Big Rangers Administration/Liquidation Thread - All chat here!

[Romeo]

So King is using the old Sevco favourite "big boys done it an ran awayy" excuse.

[Doink]

Gullible

[Stag Nation]

You do wonder whether the "journalists" at the Record have been bought off by any of these people or whether they do it for free.

"You cannot hope

to bribe or twist,

thank God! the

British journalist.

But, seeing what

the man will do

unbribed, there's

no occasion to."

Humbert Wolfe (1885-1940)

[GorgieYaBass]

THE INTERIM ACCOUNTS & HOW BAD THINGS REALLY ARE.

The latest interim accounts paints the club itself as reducing it's debt, but that's a crock of shite and the dodgy accounting over the past two years has just caught up.

There are two sums of money I am going to retract from the accounts to show up how bad things really as they aren't recurring items ie last Septembers share issue cash of £2.8 million and the lotto windfall from the Commonwealth games of £1.3 million. I want to show how bad the cash burn from the club itself without financial help.

Interim accounts say running costs in debt to £2.88 million and without the share money and Commonwealth money the clubs actual debt without them now climbs to £6.98 million for the six months.

And that's not all either ?, if you look in the interim accounts you will find the club took a loan of £3 million and in the interim accounts you will find that only £1.5 million was paid back so we now add the other £1.5 million to the total and we now see a cash burn of £8.48 million if the loan had been paid back before December 31st 2014.

But !, we don not stop there either as we now start to look ahead to the total amount the club is accruing to the end of the season. We will now factor in Sports Directs initial £5 million and the club has now accumulated cash burn of £13.48 million and rising.

Now we will add in the 3 bears £1.5 million and we get up until this date that the club without financial aid has burned through £14.98 million FFS and it isn't even the end of the season.

There are 3 months left of the season and now I enter some speculation here and if the club has a cash burn debt of a million a month and I'm being generous here, we will now add a further £3 million to the total and we now see a staggering burn rate of £17.98 million for the season. That's the debt the club has just about to go through for one season to reach the top tier.

And I haven't even began to speculate how much in bonuses will cost especially if they get promoted either because it is sure to be in the millions as well between the board and players etc etc etc.

So the club during the season without said financial assistance will burn through over £20 million just for this season, aye the club is reducing it's debt and living within it's means ! AYE RIGHT.

But just to make the bears happy we will know take that £4 million from the share and Commonwealth and retract it from the £20 million and the club for this season and the club will have got into £16 million plus in debt by the end of the season.

So The Rangers by the end of the season will be £16 million in debt chasing the dream to reach the top tier

If that's the case then it's absolutely f*cking vulgar.

Not one single lesson learnt this last three years.

[The DA]

From http://www.cms-ag.com/publications/delisting-from-aim/http://www.cms-ag.com/publications/delisting-from-aim/

A decision to delist from the markets completely may be taken where the original rationale for listing is no longer relevant. Delisting may be a consequence of the company coming to the market too early buoyed by VCT capital which has since diminished, or of market conditions or lack of interest providing little or no appetite for its shares. Companies at times of low liquidity and restricted access to the benefits of a listing may find the cost of maintaining a listing, retaining advisers and complying with regulatory requirements administratively burdensome and not cost effective. The decision to delist may become an appropriate course of action allowing the company to reposition itself in the market place or unburden itself of costs and inconvenience which no longer generate sufficient benefit.

I wonder what benefits Rangers thought they'd be getting by listing in the first place.

[ribzanelli]

I see the previous board are taking the flak for leaving a toxic legacy. I realise they were feathering their own nests but what did they actually do that is toxic in the eyes of independent financial experts? Tax evasion? Lying on the stand? Hold directorships of recently failed companies?

[RandomGuy.]

THURSDAY, 02 APRIL 2015 17:30

Paul Murray Statement

WRITTEN BY RANGERS FOOTBALL CLUB

RANGERS interim Chairman Paul Murray has tonight released the following statement:

We tried everything within our power to have the suspension lifted but it was clear that we would have to pay a price for years of poor corporate governance and financial mismanagement since the IPO. The delisting is down solely to the actions and conduct of past regimes.

You could say the behaviour of previous directors has poisoned the well with AIM but even so we might have expected a little more understanding from certain quarters. However, I must point out that delisting will have no effect on our overall financial strategy.

The investments we expect will still be made and Rangers will be rebuilt on schedule. Be certain that this delisting, which is down entirely to the actions of previous Boards, will have no bearing on future investment.

Also, we are putting in place an extremely credible share-dealing facility which will enable shareholders to buy and sell their shares. I understand there will be some shareholders unhappy with this outcome but I am sure the vast majority of shareholders will be satisfied.

One of the platforms keen to take us is ISDX. This is an exchange that Rangers used to trade on and it is also a trading platform for Arsenal.

We will have a full platform set up by the end of May but have made arrangements to have a temporary facility operating by next Tuesday morning.

It is unfortunate our intended Nomad, who had confirmed to us that they cleared all of the individuals concerned as fit and proper, could not proceed after having conducted due diligence on the company but I want to stress again that this will not hinder our plans.

Genuinely never seen an official club statement from anywhere filled with so much deflection and lies. I've no idea how anyone believes anything thats being said by the person making this statement tbh.

[cyderspaceman]

"You cannot hope

to bribe or twist,

thank God! the

British journalist.

But, seeing what

the man will do

unbribed, there's

no occasion to."

Humbert Wolfe (1885-1940)

If you hadn't attributed this, The_Diddy would have accused you of writing diddy plastic doggerel.

[graeme_p]

The statement about the NOMAD basically says. The people are fit and proper but the company has failed the due diligence. Surely King and Co could not have written this better to set up an insolvency event.

"See, we ARE the good guys but the bad boys have killed the club/company"

[Skudbook]

http://www.bbc.co.uk/sport/0/football/32171135

Easdale threatens action against King and Murray personally.

Feel free to repunctuate above sentence and interpret as you see fit.

[shizzlemanizzle]

They see to have a wee group pact to red dot posts where people laugh at what they said. Iv had a few from them, it only deepens my joy at their pain.

To be red dotted by a sevconian and they're (just for you kinky) aliases is like a badge of honour. They may not have a Nomad, they may have been lied to by the good guys, they may be breathtakingly hilarious on the field but they have red dots and are not afraid to use them.

"Sink us and we'll red dot you"

[ribzanelli]

To be red dotted by a sevconian and they're (just for you kinky) aliases is like a badge of honour. They may not have a Nomad, they may have been lied to by the good guys, they may be breathtakingly hilarious on the field but they have red dots and are not afraid to use them.

"Sink us and we'll red dot you"

Show liquidation the red dot

[P45]

PM blaming the old board for the delisting is a joke surely.

He's trolling more than Llambias and Leach ever did.

[sjc]

The statement about the NOMAD basically says. The people are fit and proper but the company has failed the due diligence. Surely King and Co could not have written this better to set up an insolvency event. "See, we ARE the good guys but the bad boys have killed the club/company"

Wouldn't Mike Ashley hold all the aces if this happened by being the biggest Creditor?

[Gaz]

If that's the case then it's absolutely f*cking vulgar.

Not one single lesson learnt this last three years.

You spelled "hilarious" wrong.

[FinnesTON]

We don't know how creative the accountants were when they did any audit for Sevco since it's inception. So far they have managed to balance or cook the books enough to make it look better than things really are.

I did chuckle at the interim numbers at first and thought that's definitely not correct and did some number crunching of my own. They must be close to what is projected because Tedi the master accountant hasn't posted "pish and made up shite" yet.

I see others have nor and JJJS have mirrored what I have said in the past and no doubt its an almost universal opinion Sevconian delusion.

But just to show that what we are talking about you only have to look at their nearest rivals Celtic were a mess financially when the Bunnet took over but he explained everything he was going to do, to get you back on an even keel, new stadium but you will know more than me about the details but it was a pragmatic response and the supporters dutifully bought into it , that model is still prevalent, although the actions at Rangers were the for every £5 we'll spend a £10 therein lays the rub McCann would only spend a £5 if he had it and was an investment where Minty spent somone else's £10 just to GIRUY sort of thing.

This is the model they crave not the sensibilities of McCann but that of the Moonbeams, the reincarnation Chuckie had a less than glorious reputation and 'leopards don't change their spots' ( that saying should be inscribed on the marble staircase of the Big Hoose because everyone who has walked through that door has acted to type) Sheffield United supports were emphatic about him, sadly they to were 'the enemy' 'timmy' or 'diddy team.'

(Better include Ann Budge at Hearts or Stewart Milne at the Dons of doing equally good jobs ………. don't want to be accused and a silent'h' suddenly appearing in any replies to my posts.)

I expect PM and DK will use the same tactics of paranoia and conspiracy against the Establishment club they already have and are now rewriting history but LLamblas was right in his parting shot who is the Nomad and where is the money MrKing ? And would one not follow the other the city like money,they nurture it, watch it grow, they like people who make it grow, the faster and bigger the money tree grows the more they like it and persons responsible. So if DK had the money they'd be still in there. Unlike Sevco the city is not about the past but present and future.

What other business thinks reliant on its customer base to make money is good ? They continually talk about new markets, about growth potential, profile of the business, investment from other sources. So given those figures I believe they are right and highlights where the £70m went on an operation that is frankly too big, too expensive and too entrenched to change. We can blame the 'spivs' but they are subject to change the real problem appears to be the expectation of the business customer base.

[adundeemonkey]

Will be fun seeing the SFA waving shameless Dave through as a FAPP after the first thing he has done is openly deceive the support by lying about a NOMAD.

[FinnesTON]

The nomad stuff is an interesting development.

I won't pretend to know what sort of material impact it might have, but from reading the views of others with some knowledge, it would appear to be not a lot.

However, the psychological effect does look significant. We seem to have a situation where King's claim to have had a nomad lined up, looks dubious. We also may have a situation where no great effort to secure a nomad was made, because not having one was always King's preferred option.

Either way, it's surely not good for Rangers. Transparency is lacking and I'd be anxious about the desire of someone like King, to operate in a less regulated environment.

The 'good guys' have explaining to do.

As you said it allows King to make decisions without public disclosure, say he loans them some money until the end of the season he could secure it against the stadium without divulging it. So for the gullible readers you'd have to rely on a whistleblower but if you were a publicly traded Co. those details would be announced. Not being on the AIM leaves you open to the very thing that triggered the requisiters. Then honest Dave is a RRM and not like you'll need the money.

[Dr Koop]

Will be fun seeing the SFA waving shameless Dave through as a FAPP after the first thing he has done is openly deceive the support by lying about a NOMAD.

That's what the SFA does. One eye on commercial interests while pissing over its other obligations and taking a great big dump on the poor schmucks who were asking for it when they invested in newco (right, Tedi?).

Still, it's Easter. The time of rebirth and miracles. Roll away the stone and, hey, the body has gone. Look, what is that vision of a glib and shameless liar, saved from the grave and bathed in the light of SFA double standards?

[Monkey Tennis]

It truly is amazing you know.

Since gaining power, there's been virtually no sign of activity from the new regime at all.

In fact all they've really done is appoint Chris Graham and manage to get de-listed.

How, seriously how, does this club keep finding new and imaginative ways to entertain us so?

It's ingenious - it really is.

Edited April 3, 2015 by Monkey Tennis