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Rangers was sold direct to Sevco Scotland, not via Sevco 5088


boss

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Something still isn't right. It seems to me, that for this to have happened, whyte has been stung not just off of Green, but duff&Phelps as well.

I just wish this came out after season ticket sales.

As another posted said earlier, it's no co-incidence that Whyte has stated kicking off just as the proceedings against him are heating up. Ticketus are gonna rip him a new arsehole.

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This is relevant to a number of theads tonight.

Forget what a "Rangers spokesman" said or didn't say some time last year, the fact of the matter is that the Club was sold direct from oldco to Sevco Scotland Limited. It was NOT sold to Sevco 5088 Limited and then transferred on to Sevco Scotland Limited. The Club and assets have never been owned by Sevco 5088 Limited despite the liar Whyte saying otherwise.

Here is an extract from the D&P interim report dated 10 July 2012:

"4.1 The Club continued to trade under the control of the Joint Administrators up to the date of the sale of the business and assets of the Company to Sevco on 14 June 2012."

"Sevco" is defined in the report as: "Sevco Scotland Limited of Ibrox Stadium, Glasgow G51 2XD (Company number SC425159)"

In the D&P final report dated 27 September 2012, they stated:

"7.1 A detailed outline of the marketing process undertaken by the Joint Administrators which preceded the sale of the business, history and certain assets of the Club to Newco on 14 June 2012, was provided in the previous report to creditors dated 10 July 2012."

"Newco" is defined in this report as "The Rangers Football Club Limited (Formerly Sevco Scotland Limited) of Ibrox Stadium, Glasgow G51 2XD (Company number SC425159)"

Facts are facts. We really need to stop doing the mhedia's job for them.

Excellent post boss but how dare you use facts instead of a sourced mhedia story!

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Hmm,

Don't think we are in the clear just yet. Found some more detail on why the spokesman said what he did.

http://local.stv.tv/glasgow/108240-rangers-crisis-ibrox-and-murray-park-hived-off-to-separate-newco/

"Sevco Scotland Limited, which was incorporated on May 29, made applications to transfer the title deeds of the property on June 15, the day after Mr Green held a media conference at Ibrox with the consortium’s financial adviser, Imran Ahmad, where he announced the purchase of the club’s assets had gone ahead."

If Green bought us on the 14th, but there was not even a petition to have title deeds moved until the 15th, where were the assets in the mean time?

If the assets did move directly from oldco to sevco Scotland, but sevco 5088 was the 'purchaser' does this still give Whyte a claim?

It's so fucked up.

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Something still isn't right. It seems to me, that for this to have happened, whyte has been stung not just off of Green, but duff&Phelps as well.

I just wish this came out after season ticket sales.

Boss, I'll add a little here if you don't mind. Sevco 5088 was created in Mar. 2012 and had one director - Charles Green. It is now dissolved. Sevco Scotland was created by Charles Green' consortium in May 2012. Here is the the extract from Duff & Phelps interim report describing Sevco Scotland's offer and sale. At no time is Sevco 5088 attached to thie sale. Hence, Duff & Phelps did not sting Craig Whyte. There is no causal link between our club's ownership and Craig Whyte, as far as I can see.

Definitions:-

- Sevco

Sevco Scotland Limited of Ibrox Stadium, Glasgow G51 2XD (Company number SC425159);

- SPA

Sale and Purchase Agreement

Offer 6

5.45 £8.25m to fund a CVA, if the CVA failed then it would revert to an SPA with a sale price of £5.5m. An exclusivity payment

of £200k and provision of funding whilst a CVA was proposed.

5.46 Having regard to the remaining offers the Joint Administrators were satisfied that the Sevco offer provided the best

potential return to creditors of the Company. Therefore on 12 May 2012 the Joint Administrators accepted the Sevco offer.

5.47 As discussed in Section 6 below the CVA Proposal was rejected by creditors at the meeting held on 14 June 2012 and a sale

of the business and assets of the Club completed shortly afterwards to Sevco.

5.48 Following the CVA creditors‟ meeting on 14 June 2012, the Joint Administrators were approached by a party verbally

offering £6m for the business and assets of the Company. No offer had been received by this party in the previous 17 weeks. The

person making the offer was believed to be part of the Party 3 consortium. Notwithstanding the verbal offer, the Joint Administrators

confirmed that a binding contractual agreement with Sevco had been reached and the business, history and assets were subsequently

transferred from the Company to Sevco.

Hope this sits better for you.

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http://www.scribd.co...port-31-12-2012

Page 9 here again suggests all the assets went directly to SevCo Scotland.

I'm truly fucking lost. How can they hold all the assets on the 14th but not ask for them to be transferred till the 15th.

Are you sure the document with 15 June isn't just the date the application was received?

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No idea mate, would that even matter? Where would the asset sit between the 14th and the date the application was granted?

To take an example of something I know about (don't know much about property). If I lodge a document at Companies House on 15 June it matters not a jot - what matters is the date on the document itself which might very well be 14 June.

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No idea mate, would that even matter? Where would the asset sit between the 14th and the date the application was granted?

Down the street, turn left, up the hill, second right at the roundabout, and you're back where you started.

Could the assets be sitting with D&P till they receive payment perhaps ( like the bank holds the deeds to your house ,until paid for )

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We obviously don't know the full terms. But there would probably be a right to assign which might have happened here. What we do know is that Sevco 5088 did not buy, and any claim Whyte has (unlikely!) would be against Sevco 5088 and its director (Green), not against Sevco Scotland.

When you check the company information at http://www.companiesintheuk.co.uk you can see that there has hardly been any movement of any sort within Sevco 5088 and in fact it is awaiting being struck from the register. All the major company movement has been through Sevco Scotland which was incorporated on 29 May 2012. The CVA was rejected on 14 June 2012 which meant we would go down the "newco" route.

As the OP says correctly, Duff & Phelps documents clearly state that the assets were sold to Sevco Scotland

In the D & P Interim Report to Creditors of 10th July 2012 it is clearly stated in the Sevco offer that "Should the CVA fail, a binding agreement to purchase the business, history and assets of the Club for £5.5m using a newly incorporated company". Note the bold bit. That was to be Sevco Scotland. In the D & P document they detail that Sevco is Sevco Scotland Limited of Ibrox Stadium, Glasgow G51 2XD (Company number SC425159); That company number is different from Sevco 5088 which is 08011390 and registered in England.

In D & P's Progress Report to Creditors of 24 August 2012 it clearly notes in Section 1 (Definitions) that "the Purchaser and Newco" is "The Rangers Football Club Limited (Formerly Sevco Scotland Limited) of Ibrox Stadium, Glasgow G51 2XD (Company number SC425159);"

Clause 5.2 states "Following the sale of the business and assets of the Company on 14 June 2012, the responsibility for maintaining all trading operations passed to Newco which continues to operate Rangers Football Club."

Clause 6.1 also states "A detailed outline of the marketing process undertaken by the Joint Administrators which preceded the sale of the business, history and certain assets of the Club to Newco on 14 June 2012, was provided in the previous report to creditors dated 10 July 2012."

I'm a bit miffed that I haven't received the Final D & P report that BOSS has quoted, I'll need to ask him for a copy.

To have any real claim to any of the assets, Whyte would require to have documentary evidence of a proper agreement and proof that he provided all or any of the £5.5m plus the further costs which Sevco Scotland incurred in running the Club. If I had such evidence I would have put it into the hands of lawyers immediately. I fail to see what Whyte has to gain from making claims via letters to Green and then through the media.

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Hmm,

Don't think we are in the clear just yet. Found some more detail on why the spokesman said what he did.

http://local.stv.tv/...separate-newco/

"Sevco Scotland Limited, which was incorporated on May 29, made applications to transfer the title deeds of the property on June 15, the day after Mr Green held a media conference at Ibrox with the consortium’s financial adviser, Imran Ahmad, where he announced the purchase of the club’s assets had gone ahead."

If Green bought us on the 14th, but there was not even a petition to have title deeds moved until the 15th, where were the assets in the mean time?

If the assets did move directly from oldco to sevco Scotland, but sevco 5088 was the 'purchaser' does this still give Whyte a claim?

It's so fucked up.

Assets were in the hands of the Administrators during the gap.
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Sevco 5088 is a Welsh company, and I suspect Green bought it from his usual formation agent not realising that while you can move a Welsh company's head office to England, you can't move it to Scotland. It is an easy mistake to make.

It wasn't a Welsh company. The first director Samuel Lloyd has a Welsh address but the company address is London. Irrelevant anyway. Mr Lloyd appears to be someone who sets up registered companies for sale to others soon after incorporation.

http://www.companiesintheuk.co.uk/director/75095/samuel-lloyd

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It wasn't a Welsh company. The first director Samuel Lloyd has a Welsh address but the company address is London. Irrelevant anyway. Mr Lloyd appears to be someone who sets up registered companies for sale to others soon after incorporation.

http://www.companiesintheuk.co.uk/director/75095/samuel-lloyd

The company address is now London, but it moved there from Cardiff. If you look up the Cardiff address, you will see it is a place where you can get help and advice on starting a new business.

Probably Green has used them a lot over the years. Probably he didn't tell them why he wanted the company because he wanted to keep it confidential until it was agreed, and that would be why he chose Sevco 5088 as the company name rather than something related to Rangers or football.

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Typical journalist why let the facts stand in the way when you can sensationalise a half and twist documented evidence toward your own aims

To be fair to STV, most of their report was accurate. The only bit the seemed to get wrong was about SevCo 5088 picking up the assets, but to be fair our own spokesman came out on the day of the sale and told them that.

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The company address is now London, but it moved there from Cardiff. If you look up the Cardiff address, you will see it is a place where you can get help and advice on starting a new business.

Probably Green has used them a lot over the years. Probably he didn't tell them why he wanted the company because he wanted to keep it confidential until it was agreed, and that would be why he chose Sevco 5088 as the company name rather than something related to Rangers or football.

The Sevco name is just another version of Pacific Shelf, for example.

It is a shelf company which sits, registered, with a director, good to go for use in any new business etc.

What happens is I go along wanting to register "Cooper Coins Ltd" - quickest way is to get an already registered company, buy it, change the name & directors, re-asign the shares. and good to go.

Simple.

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