Whose assets are they anyway?

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Yourhavingalaugh 7th November 2015 at 11:18 am =================================== As I understand it …

Comment on Whose assets are they anyway? by Homunculus.

yourhavingalaugh 7th November 2015 at 11:18 am

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As I understand it the appeal to the Court of Session only related to the Rangers EBTs, so I would imagine any appeal to the Supreme Court could only relate to the Rangers EBTs.

Homunculus Also Commented

Whose assets are they anyway?
jimbo 10th November 2015 at 10:42 pm

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The FOIA, or more accurately FOSIA as we have our own act only relates to Scottish public authorities.

You can get more details here.

http://www.itspublicknowledge.info/YourRights/WhocanIask.aspx


Whose assets are they anyway?
GoosyGoosy 10th November 2015 at 9:06 pm

Sorry, but why should the largest creditor not get a vote on such an important issue. Or be asked to curtail their vote in any way.

Are you seriously suggesting someone owed £900 should have a say in this but someone owed £90,000,000 should not. As to getting a vote but “restricting it” in the way you suggest, on what possible basis would that work.

HMRC are by far the largest creditor, if there is a vote and I have no idea whether BDO will decide to do that (if they even can) then HMRC should have their say in it.

Can I just point out that HMRC are in fact you and me and everyone else in the country. Any money they get goes back to the Treasury to be used in running the country.


Whose assets are they anyway?
JC

Yet another of the specious arguments.

We should all listen to Martin O’Neill and Paul Lambert when they express an opinion on this.

Why is that exactly, why is their opinion more valid than say a 27 year old Partick Thistle season ticket holder.

I would suggest her opinion on Scottish football and what is best for it would be just as valid as either of theirs.

And even that is a specious argument in a way. What we should be looking at is what is right. That’s a different argument but it still stands, why is what Martin O’Neill or Paul Lambert thinks is right or wrong more valid than anyone else’s opinion.


Recent Comments by Homunculus

Moving On Time?
John Clark 21st December 2020 at 23:22

I think the point is that the business has to record the difference between the purchase price of the assets, and their value, in the next set of accounts.

So what they are basically saying (normally) is that we bought that bakery business (for example) for £100 pounds, buy the tangible assets, the ovens etc, are only worth £80 so we paid other £20 for the existing customer base, the reputation etc, and that is just referred to in it's totality as the "goodwill".

As with  lot of accountancy stuff it all just looks like smoke and mirror to lay people like me. 

In Rangers case the tangible assets were, in their opinion worth a whole lot more than what they paid, but they still have to record that figure and like I have been saying, that is the dead giveaway and admission that they underpaid.

I suspect it will be part of BDO's case against the administrator.

As ever this is very much my layman's understanding with apologies to those who actually understand these things.


Moving On Time?
John Clark 18th December 2020 at 18:41

If I remember correctly there was a whole load of discussion wih regards the quality of some of the items and it turned out some was made in China, some was made in India and I think some was made in Europe, I have no idea which manufacturer actually made the stuff but I suspect it was just factories who were able to produce what was required so long as they were given the materials and the patterns.

I don't think that's too unusual but I have no experience in the field. 


Moving On Time?
Timtim 16th December 2020 at 19:54

Clearly the King is dead for Keith.

He has changed sides to the one on which his bread is now buttered.

To be fair on the current board, King's move was a bit off, even for him. He is trying to milk the fans for all he can, the board are not happy about that because that was an integral part of their plan.

They are never going to raise the full amount, certainly not quickly, but I believe he has said they can buy his shares in tranches so he could be getting regular payments from them for quite some time. 


Moving On Time?
John Clark 14th December 2020 at 17:13

I think BDO's £29m civil action against the administrator is more likely to bring out more of the truth than a botched criminal action by Crown Office as reported to them by Police Scotland.

BDO have taken their time, presumably investigated the matter properly and think they have enough to take the matter to the civil Courts. I would be surprised if they don't instruct top civil lawyers to carry out the action on their behalf. 

Bearing in mind BDO have probably already spent a lot of the money they have brought in, another £29m would be a nice wee addition to the pot.


Moving On Time?
John Clark 13th December 2020 at 14:02

 

One thing that still puzzles me is why, it seems, none of the other bidders to purchase the club to keep it going as a 'going concern' did not squeal at the time about the arbitrary selection of Green as the 'preferred' one who could pick up the assets cheap, while the club went into liquidation?

Why Green? why did the Administrators think that would best for them, for the creditors? A short bidding war for the assets would surely have raised at least a few tens of thousands more for the creditors.

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Absolutely none of that was a factor in the administrator's decision making from what I can see. The creditors were irrelevant. 

They were working towards a pre-determined outcome involving Whyte and Green, There may have been a bit of improvisation when the CVA was rejected and Whyte was no longer required but other than that I firmly believe it was a pre-determined outcome. Let's wait and see what is determined by the ongoing proceedings. 

Remember the sale did not go ahead with the preferred bidder / chosen one. The assets were sold to another company with a very similar name, Sevco Scotland Ltd. No-one seems to ever have answered the question, when was that agreed. I believe novation requires all parties to agree to it. 

The aim was a CVA, a debt free Rangers, still the same club, still in the top division of the league etc.

When that was rejected and liquidation (ongoing) started there was a wee bit of the truth, then the re-writing of history, then where we are now. 

 


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