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Big Rangers Administration/Liquidation Thread - All chat here!


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Why on earth would i care about some nonce being a proddy mason, i'm a football fan you savconian space cadet.

Aaaaaaaaaaaaaaand 24 mins of Google failure then a comeback with pish :lol:

Oh you alias you, we are going to have fun. Football fan? Why support a brand new club with a bigotted fan base of mind cripples then? Choose a local team, or like your grandchildren, Celtic ;)

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I had thought to reply and then i left the site so i don't know how that works...

I am a mod so I could see the reply box 'hanging' for all that time as you presumably Googled like a retard :D

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http://www.dailymail.co.uk/news/article-2225257/Neighbours-fury-porn-film-boss-builds-helipad-garden-Surrey-mansion-planning-permission.html

Now this is feckin hilarious, this is the guy who advised minty et al on their EBT scheme. Check the video at the bottom of the page for an example of his advising talents...I now have a vision of him and minty chasing some scantily clad girls around the office with the Benny Hill music playing in the background...

Hopefully this isn't a repost but I couldn't see it.

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Oh forgot to answer, SAVconian is a reference to Savile and the Orcs continuing the child abuse thing. Strange considering Torbett was a Proddy and a Mason and a Rangers fan but go figure them crazy guys :rolleyes:

sad.gif

...I know who Saville is, the rest of your post makes as much sense as his. Not up on my OF paedo whataboutery I'm afraid.

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sad.gif

...I know who Saville is, the rest of your post makes as much sense as his. Not up on my OF paedo whataboutery I'm afraid.

Well lets say that he is trying to deflect the Sev-conian people to the Sav-conian, ie saying we are all child abuser/tolerators.

And thats me being kind to the coont.

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At the end of the day Finnes, Scotland is worse than where we were in footballing terms with sectarianism with Cevco now in place - we have the Cevco Loyal determined to get things like the Billy Boys song reinstated. If you look on their openly sectarian abuse-bound sites, you'll see that Cevco's Game against ICT is now against "the ICT scum". A term formerly reserved for their other arse cheek.

We are actually moving backwards.

I believe you are correct and it is now built more than hatred than before , as you say every SPL club is the focus of their bile.

All they did was apply the rules it was the SPL management that brought the whole let them stay in.

No matter how the decision came about we have to live with it I wasn't happy they were allowed in the 3rd do I vent my spline towards every SFL club including my own no it was a compromise.

The desire by some to turn back the club to an age of shame is again reason why they needed to start again.

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Do Sellik fans use the Seville calculator, while some Sevconians try to bring up a Savile calculator?

Fcuking Old Firm fans were warped, this new fangled Sellik/Sevco thing seems just as bad.

Poz I refer you to the last 10 pages of pretty much non Celtic-Sevco drivvle on Masonic Lodges and OO crap dry.gif

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You savconians aren't very funny eh.

You do realise who your manage is right?

An orcs response to being called a sevco fan ? include some snide hint of a hanus crime in what we call them and post it like a fanny.

You claim to be a football fan only but bring up this shit in a cheap attempt at point scoring ! FCUK OFF back to orc media you clown.

edited for typo :)

Edited by hellbhoy
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Do Sellik fans use the Seville calculator, while some Sevconians try to bring up a Savile calculator?

Fcuking Old Firm fans were warped, this new fangled Sellik/Sevco thing seems just as bad.

Genuine question, i'm not having a go at you poz, i enjoy reading the vast majority of your posts which i believe to be articulate and intelligent on the forum.

If a few (not just 1 or 2) stupid b*****ds repeatedly attempted to smear all the supporters of your club with child abuse tags due to 'one of their' stupid sleazy b*****ds working at your club 40 fkn years ago abusing children (before you were even born), would you sit back and ignore it forever and let them continue or would you reply setting the record straight? dry.gif

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Of Assets and Liabilities TSFM

Much has been written on this blog, and previously on RangersTaxCase.com regarding the assets and liabilities of the former Rangers football club – however little has been done to look at the rest of the SPL and Scottish Football as a whole. Was it just Rangers making ridiculous 'asset' valuations or is there other clubs in real danger of following RFC to the grave?

Before we get started a quick explanation on the figures. They were all taken from the latest accounts as appearing on Duedil.com, so some are from 2010's figures. I have also 'tidied' them up a little so that they are easily understandable, removing things such as minor stock holdings.

The big story in the Rangers case was how over valued their 'assets' were, and especially the freehold property. To remind you Rangers Balance sheet in 2010 was as below:

rangers-balance-sheet.jpg?w=630&h=56

While on paper the net assets look very healthy, we all now know that the 130m of Fixed assets was in fact worth just 5.5m in the real world. If we change that 130m to the real life figure their balance sheet would have looked like this…

rangers-balance-sheet-5-5m.jpg?w=630&h=50

So, how do the rest of the SPL compare? This is a list of 'fixed assets' for each club as noted in their last accounts.

fixed-assets.jpg?w=630

Predictably, Celtic lead the way, but a quick scout through the notes reveals the freehold properties are valued at 45m. Dundee prop up the table, but with no freehold properties to their name, this is not so surprising. One thing to note is the difference in value of the assets held by Aberdeen and Kilmarnock compared to clubs like Dundee Utd and St.Johnstone – this is important when we look at their balance sheets.

balance-sheet1.jpg?w=630&h=216

As you can see above, I have broken the balance sheet down into a few categories. We have the fixed assets we just discussed, followed by the cash in bank. Next is the debtors (money owed to the club within the next year) and then the creditors (money the club owes to others within the next year). A crude calculation gives us the Net Current assets or liabilities. A red number means that club owes more money in the next 12 months than they have in the bank, or are owed.

We then move on to long term creditors (money that is owed but not immediately – more than 1 year away) which will constitute loans from banks, or from shareholders. In the case of Hearts, who have the highest amount of long term debt in the SPL, 98% of this debt is owed to the parent company UAB, controlled by Romanov. This debt attracts a further 4.5% interest a year, while UAB also hold a floating charge over the clubs assets.

The final column gives us the Net assets or liabilities, taking into account the fixed assets of the company. As we saw earlier, Rangers had posted Net assets of 70m, only achieved by their ridiculous freehold property valuation. Are Hearts and Aberdeen doing the same? In the case of Hearts they include in their fixed assets 159,000 worth of 'Memorabilia'… in addition to 15m of freehold property, while Aberdeen state in their accounts that the valuation of Pittodrie is a 'rebuild' value rather than a likely realistic sale price.

hearts-history.jpg?w=630&h=274

By declaring such high values on their balance sheets though, it produces a net asset figure, rather than a large liability that, in reality, is the case. Kilmarnock and Hibs to a lesser extent would also see their figures turn red with asset valuations downgraded.

What is heartening to see though, is two clubs with net current assets, in St.Johnstone and Motherwell. Saints were rescued from near bankruptcy in the 80's by Geoff Brown and have lived within their means ever since. Motherwell likewise have been in financial trouble in recent times, but the club appears to have stabilized and is now living within their means on and off the park.

If another insolvency event hits an SPL club, the MSM will blame it on the demise of Rangers. What can be clearly seen here though is the damage was done years ago to clubs like Hearts, Dundee Utd and Aberdeen – it will be a battle to get back to the kind of financial position that clubs such as St.Johnstone currently enjoy. However, the message that Saints are currently sending out is that its possible to have a competitive team without breaking the bank, as long as others aren't artificially inflating wage demands.

The accounts I used to get the above figures are downloadable here: I was unable to find for Inverness – if anyone can find please let me know and I can add them to the table. When time permits I will extend this to include SFL clubs as well.

I am sure Tedi will be delighted to go through this in some detail with us. I expect he is bashing his calculator as we wait here. rolleyes.gif

The blame for the difference in sale price vs the valuation of assets we usually lay at the door of Duff & Duffer, as they waved Charley through. Hopefully the accusation that they disposed of assets at way below market market will stick.

The other approach is to ask where the £130 million figures came from? There are many companies out there who can give you the valuation you want. Was this one of those?

And if it was Murray knowingly asking for inflated valuation with the intention of convincing people he wasn't continuing to trade whilst insolvent, this might attract some attention and questions as well.

I think the lesson from this is you know damned well that illegal activity has taken place in every transaction that involved Rangers since Murray came on board, it is just deciding where, who and why. sad.gif

Edited by thelegendthatis
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Genuine question, i'm not having a go at you poz, i enjoy reading the vast majority of your posts which i believe to be articulate and intelligent on the forum.

If a few (not just 1 or 2) stupid b*****ds repeatedly attempted to smear all the supporters of your club with child abuse tags due to 'one of their' stupid sleazy b*****ds working at your club 40 fkn years ago abusing children (before you were even born), would you sit back and ignore it forever and let them continue or would you reply setting the record straight? dry.gif

You do what you think is right. I'm too busy trying to convince Jambos that we weren't to blame for them fcuking it up in 1986.

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You do what you think is right. I'm too busy trying to convince Jambos that we weren't to blame for them fcuking it up in 1986.

Whilst dodging the Guillt stuff of a couple of years previously :ph34r: (wrong thread).....

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