We need to talk about Admin II

[Juancornetto 1]

I believe it's now a distinct possibility that we'll see an "insolvency event" happen this summer given the state of play with season tickets and potential concerns for the security of Ibrox and Murray Park.

 

There are a number of questions this raises, not least of which is - Would this be the first or second insolvency event in the eyes of the SPFL?

 

Would you accept this happening if it meant the parasitic shareholders and board cut and run?

 

What would be Dave King's entry plan/opportunity should it occur?

 

All very emotive stuff I know but I think we have to be realistic and say that it's at least a possibility.

[andy steel 0]

I know it's complex but as to the first or second event I would grit my teeth, take it as the second and whatever punishment that entails. You'll never get me arguing it's a new Rangers.

[MoodyBlue 0]

As the Board have an investor on the sidelines prepared to put in £30m to £50m, based on some conditions, I'm not sure that Admin would actually happen. I'm no technical expert but I just believe that our sitiuation is different from last time.

 

BUT - if it was the only means to getting rid of the Board and getting our club back in the right hands, then I'd take it.

 

With a 25 point deduction I still believe we would at least make the play offs next season.

[Juancornetto 1]

As the Board have an investor on the sidelines prepared to put in £30m to £50m, based on some conditions, I'm not sure that Admin would actually happen. I'm no technical expert but I just believe that our sitiuation is different from last time.

 

BUT - if it was the only means to getting rid of the Board and getting our club back in the right hands, then I'd take it.

 

With a 25 point deduction I still believe we would at least make the play offs next season.

 

The board don't have an investor prepared to do anything of the kind in fact they don't have any investors willing to put in anything contrary to the garbage spouted by Graham Wallace. Dave King sitting on the sidelines with a big bag of cash will have no bearing on whether or not we go into Admin, it may have a bearing on how we come out of it though.

[buster. 5,257]

I think the balance of probabilities within the current state of play suggests there won't be an insolvency event in the short-term (next 6 months).

However given the fluidity of the situation, it would be unwise to rule anything out and not to think about potential consequences.

 

Corporate vultures have executive control and will lay metaphorical mines or in other words have contingencies for whatever happens.

Hence, whatever follows there would be a substantial cost or lead weight to carry. We are in a place where the agenda has no painless route available.

 

 

 

On the other hand you have to take into consideration a more gradual fading away death in stages, as we have the marrow continually sucked out of the club by corporate vultures.

[MoodyBlue 0]

The board don't have an investor prepared to do anything of the kind in fact they don't have any investors willing to put in anything contrary to the garbage spouted by Graham Wallace. Dave King sitting on the sidelines with a big bag of cash will have no bearing on whether or not we go into Admin, it may have a bearing on how we come out of it though.

 

I hear what you are saying mate. As mentioned I'm no technical expert and there has been so much information and mis-information around insolvency/Admin etc. It all just becomes a bit of a blur.

 

I'm just thinking that if Kings money was there and on offer, would the authorities not question why the Board are not taking up the offer, but are choosing to go into Admin ?

[Juancornetto 1]

I hear what you are saying mate. As mentioned I'm no technical expert and there has been so much information and mis-information around insolvency/Admin etc. It all just becomes a bit of a blur.

 

I'm just thinking that if Kings money was there and on offer, would the authorities not question why the Board are not taking up the offer, but are choosing to go into Admin ?

 

None of us are experts when it comes to football insolvency mate, best we can do is prepare for the eventuality and try to get as close to the facts as possible. You can't put a going concern into administration so the cash flow would have to come to a grinding halt before it'd be considered and then there are plenty opportunities to engage with someone like DK before you'd be placed into admin by a creditor.

 

Plenty firms have gone into insolvency with potential investors on the sidelines...without any commitment to put money in DK would e under no obligation to bail them out and in fact it looks more and more likely that he's trying to head them off at the financial pass and force such an event.

[RANGERRAB 3,732]

You need to be unable to pay creditors before going into administration. Who do Rangers owe money to?

Also you just cannot go into administration if you want to. Any business with any cash shortfall could do that to avoid paying its dues. An application has to be made to the courts like Whyte did. The courts may well reject this.

My view is that the board would need to raise monies by other means whatever they may be i.e shares issue or selling of MP however unpopular that may be.

Admin II would be catastrophic and could easily see us back in the bottom tier of Scottish football. Does anyone want that? I don't.

Let's face it this is all about King & the Murrays getting in the boardroom without putting in a single penny.

Those so-called Rangers supporters seeking to destroy Rangers at the moment will only cause longterm irreparable damage and the club will never return to its place at the top of Scottish football & beyond

[MoodyBlue 0]

None of us are experts when it comes to football insolvency mate, best we can do is prepare for the eventuality and try to get as close to the facts as possible. You can't put a going concern into administration so the cash flow would have to come to a grinding halt before it'd be considered and then there are plenty opportunities to engage with someone like DK before you'd be placed into admin by a creditor.

 

Plenty firms have gone into insolvency with potential investors on the sidelines...without any commitment to put money in DK would e under no obligation to bail them out and in fact it looks more and more likely that he's trying to head them off at the financial pass and force such an event.

 

To be fair, you have good points there and that all seems fairly sensible/logical.

 

As mentioned, if it were to happen and was the only way of ridding our club of this mess, then I'd take it. That's how desparate I am for all of this to be over and our club back in the right hands with people who actually have the best interests of the club at heart - which the current lot and their Laxey/Blue Pitch/Maragrita friends clearly do not.

[RANGERRAB 3,732]

To be fair, you have good points there and that all seems fairly sensible/logical.

 

As mentioned, if it were to happen and was the only way of ridding our club of this mess, then I'd take it. That's how desparate I am for all of this to be over and our club back in the right hands with people who actually have the best interests of the club at heart - which the current lot and their Laxey/Blue Pitch/Maragrita friends clearly do not.

 

Who are the right people then ? For me Donald Findlay was spot on a while ago when he said that Rangers were sold to the wrong people and got the wrong investors.

The only problem was the 'right' owners/investors whom I presume you're referring to(whoever they are) aren't or weren't willing to put their money in.

The only 'alternative' we have to the status quo is DK who seems to me to have given his game away by suggesting he was reluctant to part with his kids inheritance.