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.
[calameo code=0003901710a55b5798f06 lang=en page=1 hidelinks=1 width=100% height=500]
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http://ichef.bbci.co.uk/arts/yourpaintings/images/paintings/aag/large/abd_aag_ag010703_large.jpg
Poor ole SDM – no Peploes left?
Here’s a souvenir :)
oh oh …Phil.s got Shiny Happy People playing …………braw
Phil MacGiollaBhain @Pmacgiollabhain 4 Min.
http://www.youtube.com/watch?v=iCQ0vDAbF7s …
I hope you’re all having a good one ;-)
We arra Peploe!
“Lord Tyre suggesting it might not be reasonable to grant the IA motion as it may put them into Insolvency.”
I’m no legal type but surely that is just wrong?
The guy either had an agreement with the club over salary/bonus or not……….the ruling should be on that alone, not whether the club can now not afford it.
Bawsman
Aye, but it’s scotland >}
HH
Bawsman
Never mind the evidence
Plus ca change
ET…………..Of course you’re correct…………Edinburgh to boot……………Silly me.
Anyone having problems with TSFM website?
exiled tim/ bournesoup
whit the…?! Baseless, unfounded paranoia.
You can do better than that.
j67
12:01 on 25 February, 2014
dontcha just love it that all the orcs problems
have happened in the internet age when we
can get reliable info thro, paul 67, brth phil
ect via twitter and cqn.
previous we would be having to take the spin
and lies from our inept and agenda based
msm
so i for one would like to thank all you ghuys
for your hard work keepjng us informed
_____________________
And never a truer word was said on here.
The Red Telephone
12:43 on
25 February, 2014
Anyone having problems with TSFM website?
…………………..
yep…its been wonky the last 2 days ….DOS from the far east apparently……is that Ayrshire ? braw
malceye
out of interest and in your educated view would it be normal for proceedings in a case such as IA versus the huns to be judged based on the evidence at hand or based on the fact the a company may experience a liquidation event if the correct judgement was to be afforded?
MWD
malceye
I did have a >} after the post.
Go on then, can you explain where Bawsman is wrong ?
He either has a contract or not, and plunging them insolvency should have no material bearing on his decision, yes-no ?
HH
On this link to businessweek for Laxey Partners it shows them as having Merged/Acquired Rangers International Football Club PLC on 5th June 2013. Anyone know what this refers too? Was it just shares in the company?
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=7642082
Recent Private Companies Transactions
Type/Date
Merger/Acquisition
June 5, 2013
Target
Rangers International Football Club PLC
auldheid,
In your earlier response to tamrabam, you said, “If HMRC lose then all ebts but those to De Boer and Flo were regular. If HMRC win then all ebts were irregular and LNS falls anyway as it is no longer a misregistration issue but paying players by unlawful means.”
Does this mean in your opinion that the LNS verdict will become null and void and that the SFA and SPL/SFPL would then be forced to go back to all matches that these compromised individual players were involved in and alter the match outcomes to reflect this new status?
Do you think that it is in any way possible that the trophies ‘won’ during this period would also be declared null and void and appropriate penalties applied to the guilty parties?
In my heart, I know the answers to my questions but I maintain that only a full and open public enquiry will get all of the answers into this unthinkable social scandal in Scotland.
AR
In the event of a HMRC win I will be expecting our Club to issue a strong statement highlighting how we were cheated out of many trophies and many millions. I’ve supported the Club keeping its council but in the event they’re found guilty, Celtic have to come out fighting.
new article posted.
Responding to claims that administration is days away Graham Wallace added: “We are constantly seeing reports about a financial crisis here. I don’t believe there is any crisis.
“I’ve said personally many times that there is no prospect of this business going into administration. As I work with the information on a daily basis, I’m probably more informed than anyone to make that judgement.
“You do wonder how many times you have to come out and give that reassurance before segments of the wider community will actually accept the statement at face value.”
————-
Hmm… I smell something not particularly pleasant!
I have a feeling we will shortly all be shouting “WHERE’S WALLY?” (as he walks away)
MWD,
ultimately it will depend on what is submitted. The hearing is not one of witness evidence but primarily on the basis of submissions and any documents produced. The judge will be trying to strike a balance between the evidence at hand and what may occur if the motion is granted. For example, I am not sure it would necessarily be in Mr A’s interests for administration never mind the defenders’. What seems to be assumed on here (other than that the judges and lawyers are members of Lodge Fantasyland no.13) is that Mr A’s case is a strong one. May be it is but if there is doubt about it, that might militate against any order. So there are a number of factors to be weighed and balanced.
One of the counsel involved is a Dandy Don so I’m not sure where that leaves the conspiracy theorists…
Auldheid
i know what you are trying to say
but if LNS knew he had a limited scope, and if he knew that a limited scope would prejudice the outcome and he chose to ignore that, then IMHO he, by his actions, is/was an integral part of the scottish life support system that is trying to keep the huns alive.
Not too dissimilar from the Hearing today apparently, or Doncaster and Regan, or Campbell Ogilvie
I cant help but come to any other conclusion about a so called learned individual, who should know better but chose to ignore relevant issues without even a comment
neustadt-braw
Far East? Edinburgh?
Game on anywhere??
Its on Alba at 10