Jump to content

broxieman

First Team
 View Profile  See their activity

  • Posts

    181

  • Joined

  • Last visited

 Content Type 

Posts posted by broxieman

    Duff & Phelps take Ticketus to court.

    in Jimmy Bell's Kitroom

    Posted

    I'm still of the belief that the season ticket "asset" which CW allegedly secured against the cash advance from from Ticketus was a "fictitious asset" at the time the deal was done. CW could not have had title to the season tickets at that point in time, because until he had paid the cash to Lloyds then he could not own the Club, and hence not own the season tickets. One thing happened before the other. Therefore, Ticketus would only have advanced the money on a personal guarantee from CW - there was NO other security available. Thus, I still believe that Ticketus have no claim against the Club, but a huge claim against Whyte. And the only reason they want to be involved with TBK is to remain at the table in some fashion because they are probably now of the opinion that their claim against CW is dubious at best. IMHO.

    Battle to control Rangers attracting 'global interest' – administrator

    in Jimmy Bell's Kitroom

    Posted

    David Murray is today saying that the only mistake he made at RFC was selling to Whyte...aye right David, keep dreaming. Here's one huge mistake you made mate...not hiring this Clark guy to conduct YOUR due diligence....

    On the BBC site Paul Clark, the Administrator says :

    "So anybody who has just been talking - and there are a few out there who have done a lot of talking - we want to seek them out and, as it were, put their money where their mouth is," he told Rangers' website.

    I sure hope we have more serious bids than the Blue Knights - I appreciate they seem to be working hard to get a realistic bid on the table, and it will only be based on a successful CVA, but I'm just not getting the right feeling about them yet. I am inclined to believe that the Admin guys DO have a handle on what is needed to get a successful takeover. Their task is heavy because investors from the States or Singapore for example will all seek an "exit clause" and/or serious playing in Europe, and/or a move to the EPL. Asking major investors to invest tens of millions in a club JUST to play Killie, or the Sheep, or the Jambos or even the Scum, is a BIG ASK.

    I'm still a believer that a deal can be done (and that Whyte's financial "empire" will crumble), but there's a lot of work, and solid convincing to be done.

    Ticketus deal - near collapse

    in Jimmy Bell's Kitroom

    Posted

    That's what I thought initially must have happened but then someone pointed out that the money from Ticketus to Whyte was actually initially put into an escrow account. This means they never actually gave him the money prior to buying the club. He couldn't have transferred a penny out of that account until they got their tickets but crucially he could use it to show proof of funds. David Murray should really have found out if the money in that account was accessible to Whyte by demanding that his pound for the shares was paid from it.

    I would think that the escrow was a demand from Lloyds through Murray.

    Ticketus deal - near collapse

    in Jimmy Bell's Kitroom

    Posted

    He did the Ticketus deal BEFORE "buying" the Club - THEN he used the Ticketus funds to pay off Lloyds and I assume simultaneously bought the club. The sequence is the key. Because he did not have title to the Club assets i.e. season ticket money for example, at the time of the deal with Ticketus, he would have had to provide some sort of personal guarantee to Ticketus. I would find it astonishing if Ticketus provided the money without such guarantee, because they would not accept a "future contingent asset" i.e.the season ticket money. When Whyte "consummated" the deal he would have transferred "title" of the tickets to Ticketus. Done deal. Oops, not so fast. Whyte will be deemed to have acted "ultra vires" - not having the power to make such a deal, so that side of the deal, I believe, will be deemed null and void. Therefore Ticketus has two options - either (a) realise they have dodgy title to the season tickets and pursue the Club, or (b) trigger the guarantee from Whyte - which I would have to believe Ticketus clearly established that it was a solid guarantee. If they didn't do that, then their challenge against the Club based on dodgy title would be a long, long shot. So the upshot would be that Ticketus provided the cash in exchange, not for the season tickets, but the personal guarantee - i.e. IMHO, the Club is not party to the Ticketus deal. Clear huh..?

    Latest news from Rangers, very interesting!

    in Jimmy Bell's Kitroom

    Posted

    1. The questions were good.

    2. The answers, the calmness and the tone, were even better.

    3. He wouldn't be talking about potential buyers in the background if they didn't exist - doesn't mean to say that it will work out, but I now believe that things are going on behind the scenes.

    4. I'm fairly sure that the big case has been "pre-negotiated" if the decision goes against us - it will be a structured settlement over many years, including interest. Any new buyer will have insisted on that - they wouldn't walk into a long, dark tunnel not knowing how and when they get out. So, HMRC haven't gone away, but they also want a deal badly, both because of their own "credibility" and because better to negotiate a settlement than get 5p on the pound in a liquidation.

    5. I am reasonably convinced now that CW might not even get his pound back. He might be guarantee to Ticketus so it could even be worse for him that not just making a profit. Good.

    6. I now also understand the players position better. If anyone goes it would only be in the normal course of business, not because of getting pushed out.

    7. We've a long bumpy road to go yet, but I am slowly getting some comfort back- it should be nothing more than a controlled restructuring - and I'm beginning to think that that is what we'll get.

    I'm no doing the bouncy yet, but ...........

    Attention

    in Jimmy Bell's Kitroom

    Posted

    Well done Ulster. How did we know that you lads would take this situation and lead from the front. Hopefully others will now see the torch that you have lit and will follow you.

    Proud to be Blue.

    Best from the Bermuda Loyal RSC

    No Hiding Place

    in Jimmy Bell's Kitroom

    Posted

    8) Why do new members these days always start a thread with their first post asking about the current situation, rather than dive in, say hello, and participate in another thread?

    Anyhoo, welcome.

    Well, that was certainly constructive.

    Oops sorry...............Hello, Hello.

    No Hiding Place

    in Jimmy Bell's Kitroom

    Posted

    I’m as frustrated and angry as any Bear. I live too far away from Scotland to contribute anything meaningful to the situation so I have to rely on anything online – the good, the bad and the ugly (yes Thimmy I know you’re on here). I’ve even heard that Peter, spokesman for the “Parkhead Lawell” jumps in and out just to make sure we’re still here. But let’s ignore them Bears and let us discuss these issue openly – don’t get uptight about interlopers looking – be it them, or journos, or those with nothing better to do - we’ve important stuff to sort out. So here goes :-

    1. How is it possible for anyone to come along to buy the Club in the next 24-48 hours when nobody knows the liabilities..?

    2. So can the Blue Knights for example realistically do anything, or are we just kidding ourselves..?

    3. Was liquidation the plan all along..? (I’ve asked CW and categorically said no - we’ll see)

    4. There’s absolutely no point having an online “collection box” – so either get a trustworthy repository, or stop.

    5. To the Administrators (I hope you’re also on here - if not, someone please send this to them) – come up with a Plan that we can consider.

    6. To the rest of Scottish Football… fuck off – we’ll remember you and your smug comments – your overdrafts will explode without us.

    7. To the Bears – let’s get organized and sort this out – and if there are people doing so and I’m not in the loop then I apologise.

×
×
  • Create New...