Lots of news is likely to come your way today, so just a brief catch up:
This is very much a false dawn for anyone hoping to rescue Rangers via a Creditors’ Voluntary Arrangement (CVA). While Duff and Phelps can accept a deposit from a third party planning CVA, that party would then need to negotiate with HMRC, which is another story altogether.
On Friday evening Duff and Phelps gave strong indications that they would work with the Blue Knights to enable them to secure preferred bidder status today. Although there were many obstacles in their way the key one for me appeared to be Duff and Phelps belief that Ticketus would be able to convince Craig Whyte to delivery his shares to a buyer without holding out for a substantial payment.
As you know, Craig Whyte is the only game in town and achieving this seemed remarkably ambitious. Indications this morning suggest those ambitions have not been achieved.
We hear this morning that despite their love and loyalty to the club the Blue Knights have still not found the £500k required to before preferred bidder and that any bid submitted today is likely to remain as conditional as the ‘bids’ they submitted earlier in the process.
Our favourite, Bill Miller, has placed Duff and Phelps in an interesting position with the offer of hard cash, although his press release on Friday also contained many impossible to deliver conditions. He will now know that the SPL and SFA will not acquiesce to his demands for a pack of Get out of Jail Free cards.
This may be enough to encourage Miller to drop out of the process but unlike the Blue Knights, who appear to seriously expect Craig Whyte to shrug his shoulders and walk away, Miller must have known his demands of the SFA and SPL were highly speculative.
If Miller submits his offer to ‘wire’ £500k into the creditors’ pot today, with or without SFA/SPL conditions, Duff and Phelps cannot allow his offer to expire without accepting it or an alternative.
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Bill millers plans for £700m super stadium
http://www.google.co.uk/url?sa=t&source=web&cd=4&ved=0CEgQFjAD&url=http%3A%2F%2Fwww.stormthecastle.com%2Fhow-to-make-a%2Fhow-to-make-a-homemade-egg-incubator.htm&ei=aiKVT82-C9K18QO13ZTODA&usg=AFQjCNFIWKXV-3Ey4vx1ixbD56OjRuFvmg
Anyone else got The Final Countdown stuck in their head?
RogueLeader,
Indeed. But it’s amazing how mnay people still think something must be true if it is printed in a newspaper.
just a wee reminder that as we watch on as ‘thems’ implode, we have a cup final at Hampden this evening.
…believe its a fiver at the door
be there or be square!!!
thehuddlehound
Wonder if ASDAs will rebrand their clothing range as St George when they shift their govan supermarket to the site? Telling ya, ma story is true so it is!!
The Hunz must think that they are a Pelican at the moment. Every way they turn there is a huge Bill in front of them!!
JustCantGetEnoughLoyal!!
:-)
So is today a deadline extension day or an extension to the deadline extension day or is it a walking away day or a we don’t do walking away day or a taking a step back but not walking away day or will we see a “preferred bullsh**er” appointed today or will my head fall off with all the spin…….
Well there’s a surprise – a delay:
Blue Knights and Bill Miller delay bids
Rangers’ administrators hoping to name the preferred bidder believe there will be no announcement on Monday.
Duff & Phelps told BBC Scotland they have not received a “deliverable” bid.
There is no bidder, a whole load of fanny paper talk gratefully regurgitated by Chris McLaughlin through any orifice….
They have not received a deliverable bid? -cue ‘Duelling Bampots’.
The lingering death continues……..
Hi Paul,
”He will now know that the SPL and SFA will not acquiesce to his demands for a pack of Get out of Jail Free cards.”
Interesting that Mr Miller claims to be in negos with the Scottish Footballing Authorities as the SFA have denied this (according to AT) and the SPL were somewhat muted, it certainly looks like he’s conversed with the SPL.
While this must be seen as due process, surely the SPL should issue a statement asserting they will have no truck with his exacting demands.
BTW: Is it true that Hybrid, Incubator NewCo-cum-OldCo CVA Insolvency events can’t really happen unless your ZX Spectrum has a flux capacitor upgrade.
BetyoucoulddoitwithaVIC-64
It’s like that old joke about British Rail, how does it go?
We may not make it on time, but we get you there ….
These people are having a laugh, aren’t they? This is all a big inside joke, and one day we’ll see the punchline … otherwise it looks like people running a scam.
If no-one wants to step up and save this club, then liquidate it for God’s sake. When you tell the world Monday is decision day, after which the door to Hell is pushed wide open, don’t you lose all credibility by changing your stance when the day actually comes?
Furthermore, after you announcing Monday as the virtual execution date, and no-one’s come forward to save the thing, doesn’t THAT tell you something?
Let them die. Announce the funeral. Bury them. Let’s get on with the football.
Gordon_J – I am delighted. The longer this circus carries on the chance of there being any Rangers playing in Scotland AT ALL next year increases.
Something that at the beginning of this process was not only unthinkable, but highly highly improbable, is becoming more like the likely outcome as each hour passes.
So so many Celtic legneds are appearing in strange places these days….
This club really will just stagger on to the end of the season and then fall apart.
Where is the dignity?
In other news the Hibernian manager went onto the field of play to berate a referee and the Motherwell manager has publiclity slated the SFA. I expect this to dominate phone ins this week and for Hugh Dallas to make comment.
I also expect to win the lottery on Tuesday, Wednesday and Friday. I think there are more chances of winning the lottery than the above happening!
LB
Back to lurking for me.
Better things to do with my time right now than be ignored.
Thanks.
So, there is no bid. These groups are stalling in the hope that they can later blame D&P for not giving them sufficient time.
Nobody wants to buy them. Everybody wants their 15 mins of fame or their chance to get first pickings at the bones.
Dharma Bam
I only get a reply if i talk about vegetables so i wouldn’t worry about it.
Chairbhoy,
Bill Miller … no truck … was that deliberate??
James Forrest is Neil Lennon! We are ALL Neil Lennon! on 23 April, 2012 at 10:51 said:
James does the court of session not have something to say about these jokers and they’re total lack of concern for the creditors.
Duff and Phelps are hugely extracting the Michael here..
SP
James Forrest – the so called Blue Knights, the armour clad heroes that will save the bears with their loyal love and deep pockets, have had 9 weeks. 9 weeks to put together a package. They have went through 3 apocalyptic deadlines without being able to get together a “deliverable” bid.
How much longer can they need?
Let me say now I imagine the creditors are watching with interest. Every day that passes and the more money dropping out of a creditors pot and into D&P’s pockets, will increase the chances of one of them going to court and forcing D&P to end this charade.
D&P are spending the creditors money chasing a unicorn down the road.
sparkleghirl,
Yip, it’s all a huge game of chicken. They all want to be seen as potential saviours but know there is no bloody chance of actually saving the club. The game now is for liquidation to be seen as someone else’s fault and be there to start up a Newco.
Gordon J
A delay —- of course there’s a delay.
It is real hard to do equations when 3 of the variables [ Hector, Ticketus and the man who owns 85 % ] are unknown .
Weary Blues From Waitin — Hank Williams CSC.
Craigy “Frog Eye” Whytey…Billy the Mongolian Ng Ng…Wild “Trailer Truck” Bill Miller…the Blue Knights of non-committal…Sir Minty of the Moonbeams…Flipp & Flipper…all these bizarre & crazy characters involved in this surreal story of the hun demise..& yet they all seem to share a moral latitude, an ambivalence towards codes of ethics & laxity of integrity you often see in bottom feeders in the financial world & amongst your common garden grifter…o what a charming club…o what a charming club…
I think we might see a another conditional unconditional bid go in today on condition that there are no other unconditional bids. Simple.
God help us…..
Raman Bhardwaj @STVRaman
It’s been confirmed that Craig Thomson is the referee for Sunday’s SPL match between Celtic and Rangers
Rangers’ administrators hoping to name the preferred bidder believe there will be no announcement on Monday.
Duff & Phelps told BBC Scotland they have not received a “deliverable” bid.
Paul Murray’s Blue Knights have yet to agree with Ticketus and US businessman Bill Miller is seeking clarification on potential SPL sanctions.
RogueLeader on 23 April, 2012 at 10:51 said:
”Gordon_J – I am delighted. The longer this circus carries on the chance of there being any Rangers playing in Scotland AT ALL next year increases.”
It is starting to look more and more like one enormous train wreck.
It’s going to take an organisational genius to get anything back up and running for next season.
South Of Tunis,
Well if the unknowns were known then they would be knowns wouldn’t they? If the variables didn’t vary then they wouldn’t be variables, would they?
Or something like that.
I just wish the gorilla would do its thing so we can get on with this properly. Let’s see what the Knights that like to step back do when the gorilla speaks.
I am no longer calling them Chernobyl FC.
They are now Zombie FC. This thing is dead, although it still walks through the land of the living. It has no business doing so, but there it goes, shuffling down the Broomloan Road, clad in the rags it was buried in, dirty, stinking, clutching a bottle of cheap wine … oh wait, that’s the spokesman for the RSA ….
Come ON D&P … it’s obvious no-one wants to save them.
Let them die.
http://www.youtube.com/watch?v=Swvf3w6hcY4
Gordon_J @ 10:54, :
was that deliberate??
A wee bit – verbal correlations spring randomly into the aul’ grey matter, think it’s genetic.
Remember my Mater phoning my Auntie to tell her she’d get a shock when she opens her electricity bill…
Tomthelennytim, I reckon rumours that Doncaster et al had come to an arrangement with Miller were complete fantasy.
RogueLeader, No Surrender Johnston has been another real treat throughout this process.
Chairbhoy, the SPL will not comment formally until they have a direct question put to them.
Dharma Bam, don’t think so, curiously.
ernie lynch on 23 April, 2012 at 11:01 said:
————————–
Jim Farry is n longer with us. Maybe Gordon Smith could reprise his role at the SFA, parents health permitting.
other than that, just who could do this monumental task ?
Dear Declan,
where are you? I hope you are okay. I have been worried all weekend about you. I was somewhat relieved when I heard about the smoke bombs going off at Tynecastle and I thought, great, he’s fine.
But then nothing. Not a peep.
I know things look bleak for you but just remember, you have pals on here and we miss you. Please let us know that you are okay.
ernie lynch —
” one enormous train wreck “?
Yes —- a truly fabulous mess.
Minty left a mess . Whyte deliberately added to the mess. Ticketus added to the uncertainty . Throw in future income streams being pawned. Throw in having to wait for Hector . Throw in having to wait for the SFA / SPL .
It might take a while .
Dharma.
I think that, on the assumption that titles are removed and results reversed, it would be a very hard sell to allow players to retain any personal titles gained during that period. More so if said players were part of such aggressive tax avoidance schemes.
Without wanting to sound arrogant but how long did it take us to raise the £500,000 for Vanessa? And compare that to the fact a bunch of “millionaires” cannot raise the £500,000 to secure preferred creditors status or that their “fighting fund” has raised just over £300,000 the last I heard it gives me an immense sense of satisfaction of being a Celtic supporter. They were saying on talksport on Friday night that a share issue could raise them between £15-30m! I nearly crashed my car witht he laughter!
Good luck to The U-19’s tonight! Though I doubt they’ll need any luck! HH!