Conduct of Sir David Murray, Craig Whyte and Rangers directors examined

[simplythebest 0]

Sorry stb, but you really need to sink down in reality . I would imagine if d&p found guilty of all this which sure now looks a certainty, you can bet your mortgage the sale(or giving away) of the club could be deemed dodgy business!

 

I'm no expert but reversing the sale would be incredibly messy, it would be wiping out months of trade and investment and terminating tonnes of jobs with no obvious other way of selling the assets. The football club would be killed, another newco couldn't be started until next summer and by then there'd be no players, staff or football licences to transfer over anyway.

 

I can't believe anyone would want to create that situation so while the possibility is there I think it'll have to take something pretty strong like Green being involved in illegal activity for us to be under threat.

[the gunslinger 3,366]

I mean TBK.

 

A bunch of so called rich Rangers men who talked much but let us down, no way they didn't have the resources to blow the rest away.

 

you see the thing is they bid what d&p told them to bid and kept the rest back for investement in the club.

 

that was clearly a mistake of course.

[simplythebest 0]

Nah, it's called parting with your hard earned.

 

We already do that every year for ticket money.

 

I'm actually not investing but I'm not preaching either way, I'm saying each individual should make the decision based on their own circumstances and/or the prospectus. It shouldn't be decided by unfounded conspiracies and it's not for fellow fans to try and create bandwagons either way.

[frost 0]

Green is involved as the preferred bidder with the watertight contract, if D+P soild Green the assets and all else illegally the sale is null and void, breaking the law whither insolvency or criminal is exactly that illegal with penalties.

[chilledbear 16]

We already do that every year for ticket money.

 

I'm actually not investing but I'm not preaching either way, I'm saying each individual should make the decision based in their own circumstances and/or the prospectus. It shouldn't be decided by unfounded conspiracies and it's for for fellow fans to try and create bandwagons either way.

 

It is up to fans to make up their own minds, as you say.

 

Just think most Supporters would rather pay for a S/T so they can watch the team, rather than paying for shares.

[blueflag 386]

I'm no expert but reversing the sale would be incredibly messy, it would be wiping out months of trade and investment and terminating tonnes of jobs with no obvious other way of selling the assets. The football club would be killed, another newco couldn't be started until next summer and by then there'd be no players, staff or football licences to transfer over anyway.

 

I can't believe anyone would want to create that situation so while the possibility is there I think it'll have to take something pretty strong like Green being involved in illegal activity for us to be under threat.

 

Yup. Agree with most of that... however frost made the point before I could reply.. i just said it could be easily deemed as dodgy.....or illegal

[GovanAllan 0]

Green is involved as the preferred bidder with the watertight contract, if D+P soild Green the assets and all else illegally the sale is null and void, breaking the law whither insolvency or criminal is exactly that illegal with penalties.

 

The sale could only be deemed Illegal if D&P undersold to one party over another, therefore not getting the best deal for the creditors. As TBK were slightly less than Green then the sale is ok.

 

Everything else concerning D&P shafting Whyte over the timescale of Amin or Grier knowing about the Ticketus deal or conflict of interests, makes no difference to the sale of assets.

[the gunslinger 3,366]

The sale could only be deemed Illegal if D&P undersold to one party over another, therefore not getting the best deal for the creditors. As TBK were slightly less than Green then the sale is ok.

 

Everything else concerning D&P shafting Whyte over the timescale of Amin or Grier knowing about the Ticketus deal or conflict of interests, makes no difference to the sale of assets.

 

yeah d&p were clever to ensure greens bid was that bit higher.

[frost 0]

This was posted on FF a few minutes ago, anyone any ideas of its probity.

 

 

This has just been posted by their mouthpiece Paul from Celticquicknews.

 

I have a Heads of Terms document for the sale and leaseback of Ibrox, Murray Park and the Albion Car Park.

 

The purchase price for all three assets is £7.285m. In addition to this there is a £6.55m loan provision with 15% interest payable monthly (£985.5k annually). Initial rent for all three properties is £1.8m. The 20-year lease provides for upwards-only reviews every five years by either 2% p.a. or RPI, whatever is greater (so assuming RPI is less than 2% each year, after five years, rent would be £1.987m).

 

Annual costs for rent and interest would be £2.785m. Current season ticket sales are reported to be approximately 36,000 with a standard adult price of £286, income net of vat will be around £8.5m.

 

Although the top line figure for both sale and loan is £13.835, “the initial payment will be less 3 years rent [£5.4m] to compensate for the lack of guarantee covering the rental payments”, so monies paid would be £8.435m as the first three years rent is deducted from the total.

 

Crucially, rent is to be securitised against ticket receipts and the new landlord is to be granted “first charge on the season tickets”, so, just as Craig Whyte planned with Rangers, Sports Direct FC would collect ticket money before passing it on to the security holder.

 

If the buyer attains planning permission for residential properties at Murray Park, a provision releases the seller from having to repay the £6.55m loan and cancels future interest payments. This speculative clause would release the club from punitive interest repayments but would require them to find a reasonably priced ash park to train on. Perhaps the Albion Car and Training Park.

 

“The tenant” will be able to buyback the stadium. In year one the price would be £10m (they would still owe the £6.55m loan). The set price increases by 12% p.a. for 10 years, so the year 10 price would be £27.7m. Thereafter “price will revert to Market Value but will not be less than £20m”. The market value of Celtic Park is around £50m. There is no buyback provision for Murray Park or the Albion Car Park.

 

The deal is on the table but will not be signed before the share issue, or if “the tenant” wins the Euromillions Jackpot (that’s not a euphemism for Champions League money, I mean the actual lottery), or finds some magic beans.

[GovanAllan 0]

yeah d&p were clever to ensure greens bid was that bit higher.

 

Can you prove they told Green what to bid? No, and that's all that matters.

 

Anyway everybody and their Granny knew what TBK had on the table, it wouldn't be hard to know how much was needed to top them.