Big Rangers Administration/Liquidation Thread - All chat here!

[adundeemonkey]

Shares now down over 15% for the day.

[Ken Fitlike]

Why all the sevco glumness? The teams going for a world record points tally and have won 2 titles in a row?!

I dont get why they are upset over some companys figures?

aye, it's the Company that's in the shitter. The Club should sail on blissfully....

[Romeo]

Given that the Sevco share price has dropped more that 15% today, would this be the time I should invest in some shares?

[bennett]

Given that the Sevco share price has dropped more that 15% today, would this be the time I should invest in some shares?

Aye you could maybe buy 5 and half....

[aDONisSheep]

but what if graham wallace is in the right and he is trying to go about rangers in their best interests?

there will be an reorganisation of the structure of the club all aligned to move the club forward on the 5 key objectives in the football strategy mentioned in the review.

what if rangers do start moving in the right direction?

and how would dave king and his supporters groups react?

I'll be honest and say that I was worryingly surprised at how well Wallace came across at the press conference.

I still think his recovery plan was fanciful (nee ridiculous) but his short term plan is better than anything NewRangers have previously produced (see post passim where Stockbridge was banging on about £100m turnovers etc.).

He's got his work cut out to deliver, but if he can keep the ship from listing too badly for another 8-10months, then they could work in alternative exit strategies (if needed).

As for King. He needs to feather some spiv nests if he wants to be taken seriously. Then he might have the influence he desires.

Yours

aDONis

[ribzanelli]

aye, it's the Company that's in the shitter. The Club should sail on blissfully....

I just listened to the Wallace press conference on STV there and all his corporate talk only ever mentioned the club, I don't remember a single reference to the company. Its almost as if the club/company separation was a load of smoke and mirrors to keep the fans on side. Shurely shome mishtake.

[Finbar Saunders]

If there is a 2nd admin will that be 2 Armageddons I've lived through? Is this a world record?

[EdTheDuck]

Ah, the halcyon days when SevcoRangers were still under the benevolent eye of "twa-sarks".

A hundred million quid you say, no problem for SuperSevco! What with the not onerous at all contracts we're signing up to, and all!

http://tinyurl.com/qxbd2mo

What the actual f**k

[aDONisSheep]

Is it a coincidence that both the home and shytter signs point the same way?

[Ken Fitlike]

Wallace rules out administration

Rangers chief executive Graham Wallace insists he did not consider placing the Ibrox club into administration for a second time at any stage during his 120-day review of the club's books.

has anyone got the date for when they came out of administration the first time?

[hellbhoy]

The Ibrox Super Casino Multiplex will be a cracker next to the govan Toys 'r' Us and ASDA.

The Govan casino is in full swing and is hovering over Ibrox if you haven't noticed , the fans have been betting on returning to their rightful place stopping ra sellick at all costs to stop the 10 in a row and it looks like the bet on the wrong donkey being flogged to death. poor poor wee daisy never stood a chance.

[Gibby82]

Take it the Sevconians, in the interests of consistency, will take the 25 points deduction on the chin and not attempt to argue that this is the new club's first insolvency event?

[Hipster Dufus]

"the 142-year-old outfit"



Does that mean the OldCo were formed in 1870?

[Hey! Ho! Jambo!]

This is all the tarriers doing.

[Bing (2)]

Well what can I say, apart from it is almost exactly what every bugger bar some Bears have been saying since the club started,

Glorious Bear on Bear action on all forums, a happy ambiance everywhere else. All is right with the World

But wait.

Whats that you say? The fans will save them?

remember this purler from 2 years ago? That worked out well :D

She had been battered, raped and pillaged for several months. Every fresh blow seemed to bring her closer to that final crushing blow. Like a wounded animal she tried to stand on her feet, to regain her dignity and honour, but the attacks were relentless and to the shame of all, none would come to her aid.

And finally, after what seemed like an eternity, the end was near. The Haters, Vultures and Ghouls made their way towards Ibrox for the telling knockout blow. In the interests of “sporting integrity” a boxing referee was enlisted to deliver the final count.

At the doors of Ibrox they were met by two sentinels who barred their way. Alistair McCoist and Lee McCulloch. It was pointless asking them to move. Neither would walk away.

“Start the count” demanded one of the haters. And so it began.

But not as as they had expected.

10....9....8

“Wait, wait your counting wrong” screamed the haters.

7...6....5

The two sentinels were no longer alone. For on either side of them filing quietly into line were unknown faces wearing Rangers shirts with No. 12 on the back. They didn't need names on the back, it was the badge on the front which was important to them. There were young and old, sprightly and infirm, the capable carried the less capable lest they stumbled.

As the count continued the numbers, grew, and grew, and grew, until thousands joined the two sentinels barring the way to Ibrox.

The silence was broken momentarily when a whisper filled the air, some say to this day it came from within the walls of Ibrox itself....... “We’ve got the battle fever on”

“Who are these people?” asked one of the haters.

Ally McCoist stepped forward....... “Allow me to introduce you to my No. 12's......they don't do walking away either”

And so it began.

In years to come Rangers historians will recite stories of Baxter, Woodburn, Cooper, Laudrup, McCoist, Gough and of course of No. 12.

In the coming months news outlets will feature stories about the No. 12's – the fans who would not let their club die.

Their loyalty, faith and passion in a football club will capture the imagination of nations.

They will become the benchmark which other supporters aspire to.

Whatever is thrown at them or their club No.12's will come back for more, time and time again until eventually our detractors can thrown no more.

Wherever their club goes the No. 12's will be there. And every other Saturday Ibrox will be filled with No. 12's.

Our children's children will proudly tell their friends at school that their grandfather was a No. 12.

No. 12's will be the topic of conversation every Monday morning, in factories, offices, wherever people assemble.

Newspaper columns will mention the No.12's in the same breath as resilience and a never say die spirit.

Who am I and how do I know all this?

I'm a No. 12 and I'm about to take my place in history.

[BossHogg]

Shares now down over 15% for the day.

15 points deduction....told you it was a new club

[Jim McLean's Ghost]

Take it the Sevconians, in the interests of consistency, will take the 25 points deduction on the chin and not attempt to argue that this is the new club's first insolvency event?

The rules aren't exactly clear on this either. Not that it will matter since the deadline for season ticket sales is the 16th of May, the day before the Scottish Cup final and presumably the official end of the season. If it looks like they won't have the cash to survive expect admin on the Friday to get a deduction this season where it won't matter and hope to avoid a further deduction by getting out of admin before the first day of the next season.

On the rules not being clear.

E4

Where an Insolvency Event or in the event that such Insolvency Event is part of an Insolvency Process that process, continues and/or is subsisting during a second or later Season then, for each such second or later Season, during the whole or part of which such Insolvency Event or Insolvency Process is continuing and/or subsisting, the Club concerned shall be deducted 15 points and shall start each such second or later Season in the relevant Division on minus 15 points.

E5

Where a Club, whether owned and operated by the same or a different Member, suffers or is subject to an Insolvency Event which results in a deduction of points in terms of these Rules and within 5 years of the date of such Insolvency Event suffers or is subject to a further Insolvency Event which is not part of the same Insolvency Process as the Insolvency Event then suffered, the points deduction applicable in terms of Rules E1 in respect of that second or further Insolvency Event, shall be 25 points with the 15 points in Rules E2 and E3 being 25 Points.

Rule E4 did not apply to Dunfermline this season because their admin started under the old SFL rules. Rule E5 says the 25 point deduction only happens if the points deduction is in respect to the Rules of the SPFL, which was not the case for the last Rangers admin. The rules even deal with newcos and transfer of ownership loopholes

[hellbhoy]

There are so many 'ifs' and 'how the hell does that work'

Ideally the assets all stay where they are and neutral administrators are appointed, from that point it will need someone like DK to front the cash and then it all comes down to what the creditors will accept, unfortunately even this is not clear, the Ltd company owes the PLC £16M? but I am not sure how this even works as the PLC also owns Ltd Company, the PLC would surely be the one that goes into admin and this £16M is not actually real.

Ah fuk it, we are screwed.

The club will be placed into admin and the PLC will acquire the physical assets as debt owed to the PLC.

The club will be up for sale if anyone wishes to purchase the club as in players,licences,history and relevant paperwork.

The club at this time will appear debt free as the £16 million is wiped from the asset stripping.

The new owner of the club will have to rent the assets from the PLC.

If no buyer then the PLC has something it can flog off eventually or rent out to another newco Rangers.

The gamble here is that there will be a worst another newco Rangers V3.01 for the spivs to milk for rental of the clubs assets.

The club will be the victim.

[phed]

She had been battered, raped and pillaged for several months. Every fresh blow seemed to bring her closer to that final crushing blow. Like a wounded animal she tried to stand on her feet, to regain her dignity and honour, but the attacks were relentless and to the shame of all, none would come to her aid.

And finally, after what seemed like an eternity, the end was near. The Haters, Vultures and Ghouls made their way towards Ibrox for the telling knockout blow. In the interests of “sporting integrity” a boxing referee was enlisted to deliver the final count.

At the doors of Ibrox they were met by two sentinels who barred their way. Alistair McCoist and Lee McCulloch. It was pointless asking them to move. Neither would walk away.

“Start the count” demanded one of the haters. And so it began.

But not as as they had expected.

10....9....8

“Wait, wait your counting wrong” screamed the haters.

7...6....5

The two sentinels were no longer alone. For on either side of them filing quietly into line were unknown faces wearing Rangers shirts with No. 12 on the back. They didn't need names on the back, it was the badge on the front which was important to them. There were young and old, sprightly and infirm, the capable carried the less capable lest they stumbled.

As the count continued the numbers, grew, and grew, and grew, until thousands joined the two sentinels barring the way to Ibrox.

The silence was broken momentarily when a whisper filled the air, some say to this day it came from within the walls of Ibrox itself....... “We’ve got the battle fever on”

“Who are these people?” asked one of the haters.

Ally McCoist stepped forward....... “Allow me to introduce you to my No. 12's......they don't do walking away either”

And so it began.

In years to come Rangers historians will recite stories of Baxter, Woodburn, Cooper, Laudrup, McCoist, Gough and of course of No. 12.

In the coming months news outlets will feature stories about the No. 12's – the fans who would not let their club die.

Their loyalty, faith and passion in a football club will capture the imagination of nations.

They will become the benchmark which other supporters aspire to.

Whatever is thrown at them or their club No.12's will come back for more, time and time again until eventually our detractors can thrown no more.

Wherever their club goes the No. 12's will be there. And every other Saturday Ibrox will be filled with No. 12's.

Our children's children will proudly tell their friends at school that their grandfather was a No. 12.

No. 12's will be the topic of conversation every Monday morning, in factories, offices, wherever people assemble.

Newspaper columns will mention the No.12's in the same breath as resilience and a never say die spirit.

Who am I and how do I know all this?

I'm a No. 12 and I'm about to take my place in history.

About to actually cry with laughter - fuds.

[hellbhoy]

but what if graham wallace is in the right and he is trying to go about rangers in their best interests?

there will be an reorganisation of the structure of the club all aligned to move the club forward on the 5 key objectives in the football strategy mentioned in the review.

what if rangers do start moving in the right direction?

and how would dave king and his supporters groups react?

Wallace was nothing other than a smoke screen to have the fans look elsewhere while the club goes up in flames.

It all fell apart when the vote to allow a newco Rangers into the top flight failed drastically then the club became a vehicle for Green and co to fleece the fans and others until we get to where we are today.

And if you have read the big thread for over a year you would have already like us P&D's known that a long time ago, the club will hit the shits at some point.