chrismcarab Posted May 29, 2012 Share Posted May 29, 2012 Absolutely no chance of survival. Liquidation a cert. There are so many things in that document its actually impossible to offer up a concise version of things to be aware of before voting but mainly: There is just under £5m in the pot as it stands There are multiple unknowns in terms of creditors and potential top ups to the CVA fund - could be more, could be less The offer is 'conditional' based on an 8 year loan from Green Conditions include allowing Rangers to compete in the the league and competitions they are currently involved in (SPL?) I simply can't see the point in even drafting this at all other than to fulfil an obligation to creditors of actually proposing a CVA. Other than that, its a lot of pages of nothing at a cost of £1100 an hour for H&D. Nice work if you can get it..... 0 Quote Link to comment Share on other sites More sharing options...
Magnethead Posted May 29, 2012 Share Posted May 29, 2012 There's no way those CVA proposals will be accepted, that's just way beyond ridiculous. Nearly as bad as Charles Greens "conditional" offer to buy the club. Oh dear, if that's the best they can come up with it's adios Rangers 0 Quote Link to comment Share on other sites More sharing options...
ayrmad Posted May 29, 2012 Share Posted May 29, 2012 So that Chas Green can have it away on his toes with the assets, "paid for" using money he has borrowed from Rangers (in the future). Utter utter utter bollix. HMRC must be having a bloody fit. 300/400 building plots in Milngavie for £4m, not bad. Wish I was in on it. 0 Quote Link to comment Share on other sites More sharing options...
MarreZ Posted May 29, 2012 Share Posted May 29, 2012 Estimated funds available for creditors £4,967,284 of which it seems to me, 3m CVA costs will come out, leaving just under 2m, but is this including or excluding the administrators 3m fees? 0 Quote Link to comment Share on other sites More sharing options...
Bobby_F Posted May 29, 2012 Share Posted May 29, 2012 Fair point, in that case they have 34,078 players over the age of 18. That's nearly 200% more than Green first thought. He'll be delighted. 0 Quote Link to comment Share on other sites More sharing options...
SEETHING Posted May 29, 2012 Share Posted May 29, 2012 re Chas' money being a loan, that was always going to be the case. In practice, I doubt that it'd make any difference - loans can always be written off, after all. Btw, what happens once this CVA is punted? Liquidation? Please let it be liquidation. 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted May 29, 2012 Share Posted May 29, 2012 5.12 The SPL season has finished and as a result, the Company's trading revenue has dropped sharply. The Company must still continue to trade, and in particular it must continue to pay its players, to remain as a going concern. As such, the Company will incur the CVA Trading Costs. It is unclear at the date of this Proposal the period over which the CVA Trading Costs will be incurred and therefore a definitive figure cannot be provided at present. It is estimated that, if the loan is drawn down on or around mid July 2012, The CVA Trading Costs may be in the region of £3,000,000 ministration fees are on top of the 3m CVA trading costs out the pot, so even by a low 2.7 figure administrators costs, thats 5.7m out of the 8.5m, at the low end, and 6.5m at the high end. The current pot of creditors is 56m near enough going by the statement, which would be just under 5% at the low end as a best case scenario. (not including any potential court cases in and out). Did I read this correctly? I think you did - totally missed this bit!! Not only that, but any SPL prize money or TV money isnt going into the pot either. AND, season ticket sales and players sold in June will be counted as Excluded Assets (ie not in the CVA pot) unless there isnt enough money to keep the club going, which there wont be! 0 Quote Link to comment Share on other sites More sharing options...
Gaspode Posted May 29, 2012 Share Posted May 29, 2012 Estimated funds available for creditors £4,967,284 of which it seems to me, 3m CVA costs will come out, leaving just under 2m, but is this including or excluding the administrators 3m fees? I think the admins fees have already been deducted by that stage Marrez - but it all depends on the secured or preferred creditors making a claim against the funds - I think there are 4 including Whyte, Close, Sport Scotland and someone else. No monies left as far as I can see, either way. 0 Quote Link to comment Share on other sites More sharing options...
No8. Posted May 29, 2012 Share Posted May 29, 2012 Give it 5 pages, and No.8 will be back to the "Rangers not being allowed to sign players over 18 is ageist and discriminatory!" Despite it having now been made clear that employing players over 18 is fine, but playing them in matches is not. Restricting teams to only playing 3 'foreigners' was found to be discriminatory even though you could employ as many foreigners as you wanted...Berlusconi had some of the best players sitting in the stand every week as they were not allowed to play more than 3 in any 1 game. That ruled was changed PDQ.. 0 Quote Link to comment Share on other sites More sharing options...
monrovianmonk Posted May 29, 2012 Share Posted May 29, 2012 Can someone explain, how can they sell assets valued at £111,000,000 for £5,500,000 without offering them for sale on the open market? 0 Quote Link to comment Share on other sites More sharing options...
KeeperDee Posted May 29, 2012 Share Posted May 29, 2012 Case closed, Rangers WILL be liquidated and "cast unto the fire". 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted May 29, 2012 Share Posted May 29, 2012 re Chas' money being a loan, that was always going to be the case. In practice, I doubt that it'd make any difference - loans can always be written off, after all. Btw, what happens once this CVA is punted? Liquidation? Please let it be liquidation. No. The assets are sold to Green for £5.5m and transferred to a newco. The newco then has to apply to the SFA and SPL to transfer over membership. The only plus of a newco is that, if the memberships are transferred, then so too are the sanctions. It should also mean that any dual contract investigation can still impose sanctions on the newco 0 Quote Link to comment Share on other sites More sharing options...
ayrmad Posted May 29, 2012 Share Posted May 29, 2012 Can someone explain, how can they sell assets valued at £111,000,000 for £5,500,000 without offering them for sale on the open market? Because they're pulling a fast one? 0 Quote Link to comment Share on other sites More sharing options...
Claymores Posted May 29, 2012 Share Posted May 29, 2012 re Chas' money being a loan, that was always going to be the case. In practice, I doubt that it'd make any difference - loans can always be written off, after all. Btw, what happens once this CVA is punted? Liquidation? Please let it be liquidation. Nope - H&D seem to have entered a binding agreement to see all the assets to Green for £5.5m - (a pre-pack newco) INCREDIBLE! 0 Quote Link to comment Share on other sites More sharing options...
Florentine_Pogen Posted May 29, 2012 Share Posted May 29, 2012 Can someone explain, how can they sell assets valued at £111,000,000 for £5,500,000 without offering them for sale on the open market? Aye, the January 2012 Management Accounts apparently valued property freeholds at £109,000,000. The asset stripping has begun ? 0 Quote Link to comment Share on other sites More sharing options...
SEETHING Posted May 29, 2012 Share Posted May 29, 2012 No. The assets are sold to Green for £5.5m and transferred to a newco. The newco then has to apply to the SFA and SPL to transfer over membership. The only plus of a newco is that, if the memberships are transferred, then so too are the sanctions. It should also mean that any dual contract investigation can still impose sanctions on the newco Thanks. Would still be quite a pleasing outcome, I suppose. Would it affect the ability of this newco to borrow in the future? Sort of like Greece's credit rating being fucked? 0 Quote Link to comment Share on other sites More sharing options...
monrovianmonk Posted May 29, 2012 Share Posted May 29, 2012 Because they're pulling a fast one? Ok, but how can they get away with it? 0 Quote Link to comment Share on other sites More sharing options...
forkboy Posted May 29, 2012 Share Posted May 29, 2012 Restricting teams to only playing 3 'foreigners' was found to be discriminatory even though you could employ as many foreigners as you wanted...Berlusconi had some of the best players sitting in the stand every week as they were not allowed to play more than 3 in any 1 game. That ruled was changed PDQ.. Not the same thing. Your example was a permanent rule. This is a punishment. which would last 1 year & then go back to normal. 0 Quote Link to comment Share on other sites More sharing options...
TheTaxMan Posted May 29, 2012 Share Posted May 29, 2012 Looks like Haudit & Daudit have committed to sell the Green brigade Ibrokes, Minty Moonbeams Park, Albion carpark and the players for just over £5 million in the event of a CVA being rejected and the club being liquidated. Surely to christ that can't be in the best interests of the creditors - if the beast is liquidated a fire sale of assets would raise more than that. 0 Quote Link to comment Share on other sites More sharing options...
Captain_Sensible Posted May 29, 2012 Share Posted May 29, 2012 Why are the assets valued at under £5M in liquidation? Shells and pea spring to mind. 300/400 building plots in Milngavie for £4m, not bad. Wish I was in on it. Building plots for what? You would need planning permission first of all surely? The land at Ibrox is probably less than worthless after you take demolition costs into account. The land at Murray Park is worthless without planning permission. The valuation in that document appears to be wildly optimistic! 0 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.