Hayseed
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Posts posted by Hayseed
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I love the bit where Fat Sally, "questions the timing" of the SFA's release, of reasons behind the sanctions. He's the one who's been shouting from the rooftops, demanding to know why the sanctions were imposed
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As soon as I heard "Wealthy Singapore Family" and "Sheffield Utd", I immediately thought "money laundering". Is it just me?
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His surname is Green. It's obvious where his allegiances lie.
So they'd rather have no club than one that is run by anything even slightly related to Celtic.
Fuds.
Surely even you know that Green is a religion, not a f****ing colour
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Thomo has his say
Either Rangers’ administrators Duff & Phelps have extraordinary chutzpah or they are men in the final stages of desperation.
Announcing the US trucking magnate Bill Miller as the bloke-most-likely to buy Rangers FC, they refused to take questions at what was absurdly described as a press conference.
Nor did they mention at any stage in this, the three really key things which have to be mentioned in connection with owning this club.
Not one mention of assured creditor Craig Whyte who, he tells me, wants, £30m. No mention either for the ticket company Ticketus who may require around £27m.
And the small matter of HMRC the taxman, who could end up due around £75m if the club loses a major tax hearing due any day now.
So Rangers fans – rightly – will need a lot of convincing on all of this.
Other fans will be outraged. Because what they’re attempting to pull off here is a huge tax avoidance and debt avoidance plan from the club already notorious for both.
It boils to this. D&P say: “Mr Miller’s proposal involves the use of a specially created newco (new company) in addition to the retention of the Rangers Football Club plc. The business and assets he proposes to purchase will be sheltered in a newco and returned to the plc once the plc has been ‘cleaned up’.”
Yeah – well they may use inverted comas for ‘cleaned up’. What does it mean? Who by? When? Who pays all these vast debts the plc could owe? What will Whyte, Ticketus and HMRC (taxman) say?
None of it answered.
Would you buy into any of this?
Non Rangers fans sense a massive sell out in which the plc will end up liquidated, the taxpayer shafted, RFC in the Premier League with few big punishments and any kind of sporting morality out the window.
Unlike other clubs who paid their tax, balanced their books – and got relegated.
That said, even Rangers look like being banned from Europe for a long time – several seasons. Many players will thus soon leave. They are banned (pending appeal) from buying new players for a season. Penalties for sure, but if they do manage to pull this off, nothing like the penalties many feel should be imposed.
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Are there any legal requirements/guidelines surrounding the selling of assets by a company in administration? It strikes me that any sale should be to generate cash which could go to pay creditors, and any sale of assets at less than optimal value would be not be in the best interests of the creditors (whom the admins are supposed to be concerned with).
Basically what I'm saying is can H&D sell anything they like to whomever they like at any price without any questioning of it?
Seems to be answered here.
http://www.companyrescue.co.uk/company-rescue/guides/guide-to-transactions-under-value
However, if the assets are unencumbered and are then sold below their proper value, or moved for no payment (consideration), then there is a possible breach of s238 Insolvency Act 1986 - Transaction at Undervalue.
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I would have thought the same, but I mentioned it about twenty times on here before they eventually accepted me. A bit dim.. I will keep it schtum now.
Good idea. Let's keep it between you, me, Parmour..........OH! and the 500 RM forumers on P&B
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This to me looks like what Rangers are doing (or some variation)
http://www.companyre...s/cva-hive-down
Its pretty shocking and basically lets them take the assets of the company and everything they want for next to nothing.
Its basically a new co but rather than buying the assets at market rate to pay the creditors they make them safe
and force a CVA through or wind up the old company.
What it confusing is how the ad-mins are allowed to do this.
In no way is this a great deal for the creditors. The best deal for them would Rangers being wound up and
the assets sold at market rate to create a pot or a fair CVA offer.
Hopefully the SPL/SFA do not let them get away with this without extreme sanctions.
I would imagine that this("transactions at an undervalue" which is a breach of s238 Insolvency Act 1986) would protect the creditors , would it not?
http://www.companyrescue.co.uk/company-rescue/guides/guide-to-transactions-under-value
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Singapore's Bill Ng has expressed frustration over negotiations with the main creditors of Glasgow Rangers, accusing them of tripling their asking price and 'not treating foreigners right'.
Anyone know what the asking price was?
Surely wee Maggie from the local paper shop didnae ask for more than 20p in the pound, after she was in negotiations with Bill
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With Ticketus already being in for £20 mill, I'd imagine that they're less than happy that the Blue Knights expected them to put up the £500.000 guarantee. The BK's ain't spent a penny yet.
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Basically, the main benefactors with any administration is the adminstrators. Its by far the best business to be in, they only go into businesses that there is money worth doing the job for.
Wish I'd known that when I left school
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They havent got any say in selling it, at the end of the day, Whyte owns the shares and he can decide to sell or liquidate, its his decision. It can be liquidated outwith his control but only he can decide if and who he sells the shares to.
So Haudit & Daudit don't need to bother their arse about the valuation of the club. They'll get paid regardless, and the creditors have no one fighting their corner.
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Does anyone actually know, if there is any incentive for the administrators to achieve a good deal for the creditors? Is there anything to stop them selling Rangers for buttons?
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If the rAngers sell players before the end of season, surely Lord Whyte of Govan will just pocket the cash?......
Tee hee, I love that venture capitalist.....
All assets are in the hands of the receivers. Whyte wouldn't get a penny.
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yes
Is that Yes & Yes? Or have you only answered the one question.
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http://www.bbc.co.uk/news/uk-scotland-edinburgh-east-fife-17560790
Wonder if they have room for a few more. I know some bears who could be homeless soon
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That's the whole point, they pretended it was a loan to evade tax, but it wasn't, it was contractual wages.. Whether it originated in a Murray Holdings account or a Rangers FC account, and was shuffled through an offshore trust, is irrelevant.
Prove it though. We need names on paper.
Bain saying that players got the same deal is not enough. He only drops himself in the shit unfortunately.
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Thieves, charlatans and scumballs, without a doubt. Hopefully the documentation will surface, to send them all down the swanny.
Until it does, we're struggling for a popcorn result here.
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So two employers?
So, if you get a loan from the bank, they become your employers........................OK
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http://www.bbc.co.uk/sport/0/football/17572133
Wednesday deadline for the bid.....................didn't say what Wednesday right enough
"administrators believe there are legal mechanisms to get the shares from Craig Whyte" Didn't realise that was possible!
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Check out http://rangerstaxcase.com/
In some ways I am hoping the club is 'liquidised' (Love that term) and the taxman gets next to nothing. I would think that will be the time for HMRC not to worry so much about the money but to get their revenge in. With the help of the documents uncovered through the administration, along with the police and Procurator Fiscal hound all those who benefited from the years of thieving.
Might wipe the smugness off Bain's coupon.
Listen buster, the Tax money is our money, I want every penny back
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If those on the receiving end of EBT's fired off a quid in the post today, surely they would be off the hook. If the administrators can't produce contracts, then who's to say what the repayment period was (50years?).
As for the Gers fans moaning about the SFA's lack of help during the administration period; what help do they expect, and what help did Dundee, Livi etc. get that they didn't?
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Well done Alex Thomson and Channel 4.
Nice to get Martin Bain's name in the frame. One of those perma tanned guys who wears these cut away collars which says 'I cannot be trusted'.
However despite the evidence Channel4 showed, with copies of letters and memos, I still want to hear it from Chic.
Chic 'you heard it here first' I am sure is the source of this explosive information, with backing evidence.
Chic ma wee pal, I am so looking forward to your pronouncements on BBC radio tomorrow.
You're forgetting that Chic and his pals already knew all of this. They are simply not in a position to reveal their sources, due to legal complications (aye right)
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We know that the Gers hadn't paid tax since Whyte took over. Will the adminstrators now be paying tax on all wages, or is the bill just getting bigger. Haven't heard it mentioned anywhere.
Can Haudit & Daudit get away with increasing the overall debt?
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Big Rangers Administration/Liquidation Thread - All chat here!
in Celtic v Rangers, Rangers v Celtic
Posted
If the panel have to backtrack on any of the previous punishments; I would imagine that they will have cooked up something pretty tasty to replace them. After all they did come out and state that the offences committed, ran a close second to match fixing.
No point in a monetary punishment, so fingers crossed for a wily curve ball aimed at the Ted's