A.T.G 10,773 Posted March 23, 2012 Share Posted March 23, 2012 Ticketus are owed £24m thenAnd will form part of a CVA thenJust awaiting the big tax case and we can move forward Quote Link to post Share on other sites More sharing options...
WVB 2,560 Posted March 23, 2012 Share Posted March 23, 2012 As with most things, so called experts jumped the gun early and went down the negative route.I always prefer to wait on those actually in the know to have their say.You got my PM then? Quote Link to post Share on other sites More sharing options...
Colonel Mustard 380 Posted March 23, 2012 Share Posted March 23, 2012 Ticketus are owed £24m thenAnd will form part of a CVA thenJust awaiting the big tax case and we can move forward Where does it say that? Quote Link to post Share on other sites More sharing options...
WVB 2,560 Posted March 23, 2012 Share Posted March 23, 2012 WVB definately works for d+p had a positive thread in here in amongst the chaos No, they work for me now. Quote Link to post Share on other sites More sharing options...
54andcounting 627 Posted March 23, 2012 Share Posted March 23, 2012 STV saying that,we are stuck with the deal Quote Link to post Share on other sites More sharing options...
Bluepeter9 5,167 Posted March 23, 2012 Share Posted March 23, 2012 Oh ffs all it boils down to is ticketus are just another creditor ...,,, and as such that is great news !!! That is my fully uneducated and unprofessional opinion .. But I am correct !!' Quote Link to post Share on other sites More sharing options...
scottyboyblue 61 Posted March 23, 2012 Share Posted March 23, 2012 No way What i meant was that i was one who jumped in with both feet in a negative way, when i should have known better and waited for the administrators statement, some of the pettiness on here pisses me off, i thought we had more to worry about than useless point scoring, but there you go, as long as you feel better mate Quote Link to post Share on other sites More sharing options...
bombaybadboy08 15,660 Posted March 23, 2012 Share Posted March 23, 2012 Lovely news Quote Link to post Share on other sites More sharing options...
jack1690 793 Posted March 23, 2012 Share Posted March 23, 2012 What i meant was that i was one who jumped in with both feet in a negative way, when i should have known better and waited for the administrators statement, some of the pettiness on here pisses me off, i thought we had more to worry about than useless point scoring, but there you go, as long as you feel better mateWasn't point scoring. Only pointing out the obvious. We are all over the place just now with d & p, hmrc, etb, cva, ftp. I know how youre feeling and only tried to lighten the gloom and doom. But if I offended you then I apologise. Quote Link to post Share on other sites More sharing options...
WWTC 2,257 Posted March 23, 2012 Share Posted March 23, 2012 Just got to read that statement, stark contrast to the picture being painted on here earlier. Even good news is portrayed as bad on here by some, today was a belting example. Quote Link to post Share on other sites More sharing options...
BritishBear 34 Posted March 23, 2012 Share Posted March 23, 2012 Oh ffs all it boils down to is ticketus are just another creditor ...,,, and as such that is great news !!! That is my fully uneducated and unprofessional opinion .. But I am correct !!'Absolutely.Ticketus will not be taking £27.5 million out of the club, they will have to accept a percentage and they don't own 1 single ticket.Fantastic news. Quote Link to post Share on other sites More sharing options...
boss 1,941 Posted March 23, 2012 Share Posted March 23, 2012 Oh ffs all it boils down to is ticketus are just another creditor ...,,, and as such that is great news !!! This. Ticketus seem to have received a right good thrashing. Quote Link to post Share on other sites More sharing options...
boss 1,941 Posted March 23, 2012 Share Posted March 23, 2012 Ticketus will not be taking £27.5 million out of the club, they will have to accept a percentage and they don't own 1 single ticket.That's a nice way of looking at it. Quote Link to post Share on other sites More sharing options...
BritishBear 34 Posted March 23, 2012 Share Posted March 23, 2012 That's a nice way of looking at it. Other than letting the admins rip the deal up, this was the best result.Be interesting to hear if P.Murray and his knights are still willing to give them all their money back.Remember "ticketus don't do loans, they buy the tickets" well the establishment has come through on this one, ticketus can now treated as if they loaned the money, they own fuck all. Quote Link to post Share on other sites More sharing options...
Guardian 4,281 Posted March 23, 2012 Share Posted March 23, 2012 It's looking good for us now. If Ticketus have paid off LBG and we only owe them peanuts in a CVA, thats a masterstroke by the admins.It's also a kick in the jorries to TBK, which is another good thing. Quote Link to post Share on other sites More sharing options...
sergio 1,199 Posted March 23, 2012 Share Posted March 23, 2012 Media Statements (Via Twitter) "Rangers have lost in their quest to get the Ticketus deal overturned and are now stuck with this deal for 4 seasons"Small wonder that a lot of fans came on and went mental, (I am pretty sure the taigs reaction was that of premature ejaculation) those that held back are to be commended.However it looks like both parties are claiming victory ...... Administrators "Lord Hodge has made it clear that the Ticketus arrangements does not mean Ticketus has property or real rights over seats at the stadium or, indeed, the proceeds from the sale of future season tickets.Ticketus The court has made it clear today that the Ticketus contract cannot be breached unless there is substantial evidence that by doing so the administrators are able to significantly improve returns for creditors and improve the chance of returning the Club to a going concern. Given the strength of the Blue Knights consortium’s bid, and Ticketus’ role in this with its contract remaining valid and enforceable, we question the ability for this to happen."Looks like TBK could scupper the chance of us getting rid of this Ticketus mob Quote Link to post Share on other sites More sharing options...
corkinator 611 Posted March 23, 2012 Share Posted March 23, 2012 Looks like its gona get messy. Quote Link to post Share on other sites More sharing options...
54andcounting 627 Posted March 23, 2012 Share Posted March 23, 2012 Rangers' administrators and Ticketus have both welcomed a ruling on the status of their contract following a court case that revealed the Ibrox club received two payments totalling more than £30million during Craig Whyte's stewardship.A judge at the Court of Session in Edinburgh would not give directions on administrators' request to tear up the contract because Duff and Phelps held back information on bids so as not to undermine the process.Administrators welcomed indications they would have the right to refuse to honour the deal if it was in the best interest of creditors. But Ticketus questioned whether that scenario could arise given the "strength" of the bid from Paul Murray's Blue Knights consortium, for which they are providing initial financial backing.The judge's written ruling clarified the exact nature of the deals between Ticketus and Rangers chairman Whyte. Documents showed that Whyte received more than £20million plus VAT in May last year as previously stated, for season tickets over three years.Rangers then sold tickets from another season - 2014-15 - receiving more than £5million on or about September 21. With VAT added, the total payments Rangers received under Whyte were £30.5million.Having sold season books from the current campaign, Ticketus now own the rights to tickets worth £27million over the next three years, the company have confirmed. The only other publicly confirmed bidder of the four interested parties, Brian Kennedy, is considering the implications of the complex ruling.Administrators had initially argued that the deal could put off potential investors as they look to sell the club, which went into administration last month over the non-payment of around £9million in PAYE and VAT following Whyte's takeover.Lord Hodge declined to give Ticketus preferential treatment saying their rights "were purely contractual rights and were not trust rights which would prevail over ordinary creditors in an insolvency". Duff and Phelps described that as a "significant step towards clarifying the future" of the club.In a statement, joint-administrator Paul Clark said: "Lord Hodge has made it clear that the Ticketus arrangements do not mean Ticketus has property or real rights over seats at the stadium or, indeed, the proceeds from the sale of future season tickets."It is clear from the judgement that, as administrators, we have the statutory right and powers to have the company (the club) refuse to honour the Ticketus arrangements if such a decision would be in the interests of creditors generally."30.5m Quote Link to post Share on other sites More sharing options...
Colonel Mustard 380 Posted March 23, 2012 Share Posted March 23, 2012 The court has made it clear today that the Ticketus contract cannot be breached unless there is substantial evidence that by doing so the administrators are able to significantly improve returns for creditors and improve the chance of returning the Club to a going concern. Given the strength of the Blue Knights consortium’s bid, and Ticketus’ role in this with its contract remaining valid and enforceable, we question the ability for this to happen."Looks like TBK could scupper the chance of us getting rid of this Ticketus mob I'd imagine that the absence of 20 odd million from the creditors' pot would improve returns for creditors?IS this the kind of "substantial evidence" required, or does this refer to something else? Quote Link to post Share on other sites More sharing options...
corkinator 611 Posted March 23, 2012 Share Posted March 23, 2012 They will probably get here haw when the contract is terminated. Quote Link to post Share on other sites More sharing options...
Sicknote 26 Posted March 23, 2012 Share Posted March 23, 2012 Absolutely.Ticketus will not be taking £27.5 million out of the club, they will have to accept a percentage and they don't own 1 single ticket.Fantastic news.The don't have to accept a percentage. They have 10's of millions of shareholders money tied up in our club. They will fight this at every level and will be an angry creditor at best. Liquidation may see them get a better return than a pence in the pound CVA.This was round 1, we didn't knock them out. Quote Link to post Share on other sites More sharing options...
Colonel Mustard 380 Posted March 23, 2012 Share Posted March 23, 2012 The don't have to accept a percentage. They have 10's of millions of shareholders money tied up in our club. They will fight this at every level and will be an angry creditor at best. Liquidation may see them get a better return than a pence in the pound CVA.This was round 1, we didn't knock them out.If the administrators decide to rip up the contract, why would they not go after a refund from the person who gave them personal security on the deal?To a completely untrained legal eye, that would appear an easier course of action than spending fortunes trying to prove that they were entitled to something from RFC. Quote Link to post Share on other sites More sharing options...
Sicknote 26 Posted March 23, 2012 Share Posted March 23, 2012 If the administrators decide to rip up the contract, why would they not go after a refund from the person who gave them personal security on the deal?To a completely untrained legal eye, that would appear an easier course of action than spending fortunes trying to prove that they were entitled to something from RFC.We have room to 'rip up the contract' with the consequence they will be an 'ordinary' creditor, and only if it benefits all the creditors and the company. Ticketus would contest this, chasing Whyte would be a last resort, considering that as a creditor they have an opportunity to recoup money through a CVA or liquidation. Would you chase Whyte for the money? Quote Link to post Share on other sites More sharing options...
boss 1,941 Posted March 23, 2012 Share Posted March 23, 2012 We have room to 'rip up the contract' with the consequence they will be an 'ordinary' creditor, and only if it benefits all the creditors and the company.A point of order (I accept this seems minor, but it isn't really). Decisions by the Administrators don't need to be be for the benefit of all the creditors - they need to be for the benefit of the creditors as a whole. There is a big difference. Quote Link to post Share on other sites More sharing options...
boss 1,941 Posted March 23, 2012 Share Posted March 23, 2012 The don't have to accept a percentage. They have 10's of millions of shareholders money tied up in our club. They will fight this at every level and will be an angry creditor at best. Liquidation may see them get a better return than a pence in the pound CVA.This was round 1, we didn't knock them out.Financial assistance might provide the knockout blow. Can Ticketus take that risk, or will they deal?And liquidation will not give them a better return. No chance. Quote Link to post Share on other sites More sharing options...
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