The Sevco saga continues ...

[Hømme]

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

[ƒιѕнρℓαρѕ]

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.....

[Star Lizard]

[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.

[Sir PH]

3 minutes ago, John Findlay said:

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

*you're 

[John Findlay]

Just now, Sir PH said:

*you're 

Correct well done. Would you like a Blue Peter badge or a chocolate watch?

[Sir PH]

Just now, John Findlay said:

Correct well done. Would you like a Blue Peter badge or a chocolate watch?

Neither. Just scrub up on basic spelling before telling anybody else they're not the sharpest tool in the box. It's basic stuff.

 

Have a good evening.👍

[John Findlay]

1 minute ago, Sir PH said:

Neither. Just scrub up on basic spelling before telling anybody else they're not the sharpest tool in the box. It's basic stuff.

 

Have a good evening.👍

Oh, such a spoilsport. Stick your good evening where the sun doesn't shine.

[The Real Maroonblood]

3 hours ago, Sir PH said:

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

Stop worrying about deidco.

[Sir PH]

Just now, The Real Maroonblood said:

Stop worrying about deidco.

I'm not, and I don't.👍

Edited December 5, 2023 by Sir PH

[The Real Maroonblood]

3 minutes ago, Sir PH said:

I'm not, and I don't.👍

👍

[buzzbomb1958]

2 hours ago, Sir PH said:

Over four years old? And nothing since? 

Covid then Rangers delayed by sending victims to the liquidator then the judgement to see if they were fobbing the victims off and now waiting for the septic judgement 

Edited December 5, 2023 by buzzbomb1958

[Sir PH]

49 minutes ago, buzzbomb1958 said:

Covid then Rangers delayed by sending victims to the liquidator then the judgement to see if they were fobbing the victims off and now waiting for the septic judgement 

Fair enough. Hopefully all the victims get justice. 

[PortyBeach]

Seems Richard Gordon has broken ranks:

”It would hardly be a stretch to suggest that there is a bias here. I’m not suggesting it is intentional bias, that the referees are deliberately ignoring incidents, but for whatever reason it clearly exists.”

P.45 on the way..?

 

[Tott]

37 minutes ago, PortyBeach said:

Seems Richard Gordon has broken ranks:

”It would hardly be a stretch to suggest that there is a bias here. I’m not suggesting it is intentional bias, that the referees are deliberately ignoring incidents, but for whatever reason it clearly exists.”

P.45 on the way..?

 

 

P45?

Hopefully ,will never forgive that piece of shit for sniggering like a wee lassie when Hearts were unjustly demoted during the covid season.

[PortyBeach]

1 minute ago, Tott said:

 

P45?

Hopefully ,will never forgive that piece of shit for sniggering like a wee lassie when Hearts were unjustly demoted during the covid season.

Fair point. But that’s another issue altogether, surely?

What’s your opinion on his comments re Sevco?

[part_time_jambo]

58 minutes ago, PortyBeach said:

Seems Richard Gordon has broken ranks:

”It would hardly be a stretch to suggest that there is a bias here. I’m not suggesting it is intentional bias, that the referees are deliberately ignoring incidents, but for whatever reason it clearly exists.”

P.45 on the way..?

 

His comments would probably have carried more weight if he had made them after one of the many other occasions this season that didn't involve Aberdeen, a club he openly supports.

[Tott]

12 minutes ago, PortyBeach said:

Fair point. But that’s another issue altogether, surely?

What’s your opinion on his comments re Sevco?

Not fussed on his points on sevco.

 

He has had plenty time over the years to voice an opinion,which he hasn't.

Quick to jump on easy targets,like Hearts,one of the main culprits for calling Miko a foreign cheat as well.

 

 

**** him...

 

 

 

[FWJ]

3 hours ago, Tott said:

 

P45?

Hopefully ,will never forgive that piece of shit for sniggering like a wee lassie when Hearts were unjustly demoted during the covid season.

This

[periodictabledancer]

4 hours ago, PortyBeach said:

Seems Richard Gordon has broken ranks:

”It would hardly be a stretch to suggest that there is a bias here. I’m not suggesting it is intentional bias, that the referees are deliberately ignoring incidents, but for whatever reason it clearly exists.”

P.45 on the way..?

 

 I’m not suggesting it is ***intentional bias, ***

that the referees are ***deliberately*** ignoring incidents,

but for whatever reason it ***clearly exists.”***

 

What is that  "clearly exists" ?

It is not possible that in the elasped time , The Rangers entire team has not committed a single  offence that merits a penalty. It's simply so improbable.....

[Hagar the Horrible]

13 hours ago, PortyBeach said:

Seems Richard Gordon has broken ranks:

”It would hardly be a stretch to suggest that there is a bias here. I’m not suggesting it is intentional bias, that the referees are deliberately ignoring incidents, but for whatever reason it clearly exists.”

P.45 on the way..?

 

He got pillared by his BBC bosses, zee germans dont like it up them!

[Ex member of the SaS]

9 hours ago, periodictabledancer said:

 I’m not suggesting it is ***intentional bias, ***

that the referees are ***deliberately*** ignoring incidents,

but for whatever reason it ***clearly exists.”***

 

What is that  "clearly exists" ?

It is not possible that in the elasped time , The Rangers entire team has not committed a single  offence that merits a penalty. It's simply so improbable.....

Goldson defending with both hands springs to mind. ( against Celtic IIRC ) there have been a number of times Goldson has fouled in the box for no punishment so it's hard to believe none of the others have too.

[jamboozy]

12 hours ago, Tott said:

Not fussed on his points on sevco.

 

He has had plenty time over the years to voice an opinion,which he hasn't.

Quick to jump on easy targets,like Hearts,one of the main culprits for calling Miko a foreign cheat as well.

 

 

**** him...

 

 

 

[PortyBeach]

13 hours ago, part_time_jambo said:

His comments would probably have carried more weight if he had made them after one of the many other occasions this season that didn't involve Aberdeen, a club he openly supports.

I think it’s natural he should become more animated when something involves his own team.

But I think he’s also drawing attention to a trend. I share the general view on here about Gordon, but that shouldn’t detract from the point he’s making. 
This thread isn’t about Gordon - it’s about Sevco.

[Footballfirst]

The Sevco saga is nearing a conclusion following the publication of today's judgement in Imran Ahmad's claim against the Lord Advocate.

 

Ahmad had claimed £60m in redress for loss of earnings, reputation etc.

He was awarded just £457k, plus interest taking the total up to just shy of £700k.

 

Lord Harrower said that Ahmad's evidence lacked credibility because of lies about the reasons for his departure from Allenby Capital and his admitted tax evasion, but also that his career in financial circles was already "on a downward trajectory" when he was at Rangers.  Among those who had given evidence was Charles Green and former Sevco chairman Malcolm Murray.

 

At least the bleeding of the public purse appears to have been halted as a result of the substantial failure of claims brought by Ahmad and David Grier.  However, Whitehouse, Clark and Green all received 7 or 8 figure settlements, following mismanagement of the cases by the Police and the Crown Office.

 

An inquiry was promised following the conclusion of the legal actions. I suspect that its activities and outcome will be kept as low key as possible.

 

[PortyBeach]

43 minutes ago, Footballfirst said:

The Sevco saga is nearing a conclusion following the publication of today's judgement in Imran Ahmad's claim against the Lord Advocate.

 

Ahmad had claimed £60m in redress for loss of earnings, reputation etc.

He was awarded just £457k, plus interest taking the total up to just shy of £700k.

 

Lord Harrower said that Ahmad's evidence lacked credibility because of lies about the reasons for his departure from Allenby Capital and his admitted tax evasion, but also that his career in financial circles was already "on a downward trajectory" when he was at Rangers.  Among those who had given evidence was Charles Green and former Sevco chairman Malcolm Murray.

 

At least the bleeding of the public purse appears to have been halted as a result of the substantial failure of claims brought by Ahmad and David Grier.  However, Whitehouse, Clark and Green all received 7 or 8 figure settlements, following mismanagement of the cases by the Police and the Crown Office.

 

An inquiry was promised following the conclusion of the legal actions. I suspect that its activities and outcome will be kept as low key as possible.

 

Big questions to be answered perhaps over the “honest mistakes” that led to the “mismanagement of the cases by the Police and Crown Office”..?

[Korky]

4 hours ago, Footballfirst said:

The Sevco saga is nearing a conclusion following the publication of today's judgement in Imran Ahmad's claim against the Lord Advocate.

 

Ahmad had claimed £60m in redress for loss of earnings, reputation etc.

He was awarded just £457k, plus interest taking the total up to just shy of £700k.

 

Lord Harrower said that Ahmad's evidence lacked credibility because of lies about the reasons for his departure from Allenby Capital and his admitted tax evasion, but also that his career in financial circles was already "on a downward trajectory" when he was at Rangers.  Among those who had given evidence was Charles Green and former Sevco chairman Malcolm Murray.

 

At least the bleeding of the public purse appears to have been halted as a result of the substantial failure of claims brought by Ahmad and David Grier.  However, Whitehouse, Clark and Green all received 7 or 8 figure settlements, following mismanagement of the cases by the Police and the Crown Office.

 

An inquiry was promised following the conclusion of the legal actions. I suspect that its activities and outcome will be kept as low key as possible.

 

Over £55 million now paid out in compensation. Frank Mulholland was made a judge after this debacle!

 

[Footballfirst]

Rangers (not Sevco) almost no more.

 

BDO's final report to creditors has been published.

 

https://www.bdo.co.uk/getmedia/165d7178-d77c-452c-b3e5-040a3fda3e88/RFC-2012-Plc-final-report-to-7-June-2024.pdf

 

Creditors now have 28 days to object before the company will be formally wound up (not before time).

 

Features from the final report.

*   The liquidators had access to £37.5m in funds (£31.5m came from successful legal claims against Collyer Bristow and Duff and Phelps)

*   Dividends accounted for £11.4m (equivalent to 14.43p in the £. HMRC, the largest creditor received £8.1m)

*   Legal fees and associated costs accounted for £18.1m 

*   BDO's own fees and costs accounted for £7.3m 

 

The balance of £0.7m was spent on professional and other costs during the liquidation, e.g. Valuations and PR agency fees  

[PortyBeach]

But Zombie FC rolls on…

Seems like they’ve missed out on another stellar signing - I wonder how that happened? Just bad luck, I suppose…

”Rangers have missed out on Ghana youth international Nathaniel Adjei after Lorient paid a £5.5m fee plus £1.5m in add-ons for the defender despite being relegated from France's Ligue 1. (Scottish Sun)”

[RENE]

12 minutes ago, PortyBeach said:

But Zombie FC rolls on…

Seems like they’ve missed out on another stellar signing - I wonder how that happened? Just bad luck, I suppose…

”Rangers have missed out on Ghana youth international Nathaniel Adjei after Lorient paid a £5.5m fee plus £1.5m in add-ons for the defender despite being relegated from France's Ligue 1. (Scottish Sun)”

Will he get loaned out to Hibs ?😀😀

 

[periodictabledancer]

15 hours ago, Footballfirst said:

Rangers (not Sevco) almost no more.

 

BDO's final report to creditors has been published.

 

https://www.bdo.co.uk/getmedia/165d7178-d77c-452c-b3e5-040a3fda3e88/RFC-2012-Plc-final-report-to-7-June-2024.pdf

 

Creditors now have 28 days to object before the company will be formally wound up (not before time).

 

Features from the final report.

*   The liquidators had access to £37.5m in funds (£31.5m came from successful legal claims against Collyer Bristow and Duff and Phelps)

*   Dividends accounted for £11.4m (equivalent to 14.43p in the £. HMRC, the largest creditor received £8.1m)

*   Legal fees and associated costs accounted for £18.1m 

*   BDO's own fees and costs accounted for £7.3m 

 

The balance of £0.7m was spent on professional and other costs during the liquidation, e.g. Valuations and PR agency fees  

They spent £25.4 million to gain £37 million. And wasted a fortune on a pointless appeal to make a  legal point.

HMRC got rinsed but allowed the assests to be  literally given away. 

Truly the establishment club. 

 

[Footballfirst]

RFC is expected to be formally dissolved in October.

 

Meanwhile Sevco is up in court next week to defend a £9.5m claim for damages by Elite, who claim that Sevco broke their contract when they signed up with Castore.

 

https://news.stv.tv/west-central/9-5m-court-action-against-rangers-over-football-kit-sales-to-kick-off 

Edited August 1, 2024 by Footballfirst