The Rangers soap opera goes on and on.

[Deso1972]

The company "Sevco5088" changed their name to "The Rangers Football Club Ltd", after "The Rangers Football Club PLC" changed their name to something else. They were perfectly entitled to do this but obviously couldn't do it before the PLC changed their name to something else.

Its been tricky to follow but its legal.

It doesn't matter what their name is, TV broadcasters wont refer to them as anything else but "Rangers" anyway. The "Blue" pound is obviously more important than anyone elses.

[sick.of.romanov]

It might seem a daft question but why are they allowed to wear same badge ect if its a new company?

[The Gasman]

It might seem a daft question but why are they allowed to wear same badge ect if its a new company?

 

I know it sounds a bit arsey, but the simple answer is that having bought the OldCo's assets, there's nothing to stop them. It might not feel right, but there's no law, or football rule, that says they can't.

[sick.of.romanov]

Thanks for that, couldn't understand it

[Hagar the Horrible]

If lance Armstrong can get his entire history wiped of the face of the earth due to being a drugs cheat Rangers should have their entire history taken from them

[The Gasman]

Thanks for that, couldn't understand it

 

It's the same with their name. There's absolutely nothing legally wrong with how the NewCo has taken on the OldCo name;

 

Was: The Rangers FC Plc.

Now: The Rangers FC Ltd.

 

If feel wrong, but there is no law, and no football rule, to stop them doing that. It also has little or no baring on whether they may be classed as a Phoenix Company by HMRC, so they just went ahead and did it.

[VALDOS]

The company "Sevco5088" changed their name to "The Rangers Football Club Ltd", after "The Rangers Football Club PLC" changed their name to something else. They were perfectly entitled to do this but obviously couldn't do it before the PLC changed their name to something else.

Its been tricky to follow but its legal.

It doesn't matter what their name is, TV broadcasters wont refer to them as anything else but "Rangers" anyway. The "Blue" pound is obviously more important than anyone elses.

The bbc were referring to them as the rangers, even on the league table, it was scrapped after the first week.

[The Gasman]

The bbc were referring to them as the rangers, even on the league table, it was scrapped after the first week.

 

Everyone noticed that the NewCo were officially called The Rangers FC, but no one seemed to notice that for years the OldCo was also officially called The Rangers FC.

[Geoff Kilpatrick]

Anyway, is it true that the Duffers have "updated" the creditors report?

[Johanes de Silentio]

Out of interest, has anyone seen the new club's programmes or official website, if they have one?

 

I'd be interested to know if they're listing/claiming the honours/history of the old/dead club?

 

Because if they are...

[Geoff Kilpatrick]

I'm more interested in how the football yearbooks handle the honours, not any Sevco publication.

[colinmaroon]

I don't like the term "ZombieCo".

Zombies are the reanimated corpse of a dead person. So ZombieCo would suggest that they are Rangers reanimated, which is wrong in my eyes. They're a completely different business and club wearing a rubber Rangers mask.

 

 

That's the hypocrisy of the whole shebang!

 

 

They ARE the same! They flaunt it but, they hide behind a mask to conceal it!

 

 

It's the same with their name. There's absolutely nothing legally wrong with how the NewCo has taken on the OldCo name;

 

Was: The Rangers FC Plc.

Now: The Rangers FC Ltd.

 

If feel wrong, but there is no law, and no football rule, to stop them doing that. It also has little or no baring on whether they may be classed as a Phoenix Company by HMRC, so they just went ahead and did it.

 

 

You see, a Zombie by any other name.

 

The "new" Rangers are the stinking corpse of the "old" Rangers!

 

 

It's life, but not as we know it!

Edited August 26, 2012 by colinmaroon

[The Gasman]

Anyway, is it true that the Duffers have "updated" the creditors report?

 

I've not seen or heard anything..?

[grunt]

Anyway, is it true that the Duffers have "updated" the creditors report?

 

http://www.rangers.co.uk/images/staticcontent/documents/administratorsinformation/Rangers%20-%20Progress%20Report%20-%2024%20August%202012.PDF

[Barney Rubble]

Ive plagiarised this from one of the mhanks site ,, it started off with an analogy of santa which was a bit long winded but some of the rest is succinct and thought provoking ,

 

As with the Santa myth, so with the Rangers myths. One of the recurring myths is that Rangers are a financial powerhouse, an economic engine which supplies Scottish football with huge revenues upon which almost every club is almost totally reliant. According to myth, even Celtic need Rangers.

 

Celtic have long since grown up and don?t believe in Rangers so they have dismissed that myth. Many other clubs, however, are holding out for a red bicycle. Some will settle for a train set. So long as they are compliant and believe in Rangers, they?ll get something for nothing in defiance of all logic.

 

Over the course of the last decade, the mighty Rangers economic powerhouse ran itself into the ground. If the tax authorities know anything about taxes ? and it seems to me to be a reasonable working assumption that they know quite a lot ? we can go on to assume that when Rangers crashed into oblivion, the hole they were in was about ?140 million deep. In truth it is even deeper.

 

On top of the money owed to hvndreds of creditors, there are previous matters to consider. In 2004, the mythical billionaire Minty Moonbeams reportedly squirted a ?51.4 million pound ?injection? into Rangers simmering accounts after a rights issue was formulated to reduce the club?s then ?73.9 million debt. In truth, the attempt to raise capital was a catastrophic failure and Murray MHL Limited, which had underwritten the share issue, was obliged to take the hit. In effect, all that happened was that some paperwork was signed so that a ?50 million debt to HBOS was shifted sideways from one basket case Murray business in Ibrox to another, even worse one in Edinburgh.

The debt was never paid back before HBOS croaked. It was subsequently picked up by the tax-payer as part of Gordon Brown?s ?37 billion rescue package to maintain the lifestyles of corrupt, fraudulent banksters and their cronies. We?re now getting close to ?200 million of Rangers damage to other parties. But say nothing. There might be a red bicycle in it for you.

 

Meanwhile, despite running up the longest series of consecutive 0-3 defeats in the history of football, Rangers were awarded the championship title on five occasions during this period, thus enabling the SPL to divert millions of pounds of prize money away from the rightful league winners and into the colossal overdraft of the mythical economic powerhouse. The SFA, hoping for a red bicycle, duly notified UEFA that Rangers would represent Scotland in the Champions league in the following season. Tens of millions of pounds worth of prize money would never reach the club which had really earned that place by playing the game according to the rules.

Five seasons of SPL and Champions League prize money take the damage up to the quarter of a billion pound mark. Yet the economic powerhouse still went bust.

 

There have been other substantial cash investments from dubious sources. In South Africa, Dave King still faces hvndreds of charges of fraud, tax evasion and money-laundering on an industrial scale. At the last count, I made it 322 charges in all. The money laundering activities relate to drugs-running operations, illegal arms deals, child pornography and a host of other unwholesome activities involving global organised crime syndicates. Fortunately for Rangers, ?25 million of the proceeds of those disgusting enterprises found its way into Dick Advocat?s warchest. Red bicycles for everyone who sees no connection.

 

In 1992, Joe Lewis made his fortune by launching an all out attack on the UK?s currency reserves which cost the nation a minimum of ?3.4 billion pounds on Black Wednesday. To balance up the damage done to the economy, Lewis dribbled ?40 million into Ibrox economic powerhouse. Red bicycles for everyone who believes forty million pounds minus three point four billion pounds equals a positive balance. No need to show your working; just believe.

 

And on and on and on.

Just over a year ago, the Chief Constable of Strathclyde Police, Stephen House, was so convinced by the magnitude of Rangers? contribution to society that he dominated the news headlines for days with his calls for ?Old Firm? games to be played behind closed doors or even banned altogether. Police Federation Spokesman, Les Gray, repeatedly rammed home a similar message that the country could no longer afford to bear the financial cost to the police, A&E, ambulance services and so on.

Ignore all that and collect your red bicycle on Christmas Day.

 

* * * * * * * * * * * * * * * * * * * * * * * * * * * * *

 

Regardless of all that, here is the truth.

The SFL and SFA, amongst others, have dedicated themselves to the perpetuation of the Rangers Myth.

They worship at the shrine of a fake god which they have created themselves. They warn of dire consequences if puny mortals fail to venerate this mighty deity. They sacrifice honour, justice and honesty at the altar of their idol. They glorify their god through acts of bare-faced hypocrisy, blatant match-fixing and stinking corruption.

 

For red bicycles and Santa, read SPL money and SKy television.

For Rudolf defying the laws of aerodynamics, read Rangers defying the fundamentals of economics.

Just as Santa could only complete his night?s work by travelling faster than the speed of light, contrary to every principle of physics, so Zombie Hvns can only compete in Scottish football if every inconvenient rule is deliberately broken and every sporting principle is ignored.

 

To those who staunchly, defiantly believe in Rangers, despite all the evidence, this is as straightforward as believing in Santa Claus.

They just have to ignore the overwhelming proofs that what they want to believe cannot possibly be true. They?ll see one club recklessly spending everyone else?s money and they?ll call it generating revenue. They?ll see tax evasion, fraud and cheating but they?ll call it financial might, vision and dignity. They must wilfully ignore that even when the now-defunct club was at its most successful it still sucked far more money out of society than it put in.

They are determined to perpetuate the myth of Rangers for the sake of a red bicycle.

 

But the facts are laid bare for all to see. Zombie Hvns, and Rangers before them, are no more a linchpin of a successful, solvent, sustainable Scottish football set-up than a letter to Santa is a solution to the banking crisis.

[Hagar the Horrible]

I dont normally bother with the cup draw until we are in it, buy Sevconians have been draw against Forres Mechanics away, thats going to be interesting if its the case, A hun mate told me this while passing my office

[jamboinglasgow]

I see interesting questions are being raised about the ability of McCoist as manager. Thought this article (last point) made some good points, they signed Black but hoof the ball over him being one argument.

 

http://tellhimhespele.com/?p=1588

[The Gasman]

http://www.rangers.co.uk/images/staticcontent/documents/administratorsinformation/Rangers%20-%20Progress%20Report%20-%2024%20August%202012.PDF

 

Thanks for this.

 

Looks like the FTT will be reporting in the next few weeks.

[davieholt]

Thanks for this.

 

Looks like the FTT will be reporting in the next few weeks.

 

It's like Bunter's promised postal order

[Harry Palmer]

http://local.stv.tv/glasgow/187518-duff-and-phelps-to-earn-27m-from-overseeing-rangers-administration/

 

 

 

Duff and Phelps to earn ?2.7m from overseeing Rangers' administration

 

 

The administrators of Rangers 'oldco' are to receive ?2.7m for their six-month appointment.

 

Duff and Phelps state in a report released to creditors this week that so far it has received fees of ?2.4m for its appointment at RFC 2012 Ltd, formerly The Rangers Football Club plc until the end of June.

 

The London firm is asking creditors for approval to receive payment of a further ?363,389 in relation to work it carried out since then, between June 30 and August 10 this year.

 

This would bring the total payments received by Duff and Phelps to ?2.7m for the six months the insolvency firm has been in place at Ibrox, short of the ?3.2m it has listed as its costs in a document released on Monday.

 

Previously, it had submitted a claim for ?2.9m for creditors to approve, but this resulted in payment of around ?500,000 less than that after those owed money insisted on "modifications" to that proposed payment.

 

Liquidators BDO, chosen on the insistence of HM Revenue and Customs, are expected to be appointed "shortly" to take over the winding up of the oldco after it failed to reach a company voluntary arrangement (CVA) with creditors owed up to ?134m.

 

Included in the bill from Duff and Phelps is a ?104,000 fee for the 284 hours of work its employees put in to forming the CVA, which was rejected by tax authorities in June. This was because Rangers had failed to pay ?18m in tax during Craig Whyte?s nine-month reign at the club. HMRC has a publicly-stated policy on refusing cut-price payment deals with insolvent firms or individuals who have consistently failed to pay their tax.

 

When the CVA was rejected on June 14, newco chief executive Charles Green claimed he had been "led along" by the tax authorities about accepting a pence in the pound offer, despite it having clearly set-out guidelines on the circumstances where it would and would not accept such deals.

 

?4.2m shortfall

 

According to the interim report, Rangers oldco ran at a shortfall of ?4.2m from the appointment of administrators on February 14 until August 13. This was reduced by around ?280,000 through funding provided by the Sevco consortium that purchased the club?s assets in a ?5.5m deal.

 

Included in the fee paid to Duff and Phelps so far is around ?42,700 covering pre-administration costs for 89 hours of work carried out before the firm?s official appointment on February 14. Several months prior to its appointment, the firm formerly called MCR, had been working in an advisory capacity to Mr Whyte on his takeover of Rangers.

 

The document by joint administrators Paul Clark and David Whitehouse also notes that they expect the result in the First Tier Tribunal?s ?big? tax case relating to the club?s use of offshore employee benefit trusts to pay workers between 2000 and 2010 to be released next month.

 

Former owner Sir David Murray operated the scheme that could land the oldco with a bill of up to ?75m. Any claim from HMRC in relation to this, should the tribunal reject Rangers? appeal of the tax bill, would be factored into the company voluntary liquidation to be overseen by BDO.

 

Duff and Phelps confirm in the report that the oldco has received ?111,607 from the special administrators appointed to Pritchard Stockbrokers in Bournemouth. Mr Whyte was a director and shareholder in the finance firm, which he used to sell off Rangers? historical ?223,214 shares in Arsenal FC.

 

The cash received in this transaction overseen by Mr Whyte never entered the books of the Glasgow club, while the repayment represented a deal of around 50p in the pound.

 

Creditors will vote on the proposals for payment set out by Duff and Phelps next month, while the report notes that 25% worth of creditors by value may apply to the Court of Session to fix the payment the insolvency firm receives, or to highlight what they consider to be "excessive" charges.

Edited August 27, 2012 by Arnold

[Floyd]

It's like Bunter's promised postal order

 

Do tell us more??

[Colonel Kurtz]

Do tell us more??

The Owl of the Remove

[ollie2004]

http://www.rangers.co.uk/images/staticcontent/documents/administratorsinformation/Rangers%20-%20Progress%20Report%20-%2024%20August%202012.PDF

 

Anybody notice that under Income they got over ?520,000 from SPL, thought all SPL moneys were to have been given to member clubs who were owed money by the scum! Any thoughts?

Edited August 27, 2012 by ollie2004

[Barney Rubble]

Has anyone mentioned the 5 stars no longer exist on the newco jersey

covering their backs perhaps http://www.bbc.co.uk/sport/0/scotland/19386463#asset

[Geoff Kilpatrick]

Anybody notice that under Income they got over ?520,000 from SPL, thought all SPL moneys were to have been given to member clubs who were owed money by the scum! Any thoughts?

This would be the same SPL who couldn't pay out due to cash flow issues!

 

Why the mutant hasn't been fired yet is beyond me.

[inspector]

Has anyone mentioned the 5 stars no longer exist on the newco jersey

covering their backs perhaps http://www.bbc.co.uk/sport/0/scotland/19386463#asset

Saturday's Scotsman shows a picture of Ian Black modelling their new 3rd strip complete with the 5 stars

[Barney Rubble]

Saturday's Scotsman shows a picture of Ian Black modelling their new 3rd strip complete with the 5 stars

 

Definately no stars on that strip at the weekend , i smell a share issue coming up with them sleekitly trying to seperate oldco from newco telling the markets one thing and the hun support another !

Edited August 27, 2012 by Detective Starsky

[milky_26]

Definately no stars on that strip at the weekend , i smell a share issue coming up sleekitly trying to seperate oldco from newco telling the markets one thing and the hun support another !

the stars are somewhere on the back IIRC

[The Gasman]

Anybody notice that under Income they got over ?520,000 from SPL, thought all SPL moneys were to have been given to member clubs who were owed money by the scum! Any thoughts?

 

All the member clubs currently due money are supposed to have been paid by NewCo.

[The Gasman]

 

Why the mutant hasn't been fired yet is beyond me.

 

I think the hearing's on Thursday, IIRC.

[ToadKiller Dog]

The 5 stars are on the new sevconian top, their hidden down the side (see pic). Crafty ****s..

 

 

That's rather sad and amusing even the Hobos wouldn't shrink to that level .

[The Mighty Thor]

Yes we believe you..

 

 

 

The 24 Campbell is holding up. Is that the % of people that believe him? or is it what the SFA/SPL think the average IQ of non-Zombie co fans is?

 

Either way if Campbell Ogilvie told me it was daytime i'd look out the window to check.

[B.S.]

The 24 is the number of sfa employees who have benefited from rangers ebts.

[...a bit disco]

 

"Hiya Rangers! Hiya Ally! Hiya pals!"

[JAMMY]

On SSN there a quote from Goian,saying that he will return to the rangers next season after loan move and hopes by then the rangers will be back in SPL!!!

[...a bit disco]

On SSN there a quote from Goian,saying that he will return to the rangers next season after loan move and hopes by then the rangers will be back in SPL!!!

Makes you wonder what Super Sevco have been 'promising' the players?

 

[JAMMY]

Makes you wonder what Super Sevco have been 'promising' the players?

 

Or what the Super SFA have been promising the rangers!

[The Mighty Thor]

Makes you wonder what Super Sevco have been 'promising' the players?

 

 

 

Makes you wonder has been promised to Super Sevco by SFA/SPL/SFL?

 

I'm quite sure Regan & Doncaster have been kowtowing to Chuck and Ally in a profusely apologetic manner after allowing those pesky SFL clubs to blindside them into dumping Zombieco into SFL 3. I'm quite sure they won't allow such a thing to happen again on their watch.

 

Once is misfortune, twice is carelessness.

 

EDIT: Jammy beat me to it.

Edited August 28, 2012 by The Mighty Thor

[tartofmidlothian]

Newco after this guy, got him in on trial.

 

http://en.wikipedia.org/wiki/Michael_Fink

[Splog]

Anyone got any figures on lower league wage bills?

 

Super Ally thinks Rangers need to strengthen:

"We need to get bodies in and bodies in of quality, because that's unacceptable."

"I am hoping that, in the next week, we'll get a bit of activity in terms of personnel," said McCoist. "That's an absolute must."

http://www.bbc.co.uk/sport/0/football/19384956

 

But do they not already have a wage bill bigger than the rest of the 3rd division combined? Dare I say, more than the bottom two divisions combined? They probably pay single players more whole teams' wage bills. I'd love to see some stats on that.

[Mysterion]

Anyone got any figures on lower league wage bills?

 

But do they not already have a wage bill bigger than the rest of the 3rd division combined? Dare I say, more than the bottom two divisions combined? They probably pay single players more whole teams' wage bills. I'd love to see some stats on that.

 

Wage bills aside - 3 games in and 2 points behind 1st spot - this is a team that will walk the league easily.

 

As the season progresses and other teams pick up injuries the depth of Sevco will come through. I just don't believe for 1 moment that not winning is a big deal at this stage.

[The Mighty Thor]

Anyone got any figures on lower league wage bills?

 

Super Ally thinks Rangers need to strengthen:

"We need to get bodies in and bodies in of quality, because that's unacceptable."

"I am hoping that, in the next week, we'll get a bit of activity in terms of personnel," said McCoist. "That's an absolute must."

http://www.bbc.co.uk...otball/19384956

 

But do they not already have a wage bill bigger than the rest of the 3rd division combined? Dare I say, more than the bottom two divisions combined? They probably pay single players more whole teams' wage bills. I'd love to see some stats on that.

 

And still they were made to look very ordinary by Berwick Rangers.

 

[Harry Palmer]

SPL

 

The Gasman 1624

Hagar the Horrible 1041

Lovecraft 1002

Geoff Kilpatrick 957

Socrates 933

Francis Albert 879

jambosrbarry 878

jambovambo 870

Muhammad 799

jamboinglasgow 717

 

 

SPL 2

 

...a bit disco 688

colinmaroon 643

Imeantasong 622

I P Knightley 606

Dexter 537

davieholt 502

Arnold 463

I.T.K 453

Mysterion 437

Tasavallan 425

The Comedian 421

The Mighty Thor 410

 

 

[jambovambo]

SPL

 

The Gasman 1624

Hagar the Horrible 1041

Lovecraft 1002

Geoff Kilpatrick 957

Socrates 933

Francis Albert 879

jambosrbarry 878

jambovambo 870

Muhammad 799

jamboinglasgow 717

 

 

SPL 2

 

...a bit disco 688

colinmaroon 643

Imeantasong 622

I P Knightley 606

Dexter 537

davieholt 502

Arnold 463

I.T.K 453

Mysterion 437

Tasavallan 425

The Comedian 421

The Mighty Thor 410

 

 

Crikey - is it just 1 for relegation, or two-up, two-down ?

 

Playoffs ?

 

I'd better pull my socks up.

[Mysterion]

Crikey - is it just 1 for relegation, or two-up, two-down ?

 

Playoffs ?

 

I'd better pull my socks up.

 

Big Mo 2nd bottom of the SPL! His followers will be raging!

[Harry Palmer]

Crikey - is it just 1 for relegation, or two-up, two-down ?

 

Playoffs ?

 

I'd better pull my socks up.

 

 

It's undecided whether there will be play-offs but it's hopeful a decision will be reached soon.

[john brownlee]

And still they were made to look very ordinary by Berwick Rangers.

 

and thats after their usual help from the lodger in black. I cant believe they need the help of the oooooofichials, but there you go, nothing changes same old huns same old GFA

[Munch]

Got a bit of potential info yesterday to confirm that most of this stuff that has happened so far was pretty much planned and all was going to plan except them being relegated to the 4th Tier of Scottish football, this has made the game into a long term job now as opposed to a quick in and out.

 

But and its a BIG BUT They never expected/planned on the Police going in to launch a Criminal Investigation because they think that potentially they will find out some serious Fraud resulting in Potential Porridge for some big names that are or have been involved in this Saga.

 

Serious pant wetting is going on now

[Mysterion]

Serious pant wetting is going on now

 

In terms of the fraud and possible back watching - is this the owners/board members/managers/former managers ?

[K1874M]

Not commented for a while but I'm fairly sure Rangers have been advised to build for being the SPL or a version of it next year. If they aren't either via them being shite or the relevant changes taking place Rangers will chuck toys out the pram. That will be why most players took the risk in joining and probably not care this season due to being on a promise so to speak.