The Sevco saga continues ...

[PortyBeach]

1 hour ago, whodanny said:

I wouldn't sign for ANY club before The Hearts, especially not your beloved deidco. But that's not the point is it ? 

Couldn’t have put that any better myself, mate.

[John Findlay]

1 hour ago, Sir PH said:

Would you sign for Hibs before Hearts? 

I would have signed for Hibs before either Celtic or Secco. In fact I wouldn't have signed for the latter two at any price.

[Sir PH]

2 hours ago, whodanny said:

I wouldn't sign for ANY club before The Hearts, especially not your beloved deidco. But that's not the point is it ? 

Pipe down. Nobody was asking you.

[The Real Maroonblood]

2 hours ago, whodanny said:

I wouldn't sign for ANY club before The Hearts, especially not your beloved deidco. But that's not the point is it ? 

[whodanny]

1 hour ago, Sir PH said:

Pipe down. Nobody was asking you.

It's an open forum, I certainly don't need your permission to speak my mind. 

[Sir PH]

7 hours ago, whodanny said:

It's an open forum, I certainly don't need your permission to speak my mind. 

Well try and make it funny, original or relevant. Accusing Hearts fans of supporting other clubs is none of those.

[whodanny]

1 hour ago, Sir PH said:

Well try and make it funny, original or relevant. Accusing Hearts fans of supporting other clubs is none of those.

Like I say, I'll speak my mind. As for making it funny ?  Well, if I follow your example, it'll be about as funny as toothache.  

[Bazzas right boot]

11 hours ago, John Findlay said:

I would have signed for Hibs before either Celtic or Secco. In fact I wouldn't have signed for the latter two at any price.

 

I'd have signed for the Hitler youth before any of the bigots.

 

[whodanny]

Just now, Bazzas right boot said:

 

I'd have signed for the Hitler youth before any of the bigots.

 

  Too far Baz.

[Bazzas right boot]

Just now, whodanny said:

Like I say, I'll speak my mind. As for making it funny ?  Well, if I follow your example, it'll be about as funny as toothache.  

 

Has he ever posted anything funny, original or relevant?

All he seems is do is go about telling folk what to or not to  post.

 

[Bazzas right boot]

Just now, whodanny said:

  Too far Baz.

 

Original,  funny and relevant tho.

Unofficial mod will approve?

[whodanny]

Just now, Bazzas right boot said:

 

Has he ever posted anything funny, original or relevant?

All he seems is do is go about telling folk what to or not to  post.

 

Maybe he's a mod in disguise.

[whodanny]

Just now, Bazzas right boot said:

 

Original,  funny and relevant tho.

Unofficial mod will approve?

You beat me to it. 👏

[Bazzas right boot]

10 minutes ago, whodanny said:

You beat me to it. 👏

 

Oh, soz!

Sometimes it's just right there, tho.

[Bazzas right boot]

12 minutes ago, whodanny said:

Maybe he's a mod in disguise.

 

His disguise,  for whatever reason - is shite.

[PortyBeach]

19 hours ago, whodanny said:

It's an open forum, I certainly don't need your permission to speak my mind. 

It’s that familiar Ibrox supremacist mentality. Just can’t shake it off, really…

[whodanny]

35 minutes ago, PortyBeach said:

It’s that familiar Ibrox supremacist mentality. Just can’t shake it off, really…

[Footballfirst]

It seems that the oldco, Rangers Football Club (RFC 2012) is edging ever closer to dissolution after 11 years within the liquidation process. 

 

Why now?  The simple answer is that the money has run out for the Liquidators BDO and their advisors to feed on. The latest Creditors Report (22 Nov) shows that there is a balance of only £111k left out of the £37.5m that the liquidators have had access to.  It is stated that the next report will be the final one.

 

Most of the liquidators funds came from two court actions plus the balance handed over from the administration.

£24m from the insurers of Whyte's lawyers, Collyer Bristow.

£7.5m from the insurers of the administrators, Duff & Phelps.

£4.9m balance from the administration after costs were deducted (half from Sevco and half from outstanding transfer instalments still to be received - Jelavic)  

 

Where did the £37.5m go?

BDO's fees - £6.9m

Professional fees (mainly legal for various court actions) - £19m

Dividends to creditors - £11.4m  (includes £8.1m to HMRC and £1.6m to Ticketus)

 

The moral from this saga? It's much more profitable in a liquidation to be the liquidator, or a professional advisor, than a creditor. 

[buzzbomb1958]

They will have to tighten there belts next year with the conclusion of the Ashley shirt debacle whic before a season ticket is sold is going to cost anything above 10 million also papers filed against Hibs , Dundee United and Deidco on the next abuse case once the septic one is done with , get the popcorn ready 

[Sir PH]

5 minutes ago, buzzbomb1958 said:

They will have to tighten there belts next year with the conclusion of the Ashley shirt debacle whic before a season ticket is sold is going to cost anything above 10 million also papers filed against Hibs , Dundee United and Deidco on the next abuse case once the septic one is done with , get the popcorn ready 

What's the story here? 

[SectionDJambo]

15 hours ago, Footballfirst said:

 

The moral from this saga? It's much more profitable in a liquidation to be the liquidator, or a professional advisor, than a creditor. 

As I found out, to my cost, a few times when had had a small business some years ago.

[upgotheheads]

15 hours ago, Footballfirst said:

It seems that the oldco, Rangers Football Club (RFC 2012) is edging ever closer to dissolution after 11 years within the liquidation process. 

 

Why now?  The simple answer is that the money has run out for the Liquidators BDO and their advisors to feed on. The latest Creditors Report (22 Nov) shows that there is a balance of only £111k left out of the £37.5m that the liquidators have had access to.  It is stated that the next report will be the final one.

 

Most of the liquidators funds came from two court actions plus the balance handed over from the administration.

£24m from the insurers of Whyte's lawyers, Collyer Bristow.

£7.5m from the insurers of the administrators, Duff & Phelps.

£4.9m balance from the administration after costs were deducted (half from Sevco and half from outstanding transfer instalments still to be received - Jelavic)  

 

Where did the £37.5m go?

BDO's fees - £6.9m

Professional fees (mainly legal for various court actions) - £19m

Dividends to creditors - £11.4m  (includes £8.1m to HMRC and £1.6m to Ticketus)

 

The moral from this saga? It's much more profitable in a liquidation to be the liquidator, or a professional advisor, than a creditor. 

 

I have an image in my head of a corpse, covered in flies, maggots, vultures, and rats.

 

[Ex member of the SaS]

Still the compliant media claiming they are going to increase the size of Ibrokes and buy certain players. Just wish fair play rules would kick in and finish them for good. Celtic would soon follow, not going bust but their money would fall dramatically and drag them back into the pack. It's only the bigotry that keeps both teams afloat with Celtic supporting Sevco from behind the scenes.

[Ex member of the SaS]

10 minutes ago, upgotheheads said:

 

I have an image in my head of a corpse, covered in flies, maggots, vultures, and rats.

 

Why would Celtic supporters be there?

[Deevers]

2 minutes ago, Ex member of the SaS said:

Still the compliant media claiming they are going to increase the size of Ibrokes and buy certain players. Just wish fair play rules would kick in and finish them for good. Celtic would soon follow, not going bust but their money would fall dramatically and drag them back into the pack. It's only the bigotry that keeps both teams afloat with Celtic supporting Sevco from behind the scenes.

They are not called “the Old Firm” for nothing. Both of them feed off the bigotry and bile from the other.  This country would be a far better place if we saw both go to the wall.

[PortyBeach]

15 hours ago, Footballfirst said:

It seems that the oldco, Rangers Football Club (RFC 2012) is edging ever closer to dissolution after 11 years within the liquidation process. 

 

Why now?  The simple answer is that the money has run out for the Liquidators BDO and their advisors to feed on. The latest Creditors Report (22 Nov) shows that there is a balance of only £111k left out of the £37.5m that the liquidators have had access to.  It is stated that the next report will be the final one.

 

Most of the liquidators funds came from two court actions plus the balance handed over from the administration.

£24m from the insurers of Whyte's lawyers, Collyer Bristow.

£7.5m from the insurers of the administrators, Duff & Phelps.

£4.9m balance from the administration after costs were deducted (half from Sevco and half from outstanding transfer instalments still to be received - Jelavic)  

 

Where did the £37.5m go?

BDO's fees - £6.9m

Professional fees (mainly legal for various court actions) - £19m

Dividends to creditors - £11.4m  (includes £8.1m to HMRC and £1.6m to Ticketus)

 

The moral from this saga? It's much more profitable in a liquidation to be the liquidator, or a professional advisor, than a creditor. 

I wonder how much media coverage there will be when it’s finally confirmed RFC has been laid to rest?

How will the media square this with the “same club” bollocks they’ve been peddling since 2012?

[John Findlay]

34 minutes ago, Deevers said:

They are not called “the Old Firm” for nothing. Both of them feed off the bigotry and bile from the other.  This country would be a far better place if we saw both go to the wall.

Since 1909 they have been a cartel and in cahoots with each other. Publicly they slag each other off. Privately at boardroom level they plan on how to keep the duopoly going and keep the others at bay. 

The pair of them are a stain on Scottish society.

[Deevers]

14 minutes ago, John Findlay said:

Since 1909 they have been a cartel and in cahoots with each other. Publicly they slag each other off. Privately at boardroom level they plan on how to keep the duopoly going and keep the others at bay. 

The pair of them are a stain on Scottish society.

Exactly so. They have all those willing helpers at the SFA as well. A completely rigged deck here.

[Homme]

36 minutes ago, John Findlay said:

Since 1909 they have been a cartel and in cahoots with each other. Publicly they slag each other off. Privately at boardroom level they plan on how to keep the duopoly going and keep the others at bay. 

The pair of them are a stain on Scottish society.

 

Always been the case. Boardrooms mingling over fancy meals and wine making decisions to benefit them both, as if they were one. Players are best mates and neighbours with the other side etc too. It's only the support that hate each other and each clubs give the appropriate soundbites that their support expect.

 

 

[buzzbomb1958]

1 hour ago, Sir PH said:

What's the story here? 

Sports direct sued Sevco when they renegotiated the shirt deal with Castore and tried to push Sports direct out which  Dave King thought was alright, but Sports Direct had understood under the terms of the old agreement they had the contract for another 3 yrs which led to them suing for breach of contract. The courts found in S Ds favour and the last year the loss to SD was over 10 million and they have been arguing how much the final bill will be and it could be anything above 10 million plus legal expenses all because the lying king tried to pull a fast one , Also the victims of Neely and Dunne among others are waiting with their lawyers to see the outcome of the septic court case , so they can progress with their claims against the clubs who employed them, as I said popcorn time

[Unknown user]

3 minutes ago, buzzbomb1958 said:

Sports direct sued Sevco when they renegotiated the shirt deal with Castore and tried to push Sports direct out which  Dave King thought was alright, but Sports Direct had understood under the terms of the old agreement they had the contract for another 3 yrs which led to them suing for breach of contract. The courts found in S Ds favour and the last year the loss to SD was over 10 million and they have been arguing how much the final bill will be and it could be anything above 10 million plus legal expenses all because the lying king tried to pull a fast one , Also the victims of Neely and Dunne among others are waiting with their lawyers to see the outcome of the septic court case , so they can progress with their claims against the clubs who employed them, as I said popcorn time

 

Wasn't it something like 3 years, and it's automatically renewed every year so there's always 3 years to go?

[Footballfirst]

8 minutes ago, buzzbomb1958 said:

Sports direct sued Sevco when they renegotiated the shirt deal with Castore and tried to push Sports direct out which  Dave King thought was alright, but Sports Direct had understood under the terms of the old agreement they had the contract for another 3 yrs which led to them suing for breach of contract. The courts found in S Ds favour and the last year the loss to SD was over 10 million and they have been arguing how much the final bill will be and it could be anything above 10 million plus legal expenses all because the lying king tried to pull a fast one , Also the victims of Neely and Dunne among others are waiting with their lawyers to see the outcome of the septic court case , so they can progress with their claims against the clubs who employed them, as I said popcorn time

The Sports Direct settlement was agreed at £8.25m in 21/22 with another £1.335m in legal costs in 22/23. The latest accounts indicate that a balance £3.6M remains to be paid. The one major other case that remains is Elite Sports which has a claim for £9m outstanding. That legal process is complicated by Elite about to go into liquidation (CVL) itself.  It will be up to its liquidators to decide if they wish to see the action through.

[buzzbomb1958]

1 hour ago, ǝǝɥʇᴉɯS said:

 

Wasn't it something like 3 years, and it's automatically renewed every year so there's always 3 years to go?

Yes but the lying king tried to pull a fast one by leaving SD out in the cold

[OmiyaHearts]

18 hours ago, Footballfirst said:

It seems that the oldco, Rangers Football Club (RFC 2012) is edging ever closer to dissolution after 11 years within the liquidation process. 

 

Why now?  The simple answer is that the money has run out for the Liquidators BDO and their advisors to feed on. The latest Creditors Report (22 Nov) shows that there is a balance of only £111k left out of the £37.5m that the liquidators have had access to.  It is stated that the next report will be the final one.

 

Most of the liquidators funds came from two court actions plus the balance handed over from the administration.

£24m from the insurers of Whyte's lawyers, Collyer Bristow.

£7.5m from the insurers of the administrators, Duff & Phelps.

£4.9m balance from the administration after costs were deducted (half from Sevco and half from outstanding transfer instalments still to be received - Jelavic)  

 

Where did the £37.5m go?

BDO's fees - £6.9m

Professional fees (mainly legal for various court actions) - £19m

Dividends to creditors - £11.4m  (includes £8.1m to HMRC and £1.6m to Ticketus)

 

The moral from this saga? It's much more profitable in a liquidation to be the liquidator, or a professional advisor, than a creditor. 

I worked for Bryan Jackson in PKF insolvency team from 1994 to 2000. I couldn't believe the money we made from liquidations, considering the little amount of work we put into most of them.

 

I used to do the circulars to creditors, took maybe 15 mins.... we'd charge an hour to the case.

[buzzbomb1958]

1 hour ago, Footballfirst said:

The Sports Direct settlement was agreed at £8.25m in 21/22 with another £1.335m in legal costs in 22/23. The latest accounts indicate that a balance £3.6M remains to be paid. The one major other case that remains is Elite Sports which has a claim for £9m outstanding. That legal process is complicated by Elite about to go into liquidation (CVL) itself.  It will be up to its liquidators to decide if they wish to see the action through.

They have to see it through by law because they have to get as much money for creditors just because a company goes into liquidation doesn’t mean you drop the case I’m sure the case was taken out before any liquidation was brought in , also the SD case still has 3 years to run as it was a rolling contract so they have been given leave to sue for the rest of the 3 yr contract which Sevco tried to block but the judge told them they signed the contract so the have to settle in or out of court

Edited December 5, 2023 by buzzbomb1958

[Footballfirst]

3 minutes ago, buzzbomb1958 said:

They have to see it through by law because they have to get as much money for creditors just because a company goes into liquidation doesn’t mean you drop the case I’m sure the case was taken out before any liquidation was brought in , 

I'm sure that the creditors will be asked if they wish to pursue the action. That will be based on guidance form the liquidators as to the likelihood of success, and the funds available in the pot. It wouldn't make sense to proceed if, for example, there was only a 33% chance of success and the anticipated legal fees and costs was greater that the amount currently available to creditors.

[Sir PH]

2 hours ago, buzzbomb1958 said:

Sports direct sued Sevco when they renegotiated the shirt deal with Castore and tried to push Sports direct out which  Dave King thought was alright, but Sports Direct had understood under the terms of the old agreement they had the contract for another 3 yrs which led to them suing for breach of contract. The courts found in S Ds favour and the last year the loss to SD was over 10 million and they have been arguing how much the final bill will be and it could be anything above 10 million plus legal expenses all because the lying king tried to pull a fast one , Also the victims of Neely and Dunne among others are waiting with their lawyers to see the outcome of the septic court case , so they can progress with their claims against the clubs who employed them, as I said popcorn time

First I've heard of that. You got a link or a reliable source? 

[buzzbomb1958]

1 hour ago, Sir PH said:

First I've heard of that. You got a link or a reliable source? 

Look it up online just put in SD case against rangers also tagged with elite sports

Edited December 5, 2023 by buzzbomb1958

[Sir PH]

Just now, buzzbomb1958 said:

Look it up online just put in SD case against rangers

I've heard of the Sports Direct stuff, it's the Harry Dunne and Gordon Neely part I was asking about. 

[buzzbomb1958]

Just now, Sir PH said:

I've heard of the Sports Direct stuff, it's the Harry Dunne and Gordon Neely part I was asking about. 

Look it up rangers tried to tell the victims to see the liquidator but then a judge ruled they had a case to answer because they themselves said they were the same club as before so the judge ruled you can’t say you are a different club when it suits and gave the victims permission to bring their case

[Sir PH]

Just now, buzzbomb1958 said:

Look it up rangers tried to tell the victims to see the liquidator but then a judge ruled they had a case to answer because they themselves said they were the same club as before so the judge ruled you can’t say you are a different club when it suits and gave the victims permission to bring their case

I did try to look it up, but couldn't find anything. You got a link to any impending cases against Dundee United, Rangers and Hibs? 

[buzzbomb1958]

56 minutes ago, Sir PH said:

I did try to look it up, but couldn't find anything. You got a link to any impending cases against Dundee United, Rangers and Hibs? 

Look up Neely Dunne case against Scottish clubs

[John Findlay]

1 hour ago, Sir PH said:

I did try to look it up, but couldn't find anything. You got a link to any impending cases against Dundee United, Rangers and Hibs? 

Here you go.

[Sir PH]

4 minutes ago, John Findlay said:

Here you go.

Over four years old? And nothing since? 

[John Findlay]

Just now, Sir PH said:

Over four years old? And nothing since? 

The law takes it's time. As already pointed out to you above. Awaiting the outcome of the case against Celtic.

It's in the pipeline.

Defend the Govan gorgons all you want, but they will be in court again. Like their Green and White brothers they won't get away with it.

[Sir PH]

Just now, John Findlay said:

The law takes it's time. As already pointed out to you above. Awaiting the outcome of the case against Celtic.

It's in the pipeline.

Defend the Govan gorgons all you want, but they will be in court again. Like their Green and White brothers they won't get away with it.

The Celtic case is actually happening, though. With dozens of victims spanning decades seeking justice. There's not been a word in over four years regarding Hibs and Rangers getting taken to court, which I find a bit odd. But you'll know best, as always. 

 

 

[John Findlay]

1 minute ago, Sir PH said:

The Celtic case is actually happening, though. With dozens of victims spanning decades seeking justice. There's not been a word in over four years regarding Hibs and Rangers getting taken to court, which I find a bit odd. But you'll know best, as always. 

 

 

You're not the sharpest tool in the box, are you.

[Sir PH]

Just now, John Findlay said:

You're not the sharpest tool in the box, are you.

Provide links regarding updates to how the case is coming along, instead of posting articles that are over four years old. 

 

I'll leave it with you.....

[Sooks]

[John Findlay]

21 minutes ago, Sir PH said:

Provide links regarding updates to how the case is coming along, instead of posting articles that are over four years old. 

 

I'll leave it with you.....

As I said your not the sharpest tool in the box. Keep posting and confirming.