This afternoon the Blue Knights (plural!) held a media conference as Paul Murray and Brian Kennedy explained their “credible plan” to rescue Rangers. The quantum of their bid was:
£5.5m cash on delivery of a CVA, £500k of which is for delivery of Craig Whyte’s shares.
£2m dependent on European earnings in the coming years.
£3.5m the company will collect from those who currently owe Rangers money.
Uefa have confirmed that they regard UK companies who dispose of debts via a CVA to have breached their insolvency rules and therefore be ineligible for European competition for 3 years.
It is likely that the administrators or any liquidator would be able to collect much or all of the £3.5m earnings from Rangers debtors.
Mr Kennedy said “the tax case is irrelevant to this CVA”. Mr Murray was a director of Rangers during their controversial EBT period which led to the big tax case. The tax authorities may consider the “the tax case” more relevant than Mr Kennedy.
Mr Murray and Mr Kennedy were both clearly exasperated that Duff and Phelps felt unable to accept their offer to take the club through a CVA. Mr Kennedy could not have been clearer that attempts to establish a Newco would fail, that only a CVA would enable Rangers to survive and it was now too late for this. On Radio Scotland last week Mr Murray explained that, in his view, a CVA was necessary as a Newco could not survive without European income for three years.
Throughout the media conference it occurred to me that perhaps they don’t know Uefa’s rule on a CVA. Unfortunately the question was not put to either man by the media. When asked if they knew if the other bidder had put more money on the table Mr Kennedy said, “I don’t care if [ours is]the largest bid”. Perhaps, but creditors will, and under an enormous amount of scrutiny, Duff and Phelps are likely to car a great deal.
It will be interesting to hear how Duff and Phelps respond but in summary, my two key questions are:
Would HMRC accept a CVA from a director of Rangers during the operation of their EBT scheme?*
How deliverable is the £2m dependent on European income considering a CVA would exclude Rangers from European football for three years?
The plan was flush full of irrelevant details they had clearly spent a lot of time on, such as the non-exec support of former managers, and a Rangers FC Constitution, forbidding the club from spending more than it earned, but sounded light on how it would convince HMRC to accept a few pennies in the pound from a company with such a chequered tax history, and was potentially slapdash on the European income element.
*Mr Murray suggested he would withdraw from the consortium if Craig Whyte objected to his participation but the lack of attention to HMRC’s view on him appeared to be an obvious oversight.
You can buy a hard copy of the new issue of CQN Magazine via Magcloud here.
The graphic below is just for a flick through, to read the magazine go here to it’s dedicated site.
1,267 Comments- Pages:
- «
- 1
- ...
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- ...
- 34
- »
Dreadful from Brian Kennedy this afternoon. To talk of “blood on their hands” given what has happened this season is a complete disgrace.
He looks perfect for the Huns. Golf/rugger club bore, full of himself, dreadful retro-1980s dress sense, and overweening sense of entitlement.
I see his pr guy has released emails between D&P and Kennedy on FF tonight. Bully, coward, self-publicist… No wonder they all love him.
roy croppie on 11 May, 2012 at 22:45 said:
:)))
Upstairs in The Brig Inn. What was that called???
Eric
Rollercoaster,good on ye way the quiz.
Hamiltontim take a bow ,it’s great to see that
all the teachers in Scotland are not as thick as
Ally’s waistline.
Hail hail Bhoys.
Was sick of tired of all the so-called Celtic fans the last few months phoning up on snyde saying theat scottish fitba needed the rankers blah blah, but that clown on the ‘show’ tonight saying he is not renewing his SB was surely taking the biscuit, was’nt he? Def stitch up.
CRC hope you still kept a wee badge for me, just visited that Paypal shop.
HH
The Planner on 11 May, 2012 at 22:48 said:
I left in 81 so you probably looked up to me as a role model. Thought most likely not.
:)))
Eric
WWC,
Exactly. I’m saying the closest I got to an apology was, “We were bad. Daddy will sort cos we are the people”.
Thought about this long and hard but in the unlikely scenario that Celtic had been cheating to such a degree I would withdraw my support, totally not just finacially, in a heartbeat.
Thank goodness I’m a Tim. :-)
TGSC,
Sailing On….
St John Doyle
Row C appears to have been the VIP row.
You, Taggsy, ScotPatsFan and myself. Didn’t see you.
Any chance of a civic reception invite to commiserate the passing of a fine institution.
There will be solemn tears of laughter.
:-)))
MWD
roy croppie on 11 May, 2012 at 22:36
With todays technology perhaps the media will be able to brainwash them with Struth.
Struthpac and Smith Dogg
Warning some naughty words within the link.
You have to hand it to Rangers. They consistently attract utter bampots to their cause. Brian Kennedy is a certifiable loony. He was consistently leading a volatile fanbase down the garden path to feed his own ego. Turning up dressed like an extra from Miami Vice just sums him up.
“I don’t like being in front of the cameras”
Aye right, I bet he films himself shaving
SCHADENFREUDE
From “The Bears Den”
We re gonna die
The administrators will make sure of it.
Having just driven past Ibrox to see how the “protest” went, there were around 10 poor souls in a state of despair – gutting it was.
Unless there’s the biggest turnaround since Helicopter Sunday and the administrators come to their senses and get on the blower to Brian Kennedy then we will be liquidated – no doubt about it.
The other bidders ? They will liquidate us because there’s no time to carry out due dilligence for a CVA.
The apathy within our support has killed off Rangers and moreover, the Protestant following that adore the club. We have failed Rangers and all that the club stands for.
Celtic have won. The Catholics have won.
Shame on us.
HA HA HA HA HA HA HA
Kennedy, Hibs?
Personally I think he has found his true home somewhat late in life.
So sad that this revelation has come just as they are about to burn in hell….
:-)
Of course that post from The Bears Den was probably a tim winding the clowns up
Celtic_First on 11 May, 2012 at 22:38:
It was there alright many a hangover, it has been a few different names, Odens being one, still there next to Red Bridge Flats.
Blantyretim:
Sent him a text?
hamiltontim:
You ask Bundoran Bhoy but not me, I will have a shower and put on some deodorant…:)
Keep the Faith!
Hail Hail!
Rogue:
I bet he films himself w@n&£ng…
petec like it :)
eric is it Pharaohs? and you’re an old git :) I left St Maggies in ’85 but the ‘Brig was the place to be.
Shirley the sale sharks guy is the saviour, worth 600 million I hear….
jimwhitesafudcsc
HH
I’ve just received this reply to an email I wrote in February. It came from Derek Grieve, Head Of Sport and Physical Activity Policy.
“April 2012
Dear Correspondent
Thank you for your correspondence to Scottish Ministers about statements made on developments at Rangers Football Club. I have been asked to reply.
The Scottish Government fully recognise that it is vital that both individuals and organisations pay their taxes in a timely manner as taxation is essential to the economic and social development of Scotland. I would like to reassure you that any comments made by members of this Government have always stressed the fact that we expect Rangers FC, or any other football club or business for that matter, to meet its obligations to the taxpayer. We have also recognised the importance of an agreement being reached between the club and HM Revenue & Customs which ensures that tax liabilities and debts are met.
Duff and Phelps are the appointed administrators and we want to see an outcome in the best interests of the staff at Rangers, their supporters and the game of football in Scotland as a whole. We have offered the administrators the support of our national programme for responding to redundancy situations, Partnership Action For Continuing Employment (PACE) to assist any employees who may be facing redundancy and PACE representatives are maintaining close contact with the administrators. PACE support is always available and is always offered to anyone and everyone facing redundancy, PACE have offered this type of assistance to Scottish football clubs in the past and stand ready to assist any football clubs and other companies in the future.
You will appreciate that the administrators are taking forward the process of assessing the business and securing an outcome in the best interests of all the creditors. It is therefore too early to comment on potential outcomes however I want to be clear that no public money would be offered to bail out any football club and this remains the case with Rangers.”
February seems such a long time ago but I’m sure comments made by members of the Government did NOT stress that they expected Rangers to meet its obligations to the taxpayer. If they had I wouldn’t have written to them.
If they are finally getting round to reply then it is may be because they have been inundated (could have been), they couldn’t be arsed (maybe), or they finally recognise they backed a loser and want to distance themselves from Rangers (most likely).
Just in
Who won the quiz?
Enrico Dandolo nicked my Crusade on 11 May, 2012 at 22:52 said:
The Planner on 11 May, 2012 at 22:48 said:
I left in 81 so you probably looked up to me as a role model. Thought most likely not.
:)))
__________________________________________________________________
An old git indeed! :-) Yep, I used to run about the playground thinking, there goes Enrico – role model to the Coatbridge Etonians.
http://www.youtube.com/watch?v=129kuDCQtHs
Dancing in the Dark
In memory of Clouds
WITS,
Was that an admission of timpostering? :-)
You can never tell with that lot.
TGSC,
Sailing On….
What is the Stars on 11 May, 2012 at 22:54 said:
“Shame on us.”
Well, that last sentence is accurate.
I said it over a year ago that they are being systematically shut down. The tipping point at Government level was the Manchester Riots when they cheated their way to the UEFA cup final. The then PM Gordon Brown and Alex Salmond (chief cook and bottle washer to his own vanity) respectively were using words in the MSM as “Disgrace” and “unacceptable”. It was then that I think it was decided with the hiheedyins that (not just because of Manchester) but for the good of 21st century Scotland that (for obvious reasons) their “demise” for the betterment to Scotland’s future image is a necessity.
After all that has been happening to the Foe Malign…. Who’s to say that my version of events that may or may not come to pass… are any more unbelievable than the MSM or D&P spin on theirs?
Pray Tell…. Or am I really paranoid… ;)
JD
While you people were engaged in the frivolous pursuit of answering totally irrelevant questions, I had taken myself onto a higher plane.
I was taking on board the simple teaching of the wisest man ever born.
It may have changed the whole course of my life…..
Blessed are the poor in spirit,
for theirs is the kingdom of heaven.
Blessed are they who mourn,
for they shall be comforted.
Blessed are the meek,
for they shall possess the earth.
Blessed are they who hunger and thirst for justice,
for they shall be satisfied.
Blessed are the merciful,
for they shall obtain mercy.
Blessed are the pure of heart,
for they shall see God.
Blessed are the peacemakers,
for they shall be called sons of God.
Blessed are they who suffer persecution for justice sake,
for theirs is the kingdom of heaven.
______________
It was only when I contemplated that last Beatitude that I realised why it was so BLESSED to hear the death-rattle of such a malignant & incurable entity.
As Judas once whispered to Doubting Thomas,..’ Hell scud it intae them.’
˙sʇɹɐʍ ǝɥʇ ǝɹoubı ˙suoıdɯɐɥɔ ǝɥʇ ǝɹɐ ǝʍ ˙ɔɟ ɔıʇןǝɔ ןıǝu /o\ ouɐʞ ˙pʍ sɯɐǝquooɯ on 11 May, 2012 at 22:53 said:
*****************************************
I would need a much bigger room than the last one could be beyond my organisational skills
But could be willing to try!!!!!!!!
CRC will see you on Sunday for the CQN badges .
HH
The war is over and the Rebels have won.
Here’s the difference:
http://www.youtube.com/watch?v=W3L7RKaCORs
A wee blast from the past.
Still the same old same old.
long video, some cracking stuff in it tho.
http://www.youtube.com/watch?v=cvkfJM6DrCQ&feature=related
The Legend Johnny Doyle, 23:01
They aren’t being shut down, it’s more that they have nowhere left to go, through their own arrogance and sense of self entitlement blinding them to the world shrinking under their static feet
roy croppie on 11 May, 2012 at 22:45 said:
:)))
Upstairs in The Brig Inn. What was that called???
Eric
———-
That would be garfields
I was once thrown down the stairs at the club d France. Both flights! Do I get in the gang?
Guys,
Those of you who have been following wee oscar’s battle with Neuroblastoma will know that we are in London while he is getting radioactive MIBG therapy. I made this video just to demonstrate how radioactive he actually is. It was the first time i did it, and was genuinely shocked myself!!!
wee oscars radioactivity
Poor little guy! We are worrying about our exposure and practically scrambling to get out of the room, and there’s him sitting with it right through him, literally seeping from his pores.
Really hope this works!!!
Knoxy
Lennybhoy
I just took it for granted that you’d be there :-)))))
knoxy
God bless the wee man..
The denizens of Follow Follow and Vanguard Bears are employing top lawyer Donald FindlaysonofWilliam to sue every poster on every Celtic site under the Cruelty To Animals Act 1835 which seemingly outlawed bear beating.
Who knew?
Knoxy
Thanks for making me realise I’ve got nothing to moan about.”God Bless You Oscar!!”
He is such a little warrior!
Takes it all on the chin, rarely gets upset. I suppose he doesnt really know any better though.
Im not looking for sympathy or anything by the way, just sharing his story!
Feed the Bear
http://www.youtube.com/watch?v=vAIRUy0IGz4&feature=related
Stringer you’re in :)) Garfields right enough !
I’m away to give Monica a big hug and thank the lord for my blessings.
knoxy
did you get a pub for Sunday?