Big Rangers Administration/Liquidation Thread - All chat here!

[fatguy666]

Didn't expect that reaction, first off all my comment never tarred all Rangers fans with that same brush nor was there any slight on Nacho Novo.

But I stand by that comment.

You only have to Google Rangers BNP or Rangers SDL to see the amount of articles linking the BNP or the SDL with Rangers Supporters groups. Its not a revelation either and I can clearly see as most people can (even Rangers fans) as to why these people are drawn towards Rangers, with the embedded prejudice among certain supporters, the songs sung both in present and past (Billy Boys is one) and they don't have to be sung in the stadiums where individuals can be singled out, sheer numbers which mean power and a large potential recruitment, the union flag and the Britishness associated, etc etc.

But its not just Rangers that attract that attention, I have witnessed BNP presence at Tynecastle in the past, funnily enough at a match v Rangers (Black Balloon day if anyone can recall that) clip boards and handing out leaflets. So obviously these people seem to be under the impression that both Rangers and Hearts supporters could potentially sympathise with their politics.

Go Home Doug Stanhope

Not sure if it's the same game you're talking about but about half way through that Doug Stanhope talks to a BNP member canvassing outside Tynecastle at a Rangers game.

[Umbungo1874]

£838,000 worth of shares just been traded, something is going on

Yippee Dave King has stopped buying friends and started buying Sevco shares they're saved

[thenolly]

Remember when we all warned the Sevco Sisters that Green was bad news, and look to Sheffield United and we were mocked, this is what happened below at the blades, see any similarities? History repeating?

"Green was officially appointed chief executive of Sheffield United in February 1996 by chairman Mike McDonald following his take over of the club, although in reality Green had been operating in that role since September 1995.^[4] It was a period of rapid change for United and Green oversaw the day-to-day running of the club. By 1997 however, he had begun to take decisions over a wider area than his previous remit, including the running of the first team itself, leading to unrest amongst both supporters and staff.^[4] Green sacked popular manager Dave Bassett. In a subsequent row over compensation, Green reportedly invited Bassett to settle the issue with a car park brawl, but quickly backed down when Bassett acceded to the request.^[5]

In March 1998, manager Nigel Spackman resigned citing interference in team affairs by Green and in protest at a number of the club's better players being sold without consultation and without funds to replace them.^[4] After furious protests by United supporters Green stepped down as chief executive a few days later, although he remained on the PLC board for a period before leaving the club along with McDonald later that year.^[4]"

[hellbhoy]

Anyone got a timescale for how long the Big Hoose stays open this time?

Sent from my HTC Wildfire using Pie & Bovril mobile app

Some time after January if they can't sell some of their new players to stave of the debt they are running up .

The other clubs will know they are in the shit so won't offer much because The Clone Rangers will have to accept pishy offers before the January transfer window closes.

I think most of those players they are signing are a gamble to flog of in January to help pay off the inevitable debt mountain they are building up whilst retaining a healthy lead in the league to protect later after they are gone.

BUT !,if the gamble don't pay off then it's admin for them

[beermonkey]

Green reportedly invited Bassett to settle the issue with a car park brawl, but quickly backed down when Bassett acceded to the request.^[5]

I love that bit.

Chucky the shitebag.

[ribzanelli]

Maybe when he is out in the car park he can show someone the Dallas Cowboys email

Edited August 12, 2013 by ribzanelli

[AberdeenBud]

Some time after January if they can't sell some of their new players to stave of the debt they are running up .

The other clubs will know they are in the shit so won't offer much because The Clone Rangers will have to accept pishy offers before the January transfer window closes.

I think most of those players they are signing are a gamble to flog of in January to help pay off the inevitable debt mountain they are building up whilst retaining a healthy lead in the league to protect later after they are gone.

BUT !,if the gamble don't pay off then it's admin for them

TBF, I don't think they're building up any debt yet, HB.

Just running down a ridiculous amount of money incredibly fast.

Still if I was HMRC I would be asking for taxes up front in advance quarterly.

[hellbhoy]

Fuxace Ed. Do you really expect anyone to pick their way through that? I had a go of making sense of it and got this far:

The Rangers pantomime is painful for the fans but we all know they will get back to the top division soon. However, Celtic are so far ahead of them, even if their fans don’t turn up and are utter flanges.

All Celtic need do is crank the CL handle and stack up revenue.

When Rangers return to Scotland’s top division there will be a massive gap in revenue between the two clubs and the most they can hope for is to be perpetually second.

This seems like an OK summary of half your post. I'd have continued but it made my eyes bleed.

You're a good-hearted poster. Carry on and come up with something that we thick Bears can actually read and understand.

Your club is fucked if they don't get a grip of their finances ! hows that The_ ?.

[The_Kincardine]

Apologies if already posted, I skipped a few pages.

Aye, many of us are a wee bit Orange. This is fine.

Can I nick that for my avator?

[AberdeenBud]

Yesterday I tweeted that 6 major City players had told me that Sevco had only raised c£9m in the recent share flotation. I promised to explain more today…

A few weeks ago I had arranged a lunch in the City with some contacts to discuss a work issue. Given their backgrounds and knowledge, I took the opportunity to ask about Sevco and the recent flotation on AIM.

Obviously there are no paper trails only supposition, rumour and guesswork. But these people are not amateurs or idiots and I would trust their judgement 100%. If you don’t believe me that is your lookout. For obvious reasons, I will not name my sources other than:

A, Director of global private equity and securities firm

B, Partner in international asset manager

C, major UK entrepreneur

D, Director of global niche bank & asset manager

E, CEO of a UK bank

Between them these people control, own and/or manage well in excess of £100bn.

The discussion threw up some interesting points which I sent to a couple of people simply to add to the gathering body of evidence and rumour. The key point here was:

The only cash raised in the flotation was from individual investors (ie fans). Everything else was in the form of promissory notes and loans and the “institutional investors” were acting on behalf of and directly under instruction of clients (in other words, not your pension fund).

One of the people to whom I sent the info raised a very valid point which was that they understood one could not use promissory notes and loans in a share flotation. Not being an expert, I promised to go back and clarify matters.

I asked D about this as the person with most knowledge of shares, market regulation and flotation. I provided them with a copy of the flotation prospectus. They explained it thus:

Firstly, remember there are two companies:

• Sevco (or, The Rangers Football Club Ltd if you prefer);
• Rangers International Football Club plc (RIFC).

Right now, we are only interested in RIFC plc because Sevco did not float on AIM and it is now owned entirely by RIFC (ie. all shares in Sevco are owned by RIFC plc and not by individual people). RIFC plc is owned by its shareholders who (subject to any legal restrictions) may buy and sell shares in RIFC plc.

Secondly, think of there being 3 types of shares – equity swaps; placed shares; offer shares.

1. Equity Swaps – these shares were simply given to existing shareholders of Sevco at a pre-determined rate (eg 2 for 1) prior to the flotation. No cash changed hands.

2. Placed Shares – these shares were pre-sold to a number of institutions (but see above) subject to certain conditions. If you read the Prospectus very carefully not all of the conditions have been revealed. It is our understanding and perfectly feasible therefore that no cash has been paid to RIFC plc for these shares. Furthermore, if you read the Prospectus very carefully again, there is no definitive statement that cash is guaranteed to be received for these shares. They do ‘though have a cash value hence the Prospectus and subsequent statements refer to “Share Capital”. The suspicion is that these are a front for Ticketus. In other words, Ticketus have swapped the money they are owed by Rangers FC for shares in RIFC plc. At some point in the future, Ticketus will sell these shares in order to recoup its losses and/or may even just be holding them as security against repayment from season ticket income.

3. Offer Shares – these are the shares which fans were invited to purchase. The Prospects is unequivocal that these – unlike the Placed Shares – are irrevocable, ie they must be paid for in cash and effectively constitute a legally binding contract between purchaser and RIFC plc.

Therefore the cash that was generated for the company by the flotation potentially only came from the fans who bought the Offer Shares, ie c£9m.

Note also that there is no definitive guarantee that the money supposedly raised by the Placed Shares will be spent on the list of improvements set out in the Prospectus. Now contrast that with how the funds raised by the Offer Shares will be spent. Spot the difference?

Note also that the flotation also allows for further delays to the production of any meaningful accounts for Sevco. RIFC plc must produce interim results every 6 months under AIM regulations but audited accounts can be delayed to August 2014.

My contacts have made clear they can see nothing illegal in what Sevco/RIFC plc has done here. Immoral and unethical perhaps, but not illegal. The fans have paid to save the club several times over because the current directors have already had their initial outlay (in the form of loans) handsomely repaid; fans’ season ticket funds have been used to keep the club going to date; and funds from the fans through the Offer Share are being used as new working capital. The Prospectus also sneakily gets the fans to pay the costs of the flotation. You really have to hand it to Chuckles…

I should add that prior to discussing the matter with me:

• Nobody had heard of or seen the fabled institutional investor roadshows;
• Bar two people with strong football connections and who had previous knowledge of Charles Green from Sheffield Utd, nobody had heard of Charles Green;
• Nobody had heard of Zeus Capital or Imran Ahmad.

Every single person at the lunch was incredibly scathing about the idea of any institutional investor going into football shares now let alone in Scotland. It’s “just financial suicide” was the unanimous verdict. The consensus opinion was that there would be another insolvency event because the numbers just do not and could not stack up and they do not have enough cash to see them through 2013 (their only hope is immediate league restructuring to parachute them back into the top league).

http://alzipratu.wordpress.com/2013/02/05/39/

[hellbhoy]

£838,000 worth of shares just been traded, something is going on

Feck knows how you see this as good news ???,someone getting rid of their shares whilst they can at 60% of their initial value before the club goes tits up after the release the club is skint.

£10 million ?

[hellbhoy]

Where did I say it was good news or bad news?

As usual you jump right in, get it wrong and then continue to make something up without having a clue what has actually happened.

Here dum dum when you put a wee smiley face to show you were pleased in the post below !.

£838,000 worth of shares just been traded, something is going on

You are a fecking numpty at times Tedi

[flyingrodent]

The Sun think that £2.6m of the IPO money went straight into David Murray's pocket. Bit of an affront, that.

[thenolly]

Maybe when he is out in the car park he can show someone the Dallas Cowboys email

This is why the purchase of the Albion car park is paramount to Greens scheme, he can leather Fat Sally with his grabbin hands out there

[Monkey Tennis]

Where did I say it was good news or bad news?

[hellbhoy]

You got it wrong moron.

EH ? I got it wrong you say !.

Wee smiley face usually get used in posts were posters are happy with what they have posted Tedi !,so are you suggesting that using the wee happy face in that post isn't you happy with what you posted ?.

Do tell us all why you put a wee smiley happy face in your post and then claim I got it wrong ?,go on this should be funny .See I used a wee smiley face because this will amuse me at your response .

FYI Tedi this is the usual use of the wee emoticons,

= can't get any better or happier.

= well chuffed and happy.

= pleased.

= not sure if good or bad.

= not good and not happy.

= angry and not amused at all.

= it doesn't get worse than this.

[hellbhoy]

[bennett]

The Rangers support are angels to a man.

Most of us but not all....

[No8.]

Why is it laughable?

Are you denying that an element of your support is hostile to Catholics and that that sentiment sometimes finds expression through their support for Rangers in song and symbols?

Are you suggesting that there is no connection between anti-Irish, anti-Catholic sentiment and the type of prejudice displayed by BNP members?

I'm at pains to avoid making generalisations "about the Ranger support at large". I think that such types are a minority. That they tend to gravitate towards Rangers strikes me as pretty logical and straightforward though.

If you wish to tell me why I'm wrong, rather than just that I'm wrong; please go ahead.

The Catholic church aided Nazi war criminals.

The IRA were closely linked to the Nazis

The BNP sold a few magazines at Ibrox but had far more success at other grounds in Scotland and especially among certain hooligan groups.

A Leading BNP activist was recently photographed at the PIRA memorial at the New Lodge.

The BNP were told in no uncertain terms they and their polittical views would not be tolerated in Loyalist areas of Northern Ireland..

[Jacksgranda]

The Sun think that £2.6m of the IPO money went straight into David Murray's pocket. Bit of an affront, that.

Not if it went into his back pocket.