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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Paul and others
I don’t think anyone come to conclusions without the full judgement her but I’m not convinced that this is a victory , or for that matter a defeat for either Ticketus or D and P.
On the plus side for D and P , but down side for Ticketus the decision indicates that the contract is valid but nothing about it gives Ticketus any right above other creditors. It is therefore NOT secured or guaranteed. That may be different from secure as Paul alludes.
I think , FOR THE MOMENT , Ticketus are secure in that the decision did not empower D and P to do what they clearly want to which is to tear the contract up and ignore it.
It seems , however , that one thing that D and P will be happy about is that the decision opens that possibility up but the Court won’t , currently , authorise it because the information it would need to justify that decision is not before it.
That information would need to show that it would be in the interests of the creditors overall to set aside the Ticketus deal. Without full details of the bids – currently the only way the creditors interests can be in any protected as the Co can’t trade it’s way out – it seems the court has said it isn’t possible to make a judgement to set aside.
There is nothing to stop D and P going back with further information but I suspect the bids are not solid enough to persuade the court to take such a decisive step against what it has today formally recognised as one of the major creditors.
That recognition is a problem for D and P because , had they been able to tear up the Ticketus deal today then Ticketus would not be a creditor whose interests they have to consider.
So a mixed bag then D and P lose in that the contract isn’t torn up and Ticketus are recognised as a Creditor but win in that Ticketus aren’t a preferred or secured creditor.
Ticketus lose because they’re not recognised as a secured or preferred creditor but win because they are recognised as a creditor and their contract not set aside ( albeit the door to that happening is left open for later ).
All of which explains Ticketus statement today that they want the sale to go conclude quickly and to them.
They will be destroyed by liquidation , unless new info comes to light to suggest they are secured , and possibly by the court if a fresh approach is made by D and P to the court with information to suggest another bid , conditional on Ticketus being set aside is in the interests of the Creditors , including Ticketus.
The conclusion? All still hinges on the big tax case. If that goes heavily against rangers liquidation probably follows with Ticketus losing but recovering from Whyte if he truly has guaranteed. He will seek to recover that cost from his security by taking every penny he can from asset sales or rentals.
I think a deal with the blue knights and Ticketus will be agreed( in principle until the tax case hits) because all the other deals will have been conditional on the Ticketus deal being set aside which the court today refused to do.
Evening All,
Before a drop of alcohol touches my lips , cough, can I just set out my wish list for the weekend:
1. The Super Hoops take their rightful place as SPL Champions on Sunday.
2. Everyone, either at the match or watching stays safe. Heady times folks – they are hurtin
3. Neil Lennon gets the reward he richly deserves. Great man to have in the trenches.
Hail Hail
Logical
Seems like the administrators want to cancel every thing going to free them of as many liabilities as possible. Why then have they not cancelled one of the easiest conttracts going; the current Rangers season tickets?
Every game after that gives rangers what they most need. Extra income.
It gets weirder by the day.
Auld hied …… If some prat me asks the question again, jist don’t answer … LOL ……… You just concentrate on your excellent / informative posts…..!!!!!!
Killie as big as 5/2 at home to Murderwell? I smell shoi..
Like me…… Silly iPad
Today is further evidence to back up our good friend The Exiled Tim’s belief that this is all going to end up in court cases for a very long time to come.
And that ain’t good news for the huns.
The administators are happy to keep Rangers limping along in Administration as it means more income to them.They can justify it by saying that they have interested parties who wish to take over the stricken club the facts are though anyone taking them over will have to have very deep pockets.The sands of time though are running out and the crunch is getting nearer day by day.H.H.
I expect the tin-helmet treatment after this but, I feel that I have to say this…
I’m concerned about Neil’s focus. I’ll tell you why.
1) I’m disappointed that, Neil hasn’t accepted any blame for, picking the wrong team last sunday! IMO!
2) I would much rather that…instead of saying that the huns will be the, hurting side…WE should be the hurting side! IMO!
3) Chris Commons, imo, was our best player last season. So,why is he not starting EVERY week ?
I know that he’s been injured for a period. But, imo, CC is out of the side because of, Neil’s ego!
Jinky fell-out with, BJS more often than not but, BJS didn’t let his own ego, prevent Jinky from playing!
Thats the way I see it!
Hail! Hail!
67 Heaven-come on,a bit harsh there…..:}
What would happen if the Huns didn’t buy season tickets but paid at the gate? Would Ticketus get anything?
KevJungle – “Lennons Lions Get Ready To ROAR!!!” on 23 March,
Never mind about the tin hat,I saw an old Anderson air raid
Shelter lying in a skip the other day………….I’ll just go and
get it for you.
How about this one for Sunday
The Four Tops – Don’t Walk Away
http://www.youtube.com/watch?v=FS2Z_4ZfkyE
Incidentally anyone suggest any way to review before posting on an iPad? I can only see so much of the pre publishing post and can’t scroll up to review
Hence the spelling and grammar errors…
The Ticketus statement said: “The court has made it clear today that the Ticketus contract cannot be breached unless there is substantial evidence that by doing so the administrators are able to significantly improve returns for creditors and improve the chance of returning the club to a going concern.
“Given the strength of the Blue Knights consortium’s bid, and Ticketus’s role in this, with its contract remaining valid and enforceable, we question the ability for this to happen.”
Ticketus said it would “do everything necessary” to defend its position and ensure its contract was honoured
the long wait is over on 23 March, 2012 at 18:41 said:
The conclusion? All still hinges on the big tax case. If that goes heavily against rangers liquidation probably follows with Ticketus losing but recovering from Whyte if he truly has guaranteed. He will seek to recover that cost from his security by taking every penny he can from asset sales or rentals.
===========================================
Yes, exactly.
It will all come back round and end at the feet of the original prophet of doom, Whytie (peace be upon him)…
‘And I looked, and behold a PALE horse: and his name that sat on him was Death, and Hell followed with him.’ Revelation 6:8
It’s Biblical!
Shirley Ticketus has covered itself with a charge over something tangible, just in case. Something like Ibrox? There is a reason Murray has them onboard and there’s a reason they fronted Whyte with the money.
Is there any truth in this rumour that the Huns are selling 43000 dunce’s caps on Sunday?
Hehehe – stupid huns.
bonbhoy on 23 March, 2012 at 18:48 said:
How about this one for Sunday
The Four Tops – Don’t Walk Away
http://www.youtube.com/watch?v=FS2Z_4ZfkyE
============================
Ha!
And for all you Hun lurkers, a dose of REALITY:
http://www.youtube.com/watch?v=fjFzUVCQ1vM
God Bless Pablophanque and all Tims gone before now. Our days have come.
Does anyone actually think Whyte will honour ANY guarantees with Ticketus,or anyone else? Me neither.
voguepunter on 23 March, 2012 at 18:48 said:
//////////////
That should do the trick m8! :o)))
Hail Hail
67Heaven … I am Neil Lennon..!!..Truth and Justice will always prevail on 23 March, 2012
Tonight I’m doing my Victor Meldrew. :)
Auld Neil Lennon heid on 23 March, 2012 at 18:41 said:
Cheers for that…… Confucius never warned us bout duff n duffer
Funny I see the Orcs buying black and red scarves to support the club they are my old School colours St.Josephs in Kilmarnock its a funny old World.H.H.
Sandman-God Bless Pablophanque and all Tims gone before now. Our days have come.
Spot on my friend,we all know a few .
Thomtheleeds
I think it’s becoming clears that they havent directly but have done so through the chain of
Rangers owe Ticketus
Rangers can’t/ won’t pay
Whyte has guaranteed Ticketus personally
Ticketus claim against Whyte
whyte has a floating charge/ fixed security over rangers and their assets
Whyte uses rangers and their assets to pay the ticketus claim against him
As sandman says above its all a big biblical cycle.
QEDCSC
Joe F- Do you think Keevins will see the red and black scarf as “sinister”?
Long wait over
All pash as court did not have to consider if CW is secured which he is and has admitted that Ticketus have guarantees from him.
Smoke and mirrors from D&D and we’re no further forward. Good.
Off to see Stewart Lee. Part of the Judeo-Catholic BBC comedy mafia. Top weekend about to kick off.
Dear Marjorie Proops @ CQN
I’m really a big big fan of our manager but I’m always coming on here expressing disappointment in something or other Neil has done wrong.
Am I
a) a wind up merchant?
b) confused?
c) a hun?
d) a Daily Record guff-swallower?
“Ticketus secure their £40m of tickets”…….”deal with Ticketus cannot be set aside”
Not or first time Paul67 is spouting nonsense.
A case of “lazy” and inaccurate journalism.
Off out for some beers.HH.
So if D&P try and bump ticketus for £24m, ticketus can say to D&P see you in court and by the way we agree with Hector and will not be agreeing to a pennies in the £ CVA.OR accept the Blue knights deal and give us our money over say 10 years and we will accept CVA.
Am I miles out in my thinking.
Confusedcsc
Bada Bing. It must be sinister that Ugly lot wearing good Catholic colours around there filthy necks doesnt get any more sinister. H.H. ;- )
setting free the bears on 23 March, 2012 at 18:57 said:
Dear Marjorie Proops @ CQN
I’m really a big big fan of our manager but I’m always coming on here expressing disappointment in something or other Neil has done wrong.
Am I
a) a wind up merchant?
b) confused?
c) a hun?
d) a Daily Record guff-swallower?
I think it’s c ……………….am I right???
Sftb
e) Kev
Housey is on now
http://www.spreaker.com/show/oaoradioshow
Paul67,
Very enjoyable articles today and hopefully the start of the Title securing weekend.
I must admit, although all the credit goes to Kilmarnock for the way they played the actual game, I am still gutted we never won that massive game last week.
Celtic were excellent up to the LC final last season and then turned in a poor performance then and to see the same thing happening again was very disappointing.
Neil is a young manager and he should have went with his strongest possible line up last week and I think, he himself admitted that he didn’t, when he talked about the players who got them to the Final being picked.
The lineup he picked was still a very good one and if they wanted to win it as much as Kilmarnock wanted it, then they would have. Hopefully it is a valuable lesson learned by both players and the management team for future finals.
On to the main event, Ibrokes, I really hope that we win the Title there because, IMO, there is little chance of us winning the Title next weekend on the Sunday because of the way the fixtures turned out. IMO, the Title will be ours either this Sunday or next Saturday.
I must admit if we can destroy them on Sunday by a good few goals then I would be happy enough that the LC Final loss was the required rocket up the jacksies to refocus the minds that enables such a memorable last ever game against the Huns.
Monday booked off work in anticipation of a massive Celebration.
No matter if Neil celebrates or doesn’t they still hate him and they will find something.
Neil celebrate and GIRFUT.
Tooheys
Don’t believe the court considered or were asked to consider if CW was secured. The questions were
Is Ticketus a creditor ? Answer yes Result. Good for Ticketus , bad for d and p
Is Ticketus a preferred creditor? Answer No result – good for d and p , bad for Ticketus
Can the Ticketus contract which makes them a creditor be set aside today? Answer no. Good for Ticketus , bad for d and p.
Can the Ticketus contract be set aside later ? Answer yes but only if more information is put before the court to justify it. Result – neutral.
Are