boss 1,941 Posted March 23, 2012 Share Posted March 23, 2012 A somewhat overlooked point from today's judgement was that the Administrators believe the Ticketus deal breached the financial assistance rules. This has been discussed here before but I think this is the first confirmation of their position (although it wasn't relevant to the judge's considerations). As if today's news couldn't get any worse for Ticketus! The administrators' legal advisers have challenged the enforceability of the STA. It envisaged that Rangers would use the payment for the first tranche STA tickets to effect the repayment of its debt of about £18 million to Bank of Scotland plc. It was also proposed that Rangers would lend £16 million to Wavetower Limited (now called The Rangers FC Group Limited) to enable that debt to be repaid and that the bank's debt and its securities would be assigned to Wavetower Limited (Schedule 19). The administrators' legal advisers have asserted that the STA is illegal on the ground that it was an agreement for the giving indirectly by Rangers of financial assistance for the acquisition of its shares contrary to section 678 of the Companies Act 2006. Quote Link to post Share on other sites More sharing options...
WVB 2,560 Posted March 23, 2012 Share Posted March 23, 2012 This is the sort of thing that could see us charged with bringing the game into disrepu.........................oh. Quote Link to post Share on other sites More sharing options...
Dl2068 17 Posted March 23, 2012 Share Posted March 23, 2012 So this means Whyte used FSA to purchase Rangers Quote Link to post Share on other sites More sharing options...
andymcg1986 259 Posted March 23, 2012 Share Posted March 23, 2012 The whole thing is fucked up so many ifs and buts Quote Link to post Share on other sites More sharing options...
Guardian 4,281 Posted March 23, 2012 Share Posted March 23, 2012 Hopefully Ticketus will end up chasing Craig Whyte for the money and drop out of the Rangers picture.I still can't shake the feeling this is too good to be true, but I'm keeping my fingers crossed. Quote Link to post Share on other sites More sharing options...
Jack The Flipper 5,936 Posted March 23, 2012 Share Posted March 23, 2012 I just don't understand how someone can purchase a company X using funds given previously by company Y for revenues of company X which is not yet under control of the buyer.It sounds ludicrous to me, you'd think it would sound ludicrous to a judge as well. Quote Link to post Share on other sites More sharing options...
boss 1,941 Posted March 23, 2012 Author Share Posted March 23, 2012 So this means Whyte used FSA to purchase Rangers And so is going to jail for it. Quote Link to post Share on other sites More sharing options...
BlueThunder 8,454 Posted March 23, 2012 Share Posted March 23, 2012 So this means Whyte used SFA to purchase Rangers Corrected that fir ya Quote Link to post Share on other sites More sharing options...
corkinator 611 Posted March 23, 2012 Share Posted March 23, 2012 I just don't understand how someone can purchase a company X using funds given previously by company Y for revenues of company X which is not yet under control of the buyer.It sounds ludicrous to me, you'd think it would sound ludicrous to a judge as well.boggles the mind Quote Link to post Share on other sites More sharing options...
'o'rangerblue 89 Posted March 23, 2012 Share Posted March 23, 2012 What's going on, I thouht we were all supposed to be depressed at todays judgement? Quote Link to post Share on other sites More sharing options...
Dl2068 17 Posted March 23, 2012 Share Posted March 23, 2012 Corrected that fir ya Quote Link to post Share on other sites More sharing options...
sergio 1,199 Posted March 23, 2012 Share Posted March 23, 2012 "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"Surely this is something worth celebrating Casey? Quote Link to post Share on other sites More sharing options...
pcbear 10,924 Posted March 23, 2012 Share Posted March 23, 2012 I just don't understand how someone can purchase a company X using funds given previously by company Y for revenues of company X which is not yet under control of the buyer.It sounds ludicrous to me, you'd think it would sound ludicrous to a judge as well.Its just not right is it, you cant sell the future income of something you dont yet own, thats just common sense is it not. Quote Link to post Share on other sites More sharing options...
islandblue 366 Posted March 23, 2012 Share Posted March 23, 2012 I think it was the result D+ P were looking for Quote Link to post Share on other sites More sharing options...
Allanger 625 Posted March 23, 2012 Share Posted March 23, 2012 Looks like Whyte might not walk away from this scot free after all Quote Link to post Share on other sites More sharing options...
islandblue 366 Posted March 23, 2012 Share Posted March 23, 2012 Let's hope Whyte ends up in the real big house Quote Link to post Share on other sites More sharing options...
WWTC 2,257 Posted March 23, 2012 Share Posted March 23, 2012 Doomed doomed WE'RE ALL DOOMED Quote Link to post Share on other sites More sharing options...
boss 1,941 Posted March 23, 2012 Author Share Posted March 23, 2012 Surely this is something worth celebrating Casey?Poor casey. Quote Link to post Share on other sites More sharing options...
WWTC 2,257 Posted March 23, 2012 Share Posted March 23, 2012 Id like to point out, people should read the statements from D&P today, sit back, and realise just how much paul murray could end up fuck our club up. We have the chance to get rid of them, and because hes taking them out of the equation and therefore the pot for a cva, any offer he makes will result in a greater return for the remaining creditors, as long as he can match the cash offers of the remaining bidders. Quote Link to post Share on other sites More sharing options...
Chef 436 Posted March 23, 2012 Share Posted March 23, 2012 Id like to point out, people should read the statements from D&P today, sit back, and realise just how much paul murray could end up fuck our club up. We have the chance to get rid of them, and because hes taking them out of the equation and therefore the pot for a cva, any offer he makes will result in a greater return for the remaining creditors, as long as he can match the cash offers of the remaining bidders.As far as I'm concerned I don't want ticketus to have anything to do with us and if it's possible to rid them through the courts I'd certainly expect any serious bidders to take this route if they follow this venture through. Quote Link to post Share on other sites More sharing options...
'o'rangerblue 89 Posted March 23, 2012 Share Posted March 23, 2012 Id like to point out, people should read the statements from D&P today, sit back, and realise just how much paul murray could end up fuck our club up. We have the chance to get rid of them, and because hes taking them out of the equation and therefore the pot for a cva, any offer he makes will result in a greater return for the remaining creditors, as long as he can match the cash offers of the remaining bidders.Blue KnightsThe Ticketus statement said: "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's role in this, with its contract remaining valid and enforceable, we question the ability for this to happen."Ticketus said it would "do everything necessary" to defend its position and ensure its contract was honoured.I noticed that too. Quote Link to post Share on other sites More sharing options...
boss 1,941 Posted March 23, 2012 Author Share Posted March 23, 2012 Id like to point out, people should read the statements from D&P today, sit back, and realise just how much paul murray could end up fuck our club up. We have the chance to get rid of them, and because hes taking them out of the equation and therefore the pot for a cva, any offer he makes will result in a greater return for the remaining creditors, as long as he can match the cash offers of the remaining bidders.This, this and this again. Folk need to read and understand this. Paul Murray can now prove whether he is in it for himself or in it for the benefit of Rangers. Ball is in his court. Ditch Ticketus now, Paul, and they are no longer part of our future. Please. Quote Link to post Share on other sites More sharing options...
WWTC 2,257 Posted March 23, 2012 Share Posted March 23, 2012 As far as I'm concerned I don't want ticketus to have anything to do with us and if it's possible to rid them through the courts I'd certainly expect any serious bidders to take this route if they follow this venture through.You'd like to think so mate. By all means, TBK should bid for the club and we should welcome it, but drop the baggage or leave the table Quote Link to post Share on other sites More sharing options...
Guardian 4,281 Posted March 23, 2012 Share Posted March 23, 2012 This, this and this again. Folk need to read and understand this. Paul Murray can now prove whether he is in it for himself or in it for the benefit of Rangers. Ball is in his court. Ditch Ticketus now, Paul, and they are no longer part of our future. Please.I think we know he won't ditch them for the team. It would bust his agenda.If he doesn't try to use it to his advantage instead, I will be shocked. Quote Link to post Share on other sites More sharing options...
WWTC 2,257 Posted March 23, 2012 Share Posted March 23, 2012 This, this and this again. Folk need to read and understand this. Paul Murray can now prove whether he is in it for himself or in it for the benefit of Rangers. Ball is in his court. Ditch Ticketus now, Paul, and they are no longer part of our future. Please.Indeed mate. This, if nothing else, will prove whether or not TBK are atually willing to part with their own money. If they pull out now, how bad will it make them look? IMO, its advantage kennedy etc. Without going off on one too much, ive been impressed with how hes gone about things. Quote Link to post Share on other sites More sharing options...
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