Big Rangers Administration/Liquidation Thread - All chat here!

[pollymac]

Ah of course...party at Mount Florida. But yes, any party should rightfully involve the two Glasgow clubs who've had to put up with all the shit in their city over the years. It must be horrific to have every degenerate mutant in Scotland descend upon your city for an old firm game every few months. And this comes from a Fifer...

I lol'd

[gastropod]

Maybe Craigy got the idea from the English Riots...wonder if looting could be added to any charges that might or not be forthcoming

you just invented a new crime wave ,,legalised looting.. get as much stuff as you can ,, charge it to rfc and f**k off,

[Desert Nomad]

I reckon Craig Whyte should get sports personality of the year

Haudit & Daudit for team of the year

[aidan-bufc]

Does David Murray still owe Murray Park and the car park around Ibrox? Having an argument with a Rangers fan and want to set this straight.

[pozbaird]

Haudit & Daudit for team of the year

Who gets 'oversees' personality?

[BigBadSaint]

My God just having the briefest of reads through that release.....just a laughable mess....of the few intersting points I've seen so far..........

The Playing Staff are by nature typically those with the highest salaries. Therefore in order to achieve the necessary cost reductions, the vast majority of the first team squad would have been made redundant, retaining only a small number with the highest transfer values. This would have resulted in a detrimental effect on the team‟s performance for the remainder of the season, which in turn would have reduced the SPL prize money to be received

So basically even now run with a squad way beyond their means to achieve a higher finish cheating other teams out of a potentially higher prize.

As at the Appointment Date, the Company had cash at bank of £3,373,170 which was held at Bank of Scotland plc. These funds have now been transferred to the Administration bank account to assist in funding the ongoing trading operations.

Despite the huge list of poor buggers desperate to get payment for their legitimate businesses they're going to use what they have to plough into further financing a failing business still losing money,

As at the Appointment Date, the Company was owed £3.8m from other football clubs in respect of deferred transfer fees which will fall due over a period of time up to 31 May 2014. The Joint Administrators may seek to accelerate receipt of these monies.

That just takes the biscuit when you see what they owe others and don't give a monkeys

The Joint Administrators‟ time costs for the period 14 February 2012 up to and including 31 March 2012 totals £1,199,356.

So what it's costing for these clowns to run things is basically the £1M a month reductions they made in running costs mainly from the salary cuts. For the period of this report, 14 February 2012 to 30 March 2012 trading revenue totals £1,020,234. So their monthly income only pays for the administators ....so debt is just going up despite the cuts?

[LordHawHaw]

Hmmmm..who's going on fire watch?

[EdTheDuck]

My God just having the briefest of reads through that release.....just a laughable mess....of the few intersting points I've seen so far..........

The Playing Staff are by nature typically those with the highest salaries. Therefore in order to achieve the necessary cost reductions, the vast majority of the first team squad would have been made redundant, retaining only a small number with the highest transfer values. This would have resulted in a detrimental effect on the team‟s performance for the remainder of the season, which in turn would have reduced the SPL prize money to be received

So basically even now run with a squad way beyond their means to achieve a higher finish cheating other teams out of a potentially higher prize.

As at the Appointment Date, the Company had cash at bank of £3,373,170 which was held at Bank of Scotland plc. These funds have now been transferred to the Administration bank account to assist in funding the ongoing trading operations.

Despite the huge list of poor buggers desperate to get payment for their legitimate businesses they're going to use what they have to plough into further financing a failing business still losing money,

As at the Appointment Date, the Company was owed £3.8m from other football clubs in respect of deferred transfer fees which will fall due over a period of time up to 31 May 2014. The Joint Administrators may seek to accelerate receipt of these monies.

That just takes the biscuit when you see what they owe others and don't give a monkeys

The Joint Administrators‟ time costs for the period 14 February 2012 up to and including 31 March 2012 totals £1,199,356.

So what it's costing for these clowns to run things is basically the £1M a month reductions they made in running costs mainly from the salary cuts. For the period of this report, 14 February 2012 to 30 March 2012 trading revenue totals £1,020,234. So their monthly income only pays for the administators ....so debt is just going up despite the cuts?

Carlsberg don't do administrations...

[LordHawHaw]

My God just having the briefest of reads through that release.....just a laughable mess....of the few intersting points I've seen so far..........

The Playing Staff are by nature typically those with the highest salaries. Therefore in order to achieve the necessary cost reductions, the vast majority of the first team squad would have been made redundant, retaining only a small number with the highest transfer values. This would have resulted in a detrimental effect on the team‟s performance for the remainder of the season, which in turn would have reduced the SPL prize money to be received

So basically even now run with a squad way beyond their means to achieve a higher finish cheating other teams out of a potentially higher prize.

As at the Appointment Date, the Company had cash at bank of £3,373,170 which was held at Bank of Scotland plc. These funds have now been transferred to the Administration bank account to assist in funding the ongoing trading operations.

Despite the huge list of poor buggers desperate to get payment for their legitimate businesses they're going to use what they have to plough into further financing a failing business still losing money,

As at the Appointment Date, the Company was owed £3.8m from other football clubs in respect of deferred transfer fees which will fall due over a period of time up to 31 May 2014. The Joint Administrators may seek to accelerate receipt of these monies.

That just takes the biscuit when you see what they owe others and don't give a monkeys

The Joint Administrators‟ time costs for the period 14 February 2012 up to and including 31 March 2012 totals £1,199,356.

So what it's costing for these clowns to run things is basically the £1M a month reductions they made in running costs mainly from the salary cuts. For the period of this report, 14 February 2012 to 30 March 2012 trading revenue totals £1,020,234. So their monthly income only pays for the administators ....so debt is just going up despite the cuts?

Just about sums up the thinking at ibrox, and elsewhere. Listening to former players and media fitba pundits highlights the complete lack of any critical moral assessment

[killingfloorman]

Fairly certain that if I went on a 135 million quid crime spree I'd get locked up Is there room in the Bar-L for all of them?

And before the apologists start bleating that they haven't been convicted of anything yet: Not paying taxes is a crime, as is buying stuff with no intention of paying for it.

[itzdrk]

currently watching: we dont do walking away

[NorthBank]

Maybe someone can explain this to me as I dont get it. The media keep saying that if Rangers go into liquidation then creditors get f**k all so they will vote for a CVA as 20p in the £ is better than nothing. But surely if Rangers are liquidated then the assets are sold off to pay creditors, and with assests of £125M creditors will get more with Rangers vanishing off the face of the planet?

[itzdrk]

Maybe someone can explain this to me as I dont get it. The media keep saying that if Rangers go into liquidation then creditors get f**k all so they will vote for a CVA as 20p in the £ is better than nothing. But surely if Rangers are liquidated then the assets are sold off to pay creditors, and with assests of £125M creditors will get more with Rangers vanishing off the face of the planet?

this is what me and hawk were talking about earlier actually

the debts outweigh assets though so i dunno how that would work

[Drooper]

I would suggest that the Newsnight feature tonight was the most brutally honest, realistic, and thoroughly enjoyable media representation of the Rangers situation thus far.

Bravo!

[killingfloorman]

this is what me and hawk were talking about earlier actually

the debts outweigh assets though so i dunno how that would work

Yes, however the assets outweigh 20p in the pound, although no one managed to answer my query a couple of pages back as to how the big hoose was valued at over 100 million

[pollymac]

Maybe someone can explain this to me as I dont get it. The media keep saying that if Rangers go into liquidation then creditors get f**k all so they will vote for a CVA as 20p in the £ is better than nothing. But surely if Rangers are liquidated then the assets are sold off to pay creditors, and with assests of £125M creditors will get more with Rangers vanishing off the face of the planet?

^^this.

Floating charges etc held against assets are also only held against the value of the floating charge, i.e. if Agent Whhyte has a floating charge against Ibrokes for £20m and the asset is sold for £25m, then £5m goes into the creditors pot. Conversely, if the players are sold for £20m and (presumably) no floating charge is held against them, then £20m goes into the creditors pot.

Regarding the value of the assets - I wonder if it's squeaky bum time in Grant Thornton's office yet.

Most tellingly, if they are liquidated, shares in Lyons are likely to head Northward (figuratively speaking)

[Araminta Moonbeam QC]

I would suggest that the Newsnight feature tonight was the most brutally honest, realistic, and thoroughly enjoyable media representation of the Rangers situation thus far.

Bravo!

I enjoyed it. Dispassionate, knowledgeable analysis seemingly without agenda.

Obviously, I enjoyed the bit at the end when she implied that they were totally f@cked the most.

[killingfloorman]

Maybe someone can explain this to me as I dont get it. The media keep saying that if Rangers go into liquidation then creditors get f**k all so they will vote for a CVA as 20p in the £ is better than nothing. But surely if Rangers are liquidated then the assets are sold off to pay creditors, and with assests of £125M creditors will get more with Rangers vanishing off the face of the planet?

Someone mentioned a few pages back that liquidation involves a thorough investigation of financial on-goings over the history of the company. - Thorough as in not carried out by the succulent lamb brigade. Seemingly EVERYONE ever involved in rapeepul is shittin' themselves about what might be revealed. Hence the CVA at all costs line from everyone, including Whyte.

[pollymac]

Yes, however the assets outweigh 20p in the pound, although no one managed to answer my query a couple of pages back as to how the big hoose was valued at over 100 million

The sale of land and houses (at both Highbury and just outside the Emirates) when Arsenal moved realised £150m or thereabouts. This was at the very peak of the London housing market.

Ibrox must be worth at least 2/3 of that given it's obvious prime and somewhat leafy location

Murrayfield and attached land in the almost derelict Roseburn area is booked at half Ibrokes. Celtic Park, IIRC, is booked at marginally over a third.

[itzdrk]

Yes, however the assets outweigh 20p in the pound, although no one managed to answer my query a couple of pages back as to how the big hoose was valued at over 100 million

ibrox & murray park are valued TOGETHER at just over £100m works our roughly £55M each

the car park is valued at £2m