None of you will be surprised at today’s opinion from the Court of Session in Edinburgh that Rangers’ deal with Ticketus cannot be set aside, despite some absolutely pitiful reporting to the contrary. It’s fine to get things wrong every now and then, we all get Duff information on occasion, but please….
It’s worth recording, Ticketus may only have paid £20m + vat but the tickets they own are worth in the region of £40m. High risk investments require a high return.
Rangers’ administrators argued that the deal inhibited their ability to rescue the company but the heroic Blue Knights submitted a bid accommodating Ticketus, undermining the administrators’ argument. If only the Blue Knights were in a position to strike a deal with Craig Whyte they could be regarded as helping the situation instead of being hapless fools.
Next up is HMRC, who have not capitulated and agreed to accept a few pennies in the pound. They have not agreed to accept anything less than all monies owed. Soon after that we will hear that no court has been able to set aside Craig Whyte’s security over Ibrox. The most underappreciated man no longer in Scotland remains the only person with a reasonable chance of phoenix-ing Rangers.
The first 26,000 (approx.) tickets sold to each Rangers game for the next three years are owned by Ticketus. In the event a phoenix occurs, Rangers will have to revert back to budgets from their glory days of the 1950s – we will soon be told this is a great omen.
If you are going to Ibrox on Sunday, take care and enjoy your visit. Take photographs of the occasion and send them in, we’ll perhaps use them on a future edition of CQN Magazine. It may prove to be the end of an era.
If you’ve not read the article below, about one of Jinky’s great performances, do so now.
Issue 7 of CQN Magazine is out now! Go to the dedicated magazine site here to read it properly (which you’ll not be able to do below).
Thanks to everyone who has bought a hard copies of the magazine, it looks like the sold out sign will go up again. Order your copy for delivery by clicking on the link below for news and views from Celtic supporters.
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On a more serious note than Celtic’s “tacks” problem – some thoughts re information which was either revealed or confirmed by Lord Hodge re Ticketus.
Quick summary – New or Extra Information from the Case
1 Rangers Football Club PLC (Rangers) was and remains unable to pay its bills as they fall due.
2 The application for the Administration Order referred to a £9 million liability to HMRC.
3 The administrators (D&P) want either to rescue Rangers with a share issue, or to sell off the assets of the company, in either event with a CVA.
4 D&P wanted the court to give them carte blanche to breach the Ticketus deal, without fear of legal action by Ticketus.
5 D&P based their original sale prospectus on the Ticketus deal being void, but had to amend this to include the possibility of it staying in place.
6 “Ticketus” is a combination of two Limited Liability Partnerships, Ticketus LLP and Ticketus 2 LLP, both consisting of a large number of companies under the Ticketus umbrella.
7 The Ticketus agreement was with Rangers, not with Rangers FC Group Ltd (Group) or anyone else.
8 The agreement was signed, and first payment of £20 million made, on 9th May, 3 days after the takeover.
9 It was proposed that Rangers would lend Group £16 million.
10 A second payment of £5 million was made six days after Martin Bain was granted a court order freezing sums in the Rangers accounts.
11 Notwithstanding any other argument D&P have, they are trying to have the Ticketus deal declared unenforceable on “financial assistance” grounds.
A rather longer analysis can be found here – http://scotslawthoughts.wordpress.com/2012/03/24/rangers-administration-lord-hodges-decision-re-ticketus-part-1-new-information/
More to come later!
Morning all, On this feast of Saint Patrick’s mucker, Saint Macartan.
Paul McConville’s latest offering
Hail, hail.
…..blow the whistle on that lot…….the games gone to Extra Time but the result is beyond doubt.
“Pheeep- Pheeep” CSC
Partizan
Motherwell @6/4 is the bet of the day.
I’m sure I posted the rules about SPL/SFA licencing of clubs so they can play in the league. To the best of my knowledge if Rangers don’t have audited accounts with the SFA by the end of next week, then either Rangers or the SFA rules and Articles of Association are toast. It is either/or.
Rule number 8.1 if I remember correctly.
The voice of reason – yeah right – keep dreaming pal
more –
If the administrators breach the deal, it is understood that the agency, while an unsecured creditor, would have to chase majority shareholder Craig Whyte for any losses.
And, while Whyte believes he has preferred creditor status with first claim on assets such as Ibrox and Murray Park, the court-appointed administrators believe this is invalid because there is no evidence he put any of his money into the club.
more wishful thinking. he paid a pound of his own money for the club – whyte owns the club.
Voice of reason
Did you type that surrounded by teddies and with a child’s keyboard on your lap?
I apologise, it is rule 8.1.1 in the Finance Criteria Section which unequivocally demands… Audited Accounts.
So Whyte’s hand possibly depends on those that will seek to ensure that there will always be a Rangers; almost certainly a NewCo Rangers.
Plan: Strip out assets. Obfuscate matters using various smoke, mirrors and coloured fish. Liquidate when Big Tax Bill and debts coalesce. Sell OldCo Rangers assets to NewCo Rangers. Disappear with a tidy profit. NewCo Rangers eventually morphs to plain (old) Rangers…business as usual…MSM rewrites history to fit their agenda…
What might upset the plan? (Aside form honest journalism and collective integrity.)
SFA/SPL implement their rules and punish appropriately?
UEFA implement their rules and punish appropriately.
Possible pre-planned collusion between combinations of Whyte\Withey\Betts\Ellis\Duff & Phelps\Grier\DMurray\etc exposed as illegal?
NewCo\OldCo Rangers locked in litigation.
NewCo Rangers fails.
A completely new Glasgow Club is formed by former upstanding supporters of Rangers 1873. A clean break is made. OldCo Rangers’ assets are not purchased or inherited.
Chris
SSN………………Ragers FC have requested that Celtic Fans should be on their best behaviour on Sunday as some of their best Stewards will be on the bench.
8 The agreement was signed, and first payment of £20 million made, on 9th May, 3 days after the takeover.
wow. he’s in the clear then?
Can anybody help? Everywhere I’ve been staying in the last few years,mostly Issan and far north,with cable tv., has Scottish football on one of the Goal channels.Now here in Pattaya no such luck! Only Goal +. Have stayed on longer here hoping to see tomorrow’s game as I am heading for the country next (no chance).
With thanks in advance for any information I receive or the same for. CQN updates as usual.
I’m not on Facebook anymore but I’ll never forget little gems like,
“Shower time – Woo Hoo”
or
“I’ve got an empty tonight” – Yee Haa
Paul McC 0905
Elequenlty put and much more interesting when matters come out in court, more court time coming up I hope and your reporting on them will further elucidate those in need.
HH
Voice of Gullability falls for Herald spin – hook, line and sinker.
Blind leading the blind.
The Italian Celtic Supporters Club
Hamiltontim
I might just have that bet. It would only make my £6 into £15 though. I’d need at least another 6/4 to go with it.
Whyte is being demonised as the root of all evil re Huns because it suits the media agenda
ie they are able to continue running nice stories re their beloved
slow motion car crash ghents , many of the great unwashed remain deluded
cold harsh reality will be difficult for them to take
hopefully this will begin with a damned good thrashing tomorow …proceeded with a `well draw today
Got one’s Saturday before hun humping swag on.
Partizan
Don’t have odds to hand but I’ll be taking Chelsea at home to Spurs and Norwich at home to Wolves, if that helps.
northbhoy
the fashion in which Duff &Duffer are racking up fees is hilarious
they seem to know what they are at …:¬))
anyone for a flag :¬))
Thanks Hamiltontim
That’s my bets sorted.
Voice of Reason……we feel your pain !!!
Hail Hail
Partizan
I should point out at this juncture that I’ve not had a coupon up this season!!!
I don’t have much left in my tank for remotely caring about their ‘plight’ – but I remain optimistic as long as the press remains optimistic about them. Just like the game tomorrow – I am happiest when they are talking up Rangers. And today and tomorrow you will hear people talk Rangers into being the form team – at best and – the team with too much pride to lose – at worst.
The plaudits for a management record which would get a Chelsea manager sacked, are nothing more than I expect. Long may they continue.
When I look at that malcontent, I see him, clear as day, applauding Daniel Cousin for poleaxing Stephen McManus. A wee, fat, training top wearing assistant manager revelling in what they do best. Revelling in what they do – full stop.
It’s apparent, to me at least, that they are being assisted through their malaise. The most accomodating administrators in the history of adminstration. A nepotistic SFA and a cap doffing SPL. And the press? What could you write? What could you highlight that would surprise anyone of 16 years and over?
Business as usual.
From Samuel Johnson through to Bob Dylan
– Patriotism is the last refuge to which a scoundrel clings
Steal a little and they’ll put you in jail, steal a lot and they make you king…
So the newly annointed ‘victims’ will roll up to purchase their flags.
And that flag is solely their to intimidate the Celtic support, make no bones about it.
Empty flag wearing rhetoric – we don’t do walking away.
They’re right, they don’t do much of anything. That’s why they’ve festered for so long with a worldview which would shame the Devil himself.
It’s good to know thet when the chips are down they can turn to cheap carny gimmicks like flags. Or square slice sausage (WTF?) or indeed organising a weed patrol so the reports from outside the red bricked facade does not, cosmetically at least, reflect the inner turmoil.
Everything they do tomorrow, everything they sing, every intent – comes from a belief that not only is it entitled, but that it is their right to do, say and act as they wish and that the world should bend to meet their casual moral bankruptcy.
We don’t need them. And they deserve only themselves and the hell they have created.
U
My wee ditty for ibrox on Sunday to the tune of discoland.
They are walk walk walking away
from thier taxes to her majesty
saying walk walk walking away
Where 9inarow is a fantasy
Ohh taxman shut them down
and make this a green and happy land
its a Saturday afternoon the huns have shopping to do
ohh, let me hear you sing now
ooohh HHHHHhhhhhhh
MMMMMmmmmmmm
RRRRRRRrrrrrr
CCCCCCCCCCccccccccc
it`s in The Herald …it must be true
jesus wept …is that the best one can do
See Wee willie bluenose has a job on the side.
http://www.bbc.co.uk/news/world-asia-17494812
A wee parody on the Hun’s latest new favourite song (other than We dont do walking away)….their “4 boys had a dream.”
One man had a dream
to kill a football team
he hadn’t a billion , a million , or even a tenner
but he still carried on
and they’ll soon be gone
Craig Thomas Whyte
A Hero was born
Du , du , du , du , du (instrumental bit)
We’ve had the Big Hoose, the Clown, Square Slice, wee flags and the fighting fund- which should just about cover the stationary bill.
D &P aren’t wearing masks, are they?
What dignity what an institution.
NogloatingCSC
uly
An accurate and hard hitting post, you certainly don’t miss them!!
Stephen McManus was sitting quietly in the Camphill last night..
must be injured…
Hope all you good people stay safe tomorrow.
Be warned, TFOD are itching for trouble and fully expect it.
BT
Bothwell?
HT
yes, Mrs BT out with ghirls from work….
said he was just sitting quietly nobody bothering him..
they had been to Riva before walking through to Boozer..
…with their notorious reputation for fighting…….and mayhem, you might have expected some comment about the horrible mob doing what comes natuarally to them – Win Lose or Draw.
Nup.
Apparently it’s all about us ‘gloating’.
Funny that.
They don’t like it up ’em. In fact the y hate it up’ em.
Up them.
HH.
BT
Met him a couple of times he comes across as a very humble, decent guy.
Bit like masel :-)))))