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.
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http://m.youtube.com/watch?v=MVDXm8wBnpo
One of the songs I grew up with.
Night
macanbheatha
I was in it today, was giving it a clean and one of the dogs knocked me over and I fell in, warm enough mind you, just wasn’t expecting it tho.
In all honesty I was winding the dogs up and sort of expected it.
The offer stands.
Paul et al
Haven’t contributed in a while.
Have become a bit OCD with this new fangled Twitter thingy!
Anyway, the Thai Tims have given me good cause to consider the privilege of being associated with our club.
On occasion I have been known to be a bit ruthless. The Thai Tims though? I find it almost impossible to watch them without it bringing a tear to my eye.
If you could envision the soul of Celtic, there could be no more perfect corporeal manifestation than the young Tims.
Generous, beautiful, unsullied, talented, enthusiastic, optimistic, happy, bright & inspirational.
Is it really sinful to be as proud as I feel?
I was born Celtic. It’s been a defining trait throughout my life. I have never felt the need to bandy my season ticket as proof of allegiance. It’s so much more than that.
I was born Celtic. I don’t see as many games as I would like now, what with being based in NI and work/family etc, but the football itself is only a part of why I’m a devout believer
.
I was born Celtic. The greatness of the club, from the purity of its foundation to the glory of its achievements.
Its steadfastness and resistance in the face of bigotry and oppression. The generosity, good humour, decency and kindness of its supporters.
The inspiration, hope & light it brings to those who need help, in whatever form that may take.
The sense of community brought to the isolated, lonely or despondent.
The ethos which illuminates the rocky shore, and allows clarity in realising our good fortune, while directing us to strive for the good of others.
There can have been few times in history when being a Celtic man was so uplifting.
The carnage across the city, when compared with sereneness of the Thai Tims, and the realisation that doing the right thing, the decent thing, the fair thing, the responsible thing, has eventually reaped the ultimate reward.
They are no more. We survive, we flourish and we advance.
I was born Celtic. Because of my old man. How lucki I am.
If I hadn’t been, I would still have taken one look at everything this Club stands for, and run over broken glass to support it.
Whatever the future brings, whatever happens elsewhere, nothing will change how I feel about this club of ours.
I was born Celtic. So were you.
Hail Hail
Yogi
Doc is Neil Lennon on 12 May, 2012 at 00:08 said:
Thanks for that – beautiful song. Must take you right back.
S
I have beeen listening to this tonight, must have played it about a dozen times, the Mrs was singing it earlier, she would be just about as good as Rachel at singing it, anyways,here goes.
http://www.youtube.com/watch?v=8ELdWiYopuw&feature=related
yogijunior3,
What you said.
TGSC,
Sailing On….
tommytwiststommyturns on 12 May, 2012 at 00:05
I totally agree.
That lot, the bitter blood relatives, want to destroy us 24/7.
Not once has anyone apologised to the rest of Scotland.
The whole of Scotland is SICK of Rangers.
If Celtic play a brand of football that brings in the people, who knows what will Flourish in Scotland.
Scottish Football needs to rid itself of the debt mentality and if that means playing players who will play for free or very small amounts. GO FOR IT.
Money ruins everything because of human nature.
This Sky TV contract nonsense is just that. Nonsense.
F*** Sky/Murdoch they have destroyed football in its proper form.
Celtic and its Board of visionaries switched tracks when the access to the big money leagues were denied – whilst competing with a cheating ESTABLISHMENT ffs.
I cannae remember the Auldheid parable about wait and see but it is so right in so many ways.
A selection from F.F.
This is like watching a close family member dying a slow death, David Murray and Craig Whyte what have you done.
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Sick to the Pitt of my stomach. Head about to explode , so much pent up hate and anger , I have been snapping at her indoors for no reason can’t take much more !!!!!!!!
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Absolute sick, think I’ve seen my team for the last time!
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Upset is putting it mildly, hanging on with my fingernails
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Charles Green is a British Bill Miller. He’s not interested in our Club, never has been, never will be.
I think the Rangers FC is now entering it’s last days.
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im in work and feel like f*ckin crying
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Can’t find words to describe how i feel just now
Duff and Duffer are complete and utter b*****ds!
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Press conference was like a doctor giving you the bad news you really didn’t want to hear. Pretty sure the club is about to go down the tubes. Difficult to be optimistic after that press conference.
I always thought that d and p were professional, but hearing that conference it sounds like they have been at it for months. ****ing disgraceful.
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feel sick, frustrated, angry and pretty much helpless.
it’s like being on death row waiting for the guard coming to take us for the final walk to the electric chair, hoping a phone call to the governor will save us.
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Angrier and angrier that people with no connection or love for my club have/ are screwing Rangers over for a fast buck.
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I just don’t know how to feel , Im actually in tears here having to through this. There has to be someone willing to but our club and take it to where it belongs
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Its just like the situation with Greece The media keeps saying a deal for restructuring will be done next month then next month again , but every dog in the street knows its going down the swanny. Glass half empty loyal
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Sick as a dog
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ngry, disgusted & reflecting on what might have been.
I still don’t think that it is over though.
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I’m resigning to the fact that, we and Scottish football are now f****d.
And at this moment in time I am blaming they b*****ds Duff and Phelps
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I feel numb absolutely gutted and so fecking angry. David Murray and Craig White you pair of b*****ds for what you have done to this glorious institution the FAMOUS GLASGOW RANGERS.
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ompletely bemused, beleaguered and frustrated. Murray left us in a desert, the vultures circled, Whyte feasted on the remains and now the rest are vying for what’s left. I f*****g hate them both with a passion. D&P seem totally out of their depth. I’m gutted the Kennedy/Knights bid was spurned again, they seem to genuinely have the clubs best interests at heart. As for Green, I have to admit I know nothing other than what I saw on Blades boards. Another day, more depressing news.
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This is the end. I can’t see any way out for us.
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Defeated. Its all over.
Its been a long long time since I have posted.
Like many of what Mr 67 says, and I second, third, fourth and infinity that………….. I just want to avoid the histrionics and hysteria
There is no way back – there is only one show in town
so here’s a CHOON
MY WAY
http://www.youtube.com/watch?v=VLui_8t2thc
Knoxy
Respect to you and your family – keep going knowing we are all willing good things for you all
Gordon64 on 12 May, 2012 at 00:07
HH m8, sorry about last week.
They sing of hatred and killing.
We sing of freedom and loving.
Simples…..
Their club, attitude, and culture reflect their songs (and vice versa)
Hail! Hail!
God bless Francis Hughes R.I.P
zimmerman
When we say they are fecked it’s good, when they are saying it, it’s music to the ears :>))))))))
Zimmerman
PLEASE keep ’em coming. A joy to read…!
And then ther is this… a gift from Stuart and Orde
http://www.youtube.com/watch?v=E4dSRpSnPOU
always corects eror
Wherever this flag is flown,we take care of our own.
Cults
The young fella needs a shift or two, his last job has finished.
A day here and there would be enough, if you know of anything, give him a text.
THE EXILED TIM
I am the exact same, I need to cut it down a lot. As sure as eggs are eggs when you win well you then gamble more. I should have quit last season but the season before was poor, the season prior to that was good.
I think Mr Jobo is the wisest weatherman on the ol blog but also a top tipster for the smaller accumulators.
Celtic are Rolling Rolling along nicely now.
Exiled
Has he done offshore survival?
Petec
Agreed with your post 00.17
Take care pal.
HH.
by the way, BK is the type of Scottish (east coast) business guy I have met lots before, believes his own pish and has done a wee bit of good business in his time.. steam roller meeting tactics, brain away with the fairies, uses aggression… but has never stepped up beyond that, hence his love of the camera..
amazing that the huns history is reliant on these really sub-standard Scottish EAST COAST businessman !! PMSL!!!!!!! (saying that, wasnt it the same group that financed the 9 in a row and european domination!) OK time to stop SPECULATING!
And btw been lurking all this time, often only reading leadesr so apologies if missed AND there must be many in this wonderful site
Knoxy – no words
Thai Tims – wow
man who brought his daughter into the world – :UCKY LUCKY YOU ( well now that it is done and can looik back – bet at the time you were chitting it :-))
BTW – i dont bother cirrecting typos – no point
those that mind dont matter – those that matter dont minf
HAIL HAIL
Any links to the SFA report condemning John Greigg?
I always thought his silence was indicative of guilt of some sort. He has had fingers in the cookie jar .. EBT? Loans?.. Complicit in wide moves?
petec
I will be doing single bets.
A 50 cent stake, and if I win say 5 cents, I’m up, that’s how I will use the 12 euros.
It has to stop, this is my last, and I really mean that, it’s been taking over my life, I don’t have too many breaths left, so I need to start living it to the full, rather than sitting at the computer wondering who is suspended, who is injured, not worth it any more, made a good living from it, don’t need the hassle any more.
Thank you Neil
See you on Sunday
Ghuys help me here
need to change the link on my name – How dfo i do that
Please Please Help me now
and I aint no hurtin hun
HA HA HA HA HA HA AH AH
still want to change the kink – cos business partne3rs are of the CW or DM brigade and no longerdo i want t promote them
Excellent posts from FF. Beautiful reading. All while my team are champions and being run correctly.
So they do comment on something other than kaffliks, who’d have thought it?
Yogi – you need to post more often!
petec – one thing that I don’t like about our board is that they would never do anything to upset Sky, as it might affect our exposure outwith impartial, unbiased Scotland.
Hmmm what exactly do Rupert’s mob do for us? We get peanuts in return for messing our fans about with kick-off times/dates.
If we had visioniares, people we could truly trust to govern the game in this country, then we could talk about re-structuring the game, re-distribution of TV revenue, etc. but we’re governed by cowardly pigmies.
The Bunnet would sort them out….!
T4
Mountain_Bhoy is Neil Lennon on 12 May, 2012 at 00:29 said:
by the way, BK is the type of Scottish (east coast) business guy I have met lots before, believes his own pish and has done a wee bit of good business in his time.. steam roller meeting tactics, brain away with the fairies, uses aggression… but has never stepped up beyond that, hence his love of the camera..
amazing that the huns history is reliant on these really sub-standard Scottish EAST COAST businessman !! PMSL!!!!!!! (saying that, wasnt it the same group that financed the 9 in a row and european domination!) OK time to stop SPECULATING!
MBNL – totally with you there on aggressive mode, think its the presbyterian upbringing. Or the “we r the peepil” upbringing. So obvious.
Cults
No, he needs the work to pay for them, his Ma and Da are refusing to bail him out this time.
He will get a grant to pay for half, we sorted that for him btw.
FRED C Dobbs
Ynwa
THANK YOU
pyfinl
Gordon64
Thanks.
Any ideas of the players Neil is looking to bring in?
More delights for your delectation.
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I never thought this would be the end, but I’m starting to fear the worst. I just can’t see anyway out of this mess.
I pray I’m wrong.
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I’ve been fairly positive up until today.
Now I’m very worried after watching Kennedy on SSN saying he has done 2 weeks worth of due diligence, could move in tomorrow and things could be straightened out, but there is no more time left to do so if D&P don’t act now.
The new lot have done no due diligence so what are the chances of them doing a Bill Miller once they finally see the books?
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Devastated,disgusted completely exhausted by everything.
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How am i feeling?
Angry,very very angry,and sick to the pit of my stomach.
Dont know who to be more angry with tbh,SDM,Whyte or D and P.
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The feelings on here show just how much out of their depth the duff & phelps two are. The lack of communication and continual turning down of the ONE ONLY BID THAT IS BEING MADE FROM PEOPLE WHO HAVE FEELINGS FOR THE CLUB is incredible. From the off they said liquidation was not what they wanted and they wanted the best for the club, the fans and the creditors. Therefore it shouldn’t just be about money but about sustainability and money. WE, THE FANS provide sustainability by turning up, buying merchandise, or even investing. So in the absence of the London group having clear links to us sustainability could be difficult to fathom.
I feel dreadful.
Here come the beers…
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It’s extremely difficult to try and articulate how I’m feeling, though I suppose it is a mixture of emotions.
Upset at what is happening to my club, dread at the thought of my club going to the wall, anger that this has allowed to happen, compassion for my fellow fans, disgust at those who are culpaple for what is happening to my club and regret that my kids may not be able to experience the joy I have had at being a supporter of my club.
In between all of that, there is a an optimistic hope that this is all a bad dream and I’ll wake up very soon.
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I am heartbroken
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Absolutely drained.
Also, very angry that the Administrators fail to meet every reasonable deadline.
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I feel f*****g sick. and really worried
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Feel sick.
I’m absolutely raging.
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im raging.not only with d murray,whyte,duff and duffer,but with the taigs,the spl,the sfa,scotland as a whole, and most sadly our apathetic support and the “leave the protests to the tims mob” and its “not the rangers way brigade.”get up of your arses head to ibrox for one last stand.life without the rangers would break my heart.lets take to the streets.no surrender.some of you will still remember that saying.
(one of my faves) hee hee !
larssonse7en,
A pleasure :O).
estorilbhoy on 12 May, 2012 at 00:35 said:
what does speculating mean?
THE EXILED TIM
Thanks for the funny emails btw, they do bring a smile to this grumpy face.
I Hope your small amount wins plenty.
On the way home on the bus on Tuesday
and heard Bill Murray had decided to withdraw his never was bid.
Could not stop laughing.
Jump to today and The Blue knights decide to withdraw their
second bid that never was.
Is this the rhythm method bidders ?