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Big Rangers Administration/Liquidation Thread - All chat here!

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http://www.heraldscotland.com/news/15640863.Rangers_and_the_mounting___20_million_loan_debt_needed_to_remain_a_going_concern/?ref=twtrec
 
£20m in loan debt ,no credit line, a going concern, and financial projections based on getting European Football and increased ST sales:lol:...what a fucken mess


That’ll be the Gherald getting boycotted then.

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On 05/11/2017 at 08:55, McQuade said:

http://www.heraldscotland.com/news/15640863.Rangers_and_the_mounting___20_million_loan_debt_needed_to_remain_a_going_concern/?ref=twtrec

 

£20m in loan debt ,no credit line, a going concern, and financial projections based on getting European Football and increased ST sales:lol:...what a fucken mess

 

12 hours ago, Glen Sannox said:

 


That’ll be the Gherald getting boycotted then.

 

Surely if the loans are getting converted into shares , the value of any share offer next year is reduced, or would it be fans buying shares that directors have received to repay loans so it would be money going to directors rather than to the club/company?

 

Or if the loans are just extended and extended when do they get to the point that the 'soft loans' are worth more than the assets and they are no longer a going concern in the eyes of the accountants ?

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If I was a shareholder in the club/company, why would I vote to have a share issue when all that is going to happen is all shares issued will be taken to pay off the shareholders loans and reduce my stake in the club/company? It’s not like it’s going to raise any additional finance.

Even if they vote through to have a share issue, can they have one until the court decide on the takeover panel case?

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7 hours ago, McQuade said:

Key questions asked to Dave King at the Rangers AGM Today:

2017.....Rangers AGM question to Dave King: “I take it you went to a non-denominational school in Castlemilk rather than St Margaret Mary's?"

:lol:

Was the question dignified with an answer?

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Yet another bizarre wee quirk in this much-loved, on-going pantomime...While SSN was on in the pub last night, when it cut to their Dave King interview, it looked like he was sitting in the boardroom/trophy room. (I assume it was somewhere deliberately picked as supposedly grand enough for the King to grant an audience).  Anyhow, clearly visible over his shoulder was a bicycle.  Really? In the boardroom? Carried up the marble steps and into the inner sanctum?  Just curious why it was there.. Either its

(a) for a quick getaway from the utter shambles he's perpetuating 

(b) ready to go on eBay, to raise some cash for the war chest 

or

(c) a trophy! (Tour de Govan perhaps?) Possibly the only one they'll collect in the foreseeable? 

 

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44 minutes ago, Dennistoun Bairn said:

Yet another bizarre wee quirk in this much-loved, on-going pantomime...While SSN was on in the pub last night, when it cut to their Dave King interview, it looked like he was sitting in the boardroom/trophy room. (I assume it was somewhere deliberately picked as supposedly grand enough for the King to grant an audience).  Anyhow, clearly visible over his shoulder was a bicycle.  Really? In the boardroom? Carried up the marble steps and into the inner sanctum?  Just curious why it was there.. Either its

(a) for a quick getaway from the utter shambles he's perpetuating 

(b) ready to go on eBay, to raise some cash for the war chest 

or

(c) a trophy! (Tour de Govan perhaps?) Possibly the only one they'll collect in the foreseeable? 

 

Present from St Etienne in the 70s, allegedly up for sale when Whyte sold the Arsenal shares LoL,

http://www.dailyrecord.co.uk/sport/football/rangers-fans-chief-blasts-owner-1117580

Rangers fans' chief blasts owner Craig Whyte for 'disgraceful' sale of historical link with Arsenal

CRAIG WHYTE has already stripped Rangers of their dignity, destroyed their credibility, and millions of the club’s cash remains unaccounted for.

But supporters, already reeling from last week’s events, were further sickened to discover their discredited owner has now flogged off Rangers’ proud history.

Whyte decided to terminate a century-long association with Arsenal when he sold shares that were gifted to Rangers by the London club.

The Ibrox owner opted to cash in on a link between the two great sporting institutions which stretches back to 1910 when he off-loaded the 16 shares for £230,000.

It is a relatively small sum in comparison to the £6million administrators Duff and Phelps have still to trace but ex-Rangers Supporters Trust chairman Steven Smith believes you simply cannot put a price on tradition.

Like the rest of Rangers fans up and down the country Smith feels it is time for the Whyte to get on his bike – but only if he hasn’t already sold that.

Smith said: “It’s a disgrace what has happened and completely unacceptable.

“Next he will be trying to take the bike, presented to Rangers in 1977 by French club St Etienne along to Halfords. Maybe they will give him £50 for it.

“The bike has been in the Ibrox trophy room for almost 40 years, although the administrators should check to make sure it’s still there.

“I’m of an age where I can remember going to watch Rangers play Arsenal as part of our centenary celebrations in 1973.

“There has always been a strong historical link between the two clubs and that remains to the present today.

“As chairman of the club you are effectively the custodian of the club’s 140-year history. You are not supposed to sell it off.

“The Rangers supporters take a huge amount of pride, not only in what they have achieved on the pitch, but their status as a Scottish sporting institution.

“The fact Whyte has left us scrambling about for money and sold off the Arsenal shares has undermined the club’s dignity.

“This is not good for Scottish football and most reasonably minded and far-sighted people will realise that.”

Rangers fans reacted with fury to the Record Sport revelations that Whyte, unmasked as a liar in relation to his Ibrox takeover, had shown total disregard for the club’s heritage.

The link with Arsenal first dates back to 1910 when Rangers, ironically, helped the Londoners out of a financial crisis by buying two shares for £2.

Around 20 years later the Gunners gifted the Scottish side a further 14 shares for the support they had shown during troubled times.

And the relationship was cemented further when Bill Struth and Herbert Chapman, arguably the two greatest managers in the history of the clubs, struck up a firm friendship.

The link remained until last month when Whyte struck a deal with a London-based consortium.

It was just the latest in a catalogue of deals under his catastrophic stewardship which dragged Rangers into the gutter. Smith said: “The Arsenal share sale highlights the depth this man is prepared to sink. It gives out all the wrong signals.

“It is petty and pathetic and not the kind of behaviour you associate with the owner and chairman of Rangers Football Club.

“He is becoming a Walter Mitty character. You just can’t take him seriously any more.

“Every single revelation about him points in the same direction.

“I can’t get my head round why he thought withholding £9m in PAYE and VAT would go unnoticed.

“Virtually everything Whyte has said since taking over as chairman has turned out not to be true.

“We are not taking about a huge amount of money regarding the share deal but that is not the point.” Ross Blyth, vice president of the Rangers Assembly, also believes Whyte has failed abysmally in his duty to safeguard the club’s future and history.

He said: “The chairman is the person supporters look to in times of trouble to guide the club through.

“Instead the current incumbent at Ibrox has just shown a total disregard for the club’s history.

“The main concern is that he has started selling off the family silverware and destroying years of history.

“Where all this is going to end and what are the administrators going to discover next?

“I would love to say I was surprised to read the story about him flogging off the Arsenal shares but nothing surprises me with this guy any more.

“There are a whole host of new scandals on a daily basis and none of them are showing him in a very good light.”

Initially Rangers fans feared the worst when their team was placed into administration last week. But they now feel Duff and Phelps are a far more attractive option than the disgraced Whyte.

 

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3 hours ago, MEADOWXI said:

Present from St Etienne in the 70s, allegedly up for sale when Whyte sold the Arsenal shares LoL,

http://www.dailyrecord.co.uk/sport/football/rangers-fans-chief-blasts-owner-1117580

Rangers fans' chief blasts owner Craig Whyte for 'disgraceful' sale of historical link with Arsenal

CRAIG WHYTE has already stripped Rangers of their dignity, destroyed their credibility, and millions of the club’s cash remains unaccounted for.

But supporters, already reeling from last week’s events, were further sickened to discover their discredited owner has now flogged off Rangers’ proud history.

Whyte decided to terminate a century-long association with Arsenal when he sold shares that were gifted to Rangers by the London club.

The Ibrox owner opted to cash in on a link between the two great sporting institutions which stretches back to 1910 when he off-loaded the 16 shares for £230,000.

It is a relatively small sum in comparison to the £6million administrators Duff and Phelps have still to trace but ex-Rangers Supporters Trust chairman Steven Smith believes you simply cannot put a price on tradition.

Like the rest of Rangers fans up and down the country Smith feels it is time for the Whyte to get on his bike – but only if he hasn’t already sold that.

Smith said: “It’s a disgrace what has happened and completely unacceptable.

“Next he will be trying to take the bike, presented to Rangers in 1977 by French club St Etienne along to Halfords. Maybe they will give him £50 for it.

“The bike has been in the Ibrox trophy room for almost 40 years, although the administrators should check to make sure it’s still there.

“I’m of an age where I can remember going to watch Rangers play Arsenal as part of our centenary celebrations in 1973.

“There has always been a strong historical link between the two clubs and that remains to the present today.

“As chairman of the club you are effectively the custodian of the club’s 140-year history. You are not supposed to sell it off.

“The Rangers supporters take a huge amount of pride, not only in what they have achieved on the pitch, but their status as a Scottish sporting institution.

“The fact Whyte has left us scrambling about for money and sold off the Arsenal shares has undermined the club’s dignity.

“This is not good for Scottish football and most reasonably minded and far-sighted people will realise that.”

Rangers fans reacted with fury to the Record Sport revelations that Whyte, unmasked as a liar in relation to his Ibrox takeover, had shown total disregard for the club’s heritage.

The link with Arsenal first dates back to 1910 when Rangers, ironically, helped the Londoners out of a financial crisis by buying two shares for £2.

Around 20 years later the Gunners gifted the Scottish side a further 14 shares for the support they had shown during troubled times.

And the relationship was cemented further when Bill Struth and Herbert Chapman, arguably the two greatest managers in the history of the clubs, struck up a firm friendship.

The link remained until last month when Whyte struck a deal with a London-based consortium.

It was just the latest in a catalogue of deals under his catastrophic stewardship which dragged Rangers into the gutter. Smith said: “The Arsenal share sale highlights the depth this man is prepared to sink. It gives out all the wrong signals.

“It is petty and pathetic and not the kind of behaviour you associate with the owner and chairman of Rangers Football Club.

“He is becoming a Walter Mitty character. You just can’t take him seriously any more.

“Every single revelation about him points in the same direction.

“I can’t get my head round why he thought withholding £9m in PAYE and VAT would go unnoticed.

“Virtually everything Whyte has said since taking over as chairman has turned out not to be true.

“We are not taking about a huge amount of money regarding the share deal but that is not the point.” Ross Blyth, vice president of the Rangers Assembly, also believes Whyte has failed abysmally in his duty to safeguard the club’s future and history.

He said: “The chairman is the person supporters look to in times of trouble to guide the club through.

“Instead the current incumbent at Ibrox has just shown a total disregard for the club’s history.

“The main concern is that he has started selling off the family silverware and destroying years of history.

“Where all this is going to end and what are the administrators going to discover next?

“I would love to say I was surprised to read the story about him flogging off the Arsenal shares but nothing surprises me with this guy any more.

“There are a whole host of new scandals on a daily basis and none of them are showing him in a very good light.”

Initially Rangers fans feared the worst when their team was placed into administration last week. But they now feel Duff and Phelps are a far more attractive option than the disgraced Whyte.

 

2012: Grrrr it's all that Craig Whyte's fault!

2017: Grrrr it's all previous boards fault!

Will they ever learn? In a word....No.

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It's the word 'dignity' that amuses me. I can't remember the old club or the new ever having any. In fact I can't honestly think of any other club having less.

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Sorry to hear of the passing of my big friend George Barnett famous for the ( the big house must stay open statement on tv ) and your right Big G ,the big house WILL stay open , another gone too soon 
GBNF rip Big G 

 

Read the above on Facebook.

Shame about the big chap.  RIP

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On 28/11/2017 at 10:46, MEADOWXI said:

 

Surely if the loans are getting converted into shares , the value of any share offer next year is reduced, or would it be fans buying shares that directors have received to repay loans so it would be money going to directors rather than to the club/company?

 

Or if the loans are just extended and extended when do they get to the point that the 'soft loans' are worth more than the assets and they are no longer a going concern in the eyes of the accountants ?

Point one is pretty much on the money, although there are a few wrinkles depending on the complexities around issued v available shares, share categories, voting rights of shares and the really ethereal such as what value do others place on the loan to equity conversion (i.e. does the market see it as a positive move for the club's long term prospects)?

Two other points of order are;

1)  Value of shares are always in a certain state of flux and should adjust immediately

2)  The voting power of any shares held are generally diluted (subject to some of the stuff I mentioned above).  E.g. If you owned 50 out of 100 shares (50% of the club) and the loan conversion issues another 100 shares then you would now own 50 out of 200 (25% of the club).

As for any going concern, again it's a bit ethereal.

At it's simplest, the question is, will the club be able to meet it's financial commitments for the coming year/years. 

Just because a company is currently making losses and needs cash injections now, doesn't mean that it's not viable medium to longer term (see the likes of Tesla and Amazon which made losses for years and years).  What the auditors need to be satisfied about is that somehow by hook or by crook, finance will be available to meet upcoming obligations.

Aberdeen (now being touted as a well run club) had an 'emphasis of matter' only a few years ago, where they hadn't completed their negotiations with the bank on a loan re-structure in time for the accounts.  The auditors didn't qualify the accounts (on a going concern basis) because they had assurances from Wiggy & Gilbert (?) that the worst case was that they'd step in, if no agreement with the bank was reached.

Hope this helps.

 

Yours

aDONis

P.S. Safe to say, I won't be investing in NewBrandRangers FC though (they can get fvkked just like the old club)   

 

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What's the script with this guy? I started following him on Twitter a while ago and lasted maybe a week. His blog seems interesting enough providing it isn't made up pish.

Is it worth keeping up to date with this guy or is he simply, shall we say "rhabid"

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