Tag Archives: Lord Hodge

For Sevco’s £5.5m It Bought all Rangers’ Players, Fixed Assets, Goodwill AND £2.67m prize money

Those kind chaps at Duff & Phelps are scrupulous about fulfilling their duties, even where they have sold off all of the assets and business of Rangers Football Club PLC (In administration). Yesterday, with a non-existent fanfare, their latest Report was published, dealing with the six months (yes, it has only been six months) since they were appointed.

You can view the full Report here. Rangers – Progress Report – 24 August 2012

My plan is to do a couple of posts about it, but there is one issue which I have been going on and on and on and on about in my blog since February, I think!

The interests of the creditors.

It looks to me, as an outside observer, that there is no relation between the value of what Mr Green’s company acquired, and the price it paid. This is even more marked when the issue of money due to Rangers (in administration) is factored in, as these sums too were sold to Sevco.

As well as having a look again at “gratuitous alienations” I pose a quiz question regarding the value of the Rangers “history” which forms part of the goodwill, and the price paid by Mr Green for them. Continue reading

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Filed under Charles Green, Football, Insolvency Act 1986, Rangers

Rangers, Sevco and the Law – Threatened Court Actions – Duff & Phelps v BBC

Following the BBC Inside Story, Part 2, recently it was made clear by Duff & Phelps that they were poised to embark on court action against the BBC.

As the Scotsman reported on 24th May, “RANGERS administrators Duff & Phelps last night threatened to sue the BBC over claims a senior partner in the firm was aware of Craig Whyte’s scheme to buy Rangers using cash from the controversial Ticketus deal.”

The piece quoted the statement from Paul Clark which said:-

“The allegations made in tonight’s programme against Duff & Phelps are untrue, a distortion of the facts and highly defamatory. Discussions are already underway with our solicitors with a view to bringing legal proceedings against the BBC.

 “We made a number of offers to assist the BBC in order they would not make the fundamental errors broadcast this evening and for some inexplicable reason the reporter Mark Daly declined these.

“We had also hoped to give interviews stating our case on camera but received strong legal advice against this course of action, bearing in mind the legal proceedings Duff & Phelps have raised against Collyer Bristow. The BBC were informed in writing from our solicitors.” Continue reading

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Rangers Administration – In Court Again on Friday 18th May

The Rangers administration case calls again before Lord Hodge this Friday 18th May at 9am.

 

Friday 18th May

 

Continued Motion

Between 9.00am and 10.00am

 

1

P229/12 Note: P Clark &c re Rangers Football Club Plc

 

Biggart Baillie LLP

Burness LLP

 

 

It might be interesting – and then again it might not!

John Clarke, who has taken on the mantle of Court of Session corespondent for these matters, was along at the last calling on 4th May. His notes, taken from RTC with thanks both to John and to RTC are as follows:-

“john clarke says:
04/05/2012 at 2:47 pm
20 0 Rate This
Just out of Court 6, chaps and chappesses. Nothing too exciting. Ticketus had a motion trying to argue that the way expenses of their actions etc were to be calculated should be one way and the Aministrators argued it should be another way (on a lower scale of fees) Lawyers among you will know what the difference between party/party and agent/client scales are.
Lord Hodge referred them to the interlocutors he had previously made, when Messrs Clancy and Sellar had agreed that the normal arrangements applying to Trusts would apply.
He continued the motion rather than explain what he himself had meant by the words he had used in the interlocutors.
But both parties were to a) ask the Auditor how he would interpret the interlocutor, and b) look at the practice followed in Trust cases.

The motion was continued to a date yet to be agreed, with the solicitor for D&P making sure that the expenses of preparing for today and the next hearing would be included.
As far as I could make out, all the expenses will fall to the Administrators’ ‘pot’ anyway. It’s just that one basis of calculation would result in a whole lot less of a bite out of the ‘pot’.

And that was that.
Quite interesting in its own way, and I’m puzzled as to why Lord Hodge didn’t simply explain what he had meant at the time.
At the continued hearing, if the parties aren’t agreed, the merits of the motion can be argued in full.”

 

So the hearing might simply be a follow on to that. Alternatively, it is possible that the court will be told, or will ask, about outstanding matters, like the creditors’ vote and the new “preferred bidder”. Indeed the administrators could ask for an order to shorten time periods for a CVA if they felt that this was essential to “rescue” the company. 

The callings of the case in court have been the only way to find the “unspun” version of what is happening.

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Rangers’ Administrators In Court Friday 4th May Before Lord Hodge

A quick post.

Today’s court lists reveal a case set down for an hour tomorrow in connection with Rangers administration. http://www.scotcourts.gov.uk/rolls/supreme/lists/r120503_160.htm

Friday 4th May

LORD HODGE

 

STARRED MOTION

 

1 hour Pet: Rangers Football Club Plc for an Administration Order  Biggart Baillie LLP  

Might this be the required report to the court by Duff & Phelps of the outcome of the votes on its proposals?

After all, voting closed 13 days ago, and one would hope that they have added them up by now!

In light of today’s remarkable events about which, rest assured, I will be writing ad longam, it MAY be that counsel for HMRC appear raising questions about the sale process.

If anyone interested in the Rangers saga is in Edinburgh, a wee trip to the Court of Session might prove interesting in the morning (then again, it may not)!

It is remarakable, is it not, how much has happened over the last 12 months at Ibrox. Here again May brings a new buyer, and the “internet bampots” and the main stream media will again conduct detailed and thorough reserach into the new person looking to run Rangers.

Posted by Paul McConville

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Filed under Administration, Rangers

Duff & Phelps – Have Delays In Administration Made Winding Up of Rangers Certain?

 

A blog post in which I pose some questions for Duff & Phelps regarding their plans and court actions, future funding, and whether they have taken sufficient steps to obtain information from all parties regarding Rangers’ affairs. If so, have Mr Whyte and Mr Ellis committed a criminal offence, and if so, have Duff & Phelps done anything about it?

Whilst a lot of work has been done by them in eleven weeks, how do they intend to keep the doors open until a bidder completes due diligence and signs a deal?

Has the stop/start process (some of which might rest at D&P’s door, but much of which has been caused by outside events) resulted in Rangers being unable to continue as a going concern?

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This week has seen the focus shift from the administrators of Rangers on to the SFA disciplinary process and the furore regarding the “anonymous” Judicial Panel.

I will pass over that for now, and pose a couple of quick questions for Duff & Phelps. It would be easy to forget that the administration process is still going on! I do not expect them to answer me, but some response might be forthcoming to someone.

An interesting piece was posted on the Web.3D.Law blog last night. This concludes by stating:-

“ If I am right, it begs the question as to why and how D&P are taking offers for the club in the first place, especially since Craig Whyte can block any action to sell his shares.

Are the administrators fulfilling a PR exercise?

Of course. They must they be seen to be doing everything possible to save Rangers.  Are they under instructions from CW himself to try and find a buyer? To me, the whole thing reeks of an exercise in futility – unless of course CW’s security is less than publicly reported, it makes no logical sense as to why he would sell to either bidder and Duff and Phelps have raised a lot of Rangers supporters hopes for nothing. Again.

 

The administrators of Rangers are very experienced Insolvency Practitioners. They are fully aware of the rules under which they must operate. To lesser mortals like me, some of their decisions seem baffling. I am sure that is my failing, rather than theirs. However, responses to the following questions would be of interest. Continue reading

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Filed under Administration, Football, Insolvency Act 1986, Rangers