In an interview in yesterday’s Scotland on Sunday prospective Rangers owner Charles Green came up with a remarkable justification for loaning the £8.3m he proposes to put into Rangers if a CVA is accepted instead of putting the money in as equity. The loan will be repayable with a healthy interest return for investors.
Green said “The reason it is a loan is because I never wanted the 26,000 existing shareholders diluted and destroyed. If I put all those monies in as equity on the first day, they would have been down to nothing. This is a classic example of where I have spent hours with my advisers and paid them big fees to protect the minority and I am now the bad guy, this crooked guy who is putting a loan in to take 4000 per cent interest on it.”
Rangers 26,000 minority shareholders are unlikely to know what percentage of the club they own, or worry too much if that percentage is diluted, but this ‘concern’ is utilised by Green to justify his return.
We like this guy. I hope he hangs around.
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Greenloaning is situated some 5 miles to the North of Dunblane and 1 mile South of Braco on the A822, just of the main A9 trunk road in Perthshire, Scotland.
kit
If the CVA fails does that mean that Duff and Phelps are redundant (disservices no longer required) and they join the other unsecured creditors?
Nope, their fees are covered no matter what and they are paid before any creditors.
Mort
Mort,
True. If a newco was to be voted in it would be on whatever conditions were agreed by the SPL.
Gordon_J – That’s nothing.
When I was 8, my parents and siblings all decamped to Paris for Christmas without me.
Thankfully it was a very educational experience for the young Philvis, as I foiled burglars using hilarious homemade traps. (thumbsup)
Can I Have Raspberry On That – I’m not only a Chinese spy but I prefer an Asda 10 item breakfast, 2 sausage , 2 bacon, 1 black pudding, 2 eggs(fried), 2 potato scones and beans. Two sachets of brown sauce please.
You’re making me re-think the high-five. (thumbsup)
philvisreturns,
You should write a film script about that unique experience.
With all the infighting that is going on one wonders that if the CVA fails on Thursday then Ibrox might resemble an abattoir.
Insolvency firm BDO are at Defcon 2.
No matter what, Thursday is going to end in tears for at least one group.
voguepunter contented with re location of his favourite watering hole
Mort:
Does that payout happen automatically regardless whether one or more parties raise professional misconduct and/or professional negligence suits against them?
bournesouprecipe on 11 June, 2012 at 10:49 said:
voguepunter contented with re location of his favourite watering hole
BSR LOL a peach.
Someone at the BBC web site has a sense of humour. Just below the headline ‘Cameron leaves daughter in the pub’ are the stories ‘Troubled families scheme expands’ and ‘ NSPCC sees record neglect calls’.
Mort,
I thought they were already being investigated and also Hector installing his own liquidators does not bode well for their (Duff & Phelps) latest CV chapter.
To be honest im sick fed up with the whole Soap Opera that is Rangers!!
This mob should be dead by now yet they are still,limping around making plans for next season,,blah blah blah blah blah!
They are cheats,they dont pay debts,they dont pay players who are currently at Mordor,they dont have an owner,,,,ZZZZzzzzzzzz!!
How much longer will this charade go on,,,someone please put them out of there misery FFS!!!
Rant over!!
Hail hail
kitalba at 10:51:
Does that payout happen automatically regardless whether one or more parties raise professional misconduct and/or professional negligence suits against them?
Any administer worth his salt (no laughing at the back) will have insurance out against this possibility and should also have disclaimers throughout the process saying that they are not personally liable for anything.
No one will take a case against them as despite what we feel, they have carried out their duties according to the law. First priority is rescuing business and ensuring it continues. Responsibilities to creditors is second to this.
Mort
Kit
They are being investigated due to grier’s previous involvement with Rangers but as he is not administrator, admin fees will be ok. At worst the company D&P may be hit with a fine but this will be minimal.
Mort
Mort:
Then why are they not being trusted to liquidate Rangers if it comes to that?
Duff and Phelps were employed to keep Glasgow Rangers in business .
To date , they have succeeded..
They have also earned money for Duff and Phelps.
kit
The appointment of BDO as liquidators by HMRC will be important in the case of either newco or outright liquidation as it will enable them to carry out investigations into previous regimes at Ibrox and if any fraudulent or wrongful trading can be proved, BDO will be able to go after these people to get money back for all creditors.
A liquidator works for all creditors, not just the one who proposed the appointment. I think HMRC and others have been less than impressed with what D&P have done as there is no doubt they could have got more for creditors while still keeping the business going but in terms of the law, its one of those cases where there are many ways of doing something and proving negligence would be ny on impossible.
Mort
ibleedgreenandwhite1
I share your frustration.
RFC(ia) is like The Terminator.
Bring on the hydraulic press … !
I like many of the English people I have met and have many good English friends and a number of English family members.
I don`t believe in blaming individuals for the policies of their governments.
The more nationalities I meet ,the more I like the English.
And yet , racism is to be hated for the evil it is.
Now, if ” we ” hate them so much ,why do so many of us aspire entry to the E.P.L.
Hypocrisy?
..
..
..
Just gently now.
COME ON ENGLAND !!!!!!!!!!!!!!!!!!!
And,no. I don`t mean ” the Brits.”
Leave history where it belongs.
In the past.
macjay1 – For God, Harry, and St. George! (thumbsup)
Gordon_J – You should write a film script about that unique experience.
I already did. It was called “Predator”. (thumbsup)
Mort:
Pity. I thought Duff & Phelps were like pigs in mud at Ibrox.
Gordon_J – Nick Clegg should be careful.
If Cameron can do that to his own daughter, it can’t be long now till he drives Cleggy into the woods, opens the car door, and tells him “go now boy, you’re free!”
Then he’ll tell everybody Clegg went to live on a farm. (thumbsup)
From ScotsLawThoughts site.
When Did Mr Green Become CEO of
Rangers?
Also from the BBC website , and repeated
elsewhere, I noticed the following comment.
“From my point of view as CEO, we’ve sat
with Ally and arranged a budget with him
and should we be allowed to sign players,
he will be able to do so.”
Now the CVA document, as I commented on
before, indicated that Mr Green would be
taking a role in the day-to-day management
of Rangers from 6 June, even though the
CVA vote is not until 14 June.
The Rangers website does not list Mr Green
as CEO. In fact, it shows the two Board
members as Mr Whyte and Mr King.
It is only for a few days, but if Mr Green had
formally been appointed, then one thinks
that Duff & Phelps would have mentioned it!
What happens to the RFF when they liquidate? They must have another War Chest with things like this being sold for the cause!
http://www.youtube.com/watch?v=1pDk75Y1SZ4
macjay1 for Neil Lennon
‘And,no. I don`t mean ” the Brits.”
Leave history where it belongs.
In the past.’
“Those who cannot remember the past are condemned to repeat it.”
ibleedgreenandwhite1 on 11 June, 2012 at 10:53 said:
______________________
Hi, it’s me again.
I would just like to say that
yours is the best post of week.
So far….
Well said m8.
Hail Hail
Valley Exile – What happens to the RFF when they liquidate?
That money’s just resting in someone’s account… (thumbsup)
Calling TheGreenManalishi !!!
ASonOfDan – “Those who cannot remember the past are condemned to repeat it.”
True.
The last time I wished England well in a football tournament, they got humped. (thumbsup)
Monday Mystery Hoop
King is the only registered Director at ibrox alongside Craigy Bhoy and he is telling the bares not to renew their season tickets.
In the meantime the laptop loyal are spending their time making up stories about Wanyama, how we have missed out on this player and that player and following Alan Thompson round pubs in Newcastle.
Hilarious!!
Valley Exile (Not in Administration)
They Don’t Do Paying Their Way!
Philvis,
Too much Pimms?
Philvis……Cameron calibration required……the big society?
ASonOfDan on 11 June, 2012 at 11:20 said:
I didn`t suggest history be forgotten.
But,really,what has Cromwell et al. et al. got to do with the Euros or the English football team?
Is today April 1st ?
Just logged on to the web site of a despicable red top.
The orcs have targeted a host of new signings and the
prime minister left his 8 year old daughter in a boozer.
theworldsgonebonkerscsc
oops….already been discussed…back to work!!
kitalba on 11 June, 2012 at 11:25 said:
Seen that one, love the shoulders on the guy!
macjay1 for Neil Lennon on 11 June, 2012 at 11:28 said:
ASonOfDan on 11 June, 2012 at 11:20 said:
I didn`t suggest history be forgotten.
But,really,what has Cromwell et al. et al. got to do with the Euros or the English football team?
……………….
His great great great great great great great great great great Grandson id the England Centre Back!!!!