Rangers Banter Archive April 17 2013

17 Apr 2013 18:56:40
when are the audited accounts due to be released? we can't move on without three years worth and we don't have the first years yet. any info anybody. JohnnyG

14 days left to get them out. Strong rumours that they are having difficulty getting them signed off.

Does anyone know what happens if the accounts are not produced within the time limits? Factual answers only please.

Were half year accounts not produced as at 31/12/2012 and published on 4/3/2013 therefore what audited accounts are expected now?

@3/ The earlier accounts were a half yearly report. Audited accounts need to be independently audited. Company law dictates that yearly audited accounts are published by the end of April.

@2. Shares suspended by AIM until accounts signed off - that's about it. However shares suspended is not great - in recent years stats show that about 80% of companies who have shares suspended on AIM eventually fold.

@4) not true accounts need to be filed at companies house 9 months after year end. But need to be published and released to stock exchange within 3 months of end of accounting period. Next ones due August/September time I think.

Graham.

@5. It also means the Euro ban is put back another year.

18 Apr 2013 10:43:08
Your accounts can be posted up until 9 months after the year end. I know I do it for a living!

Remember the HMRC financial year 5th april does not have to line up with RFC's company year. I don't know when RFC' syear end is? This can also quite legally be moved out for various reasons.

17 Apr 2013 17:52:39
So Sevco 5088 negociated with D&P to buy assets with exclusive contract, if D&P then sold to Sevco Scotland - the directors of Sevco 5088 may have claim against D&P - as whyte already taped D&P and thier conflict of interest looks like whyte well set for claim against D&P.

Whyte may also have claim against Green - as green seems to have tried to remove Whyte/Eadley from Sevco 5088 - but Green would need all shareholders approval for that - and if 3 shares, and Whyte/Eadley hold 2 they have fair claim vs Green for his asset movement.

As we see Ticketus beat whyte for £18m, in first round.

If Whyte beats Green - where do assets come from - is this ibrox and does it go back to Sevco 5088 who has exclusive contract to buy it.

Remember Green also working at Ibrox with D&P - before he bought it. that's not right - so D&P seem up the creek.

But who gets ibrox or its value in this end.

Can see why RiFC board confused and took 3 hours for green to explain all the dealings.

The whole thing is a total mess. At first look it seems as if whyte has a case, Green did himself no favours with his "you are sevco" comments. He also asked him for money for expenses to start the company.

Whyte lost to ticketus - as clearly a scam, and he did not give information (disquali) when asked.

Green is clearly scamming whyte - but why say this. as it undermines any case where green say I screwed him fairly. whyte claiming green screwed him unfairly - so whyte seems to have good case.

Meanwhile share plummet from 90p to 60p - if green/whyte have short position on that share they make a mint!

easy to loose out in this.

Why would green look to remove whyte/edaly from Sevco 5088 - if Sevco Scotland used for assets?

Green should have left them in 5088 and just resigned.

Green claims he resigned, but now Companies house reports not greens resignation (in post?) but move to remove whyte. eadly from posts. but need quoram to do that.

is there where Green fall flat, tried to remove whyte&co - and in doing so - opened a fraud case with damages.

Zukkerber screwed Edaurdo out of 29. 9999% of - but not legal as directors NOT allowed to stuff other directors - it cost $2billion in settlement - even though Eduardo SIGNED the contract - a contract to trap director is not legal - seems Green tried it on Whyte and whyte knows its not legal.

Green is toast - as he lied to trap whyte, and thus traps himself.

No tapes from Green - only give me more time. tick tock

17 Apr 2013 10:15:21
Former Rangers owner Craig Whyte has agreed to sell the book and film rights to his story of his takeover and the financial collapse of the club.

In an announcement to the stock exchange on Wednesday, Worthington Group plc announced that it had acquired a 26% stake in Law Financial Limited, one of Mr Whyte’s companies.

The group said the assets of the firm include the legal action Mr Whyte launched against current Rangers chief executive Charles Green, who he has accused of acting as a "front" for him last summer.

In the stock exchange announcement, Worthington Group said: "It has also been agreed that, pursuant to the agreement certain other related rights, assets and causes of action will be transferred to the Law Financial Group or directly to Worthington.

"Those assets include the book, film and television rights to the two takeovers of The Rangers Football Club in 2011 and 2012 as it relates to Craig Whyte. It is intended that these rights will be commercialised in due course. "

Mr Whyte purchased an 85% stake in Rangers from Sir David Murray for £1 in May 2011. The club was placed into administration last February with debts of up to £124m, including £18m of unpaid tax following Mr Whyte’s takeover.

Mr Green’s consortium purchased the assets of the club through the newco Sevco Scotland Limited in a £5.5m deal last June. Mr Whyte is contesting this, claiming the deal was struck by administrators Duff and Phelps with another firm, Sevco 5088, which he claims to be behind.

Rangers have announced they are preparing a file to submit to Police Scotland on Mr Whyte and his associate Aidan Earley's conduct.

Worthington, which purchased the stake in Law Financial Ltd for £250,000 in convertible loan notes, said the company "has a number of subsidiaries, namely Sevco 5088 Ltd, Law Capital Ltd, Litigation Capital Ltd and Media Litigation Ltd. "

It has the option of buying out Mr Whyte’s stake in the firm until October 31 this year.

Douglas Ware, chief executive officer of the Worthington Group, added: "We believe that the transaction contemplated by this announcement gives the company a major opportunity to increase shareholder value and thus to strengthen the company's balance sheet, enabling the company to look at additional opportunities as they arise. "

Source: STV

Typical somebody shafts the staff of a club by not passing on their PAYE & NI and instead of going to jail he gets a wad of money for the film rights to his story.

More in the release

"The assets of Sevco 5088 Ltd include a claim, which has been independently reviewed by Leading Counsel who is also a Deputy High Court Judge, to all of the business and assets of RFC 2012 Plc which were purchased by Sevco 5088 Limited or Sevco Scotland Ltd from the administrators of RFC 2012 plc in June of 2012. Sevco Scotland Ltd was subsequently renamed The Rangers Football Club Limited and its share capital was acquired by Rangers International Football Club Plc, the shares of which are now traded on AIM. It is the position of Sevco 5088 Ltd that it is the rightful owner of the business and those assets. After examination of the evidence, Leading Counsel’s advice is that there is a prima facie case to answer. "

?

What's the film going to be called.
They could make it a Sci Fi and call it EBT and have the line EBT phone home, Whyte could get the staring role as he looks like and alien.

I would say you couldn't write this sh*t but by the looks of it they have.

I don't think for one minute Murray was duped by Whyte, and so mr Murray I thank you again for dragging our club to new depths. hang your head in shame man. Les

Stupid responses to a strange post. Has everyone except post #2 missed the point? Forget the film nonsense, this is about the ownership of the club. Worthington, who have invested in whyte's company Must really be sure they have a cast iron case. They have paid £250k for 26%, with the view of acquiring the company in the future. A leading council, also a deputy high court judge, has decided there is a case to answer regarding Green screwing whyte in the transfer of assets. "a prima facia" case to answer to. This is very serious. I doubt very much if Ibrox will be open next year, while this is going through the legal system all the assets will be frozen. No Ibrox or Murray park.

@2 is that the same sort of legal opinion that said we were guilty of all ills everywhere in Scottish Football. Looks like the lawyers on this site are back!

As posted by les, if murray knew what went on during the handover of rangers, then if found to be true, murray should be next in line to be investigated by the proper authorities, and delt with accordingly!

@6. It is taken from a statement to the stock exchange mate. A legal opinion from a respected council and deputy judge.

@5, most that could happen is the share's suspended on AIM. No court is going to devalue a business by stopping it trading in these circumstances.

Reading the actual press release to the stock exchange by Worthington, they are primarily offering Whyte litigation finance, the book and film deal is part of how they expect to recover their upfront outlays. IMO looks as though Whyte is serious about taking legal action to recover RFC.

Maybe call it ALLY BALLY AND THE FORTY THEIVES.
TomTom

Whats the film going to be called, any of the following would be apt. the sting, the hustler, unforgiven, the lion king, a view to a kill, the king of comedy. robbie.

@9. The assets, the ground and Murray park, is the basis for the litigation. As such they may well be frozen as they are a strong source of income. While the court case is on going they may allow them to trade, but any revenue will be strictly policed as they won't know who owns them till the end of the case. For example, let's assume whyte wins, he would be due any money earned from the assets during litigation. Legally it makes more sense to close them.

You should read the findings in the Ticketus case. CW could have told this company anything, he's an out an out liar. He tried to claim he didn't know it was Ticketus he was dealing with and instead thought it was Octopus even though Ticketus was mentioned 22 times in the document.
Here's a bit about it -

'He argued that he didn't know he was dealing with a company called Ticketus, but only with Octopus. This is despite an email being sent to him, which, the ruling points out, appeared to have an attached document referring to Ticketus some 22 times.

He argued that Octopus/Ticketus had agreed to help him recover control of Rangers, in the event that it went into administration.

He says this was verbally agreed at a meeting. Octopus/Ticketus replied no such meeting took place. In turn, Whyte offered no evidence that it did. '

The judge also states he doesn't hold out much hope for his appeal if he does.
Now am not rubbishing what this company's QC is saying I am only saying there is a track record of dodgy deals, lies by CW and no one will know what he has shown to this guy. He may even just want the news that a QC finds there is a primae facea case to reach CG and Rangers.
Remember he tried to stuff Ticketus, they are gunning big time for him with his personal guarantees, £17.5m is just for starters.

This taken from the worthingtons chairmans report dated march 2012. At the year end, our cash balances had increased slightly to £264,000, from £247,000 in 2011. Unfortunately, for actuarial reasons, the Pension Scheme deficit increased from £2, 842,000 in 2011 to £3, 933,000 at the end of 2012. The pension scheme funding risk continues to represent the principle risk factor faced by the Company.   The Company pays £110,000 per annum to the Pension Scheme plus 20% of any pre tax profits made in the year. The Company also pays the annual PPF levy previously borne by the Scheme. We continue to monitor closely the performance of the Scheme's investments which total £7.9m (2011: £8.3m).   Early in 2012,  the Trustees of the Scheme were in the process of advancing a secured loan of circa £3m to Rangers Football Club ("RFC"), on very advantageous terms, when RFC was placed into Administration on 14th February 2012. The loan had never completed, but the Administrators of  RFC, Duff & Phelps, now have these funds in their solicitor's client's account and the recovery of these monies is subject to ongoing legal proceedings. Our legal team are confident that the £3m will be recovered, plus interest & costs.

Bears my sympathys. I fear the worst.

Craig white stated he is the owner of rangers still because he is a director of sevco588. as agreed with duff and phelps. l maybe be wrong but is that not illegal

@

That has to be one of the funniest posts ever, I have been in stitches for last 15 mins, you should look at doing stand up, if of course you have not been head hunted already.

@16 looks like Whyte has strong case against D&P for not selling to Sevco 5088 - or Green if they did sell to Sevco 5088.

How can D&P not just release contract with Secvo 5088 - whyte was director of it??

silence is concerning.

If you read the Ticketus judgment it's Ellis who was in cahoots with Whyte, no mention of Murray.

http://www.scribd.com/doc/136013092/Ticketus-v-Whyte-Judgment-HC12F03282

Full link to the worthingtons plc report. The film and book are just a smokescreen. Soemething more dodgy is on the cards
http://www.proactiveinvestors.co.uk/companies/rns/120731wrn9300i

Worthimgton and litigaation capital are owned by craig whyte corporated in london in march 2013 owning nowthing but themself which is nothing end of

No direct link saying Whyte actually owns Wotheringtons, but maybe share holder etc, but there is something we should prehaps be worried about?
They are apparently a large investor in Rangers shares? look at there discussion forum which gives intresting read?
If any of this is true ( nothing surprises me now) then Whyte and friends used share holders money to invest in Gers, then Green etc who have taken the money suddenly start making stupid statments about team etc, shares fall and who ever is sitting with the money has made millions while rest lose, lose, lose? Whyte Green etc just may be working together and made millions? we need accounts asap and we definitely need to see where all this money has gone? No wonder he bought Albion Car Park and Edmiston House, it may be used as buffer zone if Ibrox is owned by another company?and sold on for buildimng land etc, he would have a prime site adjoining.
Please would someone with knowhow in stock exchange etc and all these dealings let us know what's happening, get on here and keep us right.

@21 worthington plc are not owned by white, they are quoted on london stock exchange and were incorporated in 1999.
However my point is that there is a previous link to them and white prior to the anoucement regarding film rights. The whole thing stinks.

N23 you're right about the stink but I've always wondered why ws and jt mm people that shuold be speaking up are staying silent I hope they have seen through cg and maybe biding time to step in at right time to put this mess behind us by n21

17 Apr 2013 07:42:15
surprise surprise, stewart gilmour now being branded a "gers man" by certain people, his crime, not being bullied by loowell /sfa, listening to his own fans and sticking up for his own clubs interests. pathetic!

16 Apr 2013 23:50:29
Hi all. I keep reading on the darker than dark side that rangers are in some way looking for a leg up to an SPL 2. My point is why would we? As far as I'm concerned we are going to division 2 next season and hopefully moving on to 1 then the top flight (that is if the quality, money and luck are present). In my opinion if there was any kind of leg up the instigation would come from SPL clubs in need of rangers getting there quicker than we deserve. I for one don't want any help getting back to where we belong. Are there any fans of rangers out there with a different perspective? If there are please let me know and why?

Spot on, there is no wish to go to any SPL 2.

Hopefully we will be allowed to work our way up the SFL league's and by that time all the big SPL clubs will have sorted out the structure to suit themselves, that is if they are all still in business. Football integrity is always key!

Would not welcome a return to SPL, in fact I doubt there will be an SPl when we get back in 2 years. No sponsorship next season, vastly reduced TV monies, and loss of over 200,000 fans of rangers to the game in Scotland alone + some court cases coming up that they do not have a chance of winning. BYe Bye SPl. Those that said Rangers loss would be insignificant and who fought so hard to destroy us, have only weakened themselves and made Rangers stronger, the laws of the universe are stronger than any of those implemented by man and now is the time of karma for these stalwarts of so called sporting integrity who vilified, castigated, demonized, and attempted to punish and destroy Scotland's greatest institution and football club with little more to go on than a balance sheet and internet driven propaganda and unreliable and illicit website misinformation not to mention the bigotry & hatred shown by certain supporters, caused by their jealousy of our success.

Rangers will live on, I'm afraid the SPL will not. To Milne & all these cronies of yours, you put the nail in your own clubs coffin the day you voted not to re admit Rangers to the SPL. The blood of Scottish football is on your hands and you alone were the catalyst for its demise, not Gilmore or McGregor or Rangers.

Ozzie Al

I will be interesting to see if the powers that be agree with you. The whole "first club to win a league and not get promoted" was a hope of a leap frog up the league. Under the 12-12-18 you were in Div2, it was decided by league placement. Now that it has been blocked SPL2 may be proposed. It has been made clear that it will be by "invite" which is a clear indication that Gers will be "invited".

Of course, CG has also stated that you will never return to the SPL. So will be interesting to see. Sometimes it's better to remain silent and let people assume you are a fool, than open your mouth and prove them right.

Hey ho

Shuggy

I think next year rangers will go up but I think they will not go straight up to the prem the year later the 1 st div will be a different story, rangers will not have the money to spend unless the club is sold to a billionaire which I doubt very much the facts are ther 1 mill lose a month you don't have to be a mathematic whizz kid to work this out that by the time they go up to the first the club will be in heavy debt I think 99 per cent of rangers fans still be leave that someone rich will come in and spend millions! the fact is it didn't happen and like it or not it's not going too, ther is an old saying live within your means and The club has not, if rangers start next season with the same people running the club it will be ther last, jodrok

Maybe with the fans.

The club wouldn't want the extra cash involved? No?

LLSTMF

Ehh. you could increase season ticket money, which would increase income which could save club from admin.

? can you not see this, if loosing £1m/month will you survive till SPL1 or SPL2?

Totally agree let us take our own time to progress naturally and let the SPL teams get on with it.

Despite what he says Charles Green would jump at it, in fact he would jump to the SPL at the first chance. It would mean a bigger increase in the season ticket money, this is needed.

Agreed we should play our way up the leagues and not get invited into any SPL2 league

Thanks for the replies guys. To 7 and 8 I agree but that's where the luck and money comes in to play. I hope CG isn't with us much longer and that we cut our cloth to suit our current position. I won't go into the financial situation as others on here and the other side explain it far better it better than me. It's good to read many bears agree with me which gives hope to the future. I have a feeling given the amount of support we have that the future may be hard but ultimately the love fans have for the club will carry us over many an obstacle.

The international backers who are sympathetic to the plight of Rangers and their shoddy and unsportsmanlike like treatment by certain bodies within SPl and other scottish football bodies have made it clear to CG that the four year plan will not be deviated from. They are all aware of what is ahead for the SPL and have no wish to be associated with this group. They also know that they will not be the body in charge in three years time. They are prepared to tolerate sustainable losses for long term gain and as I stated in a previous post there will only be minimal investment within the team in the next two seasons but expect a big surprise when we get back into the top flight, where you will see some major investment in players. We will not be ready for top flight football for three years so no desire for escalated entry. When we do return however we will be exactly as it says on the crest. AYE READY.

Ozzie Al

Ozzie Al, Just when I think you have little understanding of the issues involved, you prove me wrong. With every post of yours I read I realise you know even less than I had previously given you credit for. Just about every sentence was filled with blue coloured specs opinions and few actual facts.
I don't want to critique your entire post, but two examples would be "court cases coming up that they do not have a chance of winning". Surely, that applies to your club and not the SPL. The HMRC appeal, Whyte and any counter claims made by Ibrox (although I doubt the counter claims will materialise).
"made Rangers stronger". Do you really believe that? Have you not been reading the latest reports. All the talk of turmoil at Ibrox? Green, McCoist and Smith all getting slated by the fans. "Show us the deeds". These are not "illicit website misinformation".
Using karma (which doesn't exist) or even physics to back up your arguments doesn't make them right.
With all the negativity coming out of Ibrox, I know who I would rather support; any other team in Scotland.
Maybe its about time you started to question what's going on at Ibrox before there is no Ibrox to ask questions of.
Al (not from Oz)

Ozzie Al. That is utter nonsense from start to finish. No wonder the likes of Green and Whyte want to get involved in Rangers, they know a large percentage of the fans will believe any old rubbish you tell them. Next you'll be telling us that Charles Green really won't leave Ibrox till the Champions League music is heard there and that Rangers will be worth half a billion.

Fortunately more and more Bears have removed their heads from the sand.

Ozzie al shamelessly ignoring all the people including taxpayers who've been cheated by this little wheeze of craig whyte's. he had to do that to construct that fantasy above. the international backers he believes will commit commercial suicide by 'doing a murray' don't exist. no more ebt fiddling to boost players wages. celtic have the blueprint for financial succes in the spl and are light years ahead. mr. green made much of his operation being debt free (conveniently forgetting the 5.5m they are in debt to himl) well celtic are debt free and have cash assets way above greens flotation money as well as a high value playing squad. who do you think is going to risk the many millions needed to get close to that? that is the reality. john brown said it during his rant in a way. the figure he mentioned was 160m.

@ ozzie Al/ Having read a few of your posts I have come to the conclusion that you are just what is not needed at Rangers. Your blind loyalty to Mr Green, I have no doubt you gave Whyte the same, is staggering. Your "international backers", who might they be? I assume if you know their plans you must know who they are. Could you tell us, that would be a start. Stop the flag waving mate and face reality. This is a mess, and might get a whole lot worse. And by the way did you know the phrase "aye ready" has lost it's IP? I assume you do as you seem to know so much about the backers intentions.

The spl confirmed today they ain't interested in any spl2

To the posts that have implied I have no idea, It is funny the people like Al who were writing me off and the others were the same doomsday merchants trying to tell me and others on this board what major disasters were going to occur and what Rangers were guilty off, Tax, EBT, s, numbers to debts with a hundred zeros after it, cheating, stripping of titles etc. YOU were wrong, wrong, wrong, and will be proven wrong again. I tend to ignore hysteria and propaganda which has served me well in business so far and instead focus on research, analysis, communication, and an established business plan with realistic KPI's and timelines set for incremental improvements to attain success. Just to provide you with an example, I stated in a post on a statement made by CG, last year that he would never let Rangers play in the SPL again. Look at what is currently happening in Scottish football at this very minute, whether it comes through reconstruction or via natural financial attrition, when Rangers next play in the top division it will not be in the SPL but under a different governing body. I am not trying to ignore the current board situation at Rangers, There was always going to be both major & minor issues to be dealt with as we continue the rise back to our rightful position. That is what the board is in place to deal with, I simply know that the business model we are following is financially sound and the success, if followed will guarantee the desired outcome within the next three years.

To posts 13, 14, 15, & 16, it is fairly obvious from your replies to my post and previous replies to other posters on this board, where your true allegiances lie. so I do not care about your responses to this text, as I prefer to surround myself with winners rather than losers. That is why I am on this Rangers site and not the Celtic ones where you obviously originate from.

Ozzie Al

To poster@16) I was not aware that the Crest had changed, so thanks for the enlightenment. Unlike several subscribers to various websites, I am very careful what I post in reference to business or corporate dealings.

It is neither my remit, nor would it be ethically or morally correct of me to divulge names or details of business associates who have shared information with me that could have significant impact on a PLC or its share price. I simply stated that from information I have received and which has been backed up and researched by both quantifiable and qualitative evidence processes, that the supporters of Rangers FC have a very bright future ahead.

Ozzie Al

Ozzie Al you say, "It is funny the people like Al who were writing me off and the others were the same doomsday merchants trying to tell me and others on this board what major disasters were going to occur and what Rangers were guilty off, Tax, EBT, s, numbers to debts with a hundred zeros after it, cheating, stripping of titles etc. "

Never in any of my posts over the last year or so have I dealt in the things you have stated. Too many people come on here and state untruths and I feel it is my duty to remind people of the facts (how many people on here believe that Nimmo-Smith found in favour of the Ibrox club?). Then there are the other people, youself included, who seem to have no idea of the magnitude of the issues and the possible outcomes and think everything is rosie. Well it's not. Your team could be heading for another crash and that's not me being a doomsday merchant, that is me looking at the issues with a clear head and seeing that that is one possible outcome.
Al

Nice to see you using a little bit of decorum Al. As you are entitled to your opinion that there may be some type of negative outcome for Rangers, from something you read on the Internet or from a news rag. It is only one possible outcome, with many thousands of other possible outcomes that others may envisage.

Ozzie Al