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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The Good Ship Celtica. on 12 May, 2012 at 00:07
“As Celtic fans we should be proud of all we’ve achieved in life without having to join any secret organisation to get there” Fergus McCann, Nov 93′
Petec
My priority would be a quality Centre Half
for the CL.
Watching Jools on Beeb2….can’t wait for the new Tom Jones album after hearing some of the songs from the follow up to Praise and Blame.
T4
FRed C always one of my fav psoters – you were promoting G&W before anyone
I dont have a short m,emeroy
excise the ytpos
who gioves a F about thst in the real world????
remember they used top laugh at and ridicule dyslexias
sure had a few but no as bad a sd the writing reads jusr thse od 10 mm here or ther on the press iff a jey
i dont read vacj cant be ardse
I STILL LOVWE THE CELTIC
concentrated on that 6 letter word – that is…..
IMPORTANT
HAIL HAIL
Wow, that’s an incredible viewpoint posted by zimmerman from the darkside. They don’t do protesting as it’s not the Rangers way? The same kind of attitude that said everything would be fine, they would never go into administration, that every Brian, Paul and Bill would the saviour, that they run the show. I really hope they belt out ‘We are the people’ in Perth on Sunday. A mantra and viewpoint that has contributed to their downfall. Too funny.
Zimmerman
Was just about to comment that what astonished me on F.F.was the absence of accusation or venom directed against ourselves.
Then I read the last comment.
It`s all a papish plot,so it is.
macjay1 for Neil Lennon on 12 May, 2012 at 00:52 said:
There’s more comments where we are mentioned in that light,don’t like to post them on a site like ours though.
tommytwiststommyturns
Sky is just the top of the Sports Media pyramid.
The name suggests it, everything has been compartmentalized already.
We are in a system where the SkySports News regurgitates the compartmentally insane Local journalists and their unique view/reporting on Scottish football.
I agree with you that the Board are focused way too much on Sky, when if we free’d ourselves from the whole system with individual and Revolutionary thinking, the sheer numbers of our support could start something special.
Wish my old Dad was still here to witness their demise.
Got to thinking about Saturdays after he got home from the match – he used to sit in the front room and play his old 78’s (he used to close his eyes and listen to the music – am sure he was replaying the game in his head).
This was one of his favourites:
Mario Lanza
lochgoilhead bhoy on 12 May, 2012 at 00:44 said:
The Good Ship Celtica. on 12 May, 2012 at 00:07
“As Celtic fans we should be proud of all we’ve achieved in life without having to join any secret organisation to get there” Fergus McCann, Nov 93′
____________________________________________________
Amazing quote.
Just listening to Paul67 on shortbread from thurs night,excellent stuff.
well done Paul.
zimmerman on 12 May, 2012 at 00:55 said:
Ah.That explains it.
Just thinking.
The plot? Murray and Connery?
Just joking.
petec,
“the sheer numbers of our support could start something special. ”
been there done that
http://www.youtube.com/watch?v=Gn9WWliz_zg
Praecepta
I preferred the Elvis version at the time.Now I`m not so sure.
http://www.youtube.com/watch?v=iQmHG1tWX88
estorilbhoy on 12 May, 2012 at 00:35 said:
totally disagree, I was brought up protestant, presbyterian etc etc, utter nonsense you mention.. Its just a certain type of businessman from the east who are really poor.. hence why the real succeses in Scotland are from the west (eg Tom Hunter) or North (That Wood guy).. Edinburgh is all about Speculating chancers, Glasgow and Aberdeen are the real enterpreneurial centres of Scotland..
SDM.. what a Sham! his time/day will come..
Fred C. Dobbs on 12 May, 2012 at 00:33
Once again, Awesome m8.
Last year me and the wee man went with hope in our heart that Celtic would win it on the last day of the season.
I won’t be there on Sunday as the wee man has a game and he will not get to enjoy the delights of being Glorious Winners as well as Glorious Losers.
I am quietly confident he will be at a few Title wins over the next few seasons. ;))
Make sure you have the 2012 Fred C Dobbs signature youtube out ASAP. It will be amazing I know.
Celtic is now the King of Lilliput.
TTTT & TGSC
Thanks. I always intend to post more but…..
On a serious note, I have found the blog a less reasonable place recently.
Annoyingly dominated by those with entrenched opinions who, no matter how systematically their points are dismantled, pop up the next day repeating exactly the same nonsense.
I have made serious and (so I thought) well thought out points on here many times before. The comparison to Porto for instance.
That viewpoint was demolished in short order via a discussion on work permits for non EU citizens. I conceded and I didn’t come back on the next day ( a la ernie lynch) and start repeating myself.
It’s only my opinion, but I believe it diminishes the value (and interest) in any debate if one party just wilfully ignores all reasoned argument.
It becomes very annoying when they persist in incessantly repeating, day after day, what discredited opinions they believe to be, oh, so incisive and penetrating.
Sorry for moaning, but I have been on CQN from the beginning, and it annoys me when I find myself avoiding it because of the repetitive bores.
It’s difficult to scroll by when they are always on.
Rant over
Yogi
http://www.youtube.com/watch?v=ukNYJmKuHuM
This is the day
canamalar
The Ki is to unlock it and negate Sky……….
Are all of the BBC Scotland guys off twitter? Are they worrying about the legal stuff for the upcoming documentary?
Might be interesting
yogi..,
apology not accepted, martyrs not required
zimmerman on 12 May, 2012 at 00:19 said:
A selection from F.F.
My god I think they’ve got it.
Cheers for that. Hilarious.
stupid huns
More.
With each passing day getting more and more deflated..This is turning into a pantomime sick of it.
——————————————————————————————————-
Disgusted by the way D & P have conducted matters
——————————————————————————————————–
ery annoyed, I dont know who to trust
I dont believe a thing the admins say
I think the BK might be genuine but dont have the dough
The rest of the stuff like Walter and Souness taking over…to me is media hysteria
Hope im wrong
—————————————————————————————————-
Sickening
It’s now hit home that I may have watched my beloved club, as we know it, for the last time.
————————————————————————————————–
Can’t even begin to put it into words. Think this could be the end.
—————————————————————————————————
fter just watching BK statement on skysports i really f***n hate D&F bunch of money grabbing c***s, destroying our club, so ANGRY right now need to get out befroe i smash somthing up in the house
—————————————————————————————————–
Bunch of crooks.
————————————————————————————————–
This is such a low point I have to say.
I was advised by a finance toe person to expect brinkmanship but this seems to be a whole new level
—————————————————————————————————–
Sick, angry, used, lied to, confused, and just a wee bit hopeful that something will happen to let TBK back into the fray
—————————————————————————————————-
Anger and sickened by the dolts who are running administration.
End game is being played and there is no way out for us.
Its what the b*****d Whyte wanted from day one.
We say there will always be a Rangers, well tonight our club is dying a death that should never have been allowed to happen.
F@ck you Duff and Phelps you scumbag b*****ds.
—————————————————————————————————
I feel empty.
Its like death by a thousand cuts.
As often happens I’m having a shitty time in other areas of my life too. Shitey things always just pile on top of each other, don’t they??
I just want an end to the daily soap opera starring my club.
—————————————————————————————————-
If its a newco, I am finished and won’t be back. Sad and heartbroken that a club I followed through thick and thin has finished in this fashion.
——————————————————————————————————Numb, beyond belief to be honest. I think what has got to me the most is that we, as a support, are on the verge of eating our children!
To be honest for the the last few years I’ve been expecting administration, but I always thought it would come if we lost the BTC and got really shafted with penalties. Now I’m just as certain as I was then about admin the liquidation is coming. I have no idea what would happen then and that unknown factor scares me the most.
—————————————————————————————————-
This stuff goes on and on….its making me cry..hee hee………….Z.
Celtic fans argue and debate issues that surround our club with passion and intelligence and any other subjects inbetween, the topics discussed on Paul67s blog are so far reaching its like an education on its own
Try and debate with a hun which ive done quite a lot recently regards there plight is ls summed up by there replies which go from unbelieving, calling you a liar, it will be all sorted ,then they resort to there stock in trade replies which are WATP ,No Surrender ,FTP which dont make any sense whatsover, that to me sums up there mentality
petec,
the ki is to be consistent, making excuses make new rules, deal with the existing rules, there is no excuse for exceptions unless a two teir system is acceptable.
yogijunior3 on 12 May, 2012 at 01:06 said:
well said mate, its a shame that CQN has become what it has.. :( a wee friend of mine.. MWD… has turned into Mr CQN and rules the roost.. very upsetting.. Its just a wee virtual get together FFS! Time certain folk realised that!
Cliques always destroy human collectives…
Anyway, carry on!
This is the End
My ugly friend
This is the End
My ugly butt end..the End
Of your elaborate plans, the End
For which everything you stand, the End
No safety or surprise, the End
I’ll never see your ugly puss …again
Can you picture what will be
So limitless and free
Desperately in need…of some…stranger’s hand
In a…desperate land
Lost in a Roman Catholic wilderness of pain
And all the billy boys are insane
All the billy boys are insane
Waiting for the summer shame
Oh Mary concieved without sin Pray for us that have recourse to thee
http://www.thesacredheart.com/n3.htm
This is a cracker,
I’m sitting wondering WHAT THE **** IS HAPPENING with this whole situation! These f**ny admins told us at the start of this shit that liquidation was unlikely, now it seems like they are hell bent in making sure this is what happens!
Where are all our legends? Why are they not leading us when a leader is what we need to unite us? Where are our 9inarow team? Where is John Greig? Why is Walter not speaking out? The only Rangers men who seem to be doing anything or speaking out are Super Ally and Sandy J! My Heid is ****ed with the whole thing and it is making me sick to think that our club is on the brink and the only people who call a press conference is BK and P. Murray? These guys on the face of it are telling everyone on the news that WE ARE ON THE BRINK and still nothing from our Legends!
WHERE THE **** ARE THE RANGERS MEN?
Can I be one of the bores, please can I , please I want to be one……
WTF, I am and I know I am, so feck it.
The wifes birthday on monday, the big 50, not a happy bunny, all Lennys fault btw.
I told her that the hun might get blended on her birthday, wrong thing to say, she want’s a small white dog, here’s me thinking that them gone was a good pressi, would have thot after all these years that no more huns would be good enough for her, can’t please them women, so you can’t.
MAAH
Agree that there is a healthiness in the way
we discuss and debate issues regarding our club.
We are open to criticism and are able to express
our views, free from retribution.
Keith, wonderful name as its my Da’s.. I hear ye HH
ZIMMERMAN et al.
What you are seeing on FF is what the more articulate among them are feeling!
Remember that,and be careful when you are out and about for the next wee while.
The loyalists in NI when they realised the game was up were not above throwing pipe bombs at five year old kids.
And they still had a place at the top table!
When the huns go bust,we’ll be having a party,some of them will weep,others will be angry.
Many will be hellbent on revenge……
canamalar,
Sky is a beast, there is no doubt about that.
You are totally correct.
“No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. Ye cannot serve God and mammon.”
I would like to think that the way Celtic have prospered lately without the need of MONEY, that it will have a Profound effect in the Celtic Boardroom.
Money rules is the Cry or will it be Cries?
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
I hear you,an orc at my work insists daily that the boys across the watter will sort it out.
I know it’s a wonderfull name