Much of the response from Duff and Phelps to last night’s revelations by Mark Daly on the BBC website centred around their fees. BBC revealed that partner, David Grier, emailed Craig Whyte to say, “We propose to cap our fees in respect of an (sic) CVA or Administration to £500k, however, we request the ability to discuss with you an additional payment in respect of our total time costs, in so far as this does not impact on your position.”
Contracting to cap fees at £500k when you subsequently bill creditors £3.5m for your own time plus £2m legal costs would embarrass many of us, though not everyone. Duff and Phelps added a caveat that they could discuss additional payment as long as it did not impact on Craig Whyte’s position, which they perhaps did.
The more interesting part of the exchange between Whyte and Greir is their preparation for “HMRC being hostile”.
Craig Whyte:
“I’d like to speak to David [Whitehouse] and Paul [Clark] to make sure that they’re comfortable with the fact that we might end up with HMRC being hostile (I suspect this will end up being the case so you should go into it with your eyes open)”
David Grier:
“Agreed.”
It is fascinating to wonder how comfortable Mr Whitehouse and Mr Clark were with Craig Whyte’s plans in the event HMRC were hostile. HMRC are Rangers largest creditors. Administrators run the company in the interests of the creditors, not the shareholders.
Three days after this email exchange Rangers went to court to insist Duff and Phelps were appointed administrators instead of an appointment by HMRC.
Last week Duff and Phelps denied they have a conflict of interest concerning this administration. They are currently negotiating a CVA with HMRC and other creditors.
E-lites are opening a concession on the first floor of Buchanan Galleries tomorrow. They are giving away a free copy of CQN Magazine to customers throughout June, while stocks last.
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Whither the cash strapped gin-soaked GP’s the day? :-)
T4
Greetings from Taipei airport!
Ya dancer ( at last BundoranBhoy)
philvisreturns
and Democracy….oh wait a minute…..por cierto
TTTT -stokin’ up the braziers for the ole picket lines.
Aren’t D&P being investigated? Anyone got any details?
Top 3?
RobertTressell on 31 May, 2012 at 11:17 said:
philvisreturns on 31 May, 2012 at 11:09 said:
Sixteen roads to Golgotha – The British Empire was the greatest political and economic force for good the world has ever seen, shining the light of modernity, technology, the English language, and Christianity on the darkest corners of the globe.
================================================
Kenya under British Rule. Discuss.
Ireland under British Rule. Discuss.
The heightening of racial, tribal nd sectarian tensions as a means of more easily ruling a foreign nation. Discuss.
The Opium Wars. Discuss.
Philvis got his history lessons from watching too many 1950′s, 60′s and 70′s ‘historical’ films usually starring David Niven. Discuss.
I think we should all remember that the Scots arrived from Ireland into Argyll c500AD.
Tom English & Agent Green out in the car park! Fight! Fight! Fight!
Parcel of rogues all round
It just gets worse with each passing day. Why don’t they just die!
Just been reading the RTC blog, fascinating stuff. Will be very interesting to see how things develop vis a vie the Souness et al revelations on there.
Two weeks on the road, USA, Hong Kong and Taiwan, looking forward to my own bed tomorrow evening!
Inverness for a wee break next week with Mrs RobinBhoy, lovely!
Hail Hail!
RobinBhoy
The Damned rankers.
Got to laugh at Craigie Bhoy.
HMRC might be hostile. Not paying NI or PAYE for a year will do that…
Every day is an education ,on the ooooooooooollllle CQN.
RobertTressell on 31 May, 2012 at 11:18 said:
Robert – Can’t speak for philvisreturns,but i think that was said in jest mate,well i hope so anyway!! :)
DB – are they Greenock braziers? You might need more wood?!
TTTTcarryonstrikingCSC
Paul67 –
At last someone on CQN who knows how to use SIC in its proper context.
:~)
Celtic
I think we need someone to explain the law on administration / liquidation as it applies to a case when a major creditor does not accept the arrangements set up by the administrator. And by “someone” I mean someone who knows, not someone (like me) who would have to kick off with the phrase “It seems to me …”, or “Surely …”
Richie,
Was reported earlier that “The Insolvency Practitioners Association, which is investigating Duff & Phelps over allegations of a conflict of interest in their role as Rangers’ administrators, say: “We aim to have substantially completed the investigation of a complaint within 6 months.although an investigation can take longer… and will be dependent upon the complexity of the case and the resources available.”
That was from the Beebs Alasdair Lamont
Paul
I think this will be Duff & Phelps first and last post as administrators and they know this.
And they are “tearing the erse” out of the situation….coz they can.
HH
weeminger – think that was the Gaels mate!
T4
Of a football club I should have said! DOH!!
So Green just wants a fine that rangers cannot pay and problem solved.
Charles Green wants dialogue with Scottish Football Association chief executive Stewart Regan to prevent the dispute between Rangers and the ruling body spiralling out of control.
The Ibrox club won their court battle against an SFA transfer embargo after a judge ruled the disciplinary panel members acted outside of their powers.
Lord Glennie proposed that the case go back to the SFA appeal tribunal that upheld the initial decision by a judicial panel to impose a 12-month ban on registering players aged 18 and over as punishment for a failure to pay more than £13million in tax last season.
There is now talk of Fifa intervening but Green, the man fronting the consortium who are trying to take Rangers out of administration, told the Scottish Sun: “I want to have talks with Stewart Regan to find a way out of this for the good of Scottish football.
“There is a balancing act here. We accept Rangers should be punished for the sins of the past. I am not disputing that, the SFA have an obligation to do that.
“But I have to stress that the fans of Rangers, administrators and myself feel the initial penalty given to the club was too harsh.
“Now there has to be a solution and a way out that doesn’t cause carnage for the game in Scotland.
“There has been talk that if the SFA appeal to Lord Carloway, who rubber-stamped the original decision, then Rangers could be booted out of football for 12 months – or even for good.
“If everyone steps back from the understandable emotions of this for a second I can’t believe anyone who loves the game in Scotland wants that.
“I want to speak with Stewart Regan to try and find the right path for Rangers and the game as a whole in this country.”
Jim Boyce, vice-president of Fifa, told the Daily Record: “Neither Fifa nor Uefa like any clubs of their member associations becoming involved in legal action.
“If any club is not happy with its governing body they should seek to settle their dispute through the Court of Arbitration for Sport.
“The matter has not yet been reported to Fifa by the SFA but I expect they will keep each other informed.
“If the SFA are not happy with the situation I expect them to write to Uefa and Fifa within the next three days.
“This matter has to be resolved. It cannot go on.”
Tom McLaughlin, we’re nothing if not punctuated.
bunburybhoy, you’d love to hear the conversations they are having with HMRC.
Insolvency Practitioners Association or SPIVS as they are known in the vernacular.Expect absolutely nothing from that bunch of Bengal Lancers.
Big Swee walks on with Neil Lennon on 31 May, 2012 at 11:23 said:
cheers…but 6 months?? Seems more like 6 hours would do it!
Paul, two quick questions if I may
1) can D&P be removed at this stage
2) what happened at the creditors meeting in April, 20th I think. Was details published as legally required?
Thanks
Sffs
Is the transfer embargo still in place?
A strategy of confusion and dragging things out to the point of boredom can be a good way to disarm the opposition before you make your bid and your plans clear.It is a strategy that has been used many times in the past it can be like a plumber saying he thinks your bill will be a £1000 but its eventualy £450 and you think great its only £450 where as if he had said upfront it would be £450 you would have thought thats a lot of money.Well the strategy over at Ibrokes is very similar they still have not shown there hand clearly and imo they are working to a plan. H.H.
Paul67 on 31 May, 2012 at 11:27 said:
bunburybhoy, you’d love to hear the conversations they are having with HMRC.
———————————————————————–
come on Paul, spill it!
I wrote a long, long email to a friend this morning trying to explain what’s happening in Scotland. I was quite pleased with this bit –
I would not bet against the club disintegrating into rival claimants for the “heritage” – one with the ground, another with the legitimacy of grim-faced men in bowler hats standing just behind Walter Smith, Ally McCoist, Sandy Jardine and John Greig. … Imagine if they both applied succesfully for admission to the league – what larks!
It’s interesting to me that the Rangers fans are utterly incandescent with rage, but absent any coordination – not even an established “ultra” movement – they are virtually impotent. Also the rage is directed at different, often contradictory targets: the SFA, the SPL, the courts, the BBC, the other clubs jointly and severally, Celtic’s machiavellian Chief Executive, the newspapers, individual (named) journalists, UEFA and FIFA, other Rangers fans…, Duff and Phelps (the administrators), Craig Whyte, David Murray, the previous board jointly and severally, Lloyds Bank …
That’s 16 different targets, many of them multiple. It will shortly be quicker to write down a list of who they aren’t furious with: the Moderator of the Church of Scotland, the Duke of Buccleuch, The People’s Friend.
DBBIA ——
Macs in Harlem .
Back in the day I bought a lot of 7 ” choons from a wee vinyl emporium in Harlem . Guy behind the counter was called Morton Campbell . He called me Mac .
Back in the day I bought a lot of 7 ” choons from a wee vinyl emporium in Dalston . Guy behind the counter was called Morton Stirling . He called me Jock…
Current listening delights -way down south.-
My Darling Clementine —- How Do You Plead . ?
Lee Hazlewood – The LHI Years
Bill Medley – 100% /Soft and Soulful
RobertTressell – Keyna would be better off today if it was still run by the UK.
Ireland would be better off today if it was still part of the UK. In fact, Ireland should ditch the Euro and rejoin the pound as of tomorrow.
Britain didn’t invent racism or set dogs and cats against each other.
The Opium Wars: all drugs should be legal.
Philvis got his history lessons from watching too many 1950′s, 60′s and 70′s ‘historical’ films usually starring David Niven. Discuss.
Was he in Zulu? (thumbsup)
Sixteen roads to Golgotha – Mr Kipling did write exceedingly good poems. (thumbsup)
I suspect all that you’d hear from any meeting between RFCia and HMRC would be raucous laughter accompanied by dismayed looks on the faces of the RFCia reps.