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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311 Comments- Pages:
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philvisreturns on 23 April, 2012 at 13:21 said:
You little poet…….LOL……!!!!!!!
Timbhoy2
Stokesy is just grand at Celtic Park. I wouldn’t be surprised if adecent money offer came in for Gary (I’m sure the EPL is where he wants to play).
Hooper – I’m sure they’ll be a few English teams looking for another bargain like Jelavic (tin hat on). Every now and again the English realise that there are decent players up here.
(BTW can’t believe Jelavic is Everton’s top goal scorer).
Gordon J:
Spot on.
I’m also hearing that HMRC’s VAT recovery unit is trying to get Duff and Duffer removed as administrators this afternoon in the High Court in London – anyone able to confirm?
Steinreignedsupreme on 23 April, 2012 at 13:34 said:
Isn’t Hooper the top scorer in Scotland?
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Fair enough but there’s been times I think he could have done with a rest.
Big Think Agency, Glasgow £14,265.60 – You have to have a big one for a “big hoose”, same goes for Brite Bulbs of which you cant have too many if the hoose is tae stay open for the long term!
One thing I noticed yesterday was that Tony Watt has a similar running style to James Forrest. Slightly hunched and stiff armed. Is this a new running technique taught by the sprint coach at Lennoxtown?
BTW it is a rhetorical question. I just thought there running styles were oddly similar.
philvisreturns
Sounds like the Strongbadia flag. How would you go about drawing the dragon?
Gary Hooper will keep improving as a striker, I hope he stays at Celtic, I am sure he will be looking for to Europe this year as will all our young Lions.
SP
So no one has any gen on nhow Ibrahim Rabiu is getting on?
Vmhan supporting Lenny and his Lions on 23 April, 2012 at 12:58 said:
Philvisreturns,
I was in a meeting this morning and at the end informed my english colleagues that it was St Georges day, none of them knew or seemed bothered other than to say he wasn’t even english.
An excuse for a bevy seesion wasted (thumbs up… I think)
……
He could still get the England job.
Philvis
Then your shipping would truly be safe. No one would mess with a ginger warrior princess or her umlauts, which I trust would be proudly quivering.
Swiss
JMS1888 wishes he was Neil Lennon
Sorry to hear that mate. Hope there are brighter times ahead. The lack of council housing is a frustration. My parents were able to get one and eased their worries. We live in a different era these days where it is important to buy a house or flat as young as possible. I will probably need to work until I am 70 to pay a mortgage off as I haven’t got myself on the ladder as yet!
I don’t owe enough to get a Insolvency agreement. I just wanted to get a new motor and put a deposit down on a house. I will just have to be patient.
LB
Philvisreturns, and to you.
You could be onto something!
From Ranges Media
“Definitions:
A Limited Company – a legal entity which owns assets and liabilities with the purpose of seeking profit (“Company” or “legal entity”)
Newco – the continuation of a company in a legal format; usually taking assets from the OldCo whilst it’s liquidated (“NewCo”)
A Football Club – a community formed by fans working towards a common goal (“Club”)
Rangers FC, the club, the community, was formed by the Gallant Pioneers in 1872.
The Rangers Football Club PLC was incorporated on 27 May 1899. This is the legal entity which holds the Club’s assets and liabilities, the legal entity which seeks profit to its shareholders, and the legal entity which the Club aims to progress on.
As we are all painfully aware, the Limited Company as a profit making business and going concern legal entity has failed by the fact it has entered into an insolvency process.
The Club has not failed. From 1872 to 2012, fans continue to support Rangers Football Club as a Club not as a legal entity. We support the Club, the community that bonds Rangers fans; Bill Struth’s words, Rangers 1972 European team, its miserable lows in the 1980’s, its 9 in a row team, its title winning #54 team, its losing 2011/12 team. Did 48 thousand fans turn up to see Rangers old boys vs. Ac Milan Glorie in support of the Club, or the Company?
The Legal Entity is simply the body which is required by law to hold the assets and liabilities, can open a bank account, can take out a loan, can be floated on the stock exchange etc. It is not who the players play for – they play for the Club; the fans, the community, the history.
Although there are concerns over the SPL shamelessly and utterly ludicrously moving the goalposts on NewCo in a deliberate attempt to punish Rangers FC, regardless of Rangers’ format next week or in six months or in six years, the Club will still exist. Rangers fans won’t forget the SPL’s tactics and other club’s attempts to kick Rangers when they’re down. Rangers will exist after David Murray, after Craig Whyte, after the new owners, after the owners after them regardless of the legal format.
Did The Celtc Football and Athletic Company Ltd (incorporated by Fungas in 1994) lose its history from 1888? Or since 1897 when Celtc incorported? Did the Celtc fans refuse to support this legal entity, or did they continue to support their Club?
Businesses fail. Legal entities fail. Rangers FC as a Club will move on.
If Rangers got beat next week, we will continue to support the Club. If the legal entity gets beat, we should continue to support the Club.”
—
It is inevitable that thems fans would take this approach, namely, that ,regardless of the legal structure of their new organisation, their club will never die, no surrender ‘nallthat.
To be fair (apologies), and ignoring the factual inaccuracies, we would adopt exactly this attitude if our club was to be exterminated!
HH
Always thought that Jelavic was a player. It was his important goals where they won by an odd goal that took them to the title.
Well that and the fact that they were signing players that they couldnae afford on inflated saleries that they couldnae afford.
LiviBhoy
Agree with previous posters about not getting a consolidation loan, at least not from a bank.
Best thing to do is to keep a track of everything you spend for a month, even the very basics. Come up with a simple excel spreadsheet showing your income on one side and then on the other side put down every bit of expense.
When any direct debits come out of you account, put them in the expense side.
When you take out any money from ATM, put it in.
When you go to shop to buy anything from card, put it in.
Also, when paying for anything by cash, stick this in a seperate column.
At the end of the month, you will be able to see very quickly what the major expenses are and what (if anything) you can cut down on to reduce this and to give extra money towards debt repayments.
Get debt free first before trying for anything else. The Citizens Advice Beureau will help put you in contact with agencies who can help you reduce your debt quickly.
It’s not easy but small steps will help a lot.
Best of luck.
Mort
RogueLeader
You spoke earlier of a Unicorn being chased down the road, if we add this Unicorn to the Gorilla and the Elephant in the room then we have an ever increasing gathering of animals, given the financial predicament of thems has it been clarified who will take ownership of these poor creatures when the inevitable comes to pass?
Thanks in advance from a very concerned animal lover.
Hamiltontim
And all that cheating. And the honest mistakes.
Interesting post on the Rangers(IA) thread on TalkCeltic, how dignified is this? :-)
DiVHoops
Had a drink with a mate of mine on Friday night who works in recoveries for a big energy company who supply both Celtic and Rangers. Celtic get a bill every 28 days for around £50k which is paid automatically by direct debit 14 days later without fail. Rangers pay about the same and for 3 1/2 years before hey went into admin the power company had to send collection agents EVERY month. When they went into admin the company wrote off the £187k Rangers owed them and started a new account after agreeing to with the Admins. The first bill come along and NO PAYMENT! They eventually had to threaten to send a team of engineers to physically cut of their power supply before they paid it.
C1st
Ye but apart from all of that….:-))
Still think he has talent, he should just never have been playing in the SPL for them.
Che:
Fiver bid for the unicorn on its way to Duff and Duffer…
I’m leaving the gorilla for you as it befits someone with your username…
SunnyBhoy on 23 April, 2012 at 13:41:
Sometimes it’s easy to forget Hooper, like most of our squad, is still a young player who is developing his game.
Hooper has a great goals to games ratio – something like 45 in 80 appearances.
Celtic have still to get the best out of the guy yet. But to be fair he is in the team on merit.
West Wales Celt on 23 April, 2012 at 13:41 said:
Gordon J:
Spot on.
I’m also hearing that HMRC’s VAT recovery unit is trying to get Duff and Duffer removed as administrators this afternoon in the High Court in London – anyone able to confirm?
+++++
Was looking for it, but thus far have been unsuccessful.
West Wales Celt on 23 April, 2012 at 13:41 said:
”I’m also hearing that HMRC’s VAT recovery unit is trying to get Duff and Duffer removed as administrators this afternoon in the High Court in London – anyone able to confirm?”
D&P were appointed by the Court of Session. If HMRC wanted them removed they would apply to the court that made the appointment.
RANGERS administrators Duff and Phelps do not expect to name a preferred bidder for the Ibrox club today, as they resume talks with the Blue Knights consortium, it is understood.
• Talks to continue throughout the day with the Blue Knights back in contention
• Bill Miller submitted £11.2m bid on Friday
• Duff and Phelps to issue an update on progress later today
Duff and Phelps said on Friday that they would look to proceed with American businessman Bill Miller’s £11.2m bid today if no other offers were forthcoming.
However, the Blue Knights consortium, led by former Ibrox director Paul Murray, are back in talks over submitting a fresh proposal and, in broad terms, both bidders have asked for more time to look at issues such as funding and potential sanctions.
The Blue Knights were in line to become preferred bidders more than a week ago but could not immediately pay the £500,000 exclusivity fee and then stepped back after discovering potential partners Ticketus were negotiating with Bill Ng’s Singapore group, who have since withdrawn.
Ticketus, the London-based investment firm whose money helped Craig Whyte buy Rangers from Sir David Murray last May, are owed £26.7million by the club but they, like Whyte, have been ignored by Miller.
The towing tycoon’s plans involve transferring assets to a new company and trying to achieve a CVA (company voluntary agreement) with the existing company.
However, there remain huge questions over his bid given it is dependent on receiving written assurances from the football authorities that a new Rangers would not be punished next season.
The Scottish Premier League clubs are due to vote on April 30 on proposals that would see ‘newco’ clubs deducted money and points for several seasons.
Duff and Phelps, who have previously stated they require unconditional bids, will release an update statement later today.
Livibhoy
Have you looked into a shared equity scheme with a Housing Association? I’m not completely up on the ins and outs but my new neighbour had one of them in her previous home (before she married my neighbour).
That you are in full emplyment would be beneficial I would think.
I wouldn’t be over anxious on a car though. That would be a big drain on your finances. Once you’ve got your finances sorted out then get a car unless you need one for your work.
West Wales Celt on 23 April, 2012 at 13:55
I sincerely hope your bid is successful, but you do realise that if more than one person bids, or indicates an intention to bid, or even if they dont bid, or even suggests that their friends brothers wee sister intends to bid there may be a delay in a decision being made.
Just saying like.
Swiss Tony
At least England didnt nick their flag from the Red Cross. And they’ve actually got some ships.
Note for wild-food enthusists.
The St Georges mushrooms will be coming through just now -very tasty.
Make sure you dont pick a wrong one or you’ll end up like ranglers.
Che on 23 April, 2012 at 13:50 said:
RogueLeader
You spoke earlier of a Unicorn being chased down the road, if we add this Unicorn to the Gorilla and the Elephant in the room then we have an ever increasing gathering of animals, given the financial predicament of thems has it been clarified who will take ownership of these poor creatures when the inevitable comes to pass?
Thanks in advance from a very concerned animal lover.
——————————————–
Che/ rogueleader,
One problem.
Remember – we dont care what the animals say…
Ernie, Dirtymac:
I was told Phil Mac had tweated to this effect but as I don’t use twitter I can’t confirm. Do take your point about the court of origin. Guess I may have been given Duff info….
Che:
I can wait for my unicorn; what about your gorilla, is he not vital to the cause?
British Gas £1,562.42
Scottish Hydro Electric £62,527.30
Scottish Power £302.44
Unicorns & Utilities – It takes alot for the big hoose
Of course I did demand that I shouldn’t have to pay off the livery fees and would receive 6 months supply of hay as a condition…
keepingitreasonableCSC
merseycelt
Sounds good apart from the flaw that their definitions are factually incorrect.
In 1872 (or 1873), a football club was founded and operated as a business as an unincorporated company until 1899. In 1899 the club became an incorporated private company called The Rangers Football Club Ltd. The reasons for incorporation were simple. Incorporation creates a seperation between company and shareholders so that individuals cannot be held personally liable for the debts of the company.
The club did not become a PLC until 1982. In 1982, the club changed from a private company (Ltd) to a public company (Plc) and its name was changed accordingly to Rangers Football Club Plc. This allowed its shares to be traded on the stock market and was eventually bought by David Murray.
In 2010, Craig Whyte using his company Wavetower purchased David Murray’s 85.3% shareholding in Rangers Football Club Plc.
The Rangers Football Club Plc is the exact same company that was set up in 1872 with only changes in ownership and name since then. When it becomes liquidated, it is no more. The club is the company, there can be no seperation between them.
Rangers supporters are confused by Celtic’s corporate structure but it too is very easy to explain.
In 1888, a football club was founded by Brother Walfrid and others. This too was an unicorporated company. In 1897, the club was incorporated to become a private company called The Celtic Football and Athletic Company Ltd.
In 1994, Fergus McCann bought the shares in Celtic Football and Athletic Company Ltd and it was then that he decided to float the company on the stock market. To do this, he (like Rangers had done 12 years earlier) changed the company from a private company (Ltd) to a public company (plc). He also changed the name to simply Celtic Plc. Celtic Plc is the exact same company as the one set up by Brother Walfrid in 1888.
A number of other companies were brought into the financial structure of Celtic Plc and to enable Celtic to continue to use the trademarked “The Celtic Football and Athletic Company Ltd” name that had been synomous with Celtic, Fergus bought an “off-the-shelf” company called Pacific Shelf 595 ltd and renamed it “The Celtic Football and Athletic Company Ltd”.
This company doesn’t do anything but allows Celtic to continue using the name if needed.
Quite simple really.
Mort
Livibhoy,
One further thing to consider:
If buying a house at the moment, there is only one way that interest rates and therefore your monthly payments are going to go over the next 25 years. And that is up.
Check and see what monthly payments would be like if interest rates doubled or even tripled. You might find that the situation you and your family are in just now is more secure.
Hail hail.
Craig Thompson MIB on Sunday.
What happened to the Pacific Shelf 595 money?