Sevvy

It has been a tumultuous year at Rangers, with the club narrowly being saved from extinction, losing several of their best players, handed a transfer ban subsequently overturned in the law courts and now facing the prospect of suspension from the Scottish Cup as punishment. Related linksFIFA expects SFA to act against Rangers Clark optimistic over Rangers CVA Rangers ticket prices frozen Desmond Kane: Scotland humping worse than Engelbert’s Bet on Football - Get £25 Free..But for administrators Duff and Phelps, the turmoil has been a gold mine - with the firm having racked up £5.5 million in fees.With the administrators' staff charging an average of £450 an hour, the vast bill wipes out every penny Rangers made on the sale of their star player, Nikica Jelavic, to Everton in January. The fact that Jelavic has gone on to star for the Toffees (and thereby increase his value hugely) will only make the legal bill all the more difficult for the Ibrox club to swallow. The huge legal bill was revealed as part of the draft details for the Company Voluntary Arrangement that creditors will be expected to agree to at a meeting next month. That CVA deal will see those who are owed money by the club repaid a derisory amount, estimated between three and six pence for every pound owed, according to a report in the Daily Record. Given the poor level of return, the CVA may well be rejected as it will only go through if creditors owed more than a total of 75% of the current £55m debt agree to it. That means either HMRC (owed £21.5m) or Ticketus (owed £26.7m) could force the club back into jeopardy. Administrator Paul Clark told the Record that the taxman has verbally agreed the CVA, however, while new Rangers chairman Charles Green is hopeful that the club's beleaguered creditors will not seek to claw back more from the club. "I have great sympathy with creditors, particularly small local businesses in the community around Ibrox, who have suffered in the lead-up to administration," Green said. "I hope creditors will approve this proposal and we can begin the task of rebuilding Rangers in earnest." So on this basis Wards money has already gone then

Take it with a pinch of salt, but this is from the Daily Star, Tal Ben Haim, 30, is demanding a £2m pay-off to tear up the final year of his contract

Rallyboy, as ever, Brilliant,

http://www.newsnow.co.uk/A/576278185?-11209

http://www.newsnow.co.uk/A/576170715?-11209 Ooops, no one wants the rest then, wonder how Chinny feels about that,

Dont have that either,

Cheers Pancake, I have never used i tunes as i dont have i phone or such like so i take it i can down load that and use it to splice and make ring tone then.

Anybody know of any free software which will let me take a splice of an MP3 song and use that part to make a ring tone.

http://www.newsnow.co.uk/A/574715034?-11209 A good read about Rangers problems, but metions Pompey as well,

As ever rallyboy, sheer brilliance,

Happy birthday Ron, All the best. Sevvy

Rallyboy you are really on a different level to the rest of us on here,

With 9 days to go to the FL meeting,with the high earners still on the books, with no decision on how much (if anything) the offer to cover the CVA will be, with no decent training ground, with a stadium (in the loose terms) falling down around thier ears, It dosent look good,

Yes and we all know what happened to General Custer dont we.

Yyuryyubicuryy4me

Pompey also spent ( probably never paid the bill) about 250k on the pitches at kes in drainage,grass etc, so kes have got a good deal out of this. mind you when they were there and my son had a hockey match they did take up a lot of room with all their vans etc so parking was a pain,

Buy the club for a minimum fee, tell them cva will be covered by parachute payments, sell all the high earners and pocket the money for them, then drop the carcus, he would have taken some money out on selling player and not put 1p in again,

The trust's webchat is off and running

Flush out a buyer, they couldnt even flush the fat out of the pipes.

http://www.newsnow.co.uk/A/570577476?-11209 Appy is now favorite, so if he goes, who would be mad enough to take his place

Ditto, find them and hang them i say

71vagabondThursday, May 10, 2012 at 01:26 PM My experiences of Administrators (quite a number) haven't changed. I hasten to add, only buying from them. They move in, make all the easy pruning of staff and costs (subject to TUPE ruling, that prevents a cull beyond a certain number before redundancy and notice becomes due). Make sure the due diligence is done, as far as their fees being paid are concerned, then either have a buyer in mind for a quick sale and if not start factoring monies due at a % of their value and sell off assets at prices not far off liquidation value anyway. 'Ring any bells' We were rightly keen to see the back of the 'Greek bearing gifts' and all the lessons we can learn from their 'economic prowess' but I'm afraid we've ushered in 'Trevor the Tame'....there's nothing that's been achieved in this administration that a senior accounts clerk couldn't have managed. When you're in Admin it's obvious you have an urgent need for cash but only on the back of proving to court there is adequate funding to carry out due process. Given that process normally has a sensible time allowance granted, there needs to be a sensible strategy and a realistic timeframe to work to. For my part I'm of the opinion that when we start to trumpet 'frustrated by slow Fratton firesale' coming swiftly on the tail of selling on our 'prize playing asset' at what might be deemed to be a third of his market value we are entering the Liquidation zone without the announcement....after all don't 'Firesales' herald in 'Closing Down' versions? Now I'm confused........ At the same time we hear 'We will continue to use our sources in an attempt to find a buyer'....simple who's been introduced? 'We have ongoing dialogue with the FL about the way we can work together'....would that be the guy who described Pompey as a basket case and requiring vast sums of money to be saved' then? That makes me feel better. No the truth is we're trying to climb a glacier and the frustration of lack of fire sale income is simply because we're now spending more money than before despite the 'cuts' due to the return of high wage earners, who have no incentive to leave and or cancel their contracts and the escalating 'admin fees' that are probably twice what we got paid for Jason Pearce. This is now a farce beyond 'West End' bill boarding and somebody needs to come to their senses before things get worse. We've got our history and we've had some very happy days in the sunshine....they are banked and can't be sold (lock the trophy cabinet).....make a statement of intent. The club WILL be liquidated say by May 31st if and unless a bid is made, which is acceptable....not by anybody's desirable valuation but in comparison to what will be achieved in liquidation....that will focus attention from any interested party whilst giving say the 'Trust' an opportunity to plan for an undesirable I know but nevertheless almost inevitable outcome, ( in fact one of the options of reforming a new club has already been nullified by this continuous cock up) with the exception of BC making a move, as unpalatable as that is, we at least stand to mount a further and more robust bid to BC if necessary further down the road. The situation is beyond any sensible level of control or commercial candidness and more time will only serve to continue to rack up more unsustainable costs whilst being lumbered with the unsaleable and expensive assets. Call it and call it now! To reach a port we must sail and not drift. Report Unsuitable Now this guy talks a lot of sense

http://www.newsnow.co.uk/A/569101301?-11209 How did they win this,

Call me a cynic, but the delay of the football creditors rule is working against Pompey at the moment, anybody would think it has been planned that way.

http://www.newsnow.co.uk/A/566470074?-11209 A good read.