Tangled Up In Blue by Stephen O’Donnell (Book Review)

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Essential reading for supporters of all Scottish football Clubs

I was asked to review Tangled Up In Blue possibly because my on line offerings, oft-times with the assistance of crowd think, tend to be as evidenced based fact as possible, with an eye for detail that if missed can produce a narrative that deviates from the story the factual evidence tells.

Book coverIn that context what is very obvious from reading Tangled Up In Blue is that the author Stephen O Donnell has put a great deal of research into his book that covers the history of Rangers from its foundation in 1872, through its incorporation in 1899, when the club became the limited liability company called The Rangers Football Club Plc , (just as Celtic had two years earlier), to its liquidation in 2012 when it became RFC 2012 plc (in liquidation).

The “new club/company” replacing RFC 2012 Plc (quoting the words of Andre Traverso the then Head of UEFA Club Licensing to explain no sanctions possible against the new club/company now called The Rangers FC Ltd) had to wait three years from its acceptance into Scottish football in August 2012 before it was eligible to apply for a UEFA licence, having fulfilled the requirement under Article 12 of UEFA FFP to have held full membership of the Scottish Football Association for longer than three years, a requirement finally met at the start of the 2016/17 licencing cycle.

Tangled Up in Blue, to be published on 19th August , is not only a reminder of the events surrounding the demise of what was perceived by Scottish society as a great institution, but in devoting the early part of the book to Rangers footballing and managerial past, provides further insight into the mindset of the culture and it’s thinking , that inevitably led to the events of 2012 resulting in an attempt by Scottish Football Authorities to untangle.

An attempt which itself has subsequently entangled Scottish football in an ongoing web of deceit, caused by the 5 Way Agreement between the SFA, the then SPL and SFL, Sevco (who then became “The Rangers Football Club PLC”) and the failed insolvent “The Rangers Football Club Ltd” in late July 2012.

The passage of time since 2012 and what was not fully reported domestically (only the revelations in “Downfall – How Rangers FC Self Destructed” by Phil McGiolla Bhain, a journalist based in Ireland, introduced by Alex Thomson an English journalist, tell the tale) and what has happened in the disentangling years since 2012, allows a fresh perspective.

As we all know, if you stand too close to a painting you will miss the full picture and Tangled Up In Blue , with the perspective time provides, paints a clear picture, one where the curtains have not been drawn back because, frankly, it is not a pretty one. It does not reflect well on Rangers or a Scottish society that perceived Rangers FC Ltd as a great Scottish institution nor does it do the credibility of Scottish football journalism any credit whatsoever.

The role of the Scottish main stream media in keeping the curtain closed comes across in terms of non or restrained reporting of events, not just in our current lifetime, but during a past where a sectarian policy of not signing Catholics was pursued for decades with no comment and where full culpability was never accepted by or imposed on Rangers as a result of deserved critical media comment, when disasters either great in human terms, like the Ibrox staircase 13 disaster in 1971 or serious in PR terms, like the reporting of supporters behaviour in Manchester 2008 before and after the UEFA Cup Final, happened.

When reading Tangled Up In Blue I was reminded of this quote in bold from “Debt of Honour” by Tom Clancy, page 530: “You can’t trust your memory with things that affect live patients. One of the first things they teach you in medical school.’ Cathy shook her head as she finished up. ‘Not in this business. too many opportunities to screw up. “If you don’t write it down, then it never happened.

This has been the primary device used by the media in Scotland since 2012 where evidence of what really took place behind the scenes has either not been published or paid little heed to by our mainstream media when anything (like the Tax Justice Network report on the SFA handling of Rangers demise) has surfaced. Apart from the informative “Downfall”, were it not for social media and a host of intrepid bloggers, what did happen to “Rangers” in 2012 didn’t happen.

There are various reasons for not writing it down that might require a book on its own. Fear of the impact on a newspaper’s sales, and by extension a journalist’s job, is one. Fear of the consequences of committing the story to print is real, and very understandable – and it wasn’t only journalists who had reason to be fearful. Others who dared pass official SFA judgement on Rangers governance found themselves under threat too when, in answer to the question “who are these people”, their names were “written down”.

When it comes to writing it down or not, and the consequences of doing so, what happened after BBC’s Jim Spence, who lost his job after only verbally mentioning an issue very sensitive to Rangers fans, is interesting.

An idea using terminology from the secret 5 Way Agreement surreptitiously seeped its way into public consciousness, by being written about and took root by being adhered to by the media who, apart from Jim Spence, benefited from the consequence of doing so.
This idea once written allowed the introduction of a previously unheard of concept of the separation of a club from its owner when up until then all football supporters, including those of Rangers, only ever thought of The Rangers Football Club Ltd as Rangers – a football club effectively owned by itself.

This selective reporting/not reporting strongly suggests that apart from the fear aspects previously covered, some/many of the football journalists and media pundits were and continue to be Tangled Up In Blue themselves. This entanglement is one that serves no club in Scottish football well, but particularly the Rangers of today, where their debt driven/UEFA money dependency business model remains unwritten and so un-examined for impact on fellow member clubs.

This review is being published as a Scottish Football Monitor blog to reach a wider Scottish footballing supporter readership because all Scottish football clubs were affected by an entanglement in a web of deceit to some degree or another that continues still. In a world plagued by lies and liars, the truth has to prevail and where better to make that happen than in our own back yard where Scottish football is played?

Perhaps though supporters of one club more than any other who should read the book and benefit from so doing, are unlikely to because, as mentioned earlier, the picture it paints is not a pretty one.

Whilst they might see Tangled Up In Blue as a harsh judgement of a great Scottish Institution, it also provides an opportunity to think again about what they think, and the culture their thinking created that has led to nothing but the kind of woe the philosophy of the Pharisees attracted.  And that will persist until there is a change of minds and hearts about who they are, what they aren’t, and what they want to be.

In the spirit of encouraging a metanoia, Tangled Up In Blue might persuade any open minded Rangers supporting reader to consider the words of Rabbie Burns, a wise and respected Scottish Institution, of a way towards inner change. That may prove difficult given their fans’ response at Kilmarnock in the aftermath of their club’s recent announcement of a diversity and inclusion campaign to help tackle discrimination and promote positive fan behaviour. But here it is in hope;

O wad some Power the giftie gie us
To see oursels as ithers see us!
It wad frae mony a blunder free us,
An’ foolish notion:
What airs in dress an’ gait wad lea’e us,
An’ ev’n devotion!

The response by Rangers supporters to Tangled Up In Blue will be an indicator of the distance their diversity and inclusion journey has to travel.

Who knows, SFM might be a station on that journey depending on the nature of responses to this blog.

Tangled Up In Blue by Stephen O Donnell 
https://www.amazon.co.uk/Tangled-Up-Blue-Rise-Rangers/dp/1785315099 
from 19th August 2019.

387 COMMENTS

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  1. I don't see any point in all of these Morelos rumours.

    We are told the player has already rejected a 3 year £200,000 per week contract, with Rangers getting their valuation of £15m.

    Who is going to better that offer to either the player or the club. I just don't see it happening, no matter how much of a World beater the Rangers supporters seem to think he is.

     

     

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  2. Is the Scott Burns of the ' WBA bid for Morelos story' the same Scott Burns as authored 'Walter Smith: the Ibrox gaffer', with contributions from several of the EBT players and a foreword by McCoist?

    If so, you could hardly imagine he would write anything but the truth about anything to do with TRFC/RIFC plc.

    And surely, as a journalist  contributing to papers in the SMSM his integrity, journalistic experience and passion for truth and justice are known around the world, maybe by even as many as 500 million people, and beyond question even when there is not a word of corroboration. 

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  3. StevieBC 8th August 2019 at 07:16
    Shirley, the bears must be laughing at these ‘reports’ as well?
    …………………….
    The same bears who believed in the ibrox village that was to be built?
    The same bears who believed the best years were during the murray years?
    The same bears who believed whyte was a billionare?
    The same bears who believed charles Green caught rangertitiss?
    The same bears who believed king would spend and spend his own money?
    The same bears who believed warburton was in line for the England job?
    The same bears who believe there club did not die in shame owing millions?
    The same bears who believed Barrie Mckay was worth £11 million?
    The same bears who believed king had got rid of Ashley?
    The same bears who believed last weekends scenes were all kilmarnocks fault?
    The have been fed so much propaganda over the years they don’t know what is the truth anymore.
    laughing at these ‘reports’ They believe every word of it.

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  4. Cluster One 8th August 2019 at 18:34

    ———————————-

    There can be no doubt in my mind that the falseness of the David Murray years, with the inexplicable backing of a Scottish owned bank, along with the theft of millions from the public purse, is behind the thinking of the present day Rangers fans. However you cannot ignore the media's part in it all either. I wonder how it would all have turned out if Fergus McCann had never arrived on the scene? Never have the media ever looked so foolish as they did with their absurd treatment of that man while they idolised Murray.

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  5. Summary of the book on the Amazon website:

    If the wider, football-conscious world is aware of just two things about Scottish football, they are surely as follows: firstly, that there is a virulent rivalry in Glasgow between the city's two great teams, Rangers and Celtic, based on a religious divide; and secondly, that Rangers recently suffered a catastrophic financial collapse, which ultimately led to the club's insolvency. Split into two separate, but closely linked, sections, Tangled Up in Blue: The Rise and Fall of Rangers FC gives the full account of both of these stories. Stephen O'Donnell explores how Rangers first became associated with hard-line Protestantism, dominating Scottish football for decades without ever knowingly signing a Catholic footballer, until the feted arrival of Maurice Johnston at Ibrox in 1989. He then switches focus to the club's financial affairs, as Rangers' unsustainable spending brought the club to the brink of collapse and, despite the hidden benefits of an illegal tax avoidance scheme, resulted in its liquidation.

    Don't think the bears will like the last bit!

     

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  6. I stated from day 1 that the lie  to keep the name Rangers was so wrong and gave the people triumph.  RFC was corrupt under Murray and beyond.  SFA is corrupt to the benfit of all clubs whose whose ground  is Ibrox and has been for as long as  I can remember,fact.  Only in Scotland could this biggoted bias exist. This is the main reason we have this corrupt sport because we live in a corrupt anti catholic bias society IMO.

    For a club to have a non catholic  signing policy for nearly 100 years really. 

    They are what they are and our country turns a blind eye .

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  7. Auldheid; 7th August 2019

    ;Donnell (Book Review)

    +++++++++++++++++

    A great review, Auldheid,pinpointing the two principal manifestations of the deep-rooted rottenness at  the heart of Scottish Football -the cynical 'sports' cheating of  the Scottish football authorities and the readiness of the SMSM to conceal that cheating and refuse to investigate it.

     

     

     

     

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  8. Good effort there Auldheid: you've sold me the book!

     

    Reading Phil's book – even though I knew most of the main content already – was still an absorbing read, and even reminded me of several stories which were simply lost in all the turmoil around the Ibrox club at that time.

     

    I'm sure the bears will be inundating Amazon with scathing reviews… before the book is available for delivery!

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  9. Nothing today in my letterbox from Mr Bailey of the FCA. 

    So, I propose sending the following to the Chairman of the FCA

    "Mr C Randell CBE,

    Chairman,

    The Financial Conduct Authority,

    12 Endeavour Square,

    London E1 1JN

    Dear Mr Randell,

    I have just this very minute finished reading the “Financial Conduct Authority Annual Report 2018/19 for year ended 31.3.19”

    I note that in your foreword to that report you remark that “Change is here to stay for all of us, so the FCA must change too.”

    May I suggest one simple, inexpensive change that you might consider bringing about?

    It is a change that you can effect in about five minutes of your time!

    It requires nothing other than that you ask your CEO, Mr Bailey,

    to respond to my letter to him dated 25th June; or at least acknowledge receipt of the reminder I sent to him which he received ( good old Post Office tracking!) on 30th July!

    and to put in place a simple administrative mechanism that will ensure that letters from folk who take the time and trouble to write to the FCA are at least acknowledged!

    It's such a pain ,as well as being the mark of a rude indifference, when an individual or a company or a public body does not acknowledge receipt of a piece of correspondence from any quarter.

    When that piece of correspondence is alleging some serious fault on the part the organisation to which one has written it raises suspicion that the organisation is too smug and self-complacent even to consider that it may have been at fault and is ready to dismiss it out of hand.

    I hope that as well as securing for me an acknowledgement from your CEO you will have a wee look into the matter raised in my letter to him.

     

    Yours sincerely   "

     

     

    Mr C Randell CBE,

    Chairman,

    The Financial Conduct Authority,

    12 Endeavour Square,

    London E1 1JN

     

     

     

    Dear Mr Randell,

    I have just this very minute finished reading the “Financial Conduct Authority Annual Report 2018/19 for year ended 31.3.19”

     

    I note that in your foreword to that report you remark that “Change is here to stay for all of us, so the FCA must change too.”

     

    May I suggest one simple, inexpensive change that you might consider bringing about?

     

    It is a change that you can effect in about five minutes of your time!

     

    It requires nothing other than that you ask your CEO, Mr Bailey,

     

    to respond to my letter to him dated 25th June; or at least acknowledge receipt of the reminder I sent to him which he received ( good old Post Office tracking!) on 30th July!…

     

    and to put in place a simple administrative mechanism that will ensure that letters from folk who take the time and trouble to write to the FCA are at least acknowledged!

     

    It's such a pain ,as well as being the mark of a rude indifference,when an individual or a company or a public body does not acknowledge receipt of a piece of correspondence from any quarter.

     

    When that piece of correspondence is alleging some serious fault on the part the organisation to which one has written it raises suspicion that the organisation is unwilling to consider the allegation

    and is ready to dismiss it out of hand.

     

    I hope that as well as securing for me an acknowledgement from your CEO you will have a wee look into the matter raised in my letter to him.

     

    Yours sincerely

     

     

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  10. Companies House has been notified of the "Satisfaction of Charge 8 in full" for RFC 2012 plc (IL).

    Floating charge Created 24 February 1999 Delivered 8 March 1999

    Status Satisfied on 8 August 2019

    Persons entitled

    • The Governor and Company of the Bank of Scotland

    Short particulars: The whole assets of the company…

    ==================================

    If I'm not mistaken, this is the same "Floating Charge" that Craig Whyte  claimed to have acquired through TRFC Ltd (formerly Wavetower) and was in dispute in the courts and mediation services, as Henderson & Jones was seeking anything up to £18m from the liquidators.

    It may be an indication that BDO has reached an out of court settlement with H&J. We may have to wait until the next BDO report comes out to find out if the claim has been settled and on what terms. That probably won't be published until early December. 

    This is what was reported by BDO in June:

    This matter remained a focus of the Joint Liquidators’ attention during the course of the period, and it has continued to progress in accordance with the Court procedure.

    In parallel with the Court procedure, and in order to attempt to reach a consensual resolution of the dispute without further recourse to the Court, the Joint Liquidators agreed to a mediation which took place on 12 November 2018. The mediation occurred following it being agreed between the parties that the proceedings in Scotland, in respect of Wavetower’s appeal of the Joint Liquidators’ decision to reject its claim, would be sisted for a period of 3 months, such period to expire on 13 November 2018 (the day after the mediation date).

    Whilst the mediation did not result in an agreement being reached between the parties, it was agreed that the discussions would continue outside of the formal mediation process, and the parties agreed to continue to sist the Court process. As at the date of this report, the discussions are ongoing, but the Joint Liquidators hope to be able to provide a substantive update in the next report to creditors.

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  11. My post of 14.26 refers. Apologies for the near duplicate. I thought I was amending my unsent text, hadn't got the spacing right and such, and didn't see that I had left it on ( or something!)

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  12. easyJambo 9th August 2019 at 14:45

    '…It may be an indication that BDO has reached an out of court settlement with H&J'

    +++++++++++++++++++++++

    I think you're probably right. If so, then that must be another good few bob that will not be available for the creditors pot!

    It would also indicate that BDO might not have been all that sharp initially, when they kicked out the claim, with a degree of dismissive contempt!

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  13. John Clark 9th August 2019 at 17:02

    I think you're probably right. If so, then that must be another good few bob that will not be available for the creditors pot!

    ==========================

    It's not just a settlement amount that takes money out the creditors pot.

    There is a figure in the last creditors report that the Liquidators own fees were £225k for the last 9.5 months.  £161k of that was spent dealing with "solicitors and legal claims".  Legal fees amounted to a further £220k for the last 6 months.

    In total BDO has claimed more that £5m in fees alone. That doesn't include their legal fees which are also in excess of £5m with another £5.4m going to the legal firm involved in the Collyer Bristow settlement. 

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  14. If BDO have settled out of court with H&J is this sum to come out of the creditors pot or do they have any claim against RIFC/TRFC?

    Scottish Football needs a strong Arbroath.

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  15. redlichtie 9th August 2019 at 19:54

    If BDO have settled out of court with H&J is this sum to come out of the creditors pot or do they have any claim against RIFC/TRFC?

    Scottish Football needs a strong Arbroath.

    ============================

    The claim is against the Oldco, so will have to come out of the creditors pot. I don't think that they have considered seeking recompense in the assets of the Oldco.

    Short of seeking damages from D&P, the Oldco's assets were sold(sic) to Charles Green as distressed assets and priced accordingly. The money received for those assets is still in the hands of the Oldco.

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  16. upthehoops 9th August 2019 at 07:35
    However you cannot ignore the media’s part in it all either.
    ………………..
    I had hoped that the part i had written.
    The have been fed so much propaganda over the years they don’t know what is the truth anymore.
    laughing at these ‘reports’ They believe every word of it.
    ……….
    Kind of portaid the media’s part in it all.
    Sorry if it did not come across as such.
    ……………..
    Good blog.
    Ps. My copy of Tangled up in Blue has been ordered.

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  17. An insider branded his list of allegations “dynamite”
    ……………..
    Front page of today’s smsm.
    Charles Green says police probe rocked family.
    ………….
    A source close to the case last night said Mr Green’s legal team was waiting to learn of the outcome of Mr Whitehouse’s seperate claim for £9 million.
    ……………….
    I wonder why this was front page news this morning?

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  18. easyJambo 9th August 2019 at 18:29

    ==================================

    Jarndyce v Jarndyce

    The liquidators and their lawyers will not be out of pocket in a situation like this.

    They will simply walk away when available funds are spent.

    The creditors are the least of their considerations. 

    HMRC couldn't care less, they already have their Supreme Court ruling which will bring in hundreds of millions in unpaid tax. So they aren't going to complain. It was them who brought in BDO in the first place, and they will be happy enough with the way it has panned out. 

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  19. Cluster One 9th August 2019 at 20:47

    '…I wonder why this was front page news this morning?'

    +++++++++++++

    Which newspaper, Cluster One? 

    There's nothing in the rolls of court that I have seen to indicate that there is any imminent action in CG's case?  

    Who was he talking to, do you know?

     

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  20. John Clark 9th August 2019 at 22:03

    Which newspaper, Cluster One? 

    There's nothing in the rolls of court that I have seen to indicate that there is any imminent action in CG's case?  

    Who was he talking to, do you know?

    ======================

    The Herald and The Scottish Sun

    https://www.heraldscotland.com/news/17826573.ex-rangers-chief-charles-green-says-life-ruined-unlawful-arrest/

    https://www.thescottishsun.co.uk/news/4582728/rangers-charles-green-cops-ruined-life/

    I suspect that a copy of Green's statement, briefing note or pleadings to the court has been leaked to a journalist, perhaps by Green himself.

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  21. Homunculus 9th August 2019 at 21:59

    '…The liquidators and their lawyers will not be out of pocket in a situation like this.

    They will simply walk away when available funds are spent…'

    +++++++++++++

    I don't doubt it! 

    But given that they are appointed by the Court, they must in some way have to explain themselves to the Court, and, presumably, the Court would be obliged to find some way of getting the liquidation concluded? 

    Would public funds have to be resorted to, I wonder?

    Some greedy beknighted and/or plebeian b…..ds destroy and ruin, and we, the taxpayers, end up having to pay lawyers to clear up the mess?

    That would put the tin lid on it for me!

    It surely couldn't be that way.

    Of course BDO certainly can't be expected to work for nothing: but who or what would pay them or any other appointed Liquidator  if there is nothing by way assets in the Rangers 2012 kitty?

     

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  22. In no way connected, but i expect a front page headline like that brings back into focus the dealings over at the ibrox club,i expect Stephen O’Donnell will be happy;-)

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  23. easyJambo 9th August 2019 at 22:31

    '..I suspect that a copy of Green's statement, briefing note or pleadings to the court has been leaked to a journalist, perhaps by Green himself..'

    +++++++++++++

    Thank you, eJ.

    I'm very vaguely aware that these 'damages' actions might end up as jury trials, where witness evidence is subjected to cross-examination.

    If that is the case then CG might be trying to influence future jurors.

    If  it's not that, what would be the point of drawing further attention to himself? Playing the 'poor mouth', 'victim' nonsense'?

    Honest to God. There is something in me that kind of chortles with delight that CW seems to have bested CG and his drunken assurance  to him that 'you  are Sevco' while  he was (as I believe)stitching him up with the 'novation'.

    When those whom I believe to be baddies fall out among themselves, I love it.

    May such as I believe to be baddies who participated in what we call 'the saga' all end up in difficulties proportionate to the damage they have caused to Scottish Football, whether as journalists, SFA officials or  SFL and SPL chiefs!

    They know , as do we, who they are. 

    I go to bed now, absolutely untroubled in mind and at ease with myself.

    There are many in Scottish Football governance and the SMSM who cannot say the same.

    Hell mend them. broken heart 

     

     

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  24. JC wrote 

    I don't doubt it! 

    But given that they are appointed by the Court, they must in some way have to explain themselves to the Court, and, presumably, the Court would be obliged to find some way of getting the liquidation concluded? 

    Would public funds have to be resorted to, I wonder?

    Some greedy beknighted and/or plebeian b…..ds destroy and ruin, and we, the taxpayers, end up having to pay lawyers to clear up the mess?

    That would put the tin lid on it for me!

    It surely couldn't be that way.

    Of course BDO certainly can't be expected to work for nothing: but who or what would pay them or any other appointed Liquidator  if there is nothing by way assets in the Rangers 2012 kitty?

    dont forget the particular cake BDO and other are currently dividing is the Collier Bristol insurance payout.  Very little to do with any residual asset conversion, of which there was none.

     

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  25. easyJambo 9th August 2019 at 20:05

    redlichtie 9th August 2019 at 19:54

    If BDO have settled out of court with H&J is this sum to come out of the creditors pot or do they have any claim against RIFC/TRFC?

    Scottish Football needs a strong Arbroath.

    ============================

    The claim is against the Oldco, so will have to come out of the creditors pot. I don't think that they have considered seeking recompense in the assets of the Oldco.

    Short of seeking damages from D&P, the Oldco's assets were sold(sic) to Charles Green as distressed assets and priced accordingly. The money received for those assets is still in the hands of the Oldco.

    +++++++++++++++++++++++++++++++++

    Thanks EJ. I guess I was trying to work out the impact of such a settlement in the context of the Sevco 5088 claim on the assets, possible gratuitous alienation, etc. Uncertainty over stadium ownership has been hanging over RIFC/TRFC for a long time and I'd assumed that was probably the main reason it had not been used as security for loans.  Are they now out of that particular frying pan do you think?

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  26. From the last couple of paras in  Aidan Smith's 'Saturday Interview' in today's  'Scotsman'(with Alex Cleland, former player for the now dead Rangers of 1872)

    Aidan Smith: So what happened to his Rangers' bid for ten-in-a-row?

    Alex Cleland: "I don't think we had a bad season, it's just that Celtic were better. Mind you, there are some who maintain it was fixed, that neither of the Old Firm would be allowed to ever get to ten"

    Aidan Smith: In the interests of public safety? Under a bylaw(sic) sneaked through 'any other business' at a closed meeting of the city council's general purposes sub-committee? An Old Firm conspiracy? Who's ever heard of such a thing?

    What perceptive questions for an SMSM sports journalist!

    It's a pity that Smith had no questions to ask about the ridiculous 5-Way Agreement, and never had any criticism to make of the dastardly SDM's  cynical systematic cheating or of Brysonism or of the absurd LNS conclusion that having several millions of pounds to spend on very good football players does not give a football club a 'sporting advantage'.

     And has no question to ask about the Res12 issue and the sh.t-scared SFA's refusal to have that issue fully and independently investigated.

    Journalist?  I suspect that real journalists such as the murdered  Daphne Caruana Galizia and Marie Colvin would not have had him ( or any of the general run of SMSM propagandist for the Big Lie) as their tea-boy!

     

     

     

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  27. John Clark 10th August 2019 at 10:48 From the last couple of paras in Aidan Smith's 'Saturday Interview' in today's 'Scotsman'(with Alex Cleland, former player for the now dead Rangers of 1872) Aidan Smith: So what happened to his Rangers' bid for ten-in-a-row? Alex Cleland: "I don't think we had a bad season, it's just that Celtic were better. Mind you, there are some who maintain it was fixed, that neither of the Old Firm would be allowed to ever get to ten"

    ___________________

    I think he may be getting his conspiracy theories mixed up a bit with good old 'Helicopter Sunday'. Maybe even 'Davisgate'. But as in no way a Celtic sympathiser, I can categorically say that I have never even heard a sniff of a conspiracy theory surrounding that particular title win, and it seems very much a recent invention he is spouting. But then again, TRFC do seem to be putting out an inordinate number of squirrels these days.

    Who the fffffuuu…. would want to interview a bygone, never comes to mind, footballer like Alex Clelland anyway? On their very frequent, I am sure, trips down Memory Lane that bears will have (as we all do) I very much doubt that his name is one that comes up with much enthusiasm – if at all.

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  28. redlichtie 10th August 2019 at 09:33

    Thanks EJ. I guess I was trying to work out the impact of such a settlement in the context of the Sevco 5088 claim on the assets, possible gratuitous alienation, etc. Uncertainty over stadium ownership has been hanging over RIFC/TRFC for a long time and I'd assumed that was probably the main reason it had not been used as security for loans.  Are they now out of that particular frying pan do you think?

    ===============================

    There are two separate actions at play here.

    Firstly TRFCG (Wavetower) v Oldco relating to the Floating Charge security that Whyte obtained from Lloyds (BoS) following the takeover in May 2011.  D&P then BDO had rejected that claim when the club wnt into administration, then liquidation.

    The Sevco 5088 action is against the Newco, Sevco Scotland (TRFCL), and is more about the novation that Charles Green allegedly obtained, denying Whyte an interest in the assets purchased from D&P.

    I don't think that there is a connection whereby settlement of one affects the other. The Sevco 5088 claim has been noted in the TRFCL/RIFC accounts since 2013. The last related court action was in April this year in a London Court when Sevco 5088 won a legal expenses claim against Green/Ahmad. The case may yet progress but I think that the claim will be against Green/Ahmad personally, rather than TRFCL. 

    https://www.dailyrecord.co.uk/news/scottish-news/craig-whyte-sevco-firm-wins-14337292

    View Comment

  29. A wee question to all fans on here. As a Celtic fan I feel there is at times an overly large negative element among our support, who are never happy no matter what the club does. Many seem to actually believe they are more tactically aware than the Manager, and could run the business side of the club better than the Chief Executive, despite not even being remotely qualified to hold either position. 

    Is this thinking similar among other groups of fans in your opinion, regarding the attitude towards the Manager and the Board of whatever club you support?

    View Comment

  30. UTH @ 15.25 10 Aug

    Re : To-day's football supporter

    I think social media has changed/dictated how to-day's supporter can give vent to their feelings & desire for immediate gratification from their team (& Board) re performance & results . As a DUFC supporter , my team has had 5 different managers in the space of the last 4 years in the quest for better results – I suspect a major influence on the board decisions was dictated by an angry support whose feelings were communicated via social media which became evident at games with the support very quickly turning on the players when anything went wrong on the pitch thereby putting more pressure on the players/manager & having a negative effect consequently on their performance . I've noticed this phenomenon at Tannadice & away games especially over the past 2 seasons .

    I think the age demographic (I have no figures) also probably plays a part i.e. younger fans tend to be more vocal & active on social media in their criticism of their team . Every fan wants their team to win & that hasn't changed its just a lot easier to-day to get your feelings out there after a match via a blog , facebook , twitter , whatever . Not so long ago you dissected the game in the pub after a game with your mates , now you can get your tuppence' worth down in print & read by thousands in the space of minutes during & after a game .

    God , I remember going to the pub after United beat Roma 2-0 in a European Cup Semi-final & we were all saying this result would go all round Europe (as a major shock) which it did but via TV & newspapers – imagine an equivalent result to-day – would be wildfire on social media globally .

    Now , to-day ,  I see Celtic supporters calling for Bain's head because he lost a sloppy goal (in a 5-2 win for Celtic) – there's no satisfying some people – which is the point I think you were making UTH !

     

     

     

    View Comment

  31. Allyjambo 10th August 2019 at 11:21
    9 0 Rate This
    Who the fffffuuu…. would want to interview a bygone, never comes to mind, footballer like Alex Clelland anyway? On their very frequent, I am sure, trips down Memory Lane that bears will have (as we all do) I very much doubt that his name is one that comes up with much enthusiasm – if at all.
    ……………………….
    Desperation comes to mind
    When they start to reach out to unfamilliar names you know any ex player with any credability does not want to be associated with any such company and it becomes the scrapping of the barrel.
    You know the end is near.

    View Comment

  32. John Clark 9th August 2019 at 22:32

    ==================================

    As I understand it once there are no assets left and no prospect of bringing any more in the company will simply be dissolved. It's name will be removed from the register and it will no longer exist. 

    That is what is going to happen anyway, once the dividend if any is paid to the creditors.

    View Comment

  33. naegreetin 10th August 2019 at 17:50
    4 0 Rate This

    UTH @ 15.25 10 Aug

    Re : To-day’s football supporter

    I think social media has changed/dictated how to-day’s supporter can give vent to their feelings & desire for immediate gratification from their team (& Board) re performance & results .
    …………………
    I have always said that social media was the downfall of the ibrox club.
    Before that the smsm could put out any puff piece they were fed with no questions asked. When social media could rip to shreds any puff piece the smsm put out, the smsm could not cope. hence the narrative to put out any squirrel,and as many squirrels as they could to bury the truth.
    Looking back, Jesus! you could feed a whole civilization of squirrels with the nuts the smsm produced.

    View Comment

  34. Cluster One 10th August 2019 at 20:09

    =======================================

    I beg to differ.

    Spending money they didn't have, leading to tax avoidance to fund it, in order to buy "success" was their downfall.

    Someone should write a book about that, they could even call it … 

    View Comment

  35. Homunculus 10th August 2019 at 19:43

    '……once there are no assets left and no prospect of bringing any more in the company will simply be dissolved. '

    ++++++++++++++++

    Of course: not so much just 'walking away' as simply telling the Court that all that could be done has been done, and getting formally discharged. That makes sense. 

    View Comment

  36. upthehoops 10th August 2019 at 15:25

    A wee question to all fans on here. As a Celtic fan I feel there is at times an overly large negative element among our support…

    ==========

    Absolutely, uth!

     

    But the dilemma for all clubs is that the (paying) customer is always right.

    …mibbees.

     

    Looked at another way: I bet the CFC fans are nowhere near as critical as their e.g. Barcelona or Real Madrid counterparts?

    Yet…

     

    In a weird way perhaps the unwarranted criticism reflects the expectation of forever higher standards – both on and off the pitch – and perhaps this helps to keeps complacency at bay?

     

    But Bain was indeed shocking / asleep at the first goal…but would give him the benefit of the doubt for early season 'rustiness'.

     

    View Comment

  37. Homunculus 10th August 2019 at 22:03
    18 0 Rate This

    Cluster One 10th August 2019 at 20:09

    =======================================

    I beg to differ.
    ……………
    Agreed.
    …………….
    What i should have said was i believe social media kept the fans informed more than the smsm of the ibrox club’s downfall.
    Imagine if there was no social media at the time. The smsm would have been told to put out The ibrox players had all been sacked for not agreeing to the no green boots rule.And Bombshell at ibrox as the club does not think it is getting treated the same as other clubs and they are leaving the SPL and are going to start playing in the lower leagues,or they may even start their own league and invite who they will allow to play in it.
    The moonbeams were bad enough coming out of ibrox. And social media played it’s part in ripping open these moonbeams. The ibrox club could have done without social media at the time is what i was trying to get across.

    View Comment

  38. The smsm, including Traynor actually did tell the truth at the time.

    They just went back on it very soon thereafter.

    Have a look at the front pages and articles published in the immediate aftermath of the club dying.

    "Rangers FC as we know them are dead. It’s all over. They are about to shut down for ever but not a single person among the game’s hierarchy was open for comment."

    "They didn’t even wait until tomorrow’s creditors’ meeting, although that will still go ahead.

    But Rangers FC won’t. They’ll slip into liquidation within the next couple of weeks with a new company emerging but 140 years of history, triumph and tears, will have ended.

    No matter how Charles Green attempts to dress it up, a newco equals a new club. When the CVA was thrown out Rangers as we know them died."

    View Comment

  39. Homunculus 11th August 2019 at 09:53
    ………………
    And only 250 season tickets were sold when they were told it was a new club.
    Amazing what you can achieve down ibrox way with some untruths.

    View Comment

  40. easyJambo mentioned the sale of 'distressed' assets to Charles Green.

    This has always stuck in my craw. Every attempt was made by D&P to sell everything for as little as possible to Green to ensure some sort of football was played at Ibrox to the detriment of the creditors.

    https://scotslawthoughts.wordpress.com/2012/08/25/for-sevcos-5-5m-it-bought-all-rangers-players-fixed-assets-goodwill-and-2-67m-prize-money/

    easyJambo actually commented on this particular article! Was that really 7 years ago?

    The whole D&P episodes stinks. 

    As does the Bank of Scotland crimes.

    As does the crimes of a Knight of the Realm.

     

     

     

    View Comment

  41. finnmccool 11th August 2019 at 13:31

    '..to sell everything for as little as possible to Green to ensure some sort of football was played at Ibrox'.

    '+++++++++++++

    D&P may be criticised for many things, finnmccool, but I don't think that they ever gave a tuppenny toss whether football would be played at Ibrox .

    As the arch-cheat SDM had discovered over a period of six years or so, no one wanted to buy the indebted RFC of 1972, with its actual mountain of debt never mind the huge potential debt expected when the EBT scam was finally dealt with by the Courts.

    D&P failed miserably as Administrators, failing as they did to rescue the club from Administration. They were desperate to get shot of the assets somehow or other. [ Criminal charges relating to how they got rid of them were, of course, dropped]

    But they must have been over the moon when the SFA, the SPL and the SFL cobbled up the Big Lie which allowed CG to claim to have bought RFC of 1872, and they in turn could claim some spurious credit for 'saving Rangers'. I spit in their eye for that.

    As I metaphorically condemn to hell the frightened, untruthful men of Scottish Football Governance both then in 2012 and now in 2019   for selling the soul of sport and their own personal integrity for the sake of  a Charles Green and for ‘allowing’ the new club they had newly admitted into a league to claim to be the club that thefailed Administrators could not find a buyer for.

    D&P inherited nothing but trouble , Charles Green mumps and moans about his present misfortune, Regan lost his job, and the SMSM football hacks showed themselves ( with the occasional honourable exception) as men of the journalistic integrity of  a Goebbels. 

    And Scottish Football continues to live a lie.

    I hope the misfortunes of the guilty men of Scottish football multiply and trouble them for the rest of their wretched dishonourable lives.

     

     

    View Comment

  42.   EJ….I'm a bit puzzled, which admittedly is not an unusual situation, but some clarification would be welcome.

         As you point out, D&P and BDO kicked wee Craigy's floating charge claim against deidco into touch. 

         However it would appear that they were negotiating with Monsieur Google eyes regarding his claim v Sevco. (And perhaps an agreement reached). 

         Why does this claim concern BDO?……On whose behalf have they entered into the negotiations, and possible settlement, when their sole remit is to get wonga into deidco, with which to recompense those bumped.

         

    View Comment

  43. Corrupt official 11th August 2019 at 17:24

      EJ….I'm a bit puzzled, which admittedly is not an unusual situation, but some clarification would be welcome.

         As you point out, D&P and BDO kicked wee Craigy's floating charge claim against deidco into touch. 

         However it would appear that they were negotiating with Monsieur Google eyes regarding his claim v Sevco. (And perhaps an agreement reached). 

         Why does this claim concern BDO?……On whose behalf have they entered into the negotiations, and possible settlement, when their sole remit is to get wonga into deidco, with which to recompense those bumped.

    ======================================

    The negotiation is not about a claim against Sevco. It's a claim against Oldco i.e. the inferred liability pre-dates administration.

    The Floating Charge has always had a question about the authenticity of any claim attached to it.

    D&P took the view that the Wavetower/TRFCG was assigned the FC, but that there was no debt attached to it. Wavetower certainly paid off £18m to Lloyds at the time of the Whyte takeover. However those funds came from RFC plc, who transferred funds from their own account (the bulk of the Ticketus cash) into a Wavetower account. D&P believed these amounts should offset one another therefore the FC had no value and the claim was rejected.

    BDO continued with that view, but added the potentially fraudulent nature of the takeover and the use of "financial assistance" to fund the takeover, in order to continue to reject any claim. Whyte's acquittal on all charges put everything back into play once again.

    Following the Whyte trial Henderson and Jones took up the cudgels on behalf of Wavetower with new vigour. I don't know the justification for the varying amounts of their claim (anything from £2.5m to £18m), but I would suspect that the argument could be based on the not guilty verdict on the "financial assistance" charge. If the transfer of funds from RFC plc to Wavetower was deemed not to be illegal, then the offset argument might fail as it could just be viewed as an internal movement of funds between companies within the same group.

    H&J (and BDO) must have been given some indication that there was an arguable case that a liability existed which would fall under the remit of the FC. To my knowledge, no formal court decision has been made on that point, but it might just be that BDO don't want to take the risk of the liability being confirmed and being sued for damages themselves.

    If a court decided that the FC was valid, as was the £18m claim, then BDO would be in a difficult situation and open to a claim that they failed to protect the full interests of a secured creditor, i.e Wavetower should have received the bulk of the funds received by BDO from Collyer Bristow's insurers. Much of that cash has gone in Liquidators fees, Legal fees, plus a dividend to unsecured creditors, but there remains around £7m in the pot.

    That risk may have been enough for BDO to enter into negotiations on a settlement with H&J. How much such a settlement might be, if anything at all, is anyone's guess, but that's where we are at.

    I took last week's notification of the "satisfaction" of the FC to be an indication that something has moved to a conclusion over the last couple of weeks, as suggested might happen in the last BDO Creditors report.  What does that conclusion mean for Wavetower and the unsecured creditors? If BDO and H&J have agreed on a sum, then that cash would come out of the creditors pot and would reduce the amount available for future dividend payments. I think BDO would be able to justify a modest settlement payment on the basis of it being in everyone's best interests, in particular BDO themselves.

    That's my thinking, which might be way off the mark, but I hope it gives the clarification you seek. 

    View Comment

  44. easyJambo 11th August 2019 at 21:23

    '…I think BDO would be able to justify a modest settlement payment on the basis of it being in everyone's best interests, in particular BDO themselves.'

    +++++++++++++

     eJ, allow me to compliment you on the grasp you have of the financial/legal stuff relating to the 'saga'.

    I'm sure I'm not the only one on the blog, or who reads the blog,who looks to your analyses as the most objective and soundly-based-on-fact  research that anyone outside the RIFC plc board itself could aspire to.

    And , of course, miles ahead of anything that the SMSM would even be aware of.

    I think ,though ,that BDO might have had to make something more than a 'modest' settlement! They were , I think, in an up-the-creek-without -a-paddle situation, and had to recognise the fact.

    H&J walked away quite happily, I imagine.

     

     

     

     

    View Comment

  45. Having oodles of time on my hands, I can fiddle about on the pc, 'researching' and 'networking' 

    I have posted a couple of times on the Sportscotland / Auchenhowie business,in relation to the fact that they seemed to have been helluva slow to realise that the Rangers that they paid a good few bob of public money to had ceased to exist as a legal entity and that the new club TRFC Ltd was not legally bound by any contract that the arch-cheat's club may have entered into.

    Further fiddling about here and there suggests to me that there was/is an unhealthy connection between the SFA , the Auchenhowie centre  and RFC of 1872.

    I read that the Sportscotland funding in 2002 to RFC of 1872 contained

    "Unusual Terms:  SFA also entitled to use the facility for community / youth / coaching / refereeing development. "

    Heaven forfend that I be uber-suspicious. All may have been entirely above board ( except I don't remember reading about it at the time)

    But anything to do with money, public money, in relation to the nexus between the SFA and RFC of 1872 makes me wonder.

    And no feckin wonder- considering how that nexus in 2012 created the Big Lie, and currently prevents independent investigation into the Res 12 issue!

    Honest to God! the sheer brazen absurdity of it all!

     

     

     

    <

    View Comment

  46. John Clark 12th August 2019 at 00:26

    ===========================

    My concern over the Rangers Training Ground is whether it was effectively funded by the public. It was built during a period where David Murray run up over £80m in debt to the Bank of Scotland as he funded the Dick Advocaat era. The Training Ground was a demand of Advocaat. Then when it became public knowledge how high the debt was, Murray pulled off a publicity stunt by shifting £50m of it to another part of his business empire which was also funded by the Bank of Scotland. Eventually the Bank of Scotland was taken over, and although the new owners reigned in Rangers spending, Murray's empire eventually crashed owing hundreds of millions to a bank which by this time was receiving Government bailouts due to the banking crisis.

    So who really did pay for the Rangers Training Ground? A media with any sense of fair play would surely ask that, and also why the then Scottish owned Bank of Scotland were financing the football side of Rangers to a level even large English clubs at the time were not allowed. At the same time the same bank did all it could to put Celtic out of business for a £6m debt. The answer in my view can only be institutional bias. Thankfully non payment of tax is outwith sole Scottish control, because if not I can only shudder at what else they might have got away with. Look at the amount of Scottish MP's, and indeed the First Minister of the time who were demanding Rangers get away with cheating the public purse. 

    I really don't know why the current people in charge at Ibrox don't look at implementing a huge tax evasion scheme. If they did let's consider what would happen:

    1) They might gain the upper hand in Scottish football.

    2) They might of course get caught and HMRC would take action.

    3) If number 2 happened, not to worry, because the authorities have made sure any new club would take the place of the old one in the top league, and would be granted the honours of the last two clubs.

    4) Some MP's and some in the media would demand that Rangers be let off with the tax owed.

    5) Whoever took over would be lauded as a genius who was going to rule the football world. Even if not a billionaire, the media would happily repeat a lie that he/she was one. 

    6) Meanwhile all other Scottish clubs would have to keep paying tax as normal because the same rules would not be applied to them. 

    To conclude I don't understand why people in charge at Ibrox don't make tax evasion part of their annual business plan for evermore, because if they did they would probably get away with it. 

    View Comment

  47. bordersdon, yes a decent article from McKenna, and he's probably correct.

     

    But, IMO, Scottish football is forever hindered in its ability to significantly improve – both domestically and in Europe – whilst we are lumbered with 'OUR' corrupt and inept SFA.

    View Comment

  48. bordersdon 12th August 2019 at 11:42

    +++++++++++++++++++++++++++++++++++++

    A decent article from McKenna in some ways. Shame his argument to share the Euro spoils with Celtic and Rangers doesn't extend to the domestic game. Now he knows how frustrating it is to support a diddy team who have no hope of winning.

    If Scotland and the other minnows teams boycotted Euro competitions I can't see UEFA being too fussed because an exclusive competition/League made up of teams from the Big Five is where it's all heading anyway.

    View Comment

  49. Some court dates for the dead club ?

    Tuesday 13th August

    P997/17 Note: RFC 2012 Plc for orders under 4.16

    Brodies LLP

     

     

     

     

    P68/18 Pet: James Stephen &c for interdict re RFC 2012 Plc

    Brodies LLP

    View Comment

  50. paddy malarkey 12th August 2019 at 18:01

    Some court dates for the dead club ?

    Tuesday 13th August

    P997/17 Note: RFC 2012 Plc for orders under 4.16 – Brodies LLP

    P68/18 Pet: James Stephen &c for interdict re RFC 2012 Plc – Brodies LLP

    ==================================

    Thanks for the heads up. Both cases are related to the Wavetower claim (Henderson & Jones) v BDO that I highlighted last week.

    The first case number relates to the H&J claim that had been "sisted" (put on hold) while mediation and discussions took place between the two parties.

    The second case number relates to an interim interdict that BDO had obtained to stop H&J seeking to appoint a receiver in pursuit of their claim against the club already in liquidation.

    Both are also "Unstarred Motions" to be heard by Lord Ericht.  "Unstarred" simply means that counsel don't need to attend and that the motions are generally only procedural (e.g. signed off by a judge) and won't be heard in open court.

    This reinforces my view that an out of court settlement has recently been agreed between BDO and H&J, which means that both court actions can be formally concluded without further hearings.  Alternatively, it is possible that an extension is being sought for both the sisting and the interdict.

    View Comment

  51. upthehoops 10th August 2019 at 15:25
    37 14 Rate This

    A wee question to all fans on here. As a Celtic fan I feel there is at times an overly large negative element among our support, who are never happy no matter what the club does. Many seem to actually believe they are more tactically aware than the Manager, and could run the business side of the club better than the Chief Executive, despite not even being remotely qualified to hold either position.

    Is this thinking similar among other groups of fans in your opinion, regarding the attitude towards the Manager and the Board of whatever club you support?
    …………….
    Down ibrox way they believed an ex manager would do a great job as a non-executive director.
    https://www.thescottishsun.co.uk/sport/football/416294/walter-smith-im-embarrassed-that-i-joined-charles-greens-rangers-board/
    He soon found out he was way out of his depth.
    ……………
    “Going on to the board was the biggest error I made.

    “I wasn’t comfortable doing it and should have followed my instincts.

    “I should not have gone on the board at all, never mind agree to be chairman.

    “I think I was chairman for one board meeting before I walked away.

    “You do it thinking you know the background but it opened up another world to me I had no idea about. I was way, way out of my depth.

    View Comment

  52. easyJambo 12th August 2019 at 18:19

    '…This reinforces my view that an out of court settlement has recently been agreed between BDO and H&J, which means that both court actions can be formally concluded without further hearings. '

    +++++++++++++++++

    Ach, I hate when cases  get 'settled'! heart

    Does me out of entertainment possibilities.

    Do you reckon the settlement figure will be explicitly disclosed in BDO's next statement for Creditors, or will some rule of secrecy apply if H&J don't want the figure to be known?

    And how would BDO be able to hide the reduction in monies available for the creditors' pot? except by not putting their statement online, merely mailing or emailing the creditors individually?

    View Comment

  53. John Clark 12th August 2019 at 19:27

    Ach, I hate when cases  get 'settled'! heart

    Does me out of entertainment possibilities.

    Do you reckon the settlement figure will be explicitly disclosed in BDO's next statement for Creditors, or will some rule of secrecy apply if H&J don't want the figure to be known?

    And how would BDO be able to hide the reduction in monies available for the creditors' pot? except by not putting their statement online, merely mailing or emailing the creditors individually?

    ===============================

    If a settlement figure has been agreed (it remains an "if"), I think that BDO is legally required to disclose both incoming as well as outgoing funds in their biannual reports to creditors.

    In the past they have disclosed numbers to a fairly detailed level, from £5,381,250 to legal firm Stephenson Harwood in respect of the Collyer Bristow settlement, to £1,123.54 in "Creditors Committee Expenses".

    One of the regular court journalists may pick up on the court listing and seek information on what was agreed, so it is possible that we could get a report in the SMSM tomorrow.

    There may still be a Craig Whyte slant on affairs, as I seem to recall that at one point he would receive one third of any sums obtained by court action when one of his companies Wavetower(?), Law Financial(?), Sevco 5088(?) was sold or passed on to Worthington Group. I’ll have to check back on my records to confirm.

    View Comment

  54. I've found the source of the "33.33% of the proceeds statement" in a Worthington Group RNS notification to a stock exchange (paragraph 3).  It dates back to 2013 and seems to involve the Sevco 5088 assets claim rather than the Wavetower/TRFCG Floating Charge claim.

    However BDO's last report to creditors acknowledges that TRFCG was also a 100% owned subsidiary of Worthington Group, so the question of whether or not Craig Whyte could benefit from a settlement with BDO remains a moot one.

    https://www.investegate.co.uk/worthington-group/rns/diversification/201304170811385415C/

    View Comment

  55. easyJambo 12th August 2019 at 20:45

    '…..Worthington Group,'

    ++++++++++++++++++++

    Gosh, that brings back (hazy) memories of Aidan Earley and other names connected with Craig Whyte.

    The good old days when there seemed to be something new emerging daily:  days which left me wondering whether anyone in the business of PLCs or LLPs or Limited Companies was anything but a charlatan.

     

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  56. Further to the mention of  Worthington Group plc, I have satisfied the mild  curiosity I had when Henderson and Jones first appeared on the local scene, out of the , out of the….well, blue!

    I had a gander at the Liquidators' (of Worthington Group) Progress Report in the winding-up of Worthington Group plc [for the period 04/01/2018 to 03/01/2019) as recorded in the Companies House pages, as signed off on 27/02/19.

    https://beta.companieshouse.gov.uk/company/00527186/filing-history

    I  lift this from what I think is about pages 8 and 9  if you scroll . I had to write out the gist of it because 'copy and paste' is not permitted, so it's not an exact copy, but the essential text is there.

    "The Directors of Worthington Group plc notified the Liquidators on their [the Liquidators] appointment of potential assets in the estate in the form of various claims against third parties. Prior to Insolvency it was intended that the subsidiaries who held these claims would pursue them for the benefit of the Company.

    ' These claims are held by The Rangers FC Group Ltd('Group') and Sevco 5088 Ltd, which in turn are owned by Law Financial Ltd('LFL'). 

    LFL is 100% owned by the Company and both Group and Sevco are majority owned by LFL.

    The Liquidators spent considerable time  investigating…….to determine whether the progression of these claims might benefit the estate.

    To this end and with the agreement of  the incumbent directors of LFL, Group and Sevco, litigation specialists Henderson and Jones ('H&J') were appointed as corporate directors of LFL, Group and Sevco….with  remit of further determining and progressing those claims.

    H&J's work is ongoing in this regard.'

    And their work seems to have been rewarded- IF ,as eJ cautions, the upcoming court business is indeed related to  a 'settlement'.

    For all we know, BDO might be arguing the toss!

    View Comment

  57. Homunculus 11th August 2019 at 09:53

    '.The smsm, including Traynor actually did tell the truth at the time.'

    +++++++++++++++++

    And how he ever blagged his way into Ibrox as a PR person after that truth-telling report is one of the great mysteries of the universe.

    One would have thought that his name would have been forever accursed!

    As a general observation, a  turncoat is usually not entirely trusted.

    But then ,of course, if a turncoat 's employers are themselves men who run a business on  lie….there might be a shared understanding that self-interest trumps truth, honesty and self-respect.

    I am reminded of that brilliant film -'The Wild Bunch'.

     

     

    View Comment

  58. John Clark 13th August 2019 at 00:54

     

    18

     

    0

     

    Rate This

     

     

    Homunculus 11th August 2019 at 09:53

    '.The smsm, including Traynor actually did tell the truth at the time.'

    +++++++++++++++++

    And how he ever blagged his way into Ibrox as a PR person after that truth-telling report is one of the great mysteries of the universe.

    One would have thought that his name would have been forever accursed!

    +++++++++++++++++++++++++++++++

    Ah yes JC, but he was not the brave sole defender of truth, sticking his head above the parapet. Many of the MSM were correctly reporting the facts, giving him "safety in numbers".

    That Traynor was perhaps sharp enough to realise the bleak future in sports journalism, (ha!), jumping ship to the PR world, where he adopted the complete u-turn from fact to lies, merely to continue to line his pockets, tells us all we need to know about his character.

    From his lead, using verbal gymnastics and subsequent bullying, the remainder soon followed down Blatant Lie Alley, to where we are now. That the keyboard guardians of truth, (like yersel!), continue to remain on the path of facts, is a credit to their/your character. 

    View Comment

  59. John Clark 13th August 2019 at 00:54

     

    Homunculus 11th August 2019 at 09:53

    '.The smsm, including Traynor actually did tell the truth at the time.'

    +++++++++++++++++

    And how he ever blagged his way into Ibrox as a PR person after that truth-telling report is one of the great mysteries of the universe.

    One would have thought that his name would have been forever accursed!

    +++++++++++++++++++++++++++++++++++++++++++++++++++++

    He wasn't the only one telling the truth in the early days. As Homunculus says other media scribblers did too and so did Walter Smith and a few other Rangers stalwarts. It was only when Green and the SFA started the myth of the "club" that the spinning commenced and Traynor and others got behind it.

    Remember Traynor had to be babysat on his BBC Saturday night phone in by Cosgrove because of his behaviour/biased defence of Sevco and he left not long afterwards. He has always been a Sevco stooge. A man who has a voracious appetite for the sacred lamb.

    You may recall his unhinged farewell column in the Record. I'm fairly certain the Record editor would not normally have printed it but as the man was showing himself up to be a complete imbecile I suspect he let it go.

    Now he's in PR and is so bad he's nearly always the story itself and more often than not his planted squirel stories are pulled up by their bushy tails before they can take root. 

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  60. There would be a kind of perfect symmetry if Whyte did in fact receive a pay out from BDO from the remnants of Rangers… for his lost £1 investment.

     

    From Minty Murray's perspective, it was job done.

    Whyte was the owner when the cheating club hit the buffers.

     

    Whyte enriched himself with a salary and whatever else he managed to extricate from Ibrox in his c.9 months in charge.

     

    And a SMSM headline screaming that Whyte received £X thousands from the Rangers' creditors pot would simply rile the bears – and have them foaming at the mouth in outrage.

     

    Karma can be cruel.  broken heart

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  61. John Clark 13th August 2019 at 00:54
    27 1 Rate This

    Homunculus 11th August 2019 at 09:53
    normanbatesmumfc 13th August 2019 at 10:38
    Bogs Dollox 13th August 2019 at 12:08

    ‘.The smsm, including Traynor actually did tell the truth at the time.’
    …………………….
    https://twitter.com/ClusterOne2/status/1161335922002210817/photo/1
    …………….
    Mr Traynor Dec 3rd to Dec 10 2012.
    If i remember correctly (and always happy to be corrected) was there not an e-mail doing the rounds of Traynor almost begging Craig whyte for a job. I may even have it somewhere, will look later.

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  62. Looks like Mike Ashley himself doesn't have his own problems to seek;

    From The Guardian today; 

    "…

    Grant Thornton, which has audited Sports Direct since it floated on the Stock Exchange in 2007, will stop working with Mike Ashley’s business following its annual general meeting on 11 September.

    The announcement comes a day after Sports Direct published its annual report stating that it proposed Grant Thornton be reappointed by shareholders at next month’s meeting.

    In July, Sports Direct said that the other “big four” accounting firms – Deloitte, PwC, KPMG and EY – had said they could not take on the business because of client conflicts.

    …"

    ===========

    Don't think Ashley was ever very popular in the City…

    and this is possibly a subtle kick to the goolies for his past transgressions?

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  63. Cluster One 13th August 2019 at 19:00

    was there not an e-mail doing the rounds of Traynor almost begging Craig whyte for a job'

    ++++++++++++++++++++++++++++++

    I remember this:(can't vouch for its accuracy, but think there was something in Charlotte Fakes to support the story)

    https://paddyontherailway12.blogspot.com/2015/12/our-eponymous-hero.html&nbsp;

    "It emerged that Traynor was angling for a job at Whyte's Rangers and it looks as if he was prepared to cover up this big story so as not to damage his employment prospects. If that's not aiding and abetting cheating, I don't know what is.It emerged that Traynor was angling for a job at Whyte's Rangers and it looks as if he was prepared to cover up this big story so as not to damage his employment prospects. If that's not aiding and abetting cheating, I don't know what is. It emerged that Traynor was angling for a job at Whyte's Rangers and it looks as if he was prepared to cover up this big story so as not to damage his employment prospects. If that's not aiding and abetting cheating, I don't know what is."

     

     

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