calscot 0 Posted November 20, 2012 Share Posted November 20, 2012 The oldco is still insolvent as it didn't pay it's taxes and I think Ticketus may now be the biggest creditor though I can't remember their status. I personally can't see how Ticketus can really be a creditor as they can take all the money they want from future oldco season ticket sales... However, I think the oldco would still owe millions. See the BBC are saying that Sevco "formed a new club". They just can't help themselves. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted November 20, 2012 Share Posted November 20, 2012 Do we know why we have had to wait until now for the verdict? 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted November 20, 2012 Share Posted November 20, 2012 mih looking to sue rtc mconvile etc. nice 0 Quote Link to post Share on other sites More sharing options...
54andcounting 0 Posted November 20, 2012 Share Posted November 20, 2012 Rule change imminent, backdated obviously, to allow SPL to strip trophies? I'm sure PL is working on the details right now! No. The SPL witch-hunt must stop, they have to come out now and drop the whole idea of title stripping and save their face. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,562 Posted November 20, 2012 Author Share Posted November 20, 2012 A bitter-sweet and sad day for me. Our oldco ruined by a false threat and a club relegated because of the actions of people who should have known better. Only one winner today and it isn't us. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted November 20, 2012 Share Posted November 20, 2012 Rangers debt used to be in the order of £80m.Murray reduced it to round about £20m. This amount of debt is manageable for a club like Rangers - so why did Murray sell to Whyte and why was nobody else interested in buying? Because we and everybody else had been told that the Big Tax Case was a foregone conclusion and that Rangers would end up owing HMRC £95m. Murray got cold feet, knowing that he couldn't possibly come up with £95m, he panicked and chucked away the club like a hot potato. Turns out that wasn't true and there was no need to sell to Whyte after all. So Whyte bought us and ran us into the ground and put the company that ran the club for 113 years into liquidation. Have I missed anything here? Your summary of David Murray's part isn't how I think it went down. I think Lloyds forced him to sell to Whyte. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted November 20, 2012 Share Posted November 20, 2012 A bitter-sweet and sad day for me. Our oldco ruined by a false threat and a club relegated because of the actions of people who should have known better. Only one winner today and it isn't us. It's a day that's been looming for quite a while Frankie. The longer they delayed releasing a decision on this case, the more likely it was that our old company shell would be ruined and we'd be severely crippled for a number of years. The way I see it though, is that there was a wider conspiracy and assuming this tribunal delaying the outcome so much was part of a wider conspiracy, then they had to wait until the dust had settled or at least almost settled before revealing that we had actually won the case. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted November 20, 2012 Share Posted November 20, 2012 The oldco is still insolvent as it didn't pay it's taxes and I think Ticketus may now be the biggest creditor though I can't remember their status. I personally can't see how Ticketus can really be a creditor as they can take all the money they want from future oldco season ticket sales... However, I think the oldco would still owe millions. See the BBC are saying that Sevco "formed a new club". They just can't help themselves. They can't, the deal was ripped up in court. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted November 20, 2012 Share Posted November 20, 2012 Your summary of David Murray's part isn't how I think it went down. I think Lloyds forced him to sell to Whyte. Unless they threatened his family there can be no excuses. 0 Quote Link to post Share on other sites More sharing options...
Steve1872 4 Posted November 20, 2012 Share Posted November 20, 2012 THE Board of The Rangers Football Club issued the following statement today. Charles Green, chief executive commented: “I am sure that all Rangers fans will welcome that a judgment has been reached on this case at last. “That said, the judgment will not affect the operations of the Club nor the proposed flotation of the business as a public company. “This case is historic and was a matter for The Rangers Football Club plc ('oldco') which is in liquidation. “The Rangers Football Club Ltd is a corporate entity formed following the acquisition in June this year, by a consortium led by me, of the business and assets of Rangers, including the Club and its honours. “As HMRC stated in June when they decided to vote against the proposed oldco CVA, no tax liabilities relating to 'oldco' would transfer across to the new company. HMRC have recently reaffirmed this position to the Club's tax advisers, Deloitte. “The Rangers Football Club Ltd is a company free of external debt. “The judgment serves to further undermine the validity of the SPL Commission into the use of EBTs. “As we have said all along the SPL decision to press ahead with a commission was ill-timed and fundamentally misconceived.” 0 Quote Link to post Share on other sites More sharing options...
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