chilledbear 16 Posted February 28, 2012 Share Posted February 28, 2012 http://www.dailyrecord.co.uk/football/spl/2012/02/28/rangers-hopeful-that-24m-ticketus-deal-can-be-written-off-in-legal-row-86908-23768226/?utm_source=twitterfeed&utm_medium=twitter RANGERSâ?? hopes were rising last night that they can escape the tentacles of Octopus and write off their £24million ticket deal. And in another dramatic late night twist Record Sport can reveal the men fighting to save Rangers have started legal action to force the release of millions locked in a London account. The administrators believe as much as £4m could be in an account held by Collyer Bristow, the lawyers taken on by Craig Whyte during his buyout. It was into this account Ticketus deposited the £24m after Whyte sold off future season ticket sales. Whyte used this money to pay Lloyds £18m but the insolvency experts reckon there should be millions left in the account. They have had no luck in trying to get Gary Withey, Rangersâ?? company secretary, who is also a partner at Collyer Bristow, to open up the account. With the axe about to fall on players and staff at Ibrox Duff and Phelps felt they could wait no longer. Last night they instructed London law firm Taylor Wessing to take action in a bid to force the immediate release of Rangersâ?? money. The Ibrox fans will also be buoyed by the news that the Ticketus deal might not stand up to legal scrutiny. The Ibrox administrators are not convinced Ticketus, who are owned by Octopus, should even be considered creditors. Duff and Phelps have already told Ticketusâ?? lawyers that under Scots Law the clear advantage WILL lie with Rangers. They will argue that personal rights canâ??t be assigned and that the rights in this case belong to season ticket holders. With 60 per cent of cash from season tickets set to go to Ticketus until 2015, and with Gers fans threatening a boycott under such a deal, it will be tougher to escape administration. It would also make liquidation more of a threat and scare off any new owner. But if the Ticketus deal is declared void it will be a hugely positive step. The administrators stated their case last week in a meeting with Ticketusâ?? lawyers Pinsent Masons. Ticketus then wrote to Duff and Phelps stressing the deal still stands but the fact the letter came from the company, and not their lawyers, raised optimism. Rangersâ?? case would be strengthened if itâ??s shown Financial Assistance came into play in the takeover. Financial Assistance, or the use of a firmâ??s assets to raise money to buy that company, is illegal and the authorities will probe this. The administrators believe Rangers can wriggle off the hook and the absence of a legal presence from Ticketus after the meeting last week is regarded as â??significantâ??. 0 Quote Link to post Share on other sites More sharing options...
Stefanovitch 0 Posted February 28, 2012 Share Posted February 28, 2012 Good news but it looks like a long legal road to achieve that. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted February 28, 2012 Author Share Posted February 28, 2012 Good news but it looks like a long legal road to achieve that. The difficulty is going to be surviving until all this is resolved. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,815 Posted February 28, 2012 Share Posted February 28, 2012 For our law gurus: If the Ticketus deal is declared "void", yet their money was used to pay off the Lloyds debt, wouldn't we/someone has to pay Ticketus their money back? 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted February 28, 2012 Share Posted February 28, 2012 The difficulty is going to be surviving until all this is resolved. You said this might be good news FFS!! 0 Quote Link to post Share on other sites More sharing options...
andrew_2010 0 Posted February 28, 2012 Share Posted February 28, 2012 what does it mean if the transaction is "void"? Does that mean that we don't owe them anything? and essentially we got the Lloyds debt wiped by them for free? Seems a bit dodgy and very shady... 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted February 28, 2012 Share Posted February 28, 2012 Ah the law can be a great thing when it's working for you, Whyte and ticketus do a dodgy deal and ticketus get stung for it nae luck chaps better luck next time. 0 Quote Link to post Share on other sites More sharing options...
Ergatrude 0 Posted February 28, 2012 Share Posted February 28, 2012 We owe Lloyd's nothing. Ticketus 'loaned' us 24m secured against future season ticket money. D&P are arguing that under Scots law you cannot use someone's personal rights as a security. In this case that is the rights of the season ticket holder. If they are correct then we owe Ticketus nothing. Quite clever really. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,815 Posted February 28, 2012 Share Posted February 28, 2012 This would raise the question: was that Whyte's plan in the first place? (Did he just make (24.4m minus 18m for the debt)?) Anyways, you'd hope that this is done quickly. 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted February 28, 2012 Share Posted February 28, 2012 This would raise the question: was that Whyte's plan in the first place? (Did he just make (24.4m minus 18m for the debt)?) Anyways, you'd hope that this is done quickly. Doubt it will done quickly theirs lawyers involved but the case looks strong on the surface. 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.