Rangers are Rocking; Scottys Financial insight inside.

[Larky Masher]

It's not the same debt. It's two different causes of action. Ticketus can't unjustly enrich themselves by recovering the same funds twice but it is still debts owed by both.

It's two sequential debts but the same money so Ticketus are pursuing anyone who, however briefly, had their "hands" on the money?

[Larky Masher]

so to those who follow this closely..... it all seems to be outside of the current business and ownership from a legal perspective. But there must be a point when this changes.

If the club was fraudulently purchased, then put into administration where the administrators who sold the assets colluded and fraudulently sold the assets, then the new owners committed fraud etc, etc....

there must now be a long, long list of creditors and investors who were victims. They will surely at some point exercise claims on the going concern and assets ?

are there any scenarios whereby this impacts the current club positively or negatively ???

At this rate Murray will end up back in charge.

[bruce778]

It's two sequential debts but the same money so Ticketus are pursuing anyone who, however briefly, had their "hands" on the money?

No, they had a different cause of action against whyte than against rangers old co. They lent the money to rangers old co on the proviso it was repaid hence that debt. They sued whyte because they said that they would never have lent the money to old co if they knew whyte had been disqualified as a director, ie whyte deceptively induced them to lend the money to old co. The quantum of damages was the money they won't recover from old co, ie the whole amount of the same debt.

It is the same money but the debts are still separately owed. When it comes to enforcement, ticketus cannot be unjustly enriched, ie enforce a total sum in excess of their loaned amount to old co, but the two debts still stand.

[bruce778]

so to those who follow this closely..... it all seems to be outside of the current business and ownership from a legal perspective. But there must be a point when this changes.

If the club was fraudulently purchased, then put into administration where the administrators who sold the assets colluded and fraudulently sold the assets, then the new owners committed fraud etc, etc....

there must now be a long, long list of creditors and investors who were victims. They will surely at some point exercise claims on the going concern and assets ?

are there any scenarios whereby this impacts the current club positively or negatively ???

The claim on the business and assets will most likely never happen. It's far too expensive with little prospect of a significant windfall for it to be practically viable.

[adamntg]

I've been using Henrys up at Townhead for years.

What like is that Kindle Fire HD? I've a Sunday Herald subscription already. Might cancel and sign up again.

[Kenneth Farrington]

Jobs cuts started. Ten members of staff made redundant. Non playing/coaching roles.

Auld Betsy the tea lady can't pay her heating bills this winter now.

As long as McCoist, Big Lee & all the rest of them are still alright, that's the main thing.

He's never shy at painting himself as the good guy - would be very odd if McCoist had nothing to say about this.

[Scunnered]

And so the factless machinations continue. Still nobody with anything concrete or provable to say.

Can't remember who it was that accused me of rage on my last post but they couldn't be more wrong. I feel sorry for all you obsessed wannabes. You have so little to talk about with your own teams that you devote endless posts to a team you claim don't exist.

The only plus side is you give me a laugh with your conspiracy theories and made up guff.

It's the international break. With my club debt free and not died in the last few years there's not much to chat about until Saturday.

[macy37]

http://videocelts.com/2014/11/blogs/latest-news/new-statement-confirms-sevco-doubts-over-ibrox-ownership

[Flure]

http://videocelts.com/2014/11/blogs/latest-news/new-statement-confirms-sevco-doubts-over-ibrox-ownership

Linky no' worky

[macy37]

http://videocelts.com/

[Fairbairn]

http://videocelts.com/

You can almost hear Joe McHugh chugging himself into a frenzy as types that with one hand. Would explain the poor grammar and spelling mistakes I suppose.

[thplinth]

I suspect what may have happened is that Craigie Boy somehow managed to get the Ticketus loan paid directly to him or a company he controls. This is why the law firm had to pay out the 24m to RFC 1899.

He then used it buy the Lloyds loan (and security on Ibrox) transplanting himself for Lloyds as the lender. He then drip feeds more Ticketus money as working capital adding to the debt he is owed. By the end he is owed 20m.

Now assuming the loan was for 24m (the settlement with CB) that would leave about 4m that arrived from Ticketus to CW but never made it into RFC.

[ShedTA]

So does it shed any light on who does own ra deeds?

[Scunnered]

So does it shed any light on who does own ra deeds?

Might as well be Spartacus at this rate.

[thplinth]

So does it shed any light on who does own ra deeds?

RFC 2012 do. It is on their balance sheet and unless the auditors have missed something fundamental I have to assume they have ra deeds.

Question that is nagging me is what about the old fixed security over ibrox and other assets that Craigie boy inherited when he bought the Lloyds debt off them. If that still exists he would get the stadium and everything else up to the value of 20m ahead of all other creditors.

Could be a bit tricky running RFC 2015 from jail but.

[Kenneth Farrington]

Rather stupidly, I thought King would go away after being taken to school by Mister Ashley.

He's handling this with all the dignity and class you'd see from a steamer mouthing off at bouncers after getting a knockback from a boozer.

I must be honest, it saddens me to see this once great establishment turn into trailer trash.

[RenfrewBlue]

Always the victim.

You mistake me for a Celtic fan.

Not victims, just pointing out what happens. If you don't agree please make a sensible case otherwise you've kind of proved my point for me.

[RenfrewBlue]

If only rangers hadn't given such ludicrous wages to their playing staff in the bottom tier, perhaps those poor folk could have kept their jobs

More rubbish. Rangers ratio of players wages to turnover is perfectly healthy. The real problem is the huge amounts of cash being paid in maintenance contracts etc which were set up by Green. But don't let the facts stop you perpetuating a myth.

[scoobydoo]

This joker King is probably the last guy that rangers need. I get the feeling he wants back all the dough he invested years ago that has dissappeared.

He certainly looks the type and I wouldn't trust the to wash my windows.

[ShedTA]

More rubbish. Rangers ratio of players wages to turnover is perfectly healthy. The real problem is the huge amounts of cash being paid in maintenance contracts etc which were set up by Green. But don't let the facts stop you perpetuating a myth.

This is true. But if you are bleeding cash in other areas unavoidably then you need to cut back in the remaining areas to avoid going bust. They have failed to do this maintaining a rediculously high level of wages and other running costs relative to their status in the league, hence they are bust again.

[dipped flake]

More rubbish. Rangers ratio of players wages to turnover is perfectly healthy. The real problem is the huge amounts of cash being paid in maintenance contracts etc which were set up by Green. But don't let the facts stop you perpetuating a myth.

you think a playing bill of nearly £8 million was required to get out of the 3rd tier?? Not to mention £800,000 to super Ally and God knows how much to the rest of the coaching team

[Kenneth Farrington]

More rubbish. Rangers ratio of players wages to turnover is perfectly healthy. The real problem is the huge amounts of cash being paid in maintenance contracts etc which were set up by Green. But don't let the facts stop you perpetuating a myth.

Aye, money well spent to win twa part times leagues.

It's absurd to suggest there's anything normal about the wages the bears have blown of utter dross.

[Maq]

More rubbish. Rangers ratio of players wages to turnover is perfectly healthy. The real problem is the huge amounts of cash being paid in maintenance contracts etc which were set up by Green. But don't let the facts stop you perpetuating a myth.

Aye, right enough.

Black, Sandaza, Shiels were an absolute bargain at the wages rangers paid. I believe they all took massive paycuts to drop down to the bottom league

[Kenneth Farrington]

Aye, right enough.

Black, Sandaza, Shiels were an absolute bargain at the wages rangers paid. I believe they all took massive paycuts to drop down to the bottom league

It's a bit like getting a taxi to work every day. You might be able to afford it, but there are far cheaper ways to go about it, so it's stupid & you don't.

[Pool Q]

Quite. There was a classic piece of old-time Rangers think from Alex McDonald in the papers this week. 'Even if we lose and we go 9 points behind, so what? This is the Rangers we're talking about here, there's the transfer window to come, we can bring in the players needed. We'll still catch them.' I'm paraphrasing a bit. He didn't say wearrapeepil, but he clearly wanted to.