Big Rangers Administration/Liquidation Thread - All chat here!

[Macshimmy]

Ah well... since that was written they've wandered off the straight and narrow path again:

Boro have posted a loss of £14m for the last financial year - a hefty £4m increase.

The deficit, for the year to the end of June 2013, shows a loss of revenues across the board as the club have struggled in mid-table in the Championship.

The figures for the Middlesbrough Football and Athletic Company (1986) Ltd, lodged at Companies House, show a continued drift in financial performance.

The loss for the year was £13,934,000 - a marked increase from the £10,048,000 the previous year.

The club also reported a £14m loss in March 2012.

Boro actually reported an operating loss of £22m but that was offset by transfer income of £3.7m and tax credits of £4.5m.

The club's turnover was reduced from £18.15m to £14.21m in the reporting period.

The main loss came in TV broadcasting rights income which fell from £7.42m to £4.22m while merchandising income fell from £1.4m to £1.2m.

The club wage bill was reduced slightly.

The cost of 44 players and 104 other staff came down by £700,000 but remains one of the highest in the division at £18.5m.

The club are allowed to lose up to £8m under the new Financial Fair Play rules in the Championship which began at the start of the the current season, leaving the club with a significant challenge to balance the books in the summer.

http://www.gazettelive.co.uk/sport/football/football-news/boro-record-loss-14m-last-6879534

[ribzanelli]

Old shooders will need to change the lyrics of his song

"We don't do walking away, except dasadoha and No8"

[nsr]

He never got pelters for not going back...He got pelters(mild pelters) for changing the team he supports Rangers to Hearts.

But not for changing the team he supports from Rangers to The Rangers?

[GreenockRover]

just a thought, but going by the fact mb is london based and they challenged a customer over why they chose a bank 200 miles from where they are, does this mean rangers international fc plc are or were based in london or is there someone at rangers who lives in london who gains special favour from that bank?,

a bit vague my question, but maybe that bank aren't too bothered when it comes to businesses.

puzzled about this since no bank in this country will touch the club with a long stick with this board in charge, like providing a credit card facility to pay for season tickets

questions??

i'am suspicious there are shenannagans afoot

Should Mr Glib & Shameless get his mitts on your clumpany you will find that this will not change. Maybe he should set up his own bank...

[Macshimmy]

You do realise that the company that ran Middlesbrough were liquidated right? with the P & B logic of liquidation = death then there was nothing 'near death' about it, fortunately I do not buy into this thought process, all depends which side of the fence you sit I guess.

It's not really that black and white - Liquidation appears to be a very murky area of law, and was even more so at the time Middlesborough were going through it.

I don't think the Rangers/"The Rangers" case is either tbh - particularly as newco may yet prove to be legally associated with some of the individuals involved with oldco.

Remember, BDO still have the power to 'turn back time' on a lot of the transactions of the old company - it's not quite dead yet in some senses.

The fact that we are having this debate so many months on demonstrates the vagaries perfectly I would say - It's not something which is for us to decide, there are some pretty strange court cases still ongoing. I won't pretend to understand exactly what the following statement to the Stock Exchange implies:

17^th April 2013

FOR IMMEDIATE RELEASE

Worthington Group Plc

Worthington Group Plc (the "Company") - Diversification

The Company has been looking at ways to diversify the Company's activities in order to develop additional growth opportunities. It currently has a property in Keighley and a 44% stake in Trimmings by Design Ltd. Whilst these interests have the potential to deliver reasonable medium term growth the Company has been looking at other potential investments which may yield above average growth.

The Company is now pleased to announce that, as the first step in the possible acquisition of Law Financial Ltd ("LFL"), it has agreed to acquire a 26% stake in LFL for £250,000 payable in unsecured convertible loan notes. The Company has also been granted an option to acquire the remaining share capital of LFL. The full acquisition would be subject to shareholder approval and compliance with any applicable Listing Rules.

LFL, a recently incorporated company, has a number of subsidiaries, namely Sevco 5088 Ltd, Law Capital Ltd, Litigation Capital Ltd and Media Litigation Ltd (LFL and its subsidiaries hereafter being referred to as the Law Financial Group). The eventual aggregate purchase price for 100% of LFL will be £1m in unsecured convertible loan notes plus 33.33% of the proceeds of any assets, claims or rights currently owned by LFG or transferred to LFG or Worthington pursuant to the agreement payable in non-convertible unsecured loan notes which may be redeemed for cash at the option of the holder at any time after six months of issue. The Company's option to acquire the balance of the share capital of LFL is exercisable until October 31^st 2013.

The assets of Sevco 5088 Ltd include a claim, which has been independently reviewed by Leading Counsel who is also a Deputy High Court Judge, to all of the business and assets of RFC 2012 Plc which were purchased by Sevco 5088 Limited or Sevco Scotland Ltd from the administrators of RFC 2012 plc in June of 2012. Sevco Scotland Ltd was subsequently renamed The Rangers Football Club Limited and its share capital was acquired by Rangers International Football Club Plc, the shares of which are now traded on AIM. It is the position of Sevco 5088 Ltd that it is the rightful owner of the business and those assets. After examination of the evidence, Leading Counsel's advice is that there is a prima facie case to answer.

It has also been agreed that, pursuant to the agreement certain other related rights, assets and causes of action will be transferred to the Law Financial Group or directly to Worthington. Those assets include the Book, Film and Television rights to the two takeovers of The Rangers Football Club in 2011 and 2012 as it relates to Craig Whyte. It is intended that these rights will be commercialised in due course.

It is LFL's intention to enter the litigation funding and litigation funding broking markets. Litigation funding is a growing sector of the commercial litigation market and the Company is of the view that, in the years to come, the demand for litigation funding within the corporate sector can only increase.

The unsecured convertible loan notes issued as part of the consideration will only be convertible to the extent that the holder or those acting in concert do not exceed 29.9% of the voting capital of the Company.

The unsecured convertible loan notes will give the holder the right, at any time within 7 years, to convert each £1 of those loan notes into 20 new Ordinary fully paid shares in the Company, subject to shareholder approval. The Company will endeavour to obtain this approval within twelve months of the date of issue. If approval is not obtained within twelve months, then the holders may elect to be repaid in cash, or convert each £1 of the loan notes into 10 new Ordinary fully paid shares in the Company.

Douglas Ware, Chief Executive Officer of Worthington Group Plc, said:

"We believe that the transaction contemplated by this announcement gives the Company a major opportunity to increase shareholder value and thus to strengthen the Company's balance sheet, enabling the Company to look at additional opportunities as they arise."

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11552960

[Apache Don]

You do realise that the company that ran Middlesbrough were liquidated right? with the P & B logic of liquidation = death then there was nothing 'near death' about it, fortunately I do not buy into this thought process, all depends which side of the fence you sit I guess.

No but a reasonable ability to separate reality from fiction and decent grasp of the facts can be useful.

[Bing (2)]

i've never heard of the metro bank, formed in june 2010 apparently http://en.wikipedia.org/wiki/Metro_Bank_(United_Kingdom)

and i'm sure the p&b masses can find a dodgy link between rangers and this new bank?

? Don't need to look.

Any "bralter" knows they were they only bank that sevco could acquire basic banking facilities with when the club started up.

Had something like 3 branches in London , that's it.

And they offered the equivalent of a cash line card, not a debit, or, god forbid, a credit one.

[WhiteRoseKillie]

As things stand at the moment I am not going back. I am certainly not going back to Ibrox on a regular basis or anything like it. I am absolutely disgusted with those who have renewed and tbh i don't want to share the same stadium as them. They are welcome to the club. I know one supporter who renewed and keeps saying it doesn't matter if Green and Whyte make money or get the stadium because if it wasn't for them there would be no Rangers.

I may go to the odd away game but right now i just feel empty and completely fed up with the whole sorry fiasco. Was talking about it earlier to a well known Rangers supporter who like me hasn't missed a game at Ibrox in years..Once i have missed that first one and broken the run it will be much easier to find other things to fill my time.

When this has all played out i cant see it really changing the way i feel. It will never be the same again...I always felt part of the support and part of the 'Rangers Family' but no more. I ll miss it of course to start with but i am sure i ll carry on with my life regardless. My missus is about to graduate as a Midwife and i had said i ll move anywhere as long as it is no further than two hours drive from Ibrox..I think it is safe to say we can move anywhere in the country now..I believe North Yorkshire is nice this time of year.

No knee jerk reaction...Wont be changing my mind...Just a life long Rangers supporter who has been completely worn down by the whole sorry saga.

Olive branch time... Excellent post.

I really do feel sympathy for you, No. 8. It's a shame that its taken something like this for you to have to take stock, but I do feel for you.

North Yorkshire? Good choice, but a bit short of entertainment. If you are used to a city kind of vibe I reckon you'd prefer the South or West Ridings. Also probably better if you wanted to carry on with the Taxi job. Leeds/Bradford/Wakefield can be OK, but my god it's built-up over the years. Sheffield/Rotherham/Barnsley would give you the best of both worlds, with plenty of facilities (gig venues, leisure facilities, football clubs, etc.) and easy access to loads of lovely countryside. You can't get much further from the coast, mind.

The East Riding is pretty much banjo country, except for the latest City of Culture. Hull's got quite a lot going for it, mind, and you seem to get a fair old discount when buying property with a HU postcode - which covers some much nicer areas. Not as many local football clubs, mind, with either the KC or a trip over the bridge being your only real options. (Grimsby don't play in Grimsby, btw.)

Anyhoo, get yourself down to God's County and live a little. There's moors, peaks and all sorts within a short drive from anywhere, as I believe you like the outdoors. As for the Football?Just check out the teams - especially in the second and third tiers of the league - every weekend is derby day.

[WhiteRoseKillie]

While I respect your views and imagine a great many may well feel the same way, my thought process is considerably different.

I am looking forward to the new season, the championship will be a competitive league that will draw a lot more interest than the top division next season, especially if Hibs drop, I really do not want to miss a match and if I do then the only motivation is purely to get these parasites out, I will take this stance for as long as it takes but the minute it does then I will renewing that commitment to the club.

Away games are also 100% nailed on for me, I think you already know that I have never really bought into this blame game that many of our fans still cling to.

Tedi, I respect your ties to the club, and wish you well in what may well be a long season for the club, but I have to say No.8 has the right idea here. The petty part of me wants to add "a couple of years too late", but that post of his showed a lot of honest despair at what has happened at ibrox. I respect that.

[GreenockRover]

? Don't need to look. Any "bralter" knows they were they only bank that sevco could acquire basic banking facilities with when the club started up. Had something like 3 branches in London , that's it. And they offered the equivalent of a cash line card, not a debit, or, god forbid, a credit one.

Indeed.

One more victim of Chuckie Greens' Fanciful Fantasy Financial Forcasts. (Not to be confused with the RFFFFFFFFFF)

Although, at the back of my mind, I think there was some interconnection between one of Metro's directors and Green (?)

Birds of a feather flock together...

[WhiteRoseKillie]

I was expecting that...Thanks for not letting me down

You realise that it's nothing to be ashamed of, right? That one phrase of Ally's has caused more pain for rangers fans than any other. Only when the realisation hits that "loyalty" means "give us your money" does it hit home. I'm not going down the "told you so" route here, either. Better late than never.

[WhiteRoseKillie]

I have a soft spot for Arbroath as I do for Dundee and St.Johnstone, been to a few home games for each club over the past few seasons, was also at the Killie v Dundee game at the start of last season, I certainly do not support them though.

No If your ultimate dream comes true and Rangers disappear forever then my love for the game will die with them.

That is unutterably sad. Are you going to avoid the World Cup because Scotland aren't there?

[WhiteRoseKillie]

? Don't need to look. Any "bralter" knows they were they only bank that sevco could acquire basic banking facilities with when the club started up. Had something like 3 branches in London , that's it. And they offered the equivalent of a cash line card, not a debit, or, god forbid, a credit one.

They also, if I recall correctly, would provide a bowl of water for your dog to enjoy while you went about your business. For those not around at the time - that seriously was part of their start-up ad campaign.

[Florentine_Pogen]

its the failings of the current board and the previous that despite all the money spunked away over the last two years no one bothered to sort out the companies' relationship with the banks and provide a solid financial base for the club to develop.

Was it not Minty's 'close' relationship with RBS that started the whole thing off ? You can hardly blame Craig & Charles for dodgy banking.

[WhiteRoseKillie]

Think we just have to disagree, certainly not going to chastise No8 for having a different view on how things will pan out as he stays away for while but for me supporting a club is a life long commitment that does not always require actual active supporting.

Does that mean you can apologise for banging on about my non-attendance at RP, then?

We are going to have to disagree here, Pelucia. That post above where you say your love for the game is contingent on rangers, or something you can convince yourself is rangers, existing - I am being entirely honest when I say I never expected to see that sentiment expressed by anyone on here - and especially you.

[Macshimmy]

There was nothing murky about it, just because the administration process was introduced later makes absolutely no difference.

The company that you call the club Middlesborough were formed in 1986, this date appeared on the the clubs crest for years, they are still recognised by the footballing authorities as the same club with continuous History through formation, incorporation liquidation and newco.

The BDO case may produce something, I doubt it, but I know a few folks hang on to this but it will change nothing with respect to the club.

A quick browse through Middlesborough forums turns up lots of their fans referring to the club being 'saved out of liquidation' - the club's own site has this:

1986: Bruce Rioch takes over the helm as coach. A last day defeat at Shrewsbury sees Boro relegated to Division Three and the club goes into liquidation in July, suffering from massive debts. A consortium consisting of ICI, Scottish and Newcastle Breweries, Bulkhaul and Henry Moszkowicz saves the club and forms Middlesbrough Football and Athletic Company (1986) Ltd.

The truth? Or wishful thinking?

I'd suggest the latter. There is the odd slip - in a few places the club is described as having 're-formed' in 1986 - the club crest for season 86/87 had 1986 as the date of formation. With the passing of time, they seem to have tip-toed towards the idea that 1986 never happened - which perhaps explains why they are again steering into financial trouble.

BDO are unlikely to act I think - although they may pass info to SARS and other external entities. However, the Sevco case is definitely alive and kicking. From last weeks Herald:

Whyte partner banned after probe into £2m asset switch

Martin Williams

Senior News Reporter

Saturday 17 May 2014

A BUSINESS partner of disgraced former Rangers owner Craig Whyte has been banned from being a director in Britain for five years.

CRAIG WHYTE: Came under fire during ownership of Rangers.

But in a rare move, Aiden Earley has been given sanction to remain for the time being as a director of Sevco 5088 Limited, the firm that bought the liquidated assets of Rangers oldco.

It is understood this is connected to his joint court battle with Mr Whyte as directors of Sevco 5088 over the ownership of Rangers.

[GreenockRover]

its the failings of the current board and the previous that despite all the money spunked away over the last two years no one bothered to sort out the companies' relationship with the banks and provide a solid financial base for the club to develop.

this is despite the company being a completely different one from the one david murray or craig whyte had.

is this the burden of continuity of the football club, where the way completely different people in charge have tarnished the club's reputation with the mainstream banks?

it would be assumed the club's credit rating has been carried over along with the football club back in 2012.

i wonder if the banks know something we don't know yet about the current board, easdales etc?

That went Supernova when the truth about SDM's preferred method of doing business became apparent....

[Double Jack D]

As things stand at the moment I am not going back. I am certainly not going back to Ibrox on a regular basis or anything like it. I am absolutely disgusted with those who have renewed and tbh i don't want to share the same stadium as them. They are welcome to the club. I know one supporter who renewed and keeps saying it doesn't matter if Green and Whyte make money or get the stadium because if it wasn't for them there would be no Rangers.

I may go to the odd away game but right now i just feel empty and completely fed up with the whole sorry fiasco. Was talking about it earlier to a well known Rangers supporter who like me hasn't missed a game at Ibrox in years..Once i have missed that first one and broken the run it will be much easier to find other things to fill my time.

When this has all played out i cant see it really changing the way i feel. It will never be the same again...I always felt part of the support and part of the 'Rangers Family' but no more. I ll miss it of course to start with but i am sure i ll carry on with my life regardless. My missus is about to graduate as a Midwife and i had said i ll move anywhere as long as it is no further than two hours drive from Ibrox..I think it is safe to say we can move anywhere in the country now..I believe North Yorkshire is nice this time of year.

No knee jerk reaction...Wont be changing my mind...Just a life long Rangers supporter who has been completely worn down by the whole sorry saga.

Not going to mock, if it were Rovers I'd be doing exactly the same. Believe me, around the Anelka time and when we were run by the weegie gangsters I was very very very close.

After all, it's only football. Rangers is currently not being run for the benefit of the team or the fans, it's about creaming as much money as possible and it is absolutely disgusting that it's being allowed to happen under license from the SFA.

Walking away is absolutely the right thing to do here.

[bennett]

Tsk, not sure Div will be keen for the site to be carrying free ads for Sevco ticket renewals.

He carried free advertising for Calgon ;-) for long enough, he's nice that way

Should be some interesting explanations on this one, Don, seeing as this is one of my major crimes according to the P&B loyal.

(Second-hand slogan, as well - I've got a t-shirt from the NAPM campaign which I'll happily sell to one of the hordes of berrz in Sheffield Mansfield. For charity, of course )

I might have known that you'd be behind that mob. At a few games this season those lovely folk tried to talk us out of going to games, they were told to do one in the nicest possible way.

Oh i've just checked back and confirmed that you've had a few goes at me for not going to Ibrox this season, just a little bit two faced of you...

(i wonder if the posts will be deleted now)

[bennett]

It's not really that black and white - Liquidation appears to be a very murky area of law, and was even more so at the time Middlesborough were going through it.

I don't think the Rangers/"The Rangers" case is either tbh - particularly as newco may yet prove to be legally associated with some of the individuals involved with oldco.

Remember, BDO still have the power to 'turn back time' on a lot of the transactions of the old company - it's not quite dead yet in some senses.

The fact that we are having this debate so many months on demonstrates the vagaries perfectly I would say - It's not something which is for us to decide, there are some pretty strange court cases still ongoing. I won't pretend to understand exactly what the following statement to the Stock Exchange implies:

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11552960

Do you mean like the sale to Green?

...and what exactly would happen if that happened?