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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Want to watch Celtic in London, you have more choices than we have up here, fill yer boots mate.
http://londoncelticpunks.wordpress.com/celtic-pubsclubs/
DjBee BMCUW
The Tap & Barrel in Manchester Road used to be a Tim pub but not sure now. BMCUW will know and he’s probably missed your posting
it is Doherty ,isn,t it ……………….:) and a Lord no less ……Tommy Docherty on the other hand ..:) braw
S of T …you mean @@@@@@ or possibly @@@@@@@@@@
braw
What’s the chances of Lord Doherty proving his “impartiality” a la Walker, Nicholas, Provan & etc, and finding in “thems” favour?
I’m preferring Mr. Ahmad’s claims at this moment in time!
HH
South of Tunis
Good analogy on The LNS commissioning.
The SPL lawyers requested all correspondence relating to ebts and the definition supplied covers DOS ebts as well as the EBTs of the big tax case.
Vital information regarding DOS ebts relating to the details and why Rangers accepted the liability on QC advice was not supplied by D&P.
Apart from the language in the HMRC letter the witheld info contained a side letter to De Boer dated 30 Aug 2000. However LNS was directed to look at ebts and side letters from 23 Nov 2000 which was date of Flo’s side letter, which although relating to a DOS ebt was treated as a btc ebt. The lawyers would have needed the HMRC letter explaining the nature of DOS ebts to realise they were dealing with an irregular payment.
So the misleading began with D&P and it might be that they were unaware of the info witheld (benefit of the doubt).
However other info shows CO knew about the DOS ebts but by excluding the SFA from being the investigative body yet giving testimony to LNS, which made no mention of the DOS ebts, he was being disingenous and definitely has questions to answer even if only to clear his name.
The word disingenous in terms of not being totally honest and answering only the question, but avoiding addressing the real issue, is a term that describes to a T the culture at the SFA.
A gang of pharisees if ever there was one.
It’ll be long night on the nightshift for me tonight.
Surprisingly there’s as fair proportion of tims at night so they are warned not to tell me the score as I will record the game, plus no reading cqn.. Away to download a couple of films to watch tonight on the I-pad :))
yorkbhoy:
How stupid of me :-)
BMCUW,
“However,that fails to explain how he arrived at the conclusion that no sporting advantage was gained.”
That was always the part that really stumped me and had me questioning LNS!
How the hell could he ever arrive at that?
Anyway, I promised myself i wasnt going to get involved in the current issue because its a certainty they will somehow manage to come out of these proceedings in a better position than they should have found themselves.
HAIL! HAIL!
Token
BMCUW
Thanks for the link on HMRC numpties.
Like I said,hope they wipe the floor with Deadclub at UTT,then someone wipes the floor with them.
Both a shower of bassas.
Sipsini
Any sites for downloading movies to the iPad?
Kikinthenakas
What does ‘force majeure’ mean in the SPFL insolvency event rules? Can anybody give an example that a ‘reasonable man’ (sic) would swallow?
honest mistake! thanks a lot! :-)
Tonydonnelly, nice one that’s a great link! ok guys think i’ve got lots of options now. Thanks a bunch for the help!
Just a reminder that we still have a small number of places available for CQTEN – one CQNer ordered his table for ten, paid for it then asked us to split the money between Mary’s Meals for the CQN Malawi a Kitchen Fund and a local hospice.
This generosity gives us another table to re-sell and boosts the charity funds.
As announced last week the Kilmarnock game has been moved back to Friday 14th March and will kick off as those at CQTEN sit down to dinner. We have already sorted the big screens and TVs to show the match as we get ever closer to winning the league.
What better way to watch the game on TV than in the company of fellow CQNers at Celtic Park?
So if you want to order some tickets please email david@CQNMagazine.com
We also have virtual tickets – for those living too far away but who want to contribute and participate.
Email BRTH for info – editor@CQNMagazine.com
The new CQN book – Seville The Celtic Movement launches at CQTEN and will be available to pre- order shortly on the blog.
brogan rogan trevino and hogan supports oscar knox, mackenzie furniss and anyone else who fights neuroblastoma
09:17 on 25 February, 2014
According to the JC report for TSFM:
“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”
To me that sounds as if HMRC are saying that the “loans” will never be recalled, but that they will be repaid at time of death. How else could they be offset against inheritance tax? It sounds like a long-term loan to me, and that is just HMRC saying it, not the defence.
Am I missing something?
Big Nan.
It was not a Court of Law . It was an insurance job for ” the powers that be in Scottish fitba — It got the desired result ——” Look —–a Law Lord says ——” ( they knew the decision before Nimmo Smith made it -a double bind with Bryson for added security )
There is no objective evidence relating to Nimmo Smith s volition . There is lots of objective evidence re the nature of his commission and the very restricted nature of his terms of reference. Methinks the finger pointing would be more productive if it was directed at the self serving corrupt shysters that contracted the commission and framed the deliberately restricted terms of reference.
Surely if Lord Nimmo Smith was as good as he was painted to be, he would have made sure that any limitations regarding his brief were either addressed and pushed to one side or alternatively mentioned in his report
he left us and himself down, no matter which way i look at it.
End of
Seems as if the ‘brethren’ are ragin’ about Lord O’Dochartaigh (Doherty) being involved in the HMRC tax case. He is allegedly a Celtic supporter and share holder (no evidence of this) He is also a descendant of The rebellious Donegal Clan ‘The O’Dochartaigh’ a bunch of Celtic rouges and scoundrels who sacked Londonderry and slaughtered its inhabitants whilst perniciously rebelling against the crown and causing great distress to the good old innocent Scottish plantation folks who had simply immigrated to the empty and previously unowned lands in Donegal.
Tamrabam……
LNS is very good at organising………
‘Fact finding’ trips to Thailand with a few of his legal cronies.
The staff at Be My Guest pub / restaurant next to the Millenium Hilton in Bangkok assume you are a member of the visiting Scottish Law party,if they detect a Scottish accent from you.
kitalba @9 54
superior/ greater power .
I agree to sell you 6 palominos . Our contract says blah blah and blah but living near an active volcano means that I dont want to be contractually obliged to give you 6 palominos if the 6 palominos have been killed by a volcanic eruption —– that volcanic eruption is an example of force majeure .
Insurance companies like force majeure -they call it -” Gods will “
67Heaven … I am Neil Lennon, supporting WEE OSCAR..!!.. Ibrox belongs to the creditors
09:17 on
25 February, 2014
Neither Rangers International Football Club Plc or The Rangers Football Club Ltd have been in administration before.
South Of Tunis:
Cheers mate but I was rather wondering how The Rangers might best invoke it to their greatest advantage following an insolvency event.
Saw a couple of palominos on a farm just up the road from me at the weekend. I still want one.
They’re all corrupt, I found out who this guy was bellow, grand puba for the whole of scotlands trouser leg lifters, interesting read, then I went on search for him, bent as an Arabs dagger.
http://subrosa-blonde.blogspot.co.uk/2009/10/scotlands-hidden-judges.html
A rogue Whatsapp chain message doing the rounds,its spam bin it
Tom Molach
09:56 on
25 February, 2014
No don’t think you are missing anything.
If those are the terms of a so called real loan then they are the terms. If they were a sham they were a sham.
It does not matter.
What I think that passage gets at is that there was a written agreement about the repayment of the loans but notwithstanding that the tacit agreement was that they would never be repaid on the dates concerned, the interest would roll on and roll up and then used for tax saving purposes — thus showing that what was written down wasn’t even intended by the parties who were the agreements and so the tribunal should place no weight on the written documents.
kitalba.
Depends on what caused the insolvency . Human behaviour or a greater power . ? Ibrox is worth next to zilch if it has been burnt to the ground by a fire caused by a lightning bolt .etc etc.
They say there’s no such thing as a stupid question, but…
I was in the pub last night and tonight’s game against Aberdeen was advertised on the blackboard. However, according to website Football On TV – nothing.
Can someone advise? Is it on Al Jazeera or something? I find it difficult to believe that such an Edinburgh institution would break the law. ;-)
BRTH
Thanks for that summary which gets to the heart of the matter.
The very idea that you can make payments in football, a highly contractual industry where players and agents insist on having agreements in writing is risable. That Rangers even thought they could get around how things are in football says a lot about their wee arra peepul thinking.
On Bishop: I read his findings which I think were on the Aberdeen Asset Management final appeal and thought if he is the UTT judge then Rangers have no chance of winning HMRC’s appeal.
So when I saw the change I did wonder if he were excused to avoid accusations of having predetermined the result.
Putting a Tim judge in his place avoids that accusation on those grounds, whilst reducing the risk of leaning the other way.
Check your e mail btw.
kikinthenakas
09:53 on 25 February, 2014
You need to download it onto the computer first and then link it onto the ipad.
Brogan, Rogan,
Does legal entity defend the original tax case decision at the tribunal?
BRTH….
If the crisis money has come from a hedge fund then it is not a loan in essence.
It is a punt on futures….simple as that.
Kit
Not following you.
The entire Tax tribunal process has been undertaking by the Murray Group at all times if that is what you are getting at.
Hope that helps.
Couple of interesting posts on the RIFC Shares Discussion Board this morning.
“In a post last week I made a throw away comment that it might be quite convenient for Wallace/the board if admin happened due to something outside their control ie a court case outcome. Well today Imran ahmad apparently is seeking to arrest 750k of rangers funds on the basis that the company is trading insolvently. If that was to happen I suspect the loans yesterday will never be drawn down and the club would enter admin imminently. This could potebtially be an even more interesting day than yesterday. Funnily enough the board must have known ahmad’s intentions when the loans were announced and so this may have been the intention all along.”
“I mentioned this some time ago. If the judge rules that £750K should be ring-fenced then that puts the current board in a difficult position. I do not believe the club can lose access to the funds, but cannot say so in court as this would confirm what Mr Ahmad believes. I have long believed that the future and legacy of “Rangers” would be decided in a courtroom, likely many different courtrooms.”
Been away for a couple of days so just catching up on the news down Ibrox way.
30% interest?? Why would you charge such a punitive rate to a company that you own a stake in? Unless the long term good of that company isn’t your priority …
Still, on to Pittodrie tonight. It will be a difficult game and another clean sheet will do nicely.
EmeraldBee\o/ proud to be an internet bampot
10:38 on
25 February, 2014
Interesting, as you say.
One word of caution, and this is not aimed specifically at you, but some seem to attach extra weight to the postings from the lse.co.uk board. The majority of these people are just punters like you or me, and it’s an open board. It has nothing to do with the official London Stock Exchange. Just something to bear in mind.
WOOFT, WUT a rub.
https://www.facebook.com/tony.donnelly.773/posts/10151924572636611
Brogan Rogan
What I meant to say was HMRC are arguing that the initial judgement was wrong, is anybody arguing (QC) that it was in fact correct?