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The Rangers soap opera goes on and on.

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Hagar the Horrible
1 hour ago, Mysterion said:

 

So he’s now caved in to court orders.

 

Hopefully there is an unexpected share sale on the horizon.

Looks like he has ran out of mechanisms to kick this can down the road?  he is in a cul-de-sac now, and trying it on with Lady Wolfe over rougue shareholders has not been as lucky?  still  why go to all this expence, when he could have had this done and dusted a year ago? 

 

He has agreed to yesterdays notification, lets see if in 10 days he has found the money down the back of his couch?  and he does make the offer in january?  but the full details of their accounts will be published and it will be intersting if the shres drop below 20p if there will be a take up from the institutionals?????

so key dates 14th December and

25th January?

 

and by then he could legally own the club, then he can do a share issue, or sell those shares he has been forced to buy?

Edited by Hagar the Horrible
date wroing

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Footballfirst
5 minutes ago, Hagar the Horrible said:

25th January?

 

and by then he could legally own the club, then he can do a share issue, or sell those shares he has been forced to buy?

It's highly unlikely that he will have to buy any shares. By carrying out the share placing in advance of the offer, King has gerrymandered a situation where there will be in insufficient take up of the offer to take King and the Concert Party over the 50% mark that would make the offer unconditional.

 

It is not the TOP's concern whether or not the offer is successful or not, only that an offer is made.

 

By my rough calculations, King and the three bears held 34% prior to the share placing. There were probably sellers for around 20% of the remaining shares, sufficient to take the concert party over the 50% mark, and forcing King to buy that 20%

.

Following the share placing, King and the three bears still hold 34%, but the potential sellers have been diluted to around 12%-13% of the enlarged share base. If that is the case, then there are insufficient sellers to enable the concert party to reach the 50% mark, so King won't have to buy any shares at all and the offer will lapse.   

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Blackford Hearts
15 minutes ago, milky_26 said:

uefa charge rangers for the fan on the pitch and a bottle throwing incident during the match against villareal

 

https://www.bbc.co.uk/sport/football/46458861

That’s a disgrace. Can’t the GFA do anything to hide this miscarriage of justice under their massive arse cheek sized carpet? 

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Footballfirst

From today's court rolls

 

A97/18 Rangers International Football Club Plc v Charles Green – Jones Whyte Law

 

It's just an unopposed motion, but will no doubt be a precursor to a hearing in the not too distant future.

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kirkierobroy

Ok - clearly naebody in the Scottish press is going to peek too far under the bonnet. Maybe that der Spiegel thing that ran the Man City story might be interested.

 

Probably not. While they've heard of Man City, most Germans, to the bafflement of Old Firm knuckledraggers, would say, 'Rangers? Who are they?'

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Deevers
On 6 December 2018 at 14:14, The Gasman said:

Not exactly ground breaking news, but it does show just how deep is the hole King seems to be digging for Rangers.  

 


https://www.scotsman.com/sport/football/teams/rangers/revealed-rangers-have-the-highest-borrowings-in-scottish-football-1-4840260

Love how they can't bring themselves to use the word "Debt".

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Spellczech
On 01/12/2018 at 11:00, wavydavy said:

 I thought this was a cracker.

 

Rangers boss Dave King, 63, tells court he fears ‘there are shareholders in the club who have links to organised crime’ as he persuades judge to halt legal proceedings against him

https://www.heraldscotland.com/news/13118887.leading-rangers-investor-i-am-no-gangster/

 

2013 - easy google

 

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haveyouheard 22

What a thread ..OMG 

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Jambof3tornado
6 minutes ago, haveyouheard 22 said:

What a thread ..OMG 

Its good innit.

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Mikey1874
7 minutes ago, Jambof3tornado said:

Its good innit.

 

Yet another page turned 

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7628mm
23 minutes ago, haveyouheard 22 said:

What a thread ..OMG 

 

I am thinking that it has taken you every minute of every day since you joined JKB to read your way through it?

Welcome to the mad house that is JKB, you'll love it.

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haveyouheard 22
54 minutes ago, 7628mm said:

 

I am thinking that it has taken you every minute of every day since you joined JKB to read your way through it?

Welcome to the mad house that is JKB, you'll love it.

Naw mate just went to the last page it was the numbers that caught my eye

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jamboz

The number of teams, fans, games and taxpayers cheated by the liquidated team? 

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Footballfirst

The Liquidators have produced their latest report to creditors. It seems that HMRC has significantly reduced their claim in respect of the big tax case, with the penalty element removed. I guess that HMRC are happy enough with the Supreme Court decision, that will allow them to claw back much more from companies and individuals, than worrying about a few pence in the pound dividend from a liquidated company.

 

https://www.bdo.co.uk/getmedia/358d98a8-bca4-42b1-b3b6-c31960c0d22a/RFC-2012-Plc-annual-progress-report-to-30-October-2018.pdf.aspx

 

Quote

A significant proportion of the Big Tax Claim of c£74m related to interest and penalties (c£36m). The penalty element of the claim was c£23.9m and was levied at a particularly high rate. The Joint Liquidators, on behalf of the Company, disputed both the quantum, and the principle, of the penalties applied by HMRC.


Following discussions and meetings with HMRC, we submitted an appeal to the HMRC Penalty Review Consistency Panel (“the Panel”). This set out the reasons why the Joint Liquidators considered the penalties to be incorrectly levied. We are pleased to advise that the Panel has recently agreed with our submission in its entirety, and the element of HMRC’s claim pertaining to penalties has now been withdrawn in full.

HMRC also acknowledged that a further small element of their claim had been overstated and it has now submitted a revised claim of £68.3m (ie a reduction of c£26m in total).

HMRC has calculated the principal element of its claim in respect of the Big Tax Case on a “grossing up” basis. This element remains under review with further representations to be made to HMRC following discussions with the Joint Liquidators’ tax advisors.

 

 

 

BDO has an outstanding claim for £28m against Duff & Phelps going through the courts. On the other hand they are defending a claim of £18m, on behalf of Wavetower.

Edited by Footballfirst

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Footballfirst

If you wonder where all the money goes in a liquidation, BDO has had funds of £29.8m available to it (including £24m from Collyer Bristow's insurers).

 

The have spent a whopping £17.4m on their own fees, costs and third party professional services (mainly legal fees).

 

£4.6m has been allocated for dividends, with only £7.8m left in the pot to cover future fees, costs and dividends..

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Mikey1874
2 minutes ago, Footballfirst said:

If you wonder where all the money goes in a liquidation, BDO has had funds of £29.8m available to it (including £24m from Collyer Bristow's insurers).

 

The have spent a whopping £17.4m on their own fees, costs and third party professional services (mainly legal fees).

 

£4.6m has been allocated for dividends, with only £7.8m left in the pot to cover future fees, costs and dividends..

 

Yep

 

Nice work if you can get it

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Fxxx the SPFL
6 minutes ago, jambovambo said:

Sounds double dutch to me can someone enlighten me is this more bad news for The Rangers and The Lying King 

Edited by Ray has bus pass hooray

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Footballfirst
25 minutes ago, Ray has bus pass hooray said:

Sounds double dutch to me can someone enlighten me is this more bad news for The Rangers and The Lying King 

 

It doesn't impact on the Newco. The story comes from BDO's latest Report to Creditors for the Oldco.

 

Henderson & Jones is a company that litigates on behalf of insolvent companies (Wavetower/TRFCG) where they believe that is scope for success.

 

The basis of the claim is that Wavetower paid off RFC's debt to Lloyds at the time of Whyte's takeover in 2011.  What it doesn't consider is that Wavetower borrowed £16m from RFC (the Ticketus money).

 

However, Wavetower does hold a security over RFC assets, so has an argument that they should receive preferential treatment over the unsecured creditors, if it is agreed that there is a real debt attached to the security.

 

It is alleged that Craig Whyte has an agreement to receive one third of any sums obtained.

Edited by Footballfirst

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Mikey1874

Good to see Craig Whyte is being looked after. 

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The Gasman
On 03/12/2018 at 16:16, Footballfirst said:

King's undertaking to the Court of Session has been published on the Rangers website.

 

https://media.rangers.co.uk/uploads/2018/12/20181130-King-Undertaking.pdf

 

He should have appointed someone to confirm the cash is there by 14th December, but I don’t recal seeing that.

 

He has to make his offer public by 11th Jan - this coming Friday - so it’ll be interesting to see what if anything King has put in place....

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corryjambo
26 minutes ago, The Gasman said:

 

He should have appointed someone to confirm the cash is there by 14th December, but I don’t recal seeing that.

 

He has to make his offer public by 11th Jan - this coming Friday - so it’ll be interesting to see what if anything King has put in place....

 

I think this may well be his strategy.

 

 

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The Gasman
22 minutes ago, corryjambo said:

 

I think this may well be his strategy.

 

 

 

I’ve no doubt you’re right, that’s all he seems to have done so far.

 

But this time he gave an undertaking in court, to achieve certain things by certain dates, so failing to do that has the potential to drop him in the clart.

 

??

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Cairneyhill Jambo

So, has the Lying King stumped up the cash? 

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The Gasman
12 minutes ago, Cairneyhill Jambo said:

So, has the Lying King stumped up the cash? 

 

He should have had everything in place by 17:30 this afternoon, going by the published document....

 

....but I’ll not be betting on his having complied with that, even though his lawyers agreed it with the Court

88DA0705-6DF8-468E-9984-AE7D53FCFDF4.png

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jock _turd
2 hours ago, The Gasman said:

 

He should have had everything in place by 17:30 this afternoon, going by the published document....

 

....but I’ll not be betting on his having complied with that, even though his lawyers agreed it with the Court

88DA0705-6DF8-468E-9984-AE7D53FCFDF4.png

 

I have given up any hope of anything coming down against this guy. The courts seem, to me at least, totally toothless and are merely going through the motions at the end of the day King is just pishing himself laughing at the whole circus. The courts make a demand and King says aye whatever and carries on ignoring them.

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The Future's Maroon
4 hours ago, jock _turd said:

 

I have given up any hope of anything coming down against this guy. The courts seem, to me at least, totally toothless and are merely going through the motions at the end of the day King is just pishing himself laughing at the whole circus. The courts make a demand and King says aye whatever and carries on ignoring them.

 

I get what your saying, and King probably thinks the same....thankfully this isn’t the SFA we’re dealing with here, this won’t wont get brushed under the carpet and I can’t wait.

 

Its been a long time coming but many laughs will be forthcoming soon ?

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jock _turd
6 hours ago, The Future's Maroon said:

 

I get what your saying, and King probably thinks the same....thankfully this isn’t the SFA we’re dealing with here, this won’t wont get brushed under the carpet and I can’t wait.

 

Its been a long time coming but many laughs will be forthcoming soon ?

 

I really hope you are right that lot give me the boak even more than Celtic do these days!

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kirkierobroy
12 hours ago, The Future's Maroon said:

Its been a long time coming but many laughs will be forthcoming soon ?

 

I very hope so, but all the prediction of this shower's demise have come to nothing. I now rather despair, of Scottish football in general.

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Mysterion

Whilst the deadline has passed it’ll sometime this week that the ramifications become clear.

 

Guess formally pressing for contempt of court could be the first stage. 

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The Gasman
11 hours ago, Mysterion said:

Whilst the deadline has passed it’ll sometime this week that the ramifications become clear.

 

Guess formally pressing for contempt of court could be the first stage. 

 

While that deadline has past, there are another two still to come, and I suspect that the Court may wait to see what happens then before acting.

 

”4. To ensure that Laird makes an offer for Rangers in full compliance with the Code by no later than 17:30GMT on 25 January 2019, being the date that is eight weeks from the date of this undertaking.


5. To appoint a legal advisor by 17:30GMT on 14 December 2018 to undertake all such matters as are required to ensure that the documentation complies with the Code and to liaise with the Panel in relation thereto.”

 

I can’t see the Court bothering too much if he was a day late (as an example) confirming an appointment, but if the offer is not made in full by a week on Friday (as his lawyers agreed with the Court) then I think he’ll find himself in real trouble.

Edited by The Gasman

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Calebs Grandad
21 minutes ago, The Gasman said:

 

While that deadline has past, there are another two still to come, and I suspect that the Court may wait to see what happens then before acting.

 

”4. To ensure that Laird makes an offer for Rangers in full compliance with the Code by no later than 17:30GMT on 25 January 2019, being the date that is eight weeks from the date of this undertaking.


5. To appoint a legal advisor by 17:30GMT on 14 December 2018 to undertake all such matters as are required to ensure that the documentation complies with the Code and to liaise with the Panel in relation thereto.”

 

I can’t see the Court bothering too much if he was a day late (as an example) confirming an appointment, but if the offer is not made in full by a week on Friday (as his lawyers agreed with the Court) then I think he’ll find himself in real trouble.

Biggest surprise is that neither the SFA or SPFL gave started a crowdfunding appeal to help them out.

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Meadows

Was reading that Defoe is on £130k per week at Bournemouth and The Rangers are paying 50% . An incredible £65k per week for 18 months !!!! 

Tick tick indeed . 

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part_time_jambo

All or nothing to stop Celtic maybe?

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Pistol1874
9 minutes ago, Meadows said:

Was reading that Defoe is on £130k per week at Bournemouth and The Rangers are paying 50% . An incredible £65k per week for 18 months !!!! 

Tick tick indeed . 

I find both of those numbers incredible.

 

I find it hard to believe Bournemouth pay anyone £130k per week, even Callum Wilson whose career is ahead of him,  and the idea that Celtic pay anyone £65k per week, far less Rangers, seems fanciful at best.

 

Wasn’t in a West Coast rag trying to make Rangers out to be serious players by any chance was it? ?

Edited by Pistol1874

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Mister Dee

Much as I’d love to believe the Defoe wage story -I find it hard to believe that they’d pay him £3.3M per year. 

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JackLadd

Motherwell are paying 2k of McCormack's 40k Villa salary. Take with a pinch of salt that Sevco are stumping up 65k.

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colinmaroon
35 minutes ago, Pistol1874 said:

I find both of those numbers incredible.

 

I find it hard to believe Bournemouth pay anyone £130k per week, even Callum Wilson whose career is ahead of him,  and the idea that Celtic pay anyone £65k per week, far less Rangers, seems fanciful at best.

 

Wasn’t in a West Coast rag trying to make Rangers out to be serious players by any chance was it? ?

 

Who needs to worry about Fake News on Facebook etc., all you need to do to find plenty, is read the West Coast Fake News .org

 

 

Edited by colinmaroon

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NANOJAMBO
39 minutes ago, Pistol1874 said:

I find both of those numbers incredible.

 

I find it hard to believe Bournemouth pay anyone £130k per week, even Callum Wilson whose career is ahead of him,  and the idea that Celtic pay anyone £65k per week, far less Rangers, seems fanciful at best.

 

Wasn’t in a West Coast rag trying to make Rangers out to be serious players by any chance was it? ?

Defoe signed on a  free transfer so he will be on big money for sure. How much Sevco are paying for his wages remains to be seen but I doubt it's much.  There is no way Sevco can afford Defoe's wages never mind for 18 months. 

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tokyowalnut

A story from the Rangers PR team at the Daily Record. 

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jambo89

Thought it was pretty well reported that Defoe was on that sort of money. 

 

Dont believe that rangers are paying 50 % though. 

 

A rangers friend of mine said it was 10% (still 13k a week right enough) which is probably not far off being true

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DH1986
13 minutes ago, tokyowalnut said:

A story from the Rangers PR team at the Daily Record. 

 

Correct.

 

I’d guess his Bournemouth salary is hugely exaggerated and Rangers will be paying maximum £15k a week for his services.

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tokyowalnut
6 minutes ago, DH1986 said:

 

Correct.

 

I’d guess his Bournemouth salary is hugely exaggerated and Rangers will be paying maximum £15k a week for his services.

I know there's very little the SPFL or the SFA would do, but if a member club is posting a £14 million loss, and have a history of financial misconduct, surely a phone call should be taking place to ask some questions.

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Brave Hearts

 

Article in The Times this morning saying der Huns are have agreed to pay £65,000 a week for the rest of the season on Defoe.

 

Bournemouth will still be paying the other half of his £130,000 a week salary.

 

8FBCE1C0-9D1C-412E-ADBE-CD350D261B9D.jpeg.1bbc30301d0bea85271cf4a9cdccf5a7.jpeg

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jambosdad

Ryan Fraser is on £1k a week and playing every game for Bournemouth.  Surely that is wrong.

 

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Jambo-Jimbo

Whether Defoe is on £130k or £65k a week, Rangers will be paying out a lot of money, money which will only add to their loses.

 

Shows just how desperate they are to stop Celtic.

 

Tick tock indeed.

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