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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Mort,
was thinking stats on nappy changes :oD)))))
hail hail onwards and upwards.
Neil canamalar Lennon hunskelper extrordinaire on 12 May, 2012 at 02:16
It is merely a Good convergence.
;)
Margaret McGill on 12 May, 2012 at 02:13
Indeed. But they stole a tenner because they couldn’t stomach a level playing field with the taigs.
In a sporting sense there can be no doubt you’re right.
However, in terms of the bigger picture, the real world. Whether that be culturally, racially or ethnically, the demise of the most deeply disgusting, corrupt and contemptible Orc, is surely the more important event?
I do my best not to stoop to their level but right now it’s a bit difficult not to revel in schadenfreude?
Cheers
Yogi
yogi..,
do you think rangers should make a statement apologising to the british armed forces for undermining their basic survival resources ?????
Here´s tae us Whaes like us Guiy few & they´re aw dead.Up the Celts
This is an absolutely beautiful song. The album is keech,but this is a gem:
http://www.youtube.com/watch?v=jwnwx3OvKw8&feature=youtube_gdata_player
yogijunior3 on 12 May, 2012 at 02:18 said:
Greenlion2 on 12 May, 2012 at 02:02 said:
Fancy a beer on Sunday
Ding Dong The Huns Are Dead!
macjay1 for Neil Lennon on 12 May, 2012 at 00:52 said:
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.
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
2010 Never Again
Perhaps one day they will come to realise the “Unseen Fenian Hand” simply had enough of the cheating and corruption and said “No More”
Mort great news congrats to you and your good lady and welcome to the World Declan. What a fanstic year your having Mort and wee Declan will be able to say he was born in 2012 the Mhayan Year of the No more Rangers.
I know its wrong but I really enjoy those quotes from fallow fallow. I can feel their pain. They can’t be serious thinking that the last chance saloon is a man callled Mr Green. Anyway we doesn’t have Bill or Billy as a first name. I am still putting my money on a late bid from Wilhelm Keonig.
Have a magic weekend bhoys the Sun is shining and its not the end of the World …for us. Tell it what its like AB.
IRFIRFC continue in a very f**cked up way.
This is the end my friend
Neil canamalar Lennon hunskelper extrordinaire
Fir the love of mike! This has been your standard hun outing question for as long as I can remember. Change of tune required surely?
And yes, that would be very funny indeed! And warranted as it happens! There can be no denying their deprival of precious resources to HM Armed Forces and, If the figures are right, 20 spondoolicks to every man, woman & child in Scotland.
PS as you previously showed an interest in this field by characterising me as a martyr.
Did you hear that Susan Boyle won an award for her work against terrorism?
Once the jihadi’s saw what a real virgin looked like…………
Cheers
Yogi
Gordon
What’s the benchmark
Is there any substance to these status
Learn from whom ?
One mans dignity is another mans cheating, lying , stealing, sectarian behaviour
The premis is extremely subjective ..
Too many questions too late … Good Night
Congrats Mort,
Great time of year to help with the late / early feeds, baseball and the basketball play-offs on the tv, sometimes burping them takes a while!
Even if you don’t watch the action, plenty of stats for you!
Enjoy.
Greenlion2 on 12 May, 2012 at 02:36
OK. I’m now so confused I think my vodka might be spiked!
Possibly with vodka.
Cheers
Yogi
Here was me making my excuses for not blogging much.
Amazing what can be achieved when the Missus is out for the night and you ignore twitter.
Nearly done though.
Cheers
Yogi
yogi..,
a classic is a classic :o)
refusing to countenance the possibility is a tic in the wrong box :o)
defending avoidance is another discussion, not to be confused with the profound tennet.
:o)))
http://www.youtube.com/watch?v=HrqgVXLyQzE
Awesome
Here’s a late night thought for you :
Time only exists because consciousness perceives it.
Think about it.
02.42
I completely disown the comments made.
Someone is making mischief.
Miki67,
listen theres a ghuy on here whose name is “genes a bhoy’s name” or somthing like that.
So he’s telling me ma auntie gene is ma uncle gene, ffs, somebody tied baws tae ma auntie gene and your trying to do what ????
:oD)))))
I’m sick of watching them break up
Every time some bird brain puts us down
Making jokes on the radio . . .
Guess it helps them all drown out the sound
Of the crumbling foundations
Any fool can see the writing on the wall
But they just don’t believe that its happening…..
Hey Johnny…..can’t wait until Saturday night!
Folks Oíche mhaith
Cheers
Yogi
Charlie Mulgrew.
Player of the Year.
Don’t stop believing
So many sacrifices are required by so many to get working class people to the pinnacle of their profession.
CM is now an inspiration to so many players, Neil Lennon is a Genius, there is no doubts about that.
yogi…,
“And yes, that would be very funny indeed!”
No a joke, I would not laugh if such an apology was offered, I was raised to accept contrition.
hail hail
CM is now an inspiration to so many players, Neil Lennon is a Genius, there are no doubts about that.
apologies.
gerryuk7 – thanks for the great suggestion!
Paul Brady now belting it out in my office in Baku, ready for the arrival of my “just can’t believe that it is happening” integrity-challenged colleagues.
Hopefully “This is the day”!
A wee song for D&P, TBK, MBB, FF, RFCIA et al
http://www.youtube.com/watch?v=7LKk9op-RAA
GIRUY
Teuchter
Neil canamalar Lennon hunskelper extrordinaire on 12 May, 2012 at 02:59 said:
>>>
Strange wee universe we inhabit *~*. HH!
http://www.youtube.com/watch?v=C2ZKQfp7D6U
Knoxy,
What you posted was both humbling and endearing. It made be catch my breath and squeeze my eyes closed. What point pride or prejudiced when a fragile kid fights such a battle.
I hope Oscar gets better, I pray for him and his dad and mum.
Mort,
Congratulations mate, I am so pleased for you and the good wife. You guys don’t believe in procrastination.
My very best regards.
http://www.youtube.com/watch?v=F1iSIIAyEtk&feature=related
Emotion, a random Swedish man being interviewed.
Barca utilised this footballer effectively…..
Man U….. certainly were greeting when he never stayed on.
kitalba on 12 May, 2012 at 04:24
We all should try to limit these painful experiences by cutting out MSG and Aspartame products.
http://www.youtube.com/watch?v=9FeOtSNU900
You are a man that has documented so many comments going way back.
One of my first years comments on CQN would definitely be about sweeteners and the fact they were dangerous for consumption.
kitalba on 12 May, 2012 at 04:24
I think it is really important that people realise that “diet” means “Excitotoxins”.
CHARLIE MULGREW
CHARLIE MULGREW.
Defo off to bed now.
God Bless those who will keep exposing what the hell is really going on.
………………………
QUESTION EVERYTHING.
Did I just fall into the twilight-zone?
Re-signing Forster the priority but Celtic still able to spend big
By ALAN PATTULLO The Scotsman
CELTIC captain Scott Brown will finally get his hands on the Scottish Premier League trophy tomorrow afternoon against Hearts. However, manager Neil Lennon’s thoughts are already stretching towards next season, and specifically the need to tie up the future of a first-choice goalkeeper.
According to Lennon, re-signing Fraser Forster is the “priority”. Otherwise the manager is aware that the Englishman will be making his last appearance for the club tomorrow after another solid season between the posts. Celtic have been linked with a move for Craig Gordon, soon to be out of contract with Sunderland. But Lennon, it seems, would prefer to sign up the on-loan Newcastle United player on a permanent deal, with a £2 million fee reported to be agreed between the clubs. The manager is beginning to get frustrated by the impasse with the player himself.
“We will get Sunday out of the way and we really want to keep him,” said Lennon. “We have a decent offer on the table. It’s just a case of nailing down personal terms. If you can get hold of his agent, we would appreciate it. He is being very elusive. We are trying to make contact with him but it has been very difficult over the last couple of weeks.
“We can’t wait forever, he is aware of that,” he added. “We have been talking for a few weeks but eventually we need to sit down with his agent and him, and thrash something out. That is our focus.”
There are others who could be making their last appearance at Parkhead tomorrow, when Celtic celebrate their first title win in four years. Lennon is aware that he might have to sell at least one big name in order to fund further moves in the transfer market, although he is confident that, if he wanted to, then there is the wherewithal to push the boat out for one marquee signing. It is, however, a big call. “We still could spend £3-4 million [on a player] if we need to,” he said. “But you have to get that one right. I am wary of that when spending that amount on one player. I need to be sure that he is worth the money and will make us better.”
Lennon has had initial meetings with chief executive Peter Lawwell as they begin preparations for next season’s attempt to make it through to the Champions League group stage. “We are having to trim the wage bill right down and trim the squad as well, and hopefully we can get [maximum] valuation for those players we want to sell,” he said. “That will increase my budget. We might have to sell one player. Ideally, we would like to keep the squad together. If we can get the money from elsewhere then we will.”
Lennon had not yet thought about what he will say when he takes the microphone again to address the supporters at the end of the game. Last season he announced that it is “not the end, only the beginning” as he eased the fears of fans who thought that a traumatic season might have taken its toll on the manager. “I don’t mean to give out these soundbites,” he said. “It’s just what comes into my head at the time.
“At the time people were thinking: ‘is he going to leave the club because of the stuff happening off the field?’ I just felt there was a lot of work to do with the team I had built. I am very satisfied with the way they have gone about their business.”
Brown, meanwhile, yesterday confirmed his availability for Scotland’s trip to Florida to play the United States at the end of the month, while he also relished the thought of lifting the league championship trophy for the first time in his reign as skipper. “It’s been four years since this club picked it up,” he said. “It is great to bring it back, especially at home. Lifting up a trophy is something you dream about, particularly in front of the home fans.
“I know we won it at Kilmarnock when it was like a home game for us, because we had the three stands. But in front of 60,000 fans it is going to be incredible.”
For those that love to read…
Appollyon Rising 2012 by Tom Horn.
The Bible talks about Appollo, and as you would ascertain, apo is a baddy of tremendous proportions. :))
2012 is a big year for the Esoterics, the Scum that hate human life and would sacrifice humans without even batting an eyelid.
The convergence of so many different occult cultures, check out ALL of David Flynns audios – he died this year, to start realising that we are being manipulated constantly.
David Flynn put the Lord Jesus Christ first and foremost in his life from all the reports, despite him going deep into dark territories.
http://www.mt.net/~watcher/
HH ALL