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The Sevco saga continues ...


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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

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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.

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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.

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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.

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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 by Gorgie Boot boy
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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)

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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.

 

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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.

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  • 3 weeks later...
Footballfirst

Club 1872 has made its first payment to Dave King for his shares, £250,000 in return for 1,250,000 shares. (Just the £12,750,000 to go)

 

However, both parties have agreed that any funds raised by Club 1872 in the first half of 2021 can go straight to the club to help fill their funding gap.

Edited by Footballfirst
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Billy Hoyle

38 pages of shite that is of no interest to Hearts FC 🤷🏼‍♂️🤷🏼‍♂️😴😴

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Footballfirst
6 minutes ago, Billy Hoyle said:

38 pages of shite that is of no interest to Hearts FC 🤷🏼‍♂️🤷🏼‍♂️😴😴

I take it that you will be posting similar in the threads about, Celtic in Dubai, Colin Bell, John McGinn and the EPL.

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Dusk_Till_Dawn
9 hours ago, Footballfirst said:

Club 1872 has made its first payment to Dave King for his shares, £250,000 in return for 1,250,000 shares. (Just the £12,750,000 to go)

 

However, both parties have agreed that any funds raised by Club 1872 in the first half of 2021 can go straight to the club to help fill their funding gap.


This will be really funny when Club 1872 runs out of steam on £2.3m. Tremendous

 

Fantastic chain of events would be Sevco denying the Tims 10 in a row and then going bust 

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Seymour M Hersh
24 minutes ago, Billy Hoyle said:

38 pages of shite that is of no interest to Hearts FC 🤷🏼‍♂️🤷🏼‍♂️😴😴

 

This forum (The Terrace) is not, as far as I am aware, for Hearts only content. 

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Kyle1874
4 minutes ago, Dusk_Till_Dawn said:


This will be really funny when Club 1872 runs out of steam on £2.3m. Tremendous

 

Fantastic chain of events would be Sevco denying the Tims 10 in a row and then going bust 

Would be class but not a hope of it happing as they get strait in to the CL group and will earn upwards of 30 million plus the players they have to sell will balance the books I am in no way a rangers sympathiser just think they will be back to where the powers at be want them to be this is what the SFA and whoever else wants them to be big fish in a small pond how depressing for the rest of us 

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Footballfirst
22 minutes ago, Kyle1874 said:

Would be class but not a hope of it happing as they get strait in to the CL group and will earn upwards of 30 million plus the players they have to sell will balance the books I am in no way a rangers sympathiser just think they will be back to where the powers at be want them to be this is what the SFA and whoever else wants them to be big fish in a small pond how depressing for the rest of us 

The automatic entry to the group stage doesn't apply for 2021/22, but it will in 2022/23 in Scotland manages to stay ahead of Ukraine in the coefficient stakes in this season's competition. Whether or not that happens will be down to how Sevco and the Ukranian side perform in the knock out stages of the EL.

Edited by Footballfirst
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merrymac
37 minutes ago, Seymour M Hersh said:

 

This forum (The Terrace) is not, as far as I am aware, for Hearts only content. 

You would be of course 100% correct SMH :thumbsup:

To quote

The Terrace

For discussion of HMFC and football in general
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Kyle1874
1 hour ago, Footballfirst said:

The automatic entry to the group stage doesn't apply for 2021/22, but it will in 2022/23 in Scotland manages to stay ahead of Ukraine in the coefficient stakes in this season's competition. Whether or not that happens will be down to how Sevco and the Ukranian side perform in the knock out stages of the EL.

Av got that wrong then lol 

they might still go under yet I can hope anyway 🙈

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Jambo-Fox

This might be a bit of light entertainment tomorrow ..

 

Remote hearing
Before LIONEL PERSEY QC sitting as a Judge of the High Court

Wednesday 13 January 2021
At 10:30 AM (All Day)

CMC

CL-2018-000631 SDI Retail Services Limited v. The Rangers Football Club Limited

The hearing will be available to representatives of the media, on their request, and therefore will be a hearing conducted in public in accordance with CPR PD51Y. It will be organised and conducted using Microsoft Teams. Any media representative (or any other member of the public) wishing to witness the hearing will need to do so over the internet and provide an email address at which to be sent an appropriate link for access. Please contact [email protected]

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Footballfirst

That may well be the argument about how much Sevco will have to pay SDI.  They made provision for a bill of £3m in their recent accounts.

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Mysterion
1 hour ago, Footballfirst said:

That may well be the argument about how much Sevco will have to pay SDI.  They made provision for a bill of £3m in their recent accounts.

 

Will be interesting to see if there's a further bailout. They are close to breaking Celtic's 10 (officially), there's gonna be someone willing to bail out to stop the 10.

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Footballfirst
14 hours ago, Footballfirst said:

That may well be the argument about how much Sevco will have to pay SDI.  They made provision for a bill of £3m in their recent accounts.

Looks like that hearing will be at a later date. Today's discussions are largely about disclosure of documents related to the terms of the various agreements and the actual performance (monies in/out/profits) of the Elite contract and Rangers Retail management accounts, basically to help quantify/justify/repudiate SDI's claim.  Both sides are seeking disclosure of different elements.

Edited by Footballfirst
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Cruickie's Moustache

If SDI are successful I wonder how the  'real T'Rangers men' now being asked to 'invest in the club' will feel about having to stump up their hard earned cash to pay off a billionaire due to the questionable actions of a rich but glib and shameless liar, who will at some point be seeking some of his loans paid back?

 

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Jambo-Fox

Break until 2pm ..... nothing worth reporting all technical legal stuff. Don’t expect anything of significant interest today.

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Footballfirst
19 minutes ago, Mikey1874 said:

Reports today say Clark and Whitehouse have won their £21 million

 

https://www.thenational.scot/sport/19017078.ex-rangers-bosses-paid-21m/

 

 

 

 

As the article states the Lord Advocate admitted liability for the malicious prosecution a few weeks ago. It was only the amount of the settlement that remained in question. I'm surprised it was the full amount of the claim though.

 

The third of the Duff & Phelps guys, David Grier, also has a hearing on Thursday/Friday of this week in his action against the Lord Advocate.

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1 minute ago, Footballfirst said:

As the article states the Lord Advocate admitted liability for the malicious prosecution a few weeks ago. It was only the amount of the settlement that remained in question. I'm surprised it was the full amount of the claim though.

 

The third of the Duff & Phelps guys, David Grier, also has a hearing on Thursday/Friday of this week in his action against the Lord Advocate.

You would think that would lead to resignations and disciplinary action in the Crown Office and amongst those in Police Scotland who were so involved in this. That’s a hell of a lot of public money down the drain that we the tax payers are funding. 

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Footballfirst
18 minutes ago, Deevers said:

You would think that would lead to resignations and disciplinary action in the Crown Office and amongst those in Police Scotland who were so involved in this. That’s a hell of a lot of public money down the drain that we the tax payers are funding. 

It was all done in a vain attempt to find someone to blame for Rangers financial collapse and Sevco starting in the bottom tier.  They ignored the person I believe to be ultimately responsible, David Murray.

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1 minute ago, Footballfirst said:

It was all done in a vain attempt to find someone to blame for Rangers financial collapse and Sevco starting in the bottom tier.  They ignored the person I believe to be ultimately responsible, David Murray.

It was indeed - a hell for leather investigation to seek a scapegoat or scapegoats.  The whole legal shenanigans needs to be investigated really to see if there was any criminality in the manner in which all of this was done. It won’t happen of course because the trail would inevitably lead to the higher reaches of the Crown Office.

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