The Times - Papers show Whyte was boss at company in Rangers takeover

[foggy dewhurst 0]

its a fake

[forlanssister 3,050]

Yeah, I gathered that but don't CH also indicate the submission may well be invalid and/or not checked properly?

 

They seem to be taken at face value with only a cursory check to ensure they're properly filled out but nothing done to verify that the actual content is factual which is both surprising and worrying.

[UCF2008 0]

Again, the article seems to suggest that the "takeover" of Rangers was done with the help of Sevco 5088. It wasn't. At least not the "real" takeover after the CVA failed. At the time, it was intimated that no English-based company should get hold of a Scottish institution such as Rangers FC. Hence Sevco Scotland Ltd. was created/used for the takeover. Whether that was done to get Whyte and the Sevco 5088 stuff out of the picture is anyone's guess. Still, no matter what is said about Sevco 5088, there was a change from earlier statements about binding agreements, apparently in accordance with the administrators - who, I would assume, were not concerned about which company buys Rangers FC, but that the same people who made "offer 6" did so, i.e. Green & Co.. People can assume that Whyte is somewhere involved in Sevco Scotland, but as it was with us and the EBT-case, "not-guilty until proven" should still be the usual way of dealing with this.

 

To bring the relevant facts back to mind ...

 

Interim Report to Creditors - The Rangers Football Club Plc (In Administration)

Joint Administrators’ account of outlays and remuneration in accordance with Rule 2.39 Insolvency (Scotland) Rules 1986 - 10 July 2012

 

Sevco - Sevco Scotland Limited of Ibrox Stadium, Glasgow G51 2XD (Company number SC425159);

 

4.1 The Club continued to trade under the control of the Joint Administrators up to the date of the sale of the business and assets of the Company to Sevco on 14 June 2012.

 

5.38 Consideration of £8.25m on successful implementation of a CVA contingent upon Champions League participation during the next three seasons. Should the CVA fail, a binding agreement to purchase the business, history and assets of the Club for £5.5m using a newly incorporated company. Trading the Club whilst a CVA was proposed was to be funded utilising future revenue and football debtor monies, as appropriate.

 

5.45 £8.25m to fund a CVA, if the CVA failed then it would revert to an SPA with a sale price of £5.5m. An exclusivity payment of £200k and provision of funding whilst a CVA was proposed.

 

5.46 Having regard to the remaining offers the Joint Administrators were satisfied that the Sevco offer provided the best potential return to creditors of the Company. Therefore on 12 May 2012 the Joint Administrators accepted the Sevco offer.

 

5.47 As discussed in Section 6 below the CVA Proposal was rejected by creditors at the meeting held on 14 June 2012 and a sale of the business and assets of the Club completed shortly afterwards to Sevco.

 

5.48 Following the CVA creditors‟ meeting on 14 June 2012, the Joint Administrators were approached by a party verbally offering £6m for the business and assets of the Company. No offer had been received by this party in the previous 17 weeks. The person making the offer was believed to be part of the Party 3 consortium. Notwithstanding the verbal offer, the Joint Administrators confirmed that a binding contractual agreement with Sevco had been reached and the business, history and assets were subsequently transferred from the Company to Sevco.

 

If you read the 5.48 paragraph, one still get pains about the way people wanted to get the club ... essentially on the cheap. Yes, the EBt stuff was looming large. But tyring to outdistance the £5.5m bid of Sevco by 500k ... for Rangers FC, the bid I assume coming from McColl (and Smith), well ...

 

Regarding Sevco and all the articles of late. We may find out how this all went through one day, but that is not my point here. Nigh any publication about this beats the naughty Whyte & Sevco 5088 link-up drum ... and fails to tell the audience that it was in fact Sevco Scotland who bought the club. Something that borders on defamation, IMHO.

 

You're basing your argument on what D&P put in an intermin report?

 

How about going from memory or maybe taking the time to seach this forum even?

 

from 27/06/12 for instance - Ibrox Hived Off To Seperate Newco

 

Rangers’ takeover consortium has hived off Ibrox and Murray Park to a separate new company.

 

Sevco Scotland Limited has applied to the Registers of Scotland for the title deeds for the stadium and the training ground Murray Park, as well as the Albion car park, to be disposed to it.

 

The company, whose sole director is Charles Green, is separate from the 'newco' that was due to receive the club’s assets as previously identified by administrators Duff and Phelps.

 

According to proposals sent out to creditors owed £124m by the club, the new business entity that would hold the assets of the club was Sevco 5088 Limited, established by London law firm Field Fisher Waterhouse, which is advising Mr Green’s consortium on the takeover.

 

Sevco Scotland Limited, which was incorporated on May 29, made applications to transfer the title deeds of the property on June 15, the day after Mr Green held a media conference at Ibrox with the consortium’s 'financial adviser', Imran Ahmad, where he announced the purchase of the club’s assets had gone ahead.

The asset sale to a newco came after the proposed company voluntary arrangement (CVA) offer to creditors, funded by an £8.5m loan from Sevco, was rejected by HM Revenue and Customs (HMRC).

 

According to the title deeds lodge with the Registry of Scotland, the floating charge transferred to previous owner Craig Whyte is still outstanding over the Murray Park training ground in Auchenhowie Road, Milngavie. The standard security to the Scottish Sports Council over the facility, created in 2002, is also still active according to the registry.

 

Under the purchase of the club’s assets outlined by Duff and Phelps, Green’s consortium wear to put £5.5m into Rangers FC plc, before the property and other assets were transferred to the newco, Sevco 5088.

 

The relationship between the two Sevco companies is currently unclear, while Mr Green is also listed as the sole director of another business entity called RFC 2012 Limited, which was incorporated last Thursday, June 21.

 

 

http://local.stv.tv/glasgow/108240-r...eparate-newco/

Edited April 16, 2013 by UCF2008

[ian1964 10,431]

Two lies nailed shamed Rangers chief Craig Whyte

 

SHAMED Craig Whyte LIED in a questionnaire to Ticketus as he sought cash for his Rangers takeover, a damning legal judgement has revealed.

 

Court papers released last night show Whyte falsely told the financing firm he’d never been disqualified as a director.

 

The businessman, 42, also claimed in an email to Ticketus in February 2011 — three months before he swept into Ibrox — he’d never been accused of “misfeasance” or “breach of trust”.

 

Last week we exclusively told how Ticketus had won a £17.7million legal battle with Monaco-based Whyte.

 

And yesterday in a 28-page decision delivered at the Chancery Division of the High Court in London, Master Matthew Marsh said: “The inescapable conclusion on the evidence is that Mr Whyte knew his answers were false.

 

“Even if I am wrong about that, he was reckless on whether the answers were accurate, and provided them not caring whether they were true.

 

“Alternatively he was negligent in failing to check the accuracy of the questionnaire before passing it on.”

 

The papers said Whyte had been dealing with Octopus investment chief Ross Bryan who was acting for Ticketus on a £25million deal to buy three years’ worth of Ibrox season tickets.

 

As the agreement was being put together Mr Bryan emailed Whyte to chase-up the questionnaire.

 

The form included two key questions about Whyte’s past — whether he’d been accused of any “fraud, deception misfeasance, breach of trust or other misconduct or impropriety” or if he’d “at any time been disqualified from working as director.”

 

In an email to Mr Bryan, Whyte answered “no” to both, according to court papers.

 

But in fact he had been reported for misfeasance, breach of duty and negligence by the liquidator of Vital UK Ltd in 1998 and settled for £150,000.

 

And in 2000 he was disqualified from being a company director for seven years.

 

The papers added: “But for the representations, Ticketus would have not entered into those agreements.”

 

Whyte — who intends to appeal — was last night unavailable for comment.

 

Read more: http://www.thesun.co.uk/sol/homepage/news/scottishnews/4889662/Two-lies-nailed-shamed-Rangers-chief-Craig-Whyte.html#ixzz2QcSVu3Ar

[Zappa 0]

To bring the relevant facts back to mind ...

 

Interim Report to Creditors

 

The information in the various reports from Duff & Phelps can't be trusted to be guaranteed 100% factually accurate.

 

• A lot of Gers fans said all along that we thought Duff & Phelps were "at it".
  
• TBK and other bidders at the time insinuated that D&P were taking the piss.
  
• Bidders pulled out of the running because they were given the runaround as well as inaccurate info by D&P.
  
• There were factual inaccuracies in the CVA proposal prepared by Duff & Phelps.
  
• It's entirely possible that there were factual inaccuracies in other reports prepared by Duff & Phelps.
  

[simplythebest 0]

TBKs blamed everyone but themselves.

[UCF2008 0]

TBKs blamed everyone but themselves.

 

TBK's might not be the only one's asking questions of D&P if the defence is based on the clubs assets being sold in the first instance to Sevco Scotland, a company which didn't hold preferred bidder status.

 

Indeed on the day of the sale would D&P maintain that Sevco Scotland was preferred to a higher bid from Walter and McColl despite having no binding agreement for the purchase of assets

[forlanssister 3,050]

The information in the various reports from Duff & Phelps can't be trusted to be guaranteed 100% factually accurate.

 

• A lot of Gers fans said all along that we thought Duff & Phelps were "at it".
  
• TBK and other bidders at the time insinuated that D&P were taking the piss.
  
• Bidders pulled out of the running because they were given the runaround as well as inaccurate info by D&P.
  
• There were factual inaccuracies in the CVA proposal prepared by Duff & Phelps.
  
• It's entirely possible that there were factual inaccuracies in other reports prepared by Duff & Phelps.
  

 

It should also be noted from the Richard Wilson article in the other thread:

 

Are there not enquiries already ongoing?

 

Yes, the police and the liquidators of RFC plc, BDO, are both investigating Whyte's takeover and ownership of the club. Those enquiries also now extend to last summer's sale of the business and assets by Duff & Phelps.

 

Although it was hardly a secret this is the first time I've noticed it mentioned in the mainstream media.

[der Berliner 3,272]

The information in the various reports from Duff & Phelps can't be trusted to be guaranteed 100% factually accurate.

 

• A lot of Gers fans said all along that we thought Duff & Phelps were "at it".
  
• TBK and other bidders at the time insinuated that D&P were taking the piss.
  
• Bidders pulled out of the running because they were given the runaround as well as inaccurate info by D&P.
  
• There were factual inaccuracies in the CVA proposal prepared by Duff & Phelps.
  
• It's entirely possible that there were factual inaccuracies in other reports prepared by Duff & Phelps.
  

 

The interim reports and final one by D&P were made to the shareholders and the Court of Session, I would assume. Likewise, I would assume that it could be part of every administration that those who want to take over the "company et al" may change the way doing it up until it is done, if the admins agree. I do also assume that D&P are clever enough to cover their backsides thrice over here, as their status is in the line of fire too. That does not mean that they were by default faultless, but I would assume that - not least given the media scrutiny - they have legal brains enough to make sure that another Whyte-disaster was not going to happen. And while I speak of legal brains, I refer to our two administrators, and not D&P as such.

 

The main point remains though: the admins sold the company not to "a Sevco", not to Sevco 5088, but to Sevco Scotland Ltd.. Something the media bashing Green over Whyte time and again "forgets" to mention.

[UCF2008 0]

The main point remains though: the admins sold the company not to "a Sevco", not to Sevco 5088, but to Sevco Scotland Ltd.. Something the media bashing Green over Whyte time and again "forgets" to mention.

 

No. they didn't.