Liquidation Value – Event Planer http://eventplaner.net/ Fri, 11 Jun 2021 22:18:54 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://eventplaner.net/wp-content/uploads/2021/03/cropped-favicon-32x32.jpg Liquidation Value – Event Planer http://eventplaner.net/ 32 32 Seadrill New Finance Limited (the “Issuer”) https://eventplaner.net/seadrill-new-finance-limited-the-issuer/ Fri, 11 Jun 2021 22:08:25 +0000 https://eventplaner.net/seadrill-new-finance-limited-the-issuer/

HAMILTON, Bermuda, June 11, 2021 / PRNewswire / – Seadrill Limited (“Seadrill” or the “Company”) (OSE: SDRL, OTCPK: SDRLF) and the Issuer announce that restructuring discussions have continued with certain holders ( the “”) of the Issuer’s 12.0% senior covered bonds due 2025 (the “Bonds”) and good progress continues to be made.

Restructuring talks include SeaMex Ltd (“SeaMex”), a 50/50 joint venture that Seadrill established with an investment fund controlled by Fintech Holdings Limited (“Fintech”) in 2014.

The Issuer has accepted in principle the key terms of a restructuring proposal relating to SeaMex with a majority of the Holders and which provides for refinancing of the guaranteed bank debt of SeaMex. The key terms of this proposal are:

  • significantly deleverage SeaMex’s balance sheet by balancing all or a significant portion of the approximately $ 454 million of subordinated debt controlled by the issuer; and
  • inject short-term liquidity into SeaMex in order to bridge the gap to a refinancing of the senior bank debt of SeaMex as part of a global restructuring of SeaMex’s balance sheet.

Seamexholding International, Inc. (a wholly owned subsidiary of Fintech) has served a motion to place SeaMex in interim liquidation in Bermuda. In the absence of a consensual agreement with Fintech on the restructuring conditions, the Issuer and a significant majority of SeaMex’s financial creditors appoint their own provisional liquidators in order to be able to implement a restructuring supported by SeaMex’s creditors in order to maximize value for creditors and other stakeholders. The need for provisional liquidation and restructuring arose from the failure of Petróleos Mexicanos (“Pemex”) to pay significant debts to SeaMex over an extended period as well as a target of deleveraging SeaMex’s balance sheet.

SeaMex’s financial creditors continue to fully support SeaMex. Such restructuring takes place only at the level of the SeaMex holding company and will not have any impact on the operational activities of the company. Likewise, there will be no impact on employees, customers or suppliers. Any use of a court-supervised process in Bermuda will be funded and result in an orderly restructuring of SeaMex’s balance sheet for the benefit of all stakeholders, including employees, customers and suppliers.

About Seadrill

Seadrill is a leading offshore drilling contractor using cutting edge technology to unlock oil and gas resources for clients in difficult and benign locations around the world. Seadrill’s high-quality, state-of-the-art fleet covers all asset classes, enabling its experienced crews to operate in shallow or ultra-deep water environments. The company operates 43 platforms, which include drill ships, jackups and semi-submersibles.

Seadrill is listed on the Oslo Børs and OTC Pink markets. For more information visit https://www.seadrill.com/.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. Such statements are generally not historical in nature and specifically include statements about plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made on the basis of management’s current plans, expectations, assumptions and beliefs regarding future events affecting the Company and therefore involve a number of risks, uncertainties and assumptions that could result in that actual results differ materially from those expressed or implied in forward-looking statements. statements, which speak only as of the date of this press release. Therefore, no forward-looking statement can be guaranteed. When reviewing these forward-looking statements, you should keep in mind the risks described from time to time in the regulatory documents and periodic reports of the Company. The Company assumes no obligation to update forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unforeseen events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. In addition, the Company cannot assess the impact of each of these factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.

This information is subject to disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Law.

CONTACT:

seadrill@hawthornadvisors.com

020 3745 4960

This information was brought to you by Cision http://news.cision.com

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SOURCE Seadrill Limited


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Lordstown Motors needs more capital to build electric pickup https://eventplaner.net/lordstown-motors-needs-more-capital-to-build-electric-pickup/ Thu, 10 Jun 2021 21:22:30 +0000 https://eventplaner.net/lordstown-motors-needs-more-capital-to-build-electric-pickup/

Lordstown Motors is seeking additional capital to begin production of its new Lordstown Endurance electric pickup.

The Ohio-based company, which bought GM’s Lordstown assembly plant in 2019, said in a regulatory filing on Tuesday that it had “going concern” and could remain operational in the next few months due to a lack of funding. Lordstown Motors CEO Steve Burns has scheduled a press conference with the Automotive Press Association next Tuesday, when he should provide a clearer picture of the situation the company faces.

Lordstown Motors shares fell more than 16% on Tuesday following the regulatory filing as investors bailed out their positions in the struggling startup.

GM owns 7.5 million Class A common shares of Lordstown Motors, which equates to a net worth of $ 75 million. The small stake in the business is representative of the value of the Lordstown Assembly Plant and other minor contributions it made to help Lordstown begin to retool the plant. Automotive industry analyst Sam Abuelsamid said Detroit Free Press this week that GM could still keep the Lordstown Motors plant due to go bankrupt, although that depends on the details of the deal between the two companies.

“It is possible that GM will take back possession of the plant,” Abuelsamid said The free press. “If debt were swapped for equity and Lordstown Motors went bankrupt, then GM would likely lose everything, although again, depending on how the deal was done, they could take the plant back or something. ‘a liquidation. “

Lordstown is still aiming for a September production start date for the Endurance pickup, which is marketed as a budget-conscious electric pickup for fleet customers. However, Burns acknowledged that this year’s production would be “at best” reduced to about half of its original target of 3,000 units.

The United States Securities and Exchange Commission opened an investigation into Lordstown Motors in May after a short sellers report by Hindenberg Research claimed the automaker misled investors into raising capital. The company previously said it has racked up 100,000 non-binding Endurance pre-orders, but Hindenberg says those pre-orders are “largely fictitious.”

“Our conversations with former employees, business partners, and a close examination of documents show that the company’s orders are largely fictitious and used as an accessory to raise capital and confer legitimacy,” the report said.

Lordstown Motors says it is cooperating with the SEC investigation.

To subscribe to GM Authority for more information on GM-related Lordstown Motors, the Lordstown Assembly, and 24-hour GM news coverage.

  • Contest of the month: win a 2021 C8 Corvette Z51 convertible. Details here.


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Form 424B5 OLD INTERNATIONAL REPUBLIC https://eventplaner.net/form-424b5-old-international-republic/ Wed, 09 Jun 2021 17:03:59 +0000 https://eventplaner.net/form-424b5-old-international-republic/

Alliances

Limitation of privileges on the shares of the main subsidiaries.

As long as Notes are in circulation, we will not permit any of our principal subsidiaries to contract, assume or guarantee any debt secured by a lien on voting shares issued by any of our principal subsidiaries, to unless all the notes are secured to the same extent and for as long as that debt is so secured. This restriction does not apply to existing privileges at the time a company becomes a principal subsidiary of ours or to any renewal or extension of such existing privilege and does not apply to shares of subsidiaries which are not subsidiaries. main.

“Principal subsidiary” means any current or future subsidiary of Old Republic, the total consolidated assets of which constitute at least 15% of the total consolidated assets of Old Republic, and any successor of such subsidiary.

Limitation of the issue or sale of shares of the main subsidiaries.

While Notes are in circulation, we will not and will not authorize any of our principal subsidiaries to issue, sell, assign, transfer or otherwise dispose of the voting shares of any principal subsidiary, except for :


any issue, sale, assignment, transfer or other disposition made pursuant to an order of a court or regulatory authority, unless the order has been requested by us or one of our principal subsidiaries;

In addition to this, you need to know more about it.


any of the voting shares of a principal subsidiary owned by us or by a principal subsidiary sold for money or other property having a fair market value that is at least equal to the fair market value of the ceded shares, as determined in good faith by our Board of Directors; or

In addition to this, you need to know more about it.


any issue, sale, disposal, transfer or other disposition of voting shares from a principal subsidiary to us or to another principal subsidiary.

In addition to this, you need to know more about it.

The transfer of assets from a Principal Subsidiary to any other person, including to us or to any of our Subsidiaries, is not prohibited under the Indenture.

Merger, consolidation and sale of assets

The Indenture provides that the Company will not consolidate or merge with any other company, nor transfer, transfer or lease its properties and assets substantially in their entirety to any person, unless:

(1)

the company formed by such consolidation or into which the company is amalgamated or the person who acquires by way of sale or transfer, or who leases the properties and assets of the company in large part in their entirety will be a company organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, and will expressly assume, by a supplemental trust indenture, executed and delivered to the Trustee, all of the obligations of the Company in all securities of outstanding claim under the basic deed;

In addition to this, you need to know more about it.

(2)

immediately after giving effect to such a transaction, no default or event of default (each as defined in the trust deed) shall have occurred and will continue; and

In addition to this, you need to know more about it.

(3)

the Company must have delivered to the Trustee an officer’s certificate and an attorney’s opinion, each stating that such consolidation, merger, transfer, transfer or lease and such additional deed comply with this provision and that all conditions precedent provided for in the act relating to this operation have been complied with.

In addition to this, you need to know more about it.

In any consolidation or merger with or into any other person or any transfer, transfer or lease of all or substantially all of our properties and assets to any other person, the successor person will succeed us and replace us under the trust deed, and we, except in the case of a lease, will be released from all obligations and commitments under the notes and the deed to the extent that we were the predecessor.

Default

Each of the following is an Event of Default under the Indenture:


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Commercial Aircraft Dismantling, Dismantling and Recycling Market Impressive Gains Including Major Players Airbus, AAR Corp, Air Salvage International https://eventplaner.net/commercial-aircraft-dismantling-dismantling-and-recycling-market-impressive-gains-including-major-players-airbus-aar-corp-air-salvage-international/ Tue, 08 Jun 2021 11:04:10 +0000 https://eventplaner.net/commercial-aircraft-dismantling-dismantling-and-recycling-market-impressive-gains-including-major-players-airbus-aar-corp-air-salvage-international/

A new business intelligence report published by JCMR with Global Commercial Aircraft Dismantling, Dismantling and Recycling Market The report has the capacity to become the largest market in the world as it continues to play a remarkable role in establishing progressive impacts on the universal economy. The research is derived from primary and secondary statistical sources and includes qualitative and quantitative details. Some of the key players described in the study are Airbus, AAR Corp, Air Salvage International, China Aircraft Leasing Group Holdings, TARMAC Aerosave, Pastoor Aero, Faleon Aireraft Recyeling, ADl-Aircraft Demolition And Recycling, Aero Liquidation, AerSale, Aircraft Demolition, ARC Aerospace Industries, Ascent Aviation Services, Av- Air, GA Telesis, GECAS Asset Management Services, Hondo Aermospace, Honeywell Aerospace, MD Tubines, Southem California Aviation, Stewart Industries, Universal Asset Management, VAS Aero Services, Apple Aviation, KLM UK Engineering, Orange Aero, United Recovery And Reeyeling, Valliere Aviation Group, TammaeAemsave, Rheinland Air Service

During the forecast period, the report also mentions the expected CAGR of the Global Commercial Aircraft Dismantling, Dismantling and Recycling Market. The report provides readers with accurate historical statistics and forecasts for the future. In order to gain a more in-depth view of the “Global Commercial Aircraft Dismantling, Dismantling and Recycling Market” is valued at $ XX million in 2020 and is expected to reach $ XX million by the end of 2029, growing at a CAGR of XX% between 2020 and 2029.

Free sample PDF copy here @: jcmarketresearch.com/report-details/1333225/sample

Geographic analysis:

• North America: United States, Canada and Mexico.

• South and Central America: Argentina, Chile and Brazil.

• Middle East & Africa: Saudi Arabia, United Arab Emirates, Turkey, Egypt and South Africa.

• Europe: United Kingdom, France, Italy, Germany, Spain and Russia.

• Asia-Pacific: India, China, Japan, South Korea, Indonesia, Singapore and Australia.

Market Analysis by Types: [Type]

Market Analysis by Applications: [Application]

Click here and get up to 50% off Enterprise Copy and customization available for the following regions and countries: North America, South and Central America, Middle East and Africa, Europe, Asia-Pacific

Section analysis:

The action by business category covers the two main types of goods and services, as well as end customers. Such segmentation allows for a granular view of the industry, which is important for appreciating the finer complexities.

Main Manufacturers of Commercial Aircraft Disassembly, Dismantling and Recycling Market: Airbus, AAR Corp, Air Salvage International, China Aircraft Leasing Group Holdings, TARMAC Aerosave, Pastoor Aero, Faleon Aireraft Recyeling, ADl-Aircraft Demolition And Recycling, Aero Liquidation, AerSale, Aircraft Demolition, ARC Aerospace Industries, Ascent Aviation Services, Av- Air, GA Telesis, GECAS Asset Management Services, Hondo Aermospace, Honeywell Aerospace, MD Tubines, Southem California Aviation, Stewart Industries, Universal Asset Management, VAS Aero Services, Apple Aviation, KLM UK Engineering, Orange Aero, United Recovery And Reeyeling, Valliere Aviation Group, TammaeAemsave, Rheinland Air Service

Note: Please share your budget by phone / mail. We will try to meet your needs over the phone: +1 (925) 478-7203 / E-mail: sales@jcmarketresearch.com

Competitive landscape:

The business environment explores the new tactics used by different companies to improve competition and maintain their market share. The research study covers techniques such as product growth, emerging technologies, mergers and acquisitions, and joint partnerships. This will help the reader understand the rapidly growing trends. It will also inform the reader about the new pr

** The market is evaluated on the basis of the weighted average selling price (WASP) and includes the taxes applicable to the manufacturer. All currency conversions used in creating this report have been calculated using a certain 2020 average annual conversion rate.

** Values ​​marked with XX are confidential data. To learn more about the TCCA numbers, fill out your details so that our Business Development Manager can contact you.

Some of the Points Covered in the Global Commercial Aircraft Dismantling, Dismantling and Recycling Market Research Report are:

Chapter 1: Global Commercial Aircraft Dismantling, Dismantling and Recycling Market Overview (2013-2029)

Chapter 2: Market Competition by Players / Suppliers 2013 and 2020

Chapter 3: Sales (Volume) and Revenue (Value) by Region (2013-2020)

Chapter 4, 5 and 6: Global Commercial Aircraft Dismantling, Dismantling and Recycling Market by Type, Application and Player / Supplier Profiles (2013-2020)

Continued……..

Buy and get a snapshot of the full report from Driectly @ jcmarketresearch.com/checkout/1333225

Find more research reports on Commercial aircraft dismantling, dismantling and recycling industry. By JC Market Research.

Note: Regional breakdown and purchase by section available. We provide pie charts to better tailor reports as required.

About the Author:

The global market intelligence and research consultancy JCMR is uniquely positioned to not only identify growth opportunities, but also empower and inspire you to create visionary growth strategies for the future, through our extraordinary depth and breadth of thought leadership, research, tools, events and experience. that help you make your goals a reality. Our understanding of the interplay between industry convergence, megatrends, technologies and market trends provides our clients with new business models and opportunities for expansion. We are focused on identifying ‘accurate forecasts’ in each industry we cover so that our clients can take advantage of early market entrants and meet their ‘goals and objectives’.

Contact us: https://jcmarketresearch.com/contact-us

JCMARKETRESEARCH

Mark Baxter (Business Development Manager)

Telephone: +1 (925) 478-7203

Email: sales@jcmarketresearch.com

Connect with us at – LinkedIn

www.jcmarketresearch.com


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Canada Computational Unlimited Inc. partners with Luxor Technology Corporation for hashrate management https://eventplaner.net/canada-computational-unlimited-inc-partners-with-luxor-technology-corporation-for-hashrate-management/ Mon, 07 Jun 2021 17:33:00 +0000 https://eventplaner.net/canada-computational-unlimited-inc-partners-with-luxor-technology-corporation-for-hashrate-management/

JOLIETTE, QC, June 7, 2021 / PRNewswire / – Canada Computational Unlimited Inc. doing business as CCU.ai (“CCU.ai”), a bitcoin mining center located in the province of Quebec, Canada is pleased to announce that it has entered into an agreement with Luxor Technology Corporation (“Luxor”) to work together on the liquidation of the hashrate. In this partnership, Luxor will use a proprietary mining pool and switching algorithms to maximize the value of CCU.ai’s mining operations.

“Luxor quickly proved its high-end software approach for the blockchain industry and for bitcoin mining in particular. The use of Luxor’s pool over the past few weeks has shown tremendous results and stability, we look forward to further adapting while securing the cryptocurrency world with our renewable energy and efficient operation, ”said Romain Nouzareth, CEO and co-founder of CCU.ai.

Since its inception, CCU.ai has pursued a vision of environmental stewardship and improved performance throughout the cryptocurrency mining process. The availability of energy from renewable sources in the province of Quebec has made this endeavor feasible and an excellent base for future growth. To continue its growth, CCU.ai recently announced made a deal with Capricorn (TSXV: CAK.H).

“The CCU.ai team has built a phenomenal mining business, powered by renewable energy. We are delighted to further support the transition to carbon neutral energy sources and this partnership attests to Luxor’s ability to maximize the value of the hashrate and to provide a catering solution to institutional miners. ” declared Ethan Vera, Luxor COO.

About CCU.ai

CCU.ai was incorporated under the Business Corporations Act (Quebec) on November 16, 2017. Since its inception, CCU.ai has operated a high-density data center designed for high-quality cryptocurrency mining, AI data processing and fintech infrastructure located in the city of Joliette in the province of Quebec. In 2018, CCU.ai contracted with Hydro-Joliette to purchase up to 20 MW of hydroelectric power to use for crypto mining. 2.5 MW is currently used by CCU.ai to produce 32 PH / s of Bitcoin mining power (hashrate) and 6 GH / s of Ethereum mining power. CCU.ai has mined 421 Bitcoin since its inception. CCU.ai has built the capacity to use an additional 5MW of power and is ready to host new mining platforms for cryptocurrency. The capacity to use the remaining 12.5 MW should be built in the coming months.

About Luxor Technology Corporation

Luxor is a fast growing technology company shaping the future of hashrate as a commodity, building the next generation digital pipelines for computing power. Luxor is backed by notable investors such as Argo Blockchain, Bitnomial, Celsius Network, Routemaster Capital, etc. Luxor also manages Hash index, the leading crypto-mining data website.

SOURCE Canada Computational Unlimited Inc.


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Pakistani steel mills: the sales process is in balance – economics and finance https://eventplaner.net/pakistani-steel-mills-the-sales-process-is-in-balance-economics-and-finance/ Sun, 06 Jun 2021 22:35:40 +0000 https://eventplaner.net/pakistani-steel-mills-the-sales-process-is-in-balance-economics-and-finance/

ISLAMABAD: The privatization process of Pakistan Steel Mills (PSM) is reportedly at stake due to the “controversial” valuation of its assets by two companies and a third valuation is now expected to be conducted, informed sources told Business Recorder.

Sharing the details, sources said the observations of Financial Advisors (FA) are that the asset valuation performed by the PSMC subsidiary under a plan of arrangement for privatization is not privatizable and marketable. due to the high valuation of assets carried out by M / s Joseph. Lobo for PSMC.

The FA informed the Ministry of Industries and Production (MOI & P) and the Privatization Commission (PC) that it suggested the liquidation of the assets at the value assumed by M / s Joseph Lobo instead of developing the stages of the privatization by which the majority of the shares have been approved to be privatized by CCoP and ratified by the following forum.

According to sources, the attempt was made by PC by sending Iftikhar Naqvi DG PC together with financial consultant Asad Rasool of the Transactions Committee on PSMC Karachi to negotiate the valuation made by M / s Joseph Lobo. Iftikhar Naqvi is also the focal person given PSMC’s privatization mission.

The PSMC transaction committee team had held a meeting with M / s Lobo and PSMC management accompanied by an MOI & P manager.

The PSMC transaction committee was also aware of this development, as the overvalued assets claimed by PSMC by M / s Lobo for PSMC were also discussed at the PSMC transaction committee meetings.

Insiders of PSM and Convener Chairman Stakeholders Group, Mumrez Khan has repeatedly confirmed to this correspondent that influencing the assessment of the PSMC by PC managers and members of the PSMC Transactions Committee is illegal and inconsistent and raises questions. as to why efforts are being made to reduce value. of PSM assets and for whose benefit?

Experts familiar with the anti-corruption law and SECP regulation argue that the valuation of assets approved by the external auditors of PSMC and approved by the board of directors of PSMC as well as the valuation on the books of the subsidiary to be privatized cannot be interfered with or influenced, and if this happens, it is a questionable infringement for knowledge.

Experts further said that intent and intent failure for a bad cause are both equally punishable. Bad intention with motivated interests is also bad in law, if it has not resulted in otherwise unlawful gain.

The asset valuation made by M / s Joseph Lobo is around 100 billion rupees for factories and machinery and the factory building on the land allocated to the subsidiary is valued at around 30 billion rupees, values which have been incorporated in the financial statements for the end of December 2020.

Meanwhile, another valuation by M / s Iqbal Nanji was presented to the PSMC Transaction Committee, which PSMC objected to because only the value of the factory construction causes the valuation difference to be three times with the evaluation made by M / s Joseph Lobo for PSMC and M / s Iqbal Nanji for FA. PSMC also objected to the land value versus the per acre value determined by M / s Joseph Lobo.

The Transactions Committee reportedly presented to Prime Minister Imran Khan and Finance Minister Shaukat Tarin that the assessment made by PSMC cannot become a benchmark to generate interest from investors to buy at least 51% of the shares approved by CCoP and ratified by Cabinet.

The sources maintained that the third valuation was going to be carried out by and via PC and FA in order to challenge the valuation made by PSMC, which is now part of the financial statements as of December 31, 2020.

Copyright Business Recorder, 2021


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Directors under fire as £ 17.5million of insolvent Rangers star players marched for under £ 1million https://eventplaner.net/directors-under-fire-as-17-5million-of-insolvent-rangers-star-players-marched-for-under-1million/ Sun, 06 Jun 2021 04:07:30 +0000 https://eventplaner.net/directors-under-fire-as-17-5million-of-insolvent-rangers-star-players-marched-for-under-1million/

The former administrators or the Rangers have come under fire for the way they have handled the insolvent club as analysis revealed their most valuable players worth £ 17.5million ended up leaving for less of £ 1million.

It further emerged that Craig Whyte would not sell his most valuable player for £ 6million, £ 500,000 less than all of the club’s assets under administration were sold to the Sevco consortium at front Charles Green, he revealed.

Rangers administrators have been accused of failing to proactively seek buyers for their most valuable players in order to cut costs and potentially provide more money to the thousands of millions owed in the wake of the club’s collapse. .

New analysis reveals that four of Rangers’ most valuable players at the time, which a club assessment involving a group of agents and the Boy Scout estimated at £ 17.5million in the market, ended up leave for less than £ 1million after the sale of Sevco – with three for nothing.

The four were goaltender Allan McGregor, defenseman Steven Whittaker, forward Steven Naismith and captain Steven Davis.

Evidence has revealed that first-choice goalkeeper Allan McGregor was estimated by agents at the time of the insolvency to be worth an average of £ 6million – but ended up going to Turkish giants Beskitas in July, after the assets of the club were purchased free of charge by Sevco.

READ MORE: Revealed – The taxman’s secret game plan to liquidate the Rangers

The revelation about Mr McGregor’s position came in an email between Mr McGregor’s agent and the club’s football administration chief Andrew Dickson on June 6, eight days before the purchase Charles Green’s assets for £ 5.5million as the company went into liquidation.

He said Mr Whyte told the agent that an offer of £ 5-6million for Mr McGregor would be turned down.

The agent then appeared to refer to the player as worth £ 7-10million.

The details emerged as BDO, the liquidators of oldco Rangers are suing joint club administrators Mr Clark and Mr Whitehouse of Duff and Phelps for £ 56.8million, claiming a flawed cost-cutting strategy meant that the creditors lost millions of dollars because of the club’s financial management. implosion.

One of their concerns is that not enough has been done to proactively sell players.

Mr Whitehouse and Clark defend the action in the Court of Session saying the liquidators expected a “bonkers” strategy of a “fire sale” from the Rangers that “effectively shut down the club for good”.

The case comes nine years after the Rangers’ business under My Whyte went into administration and then into liquidation, leaving thousands of unsecured creditors out of pocket, including more than 6,000 loyal fans who bought for 7.7 million. pounds sterling of bond seats at Ibrox.

Details on why Mr McGregor was not sold emerged as questions arose as to why administrators lacked a proactive strategy to sell players after the club fell in bankruptcy in February 2012, after Mr. Whyte had been in charge for only nine months.

Agent William Pethybridge pointed to an email from August 2011, six months before the club was administered by then Rangers’ Alistair Russell, then COO, who said the goalkeeper would not let go for 5million of pounds sterling “, underlining the value in which the club held him”.

He said that by applying a 40% discount to reflect the club being under administration and the main European transfer windows close, he valued the transfer at £ 4.2million.

Mr McGregor moved to Turkish football in July 2012 for nothing after opposing his transfer to the newco and becoming a free agent – meaning the club were not legally able to claim transfer fees for him.

READ MORE: Rangers administrator insists club branding was ‘waste of money’ after ‘value’ of £ 16million

Mr Pethybridge said the best players on the team like Mr McGregor and Steven Naismith ended up playing in more competitive football leagues and there was a clear market for them.

Administrators turned down an offer for West Brom’s Mr Naismith as they tried to cut costs as the club financially imploded.

The move to English Premier League side West Bromwich Albion reportedly raised £ 2million for creditors owed millions of dollars due to Rangers insolvency and saved his £ 20,000 salary sterling per week. Agents estimated its market value at the time at £ 4.5million.

Everton ended up signing Mr Naismith in July 2012 as he was cleared to leave with a free transfer after rejecting a contract transfer from oldco Rangers to newco owned by Sevco.

Mr Naismith, who joined Rangers in the summer of 2007 for £ 1.9million and won three consecutive league titles, said when the club went bankrupt in February 2012, moving away from Rangers was an attraction.

Another of Rangers’ most valuable players, defender Steven Whittaker, valued by agents at around £ 2million, signed for English Premier League club Norwich City, 16 days after buying Sevco for nothing, signing a four-year contract.

Also on Rangers’ ‘most valuable’ list was their captain Steven Davis, who was estimated at £ 5million in the market, also opted to become a free agent and 22 days after the Sevco takeover he signed an agreement of three years with Southampton in the English Premier League.

Fees of £ 800,000 were reportedly agreed in a special financial arrangement as Charles Green challenged the legal right of several Rangers players not to transfer their contracts to his new club.

Mr Pethybridge said there was no need to sell them all – just two or three players bought would “save the club”.

“But nobody put that into action,” he said. “If you have a proactive agent using their connections, you might have been able to sell players.

Herald Scotland:

“I think this summer at least 11 clubs in the [English] The Premier League and the Championship have paid a transfer fee for a goalkeeper. There was therefore a market for the summer for the keepers.

“When you work on players some clubs react, some need to be pushed, but until someone comes out and goes really aggressively trying to move these players, you won’t know if you are going to move them or do not.”

He added: “I think if the directors had nominated myself or World in Motion [one of the UK’s foremost sports management companies] to sell their assets, we would have gone to the market to try to sell those assets.

“Now if we would have sold them we can all wonder if we would have had the money, I don’t know, but we would have certainly tried.

“It wouldn’t have been a job you would have done, ‘oh my gosh I have to try to sell these amazing players’ you are going to market, and in mid March you might have come back and said we have interest in three of your players, can you make a deal with the clubs.

READ MORE: Rangers liquidators sue former directors in £ 28.9million claim

“So it’s tough because we’re going back in time, but if you look at the market and the top 10 players that you would have on the list as an agent, and the market that summer, I think there would have been a chance by mid-march, you could at least go back to the admins and say we’re interested.

“Now if you tell me, I must be back at the end of March, with money on hand for the player, that’s another matter, but by the end of March you would have a clear idea of ​​the clubs wanted [players]. ”

Five or six of the players had buyout clauses inserted in March 2012, and with the exception of Mr Naismith, who had an offer from Premier League club West Brom, there had been no approach from none of them during the four month period the Rangers were in. administration.

Herald Scotland:

Joel Pannick, a registered football intermediary, was asked if this revealed anything about the clubs ‘interest in these players during administration or the players’ desire to leave?

“I think it was clear that a number of these players certainly had the ability of the level of play to be interesting for Premier League clubs.

“So my argument, from my experience, suggests to me that it wasn’t because these players were overpriced, it wasn’t because these players weren’t good enough to play in the Premier League or in other top leagues and it wasn’t because it wasn’t known either that the club at that time was in big trouble financially or that there weren’t these buyout clauses available.

“My experience is that it took place during the go-no-business time.

“There are a lot of conversations throughout the year, it’s a never-ending cycle.

“As soon as a transfer window or recording period ends, work for the next one begins.

“In September, I start working for transfers, not for the following January market but for the following summer market.

“If I have a client that I represent who has less than 18 months or less than two years left on their current employment contract, I can start working for them, thinking, 18 months to two years in the future .

“But the reality of the market is that until you get much closer to when a transfer window opens or a registration period opens, deals don’t go through. “Usually do not agree to sign contracts, to sign players, to agree to part with money long before the player is available to join them. It does not make sense for them to do that. ”

He added: “In the case of an international goalkeeper like Allan McGregor, there would have been interest among Premier League sides or other good European-based teams around the world to sign a player of this level. , at the mentioned price, but the reality of the situation, in my opinion, is that in February, March in April in May of each year, the agreements are generally not concluded. ”


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Swamp Thing: Oh sure, we’re gonna set up an expensive new hospital in a floodplain https://eventplaner.net/swamp-thing-oh-sure-were-gonna-set-up-an-expensive-new-hospital-in-a-floodplain/ Sat, 05 Jun 2021 11:30:00 +0000 https://eventplaner.net/swamp-thing-oh-sure-were-gonna-set-up-an-expensive-new-hospital-in-a-floodplain/

A wetland adjacent to the Health Sciences Center is being backfilled to prepare for the location of the new hospital. (Mark Quinn / CBC)

This column is a satire of Edward Riche, novelist, playwright and author living in St. John’s.


It never made sense.

While we have never been so aware of the value of wetlands, especially in urban settings, than we have never been so aware of extreme weather events caused by climate change, than we have ever been so ruined, we build an expensive new hospital in a swamp in the center of the capital.

Who would decide to move a vast volume of water trapped in acres of peat bog and mash and deliberately dump it downstream into a dense residential area of ​​St. John’s?

It’s not as if the Government of Newfoundland and Labrador hasn’t been warned by experts that building the replacement for the Waterford Psychiatric Hospital on land next to the Health Sciences Center is a very bad idea.

In May 2018, St. John’s Mayor Danny Breen wrote to Steve Crocker, then Minister of Transportation and Public Works: “Development in the floodplain may not only impact the site in question, but also have unintended consequences outside of the immediate HSC, as water is diverted elsewhere during extreme flooding. “

And why, with alternative sites all over the region, would someone add a new load of traffic to one of their most congested areas?

Finally, it becomes clear that the provincial government is not just building a mental health facility. They are building a Meta Mental Hospital, a space not only for the delivery of mental health services, but a himself by the way Mental Health. The project is not only a place of diagnosis and treatment but, erected where it is certain to harm, it is also a monument to our idiocy as a model. It will be our own National House of Illusion.

The new mental health facility, shown in yellow, will be built on a floodplain in St. John’s that includes the Health Sciences Center, according to this map provided by the City of St. John’s. (City of St. John’s)

This is the perfect project to twin with the Newfoundland and Labrador Incompetence and Corruption Museum to be built on the former site of Bannerman Park. Likewise, the Museum of Incompetence and Corruption will be poorly constructed by the cronies of the ruling party. The design will not be finalized until recommendations from a long consultation process are ignored, but it is known to feature leaky Tory blue windows, an attached Sprung greenhouse, and a magic berm to deflect vibrations. negative.

A huge sculpture – “I Had No Idea” – has already been ordered for the Kenmount atrium. The artwork depicts a stunned Kathy Dunderdale riding a Brunette Island bison from the top of a cliff. Bronze is expected to be both expensive and hideous and prove to be so controversial that it will be retired in seven years.

The need for the museum became evident when it was learned that the main villains, growlers and suckers of the Muskrat Falls project would not be punished for their failures, but instead rewarded with severance packages and bonuses. They and other crooks and users of Newfoundland and Labrador history will be commemorated in the museum’s Great Hall of Shame.

Future exhibitions devoted to Alfred Valdmanis, John C. Doyle and the negotiation of the Upper Churchill contract are planned for The Smallwood Room. A series of An Existential Errors broadcasts are also planned for foreseeable environmental disasters from importing bees, open pen salmon farming, bottom dredging and commercial capelin fishing.

Part of Prince Philip Drive, which is in the same floodplain on which the new hospital is being built, was flooded when Hurricane Igor hit Newfoundland in 2010. (SRC)

An exhibit on the disastrous liquidation sale of provincial assets to Hydro-Quebec is slated for 2025, and a placeholder in the Great Hall of Shame so that government officials will live in ignominy forever.

The Museum will have a hackable website and communications department run by the most inept in the organization.

There will be outdoor side exhibits nearby, including the Colonial Building and Rawlins Cross after the successful experiment was dismissed as a roundabout and its return to a counterintuitive clustermathingie. Between sessions of Parliament, a helpless Newfoundland and Labrador MP will cross the deadly intersection blindfolded.

Bannerman Park itself will be relocated to the site of the old Waterford Hospital in order to save money by being adjacent to Bowing Park.

Construction of the Newfoundland and Labrador Incompetence and Corruption Museum is expected to be completed by summer 2022.

This, of course, will be postponed until at least 2026.

Read more about CBC Newfoundland and Labrador


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Business News | Stock market and stock market news https://eventplaner.net/business-news-stock-market-and-stock-market-news/ Thu, 03 Jun 2021 16:16:09 +0000 https://eventplaner.net/business-news-stock-market-and-stock-market-news/














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DMart, a chain of stores owned by billionaire Radhakishan Damani, is embarking on a wave of real estate acquisitions during COVID-19 as retailers seek to increase their footprint by taking advantage of moderate property prices.

Radhakishan Damani's DMart buys 7 properties worth Rs 400 crore




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