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Big Rangers Administration/Liquidation Thread - All chat here!


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I've been glued to this thread since day 1 and have ploughed through all 19,000 replies.

I'm now going "off the grid" for 6 (six) days solid - God help me when I log back on again next Friday! I don't know if I want the Bad Ship Rangers to have sunk by then or not... :unsure:

You're going to have to set aside 1 day (at least) to plough through the pages that will accumulate in your absence, it takes me about 30 minutes to 45 minutes to catch up on the overnight posts alone!

I went out the other day for just over an hour and when I came back in there were about 4 pages to read - can't remember which particular deadline/crisis/press statement that was. It's taken over my life, I tell you! laugh.gif

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Just read on RTC site (I know) that Bill Miller only owns 3.35% of his company. Having sold it off in tranches over the years. Sometimes to pay company debts. The company is worth £111million according to Forbes magazine.

Having also been divorced in 2007 (probably costly) and now with a fancy piece to keep happy. Has this guy really got the clout to buy Rangers?

Or is he another Craig Whyte.

Don't know whether RTC site are right about the 3.35% stake that he owns but they seems to make sense what they are saying.

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Its hilarious to see posts from fans of SFL clubs talking about "sporting intergrity" and the SPL being "invitational" when their own league is invitational and has no automatic promotion / relegation.

Quality irony lads, keep it up! :D

Oh well, I suppose 2 promotion/relegation spots is better than one.

Let alone the stadium requirements.

Edited by Chuckinho
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It was actually meaningless - EFFC are solid mid table 2nd Div, never gonna win the Scottish Cup or League cup again. We had a good SC run which was income and paid some debts off faster than we planned.

Really if the Soccerboys stay in SPL it is meaningless to us except as a point of principle

If SPL fans can't be arsed complaining aboots it, then it is also meaningless and just think less of yez

Sorry mate, but that's where you've shown yours. You have none, because it doesn't affect you. Self interest right there in your own words. Go back to your own boards if you don't care that much.dry.gif

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With the tax problems at Ibrox HMRC looks set to get the keys to the big hoose. The plan to rename the famous stadium the Inland Revenue Arena....or the IRA for short.

Plans not confirmed however, they're just provisional.

LOL!

Borys

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His reading is fine,comprehension's his problem, and being a bit of a knob.

I stand corrected, but I will correct your statement also sir/madam.

Edit - you may be of any gender

Edited by SlipperyP
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Just read on RTC site (I know) that Bill Miller only owns 3.35% of his company. Having sold it off in tranches over the years. Sometimes to pay company debts. The company is worth £111million according to Forbes magazine.

Having also been divorced in 2007 (probably costly) and now with a fancy piece to keep happy. Has this guy really got the clout to buy Rangers?

Or is he another Craig Whyte.

Don't know whether RTC site are right about the 3.35% stake that he owns but they seems to make sense what they are saying.

According to data from the Nasdaq stock exchange, Miller has significantly reduced his personal holding in Miller Industries from 679,619 shares to 305,401 in the past year. He owns less than 3% of the issued share capital. - Herald

Also David Hillier has been doing a lot of work answering question on Twitter which is well worth a look. Taken from his feed (@davidhillier)

Ok, in summary based on official US filings, Osiris database, US legal databases, google search, wall street journal searches. Accounts.

Share sales: 162 separate transactions since 2005. Most times sold shares back to Miller Inds in small amounts. Revenues~ $30m before tax

Last share sale 4 April 2012. Reduced holdings in Miller Ind by 55% over last year. Shares: 342755; value of shares: $5.5million

Held 1m (>10%) shares in struggling Healthsport Inc (formerly 4 different names). Company posted losses 8 years running. Not an executive.

Conservative business model for Miller Inds. Execs expected to run tight ship than go for short-term profits. Conservative pay structure.

Firm loyalty important. Only two components to exec pay: salary and cash bonus. No stock options.

Miller pay: he is due same salary as CEO but has refused pay rises in most years. Even in 2011 after top performance, refused pay rise.

Context: salary structure BM is very unusual in US. Most in his position will have executive options and other long term incentive plans.

Income: salary: $319,727. Refused bonus and refused pay rise even though he was due. Dividends in 2012: likely to be ~$160,000. Before tax.

Business style: BM is a value builder rather than pursuing fast growth. No evidence of expropriating wealth from company for own benefit.

Business Style: Loyal with strong family links and business networks. 65 now and likely to pull back on operational side. Son now important

Legal issues: difficult because US data. Antitrust investigation. This isn't a slight on BM, simply that Miller Inds had become too big.

Miller has investment in other companies but am unable to get access to this info because they are private firms and need to to get data.

BM finances: tens of millions $. However, not that important because well run company should not need owner investment. Organic growth.

The "problem" the RTC blog has is that they can put out all the factual data they like but they're seen as partisan so certain sections of the interested public won't entertain anything said on there.

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By all account the new deal, that they supposedly signed in November 2011 was for 80m (all in), a % would be shared between all 12 clubs, then a payment for each club for live matches. Every week it's either Celtic or Rangers on the box, therefore they collect the biggest % of match day live payments.

In England about 5 years ago (sorry don't know now), the bottom club of the Premiership received 40m, before live match day payment. The SPL whole payment is less than the 2 bottom clubs. That shows you how irrelevant SKY think of Scottish football, we are just a sideshow, like the diddy wrestlers before the main event of Big Daddy & Giant Haystacks. Nobody cares.

That's not strictly accurate. There is no extra payment to clubs if their matches are shown. The split of money is purely based on league position.

I will speak for myself only here.

If Rangers were to be relegated to the third division, this would seem to be being punished severely (apart from, kicked out of football) to the maximum. This would then default that it would be acceptable to go along to watch. (Not me, travelling expenses a bit too high). The reason I am saying boycott Rangers games is simply that they should not be let into the TOP league as a newco.

Example: If I became a billionaire just like Mr Whyte and took over Forfar Athletic, I had money to burn. I changed the company into SlipperyP Forfar, should the SPL open it legs and welcome me with my millions. After all I could bring top international footballers to Station Park, SKY TV would want me, why not eh!

Who needs promotion when you are a big club, we just stay in the top league (always). No matter what.

If you got promoted from the 1st Division and had a decent stadium (or an agreement to share with someone), then yes, the SPL would accept you. They let Gretna in.

If you took over Cove Rangers and pumped money into the club, would the SFL let you in?

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