Rangers Rumours 12431

10 Apr 2012 15:35:01
Turns out the BK’s HAVE secured funding from Tickitus with a floating charge on Ibrox.

what is a floating charge ???....jsm

Did ticketus have a floating charge? I don't think they did

Bit like a secured creditor if IBROX were to be sold they would receive every penny of that sale whether it be 5mill or 100mill

Nonsense, CW already has one in place. Was reported on this site and in press that he had re-secured it to one of his offshore companies a couple of weeks ago. CW will only release once he has sold his shares.

This couldn't happen until CW has sold shares to BK and the existing charge is lifted. Cannot happen presale. Can understand Ticketus wanting this moving forward as it would give them secured creditor status in the future should BK/RFC go bust post sale.

A floating charge is a charge over assets that only crystallises upon liquidation.

Basically this means that there is not a specific fixed charge over Ibrox and Murray Park, but over all assets of RFC, so if we went into liquidation in the future and we the sale proceeds from heritable property (for example) was not enough to cover the debt, Ticketus would also be able to take hold of other assets, such as inventory (erm... replica shirts?!?) and possibly players registrations.

(Note I am not sure about the rules about player registrations, and with the whole Tevez saga then I'm would imagine would avoid/be unable to do this).

This is different to a fixed charge, which is one over 1 asset/class of assets, like you would have with a mortgage with a bank. (You don't pay, they repossess!)

I would be very surprised if Ticketus did not have some security in place with the original deal, either Rangers or CW would be liable for the advance in the event of liquidation.
Ticktus were well aware of the BTC and its potential financial repercussions when they did the deal with CW last year.

Sorry, paragraph two is supposed to say "if", not "we", that'll teach me not to proof read properly....

With all this uncertainty HMRC With 4,000 EBT cases coming along in Rangers’ wake, HMRC will surely be hoping for an example to be set that encourages most of them to settle. Doing a deal with Rangers that accepts 10% of what is owed after allowing a decade of fiddling will do little to dissuade others from appealing their cases to the bitter end. The actual amounts received from the Rangers case will likely be immaterial to HMRC’s hopes for collecting on EBT users

CW claims he gave a personal guarantee to Ticketus for about 30 million pound which I assume was why they made the money available to CW to pay off the bank before he actually owned the club. Presumably he was able to convince Ticketus that he had assets worth that much. If Ticketus deal goes t*ts up they will have to chase him for their money - good luck with that!

He does have £30 million plus, Ibrox, Murray Park and Albion Park, as main shareholder and floating charge he owns every major part of Rangers, if liquidated!

It seems likely that if he gave Ticketus a guarantee then he would ensure he held a floating charge over the assets of RFC to the tune of the guarantee ( 30 million).

IF TICKETUS IS NOT PART OF ANY NEW OWNER DEAL, THEN THEY WILL GO AFTER CW, AND HE WILL GO AFTER THE ASSETS. ONE WAY OR ANOTHER TICKETUS WILL NOT LOSE ANY MONEY AND NOR WILL CW.

He does have £30 million plus, Ibrox, Murray Park and Albion Park, as main shareholder and floating charge he owns every major part of Rangers, if liquidated!

NOT correct he maybe the prefered credior (duff and phelps say not) which would mean that he would have first dibs on the funds realized by the sale of assets upto the value of the club's debt to him (duff an phelps say zero). If Ibrox, Murrey park etc are sold then they will not realize their 120 million book price but realistically could raise significantly more than 30 million. St Mirren sold their satadium for about £10 million as a development site. Tynecastle is valued at about £60 million as development site, that value does not include selling of bits of the ground as mementos, scrap value of metal, Selling on lights, big screen TV, seats , trophies. Add in player contracts (if allowed this might be challenged under the law) something for murrey park etc £60 million in total does not look unrealistic. i.e. Liquidation would realize about 50p in the pound for creditors. Even if the prefered creditor status is accepted, then the ticket us deal would be voided and Whyte would be liable, (or if ticketus get preferred credior status) that would leave about 30 million to cover 90 million in debts about 33p in the pound

A floating charge is when the wife blames me for not flushing the lavvy

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