Big Rangers Administration/Liquidation Thread - All chat here!

[thelegendthatis]

JP Morgan UK Staff Hit By Offshore Tax Demand

JP Morgan staff are hit with an HMRC ultimatum - pay tax on "disguised remuneration" sent to Jersey or risk legal action.

This means that Billy Dodds, Souness, Cambell Ogilvie and our good friend David Murray will be getting a brown envelope through the post. From HMRC that is.

[Bearwithme]

Perhaps if the Admin's had taken normal stance & gone along the same route as Comet, they'd have been shown more sympathy.

Instead it's been a rip snorter of a display of slight of hand, involving deception, misdirection & simulation, with a switch thrown in.

Penn & Teller would be proud.

What in particular about Comet are you referring to?

[thelegendthatis]

This THREAD is in the RANGERS section of the forum and I will speak about what the hell i like

I certainly will not be dictated to by some jumped up little CELTIC supporter who hides behind the other tag because he wants the diddy clubbers support

You sir are as transparent as they come

I can assure you, I am no Celtic supporter.

What I find odd is that you Tedi and your sidekicks give us big licks about the Masonic Order a few pages back. And then when I put a Masonic coded phrase in one of my posts none of you responded. Are you or aren't you? Or do you just like talking about it?

[Bairnforever1992]

This means that Billy Dodds, Souness, Campbell Ogilvie and our good friend David Murray will be getting a brown envelope through the post. From HMRC that is.

Tee Hee they'll be sent to jail.

[FinnesTON]

Doubt if many people really care about the monies recovered. as long as BDO dig up the evidence that will ensure convictions.

It will take time as the suspects are confirmed duckers and divers, and are well practised in the skill.

Would hate to see the genuine guilty ones not being fingered, while the patsies like John Greig end up with a conviction and deemed to not a fit and proper person to hold office in a company (or charity).

I'd argue he isin't a fit and proper person as he allowed this to go on while saying nothing, if Greig had put his head up , ok he'd have been classed as a tarrier by some but those with multiple brain cells would have been able to see the plight of the club.

He more than anyone knew the importance of the club to so many, he had a chance of revealing the truth but disappeared why is he as guilty as the rest .

[FinnesTON]

Tee Hee they'll be sent to jail.

Would imagine HMRC setting a date then penalties would be incurred then court action for non payment of tax. Those who pay the demands will probably not even be made public , it will be only those that require legal action that we will hear about.

[scoobles]

Penn & Teller would be proud

Maybe Penn & Teller are another couple of the super secret consortium of investors. They probably go to all the games but we can't see them because of all the smoke n mirrors that were left behind.

Sleight of hand sounds familiar as well and I don't mean in a Saville way

[Bairnforever1992]

[thelegendthatis]

You are wrong, not me

If you want to speak about masonic stuff on an internet forum then that is up to you, I will refrain

and you have tic supporter written all over you I am sure that I am not the only one to see it

tic = anyone who is not a loyal(ist) fanatic about all things blue?

Presume you must live in darkest Ayrshire? Try getting out more, meet some new friends http://www.newfriends4u.com/guide/make_internet_friends.html

[thelegendthatis]

Would imagine HMRC setting a date then penalties would be incurred then court action for non payment of tax. Those who pay the demands will probably not even be made public , it will be only those that require legal action that we will hear about.

Or if they can't pay or can't agree a schedule with HMRC.

I believe some of the lucky EBT recipients have not invested their money as wisely as they should have. So getting their hands on the readies might be a problem. So a personal bankruptcy or two may well result.

Edited November 1, 2012 by thelegendthatis

[thelegendthatis]

Presumably written by a 'tic'

http://www.thecoplandroad.org/

[bennett]

You lads have slowed down if you haven't posted the latest part of saga.

Not good enough.

[Bairnforever1992]

You lads have slowed down if you haven't posted the latest part of saga.

Not good enough.

Yet more trouble ahead from your dead club.

Hint; it's on The Times Rangers in fresh trouble as club's key shareholder faces tax inquiry. Arif Naviq?

Criminal investigations have been launched into tax schemes sold by a key shareholder in Rangers Football Club, The Times has learnt.

Richard Hughes, the co-founder of Zeus Capital, the finance company at the centre of the Rangers takeover, also set up Zeus Partners, which created and marketed a £134 million film investment scheme that HM Revenue & Customs suspects may be part of an illegal effort to generate millions of pounds in tax relief.

The Revenue is understood to be investigating 17 companies set up by Zeus Partners. Criminal investigations by HMRC are reserved for the most serious cases of suspected illegality including those where “only a criminal sanction is appropriate”.

Mr Hughes, who has more than two million shares in Rangers, a stake of 6.8 per cent, played a pivotal role in the purchase of the Glasgow club after it went into administration in February. The collapse came after Rangers’ previous owners became embroiled in disputes with the Revenue. The club has been beset by tax problems that led to the new Rangers, who play at Ibrox Stadium, being forced to start from the fourth tier of Scottish football this season.

The Revenue claims to be owed an estimated £73 million in tax and penalties after the club used a tax avoidance scheme to pay its players for nearly a decade. Rangers went into administration over a separate tax problem, when Craig Whyte, who bought it last year, failed to pay an £18 million PAYE bill.

When Zeus Capital and the businessman Charles Green bought the club for £5.5 million in June, they presented their consortium of investors as a “new beginning”. But a year before the acquisition, Revenue officials raided premises associated with Zeus Partners, two sources told The Times, as well as offices of Seven Arts Entertainment, the US film company that was counterparty to the deal. Neither Zeus Partners nor HMRC commented on the alleged raid.

“They showed up, knocked on the door, and said, ‘We want to come and look at the records’,” one person said of the Seven Arts raid. “They took everything under the sun.”

Mr Hughes, who has one of the biggest shareholdings in Rangers, founded Zeus Partners as an offshoot of Zeus Capital, in 2006. It was set up so wealthy individuals could access “returns that Zeus Capital has been achieving for its corporate clients”. Two other partners run the day-to-day business, although one said that Mr Hughes retained an “active role”.

Mr Hughes stands to make millions of pounds when Rangers floats on the stockmarket before Christmas. Three other Zeus Capital executives, who do not work at Zeus Partners, own stakes in the club, making the finance house collectively its largest owner. There is no evidence that Zeus Capital marketed schemes similar to those offered by Zeus Partners. The Revenue is not investigating Zeus Capital, the company involved in the Rangers takeover.

Zeus Partners’ controversial film deal attracted about 165 high-net worth individuals including Hugh Sloane, the hedge-fund mogul and Tory donor, and Laurie McIlwee, chief finance officer of Tesco. Individual investors are not being investigated by HMRC, however.

Each investor was offered a “high-risk film production” deal to buy a total of eight new films and some library content from Seven Arts.

The deal was structured so that, in the event that the films were “blockbusters”, the investors would double their money. If they did badly, the investment would be largely wiped out and the cost could be written off against the investors’ other income.

Films purchased from Seven Arts included Knife Edge, a 2009 British thriller starring Hugh Bonneville and Tamsin Egerton, The Winter Queen, starring Milla Jovovich, and Autopsy, a horror film directed by Adam Gierasch.

None appears to have achieved anywhere close to the “blockbuster” level that would have generated profit. American Summer made only $2,269, according to Box Office Mojo. Deal, a 2008 film starring Burt Reynolds, is said to have made $61,625.

A year after signing the deal in May 2008, Zeus Partners declared that each of the 17 companies was worthless, their accounts show, enabling investors to claim tax relief.

At the time, however, a number of films had yet to be released. One, The Winter Queen, had not been made. “One of the key questions is how would the investors have known the stock was worthless as early as 2009, when some of the titles had yet to be released,” a person close to Seven Arts said.

Up to 84 per cent of an investor’s contribution was financed by a loan from Seven Arts. The loan was secured against the companies, so investors were not personally liable if films failed.

An investor who put in £160,000 could borrow about £840,000 and claim tax relief on the full £1 million without being liable to pay back the loan. For a high-net-worth investor the tax relief would be between £400,000 and £500,000.

Rebus Investment Solutions, a company representing several disgruntled Zeus investors, said their clients had been advised that the film deal was a “win-win scenario”. “The deal was based on the notion that, if the films were successful, investors would see huge returns and, if they were unsuccessful, they would be able to claim tax relief on the losses,” a spokesman said. “Such a bullish view failed to take into account the significant risks, including potential challenges by HMRC.”

A Rangers spokesman said yesterday that Mr Hughes was “one of a number of minority investors” and had “no involvement in the management of the club”, and that Rangers had “no business relationship with Zeus Capital”.

However, in June, Zeus Capital said that it “worked in conjunction with Charles Green to complete the £5.5 million acquisition of Rangers”. In the same month, Zeus Capital was described by Malcolm Murray, the new chairman, as “the primary advisers” on the Rangers deal.

Mr Hughes is understood to believe that the focus of the criminal investigation is on Seven Arts, not Zeus Partners. He denied that the film investments could be illegal or amounted to tax avoidance. The investments had been approved by qualified accountants before being marketed. He also said that he had not been contacted by HMRC in relation to the film investigation since it began about 18 months ago.

A spokesman for Zeus Partners said: “Zeus Partners provided a number of high-risk investment opportunities, backing highly successful entrepreneurs with a proven track record across a number of sectors. Individual investors had the option of claiming HMRC statutory relief in the event that the investments were unsuccessful. We are aware that there is an HMRC investigation into these and other investments under way at this time and Zeus Partners is providing its full co-operation to HMRC.”

Seven Arts strongly denied claims that it, rather than Zeus, was the focus of the Revenue investigation. Peter Hoffman, chief executive of Seven Arts, said: “There was nothing fraudulent about the transaction, it was perfectly valid. These were real movies we were intending to make money on.”

Mr Sloane said he had not claimed for tax relief on the Seven Arts investment. Mr McIlwee and the Revenue both declined to comment.

End for sevco.

Edited November 1, 2012 by Bairnforever1992

[Umbungo1874]

You lads have slowed down if you haven't posted the latest part of saga.

Not good enough.

@rangerstaxcase RTC Exclusive: Charles Green is the subject a new tax inquiry- separate from the Zeus investigation.

Edited November 1, 2012 by Umbungo1874

[ScottR96]

Will they ever learn?

[FinnesTON]

Or if they can't pay or can't agree a schedule with HMRC.

I believe some of the lucky EBT recipients have not invested their money as wisely as they should have. So getting their hands on the readies might be a problem. So a personal bankruptcy or two may well result.

Well there is that , I saw an article about Michael Ballack getting done for speeding and fined 6k and he stated he couldn't pay the fine although doing in 151km in a 75km in an audi a7 ? I would expect that his motor is not a banger with the exhaust being held up by some fuse wire.

Well if they have spent it they deserve the same process as their employers.

[FinnesTON]

@rangerstaxcase RTC Exclusive: Charles Green is the subject a new tax inquiry- separate from the Zeus investigation.

the gift that just keeps on giving

[Bairnforever1992]

Cheerio IPO, Cheerio IPO.

[hellbhoy]

There starting to crack over on the D'orc side on ragers media what makes it worse is that more are agreeing about Soapy Sally

I'm done with it thread !

After last night I can no longer defend Mccoist against those who say he isnt the right man for the job. That doesnt mean I think he should be fired or that he ultimately isnt, but based on what I have seen so far this season I cannot keep defending him and making excuses for our team. I can accept poor performances and poor results but the sad truth is that we have made no progress...I see no improvement in either our performances or style of play and ultimately that is Allys responsibility.

It gives me no satisfaction to say this but as soon as I saw our team last night I put everything I had in my Willy Hill account on Inverness. How anyone (and there were some on here) could watch that performance on Sunday and judge that a suitable team and formation to take on arguably the form team in the SPL is beyond me. Allied to that at 2-0 he brings on Kyle but instead of playing two up top keeps the same formation and drops mcculloch into midfield...I just cant understand that. All season and historically we have been a better team when we play with natural width...Sheils is a number 10 he is not a wide midfield player and when you play him there it put to much emphasis on Wallace to get forward which leaves us short at the back and we dont have good enough defenders to cope with that. Football is a simple game...keep the ball, and use your wide players to stretch the play and create space to move into but we didnt have any width and as a result we played into their strengths. Surely a Ally could see that.

I was so excited about this season as I thought it would be a chance for us to develop our young players and introduce a new style of play while starting fresh with our youth system and transfer policy but instead it is the same philosophy and the same unattractive boring football and the same tired excuses when we dont win matches. Losing to Inverness with our current squad is not that massive a shock but the performance and way we were set up to play is a problem.

There was a great quote from Di Matteo on Sky Sports last night where he was asked about the goals his team have given away trying to play out from the back where he said he didnt mind taking a few steps back and making mistakes if it meant they were trying to play the right way and he could see improvement. Well what is our philosophy Alexander long to Mcculloch? It is getting beyond a joke and it must be Mccoist telling him to do it. At least 6 times in the first half alone Wallace cam short and Alexander waved him away, booted it long and we lost possession, just awful percentage football.

I have either been at or watched every game so far this season and with the exception of one or two games (where we had a winger/wide player) the standard of football has been awful. I dont like to come on here and be negative but I am just getting so frustrated as it seems as if no-one at the club either notices how bad we have been and the lack of progress we are making or they dont know how to fix it. We dont have a great standard of player at the moment and I accept that but we have guys on 7k a week not kicking their own arse against guys on 70 quid a week. 3 of last seasons best SPL players look decidedly average in our team and again I think that comes down in part to the way we are setting up to play. I dont expect us to be playing like Chelsea but I do expect with full time training that we should be making improvements and we arent.

Im not going to start this Ally must go stuff but at the same time what do we do? I am getting less and less enthused as the games pass. He has been a superb ambassador for our club but where are we going? I look at even teams like Wigan who comparatively, based on the league they are in, have a poor team but they try to play football and Martinez has developed the club into that philosophy. It may not be popular but I would honestly rather see us lose trying to play the right way as long as I seen some progress, at the moment it is brutal and I dont see it getting any better unfortunately.

I am desperate for Ally to do well and lead us back to where we belong but at the moment I dont think we have ever been further away from that!On a cheerier note thank f**k RM is back online as I needed to vent...sorry to anyone who bothers to read it all.

[FinnesTON]

There starting to crack over on the D'orc side on ragers media what makes it worse is that more are agreeing about Soapy Sally

I'm done with it thread !

It is what we expected even the likes of the SPL players are now playing 3rd division football and are playing accordingly, being brought down to that level. Put that on top of Fat Sally being clueless, sure they'll get out of the 3rd and 2nd but how much is he going to need to tackle the 1st , but as long as they are shelling out on ST and shares what will it matter.

Even most of the Sevco mob on here seem to have this as common ground, that shows how obvious it is,the guy is a disaster.

But then it does end the fairytale of it being a cakewalk back to the top.