The Only Way is Up
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Posts posted by The Only Way is Up
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Good point - I'm a season ticket holder and received the letter from D&P.
I have contacts at a leading solicitors who can advise what could be done.
Does anyone know if something like this is in progress. If so, can you point me in the correct direction.
Seems like a good way to get some answers and do something other than stand by helpless and worry about things.
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I'm no expert, but I understand that the creditors are provided with ample opportunity to assess the process of administration. I believe the creditors have the right to form a committee:
The creditors have the right to appoint a committee with a minimum of 3 and a maximum of 5 members. One of the functions of the committee is to determine the basis of the administrator’s remuneration. The committee is normally established at the meeting of creditors which the administrator is required to hold within a maximum of 10 weeks from the beginning of the administration to consider his proposals. The administrator must call the first meeting of the committee within 6 weeks of its establishment, and subsequent meetings must be held either at specified dates agreed by the committee, or when a member of the committee asks for one, or when the administrator decides he needs to hold one. The committee has power to summon the administrator to attend before it and provide information about the exercise of his functions.
Cheers. Do you know if they have and if they are receiving proper legal advice. If the fans contacted the correct number of creditors, get them mobilised properly, we could then find out what the administrators are up to.
Worth progressing?
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Think about the timing of the administrators statement re possible liquidation.
The final bids must be in by Wednesday.
This is similar to the time they issued deadlines to the players.
This looks like a negotiating tactic to me.
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There is a lot of truth to that. Liquidation doesn't really matter at most clubs, but most clubs are not an institution ... Rangers is.
What do you think of the point re creditors (some of whom will be Rangers men) appointing one of the big solicitors to act on their behalf to ensure the administrators are acting properly.
We do not know the legals ins and outs but this would be positive action to bring everything out into the open.
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I for one wil have no respect for any new owner who puts us into liquidation.
It would have to depend on the circumstances.
This situation is very complicated. I'm not a solicitor but i've been involved in an administration. I feel the fans need some legal advice to clarify a number of points. Please see copy of post from another thread. This would best be achieved by the creditors.
The creditors should get together by arranging a creditors meeting and write to the court re how the administrators are performing. There are set obligations the administrators have to comply with. If they are failing the creditors, the creditors have to take legal advice to ensure that the administrators are acting in their best interests.
Is this a better use of the fighting fund?
I suspect that the administrators fees will consume all working capital and leave a few pence in the pound for distribution to creditors.
The administrators cost statement will shock most people.
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The creditors should get together by arranging a creditors meeting and write to the court re how the administrators are performing. There are set obligations the administrators have to comply with. If they are failing the creditors, the creditors have to take legal advice to ensure that the administrators are acting in their best interests.
Is this a better use of the fighting fund?
I suspect that the administrators fees will consume all working capital and leave a few pence in the pound for distribution to creditors.
The administrators cost statement will shock most people.
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Just a point re the Administrators. From various sources their hourly rates range from £250/hr to £650/hr. It has been reported they have a team of 8. Say average of £500/hr for ease of calculation x 8 people x 10 hours per day x 6 days per weeks comes to £240k per week. Add the cost of their lawyers and the fees will be around £1M per month.
This is the amount the players reduced their salary by.
A long administration only suits one company. Why would they deal with things quickly?
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Why?
We've been turned over by some conmen, aided by people that should've known better. We can get over it, Our history doesn't die. Don't surrender.
Agree completely. Rangers is much more than a business. Rangers is hundreds of thousand of fans who love the club and who will make many sacrifices for the good of the institution. A few sharp operators cannot wipe out what we stand for. The very least we as fans should be doing is staying loyal to The Club. Rangers in the future is what we make it. This is a time of opportunity to build the club properly. If it means going backwards in the short term to secure thelong term future, that is a price worth paying. We can be a part of the future history of Rangers by helping the club through our most difficult period. Who doesn't want to be part of that?
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I think in almost 4 years on here, you're the first guy from Bearsden I've seen on here. Welcome!
Cheers. Difficult times but proud to be a Rangers fan. We need to look at the big picture and not be deflected by daily negative stories. If the new owners are Rangers men, this will be a massive step forward. Openness and transparency are required. If this happens properly, the fans will support them. I will be part of this.
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Just read your post after I posted mine.... Totally agree!
First post guys. recently we have demonstrated what being a Rangers fan is all about. Atmosphere and togetherness has improved. We have taken things for granted - this entire process has been a wake up call. Regardless of the outcome, we need to support the club and what we stand for. It is easy to be a fan during the good times but much more important and rewarding during the difficult periods. Keep positive and be part of the new journey. There will be ups and downs but it will be exciting.
Sky...
in Jimmy Bell's Kitroom
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Whoever carried out the calculations obviously was educated at a sub standard school.
Using the figures provided, the total income would be circa £33M not £300+ million.
Taking off costs, non football subscribers etc would lead us to believe that Sky does not make a huge profit from Scottish football.
Losing a large number of subscribers will have an impact.
Don't believe what you read. There is so much mis information.