At Last The 5 Way Agreement

[forlanssister 3,050]

Yes I found the administration 'odd' too. That prize money was withheld because the SPL would have been facing insolvency without it.

You do know that an agreement secured under duress/blackmail can be overturned in a court of law? I'd say that's exactly what happened here and the Insolvency Service will go down this route & get this money back for creditors.

 

You're still not managing to grasp it, seriously why on earth would the Insolvency Service be the slightest bit interested in an agreement between the football authorities in Scotland and what was then Sevco Scotland?

 

While the asset sale itself may very well be dodgy the inclusion of the prize money as part of the assets wasn't, personally I neither like nor agree with that but it is what it is.

 

 

Let's hope Dumbcaster still has it somewhere although I suspect not.

People need to realise that the whole saga starting from SDM being forced to sell to whyte right thro' to the 5 way agreement & illegal registration embargo isn't over & done with. There are 3 separate police investigations plus the one by the Insolvency Service. It may take years but I genuinely believe we'll find out everything in the end even in a nation as corrupt as ours

 

Murray's hand was a willing hand, he'd long been tired of his toy and we had long ceased to be of any more purpose to him.

[andy steel 0]

You're still not managing to grasp it, seriously why on earth would the Insolvency Service be the slightest bit interested in an agreement between the football authorities in Scotland and what was then Sevco Scotland?

 

While the asset sale itself may very well be dodgy the inclusion of the prize money as part of the assets wasn't, personally I neither like nor agree with that but it is what it is.

 

Sorry to butt in again, but I kind of see what Rab is saying and I don't quite understand enough of the detail to see why he's wrong.

 

Specifically, I thought administrators were legally bound to get the best deal for creditors. Not to offer the best deal to the next purchasers, or the best deal for the football club (should it be one) to carry on, or anything else - just the best deal for creditors, who are after all the ones out of pocket.

 

Therefore, if the administrators do something which goes against that - such as, for example, rather blithely giving money to another body other than creditors, why is this not a breach of their legal duty of care to said creditors?

 

Curious rather than criticising, here.

[Zappa 0]

Specifically, I thought administrators were legally bound to get the best deal for creditors. Not to offer the best deal to the next purchasers, or the best deal for the football club (should it be one) to carry on, or anything else - just the best deal for creditors, who are after all the ones out of pocket.

 

It's not easy reading wading through it, but if you read the relevant parts of the Insolvency Act, the primary objective of an administrator is to try to rescue the business as a going concern. Duff & Phelps knew this fine well and for all intents and purposes may well have been able to save the company from liquidation, but it became clear at quite an early stage, that they had other motives and were intent on a newco approach.

[forlanssister 3,050]

Sorry to butt in again, but I kind of see what Rab is saying and I don't quite understand enough of the detail to see why he's wrong.

 

Specifically, I thought administrators were legally bound to get the best deal for creditors. Not to offer the best deal to the next purchasers, or the best deal for the football club (should it be one) to carry on, or anything else - just the best deal for creditors, who are after all the ones out of pocket.

 

If it were that simple then they would have had to have accepted the higher offer for the assets made by McColl/Smith but they didn't because they didn't have to.

 

Therefore, if the administrators do something which goes against that - such as, for example, rather blithely giving money to another body other than creditors, why is this not a breach of their legal duty of care to said creditors?

 

Curious rather than criticising, here.

 

Simply the prize monies formed part of the assets, now while the whole administration/asset sale may stink to high heaven D&P acted within their remit and within the law by including the prize monies in the sale. Neither the the SFA or SPL would have had a say in the matter.

 

If anything the SPL simply screwed over Green and D&P in the same manner as Green and D&P screwed over the creditors. Had neither Green and D&P did what they did then the SPL would have had to pay the money over to BDO.

[RANGERRAB 3,254]

we shall see how all of this unfolds following the outcomes of the police & insolvency service investigations but anyone who thinks this all in the past & finished is seriously deluded.

[Doc 280]

If it were that simple then they would have had to have accepted the higher offer for the assets made by McColl/Smith but they didn't because they didn't have to.

 

 

 

Simply the prize monies formed part of the assets, now while the whole administration/asset sale may stink to high heaven D&P acted within their remit and within the law by including the prize monies in the sale. Neither the the SFA or SPL would have had a say in the matter.

 

If anything the SPL simply screwed over Green and D&P in the same manner as Green and D&P screwed over the creditors. Had neither Green and D&P did what they did then the SPL would have had to pay the money over to BDO.

 

I'm confused by this FS (I suspect I'm not not alone). Were the SPL entitled to that money instead of the oldco creditors or have they just been able to pocket it because they knew we had to sign up to whatever deal they and the SFA wanted to impose or we had nowhere to play? However it's juggled around between D&P and Green, it smells like theft to keep the SPL afloat a bit longer.

[the gunslinger 3,366]

they extorted it out of us.

 

after green bought it from the creditors for a fraction of it's value.

[Crimson Dynamo 128]

I'm confused by this FS (I suspect I'm not not alone). Were the SPL entitled to that money instead of the oldco creditors or have they just been able to pocket it because they knew we had to sign up to whatever deal they and the SFA wanted to impose or we had nowhere to play? However it's juggled around between D&P and Green, it smells like theft to keep the SPL afloat a bit longer.

 

From what I can understand D&P classed all the prize money as an asset and sold it to Green to claim from the SPL who saw matters differently and kept it.

 

Had D&P not done this then it would have been classed as the Oldco's money and would have gone to the creditors.

 

I suppose the the real question is was it an asset or not? - I'd personally say no - but I'm not versed in such things

[forlanssister 3,050]

I'm confused by this FS (I suspect I'm not not alone). Were the SPL entitled to that money instead of the oldco creditors or have they just been able to pocket it because they knew we had to sign up to whatever deal they and the SFA wanted to impose or we had nowhere to play? However it's juggled around between D&P and Green, it smells like theft to keep the SPL afloat a bit longer.

 

The actions of Green and D&P enabled the SPL to do what they did, had the prize monies not been included in the asset sale then they would have gone into the creditors pot.

[andy steel 0]

If I were a creditor and owed any sort of largish sum, I'd certainly have been interested in pursuing that one through the courts.

 

I suppose the fact no-one has indicates that there's not much basis for doing so.

 

I do try not to spoil football boards with my politics these days but really, the way people are shafted by the wheels of business in this 'entrepreneur culture' really stinks.