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Big Rangers Administration/Liquidation Thread - All chat here!


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That is actually a picture of Rangers' trophy room which contains all of the trophies they have ever won in their brief existence. I think Ally McCoist is drinking cheap lager out of the other one off-camera.

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That is actually a picture of Rangers' trophy room which contains all of the trophies they have ever won in their brief existence. I think Ally McCoist is drinking cheap lager out of the other one off-camera.

Why would he be drinking cheap lager? On his contact I'd be having Louis XIII de Rémy Martin - in pints.

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How much did Sevco pay for that puff piece in today's Daily record?

Seems Gers are fine and the fans need not worry about administration.

Also we are all scared about Rangers returning to the top and they've never been financially healthier.

Close the thread lads.

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How much did Sevco pay for that puff piece in today's Daily record?

Seems Gers are fine and the fans need not worry about administration.

Also we are all scared about Rangers returning to the top and they've never been financially healthier.

"Wallace cited ‘commercial confidentiality’ as the reason for his refusal to share numbers as he pleaded with fans to get behind the club."

Translation - "If I were to divulge the true figure, you'd all shit in your pants."

FFS, even a 3 year-old knows that if Sevco had moved, say, 30K ST's, Wallace would be screaming it from the rooftops.

Have they paid the Easdale / Letham monies yet ? Don't think they have, ergo, they be lucky if they've sold 5000 ST's.

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"Wallace cited commercial confidentiality as the reason for his refusal to share numbers as he pleaded with fans to get behind the club."

Translation - "If I were to divulge the true figure, you'd all shit in your pants."

FFS, even a 3 year-old knows that if Sevco had moved, say, 30K ST's, Wallace would be screaming it from the rooftops.

Have they paid the Easdale / Letham monies yet ? Don't think they have, ergo, they be lucky if they've sold 5000 ST's.

You have to wonder what he was thinking.

Did he genuinely believe he would need to stop the stampede for season books after that?

The fans who have been lied to for years will believe me because I'm Graham Wallace.

What a total fanny he comes across as.

It reminded me of Craig Whyte who even on the morning of administration denied it was happening.

He probably denies to this day it happened.

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I think to suggest 5,000 is on the low side........

However, their STs went on public sale today. So if you were feeling particularly anally retentive, you could go on the website and count the number of seats sold/unsold to date!!!!!!!:

http://www.rangers.talent-sport.co.uk/PagesPublic/ProductBrowse/standAndAreaSelection.aspx?stadium=IB&product=ST1415&campaign=38&type=S&productsubtype=

Certainly looks like there is plenty availability for those swayed by Wallace's and Elbows' propaganda from yesterday

image.jpg

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I think to suggest 5,000 is on the low side........

However, their STs went on public sale today. So if you were feeling particularly anally retentive, you could go on the website and count the number of seats sold/unsold to date!!!!!!!:

http://www.rangers.talent-sport.co.uk/PagesPublic/ProductBrowse/standAndAreaSelection.aspx?stadium=IB&product=ST1415&campaign=38&type=S&productsubtype=

Certainly looks like there is plenty availability for those swayed by Wallace's and Elbows' propaganda from yesterday

Pleasingly appropriate the wee People's Front of Govan Vs Govan People's Front image at the heart of things there:

bearonbear.png

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ACCOUNTANTS and lawyers have raked in a staggering £2m in 12 months as the bill for winding up oldco Rangers continues to soar.

The mind blowing figures have been detailed in the latest six month report from insolvency experts BDO who were appointed as liquidators of the Rangers Football Club PLC after it failed to emerge from administration following Craig Whyte’s ruinous 10 month reign.

And the unfathomable strategy adopted by Whyte is further highlighted by the fact that almost half of this latest £2m bill has been covered by the final instalment of the £4.5m deal which saw Nikica Jelavic sold off to Everton just two weeks before the club was plunged into financial chaos in February 2012.

The BDO report, which was completed at the end of last month, reveals that a cheque for £975k is expected to arrive from the Goodison Park club ‘shortly after 31 May 2014’.

But that windfall won’t come close to covering th.e spiraling costs of the on-going liquidation process - as BDO gear up for a potential multi-million pound courtroom battle with Collyer Bristow, the law firm who advised Whyte during his takeover in 2011.

In total, more than £1m has been spent on legal fees and outlays with more than £650,000 of it going to solicitors Stephenson Harwood, who are preparing the case against Collyer Bristow. The report says that a trial date is ‘currently set for the beginning of 2015’ but it is anticipated that a deal could be negotiated and an out of court settlement agreed.

BDO are also carrying out a probe into the conduct of administrators Duff and Phelps, who sold the club’s assets to Charles Green for a knock-down £5.5m.

But the report stresses: “Due to the highly sensitive nature of certain aspects of these investigations, we consider that it is not appropriate to provide full details in respect of our investigations to date,”.


BDO reveal that the creditors pot has been boosted by a payment of £75k ‘in relation to the transfer of Charlie Adam’.

But, while they are attempting to claw together as much cash as possible for those who suffered from the Rangers collapse, their own running total for remuneration stands at more than £1m which, the report says, has already been drawn down.

BDO expect more money to trickle into the account through from a sell-on clause triggered by Jelavic’s January move from Everton to Hull City, possibly as much £187,500 so long as the Croat helps keep his new club in the Premiership next season.

But one creditor who has received this latest update from BDO told Record Sport last night: “The fact that Everton still owe almost £1m from the initial Jalvic deal defies belief. It’s good new for the creditors but it makes you wonder what on earth Whyte was thinking about when he did that deal, just a fortnight before placing the club in administration.

“He sold the club’s best player for a snip and yet he didn’t even demand that the money was paid up front. It’s incredible as, for that matter, are the sums of money involved in this on-going process. The collapse of Rangers has made an awful lot of money for an awful lot of people.”

But another source said: "BDO are doing a highly professional job in going after as much money as possible for the creditors. The fact they are ploughing so much into the legal cases is an indication of where this thing is headed.

"There should be a lot of very worried people out there because BDO are going after them like a dog at a bone."

BDO admit, two years into the process, there is no sign of it coming to a conclusion any time soon.

Not only is the court action against Collyer Bristow still to be settled but an ongoing dispute with HMRC over the club’s use of the controversial EBT scheme also continues to rumble on.

The report says: “If HMRC are successful in the appeal their potential claim in the liquidation could be significant and have a material impact upon any dividend that may ultimately be payable to unsecured creditors,”.

And it ends: “Due to the significant issues to be resolved in the liquidation, the joint liquidators do not expect to be in a position to bring this case to a conclusion for some considerable time. Further reports will be circulated to creditors within six weeks of each six month anniversary of the date of liquidation.”

Edited by bennett
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Wow, some absolute cracking seats available including one right next to the members box, these are usually like hens teeth.

But, like getting front row seats for Bjorn Again, it's not the same.

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Aye very good :D

Anyway, looks like you are due me a pint Dave, based on that stadium plan we are well under 50% ;)

More than happy to say my estimation of 18k at renewal date seems to have fallen well short. pint owed.

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