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Judge denies Ticketus request over Glasgow Rangers

A judge has declined to give Ticketus preferential treatment as a creditor of Glasgow Rangers Football Club.

Duff and Phelps went to the Court of Session in Edinburgh last week to seek legal directions on whether they could break the club’s agreement with Ticketus. The Ticketus deal, in which the firm offered Rangers working capital in exchange for future season ticket sales, allowed Craig Whyte to pay off the Ibrox club’s bank debt and complete his takeover in May last year.

Ticketus say it has a legally-binding agreement to receive £27million back in the next three years. However, the administrators argued the deal could put off potential investors in the club.

Octopus Investments owns Ticketus through an EIS. Last month, it issued a statement confirming Ticketus is one of a number of companies the Octopus EIS invests in. It added Ticketus, which has been linked to one of the attempts to buy the club, is continuing to work with administrators and Rangers on the matter.



FSA fines Coutts £8.8m for anti-money laundering failures

The FSA has fined Coutts & Company £8.8m over anti-money laundering systems and controls failures. The regulator says the failings related to high risk customers, were “serious and systemic”, and were allowed to persist for almost three years. The FSA visited Coutts in October 2010 as part of its thematic review into banks’ management of […]


FSA didn’t consult on fine let-off

The FSA did not consult the Government or HM Revenue & Customs before deciding not to fine HBOS following “very serious misconduct” at subsidiary Bank of Scotland. This month, the FSA publicly censured Bank of Scotland for the misconduct, which it says contributed to the Government having to bail out HBOS. Turner said the regulator […]

FE Adviser Fund Index

There has long been a debate about the use of arbitrary timeframes to judge the relative performance of funds. But this problem has become even more acute over the past decade as stockmarkets seemed to contradict claims that Britain had seen the end of “boom and bust” returns. There is no doubt that equity investors […]

Nationwide cuts interest-only LTV to 50%

Nationwide Building Society is slashing its interest-only LTV for residential lending from 75 per cent to 50 per cent. The society says the change is in response to changes made by other lenders and takes effect tomorrow.  Nationwide head of mortgages Martyn Dyson says: “A number of major lenders have recently restricted their criteria for […]

Testing the Foundation

The global economy isn’t headed into recession, at least not yet. This month, David Lafferty, Chief Market Strategist at Natixis Global Asset Management, examines current capital market and portfolio risks for signs of recession. Click Here for Capital Market Notes


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