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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Kitalba
Is one A. Johnston not also a partner at KPMG?
1st?
lostin
had to log back in or I would have won…. 0))
Saturdays are usually dull when we don’t have a game. Is anything happening today to change that?
Goodness me even the DR is off message, the times they are a changing!
Right lets start with those stupid 5 stars…
Top of the morning to you all from Fife where the sun is shining brightly on a fresh May day.
I don’t like to say this but I believe that some of the bad things people have been saying about our boy Craig just might be true.
I still can’t help but like the wee scamp though.
I love CQN
Roy C
You still about?
From an expulsion from the league to a 12 month player transfer ban; I suppose there isn’t too much of a difference when you stop and think about it.
Donald Macinnes: Why I wouldn’t cry if my former team Rangers went under
Donald Macinnes, The Independent
I don’t understand the complex economic narrative unfolding in my home city, whereby Glasgow Rangers football club fights for its life after years of financial stewardship which can only be described as “Greek”. As words like “broke”, “soup kitchen” and “jail” get bandied around, with me being a former Rangers fan, you’d think I would spend my days crying at the kitchen table. But this will never happen. Why? Because we don’t have a kitchen table. And as I allow that revelation to sink into your conscious minds, like a welly in a swamp, I should probably explain why I am a “former” fan.
While it’s certainly true that I attended Rangers’ Ibrox Stadium many times and sang the songs and ate the pies and shook my fist at the Celtic fans, there came a time when I just couldn’t do it any more. Thankfully, once my electronic tag was removed, I returned to the stadium for more singing and eating and shaking. But having done that for a few years, I grew tired of it; tired of the songs about Catholic people being evil, sneaky; spawned by weasels; tired of the chants about we Protestants being altogether better; more groovy and less likely to make potty on the carpet. When all is said and done, football matches between Rangers and Celtic may be the most exciting of their kind in world football, but whatever electricity causes them to vibrate as much as they do is generated by lager, bigotry and, well, lager.
I’m sure I will get hate mail about this column, because I haven’t lived in Glasgow for 15 years and I’ve rejected my kind, blah blah. The bottom line is that I moved to London so I could live and work among people who really don’t care which god I bow to. When I tell them about my broken relationship with Rangers, I still get English people (non football fans, I should add) saying to me: “Rangers… that’s the Catholic team, right?” And I love their ignorance. Oh, to not know.
So maybe the best thing to happen to my home town would be the dissolution of Rangers. While I wouldn’t cry tears, many would. But I may have a solution to their angst. Let’s see Celtic (who have always, certainly publicly, been seen to lead the way when it comes to abandoning sectarianism), make the grandest gesture of all and welcome all of those unemployed Rangers players and bereft fans into their arms, creating a combined Glasgow team. Everybody’s happy and Scotland moves forward into an optimistic future.
Next week… Palestine: my three easy steps to a lasting peace (including cross-border badminton).
CQN Saturday Naps Competition – Week 39 Results & Standings
Voguepunter leads the way, going into the final week… of the CQN Naps competition… and of the soo’side bluenoses ! :o)
+£22.00 voguepunter (6)
+£15.05 Som mes que un club (4)
+£ 7.83 fleagle1888 (7)
+£ 5.00 tommytwisttommyturns (4)
+£ 4.75 Cathal (8)
-£ 0.42 bobbymurdoch’s winklepickers (7)
-£ 3.67 Rockon (11)
-£ 4.92 Raymac (6)
-£13.25 Eurochamps67 (6)
-£13.25 What is the Stars (4)
-£14.25 BULL67 (3)
-£16.00 wolfetonebhoy (4)
-£16.50 twists n turns (3)
-£26.00 Che (2)
-£29.50 hunza rugli (2)
-£30.50 PFayr (2)
-£33.00 The Token Tim (1)
-£39.00 oldtim
*No selections from – Eurochamps67, PFAyr, Raymac, The Token Tim, wolfetonebhoy
Good luck lads,
Cheers, fleagle1888
The Daily Record has just discovered that things weren’t as they seemed over at Ibrox. What a shock, eh? I mean no one knew any of this. Their star reporters didn’t get a sniff. If only there had been information out there …
But seriously, the number of friends that the club has is reducing steadily. After years of defending the indefensible they are realising that us paranoid tims were actually right all along. If the Daily Record can’t stand up for them then they must be truly Donald Ducked.
Kitabla
my favourite wine
http://chateaumusar.com/
Ragers appeal QC has stated that, having fully considered the SFA report, he intends to base the appeal on the following:
Gonnae no dae that …… just gonnae no.
lymmbhoy
how is OZ?
Need to change your moniker now lol
Was worried that it was I who broke the blog earlier but glad to see that it was in fact conzaloni ;-)
nameandshameCSC
Only way ill move up that Naps table is through a CVA
conzaloni
He is an accountant, but I don’t know if he ever worked for them.
If the daily wrecker is printing this,then just how bad is it going to get for many involved in this ballooning scandal?
http://www.dailyrecord.co.uk/news/scottish-news/2012/05/12/rangers-in-crisis-sfa-dossier-reveals-how-david-murray-was-aware-of-craig-whyte-s-record-86908-23856470/
‘The Clubdeck’ what was that all about?
Stupid Huns
I wonder what today will bring, will the Green Knights coming riding into town or stay where they are???
whitedoghunch
My favourite wine is the next bottle in line on the rack.
Not had time to read back, so hope no one beat me to this…
Havethe Blue Knights been replaced by the Green Brigade?
Hahahahahahahaha
HH
Good morning Celts, I missed the auld CQN this morning but still had the craic on twitter with some excellent CQN’ers et al. Jobo logged in and gave his weather report, then Offski for his run in the park…… Life is as normal.
I’m away back to read zimmermans folly folly posts.
Morning all from a bright and breezy North Ayrshire.
When I tried to log on earlier, Brian Matthews on Radio 2 was playing “The Taxman” by the Beatles. Good start to the day, except that CQN was down.
Just after watching the Thai Tims @ Belfast City hall,to say the tears are tripping me is a understatement..
coorslad
meeting the Vman(amongst others) tomorrow after the game, any of your bhoys over?
Record seriously off-piste this morning.
Media House can still rely on the dear old Sun, however…
Mornign Ghents
Taken from Ringers Media site – The Kennedy bid explained in laymans terms -quitr funny but I actually understand it :-)
TBK and BK have done the equivalent of walking into Tesco with 20p in their pockets and trying to walk out with a £2 pack of Coco-pops holding it above their heads and shouting we’ll eat these with the monkey off the advert and share them out with other people. BK is really good mates with the monkey. The admins are security and they’ve stopped them at the door. TBK and BK have argued that they will come back with an additional 10p for the next 8 weeks and promised that if they win any money on the bandit during the next two months they’ll hand some of it over. The admins have a job to do and that includes making sure everyone pays £2 for Coco-pops.
TBK and BK ain’t eating f*cking Coco-pops.
Chico Green and Bill Ng have £2. They can eat Coco-pops.
BK has £250m in the bank. Why the f*ck doesn’t he just buy the Coco-pops. Unless he is planning to pinch the Coco-pops for 20p and sell them off to make even more money outside?
BK seems to want free Coco-pops so he can make little Coco-pop cakes. He could maybe even sell the free toy and turn the box into a dangly art piece.
BK can shut it or ram it.
Morning all from gay Paree, weather fine (16C max today).
The end game is in sight and the Hun are about to pay the wages of sin.
Meanwhile, will there be a better place to be tomorrow that at Celtic Park?
I won’t be there physically, but will be tuning in as I usually do (via Ch67 or a Celtic minded pub Paris).
Ive got a new wee ditty going thru my head this morning, doubt if it will be on eof the many many songs sung tomorrow though:
“They’ve got paddy, paddy, paddy, paddy, padlocks on their gates, on their gates
They’ve got paddy, paddy, paddy, paddy, padlocks on their gates, on their gates
etc etc”
;o)
Gardez La Foi
Mort and the better half,
My congratulations on your new arrival.
Given the report states their crimes were so serious it begs the obvious question, How do they think an appeal can be successful and moreover , what arrogance from the tax dodging clip artists..
HH
Roy C
So far so good. Could you drop me an email with the info we discussed.
username@googlemail.com
Cheers big bro
P
Bhodran Man on 12 May, 2012 at 10:49:
Good morning amigo, how’s the weather down your way this sunny morning in ML5?
Keep the Faith!
Hail Hail!
BT,we have youth club from the Brandywell going over..plus our own members,not going myself..high stool probally..
Trawling through the night shift posts, some were posting the hurting hun comments from FF. One in particular stood out……..
===========================================================
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!
===========================================================
Do you think he`s taking the Green Brigade banner stating `Your grandchildren will be Celtic supporters` literally, and this is the only way to prevent it?
Stupid huns, he he
My boss is Peter Principle
Aw naw the pennies dropping! Or is it? Timposter? Liked it whoever wrote it.
RIP Commandant General James Connolly (Séamas Ó Conghaile)
Born 1868; Cowgate Edinburgh, Executed by firing squad Dublin12th May 1916
Also executed 12th May 1916 Sean MacDiarmada.
We went out to break the connection between this country and the British Empire, and to establish an Irish Republic. We believed that the call we then issued to the people of Ireland, was a nobler call, in a holier cause, than any call issued to them during this war, having any connection with the war. We succeeded in proving that Irishmen are ready to die endeavouring to win for Ireland those national rights which the British Government has been asking them to die to win for Belgium. As long as that remains the case, the cause of Irish freedom is safe.
Believing that the British Government has no right in Ireland, never had any right in Ireland, and never can have any right in Ireland, the presence, in any one generation of Irishmen, of even a respectable minority, ready to die to affirm that truth, makes that Government for ever a usurpation and a crime against human progress.
I personally thank God that I have lived to see the day when thousands of Irish men and boys, and hundreds of Irish women and girls, were ready to affirm that truth, and to attest it with their lives if need be.
JAMES CONNOLLY,
Commandant-General, Dublin Division,
Army of the Irish Republic