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The Rangers soap opera goes on and on.


Sergio Garcia

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My question is why does the SMM ignore the obvious with all this saga. Its plain to a complete novice (me) that this whole thing stinks of financial desperation. This surely must expose the media as under the thumb or stupid in the extreme.  

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38 minutes ago, Dannie Boy said:

My question is why does the SMM ignore the obvious with all this saga. Its plain to a complete novice (me) that this whole thing stinks of financial desperation. This surely must expose the media as under the thumb or stupid in the extreme.  

 

Power, stupidity and contempt for anyone else

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40 minutes ago, Mikey1874 said:

 

Power, stupidity and contempt for anyone else

 

And lots of friends in powerful positions.  

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10 hours ago, Footballfirst said:

If he defies the court order then he could be done for contempt, with a maximum sentence of two years imprisonment.

 

More likely, he would be cold shouldered, perhaps with a large fine, and he would scuttle off to SA never to be seen again.

 

If he scuttles off what next for Sevco?

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Geoff Kilpatrick
10 minutes ago, tntjambo said:

 

If he scuttles off what next for Sevco?

Not much. His shareholding will not change.

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The Future's Maroon
On 19/02/2018 at 09:39, tntjambo said:

 

You may have been right with this one but its all gone wrong   https://philmacgiollabhain.ie/2018/02/17/two-prospective-backers-refuse-sevco/

 

I don't believe the stuff that bloke posts, normally....but on this occasion, allegedly, he is correct with his information.

 

There is still something/someone hovering in the background but they have stepped back a little over the last few days.

 

I wish I knew why?!

 

Popcorn time is coming ?

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1 hour ago, The Future's Maroon said:

 

I don't believe the stuff that bloke posts, normally....but on this occasion, allegedly, he is correct with his information.

 

There is still something/someone hovering in the background but they have stepped back a little over the last few days.

 

I wish I knew why?!

 

Popcorn time is coming ?

Anyone with any sense would be waiting for this incarnation to go to the wall and then pick up the pieces. No one in their right mind would climb on board this sinking ship just now. The Close Brothers deal shows just how near they are to folding. Being unable to proceed with a share issue will almost certainly be the final nudge.

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SuperstarSteve

Don’t know how close or far they actually are away from admin2, but it’s a definite i’ll be getting my teeth whitened the day it happens.

 

The seethe I have for this shithouse of a “company” is unbelievable, a 5 minute chat with any fan of theirs only adds fuel to the fire! A more delusional bunch of people you will not find.

 

hopefully this whole thing comes tumbling down on them sooner rather than later, if it ever gets to the stage they become rangers mk3 and they are allowed to continue business the same as the first 2 have done and bums continue to be on seats without uproar from fans of other clubs, with the general consensus being... let’s just get on with it, then

it’s time to give up on the game for good. 

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On 2/20/2018 at 08:25, Geoff Kilpatrick said:

Not much. His shareholding will not change.

 

You cannot say that "not much" will change if he scuttles off, Geoff. For starters the others of the "3 bears" will be pretty peeved to say the least! I'd expect either or both to pull the plug on their support of the club if King was to clear off. 

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40 minutes ago, SuperstarSteve said:

Don’t know how close or far they actually are away from admin2, but it’s a definite i’ll be getting my teeth whitened the day it happens.

 

The seethe I have for this shithouse of a “company” is unbelievable, a 5 minute chat with any fan of theirs only adds fuel to the fire! A more delusional bunch of people you will not find.

 

hopefully this whole thing comes tumbling down on them sooner rather than later, if it ever gets to the stage they become rangers mk3 and they are allowed to continue business the same as the first 2 have done and bums continue to be on seats without uproar from fans of other clubs, with the general consensus being... let’s just get on with it, then

it’s time to give up on the game for good. 

 

It is only a mater of time now till it implodes the Lying King is no better than Craigy Boy he is a man of straw Craigy Boys plan needed the Champions League money when that went south it imploded the Lying King has secured the 3 million pay day loan money to keep the lights on till the season ticket money comes in that will last till the end off the year after that he needs another share issue to keep going how that will work is beyond me as they have had so many share issues i am not shure another one will work.

Edited by tntjambo
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Geoff Kilpatrick
8 minutes ago, Strachsuit said:

 

You cannot say that "not much" will change if he scuttles off, Geoff. For starters the others of the "3 bears" will be pretty peeved to say the least! I'd expect either or both to pull the plug on their support of the club if King was to clear off. 

They might but the point is that the Takeover panel  doesn't cause an admin event, which is where the question asker was driving.

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Just now, Geoff Kilpatrick said:

They might but the point is that the Takeover panel  doesn't cause an admin event, which is where the question asker was driving.

No cash flow does though Geoff. The ToP and the judgement will force the issue with King. When the judgement goes against him the plans for a share issue are dead in the water. Lots of bills to be paid. It's looking grim for them at this point. I wonder if the soft loan providers are starting to worry.

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Hagar the Horrible

Rangers big problem right now, is money movement, not necessarlity what is needed to be spent,  King/NOAL  stated they would fund the shortfall with directors loans in the accounts, but instead of that they went to Close Brothers for a loan with terms that would violate the Geneva Convention?  WHY?  Also the directors of Sevco have a duty to the shareholders before fans fancilful wishes, so they should have accepted the £7m offer for Morelos and keep the company as a going concern...WHY turn that down?

 

I think NOAL/King renaged on that tranche and are going through a very expensive legal process just to delay the enforced TOP shareoffer, untill King searches under every couch he has for enough lose change to cover the £11m to put into a lawers account, however he might get most of that back If nobody takes up the offer?, and then they can continue on.  But what if?  he has to call back in those loans to cover the £11m?????  Lots and lots of what ifs?  But its clear the Close Brothers deal is because NOAL failed to cover the shortfall

 

Then the Morelos deal that never really was?   I think that was the most pathetic example of grandstanding to show the world they are still functioning and winning?  A bit like a heavy weight boxer who has been battered for most of the 12 rounds, his legs have visualy gone but still sticks the arm up in the air at the bell to show the crowd and the judges that he thinks he has won?  and when the 3 judges annouce it was unanamous with 3 x 118/110 score!  he demands a rematch.....Its sad really...time for King to hang up the gloves

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1 hour ago, Hagar the Horrible said:

Rangers big problem right now, is money movement, not necessarlity what is needed to be spent,  King/NOAL  stated they would fund the shortfall with directors loans in the accounts, but instead of that they went to Close Brothers for a loan with terms that would violate the Geneva Convention?  WHY?  Also the directors of Sevco have a duty to the shareholders before fans fancilful wishes, so they should have accepted the £7m offer for Morelos and keep the company as a going concern...WHY turn that down?

 

I think NOAL/King renaged on that tranche and are going through a very expensive legal process just to delay the enforced TOP shareoffer, untill King searches under every couch he has for enough lose change to cover the £11m to put into a lawers account, however he might get most of that back If nobody takes up the offer?, and then they can continue on.  But what if?  he has to call back in those loans to cover the £11m?????  Lots and lots of what ifs?  But its clear the Close Brothers deal is because NOAL failed to cover the shortfall

 

Then the Morelos deal that never really was?   I think that was the most pathetic example of grandstanding to show the world they are still functioning and winning?  A bit like a heavy weight boxer who has been battered for most of the 12 rounds, his legs have visualy gone but still sticks the arm up in the air at the bell to show the crowd and the judges that he thinks he has won?  and when the 3 judges annouce it was unanamous with 3 x 118/110 score!  he demands a rematch.....Its sad really...time for King to hang up the gloves

   

 

That last paragraph is a very good analogy

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Maroonblood22
1 hour ago, Hagar the Horrible said:

Rangers big problem right now, is money movement, not necessarlity what is needed to be spent,  King/NOAL  stated they would fund the shortfall with directors loans in the accounts, but instead of that they went to Close Brothers for a loan with terms that would violate the Geneva Convention?  WHY?  Also the directors of Sevco have a duty to the shareholders before fans fancilful wishes, so they should have accepted the £7m offer for Morelos and keep the company as a going concern...WHY turn that down?

 

I think NOAL/King renaged on that tranche and are going through a very expensive legal process just to delay the enforced TOP shareoffer, untill King searches under every couch he has for enough lose change to cover the £11m to put into a lawers account, however he might get most of that back If nobody takes up the offer?, and then they can continue on.  But what if?  he has to call back in those loans to cover the £11m?????  Lots and lots of what ifs?  But its clear the Close Brothers deal is because NOAL failed to cover the shortfall

 

Then the Morelos deal that never really was?   I think that was the most pathetic example of grandstanding to show the world they are still functioning and winning?  A bit like a heavy weight boxer who has been battered for most of the 12 rounds, his legs have visualy gone but still sticks the arm up in the air at the bell to show the crowd and the judges that he thinks he has won?  and when the 3 judges annouce it was unanamous with 3 x 118/110 score!  he demands a rematch.....Its sad really...time for King to hang up the gloves

 

I'd rather see him get knocked the **** out first to be honest.

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Footballfirst

A new Floating Charge has been registered at Companies house in favour of Close Leasing.

 

Looks like Close is covering all eventualities.

 

https://beta.companieshouse.gov.uk/company/SC425159/charges/mLBWBxLf49wYxVpcq5n1pX_hCbE

 

V4GdMlh.jpg

 

The signatory on behalf of Close Leasing is called "Benedict O'Mahoney".  I'm sure that will go down well with the Bears.

Edited by Footballfirst
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Hagar the Horrible
8 minutes ago, Footballfirst said:

A new Floating Charge has been registered at Companies house in favour of Close Leasing.

 

Looks like Close is covering all eventualities.

 

https://beta.companieshouse.gov.uk/company/SC425159/charges/mLBWBxLf49wYxVpcq5n1pX_hCbE

Look at 5.1 and 5.2

 

Immedialy enforcable upon the occurence of an event of default?  5mins late 1 payment then its gone

 

and 5.2 they shall appoint a receiver or an administrator

 

this is more than covering an eventality, they are expecting it...get the popcorn ready

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2 hours ago, Hagar the Horrible said:

Rangers big problem right now, is money movement, not necessarlity what is needed to be spent,  King/NOAL  stated they would fund the shortfall with directors loans in the accounts, but instead of that they went to Close Brothers for a loan with terms that would violate the Geneva Convention?  WHY?  Also the directors of Sevco have a duty to the shareholders before fans fancilful wishes, so they should have accepted the £7m offer for Morelos and keep the company as a going concern...WHY turn that down?

 

I think NOAL/King renaged on that tranche and are going through a very expensive legal process just to delay the enforced TOP shareoffer, untill King searches under every couch he has for enough lose change to cover the £11m to put into a lawers account, however he might get most of that back If nobody takes up the offer?, and then they can continue on.  But what if?  he has to call back in those loans to cover the £11m?????  Lots and lots of what ifs?  But its clear the Close Brothers deal is because NOAL failed to cover the shortfall

 

Then the Morelos deal that never really was?   I think that was the most pathetic example of grandstanding to show the world they are still functioning and winning?  A bit like a heavy weight boxer who has been battered for most of the 12 rounds, his legs have visualy gone but still sticks the arm up in the air at the bell to show the crowd and the judges that he thinks he has won?  and when the 3 judges annouce it was unanamous with 3 x 118/110 score!  he demands a rematch.....Its sad really...time for King to hang up the gloves

 

Why turn the 7m bid for Morales down? Because there was no 7m bid.

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Footballfirst
4 minutes ago, Hagar the Horrible said:

Look at 5.1 and 5.2

 

Immedialy enforcable upon the occurence of an event of default?  5mins late 1 payment then its gone

 

and 5.2 they shall appoint a receiver or an administrator

 

this is more than covering an eventality, they are expecting it...get the popcorn ready

 

I'm sure that Close's Benedict O'Mahoney will have thought of everything.

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13 minutes ago, Footballfirst said:

A new Floating Charge has been registered at Companies house in favour of Close Leasing.

 

Looks like Close is covering all eventualities.

 

https://beta.companieshouse.gov.uk/company/SC425159/charges/mLBWBxLf49wYxVpcq5n1pX_hCbE

Wooft - read through the whole lot. Very, very comprehensive. Looks like Close Brothers are expecting  things to go tits up. They have tied up every possible loose end and it only takes one default now for the Administrators to walk through the doors again.  Puts to bed the myth that this is an overdraft once and for all.

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Hagar the Horrible

They are even taking the catering outlets, the PA system, the WiFi and the Stadium Screens

 

 

 

total value of all assets £5,530000  including car park and wee hoose,  but this is an overdraft facility?   seriously the SMSM are worthless

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Hagar the Horrible

Check out pages 31 onwards, they have scored out Sevco scotland and penned in The Rangers football club...ha ha ha

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25 minutes ago, Footballfirst said:

The signatory on behalf of Close Leasing is called "Benedict O'Mahoney".

 

:rofl:

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...a bit disco
26 minutes ago, Footballfirst said:

A new Floating Charge has been registered at Companies house in favour of Close Leasing.

 

Looks like Close is covering all eventualities.

 

https://beta.companieshouse.gov.uk/company/SC425159/charges/mLBWBxLf49wYxVpcq5n1pX_hCbE

 

V4GdMlh.jpg

 

The signatory on behalf of Close Leasing is called "Benedict O'Mahoney".  I'm sure that will go down well with the Bears.

 

If 'Rapeepul' don't hear alarm bells after that...

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Footballfirst
21 minutes ago, Hagar the Horrible said:

Check out pages 31 onwards, they have scored out Sevco scotland and penned in The Rangers football club...ha ha ha

 

There's a lot of detail in the invoices used as proof of value of the assets.

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Hagar the Horrible
1 minute ago, Footballfirst said:

 

There's a lot of detail in the invoices used as proof of value of the assets.

True is clear reading,  they have a copy of the PO for those assets in the doc as proof, but I suppose Sevco...sorry The the Rangers still have a week to sell Morelos for £8m

 

This should have more alsrm bells ringing by not only anybody who wants to do business, but the SFA/SPFL  need assurancies that they can fullfil the remaining fixtures.

 

I did note they the wee hoose is sitting derelict?  if they end up owning it, Rangers have still to pay for all repairs

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19 minutes ago, ...a bit disco said:

Where's our resident naysayer then?

Going to be hard put to provide any sort of positive spin with this. 

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Footballfirst

The invoices attached to the security document provide an interesting insight, e.g. 802 Works’ provision of the stadium Wifi system.

 

Three invoices issued in Jun 2013, Sep 2013 and Jun 2014, all at £300k each plus VAT, then a credit note given in return in Dec 2014 for £225k plus VAT.

 

There is an interesting hand written note on the initial £300k invoice addressed to Brian Stockbridge. It reads:

 

“once stability achieved we need to look to finance this project”

Surely the Newco wasn’t buying goods and services without having the means to pay in place.

 

Who would’ve thunk it?

Edited by Footballfirst
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Hagar the Horrible
1 minute ago, We_are_the_Hearts said:

Any chance of a summary for a newcomer? When is D Day?

The value of the Wee Hoose and the Car Park does not cover the full cost of the loan, so they have also taken out a Negative Pledge on other assets such as the Catering equipment, the WiFi, the PA and all the Screens in Ibrox.  should there be a any breach of the payback rules, then Close Brothers will take it all, which would be embarasing if there are any games left and the Corporate Hospitality has no kitchen equipment as the new Driscoll Brothers would be able to turn up at any time and start to take stuff out even the PA? 

 

Also it is assurance against any Administration event, and it stops Sevco from taking out any other loans using these assests as collateral, or claims from any other secured or unsecured lender

 

Selected deafness on this alarm bell is the best summary

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We_are_the_Hearts
1 minute ago, Hagar the Horrible said:

The value of the Wee Hoose and the Car Park does not cover the full cost of the loan, so they have also taken out a Negative Pledge on other assets such as the Catering equipment, the WiFi, the PA and all the Screens in Ibrox.  should there be a any breach of the payback rules, then Close Brothers will take it all, which would be embarasing if there are any games left and the Corporate Hospitality has no kitchen equipment as the new Driscoll Brothers would be able to turn up at any time and start to take stuff out even the PA? 

 

Also it is assurance against any Administration event, and it stops Sevco from taking out any other loans using these assests as collateral, or claims from any other secured or unsecured lender

 

Selected deafness on this alarm bell is the best summary

Cheers

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11 minutes ago, Hagar the Horrible said:

The value of the Wee Hoose and the Car Park does not cover the full cost of the loan, so they have also taken out a Negative Pledge on other assets such as the Catering equipment, the WiFi, the PA and all the Screens in Ibrox.  should there be a any breach of the payback rules, then Close Brothers will take it all, which would be embarasing if there are any games left and the Corporate Hospitality has no kitchen equipment as the new Driscoll Brothers would be able to turn up at any time and start to take stuff out even the PA? 

 

Also it is assurance against any Administration event, and it stops Sevco from taking out any other loans using these assests as collateral, or claims from any other secured or unsecured lender

 

Selected deafness on this alarm bell is the best summary

 

If the PA system got taken away they'd lose the certification to host games I imagine

 

The Driscoll Brothers should take that first :laugh:

 

 

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Footballfirst
14 minutes ago, kila said:

If the PA system got taken away they'd lose the certification to host games I imagine

 

The Driscoll Brothers should take that first :laugh:

 

...... and it used to be the Easdales who were described at the Driscoll Brothers. :Stupid_Heads_by_Vir

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Hagar the Horrible
10 minutes ago, kila said:

 

If the PA system got taken away they'd lose the certification to host games I imagine

 

The Driscoll Brothers should take that first :laugh:

 

 

Can you imagine if the prawn sarney brigade stood and watched as all the catering equipment was dragged out before a game, and worse Mad Fat Boab fae Bishopton no gettin his 3 pies, jumbo hotdog, crisps and his diet coke.....bwaaaahhhaaaaa

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...a bit disco
4 minutes ago, Hagar the Horrible said:

Can you imagine if the prawn sarney brigade stood and watched as all the catering equipment was dragged out before a game, and worse Mad Fat Boab fae Bishopton no gettin his 3 pies, jumbo hotdog, crisps and his diet coke.....bwaaaahhhaaaaa

Less ammunition to throw at away fans though.

:thumbsup:

 

 

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It would be wonderful if someone called Benedict O'Mahoney rolled up in a white Transit van demanding the Ibrox PA. One of life's beautiful moments. 

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58 minutes ago, We_are_the_Hearts said:

Any chance of a summary for a newcomer? When is D Day?

The can is kicked down the road to next winter by the Close guys. For now they have short term cash flow sorted and will be selling STs soon. 

Halfway through the season, when the ST money's gone and the new lot's not in yet, that's when they'll be wearing brown trousers to work I reckon, bit anyone expecting an imminent event will be disappointed I reckon

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Hagar the Horrible

I am supprised that Phil loadsanames has not yet claimed all of this new revelations as an exclusive of his, leaked from Sevco High Command.  Links close to Mr David Cunningham King dear readers yadayada

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27 minutes ago, Smithee said:

The can is kicked down the road to next winter by the Close guys. For now they have short term cash flow sorted and will be selling STs soon. 

Halfway through the season, when the ST money's gone and the new lot's not in yet, that's when they'll be wearing brown trousers to work I reckon, bit anyone expecting an imminent event will be disappointed I reckon

Have they not got some pretty hefty financial obligations to meet in the next few months?  

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1 hour ago, Hagar the Horrible said:

The value of the Wee Hoose and the Car Park does not cover the full cost of the loan, so they have also taken out a Negative Pledge on other assets such as the Catering equipment, the WiFi, the PA and all the Screens in Ibrox.  should there be a any breach of the payback rules, then Close Brothers will take it all, which would be embarasing if there are any games left and the Corporate Hospitality has no kitchen equipment as the new Driscoll Brothers would be able to turn up at any time and start to take stuff out even the PA? 

 

Also it is assurance against any Administration event, and it stops Sevco from taking out any other loans using these assests as collateral, or claims from any other secured or unsecured lender

 

Selected deafness on this alarm bell is the best summary

 

Its last chance saloon with this emergency pay day loan they are going to have to make serious cuts in overheads in order to survive.

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3 hours ago, Footballfirst said:

 

The signatory on behalf of Close Leasing is called "Benedict O'Mahoney".  I'm sure that will go down well with the Bears.

 

:rofl:

 

That's almost unbelievable. But in this soap opera it's just another crazy piece thrown in by the script writers! 

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