AJ requests that Insolvency Service investigates takeover

[caseyjones 3,009]

Ah, a new set of sparring partners......thank fuck for that!

[GeneralCartmanLee 313]

That'll be the resident shitebag, you.

I love it when banned memebers crawl back onto the board....we all know exactly who you are...

The mods would do well to check the ip against a guy who was very recently banned for multiple accounts....swsl/flecky

[TheLawMan 6,240]

Ah, a new set of sparring partners......thank fuck for that!

[boss 1,941]

he hasn't underwritten any "loan" from Ticketus

That's just daft. The implication of what you are saying is that the security held by Ticketus is merely over a Club that could go into Administration tomorrow. That remains the same even if you assume it's tickets they bought - these tickets are worthless in the event of Administration. No way in the world has Ticketus given us that money (howsoever they gave it to us) without further security outside of Rangers. You are deluded if you think otherwise.

[joker69 60]

Bitter bastard

Wish he would get to fuck

This so called Rangers man seems determined to attack us whenever he can.

[Turnberry18 3,204]

That's just daft. The implication of what you are saying is that the security held by Ticketus is merely over a Club that could go into Administration tomorrow. That remains the same even if you assume it's tickets they bought - these tickets are worthless in the event of Administration. No way in the world has Ticketus given us that money (howsoever they gave it to us) without further security outside of Rangers. You are deluded if you think otherwise.

Anyone would think Rangers tickets were bills of exchange

[caseyjones 3,009]

Bitter bastard

Wish he would get to fuck

This so called Rangers man seems determined to attack us whenever he can.

When has he attacked us?

[boss 1,941]

Johnston, Bain, King, McClelland and Greig held a majority on the Rangers Board for every second of the period from February 2004 until the takeover. We really, really shouldn't be taking lectures from them about how to run a football club.

Here is an extract from an article from last year:

Alastair Johnston, our absent Chairman, has been on the Rangers board for over 7 years. In that time, we have paid over £27m into two Employee Trusts. Where were you Alastair when the Board were approving these payments and the accounts in which they were recorded? What questions were you asking? What assurances were you obtaining?

The principal responsibility for our financial predicament lies with Sir David Murray, of that there is no doubt. But Johnston and his cohorts who had a majority on the Board cannot escape their share of responsibility.

[Turnberry18 3,204]

Johnston, Bain, King, McClelland and Greig held a majority on the Rangers Board for every second of the period from February 2004 until the takeover. We really, really shouldn't be taking lectures from them about how to run a football club.

Here is an extract from an article from last year:

Alastair Johnston, our absent Chairman, has been on the Rangers board for over 7 years. In that time, we have paid over £27m into two Employee Trusts. Where were you Alastair when the Board were approving these payments and the accounts in which they were recorded? What questions were you asking? What assurances were you obtaining?

The principal responsibility for our financial predicament lies with Sir David Murray, of that there is no doubt. But Johnston and his cohorts who had a majority on the Board cannot escape their share of responsibility.

Well certainly as the Chairman he should have been more scrupulous about those decisions, and certainly as a Board they should also been asking them.

[boss 1,941]

Well certainly as the Chairman he should have been more scrupulous about those decisions, and certainly as a Board they should also been asking them.

We've heard a damn sight more from Johnston in the last few weeks than we ever did when he was Chairman.

[Turnberry18 3,204]

We've heard a damn sight more from Johnston in the last few weeks than we ever did when he was Chairman.

That irony crossed my mind as I wrote that.

[StudsLonniegan 9]

So basically ticketus bought tickets from us and asked for Whyte to underwrite their risk from a security outwith Rangers, so Rangers owe ticketus fuck all ??

[Turnberry18 3,204]

So basically ticketus bought tickets from us and asked for Whyte to underwrite their risk from a security outwith Rangers, so Rangers owe ticketus fuck all ??

No, because it is a liability. The liability is ours whilst we exist.

[bluepeter 5,627]

Really? Feel free to post all the correspondence regarding the matter at the time, you said you didn't know who banned me at the time, correct ? you said nobody would own up to banning me, correct? whoever banned me didn't apologise, correct ? unless you yourself are now finally manning up and admitting it was in fact you who banned me in the first place, correct ?

All incorrect.

I wouldn't normally post PMs, but I see no harm and you've given permission, so:

Hi ***********,

Just a quick update - I've heard from the person who banned you. They initially banned you as a suspected tim while they checked who you were, but thought they'd unbanned you as soon as they read my post vouching for you. Whether they didn't tick the right box or what, you should have been unbanned within a couple of minutes of the ban. It was an error that you stayed banned, we can only apologise again.

Cheers,

Peter

[bluepeter 5,627]

Because he has engineered himself a secured debt worth a minimum £18m+ for the grand cost to himself of £1.

His company never paid off the £18m the funds used for that belonged to RFC plc, he hasn't underwritten any "loan" from Ticketus, any money he moves out of RFC plc is the clubs not his.

Well that's just ridiculous. Did the £18m appear from thin air? A company owned solely by Whyte paid the bank off. It's money he'll get back from Rangers if we don't go insolvent, but it's money he's put up in the first place.

[TheLawMan 6,240]

All incorrect.

I wouldn't normally post PMs, but I see no harm and you've given permission, so:

Oops.

[TheLawMan 6,240]

Well that's just ridiculous. Did the £18m appear from thin air? A company owned solely by Whyte paid the bank off. It's money he'll get back from Rangers if we don't go insolvent, but it's money he's put up in the first place.

Not according to the circular, though we know things have changed constantly since 6th may so wouldn't surprise me.

[Guardian 4,281]

We've heard a damn sight more from Johnston in the last few weeks than we ever did when he was Chairman.

Thought this too.

As I recall he also did a disappearing act during the takeover. Does he even know where Ibrox is ?

There's nothing he can accuse Whyte of, that wasn't happening during his tenure.

This fud is helping create doubt and uncertainty which will be exploited by the enemies of our club.

No good will come of it.

[Gerwelly 115]

Today's Evening times says the Murray Group is now also asking Whyte for clarification on how he funded the takeover. (sorry can't post link)

[californiadreamin52 339]

So basically ticketus bought tickets from us and asked for Whyte to underwrite their risk from a security outwith Rangers, so Rangers owe ticketus fuck all ??

Just one problem it is revenue lost to Rangers so yes it did cost Rangers we are selling our future, regardless of who the directors are

[GeneralCartmanLee 313]

Today's Evening times says the Murray Group is now also asking Whyte for clarification on how he funded the takeover. (sorry can't post link)

Hmmmm...curious

[bluepeter 5,627]

Not according to the circular, though we know things have changed constantly since 6th may so wouldn't surprise me.

So, what do you think happened? Have Lloyds been paid off? If so, who paid that money?

[Guardian 4,281]

Just one problem it is revenue lost to Rangers so yes it did cost Rangers we are selling our future, regardless of who the directors are

We might not have had a future otherwise though.

Desperate times call for desperate measures and all that.

[bluepeter 5,627]

Today's Evening times says the Murray Group is now also asking Whyte for clarification on how he funded the takeover. (sorry can't post link)

FORMER Rangers chairman Alastair Johnston has asked a Government watchdog to probe Craig Whyte’s takeover of the club.

Mr Johnston last night made a formal request for the Intelligence & Enforcement Directorate of the Insolvency Service to hold an investigation, and alleged that “certain financial arrangements of concern were executed by the buyer”.

The move follows allegations that Mr Whyte raised millions of pounds of funding against the sale of future Rangers season tickets in a deal with the Ticketus offshoot of private equity house Octopus.

It is understood that former owner Sir David Murray’s Murray Group has also now sought clarification from Mr Whyte’s team about the funding of the takeover of Rangers.

A spokesman for Rangers chairman Mr Whyte last night said he had “nothing to fear from any investigation”.

Mr Johnston said: “I have had numerous approaches following the recent revelations in the press about the acquisition of Rangers Football Club and the use of future season ticket money.

“I am not in a position to answer all the questions put to me, but I do recognise the issue is causing much concern.

“I believe this is a prevalent view amongst Rangers stakeholders who are now demanding full transparency about the funding of the acquisition of the club, its current financial status, and most importantly, the way forward.”

He added: “In order to allow all of the options potentially available to stabilise the club (to) be explored, there must be total disclosure.”

Mr Whyte has denied using supporters’ money to fund his acquisition of 85% of the club, which included payment of £1 for the shares controlled by Sir David and the assumption of about £18million of debt which had been owed previously to Lloyds Banking Group.

It has been reported that lawyers, on behalf of Ticketus, deposited £24.4m into a client account of Collyer Bristow, Mr Whyte’s lawyer for the bid. It is understood that this account was crucial in persuading Sir David that Mr Whyte had the funds necessary to buy Rangers.

The spokesman for Mr Whyte said: “The chairman and the current board of Rangers Football Club have nothing to fear from any investigation by any agency.

“The chairman also re-affirms that, post-takeover, the club continued to face financial obligations, including payment to the Ticketus agency.”

No-one from the Insolvency Service was available for comment last night, following Mr Johnston’s statement.

A spokesman for Murray Group said: “We have also sought clarification of the financing and security arrangements which the purchaser appears to have put in place.”

He added: “We can confirm that, at the time of the takeover, there was no debt owed by the club to Ticketus.”

HM Revenue & Customs declined to comment on whether or not it was investigating Mr Whyte’s acquisition of Rangers.

[TheLawMan 6,240]

So, what do you think happened? Have Lloyds been paid off? If so, who paid that money?

Lloyds have been paid. I'm pretty sure of that. I believe 100% the money came from a Craig whyte company but I fear and would question if that money has been replenished by the ticketus money.