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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Kennedys born-again hun act could well be the first salvo in a campaign to convince the deadbeats that he represents the ‘real’ rankers vis a vis a Cowdenbeath newco and a battle for the Orc ‘soul’ (note quotation marks)
Good afternoon cqn
WHEN WILL I SEE YOU AGAIN
Sung by the Three Degrees,Prince Charles favourite group
Could be a re-release
Just a thought
The endgame.
Craig Whyte moves from the naughty step to allow room for (Brian Kennedy sanctioned) Duff and Phelps.
‘Blood on your hands…’
Wiped at the knees I’ll bet.
That so many rich men remain validation hungry egos amazes me.
God help Cowdenbeath
Cow – flatulent ruminant
Den – hollow place
Beath – Birch tree/forest
u
Brian Kennedy made history today.
It’s the first time ever a Jehovah’s Witness has made it into somebody’s living room.
A Big Big Big Happy Friday from a snow-flurry-covered (I kid you not) East Kilbride.
Out for a rare night in The Town with Mrs Baldie and others and jelly and ice cream definitely on the menu. There could be drink involved!
Right, where’s that not so subtle green shirt…
Dunky Bhoy67
It wisnae me bud it was
philhoopyloguewantsthebighouseofpainclosedasap on 11 May, 2012 at 13:42 said:
Im on to watching grandweans now :)))))))
Will the mouthy Hibee be at Hampden next Saturday?
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS on 11 May, 2012 at 17:27 said:
Nice one,to be honest hoarses have not been
good to me lately,keep losing those winners on lines.
Ah well could be worse,went to shop in Halfway,
wee galloot comes in with his red and black sock
roon his neck,spots a fellow hun standing behind
me in queue ,two of them proceed to spout crap
for next minute..soorness…bloonite…blah blah
..whyte..kinidy..sooperally…..sir wattie etc.
Try keeping a straight face with going on .
Hail hail
Neil canamalar, 17:22
Just waiting on a little delivery before we can get going. It’ll be on TV if it comes
Thems turning on each other. Rangers media complaining that FF trying to derail the new Green bid.
The antics of this Kennedy chancer are so patently obvious, it would only fool a shower of deadbeat morons. Fortuitously for him, that seems to be his target demographic.
He is trying to instill in the cloven-hoofed ones, the notion that, despite his best efforts, their glorious institution is going down the pan, and he is powerless to prevent it.
Presumably he will hang around the fringes of this disaster like a homesick turd, waiting his chance to get involved with the Newco once the debts have been written off. The worst possible kind of charlatan really, and he seems to have found his spiritual home. They truly deserve each other.
As someone else said, if he has real money to invest, why not invest it in Hibs?
Wolfgang Amadeus Mozart :Requiem
http://www.youtube.com/watch?v=Zi8vJ_lMxQI&feature=player_detailpage
Perhaps I am a tad premature, still a natural pessimist, but thought we could all enjoy while we contemplate their demise.
Rock me Amadeus CSC
OG..,
cheers pal, proof is always a good idea :oD))))
Didn’t see any of the Kennedy press conference but the first thought that struck me when others posted was “Walter Smith – wtf????”.
Unless we are all deluded and sadly misinformed, isn’t it a racing certainty that Smith will be outed at some point as being personally in receipt of an EBT?
Whatever angle you look at it – surely you could not have a more inappropriate person ‘being involved’ in PR – or are they all so arrogant that they think (or know) that the whole EBT scandal will be swept under the carpet?
If I read things right, sounds like RTC and a few others have access to the EBT list. I might be inclined to stick the names in a brown envelope and send them to AT (if he isn’t already in posession) – at least I would have some confidence that he will have the conviction to publish and damn them.
I hope the wee lassie on SSN has medical training, wee Jim Shyte looks like he will keel over. His fawning over Kennedy was “laudrupesque” and he is now starting with the “blood on hands” bullshit.
this is getting beyond parody and into scary movie terrritory.
Repost from end of last thread…
the long wait is over on 11 May, 2012 at 17:17 said:
If you haven’t already done so I suggest you read the full judicial enquiry report here
http://www.scribd.com/doc/93212354/SFA-Rangers-Note-of-Reasons
Can’t copy and paste it but scroll to Page 21 para 26.
Dynamite. No wonder Martin Bain dropped his case.
share on F’book or Twitter
This is we.
“In 2003, Celtic reached the UEFA Cup Final, where they lost 3-2 to FC Porto. An estimated 80,000 Celtic supporters travelled to Seville for the occasion.Celtic fans received awards from UEFA and FIFA for their behaviour at the match.Upon handing the award to Celtic fans FIFA president Sepp Blatter described them as being “the greatest in the world”.”
Today’s events, very reminiscent of
…THAT scene in the bunker…….when Der Furher gathers his remaining acolytes around him for one last bite of the carpet……………..
Someone has posted on RM what hotel D&P reps are apparently staying in.
Green,Whyte and Fold.
Nae dough, liquidation to go.
What a T-shirt that would make on Sunday.
A classic reminder of where the worst hooligans of all sit in the Big House.
traditionalist88 on 11 May, 2012 at 17:48 said:
Someone has posted on RM what hotel D&P reps are apparently staying in.
Dingwall will be outside it selling hoods and pitchforks
the long wait is over on 11 May, 2012 at 17:47 said:
>>>
I admit in full,and with no plea in mitigation,that I lifted my link to the report straight from your post in the last thread. I did read it and felt it was imperative that it be widely shared. The credit for getting it on here,my friend,is entirely down to you. HH !
sorry but has anyone got a link to Kennedy`s rallying call?
!!BadaBing!!
Bear on bear action then if RM is anything to go by hahaha
HH
The LAST EVER Celtic goal against the hordes of darkness. :-)
http://www.youtube.com/watch?v=CaQhxcQCbfY&feature=player_detailpage
Ernie
Re your book excerps.
But they are a club with 140 years of unsurpassed dignity!
Auld Neil Lennon heid on 11 May, 2012 at 17:25 said:
They could have used transfer in income of £19M in 2007/08 and not spent an additional £10M just on transfers, (savings from higher wages not included) to have paid off what was a £24M core tax bill and still had enough for a reasonable wage bill.
Then again the Huns we deserve better campaign and the return of the cardigan don’t do second.
When they go down ….soon
History will show they ran their club into the grave to win a 2 horse race.
Stupid stupid Huns
Jam67
Bhoys,
We are the champions and we live in magical times. Loving the show.
Hail hail
Excerpts,even…
I truly wish I could be in Celtic Park on Sunday.
Shouldnae huv left Glasgow then!
Oh well….
….I’ll be there in spirit.
jude2005
Is this the address your looking for — UCLH, T11 North, 235 Euston Road, London, NW1 2BU.
For wee Oscar.
It was posted last night
For anyone looking for an assessment of rangers role in the disaster and the Foul article which covers it — here you go.
http://www.thecelticwiki.com/page/Rangers+-+Falling+Masonry
These past few days, with the developments in the chaos/joke (you decide) that is rangers fc happening, It all has that feeling of finality, it’s all becoming so real! I mean we’ve known for about 2 years that this is how the show will run.Now we are here and its very surreal.Entering the final stages of death for them,…I must admit, I’m dancing a merry jig inside, and my soul is singing like a bird..
I tell you what, whoever gets to write a book on this whole saga is onto an absolute fortune.
Paul 67
As always, I’ll bow to you’re superior knowledge re: the shambles across the road.
But, If you don’t mind…..I’d like to throw a wild guess into the proceedings.
If you remember on here a couple of months ago, some CQNer posted the latest rantings of….Looney Tunes Leggate and, Leggo was of the opinion that, DD had ‘planted’ CW into the huns to finish them off, bring Scottish football to it’s knee’s and, Celtic would get invited out of here ?
The more you think about it……
Hail Hail
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS @ 17:22
On the subject of suing D&P I’m sure I read (on here or elsewhere I can’t remember) that D&P’s agreement with the players regarding their salary reduction was actually a wage deferral rather than a wage cut.
Meaning that once the agreed time fro the deferral had elapsed the players would not only be due to their original salaries but the deferred sum which would be owed also.
I thought at the time that this seemed odd as this would be the administrators creating more creditors but I’m sure it was what I read.
Anyone have any recollection of this at all
HH
/Bishop B
KevJungle – “1st Flag on the JUNGLE roof for, LENNONS LIONS”” on 11 May, 2012 at 17:56 said:
>>>
Now,would that no be the best final twist!