Big Rangers Administration/Liquidation Thread - All chat here!

[WeeHectorPar]

Imagine a Club run by John "Bomber" Brown along with characters like Leggo & Mark Dingwall !

Christ.......they couldn't get into Mensa if you added their IQ's together !!!

Dingbat and Big Hoose Guy will take up half of Ibrox. You couldn't get them into Mensa even if you added their tonnage together.

Edited July 15, 2012 by WeeHectorPar

[sjc]

Sevco FC in SFL Division 3 - 2012

Sevco FC in SFL Division 3 - 2013

[kiddy]

Even if 15,000 a game, that would only cover costs at most I reckon, plus I think 5,000 tops would be closer. They wouldn't waltz through the divisions either, that is why SPL2 is mooted.

They agonna die

They've still to produce & launch their strip, as the thing currently being punted at JJB, is the property of the sports retailer/supplier & they'll be unable to use anything with Oldco's copyrighted crests.

[Stagmaster]

And with Green looking shadier by the day, asset stripping ahead......

The family also made a bit of commission in the 1980s from shipping cigarettes for Brown & Wilkinson and BAT into Lebanon and, allegedly, Iran, Iraq and Syria. This was via a Cyprus-based firm called Peregrini. This was in the midst of a civil war. Quite a dangerous game at that time. Why they want to be involved with Rangers is anyone's guess

For the impending Social Unrest of course!

Edited July 15, 2012 by Stagmaster

[wunfellaff]

For the love of God, wtf!!!!

di Stefano

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

[sjc]

For the impending Social Unrest of course!

either that or they're going to be selling fags out of Ibrox

[Itwiznaeme]

For the impending Social Unrest of course!

Sevco FC (formerly RFC) support this season (if they actually play this season):

[Caledonian]

I'd like to share some things I've read in the papers. I've read in the papers that 1. Six SPL clubs will be out the game in a matter of weeks. 2. All of the other league clubs will die a slow lingering death. 3. Sevco will be in the First Division by 5pm tomorrow. 4. The best case scenario is meltdown and the worst case scenario is Armageddon. 5. Celtic will have won the SPL by December. I have also read other stuff in the papers about 'sporting integrity' but I can't quite understand that term in a footballing context so we'll let that one go.

These issues are dominating the back page headlines (sometimes even the front page). Now let's just say that some or all of this does not happen. That would leave some leading (?) journalists in a situation in which they have called it badly wrong. If I got something badly wrong at work I would deservedly be disciplined. Would these guys be disciplined? Not a chance. Editorial controls are slack and we are getting sensationalist headlines in an attempt to sell more newspapers. Some people lap up this guff but most of us see it for what it is. In metaphorical terms it's just a pile of steaming manure. They are all guilty. It doesn't matter whether it is a red top or one of those posh papers that cost more than a quid and it takes two people to hold. They really do believe that we are all simple. A lot of the posts on this thread have been of outstanding quality but nobody on here would last five minutes as a football journalist because we would tell it as it is (Oh God, I'm beginning to sound like Kenny Wotsisname at Killie!). The following is a serious question - Does anybody know of a credible newspaper I could buy? Or maybe we could all get together and start our own.

[HibeeJibee]

For the love of God, wtf!!!!

di Stefano

Can someone summarise/translate that?!?!

[wunfellaff]

£25 mill to D+D????

[sjc]

For the love of God, wtf!!!!

di Stefano

He's been hanging (literally) around with Despots for far too long !

[The Troll]

Green will do well to sell anything off, right now he'll be lucky to own 10% of the club, remember he is simply fronting a consortium, and a consortium that have, it seems, spent over 10million quid on Rangers and will spend another couple of million this coming payday in july

Who owns the other 90%?

Also who owns Ibrox and Murray Park?

And who's involved in the consortium?

[dirtydave]

They've still to produce & launch their strip, as the thing currently being punted at JJB, is the property of the sports retailer/supplier & they'll be unable to use anything with Oldco's copyrighted crests.

Is that correct? Ooft lol

[The Troll]

Can someone summarise/translate that?!?!

I think he's claiming Rangers should never have been liquidated, were never in debt and that he should get the shares of the club? At a very quick skim that's what I could pick up

[wunfellaff]

Can someone summarise/translate that?!?!

''Corruption blah blah Rangers weren't insolvent blah blah corruption blah blah D+P are corrupt blah blah I'm a shareholder now blah blah £25 million in fees so far to D+P blah blah corruption''

Pretty much covers it

Oh and he wants the £25mil back from D+P NOW!!!!!!!

Edited July 15, 2012 by wunfellaff

[sjc]

''Corruption blah blah Rangers weren't insolvent blah blah corruption blah blah D+P are corrupt blah blah I'm a shareholder now blah blah £25 million in fees so far to D+P blah blah corruption''

Pretty much covers it

Oh and he wants the £25mil back from D+P NOW!!!!!!!

sounds like De Stefano drinks from the same bottle as Bomber & Leggo !

[killingfloorman]

Unlike some I don't think Sevco will go bust assuming, and it's a big assumption, that Charles Green is not out to asset strip them. Otherwise I think they're likely to get 15,000 - 20,000 at each home game and that will be enough to see them through division 3.

Of course there is going to have to be some reconciliation between Green and the fans, though people may opt to pay per game rather than advance him ST money.

One of the things he bought was the 'history'. If he does decide to asset strip I can just imagine him selling this to Bomber "No I won't sell you Ibrox, or Murray Park, or the players' contracts, but here Bomber what about 140 years of history for £100k. You can put 5 stars on your pyjamas.".

I am sure that there is more to come out regarding Whyte/Ticketus etc. concerning who owns what of TCFKAR.

[sjc]

If/When John "Bomber" Brown, Leggo & Dingwall take over:

Board meeting at Ibrox

[killingfloorman]

If Green runs Sevco FC as well as Whyte ran the soon-to-be dead RFC he deserves a medal!

This post is a thing of beauty. It perfectly sums up the whole thread

[sjc]

This post is a thing of beauty. It perfectly sums up the whole thread

It shows perfectly that the Daily Record isn't fit for purpose.

Christ.......its not even fit to wrap a fish supper in !