Big Rangers Administration/Liquidation Thread - All chat here!

[GreenockRover]

The man's a fucking imbecile. I doubt he can even spell his own name.

Why do you think he's known as DJ ?

Edited March 4, 2014 by GreenockRover

[pars till i die]

not sure if this has been posted here already but it might be worth a read to some rangers fans that cant admit there club is in trouble again

The Rangers Standard


Laxey Loan Alternatives Ignored
By The Rangers Standard
1

Businessmen, fund managers and investment professionals have come together to criticise the recent loan taken by the Rangers board from Laxey, and to reveal that they approached the NOMAD, Daniel Stewart, in an attempt to provide alternatives which were never progressed.

John McClure, the head of Unicorn Asset Management, a well-respected small cap manager in the City of London, and a lifelong Rangers fan with 4 season tickets, has detailed how he approached Daniel Stewart on Thursday 20th February on behalf of a group of shareholders, before the loan was signed off by the Rangers board.

“We approached the NOMAD, Daniel Stewart on 20th February to discuss reports that a loan was being considered. At the time we didn’t know the exact terms but we wanted to make it clear that there were alternatives. The next thing we knew, the loan had been announced.”

“We were never given the opportunity to offer formal terms because we didn’t hear anything back. Daniel Stewart asked if we could provide the money that day but obviously that wasn’t possible. We told them we would need a few days, which is perfectly reasonable in a transaction of that size, but they seem to have pressed ahead regardless.”

“We’d be concerned if the money was needed so urgently by the board that they could not at least have discussed it properly with us. It certainly wouldn’t suggest it was part of the plan, as they are indicating. Surely they could have waited a few days? We could have provided immediate proof of funds with a view to agreeing terms.”

"We also made it clear to Daniel Stewart that we believe a new share issue is urgently required and a much better option than taking short term finance at outrageous rates."

“We just want the fans to know that there were alternatives out there that we feel were never explored properly. In our opinion the board and the NOMAD did not open this up to other shareholders as they should have. Our motivation was and is to help the club so we could have provided any required funds at much more favourable terms than those they accepted.”

George Letham, a lifelong Rangers fan and wealthy businessman, backed up McClure’s version of events and revealed he would even have been prepared to offer the full amount of the Laxey loan.

“When the loan was first mooted, I was approached by a fellow fan asking if I was prepared to contribute a substantial slice of an interest free, secured loan along with a few other fans. I agreed that they could approach the NOMAD on this basis.”

“When the terms of the Laxey loan were announced I was horrified.”

“If I had been offered even half of Laxey's interest rate with the security being given, I would have provided the whole loan myself in a heartbeat. I communicated this to a couple of the fans reps who had recently met with Graham Wallace in the hope they could convey this but they were unable to speak to him.”

The Rangers Standard has also spoken to the MD of a multi-national investment bank who did not wish to be named due to what he called “the tactics employed by various parties linked to the board”.

“I was astounded at the terms that Laxey managed to achieve on this loan, especially as a related party with a representative on the Rangers board in the form of Mr Crichton. In such circumstances, you would expect terms to be at least comparable with prevailing market rates, and more likely on better terms, given the prospect of a conflict of interest. They certainly do not appear to represent value for the club, or its shareholders.”

“Firstly, the loan is secured against property, although there is nothing untoward about this on the face of it, you would expect a secured loan to reduce the borrower’s costs. However, to achieve 30% pa, on a secured loan, is to the best of my knowledge unprecedented.”

“Having negotiated such attractive interest rates on their loan, Laxey also have an option, to convert their premium into shares, at either the lower of 26.5p or the prevailing price of any future share issue price, at Laxey’s discretion. Effectively they have the option to buy shares, and potentially strengthen their position as Rangers largest shareholder. If the share price rises, they can redeem the option at a potential profit. If the share price remains below 26.5p, and in the absence of a further share issue below the 26.5p level, they may take the cash and have their 15% return in 6 months. As a gauge, with the share price, currently hovering around the 30p mark, their potential return over 6 months has already risen significantly to around 17%. Any further rise in the share price only serves to further enhance the potential return Laxey can achieve. The convertible element of the loan, benefits only Laxey, to the potential detriment of all other shareholders, who could see their shareholdings diluted, as more shares are potentially created.”

“On seeing the terms of the Laxey loan, I took it upon myself to test the market, to establish the type of cost and terms that a corporate could achieve for a similar secured loan. I should stress that I am not privy to the specifics of the security and value of Edmiston House and the Albion, so there is a modest amount of guesswork involved. However, I was generally quoted, dependant on loan to value, a range of between 3 and 5% pa. There was also the provision of a front end fee of c1% to 1.5%. I was also quoted a flat 8.5%, with no redemption clauses, or fees. This was the most expensive quote I received, and none of the quotes had the clause of a discretionary share conversion, which you would expect to potentially curtail interest costs further. When I showed the Laxey terms to a well-connected property finance broker, he was astounded at the favourable rates and equity conversion achieved, even more so when I relayed that the terms were achieved by a related party.”

It is clear that the board, and the NOMAD, Daniel Stewart, have some uncomfortable questions to answer on why they took this loan from Laxey on such onerous terms, did not progress the other options available and have made claims that the loans were commercially acceptable despite clear evidence to the contrary. Perhaps instead of bland statements asking fans to be patient, they can address the very real concerns raised by Dave King, the Union of Fans and the highly experienced and credible businessmen who were willing and able to provide the club with much more favourable terms on any required finance.

[Skudbook]

Edmiston house and the car park were one of the few pieces of meat on the carcass,

The spivs have cunningly kept the skin intact and keep moving the limbs around to give the impression that there's still life.

[lithgierose]

I'

I've never understood this need to get (mainly) thick ex-footballers to comment on the modern game. It's like asking a squaddie to comment on how the battle went ("Well, I hid in my foxhole for a couple of hours and then somebody said we'd won"). Who wants to hear some has-been telling us that "it's three-on-two in a breakaway"? It's TV ffs - I can see for myself.

The odd intelligent ex-manager might have something to say but DJ and his ilk are hardly going to add anything to what your average fan already knows. Andy Gray's tactics board was interesting but never went far enough.

I'd love a TV stream that gave a bit of the context before the match starts, showed the score and had a voice reading out who's on the ball - and even the latter is almost redundant given high-def TV pictures.

Not if you'r a bear with your head in the sand you wont

[BossHogg]

.

[Shandon Par]

Perhaps instead of bland statements asking fans to be patient, they can address the very real concerns raised by Dave King, the Union of Fans and the highly experienced and credible businessmen who were willing and able to provide the club with much more favourable terms on any required finance.

[pozbaird]

If Honest Dave King decides to bolt and not get involved, will Ally McCoist say Woah! King away?

[BossHogg]

If Honest Dave King decides to bolt and not get involved, will Ally McCoist say Woah! King away?

No, he'll simply insert his head straight up the Easdales arses.

[G-MAN]

^{Company News}

^{Rangers International (ticker RFC)}

^{Phil Tudor Nash has this morning been appointed to undertake financial affairs at RIFC (ticker RFC).}

^{Not sure what this will mean in the greater scheme of things but maybe worth discussion. Certainly, Laxey's now increasing their stranglehold at the club.}

Edited March 4, 2014 by G-MAN

[Florentine_Pogen]

Director Overview Philip Nash holds 1 current appointment, has resigned from 18 companies and held appointments at 0 dissolved companies. Philip began their first appointment at the age of 37 and their longest current appointment spans 0 years and 3 months at LINGUR CONSULTING LIMITED.

The combined cash at bank value for all businesses where Philip holds a current appointment equals £0, with a combined assets value of £0 and liabilities of £0. Roles associated with Philip Nash within the recorded businesses include: Director, Company Secretary

Registered Details Short name Philip Nash
Year of Birth: 1971
Director ID: 916407889

Registered Address 2 Bedales
Lewes Road
Haywards Heath
West Sussex
England
RH17 7TE

Directorships

1 current appointments
18 resigned appointments
0 dissolved appointments

Company Name Company Status Position Appointed Resigned Dissolved LFC TRAVEL LIMITED Non trading Director 12/10/2011 28/02/2013 - L.F.C. LEISURE LIMITED Non trading Director 12/10/2011 28/02/2013 - L.F.C. PROPERTIES LIMITED Non trading Director 12/10/2011 28/02/2013 - L.F.C. SERVICES LIMITED Non trading Director 12/10/2011 28/02/2013 - L.F.C. TELEVISION LIMITED Non trading Director 12/10/2011 28/02/2013 - L.F.C. TV LIMITED Non trading Director 12/10/2011 28/02/2013 - L.F.C. LIMITED Non trading Director 12/10/2011 28/02/2013 - LFC FINANCIAL SERVICES LIMITED Non trading Director 12/10/2011 28/02/2013 - LIVERPOOL FOOTBALL CLUB LIMITED Non trading Director 12/10/2011 28/02/2013 - LIVERPOOL LIMITED Non trading Director 12/10/2011 28/02/2013 - KOP FOOTBALL LIMITED Active - Accounts Filed Director 17/12/2009 15/04/2010 - KOP FOOTBALL (HOLDINGS) LIMITED Active - Accounts Filed Director 17/12/2009 15/04/2010 - LIVERPOOLFC.TV LIMITED Non trading Director 15/04/2010 28/02/2013 - LIVERPOOLFC.TV LIMITED Non trading Company Secretary 18/01/2009 26/04/2011 - LIVERPOOL FC FOUNDATION TRADING COMPANY LIMITED Active - Newly Incorporated Director 07/12/2012 28/02/2013 - THE LIVERPOOL FOOTBALL CLUB AND ATHLETIC GROUNDS LIMITED Financial Statements too old Director 17/12/2009 28/02/2013 - ANFIELD ARENA LIMITED Non trading Director 15/04/2010 28/02/2013 - LINGUR CONSULTING LIMITED Active - Newly Incorporated Director 18/11/2013 - - STANLEY PARK COMPANY LIMITED Non trading Director 31/07/2009 10/12/2013 -

Philip Tudor Nash

Company director

List of companies owned by Philip Tudor Nash. Free company director check. Philip Tudor Nash holds currently this position: Director (COMPANY DIRECTOR) in company LINGUR CONSULTING LIMITED. He/she has been a Director (COMPANY DIRECTOR) of LINGUR CONSULTING LIMITED for 4 months.

MR PHILIP TUDOR NASH
Born: 1971
Nationality: BRITISH

Country: UNITED KINGDOM
County: MERSEYSIDE
Posttown: PRENTON
Postcode: CH43 7PR

Country of residence: UNITED KINGDOM

LINGUR CONSULTING LIMITED (active)

Philip Tudor Nash has been employed at LINGUR CONSULTING LIMITED since 18 November 2013 currently as a Director (COMPANY DIRECTOR).

active

Company address: LINGUR CONSULTING LIMITED
26 THE BRIARS, VYNER ROAD SOUTH, PRENTON, MERSEYSIDE, UNITED KINGDOM, CH43 7PR

____________________________________________________________________________

PHILIP TUDOR NASH

PHILIP TUDOR NASH has position Secretary in company RANGERS INTERNATIONAL FOOTBALL CLUB PLC. At current position Secretary of company RANGERS INTERNATIONAL FOOTBALL CLUB PLC is 2 months.

Current appointments:

RANGERS INTERNATIONAL FOOTBALL CLUB PLC (active)

PHILIP TUDOR NASH has been employed at RANGERS INTERNATIONAL FOOTBALL CLUB PLC since 2014.01.24 currently as a Secretary.

active

Company address: RANGERS INTERNATIONAL FOOTBALL CLUB PLC

______________________________________________________________________________

From Companies House this lunchtime 04 - 03 - 14:

“Company Name : SEVCO SCOTLAND LIMITED
Company Number: SC425159
The following form/document(s) have been filed for the above company and are
available to order from our Companies House WebCHeck service:
Document Type Form
Appointments AP03

When I looked this up I found :

AP03 03/03/2014 SECRETARY APPOINTED MR PHILIP TUDOR NASH

So Philip Tudor Nash is now secretary of both Rangers InternationaI Football Club plc (formerly Rangers Football plc) and SEVCO.........

___________________________________________________________________________

I take it this is the same guy ? Formerly at Liverpool FC............

Edited March 4, 2014 by Florentine_Pogen

[BossHogg]

Another patsy...

Philip Nash holds 1 current appointment, has resigned from 18 companies and held appointments at 0 dissolved companies. Philip began their first appointment at the age of 37 and their longest current appointment spans 0 years and 3 months at LINGUR CONSULTING LIMITED.

The combined cash at bank value for all businesses where Philip holds a current appointment equals £0, with a combined assets value of £0 and liabilities of £0. Roles associated with Philip Nash within the recorded businesses include: Director, Company Secretary

[Apache Don]

^{Company News}

^{Rangers International (ticker RFC)}

^{Phil Tudor Nash has this morning been appointed to undertake financial affairs at RIFC (ticker RFC).}

^{Not sure what this will mean in the greater scheme of things but maybe worth discussion. Certainly, Laxey's now increasing their stranglehold at the club.}

Laxey's end game? Everyone is now aware that Laxey exist to make profit on investment and there is no sentimental involvement with TRIFC or any other company they place funds with. They would appear to be strengthening their position within TRIFC and of course they will be doing all they can to protect their investment, from any stupidly rich individual or group of individuals who fancy running a football club as a loss making play-thing. I think they see the likes of D King as a threat to their investment and will be wanting to see him off once and for all or at least until such time as they feel they can get out with the maximum return possible.

The Rangers support need to be asking themselves if it would seem likely that such a firm would risk speculating on attaining big profits, through regular CL participation, by allowing the club to invest heavily in the football department? I would think that would be way too speculative for them and so suggest the answer to be no. All this would lead me to conclude, that should a football team playing in blue at Ibrox, with Rangers in the name continue to exist, they will certainly not be anything like a formidable force. This makes me smile.

[G-MAN]

Maybe Green wasnt lying when he said he was in the States last year. Maybe Houston are a feeder club for Sevco judging by the logo on the back of the shirts.

http://www.football-shirts.co.uk/fans/houston-dynamo-2014-adidas-away-kit_25380

[Happy Buddie]

Laxey's end game? Everyone is now aware that Laxey exist to make profit on investment and there is no sentimental involvement with TRIFC or any other company they place funds with. They would appear to be strengthening their position within TRIFC and of course they will be doing all they can to protect their investment, from any stupidly rich individual or group of individuals who fancy running a football club as a loss making play-thing. I think they see the likes of D King as a threat to their investment and will be wanting to see him off once and for all or at least until such time as they feel they can get out with the maximum return possible.

The Rangers support need to be asking themselves if it would seem likely that such a firm would risk speculating on attaining big profits, through regular CL participation, by allowing the club to invest heavily in the football department? I would think that would be way too speculative for them and so suggest the answer to be no. All this would lead me to conclude, that should a football team playing in blue at Ibrox, with Rangers in the name continue to exist, they will certainly not be anything like a formidable force. This makes me smile.

Reminds me a wee bit of a car I had a few years back, nice Mercedes, but a bit run into the ground, full leather interior, but costly monthly expenses on fuel and insurance. On what turned out to be its last MOT I just got it through, but the mechanic provided me with a list as long as my arm of recommendations, which would give me problems at the next MOT. Anyhoo, I decided to keep it running as long as poss, then when it did eventually get due for the next MOT and the running expenses looked prohibitive, I found out that I could actually make a few bob breaking it up for parts. Funnily enough, it was a light blue.

[Macshimmy]

He was quite highly regarded at Arsenal, then 'head hunted' by Liverpool - left for 'family reasons' after being there five years.

Questions which come to mind...

1. Can The Rangers afford to pay their executives similar wages to top PL clubs?
2. Does 'family reasons' really mean something else? (Liverpool fans seem to think so)
3. How did Phil go from being 'head hunted' by Liverpool to this?

Intriguing.

[Macshimmy]

Maybe Green wasnt lying when he said he was in the States last year. Maybe Houston are a feeder club for Sevco judging by the logo on the back of the shirts.

http://www.football-shirts.co.uk/fans/houston-dynamo-2014-adidas-away-kit_25380

A subtle touch of class is added where Houston’s slogan “Forever Orange” is stamped on the upper left shoulder and the Texas flag is added on the jock flag of the shirt.

[Florentine_Pogen]

He was quite highly regarded at Arsenal, then 'head hunted' by Liverpool - left for 'family reasons' after being there five years.

Questions which come to mind...

1. Can The Rangers afford to pay their executives similar wages to top PL clubs?
2. Does 'family reasons' really mean something else? (Liverpool fans seem to think so)
3. How did Phil go from being 'head hunted' by Liverpool to this?

Intriguing.

At Anfield during the Hicks / Gillett debacle ?

[bennett]

Maybe Green wasnt lying when he said he was in the States last year. Maybe Houston are a feeder club for Sevco judging by the logo on the back of the shirts.

http://www.football-shirts.co.uk/fans/houston-dynamo-2014-adidas-away-kit_25380

Half of Scottish fitba would implode if we wore something like that lol

[pozbaird]

Reminds me a wee bit of a car I had a few years back, nice Mercedes, but a bit run into the ground, full leather interior, but costly monthly expenses on fuel and insurance. On what turned out to be its last MOT I just got it through, but the mechanic provided me with a list as long as my arm of recommendations, which would give me problems at the next MOT. Anyhoo, I decided to keep it running as long as poss, then when it did eventually get due for the next MOT and the running expenses looked prohibitive, I found out that I could actually make a few bob breaking it up for parts. Funnily enough, it was a light blue.

Surely what you should have done was to pay for extremely expensive parts for your battered and dead car. Indeed, parts you really couldn't afford, and you stuck them on someone else's credit card. However, it gave your Mercedes the appearance of being better than other cars in your area, and the addition of these highly priced parts enabled your otherwise pan breid' Merc' to be faster than, and better running than, the wee Fiestas, Clios, Corsas and Fiat Pandas around you.

Suddenly one day, the people around you had Astras, Mondeos and Honda Accords, and your expensively tarted-up Merc' found it harder to compete. Your pal's credit card bill came in and he wanted paid. You had to get rid of your spare parts and were back to owning a dead Mercedes again.

Only one thing to do. Get rid, and get yourself out of town quick-smartish.... before you had to spend 30 million on the pup trying to compete with the Audis, BMWs, Lexus' and Range Rovers lurking round the corner.

[Hipster Dufus]

So when does Sevco buy Cowdenbeath and start up as Rangers Mk III?