Big Rangers Administration/Liquidation Thread - All chat here!

[AyrshireTon]

I won't pretend to understand all the delisting stuff and its ramifications, but two things coming from Sevcoland struck me as odd -

The bit about an alternative "being a suitable model for Arsenal" - how on earth can a skint three year old club with the razors held firmly over the wrists compare themselves to a club down south whose League has just agreed a TV deal for squillions of pounds?

Blaming the current situation on the old board - which board? The one before or after liquidation and death? Those who spent borrowed money keeping up with Celtic or those who spent borrowed money trying to get back to the same league as Celtic?

[Homer Thompson]

I was thinking more like,

Ya just know they are going to pull something like this don't ya.

I guess it's possible. However, it would fall outside of the current rules.

As far as the sale before admin is concerned, unless the assets were sold at a reasonable value it would be open to all sorts of challenges from creditors of the old company. It's something I could see Ashley pulling off but not King.

[Ken Fitlike]

Excellent piece from a Rangers man exposing DKs bullshit...

.http://forum.rangersmedia.co.uk/index.php?showtopic=281723

.Here we are, the 3rd of April. The day after Rangers International Football Club lost its right to trade its shares on the London Stock Exchange.

Predicted by yours truly and just about every other member of the RSL.

Weve had Merlin, From The Blue Room and countless others tell anyone who would listen that this was inevitable.

To start with lets get straight to our Interim Chairmans statement released yesyerday. He tells us its the lack of corporate governance by the previous board thats the reason for their failure to stop the delisting of the club.

That is utter garbage. Bullshit. You can dissect and dismantle that argument instantly. The previous board had a nomad. That nomad said they would resign if this lot of requisitioners won the right to run the club. Which they duly did.

Four weeks ago Dave King told us he had a nomad in waiting a matter of days he said. There was no issue and suspension from the AIM would be rectified . We would have no problems we were told.

A fortnight ago Dave King went back to South Africa and to my knowledge hasnt returned since. In case it has escaped the new regimes attention, the support is in meltdown today!

Thousands upon thousands of us have had the value of the shares we bought to help our club in its hours of need obliterated. Shares that were bought for seventy pence now trading at three pence. Cheers for that.

But its ok, its all the previous directors fault we are told. The directors that were working for Mike Ashley. How many of Mike Ashleys companies have been delisted?

You honestly couldnt make this shit up. This new board, full of Rangers Me , blame the previous board for their inability to stay on the stock exchange. And we are supposed to believe that, are we?

Ill suggest something here that Paul Murray hinted at it in his rant. He whispered something about Rangers being the most complained about PLC on the entire market over the last year!

Now heres a thing to chew on folks

I knew this. People that work in the City knew this. Merlin told me this himself months ago. He stated to me that the biggest single danger the club faced over the last year was the prospect of being delisted.

That was down solely to the incredible number of complaints to the AIM and FCA. You want to know where those complaints were coming from? Aye, you guessed it, from the people that were backing King Co. Trying to cause as much hindrance as possible to the board.

It worked really well didnt it? The new regime has caused the AIM so much grief that it thinks we are toxic. That is not down to the previous board that is solely down to this board and its backers actions when trying to gain control of the club.

If this had happened under Charles Green or Sandy Easdale there would be red cards waving, Spivs Out banners and demonstrations at the front doors of Ibrox. The double standards and hypocrisy here are quite spellbinding.

Dave King, the man a South African judge called a glib and shameless liar and a mendacious witness has told a big porky. He told the entire nation he had a nomad. What a load of cock! We know on here that he tried approximately ten nomads, kept getting told the same answer so then it became Dougie Parks turn to attempt in this impossible quest to find this miraculous nomad.

My guess is that they probably got one, after they stopped using Dave Kings name during the process. Still not enough though, for as long as King is associated with Rangers the market wont touch u ! The AIM was telling any nomad willing to do the job not to touch us with a barge pole cos they wouldnt be!

For these people to blame others for their mistakes and failings beggars belie . Its not working, either. Apart from those incredibly devout Kingites, nobody believes a single word of the pap they churned out yesterday .

We are now delisted. We have been in danger of alienating an entire religion because of a buffoons tweet.. No sign of Kings thirty million (stop laughing at the back !) and a board that are at each others throats in regard to investment. Im sure its the old boards fault though

Now heres the thing I cant get my head round. Dave says hes got thirty million, then that went down to ten, with other investors weighing in the rest. Sounds odd right away when you consider the total spend required to sort out out the wreckage that is Rangers.

Its not enough, not even close. So why did King say thirty million then backtrack to ten million the instant he got control?

Well he did say his preferred option was to delist from the AIM. Will that make it less costly for him? Youd think if he can now buy the shares of the Institutional Investors for buttons then, yes, obviously.

Will they sell to him? My instinct tells me n . Would they be more likely to sell to Sandy Easdale or even Mike Ashley if he was in a position to? I would think so. I know the Institutional Investors dont like or respect this lot one bit so doing a deal with them will stick in their throats Id imagine.

So what is Dave Kings endgame here? To gain complete control he has to delist in order to chase away the big gun investors already there. That might prove harder then he first figured. It was highly noticeable that almost immediately Sandy Easdale has hinted at possible legal action in regards to the delisting of the company.

Will others follow suit? Will Mike Ashley do likewise? There are some seriously heavy hitters that are going to be majorly peed off at this turn of events, obviously.

Could that be why so many of them abstained at the general meeting I wonder?. Was the abstinence a decision to not recognise the faux legal process?. Did they know what the Real Rangers Men were trying to do?

Its now common knowledge that the Financial Conduct Authority have been and are actively investigation the goings on at Rangers. Did the major shareholders know there was something likely to happen in the near future? Time will tell I suppose.

What isnt really common knowledge though is this: Dave King is in line to receive a small fortune from BDO, the liquidators of the old company that used to own Rangers.

Ticketus have been told by the Court to pursue Craig Whyte, not Rangers or the liquidators. HMRC will get their money theyre due also.

Dave King is a primary creditor; his claim is for the infamous twenty million he was supposed to have given Rangers years ago. So in effect Dave King is the top creditor in regard to oldco and trying to get into position to be top dawg in the club right now.

I wonder what Douglas Park makes of that. Id also be intrigued to know if Mike Ashley is aware of this little titbit.

Ashley has security on the Albion car park, Edmiston Club and Auchinhowie training complex.

Dave King (if he wanted to merge or amalgamate oldco and newco) needs those assets.

What is the endgame for Park and King? They need to find a way to rid the club of Ashley for them to get in a position to run things their way without opposition. Not easy and if Ashley doesnt want to play ball, he wont..

This is an asset grab by the looks of it. Stage one completed yesterday with the delisting. I got information that proves there have been lies told recently. Big whoppers at that but cant get too detailed right now.

Rangers fans need to wake up to whats going on here. If things dont improve very quickly we might not have a football team to support for much longer.

And there are a growing number of people who believe that might actually be the sinister end game here

.

we might not have a football team to support for much longer ...

as already said some excellent stuff from a healthily sceptical bear..... ( they would not be in as much turmoil if more of their fans had a similar attitude to the endless conveyor belt of spivs promising them moonbeams)

But I must quibble with..........

BDO, the liquidators of the old company that used to own Rangers.

BDO are the liquidators of the old company that WAS Rangers.

Club / Company were the same thing. It died when the CVA failed.

The set-up that evolved out of Charles Green's Sevco are not the Rangers of 1872-2012.

[Monkey Tennis]

It's funny - this "glib and shameless" label gets thrown around at times in a manner that can only really be described as, erm... glib.

However, the South African judge truly was spot on in this assessment. On his brief returns to Scotland, King has shown himself to be someone who will casually tell lies, if he sees them as helping his cause. He feels absolutely no shame about doing so.

We got it a few months back when he claimed the SFA had already assured him that all was well on the 'fit and proper' front. Even the SFA felt obliged to straighten the record there by immediately saying that nothing of the sort had happened.

And of course, we're getting it now with his assurances last month about a nomad, which were clearly groundless.

As a fan, it would be awful enough having such a figure at the helm if he'd seized control.

Can you imagine how it must feel though, if you'd actively worked hard to put him there?

Edited April 4, 2015 by Monkey Tennis

[THE KING]

I'm sure when it catches the attention of a mod that he is clearly a previously banned poster they swoop and swing the "ban hammer", his new aliases rarely last more than a few days.

Poor a Tedi he just can't hide his bitterness.

[pozbaird]

HBs theories about all sorts of shenanigans being worked in regard to holding companies, massaging money from one entity to another, with 'the club' (the thing with 11 men running around kicking a ball in light blue jerseys of a Saturday) escaping debt free? Allied to Scottish football suits turning the world's biggest blind eye, saying 'the club' are innocent, it's the new 'holding company' to blame... who might be called something like '2015 International Rangers Football Incorporated Sevco Gie's a Funny Handshake'....?

Ain't happening. Look back to page one of the thread. How many of us thought that in no time at all the debt would disappear in a mountain of paperwork, leaving Rangers shiny clean and signing Lionel Messi...

Didn't happen then. Won't happen now. Isn't happening anytime soon. The new spivs aren't nearly clever enough. The days of Chairmen like Gilmour clamouring to suck Rangers boaby are long gone. This new mob are a grade A clusterfcuk.

[Doink]

Rangers Men

[pozbaird]

Do you think PM dig "more sympathy from certain quarters" in the press was aimed at masons that had declined to put their professional reputations on the line for the sake of the club? Or do you think he's daft enough to expect the financial markets should cut them some slack because they have been hard done by and after all they "ara peepul"?

No idea.

The biggest question coming out of HBs theorising about shenanigans designed to see 'the club' escape debt free, with 'the company' crashing and burning is a very basic simple one. Exactly what constitutes a football club. What needs to happen that actually sees the entity that involves a squad of men kicking a ball against other men in a professional capacity be held accountable for what goes on?

What are Hearts? What are St Mirren? If Ann Budge & Co or Stewart Gilmour & Co decide to sign Ronaldo and Messi with money borrowed from Pounds To Pocket, and it inevitably goes tits up - it's nothing to do with 'Hearts' or 'St Mirren'?

Are 'the clubs' seriously operating in a vacuum, a bubble, isolated from any responsibility whatsoever? Quite amazing to think Third Lanark actually disappeared. If only they'd been around today, it would all have been a problem for 'The Third Lanark International' - allowing 'Third Lanark' - you know, that strange unfathomable entity with guys in red shirts running around Cathkin Park playing football, simply carrying on as if whatever happened, it was fcuk-all to do with the club.

Edit to add. In the event that 'St Mirren' did sign Ronaldo & Messi on the never-never and it goes tits up.... While Ronaldo & Messi are running around kicking a ball in black and white multi-striped kiddie's pirate costumes disguised as our home kit... surely they are doing it for 'St Mirren', the football club, not some secondary 'holding company'. Similarly, when signing guys like Daly, Miller, Boyd and Black to fanny around against joiners, painters and milkmen in the lower leagues, these big earners were on the field for 'the club'.

This whole thing about 'the club' not being the ones at fault when the shit hits the fan is frankly an affront to any sensible person. A twisted view that simply should not be entertained... Doncaster.

Edited April 4, 2015 by pozbaird

[Monkey Tennis]

No idea.

The biggest question coming out of HBs theorising about shenanigans designed to see 'the club' escape debt free, with 'the company' crashing and burning is a very basic simple one. Exactly what constitutes a football club. What needs to happen that actually sees the entity that involves a squad of men kicking a ball against other men in a professional capacity be held accountable for what goes on?

What are Hearts? What are St Mirren? If Ann Budge & Co or Stewart Gilmour & Co decide to sign Ronaldo and Messi with money borrowed from Pounds To Pocket, and it inevitably goes tits up - it's nothing to do with 'Hearts' or 'St Mirren'?

Are 'the clubs' seriously operating in a vacuum, a bubble, isolated from any responsibility whatsoever? Quite amazing to think Third Lanark actually disappeared. If only they'd been around today, it would all have been a problem for 'The Third Lanark International' - allowing 'Third Lanark' - you know, that strange unfathomable entity with guys in red shirts running around Cathkin Park playing football, simply carrying on as if whatever happened, it was fcuk-all to do with the club.

Edit to add. In the event that 'St Mirren' did sign Ronaldo & Messi on the never-never and it goes tits up.... While Ronaldo & Messi are running around kicking a ball in black and white multi-striped kiddie's pirate costumes disguised as our home kit... surely they are doing it for 'St Mirren', the football club, not some secondary 'holding company'. Similarly, when signing guys like Daly, Miller, Boyd and Black to fanny around against joiners, painters and milkmen in the lower leagues, these big earners were on the field for 'the club'.

This whole thing about 'the club' not being the ones at fault when the shit hits the fan is frankly an affront to any sensible person. A twisted view that simply should not be entertained... Doncaster.

Excellent post.

I don't feel any great personal need to claim the Rangers of today is entirely new and unrelated to what preceded it.

What you've done here though is effectively show why the club/company divorce idea is ludicrous and an insult to the intelligence of anyone who gets it shared with them.

The reality is that today's Rangers is only the same as the nine-in-a-row one, in the same way that Gretna 2008 is the same as the thing Mileson took to the Cup Final.

[pozbaird]

Liquidation of the owning entity should mean that club has to start from scratch and reapply for readmission.

This. In huge capital letters, this. Let's say I won Euromillions and bought St Mirren from Gilmour lock, stock and barrel for their asking price (which currently stands at somewhere between 1.5 and 2 million). I own St Mirren. I sign players St Mirren could not normally afford. I green light these signings and I sanction their crazy salaries. St Mirren field these signings and these guys 'do a Dundee' in a Cannigia and Ravanelli style, and finish second in the league. Everything I am doing directly affects the on-field AND off-field fortunes of St Mirren Football Club.

It becomes unsustainable. The shit hits the fan. Administration is followed by liquidation.

It's fcuk-all to do with St Mirren Football Club? It was just me.

Obscene.

[sjc]

That's what it appears to be there for ... It's a thoroughly ridiculous and ambiguous rule. Liquidation of the owning entity should mean that club has to start from scratch and reapply for admission.

Corporate greed has replaced sporting integrity within the powers that be. It's almost as if they foreseen the impending disaster that is unfolding.

Should a club restructure by means of a CVA (to the satisfaction of it's creditors) then okay. However if the owning entity is liquidated then the transfer of the share should not take place. Why a clear distinction between an insolvency event and "liquidation" has not been made within the rules is nothing short of encouraging the shafting of creditors.

This. In huge capital letters, this. Let's say I won Euromillions and bought St Mirren from Gilmour lock, stock and barrel for their asking price (which currently stands at somewhere between 1.5 and 2 million). I own St Mirren. I sign players St Mirren could not normally afford. I green light these signings and I sanction their crazy salaries. St Mirren field these signings and these guys 'do a Dundee' in a Cannigia and Ravanelli style, and finish second in the league. Everything I am doing directly affects the on-field AND off-field fortunes of St Mirren Football Club. It becomes unsustainable. The shit hits the fan. Administration is followed by liquidation. It's fcuk-all to do with St Mirren Football Club? It was just me. Obscene.

Agreed 100%.

[Doink]

BRALT

[Dr Koop]

Damn you I cant even say tainted title ... "tainted runner up" doesn't have the same ring about it.

Given the unfolding scenario do you not think all SPFL fans should now be banding together and petitioning their chairmen to take action prior to the obvious summer shenanigans.

If they liquidate RIFC and remain in the same division with a points penalty it will be a slap in the puss to fans of the clubs they cheated on their way up through the leagues from day one.

The IPO money was clearly a case of financial doping, since it was spent on players and team management they could not have brought in at a cheaper cost .... mhhhh .... never mind ... :lol: :lol:

All of the above is completely acceptable given the SFA/SPL/SPFL's gerrymandering over the past ten years.

[bennett]

Oh my are the massed ranks of the Ps and D's really taking my learned friends ramblings seriously?

People are still taking bloggers opinions as gospel, unbelievable when you consider that almost everyone of them has been discredited over the last few years.

Learn to think for yourselves.

[bennett]

Excellent post.

What you've done here though is effectively show why the club/company divorce idea is ludicrous and an insult to the intelligence of anyone who gets it shared with them.

.

He had a mental rant which appealed to the popularist opinion on here and did not compare in anyway with what happened at Rangers.

[bennett]

Well that's me convinced.. thanks mate.

You have more credibility than densboy and the QC.

Fcuk even I've got more credibility than those two and I know very little about financial rules and regs.

[greyman]

When would rangers officially be classed as a spfl clubs they won the play offs? Admin event and then start the season with points deduction instead of happening now and no chance of the play offs

[nsr]

Dave King. A true Rangers man. He embodies everything both clubs stand for.

[bennett]

When would rangers officially be classed as a spfl clubs they won the play offs? Admin event and then start the season with points deduction instead of happening now and no chance of the play offs

We are an spfl club mate.

Not too sure about the rest of your post tho.......

[Border Reiver]

Fcuk even I've got more credibility than those two and I know very little about financial rules and regs.

No you really don't, you are sad pathetic troll who's spare time is taken up hiding Celtic strips in sports direct, Cakes in supermarkets and making imaginary friends in a run down B&B.