The Immortality Project

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Andygraham.66 says: September 7, 2013 at 8:34 am In this whole sorry …

Comment on The Immortality Project by redlichtie.

andygraham.66 says:
September 7, 2013 at 8:34 am
In this whole sorry saga it’s Mr Patey that’s keeping Chris Graham from the position of no. 1 in the “Pundit who called it wrong the most” competition.
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I often wonder what Mr Patey’s peer group in the accountancy world make of his comments. To a non-accountant but someone reasonably well versed in business I have been left open-mouthed on many occasions by what seems more of a cheer-leader approach rather than a proper analysis of available information. At times he has seemed perversely at odds with the facts.

He is in effect representing his profession and to have got so much wrong with regard to this particular subject must impact on the general reputation of accountants and surely make him a less than reliable future source for the MSM.

I would also have thought that his own organisation must have serious reservations about his profile over the past few years and I wonder about his impact on their clientbase. He’s certainly not someone I would be looking to engage for serious, accurate and appropriate advice based on his Rangers statements.

Scottish football needs a strong Arbroath.

redlichtie Also Commented

The Immortality Project
WRT the Annual Report and with apologies if I have missed someone else posting on the same subject…

The fact that the accounts are not broken down to give clarity on individual company/subsidiary performance continues to mask just who now owns the properties.

The early part of the Report mentions ‘Club’ much of the time when discussing issues but when we get to Page 15 Property Matters this becomes “the company’s properties”.

Hall’s valuation of Ibrox Stadium and Murray Park gives a combined value of £79.2 million of which “The Company’s financial statements includes the properties at an existing use valuation of £42.5 million…”

On page 23 this is reflected as “Gains on property revaluation of £33,988,000”.

I also note that on Page 15 “The Directors will re-visit this exercise at each subsequent balance sheet date to consider whether the value in use calculation can support a higher value of RIFC’s properties.” i.e. they will likely try and pull some of the £37M ‘headroom’ in property values into their P&L to massage future horrendous operational losses – if, of course, they get that far.

Not bad for assets that cost <£5.5M, eh?

What interested me more though was how they were going to make the switch of these assets from TRFC to RIFC – the revised value now dwarfs the debt of TRFC to the parent company (“Amounts due from subsidiary undertakings £16,163,000” on Page 25).

On Page 36 under 10. ACQUISITION the statement is made that “On 14 June 2012 The Rangers Football Club Ltd, a subsidiary of RIFC, purchased the trade and assets of RFC 2012 plc,…”

No statement however is made that these assets remain in the ownership of TRFC.

Is it possible that a transfer of assets from TRFC to RIFC has already taken place i.e. before Hall’s valuation?

If this is the case would that not have been a material fact that should have been disclosed in the accounts – especially if TRFC were to suddenly be placed into administration?

Scottish Football needs a strong Arbroath.


The Immortality Project
Tailothebank says:
September 26, 2013 at 12:14 pm
http://www.business7.co.uk/business-news/scottish-business-news/2013/02/13/former-rangers-owner-craig-whyte-most-searched-for-uk-company-director-in-2012-106408-23958796/#.UkQKIw7N-VF.twitter
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Another world, OK UK, record?

Scottish Football needs a strong Spartans and Cove Rangers.


The Immortality Project
cowanpete says:
September 26, 2013 at 11:13 am

BTW did TRFC actually sign up ALL the “trialists” they had at the start of the season; I don’t actually remember seeing confirmation of that.

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From what I can make of things at least one of the players concerned was signed on a ‘pre-contract agreement’. Is it not the case that TRFC are thus in breach of regulations? In no way shape or form (as someone else might say) were these guys ‘trialists’.

SFA?

Scottish Football needs a strong Arbroath.


Recent Comments by redlichtie

Time for Scots Government to Take Bull by the Horns
“Dame Jessica Ennis-Hill to get 2011 world gold in London after Chernova decision
Dame Jessica Ennis-Hill will receive her record-equalling third world heptathlon gold medal in a ceremony at the World Championships in London – six years after the event in Daegu.
The 2011 result was confirmed on Tuesday after the Court of Arbitration for Sport (Cas) dismissed Tatyana Chernova’s blood doping ban appeal.
Chernova beat the Briton to gold in Daegu but her results are now annulled.
The Russian also won bronze medals at the 2008 and 2012 Olympics.
The 29-year-old has been told she must give up all three medals after twice testing positive when her anti-doping samples were later re-analysed. Her biological passport has also revealed years of blood doping.
World governing body the IAAF first stripped Chernova of her Daegu gold in November 2016 but the medal could not be reallocated until the appeal to Cas had been heard.
Several ceremonies to reallocate medals are expected to be held at the London World Championships, which runs from August 4-13.
Ennis-Hill, 31, announced her retirement from athletics in October but will now be able to celebrate her third world heptathlon title in front of a home crowd.”
http://www.bbc.co.uk/sport/athletics/40650500
                                 *                         *                       *
Other sports do the right thing – why not Scottish Football?
Scottish Football needs a strong Arbroath.


Time for Scots Government to Take Bull by the Horns
I apologise if someone else has already stated this, having been out of the loop for some time, but am I correct in now understanding that what I had assumed were five stars on the TRFC’s logo are in fact five asterisks?

A continuing and highly visible reminder of their cheating?

Scottish Football needs a strong Arbroath.


Time for Scots Government to Take Bull by the Horns
“In a statement issued to the Press Association, Sir David said: “I am hugely disappointed that the Supreme Court has upheld the decision of the Court of Session, reversing the decisions of the specialist tax First Tier Tribunal and the Upper Tribunal in this matter.
“The decision runs counter to the legal advice which was consistently provided to Rangers Football Club, that on the basis of the law and legal precedent at the time, the contributions made to the trust were not earnings and should not be taxed as such.
 “It should be emphasised that there have been no allegations made by HMRC or any of the courts that the club was involved in tax evasion, which is a criminal offence.
“The decision will be greeted with dismay by the ordinary creditors of the club, many of which are small businesses, who will now receive a much lower distribution in the liquidation of the club, which occurred during the ownership of Craig Whyte, than may otherwise have been the case.
“I have not had the opportunity to discuss the decision in detail with Tax Counsel, but will do so, particularly in light of proposed legislation, which will alter the tax position applying to loans made by trusts to employees. Once the impact has been assessed, a further statement will be issued.”
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Just to emphasise, apart from ‘it wisnae me’, SDM says that there was a “liquidation of the club”.
Scottish Football needs a strong Arbroath.


Look Back to Look Forward
I’ve seen this phrase used by RTC and The Clumpany……””Rangers died because they lied”.

I’ve often thought that we should find some short soundbite to use whenever discussion with third parties turned to the Oldco/Newco situation. Especially those hard of thinking types…

I know that it does not cover all that went on but if we could start getting this soundbite into such discussions, including with the media, maybe that would help get the truth over.

Scottish Football needs a strong Arbroath.


Look Back to Look Forward
Slim et al….

I wonder which company/club issued these side letters? To my mind they may still have legal standing in terms of the indemnity contained therein.

If the issuing party is still in existence the player(s) may well have a claim on whatever assets or funds that are still lying aound.

Is that one of the reasons BDO sought leave to appeal? I puzzled over their apparent intention to spend dwindling money from the creditors pot.

Will the proposed tightening of legislation now force them to actually make such an appeal? Were they aware of upcoming changes to legislation?

Does that make an appeal now less likely?

This is potentially complicated stuff indeed.

Imagine the outcry if, after the upcoming court cases, BDO somehow finds itself the owner of Ibrox and MP with the assets then frozen as dozens of ex-players jointly try to force a sale so that they can cash in the RFC (IL) indemnity!

Scottish Football needs a strong Leicester (as an example of what can be done against the game’s big shots).


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