Monthly Archives: August 2012

Rangers FC Signing Plans Scuppered By “Rules”

This morning’s Daily Record reports that Mr McCoist’s plans to sign more stars to his already international laden squad today may be scuppered by red tape.

The problem?

The SFL rule re not having more than 22 registered players of 21 or over.

Regular readers will know I have been writing about this ever since Rangers FC was admitted to SFL3 so I assume the talented regulatory team at Ibrox were well aware of it before today.

As I mentioned earlier this week, it looked as if there were 14 players counting against the limit plus 3 more who would be counted from January 1.

The Record has pointed out though that Rangers FC has retained the registrations of 5 of the players who refused to TUPE transfer to newco.

This still leaves three slots for over 21 signings but if filled and without departures they would exceed the limit on New Years Day.

The rules or “red tape” as the Record calls it might stop Mr McCoist signing new players. The rules are what Mr Green is using to try to get money for players who were never employed by his company.

The lessons of Shylock and the Merchant of Venice come to mind.

Will a “learned judge” grant Rangers FC an exemption? Remember the SFA, SPL and SFL pledged to “facilitate” entry to SFL3.

Would Mr Longmuir’s SFL allow more players to be signed, as a result of the dispute with the 5 players? In doing so, this would thwart some of the effects of the registration embargo.

Today could be interesting!

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Filed under Uncategorized

Gee v AXA Corporate Solutions – A Critical Case re “Credit Hire”

Judges, by the nature of their jobs, have to bite their tongues sometimes. They spend some of their time listening to wholly misconceived arguments, ridiculous hypotheses and disputes over trivialities treated as if the most important matter in the world. They are addressed by lawyers, parties and representatives who might not have inherited the Ciceronian skill at oratory.

Occasionally a barbed comment might descend from the lips of the judge, but that might be a tiny and understandable lapse after watching twenty or more cases where the same hopeless and hapless argument has been put before the court.

When it comes to written decisions, then the judge has the advantage of not having to make a decision on the spot, and ill-considered comments would be eliminated. Continue reading

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Filed under Civil Law, Damages Claims

Bob Bird Detained for Alleged Attempt to Pervert the Course of Justice re Sheridan v NOTW

The BBC has reported this morning that the former editor of the News of the World’s Scottish edition has been detained in connection with the perjury trial of former MSP Tommy Sheridan. The report states that Bob Bird is being held on suspicion of attempting to pervert the course of justice over Mr Sheridan’s defamation action against the newspaper in 2006.

Strathclyde Police said a 56-year-old man had been detained in Glasgow.

Officers are investigating allegations of perjury and phone hacking as part of the Operation Rubicon probe.

Of course, Mr Bird has not yet been charged with any offence and, until a court declares otherwise, he is an innocent man. Continue reading

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Filed under Criminal Law, Tommy Sheridan

Rangers Administrators Billing over £60k per week Since Selling all RFC Assets

In which I look at what Duff and Phelps have cost the creditors of Rangers, and what they have been spending time on since they sold off all the assets in June.

I also take a very “broad axe” approach to the value of the administration process, which seems to suggest that the creditors would have been several million pounds better off if the liquidators had come in on 14th February!

The figures are mind-boggling.

That applies to each of the total costs, the weekly bills, the hourly rates charged, and the amount of time spent on this job. Continue reading

22 Comments

Filed under Administration, Insolvency Act 1986, Rangers

Administrators! How To Spend Millions in Creditors’ Interests – The Rangers Way

Duff and Phelps are finally on their way out of Scottish football. The arrival of BDO as liquidators at Ibrox is imminent.

However, let us not let D&P leave without noting some things they are good enough to have published for us all to see.

The last report Rangers – Progress Report – 24 August 2012 makes clear where the money raised for creditors has gone. Remember that D&P consider that they have, despite a £4 million trading deficit, succeeded in fulfilling the second goal of administration, namely to have achieved a better outcome for creditors than would have been achieved through liquidation without administration.

Compare the August Report with the one in July Duff Phelps Report July 2012

Amongst the details we see the costs paid by D&P to outside agents, advisers etc.

Taking them in financial order, we can see the huge sums disappearing out of the administration, all, of course, incurred in the interests of the creditors… Continue reading

28 Comments

Filed under Administration, Football, Insolvency Act 1986, Rangers, Uncategorized