Jump to content

The Circular

spangles

By spangles
in Jimmy Bell's Kitroom

 Share

Recommended Posts

  • Replies 483
  • Created
  • Last Reply

Top Posters In This Topic

Popular Days

Top Posters In This Topic

Popular Days

RFC55

RFC55 109,765

Posted
Posted

I'd fancy that like most us BD is as unsure and non-committal as the rest of us on the subject.

Craig Whyte is the one than can supply the clarity and information that we need to move forward. I'm still awaiting him doing that but hope we'll have something to go on later today from PLUS.

Thanks Frankie. Whats the chances of this appearing today?

Link to post
Share on other sites
TheLawMan

TheLawMan 6,240

Posted
Posted

I'd fancy that like most us BD is as unsure and non-committal as the rest of us on the subject.

Craig Whyte is the one than can supply the clarity and information that we need to move forward. I'm still awaiting him doing that but hope we'll have something to go on later today from PLUS.

(tu)

And i hope he is right on this one Frankie (tu)

Link to post
Share on other sites
Frankie

Frankie 505

Posted
Posted

Thanks Frankie. Whats the chances of this appearing today?

Your guess is as good as mine mate. Fingers crossed.

As said previously, I don't think there will be a huge amount of specific information in it but I am hoping it will offer viable explanations for what is currently happening as well as planning for the future.

Thereafter, we'll just have to wait until the fan groups get their chance to cross-examine Whyte - as well as the club AGM later in the year.

Link to post
Share on other sites
spangles

spangles 7

Posted
  • Author
Posted

so let me sum this up in laymans terms.

rangers used to have season book money used as collateral against our loans with lloyds.

some of that has been released most likley because the loan is repaid.

securities are still in place to cover overdrafts etc.

this is standard business practice.

yahoos are still desperate.

Not according to our former owner.

The former Ibrox chairman firmly denied reports that the bank is insisting on using ticket sales revenue to pay down any of the club's debt.

"There's no truth to the bank wanting to ring fence the season ticket money," he said.

Link to post
Share on other sites
gunslinger

gunslinger 270

Posted
Posted

Not according to our former owner.

The former Ibrox chairman firmly denied reports that the bank is insisting on using ticket sales revenue to pay down any of the club's debt.

"There's no truth to the bank wanting to ring fence the season ticket money," he said.

collateral is different to paying down. very different.

Link to post
Share on other sites
gunslinger

gunslinger 270

Posted
Posted

the stuff int his thread about ticketus is straight from a celtic blog, these guys have no shame....

we used tiketus last year.

as far as i can make out. probably to get the money for jelavic because lloyds wouldnt provide it. though i have no evidence on that.

Link to post
Share on other sites
ogbg

ogbg 20

Posted
Posted

we used tiketus last year.

as far as i can make out. probably to get the money for jelavic because lloyds wouldnt provide it. though i have no evidence on that.

What is Ticketus?

Link to post
Share on other sites
ogbg

ogbg 20

Posted
Posted

I just had a look there at that "rangerstaxcase" website. It seems like this MG05s form is the latest story on there, but the "expert" who writes on it appears to have fucked up! He originally claims that the form is saying that we have freed our season ticket money from the creditors and proceeds to fabricate some elaborate route from there to administration, but then he adds a correction saying that he fucked up and it actually means the opposite. It's weird for such a so-called expert to completely misunderstand this form when novices can clearly interpret its meaning just by reading it. Unless, of course, said expert is in fact nothing more than a bitter tim with a calculator.

Link to post
Share on other sites
spangles

spangles 7

Posted
  • Author
Posted

collateral is different to paying down. very different.

So what would have been the prior to this doc surfacing, usage of the said season ticket revenues, as they appear now to be a released asset, and what will be their future usage or asset value applied to. In laymans terms of course, since they appear to have been a confined or guaranty asset previously, despite Minty's view to the contrary. :sherlock:

Link to post
Share on other sites
Johnson

Johnson 27

Posted
Posted

What is Ticketus?

A finance company that advances you cash mortgaged against future season ticket sales.

They've had dealings with Watford, Man Utd, Burnley, Hull and Plymouth.

See: www.ticketus.co.uk

They are part of the Octopus Investments group.

The lawyers they use are Clarke Wilmott, of Bristol.

On a side note, I reckon the wording of the document is obtuse and has been misinterpreted.

The season tickets are the released assets.

The rest of the floating charge was "assigned" from Lloyds to Wavetower when the takeover went through.

The club's statement at the time confirmed this.

This allows Craig Whyte to retain secured creditor status.

If anyone can think of another reason why 100,000 season tickets have been released, let me know.

As far as I can work out, Ticketus are the only guys in the market who deal in this sort of thing.

Link to post
Share on other sites
ogbg

ogbg 20

Posted
Posted

The season tickets are the released/b] assets.

Where do you get that from? The document says all assests are released apart from the season tickets.

Link to post
Share on other sites
gunslinger

gunslinger 270

Posted
Posted

I just had a look there at that "rangerstaxcase" website. It seems like this MG05s form is the latest story on there, but the "expert" who writes on it appears to have fucked up! He originally claims that the form is saying that we have freed our season ticket money from the creditors and proceeds to fabricate some elaborate route from there to administration, but then he adds a correction saying that he fucked up and it actually means the opposite. It's weird for such a so-called expert to completely misunderstand this form when novices can clearly interpret its meaning just by reading it. Unless, of course, said expert is in fact nothing more than a bitter tim with a calculator.

just a bunch of obsessed taigs taking stabs in the dark mate.

Link to post
Share on other sites
spangles

spangles 7

Posted
  • Author
Posted

Where do you get that from? The document says all assests are released apart from the season tickets.

No, it specifically states the season tickets are the released partial assets, more interestingly....it appears Phil Betts has signed off as the creditor or acting for the creditor,,,

http://forum.rangersmedia.co.uk/index.php?showtopic=186365

Link to post
Share on other sites
ogbg

ogbg 20

Posted
Posted

No, it specifically states the season tickets are the released partial assets, more interestingly....it appears Phil Betts has signed off as the creditor or acting for the creditor,,,

http://forum.rangersmedia.co.uk/index.php?showtopic=186365

Yeah, I thought that was Phil Betts's signature (see my earlier post on here). But, as I read it, it states in the box titled "Short particulars of the property, etc. which has been released from the charge" that all assest have been released except for the "released assets". However, thinking about it some more, it does seem a bit strange that they would call those assets that are excluded from release the "released assests", so maybe it is just worded in a very odd way and you are correct.

Link to post
Share on other sites
Craigie79

Craigie79 67

Posted
Posted

Yeah, I thought that was Phil Betts's signature (see my earlier post on here). But, as I read it, it states in the box titled "Short particulars of the property, etc. which has been released from the charge" that all assest have been released except for the "released assets". However, thinking about it some more, it does seem a bit strange that they would call those assets that are excluded from release the "released assests", so maybe it is just worded in a very odd way and you are correct.

I think your initial thought is the right thought. Released assets to me is what it says it is. ie assets(empty seats each worth 20 odd quid a pop) that we own that over the course of the season get sold to the customers with the cash getting released to us.

Craig Whyte's autograph is on the form as well so there is the creditors name on the form as well as somebody who is employed/acts for him :rolleyes:

Link to post
Share on other sites
Guest
This topic is now closed to further replies.
 Share
Go to topic listing
×
×
  • Create New...