Big Rangers Administration/Liquidation Thread - All chat here!

[Gaspode]

Amusing letter from Mr Green to a creditor on the HenryClarson.Wordpress Site

Dear Creditor

From:

Sir David Murray

Mr. Craig Whyte

Mr. Paul Murray

Mr. Bill Ng

Mr. Bill Miller

Mr Charles Green,

c/o The Rangers*,

Ibrox Stadium,

150 Edmiston Drive,

Glasgow G51 2XD

North Britain,

To:

Mr. Bhutta

Bhutta’s Newsagents,

142 Copland Road,

Ibrox,

Glasgow G51 2UB:

Dear Mr. Bhutta,

Permit me to introduce myself. My name is Charles Green. Some people call me ‘Emerald’.

I am a colourful businessman who has been a director of no fewer than fifteen companies which have gone into liquidation. My latest project is a football club called Rangers FC (in Administration) which I am hoping to gut and fillet in the coming weeks.

You may be aware that the Administrators of that football club, a firm called Duff and Phelps, are anxious to drag out the administration process for as long as possible because they are raking in a couple of hundred thousand pounds every week for as long as the money lasts. Who could blame them, eh? I’d do the same myself, given half a chance.

Speaking of me, it turns out that I am the latest one to have been offered the opportunity to buy Rangers FC (in Administration). My predecessor, an American chap called Mr. Bill ‘Liam’ Miller, had a quick look at the bookwork and, by all accounts, took suddenly ill. I, however, am made of sterner stuff, (not least because I’m English). Moreover, having been involved in fifteen liquidations myself, I can safely say that I’m quite an old hand at ignoring toxic debt. After the game against St. Johnstone on Sunday I had a quick butcher’s at the Orcs’ accounts and I have to say that of all the liquidations which I’ve been involved in, this one takes the biscuit! (As one businessman to another, let me just give you a quick tip – don’t give these people any credit or you’ll regret it. Make sure you get cash up front or no deal.)

Which brings me neatly, I feel, to the matter at hand. Looking at their accounts, I couldn’t help but notice a list of 277 creditors who are owed a total which is not far off £134,000,000. One of these creditors is your good self. You are still owed the sum of £567.45, although it’s so long overdue that you may well have forgotten all about it.

Incidentally, it did strike me that at the very least I might write a letter of apology to you expressing the club’s deep sorrow and acute embarrassment at this state of affairs. However, I was dissuaded from following this course of action by a geezer called Sandy Something-or-other. He seems to be well thought of in some quarters and he assures me that this is not the Rangers Way. Apparently it does not do for Rangers to show any signs of remorse or regret. I might say that this strikes me as odd but I must also concede that, as an Englishman, I am fairly unfamiliar with the customs and traditions of your fine country which I had rarely visited until this week. Indeed, I had never even heard of Rangers until they made the UK news headlines during their visit to Manchester in 2008. (Something to do with a broken television, was it? I think Chelsea were involved too? I can’t really remember the details.)

Anyway, Sandy says there’s to be no apology, that Rangers don’t show weakness, that you should consider yourself honoured to be a Rangers creditor and that you’ll be remembered as one of the b*****ds who stuck the boot in once the ‘Gers are back on top.

Would I dare to fly in the face of such sound advice on cultural manners from a local man? No chance. So. Up yours, it is, Mr. Bhutta.

That brings me to my next point. You’ve probably heard some talk about a CVA proposal. No doubt you will be too busy selling newspapers to have given the matter much thought. Let me give you a quick guide to what’s going to happen. If you saw the unfortunate headlines in some of today’s newspapers you may have gained the impression that I am spearheading a consortium of about twenty extremely wealthy partners who intend to pour vast sums of money into the club’s Warchest™ in the near future. This may have had the unintended side-effect of raising your hopes that you may finally see your £567.45 one day. Sadly, nothing could be further from the truth. Those millions upon millions of pounds which my partners are going to invest are not for the likes of you, I’m afraid. That money is for Ally to spend on buying over-priced, over-paid, under-achieving no-marks for the Rangers first team of the future.

I may be new to this country but I’ve already done a bit of homework. Apparently, there is a newspaper called ‘The Scotsman’, which nobody ever reads these days. However, it was pointed out to me that its leader column just a few days ago stated that Scotland needs Rangers. I see no reason to doubt a newspaper which has been losing thousands of readers every month for many, many years now. It must know a thing or two about what Scotland needs. And it says that Scotland needs Rangers. Does it say that Scotland needs customers to pay their debts and settle their bills in full? No, it says that Scotland needs Rangers. So that settles that.

This means that instead of £567.45, the best you can hope for is £17.02, which is 3p in the pound. Frankly, I think you should be very grateful that you’re being offered that much.

Personally, I am tremendously excited about the future possibilities of this approach to business, if it succeeds. As a businessman yourself, I am sure you can appreciate the enormous cost-saving benefits of a scheme which reduces expenditure by 97%! Holy smoke, if I could have got away with only paying 3% of my bills in the past, I might never have had any liquidations at all, let alone fifteen of the buggers!

Now. In case you’re tempted not to accept this generous offer, let me just invite you to contemplate another very important consideration.

A man called Ally is thought to be very keen to have full transparency on the matter of the names and addresses of the creditors who endanger the future well-being of The Rangers (in Administration) by rejecting the CVA proposal.

Let’s look at it this way. That’s a nice business you’ve got there, Mr Bhutta. Sure would be a shame if anything were to happen to it, if you get my meaning. Of course, if you accept the CVA proposal of a measly three pence in the pound, you’ll probably not have to worry about that. You seem like a smart kind of guy. I really wouldn’t want to see you get on the wrong side of one of the notorious ‘small minorities’ who attach themselves in their thousands to Ally’s team. (No, not Chelsea; his other team.) You want to take my advice and do the sensible thing just in case things in the future get a little ‘transparent’. If you catch my drift.

If you bear in mind that the £550.43 which you’ll never see will play its part in encouraging almost two dozen multi-millionaires to pour millions of pounds into wages for Rangers bench-warmers next season then you will have some considerable consolation for having been ripped off. Alternatively, you should look at your £567.45 in a different perspective. Paul Clark makes more than that just by twiddling his thumbs for an hour. You’re in the wrong game, sunshine. Administration is where it’s at.

I have taken the liberty of enclosing a Rangers (in Administration) season ticket application form with this letter so that you can enjoy the Rangers experience next season. You may also want to be the first among your friends to buy the classic Sheffield United home kit from the 2006-2007 season so I’m sending you a catalogue for the Blades mail order service as well.

Yours in Sheffield United Rangers,

Charlie “Emerald” Green.

15 and counting.

P.S. These are very troubled times for The Rangers so I am sure you will understand why I found it necessary to send this letter to you without putting a stamp on the envelope.

[Drooper]

Potential for this to drag on beyond today, FFS - according to BBC.

[Claymores]

for f**k's sake. so we don't actually get an outcome until next week?

That's not impossible! - remember the original judicial panel met over 4 days then took over the weekend and until the monday night before announcing!

[Reynard]

That might suggest that HMRC will take this chance to make an example of a 'big' club that might influence the behaviour of some genuinely big clubs in the Premiership?

This is what they are attempting to do. The mere news of this going out to other clubs could be enough to give them the shits and make them mend their ways and cough up lots of wedge so that the government can give it away to Greece to spunk away on fucking shite.

[Spain]

IMO, the only people suffering from pessimism here are the ones that are no longer looking at the hard facts. The deeper you look into it, the more you realise just how fucked they are. The only way out for Rangers I can see is if they manipulate the debts somehow to make HMRC less than the 25%, and somehow convince Ticketus to jump on board with this measly 3-4p in the pound, but with the upcoming bill for PAYE etc due before the CVA can be agreed, I just can't see it.

[WILLIEA]

for f**k's sake. so we don't actually get an outcome until next week?

Maybe 'till after the cup final in case the orcs tried to disrupt that?

[sjc]

alex thomson ‏ @alextomoSFA reckon a decision today on Rangers' appeal against 1y ban on buying players is unlikely.

Hmmm

[Ross.]

Maybe 'till after the cup final in case the orcs tried to disrupt that?

Depends.

If anyone was looking for further justification to get rid of them, then provoking a reaction that will get universal condemnation is the way to go.

[Claymores]

...........but with the upcoming bill for PAYE etc due before the CVA can be agreed, I just can't see it.

Don't see how the upcoming tranche of PAYE is in any way relevant - H&D will have budgeted for and will pay that in the same way the staff have gotten wages. Unless you're suggesting that H&D would deliberately have planned to withhold further amounts.

[pozbaird]

I think Rangers will be in administration forever. They will appeal every decision anyone takes against them, probably getting lawyers involved, and taking every cnut that upsets them to court. Ticketus will sue Whyte, Whyte will sue Ticketus, Collyer Bristow will sue Mr Custard the clown, and Sir Minty will sue anyone left who hasn't been sued by someone else.

The SFA will announce a judicial panel to look into judicial stuff, who will meet to announce the formation of a committee to look into the possible formation of a process to facilitate the process going forward.

Neil Doncaster and the SPL chairmen will seek clarity and postpone making a decision on anything for ever, and with Haudit & Daudit officially installed as the world's first permanent administrators, they become Rangers new owners, and we simply carry on as we are now. Forever, and ever, and ever.

I am now officially fcuking bored shitless with this.

[Gaspode]

Judgement Day finally arrives!

Edited May 16, 2012 by Gaspode

[Jim McLean's Ghost]

Champions go into Europa.

Borys

I thought there was always a space reserved for the Title Holder and that Scotland would also retain it place for league champion so as long Motherwell only win the Champions League the league winner will still get a CL place. It is only the top 3 countries who run into problems because you can't have more than teams in the competition.

[Spain]

Don't see how the upcoming tranche of PAYE is in any way relevant - H&D will have budgeted for and will pay that in the same way the staff have gotten wages. Unless you're suggesting that H&D would deliberately have planned to withhold further amounts.

Fair point actually. H&D would be liable for any debt run up while in Administration wouldn't they?

[sjc]

Maybe 'till after the cup final in case the orcs tried to disrupt that?

if that's true it really is a sad reflection on Scottish society that we have to pander to mob rule.

Pathetic & Embarrassing

[Jim McLean's Ghost]

alex thomson ‏ @alextomoSFA reckon a decision today on Rangers' appeal against 1y ban on buying players is unlikely.

Hmmm

It is a 100+ page document to review. It is clear to me that the tribunal went outside of it's prescribed powers but it also has the right to do that. The question becomes about is the punishment fair and to get a reasonable assessment on that the 3 man panel needs to go through the case thoroughly.

It is re-assuring that no snap judgements will be made.

[Gaspode]

Saw this today in the Daily Ranger:-

Rangers in crisis: Seven Ibrox stars worth £25m can go for just £8m following pay cut deals

May 16 2012 Exclusive by Keith Jackson

RECORD SPORT can today reveal the full multi-million pound cost of the secret sweeteners handed out to Ally McCoist’s most valuable stars by Duff and Phelps.

Even by conservative estimates, the eye-watering reductions slash the current market value of seven of Ally McCoist’s first-team stalwarts from around £25million to a fixed price of less than £8m.

And these cheap-as-chips deals look set to force owner Charles Green into overseeing a painful Ibrox jumble sale this summer.

The cut-price fees are the result of trade-offs made by Duff and Phelps when McCoist’s men agreed to take whopping 75 per cent wage cuts to keep the club in business.

The full list of bargain basement buys is being circulated around clubs in England and across Europe by agents who believe their clients can make a financial killing when the transfer market opens on June 1.

Record Sport has also received explosive details of the deals which were struck behind closed doors between David Whitehouse and Paul Clark, union boss Fraser Wishart and players’ advisers.

And we can reveal skipper Steve Davis, keeper Allan McGregor, team talisman Steven Naismith, Northern Ireland striker Kyle Lafferty, Scotland full-back Steven Whittaker, USA international Maurice Edu and Romania defender Dorin Goian are the stand-out buys likely to attract most interest from vultures circling the stricken club.

Davis can go for a knockdown £1.65m and was already being lined up for a return to former club Aston Villa before they binned boss Alex McLeish on Monday.

Villa could yet return to the table for Davis who was signed for £4m from Fulham in the summer of 2008 after an initial loan period.

At 27 and captain of his country, Rangers could expect £5m for Davis under normal circumstances.

Scotland No.1 McGregor can be picked up for a flat fee of £2m – around £6m or £7m less than the prices being bandied about when he was linked with Spurs in 2009.

A fully-fit Naismith – who has already attracted serious interest from West Brom despite not kicking a ball for most of the campaign because of a cruciate injury – would probably be marked down as the single-most valuable asset following his blistering form over the previous two campaigns.

But his sale can be triggered if a bid of just £2m is tabled, which is just £100,000 more than Rangers paid to buy him from Kilmarnock.

After copping a two-week ban from the club following a bust-up with McCoist, Lafferty appears a racing certainty to want to cash in on his clause.

The £3.5m signing from Burnley is up for grabs at just £575,000 and Record Sport understands a firm bid could be imminent.

Whittaker has also never been more highly regarded after nailing down his place as a regular in Craig Levein’s Scotland side.

But although the player Rangers bought from Hibs for £2m in August 2007 is now entering his prime and tied up on a long-term new deal he’s on the market for just £850,000.

At just £300,000, USA midfielder Edu might be viewed as the biggest bargain of the lot, given his experience of representing his country at the highest level including the World Cup in South Africa. That price represents a massive £2.3m loss on a player who was lured to Scotland four years ago in a £2.6m deal.

Goian appeared to be something of a steal last summer when McCoist picked him up for £750,000. But Rangers don’t even stand to turn a profit on the 31-year-old as his deal allows him to move on for only £500,000 should any clubs come calling over the next three months.

It had been hoped new Rangers owners might get the chance to negotiate with these players and urge them to rip up the recently redrawn contracts but Green arrived too late to open talks.

Now the man who plans to push through an £8.5m takeover of an already ravaged club could also be exposed to losing his biggest assets at fire-sale prices.

[Spain]

It is a 100+ page document to review. It is clear to me that the tribunal went outside of it's prescribed powers but it also has the right to do that. The question becomes about is the punishment fair and to get a reasonable assessment on that the 3 man panel needs to go through the case thoroughly.

It is re-assuring that no snap judgements will be made.

Unless of course that snap judgement was "I don't care, kill the fuckers!"

[sjc]

I think Rangers will be in administration forever. They will appeal every decision anyone takes against them, probably getting lawyers involved, and taking every cnut that upsets them to court. Ticketus will sue Whyte, Whyte will sue Ticketus, Collyer Bristow will sue Mr Custard the clown, and Sir Minty will sue anyone left who hasn't been sued by someone else.

The SFA will announce a judicial panel to look into judicial stuff, who will meet to announce the formation of a committee to look into the possible formation of a process to facilitate the process going forward.

Neil Doncaster and the SPL chairmen will seek clarity and postpone making a decision on anything for ever, and with Haudit & Daudit officially installed as the world's first permanent administrators, they become Rangers new owners, and we simply carry on as we are now. Forever, and ever, and ever.

I am now officially fcuking bored shitless with this.

The powers that be will probably delay the start of next season so Rangers can get their shit together !

[akredz]

Right,its midnight, I'm off to bed.

When I log back on here in the morning, if the Appeals Tribunal have ruled and the Orcs have had their sentences reduced, I hope to be reading of much wailing, gnashing of teeth and writing of angry letters to the authorities. If the punishments are upheld or increased, I expect to see party banners and balloons.

If on the other hand, as has been mentioned, we're going to have to wait 4 days for an announcement, I look forward to catching up on several pages of witty banter and general abuse.

Edited May 16, 2012 by akredz

[LuoAnLai]

Alex Thomson quoting an SFA source as saying an actual decision could be as early as tomorrow.