Magnethead Posted May 30, 2012 Share Posted May 30, 2012 "And why did you not just get rid of all those players on day one?" would be the only answer required. "because we arra peepul and we kin dae whit we want, wur bigger than the SFA, SFL, FIFA an aw the other diddy tems pit the gither" would have been the reply, maybe not verbally but certainly by their actions. 0 Quote Link to comment Share on other sites More sharing options...
Jim McLean's Ghost Posted May 30, 2012 Share Posted May 30, 2012 More to the point, and as in your face as you'll get, hypocritical even, the money they're putting in is a loan, so how's thaht not more debt? Somebody should put that to him at a news conference. A loan is standard in these cases. Green owns 85% of the club, they aren't allowed to issue new shares so there isn't really another way to invest capital that isn't a loan. Makes no difference anyway, Green's group are essentially loaning money to themselves, so it isn't really new debt, it is investment capital. I had a look at what it cost Motherwell for administration cost which lasted nearly 2 years. Total cost was £407,000 a mere fraction of Rangers admin costs. While Motherwell admin was not as complex we did have litigation with the Inland Revenue and had to deal with Failkirk trying to cheat their way into the SPL. Administration and legal costs at Rangers are so high that they get more than the creditors. (C&B lawsuit pending) -1 Quote Link to comment Share on other sites More sharing options...
Florentine_Pogen Posted May 30, 2012 Share Posted May 30, 2012 The knock on effect will be a delay in the publication of next season's fixtures. So this rotting carcass will still be having an effect on next season ? All the more reason for the SFA to pull the feckin' trigger NOW. 0 Quote Link to comment Share on other sites More sharing options...
itzdrk Posted May 30, 2012 Share Posted May 30, 2012 Wait a minute, did the SPL kill the Green CVA? Look at the conditions. can you explain please or link me ? 0 Quote Link to comment Share on other sites More sharing options...
Ross. Posted May 30, 2012 Share Posted May 30, 2012 Aye, like that reply would stand up to scrutiny. As if much they've done so far would! 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted May 30, 2012 Share Posted May 30, 2012 Tee hee http://www.accountan...gbp179m-rangers Wow. They'll be knocking on the door of the Ibrox Newsagent demanding more dosh for acting on his behalf.. 0 Quote Link to comment Share on other sites More sharing options...
ayrmad Posted May 30, 2012 Share Posted May 30, 2012 can you explain please or link me ? What a chat up line. 0 Quote Link to comment Share on other sites More sharing options...
rustyarabnuts Posted May 30, 2012 Share Posted May 30, 2012 Tee hee http://www.accountan...gbp179m-rangers that could be CVA fooked then ....bye bye rankers 0 Quote Link to comment Share on other sites More sharing options...
Drooper Posted May 30, 2012 Share Posted May 30, 2012 you should have all gotten your rods out, it would have saved you hours of frustration Phnarr, phnarr 0 Quote Link to comment Share on other sites More sharing options...
itzdrk Posted May 30, 2012 Share Posted May 30, 2012 Tee hee http://www.accountan...gbp179m-rangers 0 Quote Link to comment Share on other sites More sharing options...
chico Posted May 30, 2012 Share Posted May 30, 2012 Tee hee http://www.accountancyage.com/aa/news/2180847/administrators-run-gbp179m-rangers wow! Think we can assume the CVA won't go ahead then. 0 Quote Link to comment Share on other sites More sharing options...
Florentine_Pogen Posted May 30, 2012 Share Posted May 30, 2012 (edited) Tee hee http://www.accountancyage.com/aa/news/2180847/administrators-run-gbp179m-rangers "According to details contained within proposals to place Rangers into a company voluntary arrangement (CVA), the administrative team has run up about £5.5m in fees for their work in compiling an exit from administration. However, as a supervisor of the CVA, the team is likely to add a further £6.2m, and another £6.2m as liquidator, to its tab. A CVA and liquidation process can run for several years, but no details have been provided within the proposals as to the estimated timescale for Rangers' CVA. The £5.5m fee for the administrators' work so far includes time costs and legal fees for several legal actions, including forcing ex-owner Craig Whyte's lawyers, Collyer Bristow, to hand over £3.9m and a separate legal action against them, which is due to finish later this year. The administrators also managed to convince bidder Sevco to transfer £200,000 for running costs in exchange for exclusivity rights to the club. Sevco, a consortium of investors fronted by Charles Green, are willing to advance Rangers £8.3m following CVA approval." Edited May 30, 2012 by Florentine_Pogen 0 Quote Link to comment Share on other sites More sharing options...
Broccoli Dog Posted May 30, 2012 Share Posted May 30, 2012 I'm no accountant and know sod all about the admin process, so the article might just be a bit of mischief making. Maybe there are some legal types on here who could comment. 0 Quote Link to comment Share on other sites More sharing options...
ayrmad Posted May 30, 2012 Share Posted May 30, 2012 Tee hee http://www.accountan...gbp179m-rangers Obviously Celtic didn't bother patenting their calculator. 0 Quote Link to comment Share on other sites More sharing options...
HibeeJibee Posted May 30, 2012 Share Posted May 30, 2012 (edited) SPL statement: So the 3 relevant decisions are... [1] from now on it's an EGM of clubs, not the Board, who'll consider Newcos: but they can pick a punishment so the previous proposals are redundant; [2] you'll now get deducted 1/3 of previous season's points for admin if finished with 30+ [3] punishments for late taxes + wages Edited May 30, 2012 by HibeeJibee 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted May 30, 2012 Share Posted May 30, 2012 Wait a minute, did the SPL kill the Green CVA? Look at the conditions. I cant remember the exact wording, but was it not something like receiving "assurances" from the SPL and SFA that Rangers could continue to play in the SPL? The liquidation process won't be complete until all the liabilities have been addressed. In practice the money from the sale of the assets would go into the bank until the liquidators were satisfied that there would be no more claims - then it gets divied. There is absolutely no chance of the club being formally wound up prior to the tax case being decided. But what impact would it have on the newco? Presumably none. In the event of the oldco being liquidated, what happens to the newco? At the time of Millers 'incubator' scheme there was talk of the oldco owning the shares of the newco and other stuff. I dont think we ever really go to the bottom of what all that meant. Tee hee http://www.accountancyage.com/aa/news/2180847/administrators-run-gbp179m-rangers Man alive! 0 Quote Link to comment Share on other sites More sharing options...
)typically Posted May 30, 2012 Share Posted May 30, 2012 (edited) You are all saying a CVA is unlikely on the basis but the article, in Accountancy Age, clearly states that in the event of liquidation their fees will be an extra £6.2 million. That makes liquidation even less attractive to the creditors surely. edit to add: MLM Solutions link Edited May 30, 2012 by Cammy35 0 Quote Link to comment Share on other sites More sharing options...
dave.j Posted May 30, 2012 Share Posted May 30, 2012 You are all saying a CVA is unlikely on the basis but the article clearly states that in the event of liquidation their fees will be an extra £6.2 million. That makes liquidation even less attractive to the creditors surely. edit to add: MLM Solutions link who will you follow follow when your cheating club dies? 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted May 30, 2012 Share Posted May 30, 2012 Just realised the SPL Board meeting about dual contracts, going on now, could be about whether they've received all the info they demanded from Duffman. The deadline issued last week was for about now, and sanctions were promised if they didn't comply. Could be more juicy nuggets coming out today.. 0 Quote Link to comment Share on other sites More sharing options...
)typically Posted May 30, 2012 Share Posted May 30, 2012 who will you follow follow when your cheating club dies? Im still hopeful they will not. 0 Quote Link to comment Share on other sites More sharing options...
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