :)
Lennybhoy
Thanks for the information and kind reply.
Back to the grind tomorrow Ghuys so about time for me to go.
Marspapa, I blame you, thank you…:)
Until we meet again…
Keep the Faith!
Hail Hail!
scullybhoy on 5th January 2016 11:05 pm
They’re about the same mate. They play for Celtic the way I would, 100%, snotters ‘n’ all……….with a similar level of talent. Bless em both.