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.
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knoxy
Read the last link I posted, it’s mind blowing.
If you do decide it might help mail me
nohunshere@hotmail.com
I have personal experiance of this stuff, it gave my Ma a few more years pain free.
Anything that can help the wee man.
Knoxy
Oscar and you are truly an inspiration, I am full of admiration for yours and Oscar’s resolve and unbelievable strength. No sympathy, pure and complete admiration. You have an incredible we bhoy there, but you know that.nyou my friend are a real credit to yourself and your family.
You, Oscar and your family are in my prayers.
Ktf
hh
bjmac
O.G.Rafferty on 11 May, 2012 at 23:32:
You can catch me here lennybhoycfc@gmail.com
If you e-mail it will save me going through Paul. I will reply in the morning as I’m going turning in shortly, can give you a bit more. And I’m waiting on something back, which I should get in the morning.
Keep the Faith!
Hail Hail!
Knoxy2000
Times like this I wish I still had some faith so I could say a wee prayer for you all. Might do that anyway.
Failing that, hugs for the wee man.
S
Tom Petty on bbc4 singing Free Falling …. Brilliant reminds me of the gers. !!!!
roy croppie on 11 May, 2012 at 23:29:
Had my Wedding reception in the Tudor 4th June 1994, what a day, what a year…:)
Keep the Faith!
Hail Hail!
BT
Thanks !
Looking forward to it
Knoxy, thanks for putting things into perspective.
I am not religious but my thoughts are with Oscar, you and your family
Lennybhoy
It’s great for a wedding; had some great family doos there, Chaplin was on the pull :)))
Knoxy
I am lucky enough to receive the occassional reminder that sometimes we all take things of no importance a little too seriously at times.
The Thai Tims almost had me turn back on my decision to drop my season book if our PLC do not act as per my expectations. When in fact the PLC are really no more relevant to me than Rangers.
I’ll be back supporting the Bhoys next season for my son. Just told woke him up to tell him we’ll be taking up our usual seats and he dropped off back to sleep with one massive smile.
Thanks for reminding me of what is truly important.
Hail! Hail!
When you can give the wee fella a hug from me.
MWD
Until we meet again…
Keep the Faith!
Hail Hail!
Knoxy – all the best to you and that wee fighter. We’re very lucky to have people like you within our Celtic family and I hope the prayers and well-wishes strengthen your resolve.
God bless.
TTTT
Scottish football will flourish again when this blight is eradicated. There is No Doubt it will.
Rangers and Orange walks have to be consigned to the history books. When Protestant Churches in Dumbarton are against Orange walks polluting the town, it’s not hard to work out that we are indeed seeing the deadly end of these hateful entities.
At the end of the day, all parents want the very best for their children and when Catholic schools are consistently giving a better start to life then it will not be long before the bitter ones are marginalised to the point of irrelevance.
Lennybhoy, speak soon
CRC – many thanks again for tonight’s quiz.
HT well done – will need to type quicker to catch you.
Apologies for my delay in posting – had a phone call from a distraught one-of-them about today’s events. What could I say?
Suggested – 10 Hail Marys and a good act of contrition.
Not sure that was the answer he was looking for!!
Careful Roy !
I was single in the day but Chapliness is lurking and you wouldn’t want to cross her as you know !
By the way, I’m talking about 1977ish when Stoneface had a reputation for not being very good at preventing folks from tumbling :-)
Knoxy
You named the wee man well
For tonight’s favourite caller on Clyde1 tonight:
http://www.youtube.com/watch?v=DMwUCmuND8Q
S
petec
How are you mi amigo ?
Hit the bar tonight,again. 7 timer all under 2.5 goals, 6 up the other 4 goals, some you win, most you lose :>)
Tis the golf season tho, good bobs to be made.
Knoxy what a brave little lad you have there all the best to you And your family…
Knoxy:
I Said a Prayer for You Today
I said a prayer for you today
And know God must have heard.
I felt the answer in my heart
Although he spoke no word!
I didn’t ask for wealth or fame
(I knew you wouldn’t mind).
I asked him to send treasures
Of a far more lasting kind!
I asked that he be near you
At the start of each new day;
To grant you health and blessings
And friends to share your way!
I asked for happiness for you
In all things great and small.
But it was for his loving care
I prayed the most of all!
Knoxy
Should’ve added this
http://www.timelessmyths.com/celtic/fianna.html#Oscar
Dick Byrne on 11 May, 2012 at 23:27 said:
I will make sure to give him a hug, but only once his levels drop a little more ;-)
Thanks everyone (again) for the well wishes & prayers. Much appreciated!
Gonna hit the hay here, but one last thing… do me, oscar, and yourselves a favour and make sure you are
a) donating blood/platelets if you can
b) on the organ donor register (NO EXCUSES!!! You dont need them when you’re gone)
c) at least considering signing up on the Anthony Nolan Trust register to donate stem cells in the unlikely event you are a match for someone in desperate need.
You might just save some lives! And what a remarkable thought that is!!!”
Goodnight and hail hail
Knoxy
˙sʇɹɐʍ ǝɥʇ ǝɹoubı ˙suoıdɯɐɥɔ ǝɥʇ ǝɹɐ ǝʍ ˙ɔɟ ɔıʇןǝɔ ןıǝu /o\ ouɐʞ ˙pʍ sɯɐǝquooɯ on 11 May, 2012 at 23:46 said:
Excellent news.
Celtic cannae lose Good men because of Rangers MANIPULATING everything at EVERY turn.
Chaplin
I take it back if the special one is lurking:)))
Double AA and Zanzibar for this Bhoy…with a soft spot for the Tudor’s steak pie!
Knoxy
Thinking of Oscar
KTF
Moonbeams
Beautiful.
‘Tragedy’ and ‘Staying Alive’ have just played on my Spotify…how apt!!!
knoxy2000 eating Jelly and Ice Cream and supporting Neil Lennon on 11 May, 2012 at 23:51 said:
I’m already on the donor scheme, I will look into the Anthony Nolan Trust.
THE EXILED TIM
I’m on my worst run ever, either God is telling me to give up for good this time or, I have pee’d him off more than usual.
What an amazing future Celtic have. ;))
An Echo and the Bunnymen cover for the shame:
http://www.youtube.com/watch?v=qhh1C6zJ1YI
S
TeT
Got your Email. Again many thanks for the kind offer
Have to say the pool does look very inviting :-)
macanbheatha on 11 May, 2012 at 23:51 said:
I remember seeing that when we were considering the name. Swayed me towards it a lot more!! Lets hope he lives up to his reputation!!
MWD, good on you!!!!!!! Those smiles are priceless!
Knoxy always good to hear how the wee fella is coping/ progressing.
I take great pleasure in seeing you coming to the CQN Well regularly – I hope all our prayers and encouragement give you that little bit extra strength to cope with the difficult days.
We are all with you – God Bless!
MWD – happy for you and the wee man. The Toxic mob do not define us, so why should they drag us down when we have some exciting times ahead of us?
The only way we’ve truly sickened the enemies of Glasgow Celtic is by our success on the football field and hopefully that is what we’ll witness over the next few years.
The laughter of our children….
T4
petec
I have transferred my seasons winnings to the credit card, better than I had hoped, I have 12 euros left in the account, and have decided if I lose it no more, I am serious, it’s been taking up far too much of my life, hours a day, really not worth the bother.
My problem is I get a buzz win or lose, that mi amigo is a serious problem, I really need to give it up.
But I will use my 12 euros, small bets and see how far that gets me, when it’s gone, it’s gone, just like the hun.
Aye, we do have the world at our feet, it’s Celtic time :>)))))))
Petec
Hope you are well pal.
HH
Knoxy
You and your family have my respect and total admiration.A gentle reminder of what
is really important.
Moonbeams
I have been following your posts about your conflicting dilemmas.The smile on your
sons face is proof you made the right decision.HH.
knoxy2000,
Thanks for the blood donation reminder. Usually a mobile unit comes to the office but the last take up was so low they never came and I haven’t been to a centre since the first time I donated. That will change before the month is out.
On another note does anyone have the full quote relating how Celts can have pride in their achievements as earned and not given through associations. Think it was Fergus but my Google search has proved fruitless.
Cheers.
TGSC,
Sailing On….