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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Yogi – right on cue, a poster who used to tell fellow Celts to wipe their mouth with toilet paper because he didn’t agree with them!
CQN used to be a far better blog, but I hope you post more in the future.
Good night and HH
TTTT
Mountainbhoy
The only roost I rule is the one in your mind!
MWD
Why hasn’t the CVA nonsense trumpeted by BK not been questioned
They were offering virtually hee haw for the creditors
Why hasn’t this been examined by the media … D&P have to get a deal that is the best possible for the creditors … Surely liquidation will bring in much more than the paltry sums on offer at present
D&P being condemned for doing their job
Risible
Btw BK looked like a right Hun in that tv interview
Fellas! Why the squabbling? Cancer can linger for ages.
We are hearing the death rattle!!
Don’t know if anyone has seen this but big Arturo Boruc has jsut sent out a message on twitter:
To all my rangers followers, reply what u like but ur cheating, lying rotten, bullying, smug club is fucked. And I’m delighted
Retweeted by Electronic Tims
TOMMYTWISTSTOMMYTURNS
Thanks for the advice the other day re my spat with EL and JF.
Noted and very much taken on board,and greatly appreciated.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
Hi m8,
I emailed P67 to forward my email if you ever want to have a natter. I know he is very busy slaying the hun with the WORD.
I am just finishing of a quality bottle just now.
Emporda, a 2008 Crianza, called Bahia de Rosas, 3.50, serious money btw, superb, Aldi special.
Bed time, Murcia in the morning, she who wants to go shopping has to be obeyed, no wee white dugs.
Take care and god bless
HH
KTF
Somos el Celtic de Glasgow.
test
PETEC
If it doesn’t inconvenience THE EXILED TIM too much,you might get it from him.
He may be busy planning a huge fiesta for TBO,mind.
She’ll be twentyfive soon…….
It’s more than I Believe, but it’s got heart and soul.
Time for bed.
TTTT
Ahhhh!
That’s better.
MWD
McTALL
Best tweet I have seen for a long time.
Nice 1 Artur
HH
McTall
AB is no longer a Celtic player
and his comments do not reflect well on CFC.
PETEC
Worth getting this album,but here’s a wee taster for you.
http://www.youtube.com/watch?v=MqqTYs-Ko9U
Off out,pretending to look busy again. Have fun.
BobbyM
Not a bother mi hermano, consider it done.
THE EXILED TIM
Star……..
Gordon64 on 12 May, 2012 at 01:35 said:
McTall
AB is no longer a Celtic player
and his comments do not reflect well on CFC.
+++++++++++++++++++++++++++++++++
You got to be kidding me…why?
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
TBO?
I use to be right into computers before gematria. LOL ;))
Zimmerman, everyone that has twitched the curtains and glimpsed the dark side.
Stop it I can’t take any more, where have they been?
The bears have been in hibernation!
Ma sides ma sides. AAWHAWHAHAHA……………………
Gordon, very true, but it did make me laugh out loud, considering the abuse the man took during his time with us, I think he’s perfectly entitled to voice his opinions. I should have warned about the language so P67 et all my apologies for breaking the rules of the blog and to anyone who may have been offended.
Done
yogijunior3 on 12 May, 2012 at 01:06 said:
What was your username at the begining?
MWD, man alive.. LOL! :) PS cqn is real only sometimes!
Heard this last night for the first time sung by one of the bands at The Thai Tims concert.
The Bothy Band – Do you love an apple
MWD
Moonbeams WD. Kano 1000 \o/ Supporting Neil Lennon 100%. Champions. on 12 May, 2012 at 01:34 said:
Are you in the video from last night…I am …..
Im still undecided but will do a brinkmanship
http://www.youtube.com/watch?v=C2ZKQfp7D6U
08:30 tears to my eyes, what a wee video.. HH
BobbyM
25, she wishes, and I can only reminise, I met her when she was 18, and the family all said it would only last a few months, well , feck them, 32 years later, and still going as good if not better than the begining, aye, better, every day is better.
The best thing since sliced bread, and auto matic washing machines of course.
She sure is TBO.
Mountain Bhoy
I’m pretty sure you came doon the Clyde in a sea kayak. Those Scandanavians have turned your intestines.
:-)))
MWD
Greenlion2 on 12 May, 2012 at 01:41
Never changed. I use it for most things. Lacking in imagination I suppose!
Even use it for this Twitter thingy now.
Cheers
Yogi
GL2
What video?
MWD
McTall
Agree that AB is entitled to voice his opinions.
It is just not Celtic class IMO.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS on 12 May, 2012 at 01:21 said:
ZIMMERMAN et al.
Good advice , look after each other out there always .
I’ll never forget after the cup final against them when Joe Miller scored and we won.
I’d been watching the game in the pub and was walking along Gordon Street (no colors on) and the police were “escorting” their fans along the street, one of them stepped out of their “line” punched me square between the eyes, right on the bridge of the nose blood everywhere.
The police(in close attendance in numbers ) reaction “move along wee man” and off they “marched”.
This isn’t the only time in life I’ve been assualted by their fans, my only offence looking happy and being a tim (I’ve got/had red hair).
Anyhow I stood up cleaned myself off and walked on but I learned a lesson and I now have no fear of them while always being aware of the danger around them and funny thing karma but I’ve got a great life that I enjoy every day and I’m still happy every day, in fact I’ll bet I’m happier than the majority of them.
I certainly will be on Sunday when I reach the top of the stairs at paradise and once again cheer on the famous Glasgow Celtic.
HH all
Hi all,
Just letting you know that I’m just home from hospital and Mort Jr has arrived almost on time (just a day out but i’ll forgive him that.)
Declan Liam Brennan Smith weighed 7lb 14 for those interested in those things and was born at 4.40pm. Mother and baby doing great and I’m as happy as larry.
Now to scroll back over previous articles to see if the huns are dead yet.
Mort
I know,I know,but I love it:
Glasgow’s Green and Whyte!
HH!
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS on 12 May, 2012 at 01:36 said:
PETEC
Worth getting this album,but here’s a wee taster for you.
http://www.youtube.com/watch?v=MqqTYs-Ko9U
Off out,pretending to look busy again. Have fun.
_______________________________________________
MAJESTICAL – Are you wired to my mind? :))
The Little Fluffy Clouds were always imprinted on my mind for some reason but I don’t think I ever bought an Orb album because I was more into the faster sonics back in the day. My wee Bro was into all the chill out music back in the day and he introduced me to LFC.
Quality track. Thank You.
Holy Moly full of pish
Our Word is with you
Blessed are you in Phnom Penh
and blessed is the total profits of thy doom
Holy Moly what about Ken Dodd
pray for us winners
now and at the hour of our death
Big Ben!
Mort on 12 May, 2012 at 01:47 said:
>>>
Aw ra best to you and yours!