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.
Buy a hard copy of CQN Magazine, issue 7, by clicking on the button below. You can read online here.
311 Comments- Pages:
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- »
Confused in Fife
If any CVA is agreed, I know not likely, am I right in thinking this would be a CVA on the current known liabilities? Once the Big Tax case rears it’s head then that would blow tht out the water? Or, would a CVA agreed now, include the outcome of the Big Tax Case?
Confused, in Fife
My guess is that the big tax case wouldn’t be included.
Does anyone have a link to the story written by the young up and coming referee, about all the shenanigans that the Scottcish FiFa refs get up to and the politics envolved?
Think it was posted about 10 days ago.
Cheers
play
pggtips2
Its a sad state of affairs. I wonder how much was spent on that rocket that crashed into the sea last week, & his own people are starving.
cardiffbhoy –
Izzy sent off? I must have scrubbed that from my memory. Thought he was decent yesterday, good to see him bombing on again.
So much corruption it doesn´t surprise us and its norm.
This blog is buzzing today…….I can’t do my work properly….!!
Gordon_J ………. Lots of LOL
James Forrest ….Lots of LOL
You GHUYS are brilliant…….!!!!!!!!!!!!
How can you have a CVA (legally) when you don’t know the level of the debt (no AUDITED accounts ) …..????
SSN confirm that absolutely nothing will happen at mordor today. Non news at it’s best. What is taking Frodo so long anyway?
Neil canamalar Lennon hunskelper extrordinaire on 23 April, 2012 at 11:33 said:
Wednesday 25th April
Starred Motion
Between 10.00am and 11.00am
1. P221/12 Pet: Rangers Football Club Plc for an Administration Order
Biggart Baillie LLP
Burness LLP
————————————-
Neil
What exactly does the above mean?
yours in naivety PC67
Looking for some advice Bhoys.
I am currently paying off some debt I accrued from a few years ago. I bumped paying my credit cards for a few years……I know, I know. Very stupid of me at the time but I have grown up and learned from it. I am now paying them off at agreed rates but would like to purchase a car and apply for a loan to put a deposit down on buying a home. Up to my neck in it a bit because I can’t get any credit. Is there anywhere that does loans for bad credit that don’t charge you the world in interest? I have never been unemployed, I’m not trying to bump anyone I am just trying to get on my feet and what I am paying is holding me back.
I know I have been a bit daft in the past but want to put it all behind me and getting a consolidation loan would help and also give me cash to buy a car.
Thanks in advance if anyone has any ideas.
LB
Here’s my 11 for the Orcs
Forster
Matthews
Rogne
Mulgrew
Izaguirre
Brown
Wanyama
Ledley
Samaras
Hooper
Watt
It is a measure of how bad/corrupt our referees are when Craig Thomson is welcomed by some Celtic fans.
Does anyone else want to see them make it to next weekend before they implode?
I am just DESPERATE to go there and rub thier noses in the whole lot, while our team demolishes them on the pitch.
I hope it is a known forgone conclusion, but manage to turn up.
And die on the final whistle as the money they recieve from losing will be less than a win. Thus ending FC Dignity once and for all!!!
I know there is a lot more to it.
And it isnt even a plausable sequence of events…. but let me dream!
GIVEN THE CHOICE OF THIER DEATH OR A GAME THIS WEEKEND…..
I THINK I WOULD REALLY LIKE TO BE SHOPPING WITH THE MRS AS CELTIC WILL HAVE THE WEEKEND OFF!
Lenny
no sure, :o)
waiting for one of the boffins on rtc to explain,
but the inference I took from a discussion about d&f wasting creditors money, was that one of the creditors has lost patience.
Canamalar – that is the case no and the lawyers of Ticketus. Could be related to that case or Ticketus could have it back for some fun and games.
Could they, as main unsecured creditors at the moment, be tired of the D&P circus?
Could they have realised with the sums on offer they would get more via liquidation?
Could they be the ones who have instructed BDO and have them ready to liquidate?
Could they be leading The Blue Knights on, dragging on the bid process, to allow them to blindside D&P in court on Wednesday?
Serge on 23 April, 2012 at 11:53 said:
pggtips2
Its a sad state of affairs. I wonder how much was spent on that rocket that crashed into the sea last week, & his own people are starving.
Too much Serge, in a sustainable world sense it just economically stupid but your right, its a sad state of affairs.
Canalamar -the bhoy works at Burness. I’ll ask him;/)
LiviBhoy
“He will probably recoup his companies cash by betting on a Rangers penalty and then giving them a soft one early doors. ”
Surely he will get far bigger odds on givng Celtic a penalty!..por cierto
KJamBhoy on 23 April, 2012 @ 11:55
Izzy sent off? I must have scrubbed that from my memory.
_______________________________________________
Right at the end of one match against Them. I think it was the League Cup final last season. Cant remember any detail other than Izzy looking really, really disgusted with the whole situation.
LB
Bank of Scotland are good I hear but you need to know the head of corporate banking first and be in his lodge too. Could try offsetting your debt against a football club as another option?
KJambhoy
He sent Izzy off in the last minute of the league cup final last season.
In 9 derby matches he has refereed, Huns have won 4, we’ve won 3, and there have been 2 draws.
He has booked 27 Celtic players and 17 Huns, sent off 2 Celtic players and 1 Hun (Whittaker in the 94th minute of the 3-2 game in 2008)
In 7 of the 9 derbies he has been in charge of Celtic have received more cards, with both teams receiving the same number of cards in the other 2 games.
And he is the best we could have !!
suggested new Crest for Glasgow
http://i.imgur.com/hj8YH.jpg
LiviBhoy,
Go to the CCCS and consolidate your debts. Thats what i did and it has taken a weight off my mind. You’ll be forever paying off the cards by just paying them at their rate. I was paying about £700 a month on loans and credit cards but the bills weren’t really reducing. I now pay the CCCS £360 a month and they pay the companies. They are a charity so take no fee and you still get your monthly statements showing you are paying them off. This has allowed me to actually save a few quid for the first time in ages. I would avaoid another consolidation loan. I got two and it just sunk me in the end. With a CCCS agreement you can save a few quid and buy a decent motor in a few months.
LiviBhoy – I would contact Expedia. You may have to pay a small fee but they will help improve your credit file as best they can.
Big Nan on 23 April, 2012 at 12:01 said:
It is a measure of how bad/corrupt our referees are when Craig Thomson is welcomed by some Celtic fans.
I agree. But he is the best of a very bad bunch. I watched him ref a game in the CL one night, and he did it according to UEFA’s refereeing rules.
So why does the rule book go out the window when he returns home?
If he reffed a SPL game the way he should, some of them would have to be abandoned.
Was it CT who awarded the penalty for us v them at ibrokes last year? The one Sammi missed.
SPF
Livibhoy – check out sites such as moneysupermarket.co.uk and other price comparison sites, they usually have an area covering off what they would call an impaired credit history. Failing that a chat with a local Citizen’s Advice Bureau might help. The fact you are paying off your cards should help, unlike the huns you haven’t stiffed anyone !
Wednesday’s court case – this is from Paul McC’s excellent Scots Law blog:
Rangers (In Administration) and Ticketus – Back in Court on Wednesday 25th April
dixiebhoy69
BoS offered me no support whatsoever. I got a Tax rebate and went in to pay it into my account and the joker behind the counter asked me if I wanted to invest it. I went off on a rant about them not helping me and hitting me with charges when I was really struggling and took great pleasure going in the next week and taking the lot out to clear one of my outstanding bills.
I only have about 1 year to pay everything off but I need a car and would like to buy my own home for Mrs LB and the baby on the way. Debt advice to teenagers is a MUST. I tell everyone about my situation and not to put themselves in the same place. Hopefully the kids at school are getting advice they need regarding debt nowadays.
LB
LB
Zopa
Scotpatsfan – it was Thomson who gave the penalty Sammi missed.
Livibhoy- other thing to look at is if you’ve been missold PPI,in which case make the claim yourself and put the money you get back to better use.
LIVIBHOY Not what you want to hear but I’d forget about getting a consolidation loan, the new car and even house if possible. Concentrate on reducing your debt once and for all. Say to yourself you are going to have a couple of tough years but I’ll be debt free then. The very last thing you should be doing is increasingg your exposure because it will catch up with you and bury you.
Sorry mate but that’s the best advice I can offer. If I had extra dosh I’d see you Ok honest but I’m skint too but have no debt.
Hail Hail and think about it carefully.
KINGLuBO
The Smallest CSC and cardiffbhoy – I vaguely remember it now.
Livibhoy – Check out the moneysavingexpert forums, expecially “debt free wannabe”. Great free advise and people with knowledge willing to answer questions.
Do not trust your bank, they are not there to help. Their job is to extract as much money from you as possible.
Best of luck, you have made the first step in deciding to do it.
Sorry if already posted….
Rangers administrators have said they will not announce a preferred bidder on Monday.
Duff and Phelps said last Friday that they would proceed on Monday with the bid of Bill Miller, the American businessman who unveiled details of an £11.2m bid for the club, including a £500,000 exclusivity fee to the administrators for preferred bidder status.
The Blue Knights, led by ex-Rangers director Paul Murray, re-joined the race over the weekend to take over the club, having previously said they were taking a step back from the process.
A source close to the negotiations told STV News there are ongoing discussions with both Mr Miller’s group and the Blue Knights, who are both said to have requested more time from Duff and Phelps. The talks, the source added, centre on “funding structure and the footballing side”.
This is understood to mean identifying possible sanctions which could be put on Rangers in the future by footballing authorities. There is no fresh deadline on announcing a preferred bidder.
googybhoy,
“The talks, the source added, centre on “funding structure and the footballing side”.”
What a brilliant quote. What’s holding up buying a football club? Well money things and football things. Nothing too trivial then?
To be fair to Thomson (i know, I know!) he had no option other than to send Izzy off, as Izzy and everyone there and watching on TV well knew.
Izzy was hobbling badly due to injury, but I believe we had already used all our subs. Its the last min and they break away. Izzy last man with no-one near him and the hun, Izzy cleaned him out…….id have done exactly the same BTW but possibly with a bit more venom than Izzy did……think he’d already been booked and so off he went.
In fact it may even have been straight red but cant quite remember – was too dejected at that point to be honest.
HAIL! HAIL!
Token
Livibhoy
My advice fwiw is if you know how to work with excel is produce your own budget calculator.
Keep all of your bills, receipts, make a note of all you’ve spent for either a two or four wee
Addvice for Duff & Duffer
http://i.imgur.com/lQlyH.jpg
Although that may be hard for them as they have tried every trick in the book to save the tax dodgers…
Thanks for all the advice Bhoys. Realising the problem is serious is the first step.
KINGLUBO
I have been paying all this off for 4 years now. Almost there now. Hopefully I will get there sooner rather than later. Just want my kid to grow up in a more stable household than I currently have. I’ve not bumped one person I owe or ever thought about it. I had a few crazy years and spent a fortune watching the Hoops. It was silly but just daft Bhoyness! Thanks for the words of support.
LB