djbroxybear 0 Posted February 6, 2013 Share Posted February 6, 2013 Everybody is jumping to conclusions i await a response from Charles Green through the Official Website some people has us going out of business ffs.. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted February 6, 2013 Share Posted February 6, 2013 What article you talking about? The one about our share issue. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,059 Posted February 6, 2013 Share Posted February 6, 2013 Everybody is jumping to conclusions i await a response from Charles Green through the Official Website some people has us going out of business ffs.. We won't be going out of business over this but you've got to question the wisdom of letting this situation to materialise. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,059 Posted February 6, 2013 Share Posted February 6, 2013 The one about our share issue. The one on FF? 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted February 6, 2013 Share Posted February 6, 2013 http://celticnewco.livejournal.com/2408.html http://celticnewco.l...l.com/2408.html Winding Up Order - The Unsensational Truth Very quick blog to try and put a story that has been bubbling under the surface to bed. It is my understanding that the club was indeed hit by a winding up order for a sum in the region of £400k. But fear not this is not a reason to panic. In the world of business people fall out over invoices all of the time and that is exactly what has happened in this case when Orlit Enterprises (a company used by Charles Green's consortium to source investors for the purchase of assets) hit the club with a £400k bill to be paid by the end of last year. The club, to my understanding, did not agree with the invoice and challenged its value and payment date.**After some to'ing and thro'ing Orlit Enterprises issued a winding up petition against the club. (a tactic regularly used in the business world to force anothers hand) Rather than incur legal fee's and the bad press of a court case the two parties got together and agreed a payment plan (which I believe is less than £400k) and also terms for that payment (which means the club does not have to pay it all in the one swoop). Many people on my twitter timeline have asked two questions regarding this: 1. Does that mean we're in debt 2. Why not pay it all off at once? In answer to question 1 the answer is no.**When you take out your mobile phone contract you agree to pay say £30 a month over 12 months. That means you owe your provider £360 but this isn't classed as a debt.**It's a liability... much in the same way as RFC's £400k invoice now is. A case in point shows that RFC's largest liability at the moment is to people like me and you.**Season ticket holders.**The club has taken in approx £8.5m season ticket money but they still owe us half of the games on that ticket therefore they have a liability of £4.25m (approx) to us, the fans. In case of number 2 the reason we are not paying it all of at once is simple cash flow.**Paying £400k mid season would maybe curtain other plans we have ongoing at the moment in terms of developing Ibrox, Edmiston House etc etc. By agreeing to a payment plan it just allows us to manage cash flow better. Again the mobile phone example is a good one... I'm sure most of us could pay £360 for our mobile phone contract up front but why bother when you can just build it into your ongoing cash flow? Main reason for this blog is to ensure that Bears are aware of the non-sensationalised truth behind this (rather non) story. Please retweet the link and put the Rangers family mind at rest. If you have any questions please contact me on @celticareanewco on twitter. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted February 6, 2013 Share Posted February 6, 2013 The one on FF? I saw it on twitter, likely the same thing. 0 Quote Link to post Share on other sites More sharing options...
kuznetsov 0 Posted February 6, 2013 Share Posted February 6, 2013 if we cannot afford £400k in one go then its a huge worry. 0 Quote Link to post Share on other sites More sharing options...
djbroxybear 0 Posted February 6, 2013 Share Posted February 6, 2013 We won't be going out of business over this but you've got to question the wisdom of letting this situation to materialise. You believe every word Alex Thomson says. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted February 6, 2013 Share Posted February 6, 2013 if we cannot afford £400k in one go then its a huge worry. We could have sold Lee Wallace last month to get 400k. More likely we dispute their claim the money is owed. 0 Quote Link to post Share on other sites More sharing options...
ComeOffit 0 Posted February 6, 2013 Share Posted February 6, 2013 if we cannot afford £400k in one go then its a huge worry. It looks like the £400k is just a percentage of the bill, and some has already been paid. The question is, how much have we actually paid them, and why is this the first they have even been mentioned. It smells almost like another Ticketus situation, where they have used an outside company to pay wages and seek investors, and ultimately it's all paid for by the support. Why were they not mentioned in the prospectus for the share issue? Maybe I missed it. 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.