Big Rangers Administration/Liquidation Thread - All chat here!

[ayrmad]

Here's a picture taken from the main stand. What's that great big stand-like structure on the far side of the pitch?

Roddy Grant?

[Owsley]

Here's a picture taken from the main stand. What's that great big stand-like structure on the far side of the pitch?

Are you honestly saying you don't know the difference between a stand and a covered bit of terracing?

[Florentine_Pogen]

Rangers signed up to the SFA rules saying that the SFA tribunal is the last court of appeal. The FIFA rules don't dictate to national associations that they must allow appeals to COS, only that clubs may not take binding rulings from their association to non-sporting courts..

And by the same token, do the SFA not sign up to FIFA / UEFA Statutes ?

Edited May 29, 2012 by Florentine_Pogen

[Homer Thompson]

Holiday Pay, arrears of pay and pay in lieu of notice up to a limit of approx £410 a week are preferential. If it is not paid the government pays the employees and take over their preferential claim against the company.

As for the CVA proposal, if I were an ordinary creditor, my may question would be why does anyone think that Ibrox, Murray Park the club's other heritable assets shown in the balance sheet at £113m are worth just £4.5m? I am sure McDermid, New St Mirren Park, The Excelsior, Almondvale and others all cost more than that by a large margin. Then as you say, what about Whyte's security? Is it invalid and if so, why?

One reason that the CVA produces more for ordinary creditors is that because the heritable assets stay in the same company, as long as they keep paying the mortgage, Rangers will not have to repay the creditors with fixed securities other than as they currently fall due.

Fees are ridiculous and there are severe questions about how this admin has been conducted, especially in relation to redundancies which should have been dealt with early on.

I just cannot see this coming anywhere close to HMRC's requirements

But why the big jump? Would it be that all the employees would be made redundant and so all would have a claim? I get it now

I edited my previous reply but in a nutshell he doesn't have to pay this money but if he doesn't he wouldn't be given a cushy arrangement by the administrators and they would be obliged to asset strip to cover running costs and give the creditors more money, devaluing the club.

Legally you are right he doesn't have to but I'm sure any payments from Green to be made for running costs during CVA trading will be made before the CVA is concluded.

Ah, ok. Fair enough

Here's a picture taken from the main stand. What's that great big stand-like structure on the far side of the pitch?

Terracing

HTH

[GirondistNYC]

On a lighter note, Aiden McGeady's transfer fee fom Spartak would almost be enough to secure Rangers assets - history, brand, intellectual property, the Big House, Murray Park and the remaining players based on Duff & Phelps liquidation and NewCo valuations.

If anything hammers in how absurd the situation is, it's surely that.

[Happy Hibee]

Upheld. Defo.

[TheBeither]

Upheld. Defo.

Source?

[ayrmad]

Are you honestly saying you don't know the difference between a stand and a covered bit of terracing?

Give me six lines written by the most honorable of men, and I will find an excuse in them to hang him.

[Ross.]

On a lighter note, Aiden McGeady's transfer fee fom Spartak would almost be enough to secure Rangers assets - history, brand, intellectual property, the Big House, Murray Park and the remaining players based on Duff & Phelps liquidation and NewCo valuations.

If anything hammers in how absurd the situation is, it's surely that.

Aiden McGeady is more valuable than Rangers FC. That revelation might tip a few bears over the edge.

[Jim McLean's Ghost]

Apologies if I'm a bit late with this but it's a struggle to keep up....

From my reading of the situation, there's currently 3 secured creditors as follows with approximated values,

The Scottish Sports Council £505,000

Premier Property Group Limited £103,000 (if their whole debt is secured)

Close Leasing Limited £1,560,000

So were talking of in the region of £2.1M being removed from the £5M, leaving under £3m for the unsecured creditors, including HMRC & Ticketus (excluding the uncertain Collyer Bristows court case amount).

Ravelin

The document is vague on how much secured creditors are owed and what rights they wish to enforce. It doesn't seems like a great amount of money but there is pressure to accept with Green having contracts for the assets at a value where unsecured creditors get nothing.

[ayrmad]

Aiden McGeady is more valuable than Rangers FC. That revelation might tip a few bears over the edge.

I'm more valuable than Rangers FC.

[green and white]

just hurry up and liquidate them

[Jim McLean's Ghost]

Upheld. Defo.

Any word on SFA rules about appeals to CAS?

[Hipster Dufus]

This Death Star employee gives his reaction to Rangers' current plight outside the CoS.....

"I can commiserate and feel empathy for the tea ladies and backroom/admin staff at Ibrox. Working at the HQ of an evil empire is unnerving at the best of times."

[Ross.]

Can the SFA now punish Rangers for taking it through the Court of Session?

[ReasonableGeezer]

My link

Upheld

[Homer Thompson]

Rangers have won

Edited May 29, 2012 by Mr X

[Jamie_B]

Rangers have won their appeal. Referred back to the SFA tribunal. Surely the SFA tribunal should tack on a further disrepute charge for taking them to court and now expel them from the SFA post-haste.

[Kyle]

Cara Sulieman saying Rangers have won, and referred back to appeal tribunial...

Fireworks ah coming...

[xbl]

Twitter has Rangers winning. It goes back to the appeal court:

http://twitter.com/#!/carasulieman

Time for the SFA to grow balls.