Admin presser empty confidence


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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  1. Do you ever get the feeling that Regan sits at night with a stiff drink watching the cricket highlights and thinks, “What the **** am I doing here?”

  2. garygillespieshamstring on

    jude : It was Andy Walker. He is another who lacks integrity IMO. He stated that it would be bad for us if


    orcs went down. Nothing to do with self interest and the Clyde party line of course.




  3. just had a text



    It said a teleconference took place tonight between certain chief execs


    of SPL clubs, to agree a common position on //rfc sanctions



    Any one else picked this up







  4. iki



    Good point :)



    You’d need a version of the Diplock trials to convict the masonic mafia here but i suppose if the judges are part of the same fraternity we’ll be on to plums. Still, it’s HMRC a quintessentially British organisation that are making the running here and i look forward to this corruption being exposed because whatever happens we’re gonna get a right good look behind the veil and when that’s achieved the huns and their cheerleaders are finished imho.




  5. MWD/RL



    I know, and understand what you are saying, but it confuses the hell out of me.



    According to the SFA they haven’t had a bill, even though the hun are appealing said bill.



    I would never make a money man :>)

  6. pedrocaravanachio67 on

    jude2005 is Neil Lennon \o/ says:



    16 February, 2012 at 22:54



    It was Andy Walker, thought this was a very interesting comment. He also mentioned that he has been in contact with some current Celtic players in the last couple of days and they’re not wanting the demise of the beast.




  7. Philbhoy, thank you.



    PFayr, many thanks.



    tim in the chamber, well said.



    stevie67, good to hear from you. That’s an excellent idea! Count me in.



    tomtheleedstim, yes, a good summary of the Leeds Utd situation. HMRC starting position was considerably weaker than now….



    garygillespieshamstring, I am sure the tainted trophies goes back a lot longer than we currently know.



    Gallagher, thanks.



    Hartsons Comb, strange business, however, it takes some time for a company to fail before it will be dissolved. Must be another business.



    celt55, 22:57, yes, exactly, I suspect Regan does wonder what he’s doing here every night.

  8. celticrollercoaster says In Neil we trust on

    tommytwiststommyturnsHectorscores says:


    16 February, 2012 at 22:56



    For all I know you might have been one as well :-)

  9. Back to Basics - Glass Half Full on

    To my fellow Celts – a hearty good night after another wonderful night’s entertainment



    This will run and run. Pretty soon even people called Daryl will see what’s happened here.



    Our friend Barcabhoy posted recently that he took all of half an hour to find info on Craig Whyte’s companies.



    Anyone who thinks that the Ticketus loan was not secured against a fixed asset is either blind or bonkers !!



    Final point from me for tonight – the administrators waxed moral today about their desire to help Rangers. Translated = “kerching !!!!”



    Remember FarePak? The cost of administration was £8.2m.



    The punters who were actually owed the money got £5.3m in total



    HMRC sign up to a CVA? Aye Right.



    Hail Hail

  10. Please give me strength.



    Present day Celtic players won’t know who that little idiot is.



    He will have no privvy access to Celtic.,

  11. celticrollercoaster says In Neil we trust on

    Paul67 says:


    16 February, 2012 at 23:01



    Do we have to stay up all night for that holy grail of another article?







  12. Paul et al.


    Can anyone shed any light on my question at 22.54? Maybe a stupid question. Has been doing my head in all day. Sorry to be a pain.

  13. 67Heaven ... I am Neil Lennon..!! Tick Tock !! on

    I mostly lurk these days, due work (who said “Thank God for that”) ……can’t believe I’m missing all the fun….the situation surrounding that team who have broken every moral rule ‘in the book’ is becoming funnier by the minute…..!!!!!!



    Good on the Celtic Board for telling Salmond not to use our Club for his ‘political’ agenda . Like cw, he doesn’t know what he is doing….VERY few Celtic Fans will vote SNP now…..and no bhuns will vote SNP ANYWAY…….how naive is he???



    See sally is backing cw……sallyooooops….again…!!!!!



    Snake Plissken……if your lurking, your post at 12.32 today was one of the best I have ever read on CQN……



    Paul67……simply…. THANK YOU……you are a CELTIC LEGEND



    Chuckie has arrived……off to read back, and enjoy, now…….

  14. garygillespieshamstring says:


    16 February, 2012 at 23:05


    Paddy Gallagher : I believe it has accomodated 1690 prisoners in the past.




    Going to need an extension then :-)

  15. 67Heaven ... I am Neil Lennon..!! Tick Tock !! on

    Meant to ask…….could someone PLEASE tell me the origin / meaning of this ‘Jelly & Ice Cream’ phrase……please

  16. TET



    That’s my concern. The Board of course make/take decisions not to please the support but to keep the club functioning. That doesn’t sit well with many Celtic loving supporters but needs must.



    I think PL is loving this.



    I bet Burnley78 will have a good idea of how PL is handling this.

  17. garygillespieshamstring.


    Aahhh. Thanks for that. Feel a bit stupid now. Looking forward to lots of jelly and ice cream.

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