There seems to be more confusion than clarity following this afternoon’s press conference at Ibrox where Duff and Phelps gave information on Rangers FC PLC (in administration).
Most important item first. The administrators confirmed that they will propose a Creditors Voluntary Agreement (CVA) in order to avoid the company being liquidated. You should ignore sounds of confidence on this matter. The administrators have to sound confident that they have a good deal for creditors, no point telling everyone, ‘We’ve made an offer, but ooph, don’t hold your breath!”
No indication was given that any creditors were on-side, never mind the 75% by value required. HMRC will have the casting vote in this campaign and are exceptionally unlikely to set a precedent for football clubs to opt-out of PAYE, NI and VAT.
One fascinating wee snippet is the missing £24m from Ticketus. Of course, if you believed Craig Whyte, the money went into the club. Alternatively, the money was paid to Whyte’s solicitors in advance of the club sale and went straight to Lloyds Banking Group. The remainder will be with one of Whyte’s companies and could well be paying salaries next week. Nothing too exceptional.
How Ticketus secured this loan is more intriguing, but there is so little information published this is not particularly surprising. Ticketus might have screwed up, but I reckon there is simply a detail not yet revealed to the administrators or public. A non-committal reply was given to a question on the floating charge over the company originally held by Lloyds, which will possibly reveal more about Ticketus when confirmed.
At some point, possibly next week, the CVA will be proposed. Once the administrator has a response to this they will be in a better position to suggest how likely the company is to be liquidated. Until then, it’s all cheer leading by the guys from London.
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Hard to keep up with CQN the last few days: good job the huns don’t go bust every week!
I’ve been meaning to answer a whole lot of posts about how Celtic can survive without Rangers but Scotland can’t be trusted to run its affairs without Mother England: however, I have a feeling that I won’t have the energy for that – just count yourselves lucky, CQN readers.
Alex Salmond’s statement about us needing Rangers was such a blunder – & has provoked so much muddled thinking here – that I feel I must comment on it (like many of you, I’ve already shared my thoughts with Eck). The statement was completely thoughtless & ignorant – the kind of thing that might be expected from an English politician with little knowledge of Scotland. It was thoughtless, because a completely superficial take on Scottish football might prompt the thought that Celtic depend on Rangers, but that thought wouldn’t survive any serious analysis, such as the excellent statement put out by Celtic’s Board. When Scotland’s First Minster – the man reckoned to be Scotland’s smartest politician (not that there’s much competition) – can do no better than that, it’s a sign that he’s losing it. He’s obviously also lost some votes here since his statement: not mine, tho’ – he lost that 25 years ago when I found that he supported cheating in the SNP.
Howeva (acknowlegements to Kojo), I do NOT think that he supports the Ibrox cheats: he just needs to be seen “doing something” & for once, he’s reacted without thinking. This is, of course, in line with the Offensive Behaviour measures – & also with the proposed alcohol price floor (which is a substitute for doing anything about alcohol abuse). Salmond is not a Protestant Supremacist – I doubt that he’s even a Protestant – nor is he anti-Irish nor anti-Catholic: he warmly welcomed the Pope to Scotland recently & has been supportive of Catholic schools. I hope that I’ve made it clear that I won’t vote for him, but that’s because of what I know about him personally: it’s not because I buy into the myths of Scotland’s “Stalinist” political culture which seem to be widely believed by CQN posters.
Mad Mitch (I think that it was he, responding to “Inverelt”) trotted out several of thesemyths & I hope that I have enough energy to deal with them. Re William Wolfe, he DID have some strange views about Catholicism – but then, so do some members of Labour, Coservative & Lib-Dem parties. The important thing is that when he expressed them with regard to John-Paul’s visit, he was howled down by the massed ranks of the SNP. John Swinney was given his jotters, not because he married a Catholic, but because he wasn’t fit to lead the SNP (he wasn’t even fit for his earlier post of National Secretary, but that’s another story). The notion that the SNP is made upof people with “small-town mentalities” belongs to the distant past, as does Mitch’s thinking on the subject: it may have been true before the Party acquired a mass membership – which was 50 years ago. As for the idea that SNP members are “Tartan Tories”, it’s absurd: for at least 40 years, it has been predominantly left-wing: the “Tartan Tory” delusion has nothing to do with SNP, but lots to do with the atrophied political cultur of Scottish Labourism. During my time inthe SNP,I came across very little anti-Catholicism: the most notable exception was from an extreme left-winger who was also fanatically anti-American (he didn’t declare his communism, but couldn’t manage to hideit either).
This post is very far from perfect, but I haven’t the strengthto improve it & anyway the spacing on my screen is playing up, so that’s me done for now: my apologies for not answering all those whom I should have. BTW if we all stuck to football on this blog, I wouldn’t have had to write this post & you wouldn’t have had to read it (oops, you don’t have to anyway).
Cheers WITS…I’ll stick a pound on it
absolutely magic
http://www.youtube.com/watch?feature=player_embedded&v=-HyPCe73fdw
Kingoh
Good man,look what Mr Whyte achieved with a pound
Was living abroad and brought my son across from Paris for his 10th birthday party and a seat in the stand the day Henrik and Harald ( helped by our other heroes) stopped 10 in a row. My son has always insisted nothing at CP would ever surpass that day.
Despite many other wonderful displays I was always incline to believe nothing would ever top that day.
Nearly 15 years on I’m boy to be able now beginning to think that the Dunfermline game next week could be awfully special and I’m glad I have ny seat with my boy to be able to rejoice together in another fabulous wonderful Celtic victory. Can almost see and feel the stadium reverberating now.
I guess that’s why I thing Celtic are so very, very special to us all.
Kingoh @ 23:51 ,
C’mon , get aff the fence – it’s not like you to prevaricate and hedge your bets. What do you really think ?
My biggest worry is that the cause of this whole completely unmissable spectacle , i.e. Moonbeams bag o’ tricks and MBBCWAKAGEF’s brassneck (c DC Thomson’s) is being diluted and diverted by the MSM’s shift in agenda to paint CelticFC and CW as the villains in this piece – the upshot being that they’ll protect the poor , hard-done by , downtrodden little innocents from the big baddies but allowing them to say “it wiznae us” .
I was pleased with Celtic’s strong response today – yes we can survive without them -we might not have steak every week but at least what we do dine on won’t stick on our craw.
Can’t wait for Sunday and a green n white party down Easter Rd followed by a rare midweek trip to CP.
HH
Sanna
kingoh(likes jelly and ice cream),
Best you just relax and enjoy ‘cos there’s no knowing how this’ll end.
They’re making it up as they go. And that includes the suits from London. Craigie boy’s pulled the wool over those lads. They’re lost.
Aye, ye got to admire that wee rascal from Motherwell. Whit’s he like, eh ?
The Matt and Michael show
http://www.youtube.com/watch?feature=player_embedded&v=YUM6HKpjFFs
Hognik
“I can not rest easy and will not until they are actually lying on the mortuary slab about to be cut open and their putrid innards exposed.”
That sounds like a fetish. You need help.
MWD :-))))
right, just in fae work, what’s the craic?
when i typed that, the Mac’s autospell turned it into ‘what’s the craig’
bit of a freudan slip??
HH
Great in-depth analysis Paul, you really are coming into your own in financial football journalism in these heady days. You are of course aided by so many other great contributors on here, all with a sublime sense of humour. If any Rangers fan wanted to know what was happening at their club it would be here that would be the best place to look.
There is so much we can glee however and something tells me we should try to keep our distance from this Rangers mess and start getting pro-active about establishing ourselves as a stand alone club. We need to show the SPL that we are committed to it as it gives us the chance to play in regular European competition.
Alex Salmond should keep his distance too. He´s got enough on his plate.
The MSM have turned all their guns on Whyte,
Darryl hopes they take club off him, hmmm
Dont expect whyte to make a mistake, this guy has long planned all his moves here, it’s what he does and he made his mistakes and learned his craft on 23 previous take overs.
This will go down as he planned it and so will the current buns.
HH
Mike
Bring Me The Heid of Thunder Crap Reid says:
17 February, 2012 at 00:05
I am enjoying. just don’t have the same confidence as some.Maybe I’m just jealous of those who have!
Sanna
Prevarication – Now, that’s your department!!
MWD
You could be right. Rangers on a slab, dead and about to be cut open? Yep, I’d probably be aroused by that!!:)
Well thats three for Cat,gets my mind off you no what,liquadators,tax…………………………..
off this time goodnight
I dearly hope that when the referendum comes round we have the opportunity to vote for complete union with England. This would allow the abolition of all the corrupt bigoted institutions of this silly wee country including the SFA. Apart from being banned from Number 10 and the throne (who cares, bring on the republic) the English are a much more fair minded people than the Scots. We would flourish more in a properly unified Britain than in any independent Scotland or half baked compromise devolved entity.
Also it would allow Celtic the opportunity to reach the EPL in time. Woohoo
Jimmy Bell at the top of Duff & Phelps list please
kingoh(likes jelly and ice cream) says:
17 February, 2012 at 00:13
MWD
You could be right. Rangers on a slab, dead and about to be cut open? Yep, I’d probably be aroused by that!!:)
the stench would be terrible though!!
MWD ,
are you offering to help with his fetish ?
Kingoh , I share your concerns. I won’t relax until they’re fully exposed and brought to the full level of justice this country can offer . Oops , can see a flaw there …
Guess I’m gonna be stressed.
Sanna
Hiro Nakamura says:
17 February, 2012 at 00:13,
Jimmy Bell,
Hope he’s the last one out the door AND, turns they key for the last time.
kingoh(likes jelly and ice cream) says:
16 February, 2012 at 23:51
I have enjoyed, and continue to enjoy watching their suffering this week. But it is always niggling in the back of my mind that they will find a way to wriggle out of this. I can not rest easy and will not until they are actually lying on the mortuary slab about to be cut open and their putrid innards exposed. Maybe then I will believe that there is no way back. Even then I still would think there is a possibility of Beelzebub dispatching something to save them at the last!
Am I unduly concerned or can I truly relax and enjoy???!!!
I share your concerns. I have watched events unfold over the past few days with a growing sense of incredulity and that nagging feeling that they will some how survive this.
As the Rolling Stones once famously sang, “you cant always get what you want”. What i want is the death of rangers,never to recover.
I suspect that will not happen, that being the case, what would be an acceptable outcome to me.
I want the world to know that Rangers are cheating Bar stewards. I want brand rangers to be so toxic that no company will want to be associated with them.
I want it recognized that that the trophies won over the past twenty years were bought with other peoples money. I want them stripped of their 9NIAR, I couldn’t care less if the trophies are given to the runners up during that period or not, with the exception of the league title of 1995 96, that should have gone to TB’s terrific team.
If there is to be a newco, they have to start in div 3.
I will watch the drama unfold over the coming weeks, i will be in my customary seat in CP on Wednesday for what will be a party atmosphere.
I will renew my season ticket for next season and hope that we will not be playing them, unless it’s in the cup.
Hail Hail
THis man goes to confession. He tells the priest all his sins:
‘Well my son, for your penance, no smoking for a month’
‘But Father!’ he protests ‘I don’t smoke’
‘Well in that case, no drinking alcohol for a month’
‘But Father, I have’nt had a drink since I got married a month ago’
‘In that case my son, no sex for a month!
A week later
‘Father? Do you remember me?’
Remind me, my son’
‘you told me no sex for a month, am I banned father?’
‘what happened?’
‘the wife was bending over getting milk out the fridge, she was wearing a short skirt, I couldn’t help myself! Am I banned Father?’
‘of course not, these things happpen, why do you think you’re banned?’
‘We’re banned out of Tesco!’
Beginning to wonder if it was Craig Whyte who pulled the plug on the big screens in Manchester. Surely not ….. And I always thought it was Chris Sutton too!
thebhoyfromoz
No asking for much then….!!!
CaltonTongues
Ha ha right enough
Can he be sacked twice? LOL
So I did notice earlier that Strathclyde’s finest has been passed information about the ‘situation at RFC and that they are looking at it. Given that they would not comment further.
However SSN have added to that and raised the question as to who told the police of the need to investigate, SSN then go onto say that the ex RFC chair has asked the Crown Office, the polis’ boss that he is concerned that fraud may have taken place and that they should investigate the goings on at Ibrox.
All sorts of implications and questions arise, fraud by whom, given the change in management within the last few days, who is defrauding who ?
A bit unfortunate given Coisty just betrothed his all to MBB, to trust him and have faith, all very touching in St Valentines week ……..shucks !
Good Evening Officer……
Evening all.
HH
Hiro Nakamura,
Agree 100% and then some.
I’ve lived in both Scotland and England long enough to be able to offer an opinion. The English live and let live no matter what Salmond & Co would have you believe. Salmond doesn’t give a tinker’s curse for Scotland. He just wants to be king !
And, you’re right, much more chance of playing the English regularly if we don’t have to dig out the passport for every game.
What is the Stars
got a pound on it too
also got a few bob on Montpellier at 33-1 at start of season
currently 1pt behind
still in it !
Administrators – Rangers in administration will survive as a football club.
So I can’t wait for the big derby vs St. Ants ( mon the hoops!)
MBB must stay !!
Dont hear the word ‘paranoid’ being used alot these days.
seventyxseven,
Plenty of ‘parasites’ though.
seventyxseven ‘glace’ says:
17 February, 2012 at 00:24
Dont hear the word ‘paranoid’ being used alot these days.
vvvvvvvvvvvvvvvvvvvv
Maybe you don’t, but everyone else does!
kingoh(likes jelly and ice cream) says:
17 February, 2012 at 00:19
I don’t think it’s too much to ask and it’s less than they deserve.
night,night!
night night bhoys
CaltonTongues says:
17 February, 2012 at 00:17
Hiro Nakamura says:
17 February, 2012 at 00:13,
Jimmy Bell,
Hope he’s the last one out the door AND, turns they key for the last time.
————————–
Absolutely !!
Horrible hun…
Mandaric wants to buy Ranjurs? Heard it all now!
Crushed nuts
I just pissed masel. Is that paranoia. It was probably somebody else.