CVA Day goes unnoticed on the Insolvency Express

Today is CVA Day.

Of course, six years ago this month the stenography corps had been soothing The People that a CVA was in the bag.

Alas, I was a contrarian voice.

As soon as Administration happened in February 2012 I was calling it for liquidation.

When it finally dropped six years ago today the mainstream media were shocked into telling the truth about what had happened.

However, it didn’t last long and a chap on the Herald came up with “Engine Room Subsidiary”.

The story of how the SMSM got it hilariously wrong can be read on the blog archive.

Then today the basket of assets signed Nikola Katic from Slaven Belupo.

No doubt the stenographers will gush that young chap is the most wonderful footballer ever to emerge from, well, anywhere.

A source in agent land suggested that I follow the money.

I’m told that the initial outlay for the Engine Room Subsidiary on this chap is in excess of £1m.

That is comprised of 40% first tranche of the transfer, plus the signing on fee for the player and the agent gets his cut too.

Once more, this is a short-term headline chasing move.

Keep the feelgood factor going for season ticket sales and Club 1872 contributions.

I am reliably informed that a certain inter-galactic PR Guru was reprimanded by his South African based master for the Club 1872 loan story.

Of course, his boss in Johannesburg pays him to stop this sort of stuff getting out.

Ah well…

So it is just another day on the Insolvency Express with a further addition to the wage bill.

Across the Clyde, the biggest club in Scotland has a sustainable business model and tens of millions in the bank.

On CVA Day Celtic announced that season tickets had sold out a month earlier than last summer.

All 52,000 of them.

That means that there are more Celtic season ticket holders than there are seats inside Ibrox.

Meanwhile, the Sevco High Command is forced to access emergency finance from the distressed sector and a supporters organisation.

It is worth reminding that the club that was established after the original Rangers was extinguished has never broken even, let alone made a profit.

Old Rangers died from a toxic mixture of Herrenvolk hubris and a belief that rules were for lesser clubs.

Thankfully, Hector took a different view.

Now Sevco seems to be on a similar suicidal path.

When the music stops for Sevco the klan will bleat that no one warned them.

They said that about Rangers in 2012.

They were wrong.

I did.

45 thoughts on “CVA Day goes unnoticed on the Insolvency Express”

  1. It seems that much of what’s happening over in Govania is going unnoticed. The boss-eyed Berkley hunt could be a serial killer and we wouldn’t know about it unless we met him in a dark alley. The Teflon King has the Klan eating out of his hand and has Klub1872 hocking themselves now but the smsm hasn’t batted an eyelid, much like the TOP and UEFA. The man clearly has special powers……if only they could be put to better use to benefit all mankind. HH

  2. I’m even more convinced that gerrard has been appointed to remove king.
    They don’t care who they set up, however this guy has too much dignity to let any club take the piss…let the games begin?

  3. I agree with your assertion on both extreme right and extreme left. Both are incapable of seeing any point of view other than there own. It’s a bit like religious fundamentalism. They are also incapable of seeing any other point of view. I’m a practicing RC but I’ve met Muslims I would grant sainthood to. I’ve met fellow RC’s who Satan would be scared to allow into hell. I’ve met non Catholic Christian’s and atheists who have fallen everywhere in between.

  4. Could someone please explain how a “businessman” with 47 convictions for fraud and tax evasion can be deemed “fit and proper” to run a “Football Club?”. Is Scotland still the land of rampant untamed bigotry? More to the point why hasn’t “Wee Nicola (aka Jimmy Crankie0” stamped it out in her own backyard?

    Perplexing times.

  5. The World Class Breakfast Centre will be renamed the Scotsman reports “as part of the Hummel deal”. You mean the deal signed some weeks ago – so no extra cash to be paid then. Just a little sweetener for Hummel when it makes the news for hosting Celtic’s CL opponents – nice thinking Herr Hummel.

  6. Seems to me that the resigning compliance officer was not compliant enough when it comes to taking one for the lodge – “imperfectly crystallized social taxes” anyoine – and a six months transfer ban for administrative oversights by the company in liquidation that ran the club.

  7. Far bigger story in my opinion is the resignation of the Compliance officer. The optics of this stink to high heaven. Is this the SFA “brotherhood” getting another employee with links to Celtic removed or was the timing of this coincidental? Since I don’t believe in coincidences when it involves a rat infested sewer, with previous history of fabrication to suit the situation, you know what my opinion is on this.

    Do you know what went on behind the scenes with this resignation? Either it was poor timing on the announcement by him or the funny handshake brigade are ethnically cleansing the SFA. Either way, King and his minions can say they were behind it.

  8. I have a theory that much of the supporters discontent with last season’s double treble as portrayed on this and other blogs on occasion, stems not just from the performances which were often poor but a desire to have thrashed Sevco.
    How many of us, given the choice, would have sacrificed the “League Cup” ( to anybody but them!) and missed out on the second treble if only to have won 8 nil or more against Sevco one time.
    It was certainly possible on one or two occasions and I believe if BR had acted when the players seemed to ease up in the last half hour we might have had both the treble and the record score.
    Somehow and sadly, I think that chance has passed.

    1. I sincerely hope that none of us would sacrifice a treble for a few more goals against Sevco, especially when it was clear that’s what could’ve happened with a bit more effort anyway. Poor shout for me.

    2. In that last 5-0 game at Celtic Park there was no easing up after 53 mins when we were 5-0 up. We had 5 clear cut chances in the last 40 mins that we just did not convert thru poor decision making and finishing. I was frustrated at the end of the game as well that it wasn’t a record win but a) it was still a hammering and b) at least we didn’t ease off.

    3. There was no easing off in that last 5-0 game at Celtic Park. We had 5 clear cut chances after we went 5-0 up after 53 mins, and we missed them because of poor decision making and finishing. I was frustrated as well at the end of the game for not getting a record win but a) it was still a hammering and b) we definitely did not ease off at 5-0.

    4. Give it time,a novice unexperienced youth team manager WILL NOT change that team of ‘never-weres’ in one/two seasons.I don’t honestly believe that sg will last a whole season,not after he has experienced the TRUE depths of their entitlement and delusions,oh,and had his first toe to toe with his now boss DCK,South Limpopo limbo dancer.
      We shall have to bide our time.
      Although you did nail me on 8-0,it DEFINITELY crossed my mind,good call.

      Thanks Phil,on the mark as per,very much appreciated Mr.Fear.

  9. You’ve got to wonder what the Take Over Panel are up to these days. Having gone so far, at such expense and with such success, it seems strange that they have not followed through. May I suggest a few scenarios:

    1) The Cold Shoulder is an anachronism that has no place in the global, inter-twined world of finance. And in fact, a call from TOP to black ball King and all his contacts might well be ignored. So it is now better to be thought impotent than to act and be found flacid at the vital moment.

    2) The Cold Shoulder could be considered illegal restriction of trade in EU law. So King could claim victimhood in spades as he takes his case to the EU Trade Commission as a company (at RIFC’s expense) and then on to the Court of Human Rights as an indiviidual on legal aid – after all he is penniless m’lud. That should cover at least ten years or 18IAR as it it also known

    3) The Cold Shoulder actually boils down to “None of the chaps will like you or trust you or invite you to their clubs and country pile garden parties – so there”. Which of course, is water of a duck’s back to convicted criminal King.

    4) The members of TOP whose names are in the public domain have been given security briefings and have decided that cowardice is the better part of valour.


    1. The thing is the cold shoulder is, strictly speaking, actually just an instruction for no one to act for said individual in terms of share purchases. Now in practical purposes, companies of repute may be equally unlikely to offer any financial services for fear of contamination or being seen to be part of dealing with “unsavoury” persons, but it’s still a bit of old boys club.

      Of much more direct issue is why they are apparently unable to gain enforcement of a CoS order which is backed by clear direct legislation (Companies Act 2006) . Normally senior Judges regard themselves as greater than God so someone basically giving them GIRFUY is dealt with very severely. It’s this inaction that is really surprising me. They got the order so the hard part is over legally speaking, now it’s about enforcement. What about it ToP??

  10. Stevie G will deliver the title and a big run in the champions league too. We have 146 years of glorious history behind us but our best years are ahead of us. Follow Follow Ready!!!

    1. Help ma Boab!
      If you bought a “George Cross”medal at an auction would you go about claiming you won it?

  11. Re why sevco have received a Euro Licence this year whilst seemingly failing FFP
    Could it be that as a new club Sevco are only on year two of the 3 yr monitoring period .
    If so they would have to see serious investment or crippling cutbacks to qualify next year
    If they are still here next year

  12. The BBC article you linked to mentions the player (I’ve already forgotten his name) as Gerrard’s fifth signing. But how many of them were signed/targeted long before Gerrard was manager, or even considered for the vacancy? How many were signed when he was in Toulon/Ibiza? And how many has he even met? I sense Jimmy Bell pulling the strings of staunchness behind the scenes!

  13. Any info on Mr Whyte and his assets I would like to know if there’s a case regarding the assets Phil ? Did Mr green swindle Craig out of his assets and is there a lawyer in England preparing a watertight case to fight out of the green corner , and will this have an effect on King and newco ?

  14. Who was it that said that it was pointless to repeat the same experiment and expect different results? Meanwhile……. (Endless ellipses) .
    Sic. Ellipsis?

    1. It was in Far Cry 3. The definition of insanity is, doing the exact same fucking thing over and over again expecting shit to change. That is crazy.

  15. Well it’s a win win situation for me Phil.
    They either die like Rangers or limp on giving us laughs on a daily basis.

    Honestly don’t know what i prefer.

    Like you say you have told them so hell mend them whatever the outcome.

  16. That’s better Phil stick to this issue, namely the hun story, ok, and I, who has German blood, will not get upset at your “Herrenvolk” jibe because if I was a easily upset left wing liberal snowflake, I would be squealing about that being a racist taunt and a insult to the people of Germany!
    You can’t have it one way and then completely become a hypocrite the next time when it suits you , but then again you can if you have a loony left wing view of everything.
    And before another post suggest I am a hun troll , I can assure you I am not.
    Just a Tim who thinks for himself and sees liberalism and atheism for what it is.
    HAIL HAIL onward to ten and beyond and a United Ireland in my lifetime.

    1. Beekeeper , I for one don’t think that you are a hun troll. I do however think that you are a right wing clown who quotes the phrase “loony left ” , a well worn sun/record/ mail/express propaganda epithet. As for your comment that you are a tim that thinks for himself and decries liberalism and atheism, well I suggest that you open your mind , indulge in a bit of introspection and ask the Big Guy upstairs for a bit of insight into the human condition. You are not a Tim my friend.
      And I do actually agree that Phil’s previous blog about the” Dark Continent” was a bit nonsensical but you are still a right wing eejit.

      1. Yogi is that you???? or are you really a John Hughes or just use that because he was you favorite player, Listen, the point I am trying to get across is that some people including Phil (good guy that he is) are desperate get upset at every small thing that they see as non P.C. and cant wait to cry out about all the ism’s that they see in every article and print, real or imagined, and as I hopefully stated, its no good, squealing about every thing when you do the same yourself, and My Friend no need to start calling me names, because I have a different viewpoint, you know if the leftie loons had behaved in a decent fashion then there would have been no brexit, and a independent Scotland would have happened , just look at what is now happening in Europe, Italy being a good example, the rise of the extreme right, this all comes about because ordinary people are sick and tired of your pish, and now people everywhere dont really see much difference in the left or right, both are vile in my opinion, but those who have never experienced the extreme right in power think they must be better that the leftie loons who would destroy free thinking and speech.
        Only got yourselves to blame.
        Oh and I am a Tim and never in my wildest dreams would I think of myself as a right winger, God forbide.

    2. I’m not suggesting you are, in your own words, a ‘hun troll’. You are, however, misinformed and ought to be more careful with your use of words. Accusing someone of racism, insult and hypocrisy online constitutes defamation and could result in a libel action.

      Herrenvolk is an elitist system of governance which is best described as an ethnocracy. It was also a fundamental principle of Nazi ideology.

      The way in which Phil uses the word in the article is a jibe towards extremists with an unjustified superiority complex – you could, therefore, call it an anti-supremacist taunt or even an anti-racist taunt. It is most certainly not a ‘racist taunt’ as you suggest. It’s not even a racist remark, unlike ‘the Dark Continent’. Do you not see the difference?

      Moreover, not all the people of Germany are or were Nazis so there is no ‘insult to the people of Germany’ and neither is the author ‘a hypocrite’.

      You have an opportunity to redeem yourself. I hope you take that opportunity.

  17. Ah Phil, perhaps it has skipped your mind that a rigorous, staunch, dignified and worthy challenge is to be mounted against some pesky charges. This spectacle is due later this month, however you can buy tickets now.

  18. Hi Phil. is suggesting that the fee is £2.43 mil… it wouldn’t surprise me at all with that club. They out-and-out insist on having us laugh at them!! HH

  19. Phil, the “Dear Green Place” getting Greener much to the chagrin of our MSSM. What are this lot all about? Two SEVCO signings compared with Stones and Modric and they don’t even play in the same positions. Meanwhile not a sausage reported on “Klub 1872” and its machinations anywhere in the MSSM.

    Do me a and everyone else a favour Phil. Request a “Freedom of information Request” from the Scottish Government as to potential funding for a “Corrupt Governing Body” and “Complicit Scottish Media.” There is no way both of these organisations can exist without Government Funding. Staff are bailing out left, right and centre.

    As for the continual promotion of the continuation myth by all of the British Media i.e. Sky, BBC, STV etc. When Rangers Football Club were deducted 10 points for entering administration in February 2012 and they could not achieve a CVA to exit Administration how come it was the Company who were Liquidated? Could never get my head round that one. Then again I’m a ”Kaflik” with no education. Keep safe HH

    1. Hi Jim. Just for interest, why are you asking Phil to forward an FOI request when you have the right and ability to do it yourself?

  20. Amazing how the TOP story accross Scottish sports media today is the signing (from a euro backwater) of a 21year old unknown to the mighty Glasgow Sevco – to highlight the star pulling power of Sevvie Gerrard and the wisdom of his employer…

    Not one peep about the depRture of the man at the SFA charged with the job of investigating and reporting on the Rainjuurz fraudulent euro licenses…

    Not one word on Craig Whyte taking them all on in court to clarify ownership of IBrokes.

    The media silence says it all. Has Jabba got sway on keeping broader Sevco related stories ‘off radar’ as well – you’d need to question why?

    The new Rainjuurz also believes rules are for others, but why shouldn’t they ? They seem to flout every rule there is and not only get away with it, but manage to manipulate the membership of the governing bodies through their own dubious connections and in-house media Stasi .

    Leaving aside licenses in 2012 and last year… How in hell have they managed to get one this year? In hock to pawnbrokers, running at massive annual loss, propped up by loans from directors who will never see money back, running on promises, two fingers to financial authorities, board in fragments and run by an offshore dictator, siphoning funds from Fan groups, etc, etc, etc, etc

    Why stop if you’re getting away with that lot? DCK must be pissing nightly on his zebra skin rug from laughing at what he’s getting away with.

    Fair play rules, financial or other would appear to be worthless.

    FIFA are corrupt
    UEFA are corrupt.
    Why should the SFA be any different?

    As for the SFA. Not fit for purpose for too many years.
    Every other team (if they had any balls) would resign membership and form a new FA without inviting a certain other club.
    The SFA would effectively evàporate overnight as it is only has substance through its members. It has little or no assets as Even the national stadium is rented.

    The new FA would easily gain acceptance to UEFA leaving the SFA as an irrelevance with no purpose other than to look after the one club it has alwYs looked after. Just think of all those LEGNEDS matches , poppy rally’s and Military parade games they could organise for them.

    As a bonus we could get rid of McLeish and appoint a Scotland manager who pays his taxes and doesn’t feel that it’s unfair that one club dominates through honest football and fair business practise.

    The game truly is a bogey in Scotland. The fact that the reporting of it is either non-existent or skewed makes it all the more sickening.

      1. Good shout that,London’s bankers got to them the last time;and they don’t give ‘special’ dispensation to anyone.
        New governing body is a must.

    1. Pat Nevin’sBarnet that is one of the best and sensible writing iv seen in many a long day or night.
      If the Scottish Clubs had any balls bottle or brains they would pull out and start their own SFA and leave out the Huns.
      UEFA would have no other choice but to accept a new SFA with a new Board without the Blue Cancer that has contaminated the Scottish game for some many Decades.
      Cleaned up and run for run for the good of all not just one club. COYBIG. HH

  21. To call it bizarre is a massive understatement.

    The old saying, ” there’s none more blind than he who will not seee” comes to mind.

    Long may it last.

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