Broken Algorithms Posted September 1, 2012 Share Posted September 1, 2012 Whats a floating charge? Heard it mentioned loads but I don't get it. Also, are ticketus still around or have this multi million pound finance house just given up quietly? I thought Ticketus were creditors and their input died with the deceased club? 0 Quote Link to comment Share on other sites More sharing options...
wunfellaff Posted September 1, 2012 Share Posted September 1, 2012 Whats a floating charge? Heard it mentioned loads but I don't get it. Also, are ticketus still around or have this multi million pound finance house just given up quietly? I thought Ticketus were creditors and their input died with the deceased club? It means that Craigy boy and Ticketus may still be on the scene, and with a hold on Newco. Liquidation means he can get his wedge back. The Rangers fans on here hate the source, McConville, but read it and wonder........... RFCG is the holding co for RFC(IA) RFCG(wholly owned by Craig Whyte) has a floating charge over the assets of RFC for whatever debt was owed by RFC to RFCG The floating charge is described on Form MGO1 at Companies House Form MGO1 is used to register ”Particulars of a mortgage or charge in England Wales and Northern Ireland” Meaning In the event of the liquidation of RFC the RFCG floating charge takes preference over all other Creditors. So all debt due to RFCG under the floating charge has to be satisfied before any other Creditor can be paid. When RFC went into administration the debt owed by RFC to RFCG was alleged to be £27.5m. D&P did not accept or reject this figure. They simply listed the RFC debt to RFCG as “TBA” in the Creditors List So it is open for any Creditor of RFC to challenge the validity of the £27.5m floating charge held by RFCG over RFC if and when CW made a claim against the assets of RFC when they are liquidated But Is CW likely to be remotely interested in making a floating charge claim over RFC assets when they add up to zero? Of course not and heres why On 24 March 2012 Liberty Corporate Ltd took out a floating charge over all the assets of RFCG Meaning In the event of the liquidation of RFCG the Liberty Corporate floating charge takes preference over all other Creditors. So all debt due to Liberty Corporate under the floating charge has to be satisfied before any other RFCG Creditor can be paid. When RFC went into administration the debt owed by RFC to RFCG was alleged to be £27.5m. D&P did not accept or reject this figure. They simply listed the RFC debt to RFCG as “TBA” in the Creditors List Then On 6 July 2012 details of the RFCG floating charge described above were registered with Companies House by Sevco Scotland Limited. using Form MGO6 This form is used to record “Particulars of a charge subject to which property has been acquired by a company registered in Scotland” ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,, This means that when Sevco Scotland acquired the assets of RFC(IA) they were obliged to register the Liberty Corporate Floating Charge over RFCG which in turn has a floating charge over the assets of RFC I`m no lawyer but it would appear to me that this obligation on Sevco to register an MG05s affecting RFCG and Liberty Corporate can only have one meaning Which is When Sevco purchased the assets of RFC(IA) it did not get a clean title to the assets.This suggests Craig Whyte agreed to the sale on condition that his floating charge moved with the assets. This claim is now formally registered by Sevco at Companies House as a claim against the RFC assets purchased from D&P Significantly Moving the floating charge with the assets ensures none of the RFC Creditors can challenge the CW floating charge without challenging the D&P sale to Green It also means Green can argue that Sevco has a debt of £27.5m This gives the bad guys an argument to siphon off £27.5m after the share issue in October 2012." 0 Quote Link to comment Share on other sites More sharing options...
FinnesTON Posted September 1, 2012 Share Posted September 1, 2012 (edited) Scottish FA chief executive Stewart Regan says Rangers must play in the First Division this season or Scottish football will collapse financially. Regan said: "There's really only one decision for the game now – that Rangers come into football in the First Division." http://sport.stv.tv/...first-division/ And, of course, there are many more supporting articles all over the webs. I found the ones from SFL clubs telling of blackmail tactics being employed against them particularly revealing. They say much about the integrity of the whores in the SPL. My favourite? Gilmour at St. Integrity. The Saints chairman was left stunned yesterday afternoon when news broke from a Hampden summit that the 30 SFL clubs had decided to block the admission of the Ibrox club's newco to the First Division. We can only wonder why he was 'stunned' enough to say this: "I just hope they realise the damage they have done to Scottish football." What you fail to grasp is those were the actions of Stuart Regan who was more concerned about his own position and business prospects than any rules. The SPL is a business venture with little concern for football, why would they ? they were all taken in by Murray and trying to compete at a level no one could afford. The fact they were struggling to fit a punishment not due to the laws but because of who was guilty tells you all we needed to know about the SPL. It does not matter what the SPL chairman thought would happen they voted to uphold the rules, in doing so they handed responsibility to the SFL. As far as all the supporters in the SFL we want you and anyone else whose club goes defunct and rises up from the grave. Edited September 1, 2012 by FinnesTON 0 Quote Link to comment Share on other sites More sharing options...
Stagmaster Posted September 1, 2012 Share Posted September 1, 2012 I am only going by figures posted elsewhere but i believe The Rangers televised games have had the largest audiences Aye, and how many of them are watching hoping that your team gets pumped? 0 Quote Link to comment Share on other sites More sharing options...
Umbungo1874 Posted September 1, 2012 Share Posted September 1, 2012 I think you actually believe this, most football supporters dont even look at these forums, most think its funny whats happens to Rangers but they are realistic that anything with as many supporters could never really just dissapear, you are a sad individual Nationalsozialistische Deutsche Arbeiterpartei 0 Quote Link to comment Share on other sites More sharing options...
beermonkey Posted September 1, 2012 Share Posted September 1, 2012 Something to read before bed. 0 Quote Link to comment Share on other sites More sharing options...
wunfellaff Posted September 1, 2012 Share Posted September 1, 2012 I said supporters not employees, at least try Supporters might have been its shareholders , in a year the share price fell from $90 to $15 then within a couple of months to a buck or so...........They disappeared shortly after 'cos there isn't much you can buy for a buck. Or is there??????????? 0 Quote Link to comment Share on other sites More sharing options...
Bairnforever1992 Posted September 1, 2012 Share Posted September 1, 2012 (edited) Mccoist David Templeton will entertain Sevco Supporters So you're saying that Ibrox is a circus club by the legend cookie the clown Chasbo Green? Edit for the link Edited September 1, 2012 by Bairnforever1992 0 Quote Link to comment Share on other sites More sharing options...
Bendarroch Posted September 2, 2012 Share Posted September 2, 2012 ^^^^ called a direct quote I think.......... Almost certainly an error in translation. Typical. Still, even if it's true (and who here would doubt the record) then McCoist is quite right to be offering the information. 0 Quote Link to comment Share on other sites More sharing options...
Bendarroch Posted September 2, 2012 Share Posted September 2, 2012 Something to read before bed. Best avoided if you are a miner 0 Quote Link to comment Share on other sites More sharing options...
Doink Posted September 2, 2012 Share Posted September 2, 2012 Why the fook is Cevco in senior fiba????????? Gala are a decent team (used to live there) who could put up application for the vacant spot after Rangers died/went bust Gala are a div 1 eos team who get crowds of about 50 on a good day. They are pish 0 Quote Link to comment Share on other sites More sharing options...
Henrik's tongue Posted September 2, 2012 Share Posted September 2, 2012 Eh, You do realise you are replying to the running costs of Ibrox etc....... ie excluding wages. The wage reductions wont help paper the cracks in that there is not enough income to pay rates, water, leccy, policing etc etc etc. Edit for timeline. Either one of two. 1/ Oct/Nov as income from season ticket payments cease. 2/ Feb/March if they struggle to Christmas they might sell a couple of duds but that wont tide them over for vey long. Third option will be if BDO reverse sale but that could take years. Whatever way you look at it the outgoing has been reduced with the big earners leaving the club. So you're giving March of next year at the latest for the club to have ceased to exist,i'm afraid you're going to be very dissappointed with that assertion and i would even give a charity bet on that. I'd take the bet actually wunfellaff. Mainly because of this: youngsy Posted 04 April 2012 - 19:17Rangers will be all right,bluenose. We won't be liquidated Eh, youngsy? 0 Quote Link to comment Share on other sites More sharing options...
Claymores Posted September 2, 2012 Share Posted September 2, 2012 See we can annoy obsessive little c***s like you. Billy boy 12 IDs - we can piss you off more by having a thread with over 6 million views taking the pish oot o Cevco - and the title/cup stripping party yet to come on the former Rangers ^^^^^^^^^^^^^^^^ Obsessed 0 Quote Link to comment Share on other sites More sharing options...
PeeTeeJag Posted September 2, 2012 Share Posted September 2, 2012 http://www.rangers.co.uk/news/headlines/item/1946-blog-sign-of-the-times Would bring tears to a glass eye. -1 Quote Link to comment Share on other sites More sharing options...
bennett Posted September 2, 2012 Share Posted September 2, 2012 Mccoist David Templeton will entertain Sevco Supporters So you're saying that Ibrox is a circus club by the legend cookie the clown Chasbo Green? Edit for the link Football is all about being entertained, if you're reduced to watching two teams sitting in and playing for 0 - 0 draws then the fans will dwindle. I want to see players up for the game and showing some skill and imagination so well said Ally. 0 Quote Link to comment Share on other sites More sharing options...
PeeTeeJag Posted September 2, 2012 Share Posted September 2, 2012 Have players like Black, Sandaza and Templeton gone to SevCo to improve themselves as players and play against the best? No. Have they gone for the money? Yes. Anything wrong with that? Not at all. But at least tell us that and stop treating the fans like weans by saying, well you all know the pish by now. Will these players make it to the SPL with SevCo if league reconstruction doesn't happen? No chance. They will be sold to make way for better "quality" players before they reach the SPL. (Don't believe me? See Charles Green's previous at Sheffield. Get players in near the end of their contracts or on a free then sell a year or two later.) Anything wrong with that? Not at all. But at least tel..........ach you know the rest. Are SevCo the biggest story in Scottish football? By far. Are SevCo even a story in football in general? Who are SevCo??? Are SevCo a big tv draw? Yes, but only because everyone without blue-tinted glasses wants to see them lose. Is Green still worrying most SevCo fans? Very much so. Are the fans doing anything about it? Eh, no. All hoping that if they tap their glittery blue shoes together and say, "There's no place like home. There's no place like home.", then the shitstorm about to hit will go away. Did SevCo bring in the 4/5/6 "quality" players their manager said they needed? Just 1. Must have been some explanation on the official website as to why and how the club will deal with this? Funnily enough, no mention. Green and McCoist best buds now? Outwardly they are "singing off the same hymn sheet". But most suspect that Ally knows his days are numbered as soon as the fans start calling for a change. Green won't be slow in replacing him. (See Green's time at Sheffield.) Any sign of investors such as Mike Ashley on board yet? Any minute now, soon, on the horizon, almost a done deal, just a sec, two ticks, asap. Ahhhh SevCo. The club that just keeps giving. Sorry, I mean "taking". 0 Quote Link to comment Share on other sites More sharing options...
wunfellaff Posted September 2, 2012 Share Posted September 2, 2012 From the Sun.......... SHAMED former Rangers owner Craig Whyte faces a £27million court showdown with finance firm Ticketus within a fortnight. The London-based outfit is suing him over personal guarantees they claim he supplied when they loaned him the cash against future Ibrox season ticket sales. It emerged Whyte, from Motherwell, used most of the money from last year’s deal to fund his purchase of Gers, paying off the club’s £18million bank debt. Under his ownership, Rangers went into administration in February — leaving creditors including Ticketus out of pocket. Last night a source said: “The case is expected to be heard by mid-September. Ticketus are determined to get their cash back.” Millionaire Whyte, who has a home in Monaco, was unavailable for comment. So, Whyte gets hit with a bill and calls in his floating charge on Newco as long as oldco is liquidated soon. Plausible........ 0 Quote Link to comment Share on other sites More sharing options...
youngsy Posted September 2, 2012 Share Posted September 2, 2012 (edited) I'd take the bet actually wunfellaff. Mainly because of this: Eh, youngsy? :lol: That was then at a time when i was trying to muster hope into bluenose as his morale was slipping,this is now when we are at a stage of rebuilding and we look forward with some confidence,laced with trepidition somewhat, but some confidence nevertheless that the dark days are mainly behind us. But i thank you for bringing to the fore a reminder of the dark days which undoubtably ensnared the club and support. Cunto. Edit too add,your in-laws need a good talking to. Edited September 2, 2012 by youngsy 0 Quote Link to comment Share on other sites More sharing options...
wunfellaff Posted September 2, 2012 Share Posted September 2, 2012 :lol: That was then at a time when i was trying to muster hope into bluenose as his morale was slipping,this is now when we are at a stage of rebuilding and we look forward with some confidence,laced with trepidition somewhat, but some confidence nevertheless that the dark days are mainly behind us. But i thank you for bringing to the fore a reminder of the dark days which undoubtably ensnared the club and support. Cunto. Edit too add,your in-laws need a good talking to. Tell you what Youngsy, re charity bet offer. If I am right I donate a ton to the charity of your choice, if you are right, vice versa. The Rangers must die before the start of next season and no 3rd Zombification allowed. *subclause 1 of 1 , as long as your charity isn't Cancer Research or RSPCA. 0 Quote Link to comment Share on other sites More sharing options...
youngsy Posted September 2, 2012 Share Posted September 2, 2012 Tell you what Youngsy, re charity bet offer. If I am right I donate a ton to the charity of your choice, if you are right, vice versa. The Rangers must die before the start of next season and no 3rd Zombification allowed. *subclause 1 of 1 , as long as your charity isn't Cancer Research or RSPCA. Sorted,to be paid at start of next season. 0 Quote Link to comment Share on other sites More sharing options...
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