30% interest! Nice one, Newco Rangers, you’ve got yourself a deal there. Suggestions that your business plan has been, and remains, unsustainable and extravagant are patently absurd when you can borrow at the kind of rates a Zimbabwean pimp would get at the height of the ZWD’s recent hyper-inflation episode, although it’s probably worth noting that Zimbabwean businesses are currently borrowing at slightly less than half of what Laxey are charging Newco, solvent ones, anyway.
An administration would be a severe embarrassment to the Newco, less than two years after its incorporation, but in many ways it would be a boon, allowing the club to offload all the high earners and establish a breakeven trading platform.
It is utterly incomprehensible why they have not called in the admins, which itself shines a light on management processes inside the club. No one seems to be asking, “What next?” Getting deeper into hock with a hedge fund is ruinous. Notions that if the loan is turned into shares would be a soft landing for the club are absurd. This is a hedge fund. A HEDGE FUND!! The more shares they have, the more exposure they have, the higher return they will demand.
Need some new players, tough, pay my money. Ticket sales down, that’s disappointing, cut back and pay my money. Got some maintenance work to do, I don’t care, pay my money then see what’s left.
Keep your eye on the sale and leaseback plan, although not until September. They should commission a brass statue of a Newco season ticket holder, touching his toes, with the motto ‘Brace yourself’ below.
The only question left is who will be the complicit front man for season ticket sales this year?
Most people are only beginning to realise the consequences of the events of 2012, or what it means to be a zombie club, walking around, not quite the same as before, with various groups randomly gorging on you. Nothing will ever be as it was. Ever. They should’ve listened, before high-fiving Sir David Murray, then Craig Whyte, then Charles Green. It’s not like we didn’t tell them.
If you’re in the football business, rule number 1 is: Pay your bills. Every other rule, value and aspiration cannot be met without this rule.
Many thanks to everyone who submitted questions for last week’s Celtic Forum. The minutes have been published, and are available here.
If you would like to read the new CQN Magazine, GO HERE to read properly, and for FREE, the graphic below is just a taster.
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Thindimebhoy- Would love Sally and the Cardigan to get called out now.:}}
An Tearmann,
Thanks for your efforts.
We will sup beer & tell tall tales some time soon, I hope.
Tir Conaill Abu.
67heaven … i am neil lennon, supporting wee oscar..!!.. ibrox belongs to the creditors
Your absolutely right, I possibly could have.
Regardless of the apparent weight of evidence and motive I can’t help but think they will escape the noose again.
Am not a lawyer or that familiar with these arguments but remember reading a critique of the BTC which was critical of HMRC not pursuing ebts as ‘sham’ loans, ie they were never designed or intended to be paid back hence deceiving the tax man. As it is the decision being reviewed and not the prosecution’s argument what realistic hope is there of the decision being overturned? Don’t like being a doom merchant but the rug has been pulled too many times since NL squared up to the pie man.
Would be happy to be enlightened by the legal eagles on here.
“We are infecting football with our grubby sub-culture” Shuggie said to gobsmacked Tom from Airdrie (as he proposed Murrayfield for the Scotland Ireland game)…..lol!
tonydonnelly67
19:40 on 24 February, 2014
“They are going out of there way on SSB to slag off Nil Biton, it’s getting ridiculous now.”
I think it is more to do with Nir (ניר ביטון) fitting into a formidable triangle with Virgil and Efe. They are worried.
Neil needs to give this triumvirate the chance to bond between now and the CL qualifiers.
An Tearmann @ 19:42
Hi can anyone post a link to Dr.Poons written dissenting opinion?
Link to accountancy article re original split judgement :
http://www.accountingweb.co.uk/article/rangers-win-employee-benefit-trusts-tax-case/534146
Link contained under TC03272 to 145 page pdf file. Dissenting decision is from pages 60 -145 – yes 85 pages of a 145 page document. Happy reading.
Planning to attend the tribunal hearing tomorrow a.m. all going well.
John Clarke TSFM
ohn clarke says:
February 24, 2014 at 7:32 pm
9 0 Rate This
Nothing of any great substance to report from today’s UTTT hearing.
I was there for 9.30 , but the kick-off wasn’t till 10.00. That gave time for a little bit of socialising: I didn’t meet the Grant Russell chap from STV, but only a chap from the ‘Sun’, and a director from Murray Group, and Mr Thornhill (QC for the respondents,i.e the MG),who came to make himself known to me and another TSFM person.
A big surprise to me was that it was not Lord Bishopp presiding, but Lord Docherty ( which, of course, kept the business within the Scottish house)
Apparently, the respondents had appealed against the time allocation set by Judge Bishopp, and it was reduced from 20 to 10 days, and Judge Bishopp stood down for some reason.
At kick-off, there were ,besides Judge Docherty and the clerical officer, there were 15 persons in the Tribunal room.
On the left, Roderick Thomson QC for HMRC,supported by 6 other lawyers(none of whom actually sat beside him,but behind).
On the right, Andrew Thornhill QC for the respondents, supported by 2 other lawyers (one of whom sat beside him, the other one behind). Behind them was the Finance Director of the Murray group, the chap from the ‘Sun’, and me and a lurker.
On my left were two young women one of whom was there, she told me, as part of her training, as newly qualified and in her first job in a solicitor’s office as a qualified solicitor.
The other took copious notes and was probably a lawyer as well. (Mind you, so did I take copious notes,and I’m no lawyer!) She did not turn up for the second half.
The 17th person must have been Russell of STV, but he was sitting beside the lawyers behind Thomson,QC, so I had clocked him as a lawyer.
Lord Docherty reminded counsel that the names of the HMRC officers who gave evidence at the FTTT should not be disclosed, nor should the names of 3 witnesses who had given evidence on the basis of anonymity. Mr Thomson said he would try to remember that if or when he had occasion to mention their testimony in the course of the hearing.
Mr Thomson invited His lordship
– to overturn the decision of the First Tier Tax Tribunal and uphold HMRC’s assessments. He added that he would later have something to say about ‘unreasonable comments’ made by the FTTT.
or, if His Lordship was not minded to make any additional findings of fact, then to remit the case to a fresh Tribunal.
He gave a very short summary of the background. To wit, that the FTTT had heard evidence for 17 days,
and that the evidence bundles shows that much of the documentation was provided by the MG, and that there had been extensive reference to that documentation.
Put very simply, the MG had argued a) that for earnings to be taxable, there had to be ABSOLUTE legal title to
them, and that under the EBT Trust scheme there was no such absolute title. Payments made under them were something other than bonuses or emoluments and that the recipients of loans had had been no ‘unreserved disposal’ of the money that was on offer as loans.
and b) that the Trust scheme had not been shown to be a sham.
Mr Thomson said that HMRC’s view was that the evidence showed that there had been an underlying tacit agreement between the parties involved that loans would not ever be recalled, that interest due would be rolled up, until death, when the interest and repayment would be able to be offset against inheritance tax.
He said that the idea that the idea that payments under the Trust arrangements were something ‘other’ than taxable earnings was merely an assertion by the MG that did not reflect reality.
The rest of the day was spent by Mr Thomson ripping the FTTT’s whole approach to their hearing apart, and using quite harsh words their failure of duty to examine the evidence, make complete findings of fact, and apply the principles of the Ramsay case and a couple of other relevant cases properly, if at all.
he referred to the minority report of DR Poon as showing how many findings of fact were there to be made, which the majority had missed, and how their understanding and application of the Ramsay and other relevant cases had been erroneous and actually missed the very point of those cases.
He went on to say that the FTTT majority had failed to address the submissions made by HMRC, and that a pattern emerged of the FTTT simply accepting the MG’s submission, and of failing to make findings of fact to support arguments
There was not merely understandable error in law, but deeply flawed submissions by the Majority, wholesale faiure to exercise their judicial duty.
And so on all day till 4.00 pm, with frequent references to the legal authorities and the true interpretation of the case which is, that while there may be all the legal documentation to show that there was a proper, valid Trust, it was necessary to look at whether people in fact worked the Trust properly.
The Trust may be perfectly legal and not a sham, but the Trustees could ( and in this case, did, act beyond their powers) by making loans to people who were not entitled to such under the trust, making loans without requiring evidence of security or requiring repayment or interest payments -and all involved knew this to be the case. And, of course, the Trustees who began to ask for security etc were dismissed and another more compliant lot were brought in.
—–
That all sounds as dry as dust, but I actually quite enjoyed the day, And I’ll be back tomorrow. I still have 18 pages of notes to decipher: I can write legibly, and I can write fast: but not both at the same time!
http://www.celticminded.com/forums/showthread.php?t=10432&page=23
The picture of Celtic park in 1963…something not quite right ..has picture been reversed
Railway bridge in wrong position and ole school in relation to stand and pitch ,the angles are all wonky…help!
ginger
19:19 on 24 February, 2014
No he said he was like a new signing :-) HH
Sorry , picture further down is right way aroon.
“….would be rolled up, until death, when the interest and repayment would be able to be offset against inheritance tax.”
It could only be offset if it was being repaid.
That sounds to me as non-legal person that repayment will be made. To whom? The creditors of rangers (ia)?
John Clarke TSFM ontoday’s UTT hearing ….
A big surprise to me was that it was not Lord Bishopp presiding, but Lord Docherty ( which, of course, kept the business within the Scottish house)
Apparently, the respondents had appealed against the time allocation set by Judge Bishopp, and it was reduced from 20 to 10 days, and Judge Bishopp stood down for some reason.
hhhhmmmmmmm …..
Some cracking photos on that site……..has anyone got the vid of big Sammi pretending to
throw the ball at bazza’s face? what a showing up :O)
hendrix67
19:15 on 24 February, 2014
Repost from previous thread.
St Thomas RC church in Riddrie was broken into over the weekend. They broke in through a window at the back of the chapel, smashed the glass doors, kicked in the doors of te confessionals and tried to start a fire.
I went to school at St. Thomas’ and was an Altar Boy there, sad what’s going on these days.
Embramike
That was exactly what sprung to mind here too.
embramike supporting wee oscar and res 12
20:11 on 24 February, 2014
Hhhhmmm
Yes indeed. Fix on cards. HMRC should walk a way now and do the taxpayer a favour. Save some money.
Has this lord Docherty fella got previous ?
weeman67
20:16 on 24 February, 2014
hendrix67
19:15 on 24 February, 2014
Repost from previous thread.
St Thomas RC church in Riddrie was broken into over the weekend. They broke in through a window at the back of the chapel, smashed the glass doors, kicked in the doors of te confessionals and tried to start a fire.
I went to school at St. Thomas’ and was an Altar Boy there, sad what’s going on these days.
————————————————–
I was christened, first confession, communion, confirmation and an altar boy there also.
I wonder why Colin Bishopp stood down? or was he told to stand down ? very late in the day to change Judges is it not! or very convenient for some maybe
R.I.P Harold Ramis.
kevjungle hopelessly wrong again as Jackie Mac extends his contract at Tannadice.
the exiled tim
20:19 on 24 February, 2014
The question shouldn’t be ” does he have previous?” but rather “does he want a future?”.
Correction: Doherty
thindimebhoy
18:31 on 24 February, 2014
“Morton” supporter on SSB says he will through his kilt in a river if the Scotland v Republic game is played at Celtic Park
Haaaaaaaaaaaaaaaaaaaaaaaaa
******
Hope he’s wearing it at the time!
HENDRIX67
I was christened, first confession, communion, confirmation and an altar boy there also.
All of the above……….
TET,
I wouldn’t worry about Lord Docherty’s integrity
HENDRIX67
I was christened, first confession, communion, confirmation and an altar boy there also.
When growing up there I seem to remember that the Chapel door was always unlocked so that one could go in and pray anytime of the day..??
Tom Molach
Good point
HH
…………………………
Clashcitybhoy
Would that be the same integrity that we were told Lord Nimmo Smith had ?
HH
Auldheid et al-does the new hearing have powers to make individuals pay back the “loans”(sic)? Would stop the likes of Rae and Captain Unbookable ,bleating every week about what state the huns are in,and how did it ever get to this? A wee look in the mirror would tell them.
Clashcitybhoy.
That’s what they said about Lord Nimmo.
Ditto St Thomas’s.
On what grounds would the Murray Group’s lawyers win a reduction from a 20 day tribunal to a 10 day tribunal?
Why would a Judge who was available for 20 days need to be stood down if the trial was actually shorter?
I suppose as Lord Doherty recently told Donald Trump to F**k off (http://www.heraldscotland.com/mobile/news/home-news/trump-loses-legal-challenge-against-wind-farm-plans.1392116349?_=175ffd01161b4f4fe6637b7fe5d67fac81bb8413) I’ll shift back into optimistic gear.
Well, lord Docherty is an ex-St Joseph’s, Dumfries scholar so at least he has had an education!
weeman67
I remember the doors being open as we’ll, Fr Centra liked the open door policy, must have been his Italian heritage.
I see that Lord Docherty is a former pupil of St. Joseph’s College, Dumfries.
Follow Follow will be pleased.
clashcitybhoy
20:26 on 24 February, 2014
TET,
“I wouldn’t worry about Lord Docherty’s integrity”
What about Lord Doherty? How is his integrity?