Everything Has Changed

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Nowoldandgrumpy says: Tuesday, March 5, 2013 at 17:05 What about LH and …

Comment on Everything Has Changed by neepheid.

nowoldandgrumpy says:
Tuesday, March 5, 2013 at 17:05

What about LH and the COI. A totally ludicrousness situation.
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And there is the key to this whole debacle. In the normal course of events, RFC would have been put into liquidation a few days after the CVA propsal was rejected by the creditors- 12 June or thereabouts. If that had happened, then the “Rangers” SFA membership would have been extinguished, and Sevco’s only route into Scottish senior football would have been to apply for the vacancy that would have been created. Of course Sevco had no chance of entry by that route, because as a new company, they simply could not have produced the necessary 3 years accounts.

May I suggest, at this point in the tale, that Green’s Sevco was financially a busted flush at that point, because playing in the juniors for 3 years was quite definitely not part of the business plan, and it was goodbye Rangers.

Enter, stage right, Lord Hodge. He was in overall charge of the administration, he had approved the appointment of D&P, despite HMRC objections. Yet as soon as it became apparent that liquidation was fatal to Sevco, and would mean no more Rangers in senior football, he blocked the immediate liquidation of RFC pending some supposed enquiry into a conflict of interest by D&P. So RFC remained in administration all through the summer, the RFC membership remained in existence and available for transfer to Sevco, and, surprise surprise, the RFC membership was, in due course transferred to Sevco before RFC was eventually put into liquidation by the gracious consent of Lord Hodge, some time in October, even although his so called enquiry into a conflict of interest was no further forward than it had been in June. In fact he just left matters to the Insolvency Practitioners Association and walked away.

I have asked these questions before on this forum- has anyone got a precedent for anything like this delay?- why could liquidation not be allowed to proceed in June, when it could be allowed to proceed in October?- Am I the only person on this planet who sees a link between delaying the liquidation, and the transfer of the SFA membership?

I have been told before by several well connected posters what an upright judge Lord Hodge is, how unworthy it is to even think such thoughts. And now to cap it all I have Lord Hodge’s even more esteemed colleague, Lord Nimmo-Smith stepping centre stage with a judgement that is breathtaking in its partiality and brass-necked arrogance.

Well, apologies in advance to TSFM or Big Pink or whatever, because I know he doesn’t like stuff like this on his blog, but I have to say it- this whole affair reeks of judicial corruption. If that is the Scottish legal system, then I am truly, truly ashamed to be Scottish. And angry, very angry- because these oh so clever legal minds take all of us for chumps, and think that their pitiful smoke and mirrors charade will blind us all to the brutal truth, which is that the legal system in Scotland is just another corrupt, grubby establishment club (read that any way you like, by the way, you probably won’t be far wrong). Well, your Lordships, this chump is not as stupid as you think, and plenty others can smell rotten fish too. Not that you care of course.

If this post is pulled by the moderators, I fully understand. But some things just have to be said.

neepheid Also Commented

Everything Has Changed
olemungobhoy says:
Saturday, March 9, 2013 at 01:59
4 1 Rate This
scapaflow14 says:

Saturday, March 9, 2013 at 00:59

Rat

We are in a holding pattern at the moment. It is clear that Group took in sufficient funds to keep Rangers in business for the time being.
scapaflow14 says:

Saturday, March 9, 2013 at 00:59
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Oh … are we really that clear ? Quote below from Deloittes who prepared the recent financial statement

“A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing
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Deloittes haven’t conducted an audit, but I can guarantee that they will have seen the bank statements before putting their name to any sort of financial statement. In any case, the RIFC directors aren’t going to risk jail time by telling the AIM market blatant and easily disproven lies about how much money is in the bank. That really would be stupid.

I posted some figures on cash flow last week- it looks like RIFC have enough cash to get through to the end of next season, so long as they don’t have any exceptional expenditure and can keep the same level of support and season ticket sales. But by May/June 2014 at the latest they will need to raise more money just to keep going, plus a load more for the famous “war chest”.

It will be interesting to see whether the institutions come up with the money, or if it’s back to the peepil for cash. I’m still gobsmacked that £17m of real money was put in by institutions last time round, so no more predictions from me on that front.


Everything Has Changed
carlislecelt says:
Friday, March 8, 2013 at 17:24
16 1 Rate This
Every night and more I look on briefly at the TSFM for a bit of inspiration and indeed for a booster after the recent shenanigans. Every night and more I am disappointed I still say the Scottish game is knackered. I will keep looking in however at least for a while.
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I know exactly how you feel. The next significant piece of news will be the phoney reorganisation, involving- surprise, surprise- the accelerated elevation of TRFC. My only remaining interest is to see just how far they dare push it. It’s blindingly obvious that they want TRFC in the top flight next season if possible. Do they dare go for it in one? Is anyone going to stop them? If (that should probably be when) they succeed, then it’s mission accomplished, game set and match, and anyone with an honest bone in their body had better just forget Scottish football- it’s as bent as a horseshoe.


Everything Has Changed
wottpi says:
Friday, March 8, 2013 at 09:39
0 1 Rate This
I have said before that friends who have met Campbell Ogilvie say he comes across as a decent guy.
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A decent guy would have stood down from his position as soon as it became clear that he was heavily conflicted. There’s a lot more to being a decent guy than being good company in the pub or on the golf course. It’s about doing the right (dare I say honourable) thing even when it’s inconvenient.


Recent Comments by neepheid

The Case for a New SFA.
Warburton recruits another of the Brentford backroom boys-

http://www.dailyrecord.co.uk/sport/football/football-news/rangers-make-another-hire-appoint-6661188

Looks like “Moneyball” is coming to Scotland with this one. And is there anyone left at Brentford- apart from former Ibrox Wonderkid Lewis Macleod?


Scottish Football: An Honest Game, Honestly Governed?
http://www.scotzine.com/2014/02/is-dave-kings-scaremongering-part-of-a-long-term-plan-to-buy-club-on-cheap/

Just saw this after my previous post. It sort of ties in with my own thoughts on where this is going.


Scottish Football: An Honest Game, Honestly Governed?
I see that the RIFC share price has been on an upward trend for a few weeks now, it has reached 30p today from a low of 24p, admittedly on thin trading.

Am I being too cynical in thinking that the share price reflects the improved chances of RIFC getting rid of TRFC once and for all, while retaining the properties? If that can be done, and soon, then the shares look cheap at 30p. If it isn’t done, then all the future holds for the shares is dilution, as cash calls are made to keep TRFC afloat.

I think the market believes the football side is about to be ditched. I can’t make sense of a rising share price otherwise.


Podcast Episode 2 – Stuart Cosgrove
The Wallace statement just confirms for me that in business terms he is a lightweight, and that he is totally out of his depth in the Ibrox snakepit. Loads of words to say nothing- why not take the opportunity to answer King’s questions? The fact that he doesn’t confirm that the properties are unencumbered, for example, just invites the conclusion that they are, in fact, encumbered. To my simple way of thinking, anyway.


Podcast Episode 2 – Stuart Cosgrove
andy graham (@andygraham66) says:
Thursday, February 27, 2014 at 14:10

Sorry, I have just found the link within your post. Here it is anyway-

http://www.unionoffans.org/statements/2014/2/27/union-of-fans-statement-270214


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