The Tweeted Report by @mdkster on This Morning’s #Rangers Hearing

I’m not in the CoS afternoon I’m afraid. It seems that Collyer Bristow are challenging D&P’s application to end the admin and appoint BDO.

CB’s lawyer hasn’t spoken yet, but it seems that they want nothing further to happen on the admin until the ‘MCR’ issue has been clarified.

Ticketus emailed D&P that, “for entirely commercial reasons”, they don’t currently intend to challenge D&P’s decision to reject their claim>

<but Ticketus reserve all rights (e.g. to press their claim against the liquidators). Ticketus voted against D&P fees, but vote was ignored.

D&P’s lawyer argued that, if no creditor challenges (and none has so far), the Court has no power to interfere with accounts or their fees.

HMRC proposed amendments to the resolutions at the last creditors’ meeting, which “slightly reduced” D&P’s fees, and they’ve been accepted

HMRC claim was accepted in full (£94m) for voting purposes because the tax assessments are effectively unless & until FTT decides otherwise.

The FTT proceedings ended in January. D&P’s lawyer told Lord Hodge that they do not know when the FTT decision will be issued.

D&P provided a report on the ‘conflict’ allegations to the Court and the IPA. There’s no update on the IPA investigation. LH asked whether>

<the IPA had been alerted to the subsequent allegations made by the BBC (i.e. the CW tape). LH has asked the BBC for DVDs of the May & Oct>

<broadcasts and for a transcript of the conversation. The BBC has “not volunteered” a transcript & LH may need to take steps to compel this.

LH is “very concerned” by the allegations, which call into question the probity of the proceedings. D&P are officers of the Court, and so>

<the Court has an interest in ensuring that the allegations are properly aired. LH said that the comments may have been taken out of context

LH will hold a hearing at which the BBC can make representations before making any Court Order for the production of the transcript/evidence

LH was cross that D&P had not given him any documents until this morning, and contained errors. D&P’s lawyer (Wolff QC) seemed ill-prepared.

I expect that the hearing will last all day (LH is busy the rest of the week). Suspect that D&P’s petition will not be granted today but >

< difficult to predict given that CB’s lawyer had not spoken yet. LH was being very thorough in that all matters are dealt with properly.

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68 Comments

Filed under Administration, Guest Posts, Rangers

68 responses to “The Tweeted Report by @mdkster on This Morning’s #Rangers Hearing

  1. ecojon

    Thanks for that and earlier stuff.

    Sounds to me that LH is no old duffer but right on the ball and knows exacly what’s going on – he’s probably spotted the £ glints in chico’s eyes.

    Looks as though D&P have thrown a very poorly prepared QC into the Lion’s Den and I have no doubt they will be getting told in a quiet aside not to return again to his Lordship’s court in such a poorly prepared state which seems to verge on disrespect.

  2. KG

    Paul – if there is a continuation, could this impact on Newco’s share issue.

    • ecojon

      @ KG

      I think it would affect savvy or institutional investors but is there gonna be any of them? The bulk will be Bears drawn to the UEFA Anthem at Ibrox and I think most of them that can afford to invest will do so. A small percentage might have the sense to hold-off and keep their cash till when it is really needed like after the Green circus leaves town.

      I doubt if anything that LH or Strathpol does will happen quickly enough to affect the flotation. However there is quite a number of issues building up that might cause the London Stock Exchange to call for a delay in the float because they of course have a duty to protect the AIM Market in general and it would appear, without ascribing any blame or liabaility, that a helluva lot of sh*t will be swirling round Rangers for quite some time.

      Of course if there hadn’t been the decision by Green to retain the linkage to oldco through the club history and actually start a new club – not just in legal terms as did happen – but free of all the old baggage then LSE probably wouldn’t have bothered. However I think it might be too late in the day for chico to change course although the man is well capable of doing so IMHO although this would reduce his Bear investors.

      • KG

        Ecojon – yes, that makes sense.

        I’d agree any institutional investment is highly unlikely.

        With regards to Sevco supporters, those most able to invest, the “old shareholders” will likely fall into the category you have described as having the sense to hold off.

        Your ordinary Joe Bloggs is the most likely to invest, as you have said, and this is clearly who Green has been targeting in his public pronouncements. However, I’d be very sceptical that he’d raise even a quarter of the £20m from this group. The other difficulty he faces from this group, is their access to disposable cash. Most will already have forked out on a season ticket and will be incurring expenses going to games. The financial downturn doesn’t help, by I think that Christmas and New Year will also be very detremental to Green – families will have other things to spend their cash on.

        I don’t think Green is stupid enough to not have thought of this when it comes to the timing of the issue. The fact that he has not waited until next Spring suggests that he is fast running out of cash, with no chance of further investment from those investors already committed or any line of credit from elsewhere.

        • mcfc

          I think Chico is prey to the classic double-counting trap.

          If 40,000 season ticket holders (2012/2013@£350 for Div3 ) each invest £500 in a Newco share before Xmas and see it plummet to near-zero, how many will buy a 2013/2014 season ticket in May at £500ish for Div2 ?

        • ecojon

          @ KG

          I think you have Pushed the red button on timing. Chico keeps saying he is doing the float now because if he waited 2/3 years then it would be more expensive for Rangers fans to buy-in.

          But even in 2/3 years and say Rangers would be in the SPL how would it be any more expensive for Rangers fans to invest. They would still stick in their £500 minimum – OK they wouldn’t get 500 x £1 shares because the value of the club would have risen. So they would get say 250 x £2 shares or even 100 x £5.

          I don’t think the number of shares would make a blind bit of difference to the average football supporter as long as he had his certificate for the wall.

          So I am left wondering why the rush especially at Xmas and especially with a possible £500 to be stumped-up for a ST in May. Could it be that chico is still leaving according to his earlier plan or does he worry that the financial plateau, currently occupied by the club, is as good as it gets for 3/4 years especially with two lots of ST cash in one year.

          • Michael

            As it has been stated on here countless times the rush is because the initial investors are due a payout. That money will come from the IPO.

          • There's Only One Willie Miller

            If Rangers fans want something to hang on their wall, why don’t they hang up a picture of Sally? To make it even more realistic, they could hang it on a shoogly nail.

  3. Er . . . is there no danger of contempt of court here?

  4. ecojon

    @ Henry Clarson

    In what way?

    • Live tweeting from the court.
      According to another tweet, “The attendees (including me personally) were asked to confess whether they were tweeting as @huddleboard. The hearing resumed with a stern >

      < warning from Lord Hodge that anyone who was found to be tweeting would be held in Contempt of Court. Naughty @huddleboard !"

      Tee hee.

      • ecojon

        @ Henry Clarson

        Ah it would have been lovely to have had a ‘Spartacus’ moment although I doubt if any MSM would have joined in 🙂

      • ecojon

        @ Henry Clarson

        One of the most important things to remember anytime you are in a courtroom that they guy with the wig has more power than Gawd in his court so it makes sense to do as he requests 🙂

        The solution is to have two people and a 2 pencils and 2 pads. Write out what is being said in tweet-size blocks and leave the court, enter it on phone and tweet it. Your partner inside keeps a note in your absence and you take turns to go in and out.

        If you are really paranoid don’t sit together 🙂

  5. JohnBhoy

    His Lordship, the old codger, is having fun meticulously building a scaffold using parts and labour supplied by Charlie and his boys. In the words of Charlie, “it’s just like putting together a Meccano kit”.

    • ecojon

      @ JohnBhoy

      Oh I would say that there are few cases that a judge could handle that he would love so much for regaling club members and dinner party guests as this one – after the vedict and appeal is dealt with of course.

      And what fun to actually pin Officers of the Court against the walls of the court as an example to others and to live in history as the Great Scotsman who cleaned out the byre.

      I think he sees lots of opportunity for fun and the exercise of his legal mind and one thing I have no doubt of is that everything he does will be meticulous in legal terms and well able, like a meccano kit, to withstand the tantrums thown by naught schoolboys who have been badly caught-out.

      And as Rangers supporters are such staunch supporters of the establishment and Justiciary they too must welcome his judgment when it comes perhaps to the strains of Zadoc the priest quietly playing in the background 🙂

  6. John Burns

    Surely if there is a defined doubt regarding some part of the administration process – e.g the conflict of interest surrounding D&P fitness to carry out the administration, then the whole process must be called into question, and perhaps reversed.

    If a builder, or architect has not complied with legal building regulations, then the whole project can be demolished, regardless of its state of readiness.

    • ecojon

      @ John Burns

      I realise the urge is to get a result today – one way or t’other.

      But LH marches to a different drum beat. He wants to establish whether there has been a COI and this will form, I reckon, a separate process. If there is a COI then depending on what evidence is uncovered in the process – as criminal proceedings might be a possibility – then I believe IMHO it would be invevitable that the whole sale process would need to be put under a microscope.

      There are a helluva lot of people swirling about in the mix here and someone will blow the whistle. Although to be fair perhaps that isn’t needed because it’s possible CW has enough evidence. But it’s one thing knowing and another proving and investigating a possible COI is the first step in that process.

      • Mick

        At ecojon if he’s busting tweets what will he do to some1telling porkies he’s asked for full tape for him and of to determine charges he’s a fly fox lord hodge and is and will serve justice Grier will get charged a think

        • ecojon

          @ Mick

          He knows that his life and his family’s life will niow come under scrutiny and I am certain that this morning at least one MSM contacted the court to complain that tweeting was taking place because it was making them look stoopid as usual.

          I think LH would have been amused and had probably already spotted it but know full well that if it had been left to the MSM dead beats – with a few honourable exceptions – then this whole thing woukld never have seem the light of day.

          That’s why he issued the warning just to show that he was impartial 🙂

          • mick

            @ecojon its bdo time lol a think LH wants the tape to judge if lies were told and and what way it should go with PF ,THE HUDDLE BOARD WERE BUSTED BY HIM LOL its r the crooks in suits to be examined forensicly its justice time for the people who lost out and were conned throw it

            well done agent whyte

          • mcfc

            I think we’re about to see low-cunning do 15 rounds against patient intellect. Anyone care to wager £500? You could do worse!

  7. That will be that then application granted, although not released of liability.

  8. mick

    best comment ave seen today
    Into administration on St Valentine’s Day.
    Liquidated on Halloween.
    I cannot effing wait to see what they’ve got lined up for Christmas!

    thought that was well comical

  9. mick

    Lord Hodge also fixed a date for a hearing to impose an order for a transcript from the BBC.

    Although D&P are no longer administrators they have not been dispensed of liability.

    D&P have also promised they still recognise the court has “residual powers” when it comes to certain allegations.

    Lord Hodge is letting the IPA investigate claims against D&P and he’ll then look at their report.

    It’s these issues that might have a knock-on impact on Sevco. so d&ps are not out of the water yet

  10. mick

    they have not been dispensed of liability.a think this is good news for creditors as LH can add to the pot with withholding fees and if they have broken codes of conduct then there liabile so its a win win today for any1 who feels hard done by this covers LH to hes well stroud

  11. JohnBhoy

    There is a window of opportunity and it’s closing fast. Neither Charlie nor his masters can ill afford to hang around for Hector, PC Plod or the Worshipful Master of the Orange Lodge to come knocking.

    Halloween is also giving them the heebie jeebies. The zombies will be trick-a-treating round his way tonight. He knows these creatures of the dead can react to surrounding stimuli. One false move from him – a sign of humanity, a caring glance towards the referee – and en masse they’ll turn and fucking eat him alive. He can’t take it anymore. World War Z. No thanks, Charlie boy didnae sign up for that.

  12. carl31

    I’m under the impression that CW/his company is the secured creditor. This comes from him paying off the £18m to LBG. Is this not the case?
    If he remains the secured creditor, anything less than this £18m is due to him/his company.
    Unsecured creditors would see nowt before him.

    Happy to be corrected by grown ups.

    • duggie73

      Could be mistaken, but…

      I’m under the impression that the bold Sir Craig chose to waive this debt as part of the agreement of sale to Green.

      If you’re thinking “Hmmmm…” we’re probably in harmony.

  13. Martin

    Paul,

    thanks for all the info. It’s great work!

  14. mick

    I am not an expert on Insolvency law and practice by any means.
    However, for former officers, and not the just directors, of the Old co I would be asking my lawyers to look carefully at

    Insolvency Act 1986 Chapter X which covers

    Malpractice before and during Liquidation; Penalisation of Companies and Company Officers; Investigations and Prosecutions.
    They might also like to look at the criminal law relating to fraudulent trading and perhaps just fraud, false accounting, market abuse and I am sure there are other things I haven’t thought of.

    As for Duff & Duffer, how about Para 75 of Schedule B1 of the Insolvency Act relating to Misfeasance in the office of administrator.
    If any one wants the full detail I can supply it but it is quite draconian in its potential effects.

    No, I certainly don’t think this is finished by a long way.
    It is why the liquidators were appointed in the first place.

    • mick

      @ecojon its nice to see LH looking at the allegations we all know ticketus are behind it and the sale was done wrong as christian lockery was wanting to place a bid and it was dismissed and he had to chace a answer so the blue knights were shafted to so every potential buyer were set aside for green and ticketus its well dodgey

      • Maggie

        @mick
        I’ve thought the very same thing.Green seemed to come from absolutely nowhere and within days it was a fait accompli,as Chico himself might say.Where was he ( and his consortium) when Bill Miller,Bill Ng,The Blue Knights et al were all in contention ? Knowing what we now know from the Craig Whyte tapes it’s not outwith the realms of possibility that D&P were hanging fire,so to speak, waiting on Green to get all his backers and finance in place. # they’re all in it together.

        • ecojon

          @ Maggie

          Well we know that they were moving from very early February and, according to chico, that D & P were in touch with Zeus Capital who then contacted Imran Ahmad who then contacted chico.

          Personally I think ‘hanging fire’ IMHO is a very benign way of looking at things and I don’t mean to criticise you when I say that. However it will all come oot in the end 🙂

          • Maggie

            @ecojon.
            Was trying to be charitable eco,v difficult under present circumstances I know. 🙂

            • mick

              @maggie its proven tommy gold the internet bampots radio station can prove it he phoned christian lockery a respected middleman and when he made a offer he got no reply and had to call back he was disappointed with them to say the least also the blue knights made a better offer it was brushed aside with a compliant media via grier and there man at murrays media mates ,although am celtic sometimes at work and when am out and about you meet sevco fans from all walks of life proud to havea share in there club thats been took from them via d&ps being dodgey its sick and some1 should stand up for them as they cant say anything or they will get bullied green shafted them for ticketus if no 1 is willing to help them and get them justice then the law should step in and jail the lot of them as its sick the things that have come out ,tomys shows deal with the conman and the conned via this it paints the right pic of it all tomy platinum gold on there case and showing scotland that they are all voodoo economist

        • Antonious F

          very fitting

  15. mick

    http://glasgowradio.blogspot.dk/ tommy golds blog well sound platinum pure platinum

  16. Martin

    To the many supporters that will gather at Ibrox for the next football match today’s events my seem like a matter of no importance.
    The liquidation of their club has not happened, a company which operated their club has ceased to be, their club continues, and more importantly they continue to support it.
    On the face of it, there is not much wrong with that. “Rangers” fans can choose to support whatever they want. That IS a matter of no importance.
    For me though, if my club had undergone a similar sequence of events I would have a few problems. Particularly if I had previously spent good money securing a seat or buying shares in the company now being liquidated.
    As a creditor of oldco and an investor in newco some Rangers fans will find themselves inhabiting a kind of quantum duality. Only close inspection would force their exact nature to be perceived, in fact the inspection will determine their nature.
    BDO will now liquidate Rangers FC.
    Heisenberg would be uncertain as to the outcome.

  17. mick

    @martin its a new club phoniexed via a club that cheated for 15years via financial doping the parasite of sport in scotland its simples if celtic acted in this way a would never a would never clasp eyes on them agian newco fans are sick clowns swaning about with 5 stars on thinking there club is the same its greens moonbeams to get the money out of them is laughable from were am postioned and they are left with the world knowing they dont have 1oz of integrity left and are a sport joke as what what they stand for its similar ,although the whole of scotland and beyond was cheated by them they still think they are the same there not there deluded as a team and as a culture scotland should have educated them better and maybe they would not just follow swollow and stand as a individual and not a team as for the men who but them there they are in soapy bubble now ,and dont forget martin all this has been done in a city with statisics that make the city one of the most underprivilaged in europe and a hope the judge takes this into account when serveing sentances

  18. Martin

    You’ll get no argument from me on those points Mick. Please don’t serve me with a long sentence 🙂

    • ecojon

      @ Martin

      sentenced by a long sentence from mick 🙂 I like that

      Just wait till he starts throwing pies at you

    • mick

      @martin its the worker that has been shafted by green and ticketus and d&ps all the big investors were crooks anyway but the little man got well shafted its a real crime and if bdo have any integrity they will undo the deal and sell it there selfs greens a nutter and is criminal

  19. mick

    http://www.itsanewclub.blogspot.co.uk/
    @martin heres some news snippets on it from a blog for any of your newco friends that need refreshed on the situ

    • Martin

      Mick,

      dare I say, I think you may have misinterpreted my point. Don’t worry it was a bit obscure, I thought it was funny and that was my intent.

  20. JimBhoy

    0-3 ICT now i would not raise an eyebrow SPL to Div 4 team, 3 goals no probs, but the Rangers, we will be hearing the champions league song soon…. Fuk right off… Be humble, start again and dont be a bunch of fukin assclowns…!

  21. JimBhoy

    winning 3 cups and the league if i am not mistaken..!

  22. mick

    that was some game untied dudee had it in the bag 2 nil up on penaltys then blow it a like united and like them to do well and would like them to fill the void left by rfc hopefully they can learn and move on from it and give the scottish cup a good go

  23. paulsatim

    McCoists world record……
    …….The first manager to get knocked out of 6 cup competitions with 2 separate clubs in just over 1 calendar year!

    • David Stevenson

      Think someone texted Off the Ball a few weeks ago that Sally was the first (and currently only) manager to get his team pumped out of every cup competition a Scottish club could enter, and all in the space of 13 months: Champions League, Europa League, League Cup, Scottish Cup and finally the Challenge Cup….. As well as collapsing down 3 Divisions in one go….

  24. Budweiser

    @ David Stevenson

    Don’t forget the Ramsden’s Cup!

  25. lordmac

    if Duff and Phelps took an oath, when they where appointed by the court
    and there is a conflict, of interest no matter how small, the only way out of this is, IF they have made a report about it to Lord Hodge before the 14Th of Feb 2012, after that date they have no more to add to the court.
    or seek the Courts Guidance.

  26. p groom

    why are there two apparently different micks posting? presume no law against it but seems unnecessary. could mick(s) explain pls?

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