Big Rangers Administration/Liquidation Thread - All chat here!

[~~~]

:lol: :lol:

Oh Mark, you sad sad man, just give it up.

You can't take any positives from what happened to Rangers and whats happening to Sevco

Edited July 15, 2012 by Enrico Annoni

[ayrmad]

:lol: :lol:

Oh Mark, you sad sad man, just give it up.

I'll settle for saying my team haven't had the opportunity to win all 4 in a row, that'll be a clamper in a many a pub conversation.

[MTJ]

What a cringeworthy crock of shit.

[Brewing up a storm]

all i know is john brown is our version of zerzan ...

Nah, nah, he's not Zerzan at all. He's the Una-Bomber...

[donj]

Anybody seen Gio's latest letter.It's a stormer.You really have to love this guy if only for the entertainment value.

Mr John Paul Clark/ Mr David John Whitehouse

Duff & Phelps

43-45PORTMAN SQUARE WH1 6LY

LONDON

15th July 2012

Dear Sirs

THE RANGERS FOOTBALL CLUB PLC (IN ADMINISTRATION)

I refer to our telephone conversation on the 9th July 2012, letter of 11th July 2012 and my letter of same regarding the above. I refer also to my telephone conversation on the 11th July 2012 at 11.02pm to which I still await a response.

I now am pleased to confirm that on the 14th July 2012 I became a shareholder in the above company by way of a private sale. My share certificate number is C0697808442.

The Rangers Football Club PLC is still de facto an active company and only de jure in administration still permitting the company to trade. I am aware that the assets of the company were sold and I have now received a full report on the per se liabilities and contingent liabilities.

I have to say that prima facia in February 2012 based upon the balance sheet that I have seen I am somewhat surprised that Craig Whyte deemed the ‘company’ insolvent. I now require immediate answers to questions regarding the state of the company both before Administration and to date.

In order that there are no misunderstandings I submit that at the time of Administration namely St. Valentine’s Day (14th February) 2012 the said company was not ‘insolvent’ and that the assets exceeded the liabilities.

I also submit that since May 2011 a sum in the region of £50 million was at worst stolen at best misappropriated from the company with the knowledge of many that at the time were involved in the company including but not limited to bankers, lawyers, accountants, and other professionals.

I submit that Messrs’ Lloyds Bank PLC permitted in excess of £30 million that should have been paid to The Rangers Football Club PLC was actually deposited and paid into the account of The Rangers FC Ltd (formerly known as Wavetower Ltd) and that Wavetower Limited changed its name solely for the purposes of ensuring any payments made to The Rangers Football PLC be deposited into the account of The Rangers FC Ltd hoping the bank would either inadvertently/negligently (at best) purposefully (at worst) would permit such. Since the amounts are by no means small it is clear that as Administrators you have taken no steps to deal with this.

I also submit that although your firm “considered the ethical guidelines within the IPA” your appointment per se contravenes s.994 of The Companies Act 2006:

(1)A member of a company may apply to the court by petition for an order under this Part on the ground—

(a) that the company’s affairs are being or have been conducted in a manner that is unfairly prejudicial to the interests of members generally or of some part of its members (including at least himself), or

(b) that an actual or proposed act or omission of the company (including an act or omission on its behalf) is or would be so prejudicial.

Your firm acquired MCR BC which advised Craig Whyte on the acquisition of the majority shareholding from Sir David Murray. It was further retained, by your own admissions and documents we have seen, to advise on structural matters post acquisition.

I am not convinced that representations you made to HMRC regarding the level of involvement in the pre-Administration era were necessary the whole truth. Notwithstanding that you have cited officially that HMRC ‘were aware’ of your involvement and did not object to your appointment you have produced no document to substantiate such a claim.

As you are supposedly experienced insolvency practitioners you will of course be aware the meaning of the word ‘insolvent’ and its legal ramifications.

On the 14th February 2012 the company held in its bank account in cleared funds (cash) £3,373,170 yet according to reports leaked to the media the company was unable to pay its contribution to HMRC of less than £300,000. I note that on the 14th February 2012 at 13.07pm the said amount was transferred from the company’s account with the Bank of Scotland to your account.

According to information that has been supplied to me since February 2012 to date your firm has received nearly £20,000,000 in fees together with over £5,000,000 in fees to lawyers engaged by your firm. £2.7 million in fees was also paid by Charles Green as a condition of your firm selling the assets of the company to his company Sevco 5088 Ltd which in fact is now Sevco Scotland Ltd even though negotiations had previously been with Sevco 5088 Ltd.

All in all none of those companies have produced accounts or a business plan capable of proper scrutiny and review yet a commodity such as Ibrox Park and Murray Park was sold for £5.5 million with the condition that over half the same amount was also paid in legal fees.

Substantial monies were also paid to Lambert Smith who provided supposedly a valuation and other monies were paid to other agents and advisors.

Between 14th February 2012 and 20th March 2012 the company received just over one million pounds in revenue (£1,055,870) and it appears that money has been used for the costs of administration. The same story it can be said in the months of April and May.

I also note that the company was at one time a member or an associate member of the FSA via registration through a company called Origen Financial Services Ltd that started its life as Bondco 767 Ltd on the 10th March 2000 then changed its name to Momentum Financial Services Ltd on the 2nd March 2005 and ultimately became Origen trading from Farnborough in Hampshire.

Although your firm made an application to the Court of Session on the 19th March 2012 the order granting validity to your appointment was founded upon (a) truthful and accurate statements made to the Court and (b) that the costs of the application would be borne by your firm and not from the Administration.

In order to make clear again I contend that neither was complied with and further if that contention is correct the validity of your appointment per se is further in doubt and a nullity.

I require a full explanation and supporting documents with regard to the shares the Company held in Arsenal Holdings PLC. The company owned historically 16 shares and sold such using the services of an FSA broker Pritchard which was a company ‘owned’ by Craig Whyte although he appeared solely as a company secretary. The amount involved was slightly under £250,000. What actions/steps have you taken to secure the return of those monies that are held in an account that is subject to injunction? According to information received an agreement was reached in May of this year yet I now seek full disclosure.

I need not remind you that your firm are under a Statutory Duty to investigate the affairs of the company in accordance with the Insolvency Act 1986. Transactions that were carried out at undervalue as per s.238; fraudulent preferences as per s.239 and of course transactions to defraud creditors as per s.423. The difficulties in all of the three above are that your firm was involved at all levels of day to day management during the Craig Whyte regime making it impossible to effectively and with transparency undertake such a Statutory Duty. In simple words you would effectively be conducting an investigation into your own conduct.

I also seek sight of the Collyer Bristow Solicitors files especially as million seemed to have ‘gone through’ their client account. I shall be filing a notice with the Law Society since it would appear that whilst all of the dramatis personae are busy suing each other no one seems to have bothered making a report to the Law Society into the manner upon which the said esteemed law firm was able to handle millions without having carried out the Statutory Guidelines imposed by legislation and by the Law Society in money laundering.

In May 2011 approximately (I am awaiting documentation at the time of writing) £26,000,000 was paid to Collyer Bristow Solicitors by Ticketus as an advance fee on season ticket sales for the following three seasons but of which only £19,700,000 would be due to The Rangers Football Club PLC the difference of course in professional fees.

The reason the amount was paid to Collyer Bristow Solicitors was in order that any sums due to the Rangers Football Club PLC would only be paid once Craig Whyte had completed his acquisition of the club. Ticketus were thus relying on Craig Whyte completing his acquisition and I now understand that Sir David Murray was seriously misled into believing Craig Whyte had the financial resources by showing a letter from Collyer Bristow Solicitors evidencing proof of funds.

Of course your firm would have known that since it was your firm that advised Craig Whyte on this matter and of course Collyer Bristow Solicitors would also have known such. The letter from Collyer Bristow Solicitors is facsimile to the ‘letters of comfort’ that Roberto Calvi held from the Vatican Bank which permitted him to extend his fraud in Italy and fool the Italian Central Bank.

In June 2011 your firm duly advised Craig Whyte to pay Ticketus £3,000,000 and a further £5,000,000 in September 2011 and your fees and legal fees of such were in the region of £1,000,000. The said sums were not due to Ticketus since they had advanced monies on ticket sales for the following three years and incidentally on a rate of interest that would qualify as usury. I understand also that Ticketus was in fact introduced by MCR BC which in itself would be a serious conflict of interest.

In September 2011 a day after The Rangers Football Club PLC paid £5,000,000 to Ticketus supposedly in repayment of its obligation under the advance made Ticketus paid the same amount of £5,000,000 as a further advance at exorbitant interest rate to the client account of Collyer Bristow Solicitors. This payment lacks common sense and suggest an open scheme of money laundering and adds to the fuel of allegations that Craig Whyte was being effectively induced at best blackmailed at worst into taking decisions he would not normally.

I fail to comprehend the manner upon which you have failed so openly in your statutory duties to a Company that should never have been in this position.

On the 5th February 2012 the SFA opened an investigation into monies due to Dundee United Football Club over a competition match that was played on 5th February 2012. Yet at the time the amount The Rangers Football Club PLC held in its account was in excess of £4 million. Of course Craig Whyte was well aware that professional fees were due and he invariable considered those to be more priorities than paying for tickets that as I understand are always paid late by clubs but nonetheless paid.

A complaint was then made against Rangers Football Club PLC to the SFA that frankly made little sense other than to ensure that Craig Whyte would be blamed for all wrongs and torts and the professional advisors would seem to be the ‘save what one can’ brigade. The complaints made, not properly explained by whom amount to the following which the SFA claim to be violations of the disciplinary code: (i) failure to disclose that Craig Whyte had previously been a disqualified director (ii) failure to ensure that Craig Whyte acted in accordance with the disciplinary code as per previous (iii) suffering an insolvent event (iv) bringing the game into disrepute (v) failure to pay ticket monies to Dunfermline.

The obligations of disclosure fell upon Craig Whyte and not Rangers Football Club PLC. The company was not insolvent and if anyone has brought the game per se into disrepute it has been the bankers, lawyers and insolvency practitioners. The failure to pay ticket monies to Dunfermline could easily have been remedied since on 12th February 2012 there was over £3m in the company’s bank account and the SFA hearing was rescheduled to a date when your firm were (unfortunately) administrators and could have paid that.

At all material times you were aware that Craig Whyte had been a disqualified director even though his disqualification period ended in 2007. There was per se nothing unlawful in him participating in the management of any company yet his fear of exposure induced him into taking actions that he would not normally have taken.

Whyte however, was made to believe that if the said information came to light he would face ‘serious consequences’ and possible ‘criminal sanctions’ according to an email that I have seen from MCR BC to Mr Whyte. As I have stated publicly fear is the fuel of blackmailers and directly and/or indirectly Mr Whyte was placed in a position whereby he feared exposure. When Mr Whyte was no longer prepared to ‘pay the exorbitant professional fees,’ in exchange for his antecedents not being revealed, a member of MCR BC ‘tipped off’ the BBC into his antecedents which permitted the BBC to film the expose on Mr Whyte.

Mr Whyte was also persuaded into appointing your firm as administrators in order to (according to an email) ‘soften the blow’ and allow him to escape any potential penal sanctions. Since this debacle has tentacles at the very pillar of Scottish society financial, professional and political only if your firm obtained the appointment could much of what was known to many be not exposed.

The rest is history.

I submit that Rangers Football Club PLC has (i) been subjected to a deliberate perpetrated fraud in excess of £50,000,000 (ii) never insolvent as it held almost £3.5 million cash in the bank as of February 2012 (iii) your appointment is seriously unfair and prejudicial to the shareholders and as a consequence as a shareholder I reserve the right to make an application in my own name to the Court under s.994 of the Companies Act 2006 evidencing the above and other material.

You will appreciate that if my contentions are correct as they are then Rangers Football Club PLC should never have faced any disciplinary from the SFA, never received a points deduction, never been made subject to Administration, never been expelled from the SPL and any other sanction that it has been subject to.

The damages to the Company and the club are recoverable from your firm, your insurers, and any third party that has acted as a result of the Administration.

I seek the return of all the monies obtained by your firm, legal fees, and any other professional fees which on a conservative estimate are in the region of £25,000,000 to be placed into an account at either the Court of Session or The High Court of Justice and that any further prejudicial or unfair acts in disposing of assets cease forthwith.

It causes no joy or satisfaction at having to submit this letter since the contents demonstrate a failure in the control systems that Parliament and the legislators have drafted and re-drafted

for the last 30 years. The tentacles of corruption here have extended even into ensuring the Parliament in Westminster adjourn/vacate the enquiry into the state of Scottish Football and the Rangers Affair sine die simply because its findings would be an alarm to the faithful supporters and those who believe in fairness and non-discrimination.

In light of the content of this letter I will be sending a copy to the SFA/SPL/SFL.

It follows that time is of the essence and I urge upon you an immediate response.

I look forward to hearing from you.

Yours sincerely

Giovanni Di Stefano

[~~~]

What a cringeworthy crock of shit.

Well he has form for it

http://blogs.dailyre...ys-greener.html

CONGRATULATIONS, Celtic. This year's title is yours and even though I believe it's tainted that's none of your concern.

It's not Celtic's fault Rangers have ended up in a mess of their own making.

So Neil Lennon and his players have every right to milk the moment from here on in until the medals are passed around in May.

The club's supporters are also entitled to enjoy the rest of the cakewalk.

I'd prefer just to leave them to it. Congratulate them and move on. I just wish they had the good grace to do likewise as my club attempts to battle for its very existence and good people are worried sick about their jobs.

I find the tone that has been set by the men at the top at Celtic Park in recent days and weeks has been ill-judged at best and, at worst, deliberately inflammatory.

Let's be honest here, Rangers are lying in the gutter, bleeding badly. There is no need for the likes of Lennon and Peter Lawwell to continue to sink the boot in when our wounds

have been self-inflicted.

I would hope Rangers, as a football club, would conduct themselves with a bit more class if the shoe was on the other foot. In fact, I'm sure they would.

Calling for Rangers to be stripped of titles? Political manipulating and manoeuvring in order to make sure no mercy is shown should their rivals get back on their feet?

All this crass stuff about celebrating the death of Rangers with bowls of jelly and ice cream? Is that really necessary? It smacks of the behaviour of people who hate Rangers more than they love their own club. It reflects very badly on them all.

No one expects Celtic to shed a tear over the state Rangers have got themselves into.

But, even so, there is a venom about their recent reaction which has shocked me and should embarrass the more level-headed, decent people at Parkhead. I hope it does at any rate.

It saddens me that these extreme times seem to bring out the worst in supporters on both sides of Glasgow.

I include Rangers supporters in that because last week, when they were all hurting so badly, some of them chose to bring further shame on Ibrox by singing the kind of songs that have been making us cringe for so long. Thanks for that lads. Just what the club needed in a time of crisis.

As much as I would prefer for Celtic to concentrate on enjoying their success, I would also hope Rangers and their fans can act with dignity and decorum as they fight to get through this, one of the most horrible periods in the club's 140-year history.

These are the qualities the club was built on and these same qualities have never been more important than they are right now.

In fact, I'd go as far as to say how the Rangers support acts at this crucial juncture may decide the very fate of their club.

It's time for them to think smart. Singing stupid songs of defiance is hardly what's needed now. They have to take a step back from all that nonsense and attempt to get a clear view of the bigger picture.

It's not about mindless bravado, it's about making the right choices and ensuring the club they love is around another 140 years from now.

There is no shame in being duped. Let's be honest, it happens to us all.

But what's the old saying? Fool me once, shame on you. Fool me twice, shame on me.

They should have those words engraved on the front doors of Ibrox as a permanent reminder and a warning to the next man who gets his hands on the keys.

Yes, the Rangers support is just about to realise how powerful it really is now it is galvanised again and pulling in the same direction.

These fans are about to become the king makers and that's why they should behave in a manner befitting the club they represent.

The next man who steps up to the plate will expect them to scrutinise his every move like never before. The fans will demand that, from now on, the people at the top are open and transparent. They deserve nothing less.

What the future holds is still unclear. In the short term, we can only hope the administrators find what they are looking for to keep the business going and then had it over to a safe pair of hands.

Hopefully the time will come soon when the fans are being asked to throw their united support behind a new regime.

In an ideal world a group of well meaning, wealthy and reputable Rangers supporters will step forward to claim control as a consortium to make sure that, never again, the club is left in the hands of just one man.

If all these interested parties can find a way to club together for the greater good and drag Rangers away from the brink I'm positive the rank and file won't be slow in identifying them as the men who saved them from their darkest hour.

It's time for Rangers men to stand up and be counted. It's time for the club to rid itself of all the old unwanted baggage so that Rangers can be proud of itself again for the fantastic football club it always has been.

So let Celtic get on with celebrating their title - a title they somehow failed to win throughout the last three years of financial troubles - and let Rangers get on with the painful process of putting their club back together.

EDIT: And another

http://blogs.dailyrecord.co.uk/markhateley/2012/07/ally-mccoist-must-forget-divis.html

I know it's not what the Rangers fans want. But the game will face Armageddon if Rangers are in the Third Division and that's why they must be allowed entry into the First.

The standard of football in this country has declined massively since I stopped playing at Ibrox. But if the club faces three years out of the top flight it will go down rapidly again.

Even if they win the three SFL divisions on the trot, the level of quality will have dropped by another 20 per cent in that time.

By the letter of the law, it should be the Third Division but this isn't an ordinary case. Rangers and Celtic ARE Scottish football.

And when one of them is out of the top league for three years, the rest of it will collapse.

There has been a steady drip of Scottish talent going south of the border in the last few years. Due to circumstances at Ibrox, Steven Whittaker, Steven Naismith, Jamie Ness and John Fleck are the latest to sign for English clubs.

If Rangers drop to the Third Division, that drip will become a flood of young Scots leaving the game up here.

Edited July 15, 2012 by Enrico Annoni

[Wokcomble]

Wow....the Scottish Sun actually doing some reporting for a change (albeit a few days late).

Can someone put a clicky please

Surely Regan (at least) will have resigned by the end of today

[ayrmad]

That is true. But it probably only failed to deliver because it was so vague and still depended on negotiation with the spl. Not surprisingly the sfl clubs would not trust the spl clubs as they have proved they cannot be trusted. If however a binding agreement for reorganisation, pyramid etc etc had been put in place the sfl might well have voted for Rangers in division one.

I've no doubt they would have voted them into div 1 if it was binding, I posted that the SFL vote should have been postponed for a week, no way binding agreements could be drawn up in that timescale, ffs lawyers take 3 days to decide what they're having for lunch.

Edited July 15, 2012 by ayrmad

[adundeemonkey]

I love it, every second of it. I love the infighting, the denial, the lengths the authorities are willing to go for them. I love how this whole saga has shown them and the system we have had to suffer under is a massive pile of steaming corrupt shit. Once the league kicks off, i am going to love every new story relating to their cheating and law breaking. Every 'Gers' legend who was as complicit as the next guy. I am going to love seeing the crowds at Ibrox dwindle down to the square root of not very much. I am going to love witnessing the moment when they whole bandwagon is about to fire off the side of the cliff and the bears finally realise it is all over. I fucking love it all.

Good Night!

[Shuggie_Murray7]

My link

SFA boss Stewart Regan ordered secret briefings for Rangers owner Charles Green about a carve-up to save the stricken side, we can reveal.

Scottish football's blazer-in-chief was blasted by other clubs last night after full details of his plot to get the stricken Ibrox side into Division One were exposed.

A leaked email shows the cocky SFA chief executive was confident SFL chairmen would be persuaded to vote the newco Rangers into Scottish football's second tier.

Mr Regan even joked how he was set to go on HOLIDAY just minutes after penning the memo. But on Friday, club chiefs dramatically dumped the Glasgow giants into the Third Division — sparking panic at the SFA's Hampden HQ.

In the email, sent on June 23, Mr Regan also revealed he wanted Dundee to take Rangers' SPL place.

But last week's decision to promote The Dark Blues or re-admit relegated Dunfermline isn't even meant to happen until TOMORROW.

SFL clubs are also furious Mr Regan personally told SFA vice-president and Hibs chairman Rod Petrie to speak to Mr Green on the quiet about the blueprint for the overhaul of the Scottish game — aimed at stopping Rangers dropping below Division One.

Mr Regan wrote: "Could Rod Petrie please brief Charles Green confidentially on the discussions from a Scottish FA perspective so that there are 'no surprises' and there is a general acceptance of the plan plus all of the other conditions discussed e.g. transfer embargo, fines, repayment of football debt, waiving rights to legal challenge, acceptance of relegation and so on."<br style="margin: 0px; padding: 0px; ">

Other clubs last night said they had been kept in the dark — while Mr Regan was planning secret briefings for Mr Green.

John Yorkston — chairman of relegated Dunfermline who are challenging Dundee for the vacant SPL place — said: "I'm shocked. He has tried to orchestrate proceedings and has been caught out because Rangers have been put to the Third Division.

"It is totally out of order to try and manipulate proceedings irrespective of whether he thinks it's in the best interest of Scottish football. If that is what is going to end up happening, I think we will be speaking to our lawyers." First Division Cowdenbeath said Mr Regan and SPL counterpart Neil Doncaster should "consider their positions".

They are angry at SFA and SPL plans — revealed in yesterday's Scottish Sun — to launch an SPL2 to place Rangers in next season.

Cowdenbeath secretary Alex Anderson said: "We are disgusted at the way the whole situation has been handled by the SPL and the SFA.

"The actions of the SPL and the SFA and the image created could well endanger any future investment in the Scottish game.

"In view of the way Neil Doncaster and Stewart Regan have dealt with this situation, they should now be considering their own positions.

"We're deeply disillusioned with the hierarchy of Scottish football.

"We have been lied to and bullied and despite the overwhelming vote of SFL clubs that Rangers should restart in Division Three we are still not clear what the final outcome will be."

Elgin Chairman Graham Tatters said he was "shocked and horrified" by the email and added: "If it is true, people should be looking at their positions. It is totally unacceptable.

"The word is arrogance. Mr Regan has made himself very powerful in Scottish football.

"We as chairman knew nothing about this."

Another SFL chairman said: "I thought his position was untenable before this and it is even now more so.

"He has had an agenda right from the word go.

"There has been a dearth of leadership throughout this affair."

Berwick Rangers associate director Jimmy Crease said: "I'm not spilling any beans by saying Stewart Regan is on a shoogly peg. If there have meetings we should've been a part of, we'd be very disappointed." The SFA, SPL and SFL admitted last month they were discussing a carve-up of Scottish football in "reconstruction talks" on June 22. They even put out a joint statement on June 23 — as ordered in Mr Regan's email.

But they chose NOT to mention their minds appeared to be made up on promoting Dundee — or the briefings for Mr Green.

And the word "Rangers" wasn't even mentioned in the statement — let alone to say the newco would be placed in the First Division.

However the email, sent hours before the statement was released, revealed the full thoughts of Mr Regan.

He told fellow officials he "thought it would be helpful if I summarised where I think we are".

And his very first point declared: "The Rangers Football Club will be relegated to the 1st Division of the SFL with immediate effect and will be replaced in the SPL by Dundee FC."

The message goes on to describe the merger of leagues into the "Scottish Professional Football League" from 2013-14, and how TV rights, play-offs and payments would work. He signed off the email: "Speak soon... now off to the airport."

And he left instructions for officials who had been at the meeting the night before to carry out a list of demands in the "coming week".

Those at the talks included SPL chief executive Mr Doncaster, SFL chief executive David Longmuir, SFL president Jim Ballantyne, SFA vice president Alan McRae, SPL chairman Ralph Topping, and Mr Petrie.

In the email, Mr Regan also makes it clear that newco Rangers will still be responsible for any sanctions imposed because the wrongdoing of previous regimes.

Last night, the SFA declined to comment. Mr Regan was also unavailable for comment.

SFL in 'no confidence' move over SFA's chief

STEWART Regan almost faced a vote of confidence from Scottish Football League clubs after Friday's crunch vote, it emerged yesterday.

A motion was proposed and seconded but SFL President Jim Ballantyne stepped in to save the SFA chief executive.

Insiders say he told club chairmen that the meeting — also attended by SFL Chief Executive David Longmuir — was not the appropriate platform for the issue to be discussed.

The criticism of Mr Regan came after club bosses voted 25-5 to put newco Rangers in Division Three.

Edited July 15, 2012 by Shuggie_Murray7

[BigBadSaint]

Tell me that's been photoshopped surely.....Oh I feel so embarrassed for him... I used to know an 8 yr old wee boy at primary school who used to come out with that sort of thing when John Greig had his talented 80's squad.

[HibeeJibee]

I've no doubt they would have voted them into div 1 if it was binding, I posted that the SFL vote should have been postponed for a week, no way binding agreements could be drawn up in that timescale, ffs lawyers take 3 days to decide what they're having for lunch.

Have to disagree on this one, tbh...

SPL chairs didn't want to inflame their fans, and (most) SFL chairs didn't* either. I don't think there's any chance they'd have voted for it if only it'd been binding.

It was a pathetic offer they were being made anyway, but regardless, many would've voted for integrity or to avoid alienating their fans, IMO. It's possible to be over-cynical here.

*tellingly, of those who did only QotS openly admitted it, and they've now made an apologetic retreat

[dorlomin]

Enrager surely? Who is the Revol68 type around here anyway?

Well f*ck my old boots.

Still he wrote the best criticism of the Scottish Old Firm fans and their delusions I have ever seen.

[Kyle]

That's an excellent article in the Sun , as good as anything the red tops have produced. I notice it's not even a sport's journalist who came up with it! Shock.

[ayrmad]

Anybody seen Gio's latest letter.It's a stormer.You really have to love this guy if only for the entertainment value.

Mr John Paul Clark/ Mr David John Whitehouse

Duff & Phelps

43-45PORTMAN SQUARE WH1 6LY

LONDON

15th July 2012

Dear Sirs

THE RANGERS FOOTBALL CLUB PLC (IN ADMINISTRATION)

I refer to our telephone conversation on the 9th July 2012, letter of 11th July 2012 and my letter of same regarding the above. I refer also to my telephone conversation on the 11th July 2012 at 11.02pm to which I still await a response.

I now am pleased to confirm that on the 14th July 2012 I became a shareholder in the above company by way of a private sale. My share certificate number is C0697808442.

The Rangers Football Club PLC is still de facto an active company and only de jure in administration still permitting the company to trade. I am aware that the assets of the company were sold and I have now received a full report on the per se liabilities and contingent liabilities.

I have to say that prima facia in February 2012 based upon the balance sheet that I have seen I am somewhat surprised that Craig Whyte deemed the 'company' insolvent. I now require immediate answers to questions regarding the state of the company both before Administration and to date.

In order that there are no misunderstandings I submit that at the time of Administration namely St. Valentine's Day (14th February) 2012 the said company was not 'insolvent' and that the assets exceeded the liabilities.

I also submit that since May 2011 a sum in the region of £50 million was at worst stolen at best misappropriated from the company with the knowledge of many that at the time were involved in the company including but not limited to bankers, lawyers, accountants, and other professionals.

I submit that Messrs' Lloyds Bank PLC permitted in excess of £30 million that should have been paid to The Rangers Football Club PLC was actually deposited and paid into the account of The Rangers FC Ltd (formerly known as Wavetower Ltd) and that Wavetower Limited changed its name solely for the purposes of ensuring any payments made to The Rangers Football PLC be deposited into the account of The Rangers FC Ltd hoping the bank would either inadvertently/negligently (at best) purposefully (at worst) would permit such. Since the amounts are by no means small it is clear that as Administrators you have taken no steps to deal with this.

I also submit that although your firm "considered the ethical guidelines within the IPA" your appointment per se contravenes s.994 of The Companies Act 2006:

(1)A member of a company may apply to the court by petition for an order under this Part on the ground—

(a) that the company's affairs are being or have been conducted in a manner that is unfairly prejudicial to the interests of members generally or of some part of its members (including at least himself), or

(b) that an actual or proposed act or omission of the company (including an act or omission on its behalf) is or would be so prejudicial.

Your firm acquired MCR BC which advised Craig Whyte on the acquisition of the majority shareholding from Sir David Murray. It was further retained, by your own admissions and documents we have seen, to advise on structural matters post acquisition.

I am not convinced that representations you made to HMRC regarding the level of involvement in the pre-Administration era were necessary the whole truth. Notwithstanding that you have cited officially that HMRC 'were aware' of your involvement and did not object to your appointment you have produced no document to substantiate such a claim.

As you are supposedly experienced insolvency practitioners you will of course be aware the meaning of the word 'insolvent' and its legal ramifications.

On the 14th February 2012 the company held in its bank account in cleared funds (cash) £3,373,170 yet according to reports leaked to the media the company was unable to pay its contribution to HMRC of less than £300,000. I note that on the 14th February 2012 at 13.07pm the said amount was transferred from the company's account with the Bank of Scotland to your account.

According to information that has been supplied to me since February 2012 to date your firm has received nearly £20,000,000 in fees together with over £5,000,000 in fees to lawyers engaged by your firm. £2.7 million in fees was also paid by Charles Green as a condition of your firm selling the assets of the company to his company Sevco 5088 Ltd which in fact is now Sevco Scotland Ltd even though negotiations had previously been with Sevco 5088 Ltd.

All in all none of those companies have produced accounts or a business plan capable of proper scrutiny and review yet a commodity such as Ibrox Park and Murray Park was sold for £5.5 million with the condition that over half the same amount was also paid in legal fees.

Substantial monies were also paid to Lambert Smith who provided supposedly a valuation and other monies were paid to other agents and advisors.

Between 14th February 2012 and 20th March 2012 the company received just over one million pounds in revenue (£1,055,870) and it appears that money has been used for the costs of administration. The same story it can be said in the months of April and May.

I also note that the company was at one time a member or an associate member of the FSA via registration through a company called Origen Financial Services Ltd that started its life as Bondco 767 Ltd on the 10th March 2000 then changed its name to Momentum Financial Services Ltd on the 2nd March 2005 and ultimately became Origen trading from Farnborough in Hampshire.

Although your firm made an application to the Court of Session on the 19th March 2012 the order granting validity to your appointment was founded upon (a) truthful and accurate statements made to the Court and (b) that the costs of the application would be borne by your firm and not from the Administration.

In order to make clear again I contend that neither was complied with and further if that contention is correct the validity of your appointment per se is further in doubt and a nullity.

I require a full explanation and supporting documents with regard to the shares the Company held in Arsenal Holdings PLC. The company owned historically 16 shares and sold such using the services of an FSA broker Pritchard which was a company 'owned' by Craig Whyte although he appeared solely as a company secretary. The amount involved was slightly under £250,000. What actions/steps have you taken to secure the return of those monies that are held in an account that is subject to injunction? According to information received an agreement was reached in May of this year yet I now seek full disclosure.

I need not remind you that your firm are under a Statutory Duty to investigate the affairs of the company in accordance with the Insolvency Act 1986. Transactions that were carried out at undervalue as per s.238; fraudulent preferences as per s.239 and of course transactions to defraud creditors as per s.423. The difficulties in all of the three above are that your firm was involved at all levels of day to day management during the Craig Whyte regime making it impossible to effectively and with transparency undertake such a Statutory Duty. In simple words you would effectively be conducting an investigation into your own conduct.

I also seek sight of the Collyer Bristow Solicitors files especially as million seemed to have 'gone through' their client account. I shall be filing a notice with the Law Society since it would appear that whilst all of the dramatis personae are busy suing each other no one seems to have bothered making a report to the Law Society into the manner upon which the said esteemed law firm was able to handle millions without having carried out the Statutory Guidelines imposed by legislation and by the Law Society in money laundering.

In May 2011 approximately (I am awaiting documentation at the time of writing) £26,000,000 was paid to Collyer Bristow Solicitors by Ticketus as an advance fee on season ticket sales for the following three seasons but of which only £19,700,000 would be due to The Rangers Football Club PLC the difference of course in professional fees.

The reason the amount was paid to Collyer Bristow Solicitors was in order that any sums due to the Rangers Football Club PLC would only be paid once Craig Whyte had completed his acquisition of the club. Ticketus were thus relying on Craig Whyte completing his acquisition and I now understand that Sir David Murray was seriously misled into believing Craig Whyte had the financial resources by showing a letter from Collyer Bristow Solicitors evidencing proof of funds.

Of course your firm would have known that since it was your firm that advised Craig Whyte on this matter and of course Collyer Bristow Solicitors would also have known such. The letter from Collyer Bristow Solicitors is facsimile to the 'letters of comfort' that Roberto Calvi held from the Vatican Bank which permitted him to extend his fraud in Italy and fool the Italian Central Bank.

In June 2011 your firm duly advised Craig Whyte to pay Ticketus £3,000,000 and a further £5,000,000 in September 2011 and your fees and legal fees of such were in the region of £1,000,000. The said sums were not due to Ticketus since they had advanced monies on ticket sales for the following three years and incidentally on a rate of interest that would qualify as usury. I understand also that Ticketus was in fact introduced by MCR BC which in itself would be a serious conflict of interest.

In September 2011 a day after The Rangers Football Club PLC paid £5,000,000 to Ticketus supposedly in repayment of its obligation under the advance made Ticketus paid the same amount of £5,000,000 as a further advance at exorbitant interest rate to the client account of Collyer Bristow Solicitors. This payment lacks common sense and suggest an open scheme of money laundering and adds to the fuel of allegations that Craig Whyte was being effectively induced at best blackmailed at worst into taking decisions he would not normally.

I fail to comprehend the manner upon which you have failed so openly in your statutory duties to a Company that should never have been in this position.

On the 5th February 2012 the SFA opened an investigation into monies due to Dundee United Football Club over a competition match that was played on 5th February 2012. Yet at the time the amount The Rangers Football Club PLC held in its account was in excess of £4 million. Of course Craig Whyte was well aware that professional fees were due and he invariable considered those to be more priorities than paying for tickets that as I understand are always paid late by clubs but nonetheless paid.

A complaint was then made against Rangers Football Club PLC to the SFA that frankly made little sense other than to ensure that Craig Whyte would be blamed for all wrongs and torts and the professional advisors would seem to be the 'save what one can' brigade. The complaints made, not properly explained by whom amount to the following which the SFA claim to be violations of the disciplinary code: (i) failure to disclose that Craig Whyte had previously been a disqualified director (ii) failure to ensure that Craig Whyte acted in accordance with the disciplinary code as per previous (iii) suffering an insolvent event (iv) bringing the game into disrepute (v) failure to pay ticket monies to Dunfermline.

The obligations of disclosure fell upon Craig Whyte and not Rangers Football Club PLC. The company was not insolvent and if anyone has brought the game per se into disrepute it has been the bankers, lawyers and insolvency practitioners. The failure to pay ticket monies to Dunfermline could easily have been remedied since on 12th February 2012 there was over £3m in the company's bank account and the SFA hearing was rescheduled to a date when your firm were (unfortunately) administrators and could have paid that.

At all material times you were aware that Craig Whyte had been a disqualified director even though his disqualification period ended in 2007. There was per se nothing unlawful in him participating in the management of any company yet his fear of exposure induced him into taking actions that he would not normally have taken.

Whyte however, was made to believe that if the said information came to light he would face 'serious consequences' and possible 'criminal sanctions' according to an email that I have seen from MCR BC to Mr Whyte. As I have stated publicly fear is the fuel of blackmailers and directly and/or indirectly Mr Whyte was placed in a position whereby he feared exposure. When Mr Whyte was no longer prepared to 'pay the exorbitant professional fees,' in exchange for his antecedents not being revealed, a member of MCR BC 'tipped off' the BBC into his antecedents which permitted the BBC to film the expose on Mr Whyte.

Mr Whyte was also persuaded into appointing your firm as administrators in order to (according to an email) 'soften the blow' and allow him to escape any potential penal sanctions. Since this debacle has tentacles at the very pillar of Scottish society financial, professional and political only if your firm obtained the appointment could much of what was known to many be not exposed.

The rest is history.

I submit that Rangers Football Club PLC has (i) been subjected to a deliberate perpetrated fraud in excess of £50,000,000 (ii) never insolvent as it held almost £3.5 million cash in the bank as of February 2012 (iii) your appointment is seriously unfair and prejudicial to the shareholders and as a consequence as a shareholder I reserve the right to make an application in my own name to the Court under s.994 of the Companies Act 2006 evidencing the above and other material.

You will appreciate that if my contentions are correct as they are then Rangers Football Club PLC should never have faced any disciplinary from the SFA, never received a points deduction, never been made subject to Administration, never been expelled from the SPL and any other sanction that it has been subject to.

The damages to the Company and the club are recoverable from your firm, your insurers, and any third party that has acted as a result of the Administration.

I seek the return of all the monies obtained by your firm, legal fees, and any other professional fees which on a conservative estimate are in the region of £25,000,000 to be placed into an account at either the Court of Session or The High Court of Justice and that any further prejudicial or unfair acts in disposing of assets cease forthwith.

It causes no joy or satisfaction at having to submit this letter since the contents demonstrate a failure in the control systems that Parliament and the legislators have drafted and re-drafted

for the last 30 years. The tentacles of corruption here have extended even into ensuring the Parliament in Westminster adjourn/vacate the enquiry into the state of Scottish Football and the Rangers Affair sine die simply because its findings would be an alarm to the faithful supporters and those who believe in fairness and non-discrimination.

In light of the content of this letter I will be sending a copy to the SFA/SPL/SFL.

It follows that time is of the essence and I urge upon you an immediate response.

I look forward to hearing from you.

Yours sincerely

Giovanni Di Stefano

FFS,I didn't realise Gio and Craig were an item.

[ayrmad]

Have to disagree on this one, tbh...

SPL chairs didn't want to inflame their fans, and (most) SFL chairs didn't* either. I don't think there's any chance they'd have voted for it if only it'd been binding.

It was a pathetic offer they were being made anyway, but regardless, many would've voted for integrity or to avoid alienating their fans, IMO. It's possible to be over-cynical here.

*tellingly, of those who did only QotS openly admitted it, and they've now made an apologetic retreat

I'm not meaning those actual work placement attempts(should have made that clearer), I'm meaning proper well thought out proposals that the majority of football fans would view as "what's best for Scottish football".

[HibeeJibee]

I'm not meaning those actual work placement attempts(should have made that clearer), I'm meaning proper well thought out proposals that the majority of football fans would view as "what's best for Scottish football".

Mmm, still sceptical, tbh.

[Dr Koop]

Oh right, it's 'stricken Rangers' now, is it? We're past threadbare and cash-strapped - not enough of a tear-jerker in there to tug the heart strings. More pathos than an articulated lorry load of Charlie Rich albums crashing through the roof of the Grand Ole Opry from 10,000 feet.

What next? Rangers player with a limp spotted in Lourdes, I suspect. Miracles reported as he's photographed with a couple from Larkhall.

I bloody despair of my profession at times.

[The/Republic]

Oh, how the mighty have fallen on their arses.

I've spoken to a couple of Celtic fans recently who worry a bit of the spice might go out of the game, without the Buns

Nah , not for me . This forth coming season is the most anticipated season in many a year in my opinion. There is more pressure on this Celtic team to win the championship than any in SPL history. Add the European expectations from the fans craving a 'decent run' really shows how important a season this will be for NL and his young side.

I'm looking forward to it !

( if all of the above fails , the div 3 threads will cheer me up no end ! )

[Lyle Lanley]