Prospective Rangers owners, Brian Kennedy and the Blue Knight (I refused to continue to pluralise a singularity) have submitted a joint bid for the club, which they consider to be “substantial”, which should mean it’s worth a lot more than the £11.2m Bill Miller spoke about last week.
The offer is conditional on a CVA being approved and Craig Whyte’s shares being acquired. For a CVA to be put to the unsecured creditors, the secured creditor, Craig Whyte, would have to be satisfied first.
Whyte’s security as a creditor is valued (by him) in the order of £30m. All proceeds from the sale of the club up to this value go to him unless he waves his rights or is subject to lengthy legal challenge. Only money over and above this value will be available to the non-secured creditors, most importantly HMRC and Ticketus.
So, unless Kennedy and the Blue Knight have bid considerably north of £30m, we’re not talking pennies in the pound, we’re talking pennies in the £100m. In the event a CVA is concluded, Ticketus own circa the first 25,000 tickets sold for each game for the next three years.
Apologies for repeating the same story now for ten weeks: Craig Whyte is the only show in town, he always has been. Unless you agree to purchase his shares and security, any bid is a fantasy. I think I can hear Mr Whyte laughing from here. Perhaps they’ll now stop blaming Raith Rovers.
Apparently, the charade continues.
One team in Glasgow,
There’s only one team in Glasgow.
One team in Glasgow,
There’s only one team in Glasgow.
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Vmhan.
Indeed it is. Your message will be delivered transpareny with full sight offered to the recipient of the gift of its origin.
MWD
DontB @ 10:48,
Yes if only they had listened to that voice of reason
Ah! Well!
Great to see the tributes to Pablo a CQN original in so many ways.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS on 28 April, 2012 at 10:37 said:
Posts like the ones from last night and today about Pablophanque are what makes this site great.
When I first started lurking on here I always enjoyed the Friday night Session.
Although I never knew or met Steve you can tell a lot about a person by the tunes they pick, I’m sure we would have got on.
With putting to fine a point on it I a really glad the day that I stumbled through the door of CQN into a world of fine writing, fine music and even sometimes fine dining (WDH), I’d be lost here in the valley with out my daily visits to this Dear Green Place.
My humble thanks to all the crew on here old and new and to you Paul 67 for creating a special place for us special needs people to meet.
It’s the Champions on show tomorrow let’s make it a good one, one to remember.
Hail Hail
Starry
hail hail Lennybhoy
Joe videocelts sayin whisper of D&P for the off, next week
out of their depth
hope yer well
and enjoy the game the morra
TC
:)
I kno ole Pabbers loved his music but he stopped off at the house one day, when he was working down at Humberside. The Sweetheart was out, so I wasn’t being made to listen to Norah Jones, probably some vintage R’n’B instead.
‘God, that’s a bit loud’ said the ole CQN discspinner..
There is no ‘Old Firm’
Fantastic article by Glen Gribbon which nailed a few untruths, unfortunately how many Rangers fans will read it…not enough I fear
I hope tomorrow’s derby game is the last ever…..I’ve always detested them for the outpouring of hatred that is allowed to be espoused from the so called biggest club in the world’s (shameless view held by Rangers fans) fans with little criticism.
It not always pleasant to see how others view our team because we are blatantly portrayed as the same thing. We have as team and fans slot of work to do to win hearts and minds and that we don’t slip into the mantel of übermensch that soon will be vacated.
Already there are teams in the lower divisions dreading the appearance of Rangers in their leagues says it all.
If a vacancy becomes available in the league could Celtic apply for it? Only thought for the under 19’s.
Hail hail.
Having a chuckle as I read about the fantastic M£5 or 11.2 bids.
Anyone recall the last time one of our journalist friends last mentioned the M£52.5 deal wee Craigie closed out?
At the time I always recall laughing at the exactitude of the media; not M£52 or 53 but always M£52,5.
If only they would sit back and look at their previous offerings they would surely realise what fools they are.
haha
https://twitter.com/#!/adambloomie2/status/192554792483160064/photo/1
Where this guy when they need him :
THE Florida-based businessman credited with spearheading a supporters’ buyout of Rangers has been revealed as the Scottish property developer Graham Duffy.
Duffy, 42, believes the fans can help transform the club into “a stable, successful club”. Rangers’ debts of 31.1 million are described by Duffy as “significant but not insurmountable”.
He is reported to have put together a business proposal with a members club ownership scheme at the heart of the plan, and also to have held talks with a number of businessmen aimed at taking this forward. If the plan is successful they could form a consortium to lead the club forward and then implement the fan membership scheme. Several successful European clubs – including Barcelona, Porto and Hamburg – are already run in this way.
It is claimed Duffy’s scheme would aim to recruit 15,000 members every year for three years, with the business model based on a members’ club of 45,000. Supporters would pay 1,000 as a one-off joining fee, raising 45m. Duffy said: “I don’t believe it is in the interest of Rangers to be dependent on one person any more. Times have changed and, should the club be run properly, and given time for this plan to be implemented with the fans uniting behind it, then Rangers would be a stable, successful club, not just domestically but internationally, with sufficient funding to go forward and be innovative.”
He said the majority of fans backed the idea of the club being owned by supporters – either wholly or partially – but added this was a “major task” which could only be achieved over a period of time and “in line with a solid business model”.
In a two-part interview running in yesterday’s Scotsman and today’s Scotland on Sunday, Rangers’ majority shareholder Sir David Murray says the club have yet to attract a single expression of interest from a prospective buyer. He also dismissed talk of an approach from Duffy.
Asked if there had been any expressions of interest, Murray said: “No – none,” adding that there was “no substance” to such talk. “When the speculation got mischievous was when people started talking about mysterious Florida millionaires. It was unbelievable.”
http://www.youtube.com/watch?v=R_C1WMktSNo&feature=related
I was watching some music videos last might and came across this; uploaded by pablophanque. I never met Steve but I wish I had.
Moonbeams WD. Kano \o/ Neil Celtic FC. We are the Champions. Ignore the WARTS. on 28 April, 2012 at 10:38:
Thanks for posting that mate, just back from a walk, only posted it as I hadn’t read back. I f I had I wouldn’t have.
Integrity, Sally couldn’t spell it.
Keep the Faith!
Hail Hail!
the long wait is over at 10:46
It’s Collum that does penalties. Calum does red cards.
MWD yir a star…..
V
alex thomson @alextomo
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FavoritedFavorite · Close Open Details Almost a week on, others in Scotland are prepared to tell the truth about McCoist http://bit.ly/IqNO4L
Thommo sticking the boot in.
Superb article by Glen Gibbons, deserves to be widely read.
What annoys me though is that football journalism in this country is generally so pathetic that an article such as this really stands out from the rest.
The huns have had, and continue to get, an incredibly easy ride despite their disgraceful conduct on so many levels over so long a period of time.
TopCorner on 28 April, 2012 at 10:55:
I am indeed well my friend. You enjoy the last ever game between CFC1888 and rfc (ia) 1872 or is 1873, who cares.
Nothing would surprise me, D&P are obviously pushing things along unnecessarily.
Keep the Faith!
Hail Hail!
WGS on 28 April, 2012 at 10:10 said:
That was the kind of article by Glen Gibbons that this country needs.
I could even hear Jim Dellahunt get annoyed last night at Dalzeil and Keevens defense of McCoist (he’s only a young manager).
The emperor that is Rangers is now being seen as bollock naked.
เมลิสซ่า – Melfyx @Melfyx
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· Close Open Details The Thai Tims paying their respects at Reamonn Gormley’s graveside. RIP Reamonn x http://twitpic.com/9empxo
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Just a thought.
If as rumoured there are 75 recipients of EBT payments, how many of them are now journos or pundits in the media?
It will be interesting to compare the list if it emerges with the most vociferous of media supporters.
AULD HEID 1106
It would be nice,but I DREAM of a ref turning-ironically-Queen’s Evidence!
If I was a creditor of that mob over the road I would be asking what exactly the admins have achieved since mid February. It seems like very little has changes and that a solution is no closer.
Looks like the plan is to try to reach the end of the season and take it from there. But I can’t see any way that liquidation can be avoided.
As others have said, tomorrow’s game could be a powderkeg. A couple of early goals should shut them up though.
Auld Heid – don’t think there is any “IF” – RTC will publish in full in due course. Seems he is allowing others to make their own mistakes before exposing the lot for what they are.
Gleen Gibbons,,,wow,take a bow son!!
This article blew me away,,,he told it exactly the way it is,,,WOW!!!
Hail hail
welcome back to kayal
Even as the coffin is lowered into the ground, the Daily Record refuses to admit the occupant is dead.
Auld Neil Lennon heid on 28 April, 2012 at 11:06 said:
”It will be interesting to compare the list if it emerges with the most vociferous of media supporters.”
The RTC guy has dropped some fairly heavy hints that he knows who the beneficiaries are and that all will be revealed when appropriate.
I suspect Ally and Wally and Sandy might not be so keen on openness and transparency when it becomes clear who actually has been responsible for the demise of the huns.
Auld Neil Lennon heid on 28 April, 2012 at 11:04 said:
WGS on 28 April, 2012 at 10:10 said:
That was the kind of article by Glen Gibbons that this country needs.
I could even hear Jim Dellahunt get annoyed last night at Dalzeil and Keevens defense of McCoist (he’s only a young manager).
The emperor that is Rangers is now being seen as bollock naked.
I picked up on that as well,,,Delahunt was clearly annoyed at DDLLLL’s comments,,,the worm has turned for sure ghuys!!!
Hail hail
ernie lynch on 28 April, 2012 at 11:15 said:
Auld Neil Lennon heid on 28 April, 2012 at 11:06 said:
”It will be interesting to compare the list if it emerges with the most vociferous of media supporters.”
The RTC guy has dropped some fairly heavy hints that he knows who the beneficiaries are and that all will be revealed when appropriate.
I suspect Ally and Wally and Sandy might not be so keen on openness and transparency when it becomes clear who actually has been responsible for the demise of the huns.
Swally and sir Myth only want transparency when it suits them,,,typical of the PEEEEEPLES attitude!!
Hail hail
Burnley78
That explains it, would never have an artical telling it like it is before.
Sad thing is we are praising a jurno for telling the truth…..
the laptop loyal are to be commended for describing someone approaching 50 as young.
ernie lynch on 28 April, 2012 at 11:15 said:
Auld Neil Lennon heid on 28 April, 2012 at 11:06 said:
”It will be interesting to compare the list if it emerges with the most vociferous of media supporters.”
The RTC guy has dropped some fairly heavy hints that he knows who the beneficiaries are and that all will be revealed when appropriate.
I suspect Ally and Wally and Sandy might not be so keen on openness and transparency when it becomes clear who actually has been responsible for the demise of the huns.
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
2010 Never Again
“No more!”…..and so it came to pass
I’m probably a bit behind the times here, but I’m catching up on reports of the new Paul Murray/ Blue Knights bid.
Reports this morning are that they would somehow take debenture holders out of the creditors’ list, “saving” around £8M.
Now the first question is how? And then why? And then is it legal to deal with one group of creditors ahead of others?
But this “saving” of £8M is costed into the bid, meaning that they are only talking about putting up £5M!
So even if Craig Whyte was give up his shares for free and walk away with nothing at all (which would never happen) the remaining £100m+ worth of creditors would be expected to agree a CVA of around 4p in the £. Not a hope.
Liquidation looms.
The Funky Gibbons –
Love this bit –
Having expressed bewilderment over the speed with which Rangers seemed to have descended into penury, Smith insisted that he had, at the end of last season, left “a debt-free club” that was on a sound financial footing. Staggeringly, he insisted that the extravagances of the Murray tenure were an irrelevance.
“You can make your own judgment on what happened before,” said Smith, “but the fact is none of that mattered. In May of last year, all of that had disappeared.”
Well, all of it except the £18 million of bank debt that had been transferred to Whyte, the admitted £4.2 million bill known as the wee tax case, the millions owed to clubs in Scotland, England and Europe for a variety of reasons, plus a lengthy list of creditors from ancillary trades.
There was also, of course, the spectre of the big tax case, which could yield a further liability of upwards of £70 million.
To paraphrase John Cleese in Monty Python’s Life of Brian, “apart from that, what harm did David Murray ever do Rangers?”
————————
Just disappointed that it has taken till now for journo/s to put in print obvious truths and not spout Murrays perverted slant on them!
HH
A candle
roy croppie on 28 April, 2012 at 10:38 said:
‘March to Hampden
I see the great orator Sandy Jardine is addressing the crowd; they struggle on so many fronts.
dont you mean orifice
Walter said- we didn’t get an extension
Walter said- we didn’t sign a player for 3 years
Walter said- there was no debt till Craig Whyte appeared
Anyone see a pattern with “Walter” quotes?
On the way back from the local shop meet a guy I’ve known for years.He is not a football man atal no interest whatsoever.Conversation went a bit like this;
Davy “no seen you in the pub lately”
Me ” Naw am saving up fur ma cruise”
Davy “Better stying awae anywhie”
Me “Howsat Davy”
Davy “Yi know wi awe this Rangers thing some oh the bampot are looking for a easy target in they know your a Celtic man better you stie clear until it blaws ower”
Me “Whit they saying”
Davy ” Iam no saying anything else jist stiy clear”
it made a wee bit scared just imagine what Neil was/is going thru
Apogise for my slang spelling
Gordon_J backing Neil Lennon on 28 April, 2012 at 11:24
It looks like the plan is to let them limp on till the end of the season and then pull the plug.
I daresay there is less chance of serious public disorder once the season is over.