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Big Rangers Administration/Liquidation Thread - All chat here!


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FF in meltdown.

http://followfollowfail.blogspot.co.uk/2012/06/wattie-does-do-walking-away.html

A lot of folk saying that Wattie's Vulture Consortium have more than likely just been repelled at the first time of asking by Chuckie's asking price.

Likely that Wattie & Co could return once Chuck realises they are the only offer in town ?

TriggersBroom.jpg

Edited by Florentine_Pogen
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My morning drive to work is gonna improve greatly over the coming years, any morning i'm feeling down i'll be able to lift my spirits by doing a wee detour down by the site of the former Rangers FC stadium where the almost post apocolypse sight of ivy and weeds growing through the rusty shell of the once hallowed ground ,will bring a smile to my face and will remind me that the sight before me stands as a testament that in the end , the unrighteous do suffer the torments of Hell.

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Did anyone hear well supporters rep stating on radio scotland that "if saying no to newco means other spl teams go to the wall that will be the end of scottish football" what a cock. Are motherwell the real new rangers???

I'd hope for the rest of the Well supporters sakes that he's not pretending to represent their feelings on this.

Say no to Newco = more TV money for everyone else + more chances to qualify for Europe = a good thing

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Would it be possible for any average joe to register the rights to a Rangers name i.e. any conceivable name to do with Rangers that they could come up with?

Seeing as they are struggling to come up with names for the New Rangers as they have been taken......

I'm not clued up on it but just wondering as it would be brilliant if there was no way they could mention Rangers without something ridiculous involved? That way there will be a permanent mark on their club of this embarrassment with no way to cover up they are a NEW club, with old honours wiped.

If this was the case, we should all post names we want rights to and cover all angles.

was thinking that today. i'm guessing its not as easy as buying a domain name. you probably need to have a company actually set up.

The details are a bit confusing. Are they actually allowed to pick a similar name or is it down to the discretion of the bdo to accept it?

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What an absolutely glorious day for developments.

Here was me thinking Uncle Walter was in it for the long run, and would save Rangers once he'd returned from his holidays?

Nope,apparently he was heard saying.

Straw hat-check

Flip Flops-check

Factor 50 HvN cream-check

Deck chair-check

Carry oot-check

Rangers news final edition-check

Moby to phone green and tell him to stick it up his arse-check

3922124645_30e80a4e01_z.jpg

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As I said before when walter magically appeared, I love it when a little light repeatedly appears at the end of the long Rangers tunnel of doom, only to be continually extinguished.

I presume they'll all be taking their anger out on Walter for the false hope just like they did with HMRC, right?

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was thinking that today. i'm guessing its not as easy as buying a domain name. you probably need to have a company actually set up.

The details are a bit confusing. Are they actually allowed to pick a similar name or is it down to the discretion of the bdo to accept it?

I didn't think names too similar to the defunct business were allowed but it's a deliberately obtuse area of the law.

There was also this a while back

http://www.bbc.co.uk/news/uk-scotland-glasgow-west-15453103

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As I said before when walter magically appeared, I love it when a little light repeatedly appears at the end of the long Rangers tunnel of doom, only to be continually extinguished.

I presume they'll all be taking their anger out on Walter for the false hope just like they did with HMRC, right?

Not a chance. It's all Craig Whyte's fault, and everyone else is a heavy duty tarrier, who are all out to get them. The SFA, the SNP, the SPL, the diddy clubs.....

Fcuk um' I say.

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was thinking that today. i'm guessing its not as easy as buying a domain name. you probably need to have a company actually set up.

The details are a bit confusing. Are they actually allowed to pick a similar name or is it down to the discretion of the bdo to accept it?

These have gone in terms of someone else owning the names

"Other companies currently registered at Companies House with similar names include: Rangers Limited, Rangers.co.uk Limited, The Rangers FC Group Limited, Rangers Football Club of Glasgow Ltd, Rangers GB Limited and Rangers (2012) Ltd."

From BBC article:- http://www.bbc.co.uk/sport/0/mobile/football/18509619

Seems the scavengers haven't left Mr Green many options.

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I'd hope for the rest of the Well supporters sakes that he's not pretending to represent their feelings on this.

Say no to Newco = more TV money for everyone else + more chances to qualify for Europe = a good thing

I think he was called Simm or Simms. He did say the fans were to have a forum to decide, well fans get into this tube.

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Did anyone hear well supporters rep stating on radio scotland that "if saying no to newco means other spl teams go to the wall that will be the end of scottish football" what a cock. Are motherwell the real new rangers???

We don't have a 'supporters rep'; unless he is part of the Well Trust who do not represent the supporters!

Are Rangers not the new Rangers?

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Ex-Rangers director Dave King has claimed the newco club would not be able to generate a profit.

The South Africa-based businessman held talks with Charles Green, chief executive of the new Ibrox club on Tuesday.

He claimed to have received assurances that the last owner of Rangers FC plc, Craig Whyte, was not involved in the Sevco consortium that bought over the club’s assets.

Mr Green’s group paid £5.5m last week to cover administrators Duff and Phelps’ £3m fees, as well as an estimated £1m to cover the liquidation of the company incorporated in 1899 by neutral insolvency firm BDO, a process that will begin in several weeks’ time.

Mr King, who is subject to a restraint order preventing him from dealing with realisable property because of a multi million tax case against him, said Mr Green’s “for profit” model of running Rangers will prevent them from competing at the top level.

He told STV News Mr Green had also given him “absolute, categorical insurances” that Mr Whyte is not involved in the newco.

Mr King added: "I think [Charles Green] is going to try to run the club to make a profit. I don’t believe that’s possible. I believe for Rangers to be the Rangers that we all want them to be, it requires investors who are willing to subsidise losses for a number of years. I don’t believe you can do that on a commercial basis."

Regarding the failure of the consortium led by former Rangers manager Walter Smith to take over the club, Mr King said he was "not surprised" the £6m offer had been rejected.

He said he thinks running Rangers will be "immensely challenging" for the Sevco group, while he also stated that he did not know where the money would come from to keep the newco club afloat.

Mr King admitted that Sevco was now the "only game in town" for Rangers, while he also said he felt the new club would need around £30m of investment to cope with the next three years of "wilderness" because of the ban on European football for that period that the club received for carrying out a newco switch to shrug off its huge debts.

After meeting Mr Green at Ibrox on Tuesday, the chief executive of Johannesburg investment firm Micromega Holdings said he felt the newco regime would have to "aggressively cut costs" to make a profit. He also stated that he did not feel it would be "in anyway possible" for a strong Rangers to emerge from a business model dependant on making profit.

Mr King previously claimed he invested £20m in the club in 2000 when Sir David Murray was in charge. He then stated he was planning to sue the former owner for the cash because of Sir David's financial mismanagement of the Glasgow club, including the use of offshore tax avoiding employee benefit trusts (EBTs) to pay the wages of players and some directors.

Sir David claimed he would vigorously contest that action if it arose, while Mr King was unsuccessful in registering as a creditor of Rangers FC in a company voluntary arrangement (CVA). He had lodged a claim for £20m and stated that he would put any money he retrieved back into the club.

He also accused Sevco chief executive Mr Green of using season ticket sales to fund his takeover, similar to Craig Whyte, who bought Sir Davids 85% stake in Rangers for £1 last May and used a £25.3m deal with London firm Ticketus to wipe out the club's £18m debt to Lloyds Banking Group.

Mr King is currently being pursued by the South African Revenue Service (Sars) for 2.7bn rand (around £227m) dating back to 1991.

http://local.stv.tv/glasgow/106990-ex-rangers-director-king-claims-newco-club-will-not-make-profit/?utm_source=twitterfeed&utm_medium=twitter

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