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    Comment on In Whose Interests by easyJambo.

    dom16 5th November 2019 at 12:21

    interesting parallels with EBTs I think. Just as well Scottish football doesn’t have millionaires with spare cash to “co-invest” with players in property deals. To busy funding the day to day operations of their football companies 

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    I see many more parallels between the current financial goings on with the post 9IAR and early EBT years, rather than the financial collapse that occurred before the club was sold to Whyte.

    In 2000 the oldco had already received substantial cash injections in return for shares from ENIC (Joe Lewis), and Ben Nevis/Metlika (Dave King). They also had access to commercial lending from Bank of Scotland. As now, all that funding was acquired and spent in pursuit of success on the park, both domestically and in Europe. 

    The latter years, 2009-11, were spent dealing with the financial realities of the excess spending over the previous decade. RIFC hasn't reached that point yet as it is still on the upward spending curve of the early 2000s.

    However, I think the financial realities will kick in much quicker than last time round, partly because of the limitations and reliance of the club on individuals' personal wealth, rather than on bank borrowing.

    Unless the speculate to accumulate model actually delivers the desired result, either this season or next, then the tipping point will be reached and the collapse could follow rapidly thereafter.

    What is different now is the level of scrutiny that is available to the internet bampots and other professionally qualified observers to what it actually going on behind the scenes.     

     

    easyJambo Also Commented

    In Whose Interests
    The SPFL's annual report to 31 May 2019 has just been published by Companies House.  It will no doubt be of interest to many posters that the highest paid director (Neil Doncaster?) received a healthy pay rise of £91k taking his remuneration for the year up to £388k. That is despite the SPFL's total revenue falling by more than £1.1m from the previous year.

    https://beta.companieshouse.gov.uk/company/SC175364/filing-history


    In Whose Interests
    Auldheid 7th November 2019 at 15:33

    It's all so obvious now looking back  so why is a sham being allowed to continue to stigmatise Scottish football?

    Whose interests is it really in to sustain  a myth at the expense of whatever future Scottish has?

    https://fanswithoutscarves.org/2019/11/07/stigma-in-scottish-football-part-2-a-lesson-from-history/amp/?__twitter_impression=true

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    That's a well written and argued piece.


    In Whose Interests
    TRFC back in court in front of Lady Wolffe next Thursday for the Memorial Walls case

    Thursday 14th November

    Procedural Hearing

    Between 9.30am and 10.00am

    CA132/18 Memorial Walls Ltd v The Rangers Football Club Ltd – MBM Commercial LLP – Anderson Strathern LLP

     


    Recent Comments by easyJambo

    Resolution 12 & The Broken Bond
    John Clark 10th December 2019 at 22:04

    I wonder what evidence the Compliance Officer has for any of these charges?

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    You've lost me there JC. Who is this Compliance Officer? indecision

    I've got vague recollections of a Compliant Officer (not) dealing with issues presented to them but that's about it. 


    Resolution 12 & The Broken Bond
    paddy malarkey 10th December 2019 at 20:04

    Is Rule 31 to do with contracts ? 

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    No, but I could give you odds that it’s betting!


    Resolution 12 & The Broken Bond
    On re-reading the BDO report, I think the settlement figure for Wavetower may only be £962,500.

    It does appear as if there were two payments, one in the last six month period and the other in the previous six month period. However, I think that the date headers on the columns in the report are wrong (or at least they are inconsistent with previous reports), leading to the confusion.

    In previous reports under "Statement of Affairs" there are two columns, one which lists the outgoings over the last six months and the other which gives the cumulative total for the liquidation to date (since 2012).

    The dates on this report are 31/10/2018 to 30/10/2019 (I think it should read 01/05/2019 to 30/10/2019) and the other reads 31/10/2012 to 30/04/2019 (should be 31/10/2012 to 30/10/2019).


    Resolution 12 & The Broken Bond
    Another snippet from the BDO report relates to the debenture holders now being time barred from making claims if they haven't already done so. From the figures supplied, only a little over 20% have made claims.

    The Joint Liquidators were also aware that the Company had potential liabilities to Bondholders totalling £7.7m. Claims totalling £1.571m have been received from Bondholders to date, on which a first dividend has been paid. Following discussions with our legal advisors, the Joint Liquidators now consider that they have made every effort to seek out and admit these claims, and any future claims will now be legally time barred under Scots Law. No further claims will therefore be admitted from Bondholders or any other creditor who has not previously intimated their claim.


    Resolution 12 & The Broken Bond
    The latest BDO report to creditors can be found here https://www.bdo.co.uk/en-gb/rfc-2012-plc

    The two main points in the report are the size of the HMRC claim and a settlement with Wavetower.

    HMRC's claim, currently stands at £67.6m, with scope for further reduction if BDO can successfully argue against HMRC's "grossing-up" methodology.

    The settlement with Wavetower, which we had suspected had happened in August of this year, is confirmed. The settlement figure appears to be reported as £1.880m, with other references to two equal payments of £962,500 having been made.  The sums don't add up, but are close enough.