Maq Posted November 14, 2014 Share Posted November 14, 2014 "@BBCchrismclaug: BBC learns Gary Whithey and David Greer are 2 of the 4 men detained as part of investigation into acquisition of #Rangers in 2011." Quote Link to comment Share on other sites More sharing options...
johnnie x Posted November 14, 2014 Author Share Posted November 14, 2014 David Murray. (Crosses fingers) Quote Link to comment Share on other sites More sharing options...
EddardStark Posted November 14, 2014 Share Posted November 14, 2014 Good news. Quote Link to comment Share on other sites More sharing options...
sbcmfc Posted November 14, 2014 Share Posted November 14, 2014 :popcorn: Always thought there must be some laws broken in all this. Perhaps it happens all the time, but to do it so publicly, or at least with such a high profile "company" seems a bit risky. Quote Link to comment Share on other sites More sharing options...
Fairbairn Posted November 14, 2014 Share Posted November 14, 2014 Paul Clark and David Whitehouse are the other 2. Looks like it is D&D afterall. Quote Link to comment Share on other sites More sharing options...
Flure Posted November 14, 2014 Share Posted November 14, 2014 Martin Williams @Martin1Williams 5m5 minutes ago Paul Clark, David Whitehouse & David Grier of #Rangers former administrators Duff & Phelps and solicitor Gary Withey are the four arrested Quote Link to comment Share on other sites More sharing options...
Maq Posted November 14, 2014 Share Posted November 14, 2014 This just got interesting again! Quote Link to comment Share on other sites More sharing options...
bruce778 Posted November 14, 2014 Share Posted November 14, 2014 Was it Duff & Phelps who sold Ibrox and the Training facility to RFC 2012 for a measly 1.5m? Are these people not obliged to get the best price for these assets on behalf of the creditors? How can they justify selling these massive properties for such a small amount? The player registrations - the whole squad cost them 2.75m - were other clubs invited to bid? Would that have been a possibility? Basically they sold all the assets of RFC 1899 the whole thing for 6.5m. RFC 2012 then immediately valued the exact same assets at 27m and called the profit on the revaluation 'releasing negative goodwill' and that dropped 20m of income into the P&L in the 2013 accounts and was the only reason they did not record a huge loss for that 13 ,month period. Basically Duff & Phelps sold 25m+ assets for peanuts to RFC 2102. On top of this RFC revalued the excat same assets upwards again during 2013 by another 34m. The combined gains from both these revaluations turned a massive loss into a massive profit for 2013. So the assets D&P sold for 6.5m are now on RFC balance Sheet 13 months later valued at over 65m or 10 times the cost. Nice bit of business if you can get it. Funny business insolvency... Not really funny at all. There can hardly have been a higher profile insolvency of a company in scots law history. If anyone wanted to buy the business and assets of rangers old co there were daily advertisements in newspapers talking about it. Anyone arguing that the administrators didn't get the best price for the business and the assets would most certainly lose. Quote Link to comment Share on other sites More sharing options...
bruce778 Posted November 14, 2014 Share Posted November 14, 2014 so do you agree with the complaint by the supporters to the AIM? The whole thing is a nightmare for you/ the supporters, do you try and support financial help/stability for the club or do you drive to get rid of these people and accept the consequences?The sentiment of the RST complaint to the AIM is great but it's totally inappropriate. The nature of the complaint is not within their jurisdiction. Sadly the only way a legal complaint will work is by a private claim by minority shareholders in court, which is extremely expensive and a successful outcome is questionable! Quote Link to comment Share on other sites More sharing options...
TartanJon Posted November 14, 2014 Share Posted November 14, 2014 I take it the gendarmerie in Monaco & Normandy are on backshift today Quote Link to comment Share on other sites More sharing options...
BIG GIANT BOY Posted November 14, 2014 Share Posted November 14, 2014 its about time some heads roll for all this!! Quote Link to comment Share on other sites More sharing options...
Grumpyauldgit Posted November 14, 2014 Share Posted November 14, 2014 As we live in a free and democratic society, where the rule of law is sacrosanct, we should hold back from making any hasty judgements on the guilt or innocence, of these lying, 2 faced, thieving, dirty rat bag barstewards, and allow them a fair trial, before we puplicly hang the kvnts on the Paisley road. Quote Link to comment Share on other sites More sharing options...
thplinth Posted November 14, 2014 Share Posted November 14, 2014 Not really funny at all. There can hardly have been a higher profile insolvency of a company in scots law history. If anyone wanted to buy the business and assets of rangers old co there were daily advertisements in newspapers talking about it. Anyone arguing that the administrators didn't get the best price for the business and the assets would most certainly lose. What the same administrators who have just been arrested by the cops, those ones? Dearie me. Quote Link to comment Share on other sites More sharing options...
Fairbairn Posted November 14, 2014 Share Posted November 14, 2014 I take it the gendarmerie in Monaco & Normandy are on backshift today And Edinburgh it would seem. Quote Link to comment Share on other sites More sharing options...
ShedTA Posted November 14, 2014 Share Posted November 14, 2014 The sentiment of the RST complaint to the AIM is great but it's totally inappropriate. The nature of the complaint is not within their jurisdiction. Sadly the only way a legal complaint will work is by a private claim by minority shareholders in court, which is extremely expensive and a successful outcome is questionable! aye fair enough. you seem to have a pretty good grasp on this stuff Bruce so i am not going to disagree with that! Quote Link to comment Share on other sites More sharing options...
ShedTA Posted November 14, 2014 Share Posted November 14, 2014 I take it the gendarmerie in Monaco & Normandy are on backshift today well this is it. If the administrators have committed a criminal offence the other party (green) must be implicated. Quote Link to comment Share on other sites More sharing options...
ShedTA Posted November 14, 2014 Share Posted November 14, 2014 "@BBCchrismclaug: BBC learns Gary Whithey and David Greer are 2 of the 4 men detained as part of investigation into acquisition of #Rangers in 2011." who were they again? i have forgotten half the people in this whole episode. Quote Link to comment Share on other sites More sharing options...
Mark frae Crieff Posted November 14, 2014 Share Posted November 14, 2014 who were they again? i have forgotten half the people in this whole episode. well it was a bit like auditions for a chorus line there were that many... Quote Link to comment Share on other sites More sharing options...
Fairbairn Posted November 14, 2014 Share Posted November 14, 2014 who were they again? i have forgotten half the people in this whole episode. Clark, Whitehouse and Grier all worked for Duff & Phelps who as we know went on to be Whytes choice of Administrator. Withey worked for Collier Bristow who were the legal firm that Whyte used. Now, either Whyte was their patsy or they were all dancing to his tune, in which case I expect to see him in shackles pretty soon. Quote Link to comment Share on other sites More sharing options...
thplinth Posted November 14, 2014 Share Posted November 14, 2014 (edited) I am wondering if this at the behest of BDO. Liquidators have been investigating for some time now and have pretty heavy powers at their disposal. One of which is... Fraudulent Trading In contrast to Wrongful Trading, Fraudulent Trading can apply to any persons, not only directors or shadow directors. Fraudulent Trading occurs in the course of winding up when it appears that any business of the Company has been carried out with the intent to defraud creditors of the Company or of any other person (s.213). It is necessary here to establish criminal intent, showing actual dishonesty, in accordance with the current notions of fair trading. Constructive intent to defraud can be established if credit is obtained at a time when the person knew that there was no good reason to think that funds would become available to pay the debt when it fell due. The court may, on the application of the liquidator, declare that any persons who were knowingly parties to the carrying on of such business are liable to make contributions to the Company’s assets as the court thinks proper. Gratuitous Alienations This is governed by s.242 of the 1986 Insolvency Act. A Gratuitous Alienation can be described as a transfer of property by a debtor (here, the Company) to another person for inadequate or no consideration. The liquidator may challenge such alienations, with the sanction of the court, on the grounds that the alienation has favoured a given person. The court may grant a decree reducing the transaction, restoring the property to the Company’s assets, or such other redress as may be appropriate. If it was determined say that the sale of RFC 1899 assets to RFC 2012 was done so fraudulently with the collusion of the administrators at a price too low say then that could be bad news for RFC 2012. edit: this could trigger a chain of events that see all the assets returned to RFC 1899 and then sold by BDO to the genuinely highest bidder to pay off the creditors. What a mess that would create as RFC 2012 would not doubt go under as well. Edited November 14, 2014 by thplinth Quote Link to comment Share on other sites More sharing options...
ShedTA Posted November 14, 2014 Share Posted November 14, 2014 Someone has posted elsewhere that the above T-shirt is actually on sale at Burtons. is this a wind up? has this been covered elsewhere? Quote Link to comment Share on other sites More sharing options...
TartanJon Posted November 14, 2014 Share Posted November 14, 2014 Someone has posted elsewhere that the above T-shirt is actually on sale at Burtons. is this a wind up? has this been covered elsewhere? What is it ? Quote Link to comment Share on other sites More sharing options...
ShedTA Posted November 14, 2014 Share Posted November 14, 2014 What is it ? its a t-shirt jon. the design is based on the pic below. the pic below is of the founding rangers team i believe. Quote Link to comment Share on other sites More sharing options...
TartanJon Posted November 14, 2014 Share Posted November 14, 2014 its a t-shirt jon. Cheeky fecker haha! Quote Link to comment Share on other sites More sharing options...
Fred_Zeppelin Posted November 14, 2014 Share Posted November 14, 2014 NANANANANANAANAAA!! Craigy, Craigy Wyte!!!!!!!!!!!!!!!!!!!! Quote Link to comment Share on other sites More sharing options...
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