WeeHectorPar Posted December 30, 2014 Share Posted December 30, 2014 Lewis Macleod allegedly on the way to Brentford for one million pounds. How long until that money gets pissed into the ether? Payable upfront or in 3 instalments over 12 months? 0 Quote Link to comment Share on other sites More sharing options...
EdinburghBlue Posted December 30, 2014 Share Posted December 30, 2014 Lewis Macleod allegedly on the way to Brentford for one million pounds. How long until that money gets pissed into the ether? When losing badly at Monopoly over Christmas and having to sell my houses back to the bank and mortgage property apropos of nothing it suddenly struck me that we would see Rangers sell every player with any value over the next month. 0 Quote Link to comment Share on other sites More sharing options...
WeeHectorPar Posted December 30, 2014 Share Posted December 30, 2014 When losing badly at Monopoly over Christmas and having to sell my houses back to the bank and mortgage property apropos of nothing it suddenly struck me that we would see Rangers sell every player with any value over the next month. Not many leaving, then. 0 Quote Link to comment Share on other sites More sharing options...
EdinburghBlue Posted December 30, 2014 Share Posted December 30, 2014 Not many leaving, then. Indeed! 0 Quote Link to comment Share on other sites More sharing options...
thelegendthatis Posted December 30, 2014 Share Posted December 30, 2014 (edited) http://www.dailyrecord.co.uk/sport/football/football-news/rangers-boxing-day-begging-letters-4891366 Rangers' Boxing Day begging letters: Ibrox chief David Somers sends desperate emails at 4am in panic-stricken bid for cash RANGERS chairman David Somers sent out pleading emails to wealthy individuals on Boxing Day in a bizarre bid to raise money for cash-strapped Gers PANIC-stricken chairman David Somers pleaded for someone to save Rangers from financial meltdown in the New Year – by sending out begging letters at 4am on Boxing Day. Record Sport understands Somers sent the emails to a number of wealthy individuals in a bizarre early morning attempt to raise the millions needed to keep the Ibrox club in business in January. The cash appeal – which indicates the high level of boardroom concern at the club’s latest plight – was launched just two days after the SFA blocked Mike Ashley’s plan to plough around £8million into the club by taking his holding up to 29.9 per cent. And the apparent urgent nature of this latest move has shocked those potential saviours who woke on Boxing Day to discover they had been contacted by the man at the head of the crisis-hit regime. It’s understood Somers asked all the various parties, including Sales Sharks owner Brian Kennedy, if they would be prepared to step into Ashley’s shoes by underwriting a share issue and snapping up more than 40 million new shares. Failing that, Somers asked if any of them would be willing to lend large amounts of emergency cash to the club on a secured basis. As of last night, there was no indication that Somers had been successful with either request. Last night the Rangers chairman could not be contacted. The move came after a trio of wealthy Rangers fans, Douglas Park, George Letham and George Taylor, put together an offer of £6.5m to underwrite the anticipated emergency share issue in an attempt to win control of the club back from Sports Direct magnate Ashley. A separate offer of £16m in funding from South African-based businessman Dave King remains on the table despite being rejected by the Rangers board two months ago when they chose instead to accept a drip feed of crisis loans from Ashley. Things are getting desperate. Surely the end is in sight. Calls on Boxing Day does smack of last chance saloon time. Somers is obviously wanting (and needing) real money on the table. And pretty damn quick. We have had the 'Three Bears' or is it the Three Stooges underwriting the intended share issue. Of course underwriting does NOT mean there is any cash on the table. Someone might know the detail better than me, but I am guessing that the club/company is technically insolvent and to continue trading on that basis could result in personal liabilities and legal charges against the directors. The usual way to protect against this is to continue trading but "with the support of the bank". Unfortunately they don't have a bank that would offer anything other than a cash only account. Is an agreement to underwrite a planned share issue to raise additional cash acceptable to the fraud squad and company law so Rangers can keep going in the meantime? Edited December 30, 2014 by thelegendthatis 0 Quote Link to comment Share on other sites More sharing options...
thelegendthatis Posted December 30, 2014 Share Posted December 30, 2014 When losing badly at Monopoly over Christmas and having to sell my houses back to the bank and mortgage property apropos of nothing it suddenly struck me that we would see Rangers sell every player with any value over the next month. That is what they should be doing. Problem is finding enough players who could raise a transfer fee. 0 Quote Link to comment Share on other sites More sharing options...
GreenockRover Posted December 30, 2014 Share Posted December 30, 2014 That is what they should be doing. Problem is finding enough players who could raise a transfer fee. ...and, of course, you're never going to command top dollar when everyone knows how desperate you are... 0 Quote Link to comment Share on other sites More sharing options...
WeeHectorPar Posted December 30, 2014 Share Posted December 30, 2014 Calls on Boxing Day does smack of last chance saloon time. Somers is obviously wanting (and needing) real money on the table. And pretty damn quick. We have had the 'Three Bears' or is it the Three Stooges underwriting the intended share issue. Of course underwriting does NOT mean there is any cash on the table. Someone might know the detail better than me, but I am guessing that the club/company is technically insolvent and to continue trading on that basis could result in personal liabilities and legal charges against the directors. The usual way to protect against this is to continue trading but "with the support of the bank". Unfortunately they don't have a bank that would offer anything other than a cash only account. Is an agreement to underwrite a planned share issue to raise additional cash acceptable to the fraud squad and company law so Rangers can keep going in the meantime? I suppose the support of Ashley could be compared to support of a bank. The big difference, however, is that the bank lends money in the expectation that it will be paid back, whereas Ashley seems to be lending money fully aware that there is no way it can ever be paid back and he will get the security instead. 0 Quote Link to comment Share on other sites More sharing options...
WeeHectorPar Posted December 30, 2014 Share Posted December 30, 2014 But surely as part of a Championship winning side romping the league by 15 points ... on my bad .. that's Hearts ... Tainted league win. After all, they didn't pay any of their debts, did they? 0 Quote Link to comment Share on other sites More sharing options...
bairney Posted December 30, 2014 Share Posted December 30, 2014 Ashley securing Ibrox as part of an upcoming loan? But who has the deeds? Could get messy...(Reaches for popcorn) 0 Quote Link to comment Share on other sites More sharing options...
WeeHectorPar Posted December 30, 2014 Share Posted December 30, 2014 Ashley securing Ibrox as part of an upcoming loan? But who has the deeds? Could get messy...(Reaches for popcorn) Well if MP wasn't available as security a couple of months ago and Ibrox isn't either then there doesn't seem to be much point asking for loans, does there?? 0 Quote Link to comment Share on other sites More sharing options...
TheGreenMonster Posted December 30, 2014 Share Posted December 30, 2014 After Lewis McLeod to Brentford Ian Black will be next out the door as he is joining Aberdeen http://www.afc.co.uk/mobile/news/5151.php 0 Quote Link to comment Share on other sites More sharing options...
WeeHectorPar Posted December 30, 2014 Share Posted December 30, 2014 After Lewis McLeod to Brentford Ian Black will be next out the door as he is joining Aberdeen http://www.afc.co.uk/mobile/news/5151.php :lol: :lol: 0 Quote Link to comment Share on other sites More sharing options...
stonedsailor Posted December 30, 2014 Share Posted December 30, 2014 Liquidation would mean starting back in SPFL2 (or would that be SoSL?).......if crowds are dropping now with fan apathy what would it be like if they knew they were just feeding the very spivs they currently want rid of in spite of "Rangers men" owning the "Club"? No it wouldn't. The rules were changed. 1st insolvency event -10 pts, 2nd insolvency event -25pts. Liquidation is an insolvency event! 0 Quote Link to comment Share on other sites More sharing options...
sjc Posted December 30, 2014 Share Posted December 30, 2014 No it wouldn't. The rules were changed. 1st insolvency event -10 pts, 2nd insolvency event -25pts. Liquidation is an insolvency event! Would they liquidate the Club/Company without a prior Admin? If that was the case surely Hearts would have just shred the debt via liquidation? 0 Quote Link to comment Share on other sites More sharing options...
WeeHectorPar Posted December 30, 2014 Share Posted December 30, 2014 Forgot about that fly in the ointment .... but surely a small flat in a tropical hideaway, a stipend plus new identity documents could free those up? Just came to mind that this is perhaps the reason the board is not taking up the offers on the table. It could well be that there is nothing left to put up as securiity and this is why Somers is emailing everyone he knows to get unsecured loans. 0 Quote Link to comment Share on other sites More sharing options...
stonedsailor Posted December 30, 2014 Share Posted December 30, 2014 I was sure there was something iffy about the rule changes, memory ain't what it used to be and couldn't be arsed checking. It would mean administration then liquidation would be -25 then -25 again for Rangers, given they have already had an insolvency event. Straight to voluntary liquidation would be -25 as it is only one insolvency event (sod you, we'll see you in court) 0 Quote Link to comment Share on other sites More sharing options...
stonedsailor Posted December 30, 2014 Share Posted December 30, 2014 Would they liquidate the Club/Company without a prior Admin? If that was the case surely Hearts would have just shred the debt via liquidation? Some clubs have pride. 0 Quote Link to comment Share on other sites More sharing options...
bennett Posted December 30, 2014 Share Posted December 30, 2014 Is densboy seriously being touted as some sort of financial expert, surely my eyes must be deceiving me... 0 Quote Link to comment Share on other sites More sharing options...
sjc Posted December 30, 2014 Share Posted December 30, 2014 Some clubs have pride. I know 0 Quote Link to comment Share on other sites More sharing options...
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