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Big Rangers Administration/Liquidation Thread - All chat here!


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No argument Rangers as a company made mistakes leading up to the administration event but what about this....

Celtic fans..hardly ones to take the moral high ground when discussing Rangers.

Co-op Bank slammed for dishing out £33m in cheap loans and overdrafts to Celtic Football Club

By James Salmon

PUBLISHED: 22:38, 27 November 2013 | UPDATED: 09:25, 28 November 2013

The Co-operative Bank has come under fire for dishing out £33.2million in cheap loans and overdrafts to Celtic Football Club, which was chaired by former Labour home secretary John Reid.

MPs last night demanded an explanation for the rock bottom interest rates and accused the mutual of using the ‘hard-earned cash of millions of savers for political gain’.

It is the latest twist in the row over the troubled lender’s links with the Labour Party.

article-0-19AF31E800000578-583_634x337.jOwn goal: The Glasgow-based football club has long-established links with the Labour Party

Glasgow-based Celtic was chaired by Lord Reid, the former home secretary under Tony Blair, between 2007 and 2011.

Labour’s former energy minister Brian Wilson joined the Celtic board in 2005 and remains a director.Insiders said the loan pre-dates both Wilson and Reid’s arrival at the club.

But Celtic has long-established links with Labour, which has controlled Glasgow City Council since the 1970s.

The latest company accounts for Celtic show it has a £12million overdraft facility charging an average of 1.5 per cent over the year to June 30 2013.

This is based on one percentage point above the Bank of England’s base rate, which is currently 0.5 per cent.

The remainder is made up of a £21.2million long-term loan, with an average rate of 1.65 per cent. This makes even Labour’s recent £1.2million cheap loan at 4 per cent – or 3.5 per cent above Base Rate – look expensive.

Co-op’s hugely generous terms once again highlight the close links between the scandal-hit lender and the upper echelons of the Labour Party.

The political connection has come under the spotlight after former Labour councillor and former Co-op Bank chairman the Reverend Paul Flowers was caught out allegedly organising drug-fuelled orgies with rent boys.

Mark Garnier, the Conservative MP and member of the Treasury Select Committee, said: ‘The questions about Labour’s influence over the management of the Co-op knows no limit. It now seems that cheap loans are available to organisations where Labour ministers have significant influence as well as directly to the Labour Party itself.’

He added: Why were Labour and their friends receiving cheap loans? What political outcomes was the Co-op trying to buy? Were the millions of savers at the Co-op bank told their hard-earned cash was being used for political gain? Have any of the Labour-related soft loans contributed to the £1.5billion black hole in the Co-op balance sheet?’

The first deadline to vote on a rescue package to plug a £1.5billion black hole in the lender’s finances falls at 4.30pm on Friday.

The Co-operative Party, the political wing of the Co-op, is the sister party of Labour.

In order to help shore up its finances Co-op Bank stopped lending to small firms in May.

Still not as good as rangers "loans"

0% interest and never pay it back.

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The company ran the club, company took the hit, the club continued and here we are.

Once you separate company from club its quite simple to explain, this is why the company formally ran by Craig Whyte is in the process of liquidation, while the club continues ran by a new company which currently is going through a small power struggle.

But really its not that important this continued circular debate on here over whether Rangers is or is not a new club.

:1eye

dhear ghod.......

ETA - your user name suits you...

Edited by Ken Fitlike
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The company ran the club, company took the hit, the club continued and here we are.

 

Once you separate company from club its quite simple to explain, this is why the company formally ran by Craig Whyte is in the process of liquidation, while the club continues ran by a new company which currently is going through a small power struggle.

 

But really its not that important this continued circular debate on here over whether Rangers is or is not a new club.

post-45593-13857448137201_thumb.jpg

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Past glorys and Aberdeen fans. :lol:

Why would Rangers aspire to nearly 20 years of failure and be like Aberdeen currently having to make up the numbers in a one horse race?.

it may be cruel to point out that we have 'past glories' of 4 league titles, 2 European Trophies, a slack- handful os Scottish and League Cups.

your current team has won SFL Division 3. The End.

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How long ago did Aberdeen last win a trophy let alone a league title?

Just being at the level Aberdeen are at would not be good enough, Rangers will be back in the top league to win the title not make up the numbers and lie down the ghreen and ghrey mhob.

Aaaaaannnnd....

"Back"! :lol:

Bendy's got an apprentice!

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Shares dropped to 39p. Anybody got any idea why? (other than investors not wanting to be associated with the Easdales' new laundry system?)

Correction - 38.75. C'mon, somebody must have a clue!

Over 8% of the Holding Company value stripped inside 4 hours - the last post on the chat was at 1112, when the price was still 42.25.

Black Friday, maybe? Get your bargain Christmas Pressies for Wee William and Morag? ;)

As I just said elsewhere - possibly another set-up......depress the price through some low volume transactions between complicit parties, then make the acquisition you actually want. It's what Laxley did last time they collected more.

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As I just said elsewhere - possibly another set-up......depress the price through some low volume transactions between complicit parties, then make the acquisition you actually want. It's what Laxley did last time they collected more.

You mean this Laxley mob are not above a bit of chicanery to get their desired results?

A match made in Heaven with ICBINR, then.

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"When I was first contacted [about the role] I said, 'but I don't really know anything about Rangers', they said that was perfect, they wanted someone completely separate from the club"

READ

"When I was first contacted [about the role] I said, 'but I don't really know anything about soccer', they said that was perfect, all they really wanted was someone with an air of respectability to front the laundering operations of the spivs n gangsters"

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Do you expect them to admit they know we're laughing at them? Cognitive dissonance is too strong. If they admitted we're laughing at them then they would have to admit to themselves that Sevco is a joke. They would have to admit they are following a joke and being fleeced for the privilege. They would have to admit that they themselves are jokes. Their arrogance will not allow this.

This analysis is spot on.

So much of the rubbish we get to endure on here from Rangers fans, really amounts to "Stop laughing at us. Show us respect etc."

Of course the upshot is that their collective humiliation simply becomes yet funnier.

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You know it's funny, all of this.

We all got such joy from the administration then liquidation, but they re-emerged as something new and then shifted a ton of season tickets. That really should have been the end of our fun.

But no, the shambolic, immoral running of things since has been more enjoyable than any of us had any real right to hope for.

Hats off Rangers. This has been such fun and there's no real sign of an end yet.

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Let's have a look at Bennett's adult debate shall we ...

Under questioning and ridicule .... he changes tack ....

He follows up with

Well done Bennett ... changes tack .. (direction) with consummate ease hoping nobody will spot his gaffe and now wants an apology ...

FFS ... trot on ya daft numtpy .... :lol: :lol: :lol:

Are you sniffing glue again?

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