The Rangers soap opera goes on and on.

[Footballfirst]

But the post you made has said that Worthington now own LF so are they are CW company is that what I am missing here?

 

Worthington have two claims pending. 1. against Collyer Bristow (Whyte's lawyers) and 2. for what was originally Whyte's claim against the current Rangers.

 

I suspect that that Craig Whyte is now out of the picture having sold out to Law Financial who in turn have been bought over by Worthington.

Edited August 29, 2014 by Footballfirst

[Ron Burgundy]

Now that's a funny post. The legal stuff is way too complicated for a numpty like me to understand,however,this post lets me know they may be up the shitter very soon.

[Rods]

Worthington have two claims pending. 1. against Collyer Bristow (Whyte's lawyers) and 2. for what was originally Whyte's claim against the current Rangers.

 

I suspect that that Craig Whyte is now out of the picture having sold out to Law Financial who in turn have been bought over by Worthington.

 

This is what I meant then the 1st claim will be forever to go through courts and against laywers even longer. Its seems to me they have made an attempt to circumvent the 1st claim by getting involved in the 2nd claim(taking over LF) and therefore getting their cash anyway.

 

edit I see Fairin post and it sort of get it now and sort of validates my point?

Edited August 29, 2014 by Rents

[Zico]

 

 

 

 

Worthington might be hoping to put a spanner in sevcos share issue with their reappearance by putting off potential investors re their claims too.

From what I recall, Private Eye's excellent reporting of the Sevco situation raised Worthington as a potential spanner. Not to be confused with McCoist, who's just a ******* spanner.

[I P Knightley]

Toys out of pram

 

http://sport.stv.tv/...offering-fails/

"Football questions only"?? Alright, "Ally, do you think Rangers will have enough money to carry on playing football beyond Christmas?"

[Tommy Brown]

From what I recall, Private Eye's excellent reporting of the Sevco situation raised Worthington as a potential spanner. Not to be confused with McCoist, who's just a ******* spanner.

[Eldar Hadzimehmedovic]

 

 

 

 

 

Double meaning to the phrase Daffy Ducked.

 

This is all most pleasing.

[Hagar the Horrible]

why limp on? why put money into the club now, only to lose by xmas? I just don't get them at all, But if this fails and they go into admin in weeks, then Dunfermline have every right to go tonto

[RobNox]

A major issue for Sevco as far as I can see is that, while the current CEO and Finance Director may be proper, experienced professionals, rather than the self appointed spivs who preceded them, there are still too many disparate factions among the major shareholders / Board members. The longer term interests of some of those shareholders might be better served by another insolvency event than by putting any more money into the club to allow them to continue to limp along for another few months.

[Biffa Bacon]

 

why limp on? why put money into the club now, only to lose by xmas? I just don't get them at all, But if this fails and they go into admin in weeks, then Dunfermline have every right to go tonto

I recall at an early FoH meeting in the Gorgie Suite a fan was suggesting spending the FoH money collected on a tax bill, but it made no sense in helping to prop up the Romanov regime with other peoples money... I see this as exactly the same any funds poured into to the rangers through share purchases just allows the Spivs (including ally) to carry on lining their pockets.... It's lose/lose for the "we don't do walking away" fans...... Marvellous, haha

[FarmerTweedy]

A Rangers fan I know quite well claims that McCoist did take a 50% drop in his wages and is now on ?400k a year.

 

The problem Rangers have is the other 50% is actually only deferred so McCoist can call it in anytime.

 

That is the reason The Rangers can't sack him as they would have to pay him the balance of ?400k.

 

And even 400k would be a ludicrously high salary for a manager anywhere in Scotland!

[RobNox]

And even 400k would be a ludicrously high salary for a manager anywhere in Scotland!

Does anyone know how much Lennon was on at Celtic? It certainly won't have been ?800k and I'd be surprised if it was much more than Fat Salary is on now.

[lewis2006]

 

 

Sums it up perfectly.

 

It doesn't reflect well on the media or SPFL/SFA either to be homest. They both gave Rangers a free pass when it was clear they were overspending their way into a mess again.

 

Not sure what the sFA could have done officially but aren't they supposed to be encouraging a climate of self-sustainability in scottish football these days?

 

No-ones coming out this looking good at all.

 

It seems just a matter of time before it's curtains again

 

It really is incredible stuff.

[Ron Swanson]

 

What an unbelievable mess to get yerself in.

 

Imagine starting with not only a blank canvas, but ?20 million in the pot and a average gate of 40'000 and still managing to end up on the brink

 

All those idiots had to do was manoeuvre through a couple of seasons playing against posties and joiners

 

Ridiculous stuff.

 

This in spades

[RobNox]

While I believe we have a squad that is more than capable of winning the league without any outside help, a 25 point deduction for Rangers would certainly be very pleasing. Of course, in the eyes of their fans, that would make this another tainted title for whoever was to go on and win it.

[i wish jj was my dad]

You've got to feel sorry for the fans...and Ally and the boys.. etc etc.

 

I'm pretty confident we will win the league this year anyway but I will still enjoy watching them implode. I only hope that they take Regan, Dungcaster and every one of their lackies with them.

[One flew over]

 

While I believe we have a squad that is more than capable of winning the league without any outside help, a 25 point deduction for Rangers would certainly be very pleasing. Of course, in the eyes of their fans, that would make this another tainted title for whoever was to go on and win it.

 

Will it be 25 points though, this is the first time this club would be entering Admin?

[Footballfirst]

An alternative view of what is going on from a poster on TSFM ................... and all entirely plausible:

 

It?s sticking out like a sore thumb what the Spivs are up to

THIS SHARE ISSUE ISNT GOING TO HAPPEN

It has been set up to fail

The entire exercise is simply laying the groundwork for selling the assets to an offshore spiv outfit and locking TRFC into a long term lease.

When the dust has settled the current set of Spivs will exit and be replaced by another lot of bottom feeders These guys will be different insofar as they will be well out of the reach of the Loonies

It?s that simple

That?s why nobody is underwriting the share issue

That?s why the deadline is set for two weeks

That?s why the press release spouted nonsense about further share issues

That?s why the Football Manager won`t have been paid last year?s bonus. The next lot won`t care if he leaves and sues them

That?s why signing on fees wont have been paid .The next lot won`t care if the players go to the Union

That`s why a nice fee has been lined up for City Spivs to go through the motions

THIS SHARE ISSUE ISNT GOING TO HAPPEN

[Dutchmul]

They WILL get the ?4 million to keep the lights on though imo. But unless a credible business plan is put in place the circus will continue as if on a loop phase etc..

 

I'd guess M. Ashley is the one they want to stump up the cash. ?4 million is peanuts to him tbh.. It's what he wants as security on it that should worry fans of the tribute act though. Interesting times ahead at the "Sports Direct Arena"

 

No chance, the share issue is not being underwritten by anyone, mike ashley isn't stupid, he may offer them a loan with security over ibrokes/moonbeams park but thats all. He already gets to syphon cash through rangers retail so he doesn't need or want shares.

 

 

An alternative view of what is going on from a poster on TSFM ................... and all entirely plausible:

 

It?s sticking out like a sore thumb what the Spivs are up to

THIS SHARE ISSUE ISNT GOING TO HAPPEN

It has been set up to fail

The entire exercise is simply laying the groundwork for selling the assets to an offshore spiv outfit and locking TRFC into a long term lease.

When the dust has settled the current set of Spivs will exit and be replaced by another lot of bottom feeders These guys will be different insofar as they will be well out of the reach of the Loonies

It?s that simple

That?s why nobody is underwriting the share issue

That?s why the deadline is set for two weeks

That?s why the press release spouted nonsense about further share issues

That?s why the Football Manager won`t have been paid last year?s bonus. The next lot won`t care if he leaves and sues them

That?s why signing on fees wont have been paid .The next lot won`t care if the players go to the Union

That`s why a nice fee has been lined up for City Spivs to go through the motions

THIS SHARE ISSUE ISNT GOING TO HAPPEN

 

This is entirely plausible.

 

They are out of cash, it's as simple as that, so even if shareholders pony up now, they will be back with the begging bowl before xmas. the end is nigh. The fact they have admitted in their statement that without this money they will not be able to pay their bills says all you need to know. Expect all their suppliers to be demanding cash up front, imran to head back to court to get his money ringfenced and the properties to be tfrd from TRFC to RIFC in lieu of the debt and TRC to be sold to "rangurz men" (or it will be gone)with the property on lease back and ropey contracts in place bleeding them dry forever more.

 

Lets see what the SPFL & SFA this time.

 

Tick Tock

[Ron Swanson]

Won't somebody please think of allys war chest

[milky_26]

Won't somebody please think of allys war chest

i'd rather not think of sallys moobs

[RobNox]

I'm pretty confident we will win the league this year anyway but I will still enjoy watching them implode. I only hope that they take Regan, Dungcaster and every one of their lackies with them.

You would hope that serious questions would be asked of the footballing authorities if Sevco were to enter administration so soon after being admitted into the league despite not meeting the criteria for a SFA licence.

 

It has been common knowledge for a long time now that they were spending far beyond their means again and the emergency shareholder loans back in February should surely have raised alarm bells with the authorities. The Financial Statement published as part of the 120 day review findings should also have alerted the authorities to the fact that the club had serious cash flow issues, which were simply not sustainable without significant new investment.

 

It appears that neither the SFA nor SPFL have applied any degree of close scrutiny to the financial situation that has been unfolding at Sevco over the past 6-9 months.

[I P Knightley]

 

While I believe we have a squad that is more than capable of winning the league without any outside help, a 25 point deduction for Rangers would certainly be very pleasing. Of course, in the eyes of their fans, that would make this another tainted title for whoever was to go on and win it.

I doubt that the title, tainted or otherwise, would mean as much to the club or the supporters as being back in the Unsponsored Premier League next year.

 

I do hope that Hibs rally sufficiently to make it up through the play offs in order to provide HMFC with 9 points and 3 great occasions.

[Jamboelite]

 

You would hope that serious questions would be asked of the footballing authorities if Sevco were to enter administration so soon after being admitted into the league despite not meeting the criteria for a SFA licence.

 

It has been common knowledge for a long time now that they were spending far beyond their means again and the emergency shareholder loans back in February should surely have raised alarm bells with the authorities. The Financial Statement published as part of the 120 day review findings should also have alerted the authorities to the fact that the club had serious cash flow issues, which were simply not sustainable without significant new investment.

 

It appears that neither the SFA nor SPFL have applied any degree of close scrutiny to the financial situation that has been unfolding at Sevco over the past 6-9 months.

 

As long as bills were paid they can do nothing.

[I P Knightley]

 

 

It appears that neither the SFA nor SPFL have applied any degree of close scrutiny to the financial situation that has been unfolding at Sevco over the past 24-27 months.

 

FTFY

[hueyview]

I doubt that the title, tainted or otherwise, would mean as much to the club or the supporters as being back in the Unsponsored Premier League next year.

 

I do hope that Hibs rally sufficiently to make it up through the play offs in order to provide HMFC with 9 points and 3 great occasions.

So...........Agree, If Hibs got their act together and came second behind Hearts, Cue the wailing and Gnashing of teeth down Govan way.

[Jamboman1512]

http://sport.stv.tv/...offering-fails/

 

This is brilliant, Ally looks pissed off, comes into room and says he will only talk about football matters, first question is about the share issue.

 

I sent this link to a sevco supporting mate, his reaction "******* journalists just want to stir the shit and print more bullshit"

[graygo]

Will it be 25 points though, this is the first time this club would be entering Admin?

 

As quoted earlier -

 

"Where a Club, whether owned and operated by the same or a different Member, suffers or is subject to an Insolvency Event which results in a deduction of points in terms of these Rules and within 5 years of the date of such Insolvency Event suffers or is subject to a further Insolvency Event which is not part of the same Insolvency Process as the Insolvency Event then suffered, the points deduction applicable in terms of Rules E1 in respect of that second or further Insolvency Event, shall be 25 points with the 15 points in Rules E2 and E3 being 25 Points."

 

http://www.scotsman....hreat-1-3281694

 

http://www.telegraph.co.uk/sport/football/teams/rangers/10794515/Rangers-facing-25-point-deduction.html

Edited August 29, 2014 by graygo

[RobNox]

Will it be 25 points though, this is the first time this club would be entering Admin?

That to me would be the most interesting issue if they were to go into Admin. I think it's a dilemma for the football authorities that they would prefer not to face, and possibly that Sevco would like to avoid too.

 

If a 25 point penalty is applied then that assumes it is the same club. Might other clubs then challenge the authorities to substantiate the rationale behind that assumption?

 

If the lesser penalty is applied, then that would be an admission from the authorities that it is not the same club.

 

It opens the intriguing prospect of Sevco fans arguing for the more severe penalty in order to substantiate their argument that the original club never died.

[jimmyjambo]

 

 

 

 

brilliant

[Mark_Mywords]

As quoted earlier -

 

"Where a Club, whether owned and operated by the same or a different Member, suffers or is subject to an Insolvency Event which results in a deduction of points in terms of these Rules and within 5 years of the date of such Insolvency Event suffers or is subject to a further Insolvency Event which is not part of the same Insolvency Process as the Insolvency Event then suffered, the points deduction applicable in terms of Rules E1 in respect of that second or further Insolvency Event, shall be 25 points with the 15 points in Rules E2 and E3 being 25 Points."

 

http://www.scotsman....hreat-1-3281694

 

http://www.telegraph...-deduction.html

 

Remember that the SFA and SPFL are harmonising the rules at the moment. I wonder why they have decided to do that just now?

[graygo]

Remember that the SFA and SPFL are harmonising the rules at the moment. I wonder why they have decided to do that just now?

 

Surely any "harmonising" would need to take effect from next season.

 

Actually, scrub that seeing as who and what is involved here.

[Meadows]

Firstly huge thanks to posters like Football First,Farin & a few others. This is so messy that philadelphia lawyers would be toiling.

It's like me tapping a mate for ?20 till payday, then when payday comes saying to my mate..Give me a loan of ?40 and i'll pay you that ?20 i owe you ! Obviously come next pay day i'm toiling to pay so ask for ?50 sub so i can pay back that ?40.

 

I've got them sussed !

[Paolo]

Firstly huge thanks to posters like Football First,Farin & a few others. This is so messy that philadelphia lawyers would be toiling.

It's like me tapping a mate for ?20 till payday, then when payday comes saying to my mate..Give me a loan of ?40 and i'll pay you that ?20 i owe you ! Obviously come next pay day i'm toiling to pay so ask for ?50 sub so i can pay back that ?40.

 

I've got them sussed !

 

Ha.

 

I have been there. Eventually it blew up in my face.

[RobNox]

As quoted earlier -

 

"Where a Club, whether owned and operated by the same or a different Member, suffers or is subject to an Insolvency Event which results in a deduction of points in terms of these Rules and within 5 years of the date of such Insolvency Event suffers or is subject to a further Insolvency Event which is not part of the same Insolvency Process as the Insolvency Event then suffered, the points deduction applicable in terms of Rules E1 in respect of that second or further Insolvency Event, shall be 25 points with the 15 points in Rules E2 and E3 being 25 Points."

 

http://www.scotsman....hreat-1-3281694

 

http://www.telegraph...-deduction.html

My interpretation of that would be that Rangers are the same club, just being owned and operated by a different member, therefore this clause confirms that the club didn't die.

 

 

Or am I missing something?

[Harry Palmer]

Scotzine ?@scotzine 47s

Chris Graham and the Union of Fans claim that there is ?30 million waiting in the wings for Rangers. Just released their 10pm statement

 

 

Edited August 29, 2014 by Arnold

[Jamboelite]

?30m from who King ??? Utter nonsense.

Edited August 29, 2014 by Jamboelite

[The Comedian]

WE NOTE WITH DISMAY

 

FUNDING PACKAGE

 

 

What planet do these folk live on?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Hungry hippo]

 

My interpretation of that would be that Rangers are the same club, just being owned and operated by a different member, therefore this clause confirms that the club didn't die.

 

 

Or am I missing something?

 

That rule neither confirms or denies if they died or not. It simply confirms they will be due a 25 point penalty if they do have an insolvency event.

[Dutchmul]

That to me would be the most interesting issue if they were to go into Admin. I think it's a dilemma for the football authorities that they would prefer not to face, and possibly that Sevco would like to avoid too.

 

If a 25 point penalty is applied then that assumes it is the same club. Might other clubs then challenge the authorities to substantiate the rationale behind that assumption?

 

If the lesser penalty is applied, then that would be an admission from the authorities that it is not the same club.

 

It opens the intriguing prospect of Sevco fans arguing for the more severe penalty in order to substantiate their argument that the original club never died.

 

Watch the SFA & SPFL squirm with this one, they have done all they can to perpetrate the fiction that it is the same club, if/when sevco go tits up they may have to apply a sanction based on that which will almost certainly prevent sevco from gaining promotion to the spl promised land. Although the new spfl rules use the word "discretion" a lot when it comes to punishments.

 

Also will they ask for a bond from sevco the same as they did with livingston a few years ago???

 

This is the gift that keeps on giving.

 

I was over on rangers media(it's a cess pit over there) to see what the orc's where saying and almost nothing about the announcement, quite incredible, all patting sally on the back re his tantrum at the press conference today, they really have no notion of reality.

[PortyJambo]

I sent this link to a sevco supporting mate, his reaction "******* journalists just want to stir the shit and print more bullshit"

 

[Dutchmul]

Scotzine ?@scotzine 47s

Chris Graham and the Union of Fans claim that there is ?30 million waiting in the wings for Rangers. Just released their 10pm statement

 

I love the phrase "second administration", pure comedy gold.

 

These guys simply do not grasp the seriousness of the situation, sevco have NO cash, they are admitting they wont be paying their bills if they don't get this cash, no business ever admits this unless they have no other choice. And 30 million??? don't make me laugh, that's right up there with the "500 million fans" "watching players at the euros to buy" and "we will be collaborating with the dallas cowboys" quotes as further comedy gold.

 

The sevco crash is coming soon, get the popcorn out, sit back and enjoy the ride.

[The Comedian]

The Denver Broncos must be looking on aghast being commercially tied with this circus.

 

:'>

[Floyd]

The Denver Broncos must be looking on aghast being commercially tied with this circus.

 

:'>

 

Was it not the Dallas Cowboys??

[lewis2006]

Mind when that cash rich American was on the verge of buying the club until the knuckle dragging ****tards displayed "no yanks at ibroke" banners

 

GID YIN PAL

[Jeff]

Could this season have started any better!?

[Footballfirst]

These guys simply do not grasp the seriousness of the situation, sevco have NO cash, they are admitting they wont be paying their bills if they don't get this cash, no business ever admits this unless they have no other choice.

 

The Company's balance sheet is negative and the Company would be insolvent (on the basis of being unable to pay its debts as they fall due) without the onging support ......

 

The offer, if fully subscribed, should provide the Club with sufficient working capital to achieve its goals for the season without requiring additional funding. However if the offer is not fully subscribed the Club may have insufficient capital to achieve its goals for the season and may have to seek additional sources of funding.

 

© Heart of Midlothian Share Offer 2012

[Jamboelite]

 

 

The Company's balance sheet is negative and the Company would be insolvent (on the basis of being unable to pay its debts as they fall due) without the onging support ......

 

The offer, if fully subscribed, should provide the Club with sufficient working capital to achieve its goals for the season without requiring additional funding. However if the offer is not fully subscribed the Club may have insufficient capital to achieve its goals for the season and may have to seek additional sources of funding.

 

© Heart of Midlothian Share Offer 2012

 

Scarily similar.

[The Comedian]

 

 

Was it not the Dallas Cowboys??

 

Could be.

 

 

 

[Redseal]

I was over on rangers media(it's a cess pit over there)

 

I concur.