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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Oh dear,
Matt McGlone dreadful & Michael Kelly preaching need for ‘Old Firm’
Car crash tv
“Celtic will survive without Rangers just like Scotland could survive without England….maybe not at the same level, but will still compete at a diminished level”
Michael Kelly
DownforSam : Enjoy it, and don’t forget the pass the parcel!
ggh
Nafos
Taken from Twitter
Sq go now Kelly V Mc Glone
Well done McGlone!
Michael Kelly not really looking too clever here…
Paul67#
Any knowledge of a telecon meeting tonight amongst spl club chiefs
to discuss agreed position on rfc penalties.
Cheers
HH
Mike
“We have fans that dont wreck other cities”
Matt McGlone
celticrollercoaster says In Neil we trust says:
16 February, 2012 at 23:04
Sure Paul posted earlier that the article would be deferred until tomorrow.
Keep the Faith!
Hail Hail!
as noted by Harry and Eddie on CU
MIH – 35mill – debt for equity (33)
MIH – 50mill share issue underwritten
20mill of Dave King’s money (he gets 12mill back, 8mill written off)
That 12mill absorbed by MIH
Total 97mill – MIH took ! – MIH now owned by Uberia Equities, a wholly owned subsidiary of Lloyds – owned predominantly by the taxpayer
That 97mill taxpayers have written off !!
4mill small taxcase
9mill PAYE VAT
The EBT’s 49
Total 162million of taxpayers money over past 15yrs !!
Paid for by taxpayers of this country !! – the UK !!!
Alex Salmond
Nicola Sturgeon
James Traynor
Darell King
Pat Nevin
Stewart Regan
Henry McLeish
Bill Leckie
Chick Young
Tam Cowan
etc etc…
for NOT reporting this, NOT DRIVING TO GET THIS MONEY BACK
YOU ARE AN ABSOLUTE DISGRACE !!
I think Kelly at a diminished level …mentally
Michael Kelly is such a slime ball. Trying to re-write history.
ggh
She’s a YACK!!!!!!
Oh dear Scotland tonight – rather embarrassing – squabbling between Celtic men.
Matt M did well that is a nerve wracking experience
He is no politician just speaking from the heart
Kelly is a fud
Hail Hail
CU podcast, for those who missed it
Paul
First of all, brilliant work over the last few days, and indeed the last few months and years! Also, I’m a little confused, who is Hector?!?
Btw, received a hard copy of the CQN magazine yesterday, absolutley brilliant :)
HH
Ps over a £1000 now for the signed Celtic shirt, an incredible feat
Matt McGlone delivered a few belters there…
ooft that was bad
and who cut michael kellys chin off
EDB
As I said to you last night, on football matters I will get stuck into the board all day long, when it comes to non football matters I trust them, and I trust them to do the right thing.
They are where they are cos they are succesfull business men, they have steered the club through a bad ressesion which is still ongoing, and have produced good accounts year after year.
They saw this coming big time, and we now are in a position to basicly demand what we want.
Noy sure why Michael Kelly is still trotted out to speak about us.
He represents a constituency of one. I cant think of one Celtic fan who would say that Mr. Kelly speaks for them.
I invite you all to look back at the last two nights on STV when the studio was full of Huns. Look at the time they got to answer, to greet. Tonight, the woman presenter interrupted every single response from Matt McGlone and Kelly – although with Kelly, maybe that was a good thing!
That was a poor discussion on the current rangers crisis on STV. Both panelists stumbled through it.
“cluffy” on rfc
http://www.youtube.com/watch?v=C1Weizjao8Q
Mc Glone was cr*p there!!
Scotland Tonight
Yesterdays men hand picked to make us look a wee bit petty methinks.
Last comment was good
67Heaven … I am Neil Lennon..!! Tick Tock !! says:
16 February, 2012 at 23:09
Meant to ask…….could someone PLEASE tell me the origin / meaning of this ‘Jelly & Ice Cream’ phrase……please
See garygillespie at 23.07
Only my view:
Matt was terrible
Mick was much worse
The two together managed to get themselves side-traked into old or irrelevant issues. Sounded like family in-fighting
They could have presented a united front and both got bullied by an inexperienced interviewer.
Truely awful.
Thought neither did particularly well there but I really enjoyed Matt’s parting shot about wrecking cities!
PS – both yesterday’s men IMO
Thought both Kelly and McGlone were equally embarrassing there.
Shooting at an open goal and missed.
SwanseaBhoy
STV could have had Lawwell or Paul Bennan?
67Heaven … I am Neil Lennon..!! Tick Tock !! says:
16 February, 2012 at 23:09
Song at games recently
“We’re having a party, when Rangers die!!
2nd verse to song
“Jelly & Ice cream, when Rangers die!!”
and so on
HH
CRC
Mat and Kelly should have buried the hatchet and presented a united smiling front not playing the STV agenda – concentrate on the huns not getting away with this
Instead bitching about Kelly’s failings 20 years ago – the moving to england fantasy
We shoot ourselves in the foot far too often …..
ah well hopefully more bad news for the horribles tomorrow
Starting score prior to tonight
STV RANGERS (in administration) 0 – CELTIC 1967,000,000
Apart from that last statement from Matt McGlone that was all pretty embarrassing.
STV RANGERS (in administration) 1 – CELTIC 1967,000,000
MWD
If only Matt McGlone had said something along the lines of:-
Celtic took 90,000 fans to Seville. Not to see them play Rangers. Celtic sell out their stadium regularly for European matches, more often than not in a competition where they will not or cannot face Rangers. Therefore there is no doubt that Celtic will survive and thrive without Rangers.