In order to give a fuller picture of what the next few days could hold there is one useful piece of information but first a recap. Back in October I predicted the Cunning Ruse to liquidate Rangers and phoenix as a Newco. Then, when Duff and Phelps first invited offers to purchase Rangers assets we predicted only Craig Whyte’s proxy would be in a position to complete a deal.
Given the situation the proxy will inherit, one final prediction – based on some solid information:
The proxy hopes to start from the Third Division.
If Newco inherits Rangers share in the SPL and competes there next season it is liable for fines and penalties due from the SFA and SPL, including what will be the most severe censure handed out in the history of British football after the Improper Registration of Contracts issue is concluded. They will be hamstrung for many years, perhaps decades. They will also need to pay domestic and international football debts.
However, if the start from the Third Division, they do so without any legacy baggage from the old Rangers FC. This would allow Newco a predictable three year penury and allow them time to engage with supporters of Rangers before returning to the SPL in 2015. Season 2015-16 would be business as usual.
This is not a decision Bill Proxy can take, however, what happens to Newco is in the hands of the SPL. Listen out for Proxy’s puppets suggesting the Third Division route.
For us, it’s popcorn time, the ice-cream is stocked and the sparkling stuff is in the fridge, but in all seriousness, past, current and now future owners have absolutely trashed that football club. To paraphrase Tarantino, they’ve got medieval on their… face.
Pop! And they’re gone!
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Paul67,
I DO so hope it is curtains for sure this time. Long may they rot.
RE: The 90 days, this should explain matters….
“if the Club has not suffered an insolvency event within 90 days of the Club’s appeal in relation
to the tax claim brought against the Club by HM Revenue & Customs (the “Tax Case”) being
finally determined, then The Rangers FC Group will either waive the debt that it has acquired
or convert it into equity by way of an issue of new voting ordinary shares in the Club. The
acquisition of the debt by The Rangers FC Group is described further at paragraph 2 below.
However, The Rangers FC Group has separately undertaken to the Club that it will waive the
debt that it has acquired and not exercise its option to convert it into equity as provided for in
the Agreement;”
HH
thehuddlehound on 2 May, 2012 at 11:25 said:
jc2 @ 11:20
I seem to recall that the wording at the time was
“ if Rangers suffer an administration event within 90 days of the tax case verdict “
implying that only the BTC was relevant(!) to the abolition of the MBBGEFAKACW’s floating charge
Oh and good morning from a scorching el Medano on Tenerife, and I must say this wee place is one of the best places I’ve ever taken a holiday. Then again I hate resorts, the only drawback are the amount of crusty’s, the dreadlocked crusty’s need a wash.
All of a sudden a NEWCO emerges which passes the sniff test to be a replacement Rangers.
What about all of the other clubs who would like to join the SFL are they just written off?
This would be a NEWCLUB, nothing to do with any justice for Rangers.
Why the rush here, to introduce:-
a) a new company
b) new directors, not only to Scottish Football but to British Business.
c) start up companies generally get tax relief, are we now paying for a newco?
d) a club run by an overseas business man with no history in this country
e) as the preffered bidder has not been named, how can any agreement be reached with either the SPL or SFL?
f) what happens if agreements are put in place then the bid falls through?
g) allowing this is like building a pub in a dry area and expecting to get a license
rogueleader , was a pleasure meeting you as well . No problem with anything else and thank you v much for the donation.
Looking forward to getting down to The Rebel County and meeting up with anthony , assuming he hasn’t ‘lost’ my details .
Tim Malone Will Tell 10.42
Remember singing that song whilst playing the washing board.
So, if white owns the shares and assets, can someone explain exactly what d&f are selling ?
Anyone know any good Chinese restaurants in Glasgow?
I’ve heard Ho Wong and Amber Regent are among the best (or at least the longest-established and most reputable). I’ve also heard that See Woo restaurant is amazing, but I can’t be bothered heading out that way.
I’ve decided to dine out Chinese-style, breaking a long tradition of eating almost exclusively in Glasgow’s many magnificent Indian restaurants.
Thanks Sannabhoy 11:38 and TheGreenManalishi 11:36.
So the 90 days starts from the BTC verdict, not from the iA date (whenever that actually was). Cheers!
RogueLeader on 2 May, 2012 at 11:35 said:
Cool.
Tonight’s commentary from ibrox:
There’s peepul on the pitch.
They think it’s all over……It is NOW!!!!!!!
Poordeadking on 2 May, 2012 at 11:45 said:
My personal preference is Ming’s in Princess Square.
HH
TheGreenManalishi(WithTheTwoProngedCrown) on 2 May, 2012 at 11:48 said:
Thanks, mate.
canalamar
Duff & Phelps have authority to run the company so they can sell any assets of the company that they wish without intervention or permission from the shareholder(s).
Whyte’s shares, not so much.
Poordeadking on 2 May, 2012 at 11:45 said:
Anyone know any good Chinese restaurants in Glasgow?
Try over Ibrox way theres one called…..nah we would start one of those competitions
sannabhoy – don’t get out a great deal these days and took far too much advantage of Anthony’s hospitality. :)
He is a Celtic gent, I can almost guarantee your details will not be lost….
If expulsion from the game for exdirectors of corrupt fc is the verdict, how many new positions will need filled at the sfa?
Som mes que un club,
If Rangers disappear from the SPL before the season ends Dunfermline and Hibs are safe from relegation and Ross County come up, so 12 teams.
If Rangers disappear after the season ends, Dunfermline or Hibs go down and Ross County comes up making 11 teams. Dundee would be next in line for an SPL place, assuming they finish 2nd in the first division.
Once you pop,you just can’t stop!
poordeadking
The best Chinese in Glasgow, nay Scotland is Yen in The Rotunda near the SECC
Our new away kit will be launched at Lennoxtown at approx 12.45 this afternoon. News and pics to follow this afternoon (gk)
Celtic FC
RaRa…,
If that’s the case why have they not sold any ?
Poordeadking, my favourite is YEN at the North Rotunda next to SECC. A few reasons, 1. Food is superb, 2. Easy and free secure parking outside 3. Lunch time / pre-theatre is a steal at £10 for 2 courses.
Any time I go to the SEC I book a meal in there and leave the car in their car park, saves giving £4 rip off pounds to NCP
Poordecking, should have said go upstairs, its teppanyaki downstairs Ok but upstairs is better
I’d also like to repeat an idea I had a few weeks or was that months ago, I want the board to bid for the Hun brand, to be Kept with the rest of our trophies :0)
thehuddlehound on 2 May, 2012 at 10:41 said:
jc2 @ 10:13 – don’t know about the 90 days thing, but when did RFCiA actually go iA? Didn’t D&P make an erchie of it initially and then have to return to the court a couple of weeks later to officially go iA?
————–
Bingo Is that the stupid mistake that has scuppered their cunning plan?
But then, if it was Whyte’s plan all along he could hand over sooner, i guess.
My understanding of the heritable assets (ipox and Murrys spark) is that D@p cannot sell these as they are secured to CW as he has a standard security over the property ! If they are sold he is entitled to the funds that are due to him! Whatever these may be.
Green Jedi & Allyhuntersgloves
Thanks, Yen seems pretty popular.
Gretnabhoy,
That’s what I thought too, so again what exactly are d&f selling ?
So long, Farewell, Auf Wiedersehn, Goodbye,
Adieu, Adieu, they’re Rangers till July …..
RogueLeader on 2 May, 2012 at 10:50 said:
I believe that when the full detail of SDM and MBB activites are revealed , they will simply be chased out of town by both the neanderthal element of the Dignity support and also by the football authorities (i.e. the SFA). I believe that the SFA actually really mean that they require £200K from MBB and that he must have nothing to do with football, and I am also making the assumption that the SFA will beef-up their own rules to ensure that MBB will be required to sell up.
Also, MBB is a fly by night character (apologies broke into a Spiersy there) and that he will not want to be around Ipox for long, take the money and run is his modus operandi ………I cannot see MBB sitting there renting out the ground to Tow Truck BIll or anyone else, MBB will be a short lifed phenomenon in Scottish football history …..
Still, guessing the end game is really tricky, however it strikes me that what we have are a bunch of suits (lawyers, accountants, businessman) taking a good game, lots of buzzwords , creating the impression that they actually really know what they are doing and that there is a grand plan ….. I suspect this is far from the truth ….. the only principle guiding this entire process is that MBB will not lose any of his personal money …. everything else is just ‘noise’ as far as he is concerned.
May14liquidationcfc
Poordeadking on 2 May, 2012 at 11:45 said:
Anyone know any good Chinese restaurants in Glasgow?
there are no good traditional chinese restaurants in glasgow apart from the Loon Fung- they offer both westeren and traditional.
The Rotunda is dreadful for chinese and the poorest teppan I have seen anywhere in the world. The best for western would be the Amber.
Go to the Loon Fung if you want to eat with chinese people.
for rotunda see Yen
Gordon_J backing Neil Lennon on 2 May, 2012 at 10:18 said
Its a no brainer. As I said before the one thing of value that Rangers have that is transferrable without fear of litigation and totally in their own hands is the support.
It does not even have to be Ibrox.
Costs to win will be low and no warchest expectations to fuel risk taking.
But no brains is a feature of this episode.
They will wake up one morning and wish they had thought about it.
I don’t want to spend the rest of my life
Looking at the barrel of an Armalite
I don’t want to spend the rest of my days
Keeping out of trouble like Peter Lawwell says
I don’t want to spend my time in hell
Looking at the walls of a prison cell
I don’t ever want to play the part
Of a statistic on a goverment chart
There has to be a despicable hun
It tries to deceive everyone
There has to be a despicable hun
A hanging rope when the whole day’s done
It’s dark all day, and it glows all night
Factory smoke and acetylene light
I face the day with me head caved in
Looking like something that the cat brought in
There has to be a despicable hun
It tries to deceive everyone
There has to be a despicable hun
A hanging rope when the whole day’s done
And they’re only going to change this place by
Killing every club in the title race
And they could buy me for a cigarette
But I don’t even wanna die just yet
There has to be an despicable sun
It tries to deceive everyone
There has to be an despicable sun
It gives us hope when the whole day’s done
greenjedi on 2 May, 2012 at 11:00 said:
Cumbernauld for the Gers , good shout but I am not sure that the Council would want to be associated with Dignity.
May14Liquidationcfc
Thanks very much Whitedoghunch, I’ve been meaning to try Loon Fung. Actually. I used to write advertorials for the guy who owns/owned it, Jerry Wan. He had Hong Kong Cafe and Nanakusa too, I think.
He always used to bang on about how authentic it was, but all restaurant owners do that, so I tend to take it with a pinch of salt.
Dunno if it’s still open, but the Hong Kong Cafe was great for a cup of tea. Ask for Dai Pai Dong (sp?) tea – it’s awesome.