DensDerry80 Posted May 29, 2012 Share Posted May 29, 2012 this is the plan: offer 1p in the pound CVA get it knocked back no choice but to liquidate and form a Newco get into the SPL without sanctions or debt claim the newco fc hates celtic to keep the punters on board 1year later everything is rosy 0 Quote Link to comment Share on other sites More sharing options...
Drooper Posted May 29, 2012 Share Posted May 29, 2012 If this CVA is agreed, I'll eat a 10 gallon hat full of white dug shite (including the hat itself....for pudding). 0 Quote Link to comment Share on other sites More sharing options...
Florentine_Pogen Posted May 29, 2012 Share Posted May 29, 2012 (edited) Hughie's proposed loan is conditional upon them retaining a licence to play in the SPL? Hence the reason Doncaster came out and said the SPL would grant them a licence ? Hence the reason when the H*ns go "BANG" Doncaster can say it was the SFA's / FIFA / UEFA's fault ? Or am I just havering ? Edited May 29, 2012 by Florentine_Pogen 0 Quote Link to comment Share on other sites More sharing options...
Drooper Posted May 29, 2012 Share Posted May 29, 2012 If the CVA fails, then Sevco are contractually obliged to but the assets for £5.5m. Good luck enforcing that clause. The liquidators might have a bit to say about it (and it won't be the Chuckle Bros). Indeed. This is truly laughable. 0 Quote Link to comment Share on other sites More sharing options...
Ivo den Bieman Posted May 29, 2012 Share Posted May 29, 2012 what an absolutely laughable excuse for a CVA 0 Quote Link to comment Share on other sites More sharing options...
Araminta Moonbeam QC Posted May 29, 2012 Share Posted May 29, 2012 1338296064[/url]' post='6283399']Hence the reason Doncaster came out and said the SPL would grant them a licence ? Hence the reason when the H*ns go "BANG" Doncaster can say it was the SFA's / FIFA / UEFA's fault ? Am I havering ? Not at all..... But surely this issue about the lack of accounts by 15th June means no licence? Wasn't that what happened yesterday? It seems so long ago...... 0 Quote Link to comment Share on other sites More sharing options...
Tam Servo Posted May 29, 2012 Share Posted May 29, 2012 How dare you. A Journalist of the first rank: Cara Sulieman @carasuliemanI like Binky and Jamie. The rest of them can stuff off. #madeinchelsea Expand Reply Retweet Favorite 20hCara Sulieman @carasuliemanThere should be a law which makes it illegal for men to go around barechested unless there's something worth looking at. Euch. Decision expected at 3.30 The one about fat guys cutting aboot shirtless when it's nice out? 0 Quote Link to comment Share on other sites More sharing options...
vikingTON Posted May 29, 2012 Share Posted May 29, 2012 CVA: http://www.rangers.c...5~177097,00.pdf Seems legit. 0 Quote Link to comment Share on other sites More sharing options...
Drooper Posted May 29, 2012 Share Posted May 29, 2012 what an absolutely laughable excuse for a CVA "We very much hope it will be accepted," Clark told BBC Scotland. 0 Quote Link to comment Share on other sites More sharing options...
Araminta Moonbeam QC Posted May 29, 2012 Share Posted May 29, 2012 The floating charge could be in excess of the estimated CVA pot of £8.3m (plus moonbeam chasing player transfer fees and Collyer Bristow 'win'). So amount available to creditors = £0.00 0 Quote Link to comment Share on other sites More sharing options...
Macshimmy Posted May 29, 2012 Share Posted May 29, 2012 Seems legit. Aye. I especially like the way they have valued the Freehold properties at either: 110m or 4.6m Depending on who is asking. Well Kosher. I wonder what happened to Sevcos 0001 through 5087? 0 Quote Link to comment Share on other sites More sharing options...
Florentine_Pogen Posted May 29, 2012 Share Posted May 29, 2012 Not at all..... But surely this issue about the lack of accounts by 15th June means no licence? Wasn't that what happened yesterday? It seems so long ago...... I thought it was the SFA that requires 3 yrs. audited accts ? Feck, I'm suffering information overload, brain beginning to get a bit frazzled...... 0 Quote Link to comment Share on other sites More sharing options...
Drooper Posted May 29, 2012 Share Posted May 29, 2012 Cue the HMRC winding-up order. 0 Quote Link to comment Share on other sites More sharing options...
Jacksgranda Posted May 29, 2012 Share Posted May 29, 2012 0 Quote Link to comment Share on other sites More sharing options...
The Master Posted May 29, 2012 Share Posted May 29, 2012 This bit is comedy gold: 2.10 The Administrators believe that this CVA will, if approved:2.10.1 Provide a better return to creditors than would otherwise be achieved on a sale of the business and assets of the Company or liquidation of the Company; 2.10.2 Ensure the continuation of Rangers Football Club in its current corporate entity providing the maximum opportunity to avoid additional football regulatory sanctions; 2.10.3 Allow an enhanced prospect of a successful application for a UEFA licence, which is required to compete in UEFA competitions (subject to satisfying the necessary UEFA regulations), thereby enhancing the business‘ value; 2.10.4 Permit the achievement of the primary statutory objective of the Administration in accordance with Paragraph 3 of Schedule B1 to the Act, being rescuing the Company as a going concern; and 2.10.5 Satisfy the strong preference of the supporters that the football club continues to trade within its current corporate entity. 2.11 The Joint Administrators therefore believe that it is in the best interests of the creditors to approve this Proposal. Taking 2.11 as the major premise for accepting the CVA, let's go through each minor premise one-by-one... 2.10.1 Provide a better return to creditors than would otherwise be achieved on a sale of the business and assets of the Company or liquidation of the Company; Perhaps. But your arbitrary figure of £5.5m could easily be challanged. 2.10.2 Ensure the continuation of Rangers Football Club in its current corporate entity providing the maximum opportunity to avoid additional football regulatory sanctions; Right...and why does that interest a creditor who will be paid from the cash currently (apparently) on the table and be told to toddle off? 2.10.3 Allow an enhanced prospect of a successful application for a UEFA licence, which is required to compete in UEFA competitions (subject to satisfying the necessary UEFA regulations), thereby enhancing the business‘ value; See above. 2.10.4 Permit the achievement of the primary statutory objective of the Administration in accordance with Paragraph 3 of Schedule B1 to the Act, being rescuing the Company as a going concern; and This bit reminds me of that episode of M*A*S*H where Charles defended Klinger, with his ultimate argument being "please find him not guilty, just so I can win". 2.10.5 Satisfy the strong preference of the supporters that the football club continues to trade within its current corporate entity. Lol, wut? Are they really using that as an argument for creditors to accept a pittance? 0 Quote Link to comment Share on other sites More sharing options...
ayrmad Posted May 29, 2012 Share Posted May 29, 2012 (edited) £8.3m-£3.9m-£3m=£1.4m They're having a laugh. £5.5m-£3.9=£1.6m Edited May 29, 2012 by ayrmad 0 Quote Link to comment Share on other sites More sharing options...
Araminta Moonbeam QC Posted May 29, 2012 Share Posted May 29, 2012 1338296377[/url]' post='6283422']Cue the HMRC winding-up order. Let's hope so. Someone has to end this charade. Estimated trading costs over the summer £3m, Duff fees £4m. There is NO money in the CVA pot. Whole thing is smoke and mirrors. 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted May 29, 2012 Share Posted May 29, 2012 (edited) If the CVA fails, then Sevco are contractually obliged to but the assets for £5.5m. Good luck enforcing that clause. The liquidators might have a bit to say about it (and it won't be the Chuckle Bros). The liquidators wont come in. The assets will be transferred prior to liquidation. To be honest, and maybe its just me, but that CVA poses more questions than it answers. A few "observations" 1) No mention of Whytes, supposed, floating charge edited to add - seems there is ... The Joint Administrators understand that, in respect of this security: (1) Group has confirmed that no debt is secured; and (2) Group has agreed to release the security concurrently with the approval of this Proposal. Whyte is listed as an unsecured creditor with the amount TBC As are the Bank of Scotland :huh: 2) No mention of where any transfer money from players sold in June goes 3) Greens sale has a bucket load of conditions - didnt H&D tell us it was unconditional? 4) On the actual figures - the sale of property is listed as c£4m if liquidated, but there is no cost attached in a CVA/newco. Its not included in the £8.5m/£5.5m sales to Sevco - why not? 5) The administration trading shortfall is listed at over £3m :-o 6) Total fees, including H&D and legal fees are over £5.5m for a CVA but over £6.2m for a newco or liquidation. Leaving aside the sheer scale of the costs, can anyone explain why it costs nearly £1m more to transfer to a newco or liquidate? 7) One of the notes says this 17. In the CVA and New Company scenarios, the amounts due to preferential creditors consist of outstanding holiday entitlement for the employees who were made redundant during the Administration trading period. In the Liquidation scenario, it is anticipated that preferntial claims would exceed the funds available to preferential creditors. Can anyone explain why? Edited May 29, 2012 by Mr X 0 Quote Link to comment Share on other sites More sharing options...
shull Posted May 29, 2012 Share Posted May 29, 2012 You paying for it ??? I pay for nothing. 0 Quote Link to comment Share on other sites More sharing options...
Florentine_Pogen Posted May 29, 2012 Share Posted May 29, 2012 For anyone wanting a wee break from all this H*nnery and schadenfreude, could I just inform the board that the Archers has just started on R4. Thankyew. 0 Quote Link to comment Share on other sites More sharing options...
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