San Starko Rover Posted March 2, 2015 Share Posted March 2, 2015 I'm finding the Rangers' fans triumphalism on here a bit odd, to be honest. From here, it's likely that King will helm the board then enter Admin MkII (blaming everything on the previous administration) while they have an adequate points buffer to be able to survive a points deduction (which will only be levied at the lower amount as the first incidence of administration for this entity - guffaw). He will no doubt try to wrangle himself free of the onerous contracts with Sports Direct but one wonders how successful that will prove. I have no doubt that his anointment will galvanise what remains of the Rangers support who continue to wilfully mug themselves in tribute to their weird cult but whether it will provide long-term satisfaction to the glory hunters remains to be seen. It would indeed be incredibly amusing if King and Murray got knocked back on the fit and proper test. How the SFA could possibly approve King - a convicted tax-dodger and "glib and shameless liar" in the eyes of the SA judiciary - is a mystery, but no doubt they'll try. Surely Admin wouldn't work though (correct me if I am wrong) with MA loaning them millions to stay afloat wouldn't that then make him the major creditor and he could just refuse to accept their offer of pennies in the pound? I'll admit to not being up to speed with the whole Saga (so if i'm wrong please correct me) but doesn't MA have most of the revenue tied up and is owed something like £10,000,000 so whether King gets control or not unless he pays MA off there won't be a lot he can really do without MA allowing it as he could pull the plug any time he likes buy demanding his loans back? So unless King can get MA onside (doesn't seem likely after you oust him from full control) or find a shed load of cash to 1 pay MA off 2 finance the team who are losing money every month until they are in the top division could be at least another season if they don't improve fast. Whats left a court room battle with MA's lawyers? Maybe I'm missing something, like I said i'm not clear on all the facts so correct me if i'm wrong but while King may be a Rangers man, with his record if I was a Rangers fan he's not the kind of guy I would trust to look after my pension let alone my football club and Rangers man or not you can bet if it all goes pear shapped he will be on the first flight to South Africa with his cash safely packed in his suitcase. 0 Quote Link to comment Share on other sites More sharing options...
weirdcal Posted March 2, 2015 Share Posted March 2, 2015 Its a tad mental celebrating the return of the king after the last time he was on a board at ibrox. It's like Rome voting to reinstate Nero after starting to rebuild. Surely Dave wont be fiddling enough to allow this to crash and burn around him again?? 0 Quote Link to comment Share on other sites More sharing options...
Monkey Tennis Posted March 2, 2015 Share Posted March 2, 2015 Whenever I post on BRALT I always end up feeling bad about it. It is basically mocking those with either learning difficulties (dhenbhoy) or emotional problems (monkey tennis). Even self deprecating humour is lost on the special educate needs types who make up the majority of the non Rangers fans here. Laughing at them is like kicking puppies. Some links for those actively seeking help. http://www.sane.org.uk/ http://www.mind.org.uk/ http://www.samaritans.org/ http://en.wikipedia.org/wiki/Psychological_projection #staystrong. Step away and take a step towards a better life. And you're doing it again. Have you indicated what was wrong with the post of mine that you claimed wasn't written in English yet? 0 Quote Link to comment Share on other sites More sharing options...
Paramour Posted March 2, 2015 Share Posted March 2, 2015 Surely Admin wouldn't work though (correct me if I am wrong) with MA loaning them millions to stay afloat wouldn't that then make him the major creditor and he could just refuse to accept their offer of pennies in the pound? You could be right - I'm no forensic accountant, but I believe that defaulting on the loan would simply cost King the assets upon which the loans are secured. Given that this doesn't include Ibrox, they may just do that to get Ashley out of the door. Not a pleasant situation for any Teddy Bear, but King will re-enter with a lot of political capital and this might be one use for that. The biggest liability (in a l-o-o-o-o-o-ng list) would be those pesky commercial contracts which will strangle the club through good times or bad, so I wouldn't be surprised to see a napalm policy to see the end of those. 0 Quote Link to comment Share on other sites More sharing options...
AberdeenBud Posted March 2, 2015 Share Posted March 2, 2015 It has taken three long years but in ..5 short days and we have our club back. We have our club in the hands of people who have Rangers best interest at heart. Nobody thinks things are going to be easy but at last we are on the right road with the one man who can unite the fans and one we trust with our clubs future. Surely it's a lot more than three years since Rangers was in the hands of people with the club's best interests at heart. No? Well, you're almost certainly wrong about "three long years", "5 short days", "we", "our club", "back", "people who have Rangers' best interest at heart", "the right road" and "we can trust", but credit where it's due on the fan-uniting thing. He's also talking shite when he says "nobody" thinks it will be easy. Apart from all that though an absolutely spot on post. 0 Quote Link to comment Share on other sites More sharing options...
Jamie_B Posted March 2, 2015 Share Posted March 2, 2015 Has anyone ever explained how King intends to get around section 216 of the Companies Act re: phoenixing. https://www.purnells.co.uk/limited-company/creditors-voluntary-liquidations/phoenix-companies/section-216-insolvency-act-1986.html I'm quite sure the SFA's fit and proper test will be circumvented, but the law seems pretty black and white here? 0 Quote Link to comment Share on other sites More sharing options...
THE KING Posted March 2, 2015 Share Posted March 2, 2015 Did anyone ever see Daves mystery letter from SARS that said hes a great guy now? 0 Quote Link to comment Share on other sites More sharing options...
flyingrodent Posted March 2, 2015 Share Posted March 2, 2015 (edited) You could be right - I'm no forensic accountant, but I believe that defaulting on the loan would simply cost King the assets upon which the loans are secured. Given that this doesn't include Ibrox, they may just do that to get Ashley out of the door. Not a pleasant situation for any Teddy Bear, but King will re-enter with a lot of political capital and this might be one use for that. The biggest liability (in a l-o-o-o-o-o-ng list) would be those pesky commercial contracts which will strangle the club through good times or bad, so I wouldn't be surprised to see a napalm policy to see the end of those. I can't make many predictions on the finance side, although I will note that this particular club's record of bright new futures isn't exactly spectacular. What I can confidently predict is this - whatever happens in the boardroom, King & his buddies better get that team winning on the park, and fast, or they'll soon suffer the same boycott/protest fate as the current occupants. If the last few years show one fact clearer than an Ibrox new dawn, it's that the fans will tolerate almost infinite looting, scandal and corruption, but absolutely won't ever accept a team that doesn't win week-in, week-out. They can be scraped wins or lucky wins or dodgy wins, but they'd better be wins, or else. This season will be accepted as a write-off, for longer-term gain, you'd imagine. Any repeat of this season's repeated scuddings will see the fans back rattling the front doors in record time. Edited March 2, 2015 by flyingrodent 0 Quote Link to comment Share on other sites More sharing options...
Boghead ranter Posted March 2, 2015 Share Posted March 2, 2015 Are my clocks wrong? No 7am announcement yet. 0 Quote Link to comment Share on other sites More sharing options...
No8. Posted March 2, 2015 Share Posted March 2, 2015 He's also talking shite when he says "nobody" thinks it will be easy. Apart from all that though an absolutely spot on post. Are you forgetting The Pundits prediction ? You are going to have a field day mocking all those Ps &Ds who got this all completely wrong. 0 Quote Link to comment Share on other sites More sharing options...
flyingrodent Posted March 2, 2015 Share Posted March 2, 2015 (edited) And woah, Somers' resignation letter is a bit of a peach. Full text: "When I was approached about the chairmanship of Rangers, friends warned me that the world of football has different rules and codes of behaviour. I now know that is a gross understatement. "I am a non-confrontational man and have always tried to bring harmony to boardrooms and with stakeholders. "At the risk of antagonising my army of critics I would point out that Rangers managed to pay its bills and avoid going under during my tenure. These critics might not agree with how we achieved this. "I look forward to alternative solutions from whoever is running the club in the future. "Despite the personal attacks on me from various sources I genuinely wish the club the very best in the future and I am confident that with such a passionate and vociferous fan base they will be restored to their former glories." http://sport.stv.tv/football/clubs/rangers/312239-rangers-chairman-david-somers-resigns-as-dave-king-prepares-for-control/ --- To translate that, from polite businessese: "friends warned me that the world of football has different rules and codes of behaviour. I now know that is a gross understatement": Thank Christ I won't have to look at these godawful plebs any more. "I am a non-confrontational man and have always tried to bring harmony to boardrooms and with stakeholders": I'm pretending it wasn't me who put in that hilarious giving-everyone-the-finger AGM performance. "my army of critics": Shower of absolute zoomers. "I would point out that Rangers managed to pay its bills and avoid going under during my tenure": If Rangers fans want to be angrier with the men who kept the doors on the Big Hoose open than they are at the men who wound up getting them padlocked, then Hell mend them. "I look forward to alternative solutions from whoever is running the club in the future": The club's finances are hopelessly fvcked and I will laugh and fondle myself watching Dave King trying to milk this particular dead cat. The biggest FU of the lot, this one. "I genuinely wish the club the very best in the future and I am confident that with such a passionate and vociferous fan base they will be restored to their former glories": I hope the club folds and you're all miserable, you shower of absolute zoomers. Edited March 2, 2015 by flyingrodent 0 Quote Link to comment Share on other sites More sharing options...
AberdeenBud Posted March 2, 2015 Share Posted March 2, 2015 Are you forgetting The Pundits prediction ? You are going to have a field day mocking all those Ps &Ds who got this all completely wrong. Even a stopped clock tells the right time twice a day. 0 Quote Link to comment Share on other sites More sharing options...
RandomGuy. Posted March 2, 2015 Share Posted March 2, 2015 Somehow I do not think you will find that many Newcastle fans that agree, they are also incompetent and the picture is not as rosy as they try to paint..yet another embarrassing climb down highlighted a few days ago. The comments section give an insight into what Ashley is doing and probably planned to do at Rangers, he may have partly succeeded, time will tell. http://www.themag.co.uk/2015/02/must-read-rangers-admit-derek-llambias-newcastle-claims-misleading/ ... It should be noted that in the year to 30 June 2008, NUFCL made a loss attributable to members of £20,048,000, and a loss of £14,554,000 for the year to 30 June 2009. In the year to 30 June 2013 however, NUFCL made a profit attributable to members of £8,814,000. So he turned them from a loss making company to a profit making company? 0 Quote Link to comment Share on other sites More sharing options...
The DA Posted March 2, 2015 Share Posted March 2, 2015 Has anyone ever explained how King intends to get around section 216 of the Companies Act re: phoenixing. https://www.purnells.co.uk/limited-company/creditors-voluntary-liquidations/phoenix-companies/section-216-insolvency-act-1986.html I'm quite sure the SFA's fit and proper test will be circumvented, but the law seems pretty black and white here? From http://www.actionfraud.police.uk/fraud_protection/phoenix_company_fraud Phoenix company fraud Phoenix company fraud happens after company goes bankrupt and a second company (known as a phoenix company) is started up overnight with the same directors. Although this is perfectly legal, fraud is committed when the directors abuse the phoenix company arrangement and transfer the assets of the failing company below their market value, before insolvency. More about phoenix company fraud When a company goes bankrupt, a second company can start up overnight with the same directors – but without any obligation to pay for the failed company’s losses. That’s because they appear to be different entities. This is known as a phoenix company. It’s perfectly legal to form a new company from the remains of a failed company. Any director of a failed company can become a director of a new company, unless he or she is: subject to a disqualification order or undertaking personally bankrupt subject to a bankruptcy restrictions order or undertaking. Fraud happens when directors abuse the phoenix company arrangement by transferring the assets of the failing company below their market value before insolvency. By doing this, the fraudulent directors reduce the funds available to creditors when the original company becomes insolvent. As a result, the creditors are left out of pocket for the goods or services they supplied. Once a company enters insolvency or liquidation proceedings, the creditors will be paid in order of priority from whatever remaining company funds are made available. If you’re a trade creditor, it’s likely that you’ll receive only a small proportion of the money you are owed. Clearly, this may result in serious financial loss and have a direct impact on your company’s ability to keep trading and stay solvent. In addition, business confidence in your company may suffer, your customer base might shrink and your suppliers may impose less favourable payment terms on you. This will impact on your cash flow and, again, adversely affect your company’s ability to stay solvent. Are you a victim of phoenix company fraud? You are a trade creditor owed funds from the insolvency of a company but can’t contact the company or get paid. You are a business that has suffered substantial financial loss after giving trade credit to a new business that has gone under. What should you do if you are a victim of phoenix company fraud? If you have a claim or an outstanding complaint against the failed company, don’t give up on it. Be persistent. You should not be put off if the phoenix company claims the failed company’s liabilities are not theirs, when both companies appear to be the same. Tell the Financial Conduct Authority (FCA) about it. It can’t help with individual disputes between you and the phoenix company, but the generic problem of phoenix companies is a priority for the FCA. If you’re a creditor to a company undergoing insolvency, it’s essential that you help the official receiver or insolvency practitioner to understand the causes of failure. They have a duty to investigate the affairs of companies in compulsory liquidation and report evidence of criminal offences to a prosecuting agency. If you believe that the company is withholding information about its assets, or if you have information about the conduct of the company, you should contact the official receiver or insolvency practitioner with the relevant facts. Protect yourself against phoenix company fraud Most phoenix companies are perfectly legitimate businesses. But, as with any new customer, you should vet them carefully first. In particular, follow up trade references and check the directors’ credentials. Find out why the previous company failed and ensure the directors aren’t serial abusers of the phoenix company arrangement. You can find information on company directors from Companies House or by getting hold of a status report from a credit ratings agency. Only extend trade credit if you are confident that you will be paid on time. If you suspect that an individual is acting in breach of a disqualification or bankruptcy order, you should report them to the Insolvency Service. It’s a criminal offence to contravene a disqualification order or undertaking, a bankruptcy order, a bankruptcy restrictions order or undertaking. It’s also a criminal offence for another person to assist a disqualified person to act in this way. Anyone who contravenes the order or undertaking could become personally liable for any debts a company incurs while the order or undertaking is contravened. Anybody who carries out that person’s instructions may also be personally liable. Interesting. A slightly different slant on the whole phoenix thing. This doesn't mention disqualification of directors but it does say that 'Fraud happens when directors abuse the phoenix company arrangement by transferring the assets of the failing company below their market value before insolvency.'. Would anyone say that happened? 0 Quote Link to comment Share on other sites More sharing options...
WILLIEA Posted March 2, 2015 Share Posted March 2, 2015 Has anyone ever explained how King intends to get around section 216 of the Companies Act re: phoenixing. https://www.purnells.co.uk/limited-company/creditors-voluntary-liquidations/phoenix-companies/section-216-insolvency-act-1986.html I'm quite sure the SFA's fit and proper test will be circumvented, but the law seems pretty black and white here? Very much this! If the " real " authorities start taking an interest which they haven't as yet then this could get very messy ( funny ) very quickly 0 Quote Link to comment Share on other sites More sharing options...
RandomGuy. Posted March 2, 2015 Share Posted March 2, 2015 The problem is Newcastle fans suffer from the same disease Rangers fans do in expecting to be far better than they are regardless of the situation. He's turned them into a club who make a profit and are steadily rising up the league sustainably. Thats his pedigree. Whats Dave Kings pedigree with owning a football club? 0 Quote Link to comment Share on other sites More sharing options...
RandomGuy. Posted March 2, 2015 Share Posted March 2, 2015 He has no interest in Newcastle being successful, he is only interested in bleeding the fans dry and using that profitability to his (sports direct) benefit, he does this by constantly lying to them. No. Thats what the fans, who've hated him from day one, are saying. Look at the facts instead of their conjecture. Ashley have got Newcastle comfortably in the top flight, and turning a profit. Dave King was part of the board that saw Rangers die. 0 Quote Link to comment Share on other sites More sharing options...
scottxs Posted March 2, 2015 Share Posted March 2, 2015 (edited) And woah, Somers' resignation letter is a bit of a peach. Full text: "When I was approached about the chairmanship of Rangers, friends warned me that the world of football has different rules and codes of behaviour. I now know that is a gross understatement. "I am a non-confrontational man and have always tried to bring harmony to boardrooms and with stakeholders. "At the risk of antagonising my army of critics I would point out that Rangers managed to pay its bills and avoid going under during my tenure. These critics might not agree with how we achieved this. "I look forward to alternative solutions from whoever is running the club in the future. "Despite the personal attacks on me from various sources I genuinely wish the club the very best in the future and I am confident that with such a passionate and vociferous fan base they will be restored to their former glories." http://sport.stv.tv/football/clubs/rangers/312239-rangers-chairman-david-somers-resigns-as-dave-king-prepares-for-control/ --- To translate that, from polite businessese: "friends warned me that the world of football has different rules and codes of behaviour. I now know that is a gross understatement": Thank Christ I won't have to look at these godawful plebs any more. "I am a non-confrontational man and have always tried to bring harmony to boardrooms and with stakeholders": I'm pretending it wasn't me who put in that hilarious giving-everyone-the-finger AGM performance. "my army of critics": Shower of absolute zoomers. "I would point out that Rangers managed to pay its bills and avoid going under during my tenure": If Rangers fans want to be angrier with the men who kept the doors on the Big Hoose open than they are at the men who wound up getting them padlocked, then Hell mend them. "I look forward to alternative solutions from whoever is running the club in the future": The club's finances are hopelessly fvcked and I will laugh and fondle myself watching Dave King trying to milk this particular dead cat. The biggest FU of the lot, this one. "I genuinely wish the club the very best in the future and I am confident that with such a passionate and vociferous fan base they will be restored to their former glories": I hope the club folds and you're all miserable, you shower of absolute zoomers. they paid bills and stayed open on his watch. Now that he's gone let's see if they can stay open long enough for the egm to happen. Oh and when are wages due to be paid. .? Edited March 2, 2015 by scottxs 0 Quote Link to comment Share on other sites More sharing options...
Ken Fitlike Posted March 2, 2015 Share Posted March 2, 2015 This light at the end of the tunnel that the P'n'B berrz see..... ....probably another oncoming train,eh? Hopefully the old club / new club issue will be resolved when King triggers an Administration event and the points that the SPFL deduct reflects whether it is a first or second occurance for Rangers / The Rangers. 0 Quote Link to comment Share on other sites More sharing options...
Ken Fitlike Posted March 2, 2015 Share Posted March 2, 2015 Doncaster already clarified the matter...apologies for reminding you Doncaster confirmed it IS an oncoming train? michty me! 0 Quote Link to comment Share on other sites More sharing options...
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