The Sevco saga continues ...

[Hagar the Horrible]

Do you know what would be hi;arious, is if Clube 1872 accidently bought 1 more share taking them over the 29.9% threshold and are forced into making an offer for all other shares

[Japan Jambo]

1 hour ago, Hagar the Horrible said:

Do you know what would be hi;arious, is if Clube 1872 accidently bought 1 more share taking them over the 29.9% threshold and are forced into making an offer for all other shares

 

Be even funnier if it was hijacked by Celtic fans and they turned Ibrox into a carpark.

[Riccarton3]

5 hours ago, AllyjamboDerbyshire said:

Had very little to do with Craig Whyte, charlatan though he was/is, and all to do with David Murray and Rangers cheating the taxman and all Scottish, and some European, football clubs. Craig Whyte had nothing to do with the EBTs and his cheating only delayed the inevitable liquidation of the club.

Aye sorry I was being sarcastic. The idea that Whyte duped Murray is ridiculous. 

[Riccarton3]

King stating value of Huns squad as much as 200 million. 

 

Clubs certainly will be drawn to players plying their trade in the SPFL and its demanding standards 😂

[Footballfirst]

Another £2.75m raised with the issue of 13,750,000 new shares.

 

Could be another DFE swap, or just cash to keep the lights on.  They were forecasting a funding requirement of £8.8m for this season.

 

https://find-and-update.company-information.service.gov.uk/company/SC437060/filing-history

 

Assuming that neither Dave King nor Club 1872 has taken up some of these shares, then both will have been diluted sufficiently that their combined holding will no longer reach the 25% threshold, which was one of the reported key attractions of the sale/purchase arrangement.

Edited December 11, 2020 by Footballfirst

[buzzbomb1958]

36 minutes ago, Footballfirst said:

Another £2.75m raised with the issue of 13,750,000 new shares.

 

Could be another DFE swap, or just cash to keep the lights on.  They were forecasting a funding requirement of £8.8m for this season.

 

https://find-and-update.company-information.service.gov.uk/company/SC437060/filing-history

 

Assuming that neither Dave King nor Club 1872 has taken up some of these shares, then both will have been diluted sufficiently that their combined holding will no longer reach the 25% threshold, which was one of the reported key attractions of the sale/purchase arrangement.

Christ this new entity is another black hole, anyone getting involved has to be willing to throw money away ,the only guy to walk away with a profit yip the lying king who's taken the gullibles for a ride and they don't know it mugs

[JamboAl]

12 minutes ago, buzzbomb1958 said:

Christ this new entity is another black hole, anyone getting involved has to be willing to throw money away ,the only guy to walk away with a profit yip the lying king who's taken the gullibles for a ride and they don't know it mugs

On a hard-nosed basis you are probably right but our FoH contributors do something similar to keep the club going.  These people will have no great expectation of a financial return for their share purchase.

Edited December 11, 2020 by JamboAl

[RENE]

Think the also get £900,000 for finishing top of their Europa Cup section.

[Glamorgan Jambo]

1 hour ago, Footballfirst said:

Another £2.75m raised with the issue of 13,750,000 new shares.

 

Could be another DFE swap, or just cash to keep the lights on.  They were forecasting a funding requirement of £8.8m for this season.

 

https://find-and-update.company-information.service.gov.uk/company/SC437060/filing-history

 

Assuming that neither Dave King nor Club 1872 has taken up some of these shares, then both will have been diluted sufficiently that their combined holding will no longer reach the 25% threshold, which was one of the reported key attractions of the sale/purchase arrangement.

Personally I thought it was very telling that there was precisely zero comment from anyone on or close to the Rangers board when the proposed sale of King’s stake was released.

[AllyjamboDerbyshire]

1 hour ago, Footballfirst said:

Another £2.75m raised with the issue of 13,750,000 new shares.

 

Could be another DFE swap, or just cash to keep the lights on.  They were forecasting a funding requirement of £8.8m for this season.

 

https://find-and-update.company-information.service.gov.uk/company/SC437060/filing-history

 

Assuming that neither Dave King nor Club 1872 has taken up some of these shares, then both will have been diluted sufficiently that their combined holding will no longer reach the 25% threshold, which was one of the reported key attractions of the sale/purchase arrangement.

Could this be a strategy to scupper King's latest money making scheme, or just a sign of their desperation?

[Footballfirst]

I've just had a look at the latest liquidators report for the Oldco.  BDO seem intent on squeezing everything £1 out of the creditors pot that they can.

 

In the last 12 months they have taken £563k in fees for themselves and a further £693k is legal costs.

 

They still seem intent on pursuing Duff & Phelps, but I can't see them getting anything out of that, given that the D&P guys appear to winning their legal cases against the Lord Advocate and Police Scotland for malicious prosecution.  The BDO case is not due to be heard until May 2021.

 

However, there's still £3.9m in the creditors pot so the liquidation process may go on for a while yet.

Edited December 11, 2020 by Footballfirst

[Footballfirst]

12 minutes ago, AllyjamboDerbyshire said:

Could this be a strategy to scupper King's latest money making scheme, or just a sign of their desperation?

I think its just to cover day to day running costs and bill payments. It is just part of their forecast funding needs, so we can expect further share issues and loans in the months to come.

 

The King and Club 1872 arrangement is just a side show to the main event.

Edited December 11, 2020 by Footballfirst

[JFK-1]

Predictions of financial meltdown for Rangers are straight out of the Celtic fantasy pool. They have been going into liquidation "next quarter" for years now.

It's not going to happen. They are running at a loss but owe money to no one but directors who aren't in it to make money. You might consider them fans.

Does a Hearts fan expect a financial return on his investment when he puts money into Hearts through any means such as simply buying a season ticket. Of course he doesn't, all he expects is a return through success on the field.

These guys at Rangers are exactly the same and while they can't maintain the current situation indefinitely it's certainly beginning to pay dividends right now. They're ripping it up in the EL plus looking good for a league title and a crack at the CL.

 

If they can make that CL group stage which I doubt too many professional gamblers would bet against right now mission accomplished. They will earn a minimum £50 million or so and move on to an even financial footing.

And all that's aside from the huge investments they have on the field such as Kent, Morelos, Barisic, Tavernier, Aribo and more some of whom will be cashed in for big money at some point.

But I doubt that will happen before the mission accomplished point.

[Sherbet]

On 03/12/2020 at 22:09, Boy Daniel said:

The Masons must be bricking it. 

Do you know anything about masons ? I dont so I dont make assertions about them !!

[John Findlay]

8 minutes ago, Sherbet said:

Do you know anything about masons ? I dont so I dont make assertions about them !!

Spoken like a true mason😉🤣

[Deevers]

1 hour ago, JFK-1 said:

Predictions of financial meltdown for Rangers are straight out of the Celtic fantasy pool. They have been going into liquidation "next quarter" for years now.

It's not going to happen. They are running at a loss but owe money to no one but directors who aren't in it to make money. You might consider them fans.

Does a Hearts fan expect a financial return on his investment when he puts money into Hearts through any means such as simply buying a season ticket. Of course he doesn't, all he expects is a return through success on the field.

These guys at Rangers are exactly the same and while they can't maintain the current situation indefinitely it's certainly beginning to pay dividends right now. They're ripping it up in the EL plus looking good for a league title and a crack at the CL.

 

If they can make that CL group stage which I doubt too many professional gamblers would bet against right now mission accomplished. They will earn a minimum £50 million or so and move on to an even financial footing.

And all that's aside from the huge investments they have on the field such as Kent, Morelos, Barisic, Tavernier, Aribo and more some of whom will be cashed in for big money at some point.

But I doubt that will happen before the mission accomplished point.

Spot on - unfortunately. The only way they would have been in bother would have been failure to qualify for the group stages.  The other half of the arse cheeks will be raging.

[Footballfirst]

Interesting development

 

https://www.gov.uk/cma-cases/suspected-anti-competitive-behaviour-in-relation-to-the-pricing-of-rangers-fc-branded-replica-football-kit

 

 

Edited December 16, 2020 by Footballfirst

[milky_26]

3 minutes ago, Footballfirst said:

Interesting development

 

 

I don't see the full tweet you have posted but it was in response to this one

 

https://twitter.com/BBCDouglasF/status/1339148228881739779?s=20

[JamboAl]

On 12/12/2020 at 08:47, Sherbet said:

Do you know anything about masons ? I dont so I dont make assertions about them !!

I think they're an organisation similar to the Knights of St Columba

[Sherbet]

15 minutes ago, JamboAl said:

I think they're an organisation similar to the Knights of St Columba

No nothing about either

[sadj]

2 hours ago, Footballfirst said:

Interesting development

 

https://www.gov.uk/cma-cases/suspected-anti-competitive-behaviour-in-relation-to-the-pricing-of-rangers-fc-branded-replica-football-kit

 

 

Aside from whats on the gov website whats the ins and outs of this FF , for us poor laymanni types 

[Footballfirst]

2 minutes ago, sadj said:

Aside from whats on the gov website whats the ins and outs of this FF , for us poor laymanni types 

 

It's basically an inquiry into price fixing across the retailers.

 

There has to be a suspicion that some party has complained to the competition authorities that they were not allowed differential pricing or that they were excluded all together.  Sports Direct/Mike Ashley?

[sadj]

Just now, Footballfirst said:

 

It's basically an inquiry into price fixing across the retailers.

 

There has to be a suspicion that some party has complained to the competition authorities that they were not allowed differential pricing or that they were excluded all together.  Sports Direct/Mike Ashley?

Makes sense lol , ahhh here was me thinking they’d passed the banter baton to Celtic too

[Footballfirst]

8 minutes ago, sadj said:

Makes sense lol , ahhh here was me thinking they’d passed the banter baton to Celtic too

It was the RIFC AGM yesterday.  One of the takeaways from that was the Board distancing themselves from the Dave King / Club 1872 share sale and purchase agreement.

 

Club 1872 had been invited to participate in some of the share issues earlier this year but declined to do so.  That could be because they didn't have the funds available, or that they were advised not to do so by someone. Dave King?

 

Club 1872 was also assured on fan ownership that the club is already 95% owned by fans, which I think is a fair observation. They were encourage to put their funds directly into the club and not into the hands of anyone else, such as Dave King.

Edited December 16, 2020 by Footballfirst

[Abiola Dauda]

On 12/12/2020 at 08:47, Sherbet said:

Do you know anything about masons ? I dont so I dont make assertions about them !!

Hello brother Sherbet. How are you keeping?

[Riccarton3]

On 12/12/2020 at 07:08, JFK-1 said:

Predictions of financial meltdown for Rangers are straight out of the Celtic fantasy pool. They have been going into liquidation "next quarter" for years now.

It's not going to happen. They are running at a loss but owe money to no one but directors who aren't in it to make money. You might consider them fans.

Does a Hearts fan expect a financial return on his investment when he puts money into Hearts through any means such as simply buying a season ticket. Of course he doesn't, all he expects is a return through success on the field.

These guys at Rangers are exactly the same and while they can't maintain the current situation indefinitely it's certainly beginning to pay dividends right now. They're ripping it up in the EL plus looking good for a league title and a crack at the CL.

 

If they can make that CL group stage which I doubt too many professional gamblers would bet against right now mission accomplished. They will earn a minimum £50 million or so and move on to an even financial footing.

And all that's aside from the huge investments they have on the field such as Kent, Morelos, Barisic, Tavernier, Aribo and more some of whom will be cashed in for big money at some point.

But I doubt that will happen before the mission accomplished point.

One liquidation is enough for me. Two would be greedy.

[Gorgie Boot boy]

The Sevco story is never ending.

 

**** them

[Penrices left boot]

35 minutes ago, Gorgie Boot boy said:

The Sevco story is never ending.

 

**** them

 

 

Tbf, it did end once 👍

[Gorgie Boot boy]

2 minutes ago, Smith's right boot said:

 

 

Tbf, it did end once 👍

Wish the chat would do that

[Footballfirst]

 

Meanwhile BDO is seeking £29m in damages against the pair, for their failure to get a better deal during the administration period.

[NANOJAMBO]

There should be  a public enquiry in to this. A gross abuse of power and incompetence by the police. 

[JackLadd]

1 hour ago, NANOJAMBO said:

There should be  a public enquiry in to this. A gross abuse of power and incompetence by the police. 

 

Totally. Spurred on by King during the off license putsch via his Charlotte Fakeovers twitter account.  

[Deevers]

14 hours ago, NANOJAMBO said:

There should be  a public enquiry in to this. A gross abuse of power and incompetence by the police. 

Not only the Police, but the Crown Office as well.  There are people in both organisations who need their actions and the reasons for them thoroughly scrutinised. 

[Footballfirst]

1 hour ago, Deevers said:

Not only the Police, but the Crown Office as well.  There are people in both organisations who need their actions and the reasons for them thoroughly scrutinised. 

Yes, there were failures both within the Police and the Crown Office.  I suspect that some of that was driven from Rangers minded individuals desperate to find someone to blame for the demise of the club.  However they missed the person most responsible for the financial collapse, David Murray.

 

I attended a fair number of the court hearings throughout the Sevco saga. There were three names that kept on cropping up, the Lord Advocate at the time, Frank Mulholland, ironically now a judge at the Court of Session, Lord Mulholland.   The Advocate Depute, James Keegan QC, who appeared to lurch from one bungled decision to another throughout the investigation and the chief investigating police officer Jim Robertson, who was accused of lying to obtain a search warrant, seizing privileged information, threatening witnesses, doctoring statements and a few other acts besides.  He is another who has since been promoted, to Detective Chief Inspector, since he became embroiled in the Sevco saga.  

Edited December 18, 2020 by Footballfirst

[David Black]

16 hours ago, NANOJAMBO said:

There should be  a public enquiry in to this. A gross abuse of power and incompetence by the police. 

Are you suggesting that Police Scotland are incompetent? How very dare you.

[Ex member of the SaS]

20 minutes ago, David Black said:

Are you suggesting that Police Scotland are incompetent? How very dare you.

Does Incompetent mean totally Fekin useless? If so, the yes, I think that is what he is implying.

[TyphoonJambo]

3 hours ago, Footballfirst said:

Yes, there were failures both within the Police and the Crown Office.  I suspect that some of that was driven from Rangers minded individuals desperate to find someone to blame for the demise of the club.  However they missed the person most responsible for the financial collapse, David Murray.

 

I attended a fair number of the court hearings throughout the Sevco saga. There were three names that kept on cropping up, the Lord Advocate at the time, Frank Mulholland, ironically now a judge at the Court of Session, Lord Mulholland.   The Advocate Depute, James Keegan QC, who appeared to lurch from one bungled decision to another throughout the investigation and the chief investigating police officer Jim Robertson, who was accused of lying to obtain a search warrant, seizing privileged information, threatening witnesses, doctoring statements and a few other acts besides.  He is another who has since been promoted, to Detective Chief Inspector, since he became embroiled in the Sevco saga.  

A more cynical man would conclude there's been a fair few flutes blown amongst those 3. 

[CJGJ]

4 hours ago, Footballfirst said:

Yes, there were failures both within the Police and the Crown Office.  I suspect that some of that was driven from Rangers minded individuals desperate to find someone to blame for the demise of the club.  However they missed the person most responsible for the financial collapse, David Murray.

 

I attended a fair number of the court hearings throughout the Sevco saga. There were three names that kept on cropping up, the Lord Advocate at the time, Frank Mulholland, ironically now a judge at the Court of Session, Lord Mulholland.   The Advocate Depute, James Keegan QC, who appeared to lurch from one bungled decision to another throughout the investigation and the chief investigating police officer Jim Robertson, who was accused of lying to obtain a search warrant, seizing privileged information, threatening witnesses, doctoring statements and a few other acts besides.  He is another who has since been promoted, to Detective Chief Inspector, since he became embroiled in the Sevco saga.  

I suspect the individuals were also from the Celtic persuasion looking to make the process of recovery as hard as it could be

 

I remember you had 'meetings' with some of those with a Celtic persuasion when this all started and information was being leaked left, right and centre never mind made up from those famous Celtic bloggers

 

The whole process has been a disaster from day one and it does make you wonder if anyone will be brought to account given the cost to the public purse

[Footballfirst]

5 minutes ago, CJGJ said:

I suspect the individuals were also from the Celtic persuasion looking to make the process of recovery as hard as it could be

 

I remember you had 'meetings' with some of those with a Celtic persuasion when this all started and information was being leaked left, right and centre never mind made up from those famous Celtic bloggers

 

The whole process has been a disaster from day one and it does make you wonder if anyone will be brought to account given the cost to the public purse

1. I think you will find that the Rangers minded individuals were in the ascendency, including DCI Robertson singing the "Billy Boys" to intimidate a witness.

 

2. What has any of that got to do with what came up at court hearings?

 

3. I agree wholeheartedly.

[Riccarton3]

Maybe there becomes a time when incompetence needs to be looked at as potentially  intentional.

[Finbar Saunders]

On 16/12/2020 at 12:39, Sherbet said:

No nothing about either

 

Different songs I think.

[NANOJAMBO]

3 hours ago, CJGJ said:

I suspect the individuals were also from the Celtic persuasion looking to make the process of recovery as hard as it could be

 

I remember you had 'meetings' with some of those with a Celtic persuasion when this all started and information was being leaked left, right and centre never mind made up from those famous Celtic bloggers

 

The whole process has been a disaster from day one and it does make you wonder if anyone will be brought to account given the cost to the public purse

The names of two of the investigating officers are in the public domain as is  the apparent unsuitability of one of them for the lead role.  There's no "Celtic persuasion"  conspiracy. 

[CJGJ]

1 minute ago, NANOJAMBO said:

The names of two of the investigating officers are in the public domain as is  the apparent unsuitability of one of them for the lead role.  There's no "Celtic persuasion"  conspiracy. 

If only that was all

 

Were they they people who decided to prosecute ?

 

Too many involved in investigation and decision making with an agenda

 

Still you be happy with your thoughts

[RobNox]

1 hour ago, NANOJAMBO said:

The names of two of the investigating officers are in the public domain as is  the apparent unsuitability of one of them for the lead role.  There's no "Celtic persuasion"  conspiracy. 

 

Correct, the now DCI Robertson was basically a plod with absolutely no background in financial crime, certainly not qualified to lead an investigation like this.  There's a story that when he and his assistant pulled Charles Green in for an interview, they sat in the wrong seats, so the first part of the interview is them being filmed asking questions while Chuck is off screen giving answers.

[Gorgie Boot boy]

Just now, RobNox said:

 

Correct, the now DCI Robertson was basically a plod with absolutely no background in financial crime, certainly not qualified to lead an investigation like this.  There's a story that when he and his assistant pulled Charles Green in for an interview, they sat in the wrong seats, so the first part of the interview is them being filmed asking questions while Chuck is off screen giving answers.

Has the liquidation even took place, i heard there is £28M in the old company's accounts.

[Footballfirst]

2 minutes ago, Gorgie Boot boy said:

Has the liquidation even took place, i heard there is £28M in the old company's accounts.

It is still in the process of liquidation.

 

There are only £3.9m of free funds left, despite them having accrued £29.9m from various sources.

 

BDO has spent around £19m, in various legal costs and their own fees.

 

They are, however, looking to sue Duff and Phelps for £29m for making a mess of the administration and not getting enough for the assets.  I think it is highly likely that they will fail in that action.

[Gorgie Boot boy]

7 minutes ago, Footballfirst said:

It is still in the process of liquidation.

 

There are only £3.9m of free funds left, despite them having accrued £29.9m from various sources.

 

BDO has spent around £19m, in various legal costs and their own fees.

 

They are, however, looking to sue Duff and Phelps for £29m for making a mess of the administration and not getting enough for the assets.  I think it is highly likely that they will fail in that action.

Brilliant, thank you so much, my memory just got a blasting .

You know your stuff.

So technically they still exist, the present company is a front for someone else's agenda.

 

 

Edited December 18, 2020 by Gorgie Boot boy

[Footballfirst]

Where the Oldco's money has gone

 

COST OF REALISATIONS
Specific Bond                                                              555.00
HMRC – Funds Proceedings Settlement              86,469.06
Joint Liquidators' Fees                                      5,292,512.46
Joint Liquidators' Disbursements                          70,392.57
Joint Liquidators' Pre-Appointment Fees & Disbs 191,364.84
PR Agency                                                                36,204.11
The Rangers Football Club Ltd                                  9,577.00
Valuers' Fees                                                           190,432.53
Litigation Insurance                                                572,400.00
Legal Fees - Liquidators                                       4,636,066.42
Legal Disbursements                                              1,231,789.35
Corporation Tax                                                             1,809.80
Pre-Liquidation Legal costs - Ticketus                    130,000.00
Deed of Indemnity                                                      170,000.00
Legal Fees - Escrow                                                     47,885.00
Legal Fees - Administrators                                       257,799.88
Non-Recoverable VAT                                                     3,174.20
Stationery & Postage                                                      3,629.68
Statutory Meeting Costs                                                3,986.66
Storage Costs                                                                  1,749.24
Professional Costs                                                       287,327.78
Statutory Advertising                                                        439.68
Litigation Legal Fees                                                5,381,250.00
Counsel Costs re EBT                                                   356,156.19
Ticketus legal costs                                                       25,000.00
UKSC bill of costs                                                        240,000.00
Bank Charges                                                                      859.77
Creditors' Committee Expenses                                       1,123.54
Grand Total                                                            (19,229,954.76)

 

 

UNSECURED CREDITORS
Trade & Expense Creditors                   379,351.10
Debenture Holders                                108,134.46
Uncertain Unsecured E.P.A.                      1,592.91
Ticketus                                                 760,100.00
Football Creditors                                    26,341.63
HMRC                                                   4,452,607.74

Wavetower/The Rangers FC Group Ltd 962,500.00
Grand total                                          (6,690,627.84)

[Gorgie Boot boy]

1 minute ago, Footballfirst said:

Where the Oldco's money has gone

 

COST OF REALISATIONS
Specific Bond                                                              555.00
HMRC – Funds Proceedings Settlement              86,469.06
Joint Liquidators' Fees                                      5,292,512.46
Joint Liquidators' Disbursements                          70,392.57
Joint Liquidators' Pre-Appointment Fees & Disbs 191,364.84
PR Agency                                                                36,204.11
The Rangers Football Club Ltd                                  9,577.00
Valuers' Fees                                                           190,432.53
Litigation Insurance                                                572,400.00
Legal Fees - Liquidators                                       4,636,066.42
Legal Disbursements                                              1,231,789.35
Corporation Tax                                                             1,809.80
Pre-Liquidation Legal costs - Ticketus                    130,000.00
Deed of Indemnity                                                      170,000.00
Legal Fees - Escrow                                                     47,885.00
Legal Fees - Administrators                                       257,799.88
Non-Recoverable VAT                                                     3,174.20
Stationery & Postage                                                      3,629.68
Statutory Meeting Costs                                                3,986.66
Storage Costs                                                                  1,749.24
Professional Costs                                                       287,327.78
Statutory Advertising                                                        439.68
Litigation Legal Fees                                                5,381,250.00
Counsel Costs re EBT                                                   356,156.19
Ticketus legal costs                                                       25,000.00
UKSC bill of costs                                                        240,000.00
Bank Charges                                                                      859.77
Creditors' Committee Expenses                                       1,123.54
Grand Total                                                            (19,229,954.76)

 

 

UNSECURED CREDITORS
Trade & Expense Creditors                   379,351.10
Debenture Holders                                108,134.46
Uncertain Unsecured E.P.A.                      1,592.91
Ticketus                                                 760,100.00
Football Creditors                                    26,341.63
HMRC                                                   4,452,607.74

Wavetower/The Rangers FC Group Ltd 962,500.00
Grand total                                          (6,690,627.84)

No idea what to say now.

 

[RobNox]

1 hour ago, Footballfirst said:

It is still in the process of liquidation.

 

There are only £3.9m of free funds left, despite them having accrued £29.9m from various sources.

 

BDO has spent around £19m, in various legal costs and their own fees.

 

They are, however, looking to sue Duff and Phelps for £29m for making a mess of the administration and not getting enough for the assets.  I think it is highly likely that they will fail in that action.

It's staggering to think that 8 years have passed, the liquidation still hasn't completed and most of the funds that were accrued by BDO have either been pissed against the wall or syphoned off by BDO instead of going to creditors.  I suppose BDO will drag this on for as long as they can while there are still funds in the pot to pay their fees.