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.
1,267 Comments- Pages:
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Mick11
I think paul67 would do a good job!
So are the Night Kinights going to win the day?
C’mon you Hun just die.
C’MON YOU HUN JUST DIE.
Glasgow will celebrate.
GLASGOW WILL CELEBRATE.
Well half of us will anyway.
WELL HALF OF US WILL ANYWAY.
MWD
Miki67
Te absolvo…
HH
Ps did you read that para ? Bain gets a damning report on Whyte from an anonymous third party and doesn’t disclose it to all of the independent committee! Had to read that twice.
Can someone clarify a wee point, the hun youth dont belong to rangers ?
Does that mean they would have to transfer any of the youth team into the club ???
How the flamin’ hell can this mob expect to be taken seriously when they say ‘contingent on European success’ ?????
Stupid, stupid.
Has there ever been a more succulent piece of Blue SH… ( Sorry) Blue KNIGHT lamb served up to our ever-gullible press than the inclusion in their bid today of…..
‘ £3.5m the company will collect from those who currently owe Rangers money.’
Is that not the most incredible & enjoyable statement EVER made by these SAD CLOWNS ?
alex thomson @alextomo
Right – word back from UEFA. They’re redrafting rules on CVAs. Won’t treat them as seriously as Newcos – so CVA “won’t necessarily incur”…
Is this a joke?
We are begining to see the bitter in fighting between the orcs fat sleekit sally wanting people named there could only have been one reason for that.Kennedy saying the administrators will have blood on there hands a disgracefull thing only said to provoke the bears.The MSM are complicit they should be shouting out long and hard about the illegal running of this bankrupt club and the behaviour of so called Rangers men. H.H.
I can see it now.
‘I’ll reveal my Ibrox Hell! Only in this week’s Daily Record
I’ll tell all in my new book – License to Win – Revoked! by me Ally McCoist, serialised only in the Daily Record.
I’ll share my fears that I thought I would eat myself to death, absolutely.
I’ll spill the beans on the hour long cross Atlantic conference calls – 100% truth.
My unequivocal spin on it all – from the heart of the marble steps all the way up every single one of the famous boardrooms.
Only in this week’s Sunday Mail and Daily Record. Absolutely.
TBK`s will mop up the mess on Monday, this other mob will run a mile when they see the Manky Mob in full riot mode. Kennedy is playing them like a fiddle. No pun intended.
miki67 on 11 May, 2012 at 17:58 said:
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Fingers crossed m8!
KTF
Sally on STV says that the worst that might happen is that they won’t be able to sign players for next season.
Still doesn’t get it does he?
sparkleghirl on 11 May, 2012 at 18:03
Whaaaat? I knew a fly would appear in the ointment!
angelfc67 on 11 May, 2012 at 17:22 said:
Brian Kennedy just said on sky sports news that Duff & Phelps will have blood on their hands.
That is utter disgusting!
Jim White and SSN are continually repeating this quote.
Out of order when dealing with this mob,
SparkleGhirl
Here’s the end of the tweet:
alex thomson @alextomo
.. A 3 y Euro football ban – but could be 1 or 2 year ban depending on circs. That’s as clear as I could get it.
alex thomson @alextomo
Right – word back from UEFA. They’re redrafting rules on CVAs. Won’t treat them as seriously as Newcos – so CVA “won’t necessarily incur”…
.. A 3 y Euro football ban – but could be 1 or 2 year ban depending on circs. That’s as clear as I could get it.
the long wait is over on 11 May, 2012 at 18:01 said:
>>>
Aye,I read it….more than once. I cannot believe this is not headline news.
Hold on…..this is ‘the establishment club’…..the untouchables…or so they think. HH!
alex thomson @alextomo
Right – word back from UEFA. They’re redrafting rules on CVAs. Won’t treat them as seriously as Newcos – so CVA “won’t necessarily incur”….. A 3 y Euro football ban – but could be 1 or 2 year ban depending on circs. That’s as clear as I could get it.
Is a cva likely……
LEST WE FORGET:
Tainted Titles
1999
2000
2003
2005
2009
2010
2011
Corrupt Scottish Cups
1999
2000
2002
2003
2008
2009
Defiled League Cups
1999
2002
2003
2005
2008
2010
2011
(SPL years only, list is obviously longer…)
Len Brennan on 11 May, 2012 at 17:56 said:
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I seem to remember….sneaky sally spinning the, ‘wage-deferral’ line.
Hail Hail
Let them die,….no more positive spin.Enough is enough.
Meanwhile in the real world the ole Gazebo is sold out for Trophy Sunday.
Sky will pay for Celtic,without Rankers,because we are loved worldwide. And if they don’t then Ch67 will make a mint. And I’m well okay with that.
The ONLY real journalist tells it like… Alex Thomson
“For anybody requiring this last bit in black and white – if anybody at Ibrox dares to whine that it’s wrong to blame Rangers FC for Craig Whyte’s craziness – they should be ashamed. Are you listening, Ally McCoist?”
Can you imagine Keevins writing this
The Blue Knights
The blue nights
The blue night
The red night
The red nigh
The ned nigh
The ned is nigh
The End is Nigh
Internet Bampots CSC
as far as I gather the chance for CVA has been and passed.Whyte has already said he’ll give his shares away if theres a cva…= NO chance.
The way the rabble is being roused & riled,It looks like it would be prudent for Los Dufferos to saddle up and head South of The Border to hide out in the nearest cantina.
As predicted,the orcs are turnin’ cannibal on their own.
Hilarious Huns!
duff and phelps working to an agenda……..Naaaaaahhh
http://i.imgur.com/GtQ2J.gif
comedy, comedy, comedy GOLD on clyde ssb tonight
comedy !
Deeyell just never gets tired of talking uninformed pash…
An poor jim on ssb Clyde
Sound like he is about to go into riot mode
Havingapartywhenthehunsdiex csc
Miki67
Still reading through it , jaw agape.
Have you read paragraphs 74 -77 ?
Falsified invoices submitted to Ticketus for onward transmission to HMRC??!
did someone just mention squeaky bum time on clyde?
http://i.imgur.com/HDbMQ.jpg
If the crippled hun got a cva just remember how well wee podgy did in Europe should uefa only give them a one or two year ban.
TopCorner on 11 May, 2012 at 18:16 said:
comedy, comedy, comedy GOLD on clyde ssb tonight
comedy !
>>>
God,aye!…….it’s brilliant. Tales From The Crypt FM.
Elbows McCulloch will captain the huns in their last game at St Johnstone.
Seems fitting somehow.
sixtaeseven: No NewCo in SPL and it’s Non-Negotiable! on 11 May, 2012 at 18:10 said:
LEST WE FORGET:
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I see that you start you’re compilation @1999 ?
I remember watching Mo Jo(Le Petite Merde), doing an interview with Jim White on Scotsport in 1989 were, JW asked MJ if he was getting more wages with the huns than, he was offered by Celtic?
MJ replied “No, Celtic offered me the same deal but, I had an outstanding TAX-ISSUE with Nantes for, £150,000 which Celtic couldn’t look at but, Rankers took care of it for me ?!?!?!”
I mean 1989 ??? WTF?
Does this then mean that, Hun iar was lie ?
Hail Hail