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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a few bullet points that i took from today’s the SFA Whytey Files…
if it had been a public hearing, “there were special circumstances in relation to public order and security”
“evidence of 4 witnesses GLOSSED to put the best possible complexion on their own position in the matter” McClelland Dickson Olverman Bain
typo by the reganites – RFC salary tax liability was btwn “£1,000,000 and £1,500.000” per month – shld be 1m-1.5m, i assume – not £1500 !
RFC’s Ken Olverman “was of the view that it appeared as though
“Clip Art” computer processes had been involved in their creation” (invoices)
Quantum Titanics (ok – i just added this one for fun)
an incubated hybrid Douglas Park quantum BMW mechanic called Mike fae Toytown (and this one too :))
Ken Olverman – his fancy-dan limit for signing cheques etc was reduced from £10,000 to £100 !! haha
SFA Article 5.1a – all members shall observe the principles of loyalty, integrity and sportsmanship
The Whytey Files http://www.scribd.com/doc/93212354/SFA-Rangers-Note-of-Reasons#download
shug on clyde pickin only tiny bits of it
anyone goes on there tonight – pls mention the above
good evening bhoys and ghirls
just a thought, but with all these dumhun r*ngers sympathisers saying that it will be the death of the spl if they get liquidated or whatever, does this mean if they start over with a team of young boys because of transfer limitations and they end up bottom of the pile, are the likes of terry butcher and steve lomas saying they should not get relegated? would they offer their clubs relegation if they finished second bottom to save ra’gers?
hh
How THICK are the govanites ?? They just don’t understand the finances..
My 9 yo can balance books.. !!
Guy on SSB there asking could someone not just drop in with 11 million?? Eh..
What for!
That’s loose change in this saga..
The density of the Le g NED Mis spellers is endless..
Can’t stop smiling…
HH
Kennedy on radio shortbread soon,issuing more threats no doubt
the long wait is over on 11 May, 2012 at 18:19 said:
>>>
Aye. When DO these nuclear judgements hit the desks of the msm,or are they just sittin’ on them or shreddin them at the speed of light?
I expect The Fraud Squad to be gettin’ involved,if not already.
John you’re a plant…
What we’re all about on STV just now!
The Scotsman:
‘AN ENGLAND-based consortium fronted by former Sheffield United chief executive Charles Green appears to be in pole position to take control of Rangers after the Blue Knights withdrew their bid today.’
Charles GREEN!!!….oh, stop it. My aching sides!
Forget Huns & CVAs,
Currently in Bar 67 making sure there is enough Guinness for PFAyr, hamiltontim and any others on Sunday :-)
CT
GTF
We are going elsewhere now…
Sounds like tears are flowing on Snyde…….I never knew schadenfreude could be THIS good!
the long wait is over
http://www.scribd.com/doc/93212354/SFA-Rangers-Note-of-Reasons
When the wee raith rovers boy was outed by Mccoists storm troopers,
He said the when the judgement came out people would understand why they punished the orcs the way they did.
HE WAS NOT KIDDING!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
i have finally got a reply from the SNP after complaining in april about Alec Salmond getting involved in the Rangers Tax Case, its quite long winded but i thought i would copy it here just to let you all see their reply,
Dear Correspondent
Thank you for your correspondence to Scottish Ministers about statements made on
developments at Rangers Football Club. I have been asked to reply.
The Scottish Government fully recognise that it is vital that both individuals and organisations
pay their taxes in a timely manner as taxation is essential to the economic and social
development of Scotland. I would like to reassure you that any comments made by members
of this Government have always stressed the fact that we expect Rangers FC, or any other
football club or business for that matter, to meet its obligations to the taxpayer. We have
also recognised the importance of an agreement being reached between the club and HM
Revenue & Customs which ensures that tax liabilities and debts are met.
Duff and Phelps are the appointed administrators and we want to see an outcome in the best
interests of the staff at Rangers, their supporters and the game of football in Scotland as a
whole. We have offered the administrators the support of our national programme for
responding to redundancy situations, Partnership Action For Continuing Employment
(PACE) to assist any employees who may be facing redundancy and PACE representatives
are maintaining close contact with the administrators. PACE support is always available and
is always offered to anyone and everyone facing redundancy, PACE have offered this type
of assistance to Scottish football clubs in the past and stand ready to assist any football
clubs and other companies in the future.
You will appreciate that the administrators are taking forward the process of assessing the
business and securing an outcome in the best interests of all the creditors. It is therefore too
early to comment on potential outcomes however I want to be clear that no public money
would be offered to bail out any football club and this remains the case with Rangers.
Yours sincerely
DEREK GRIEVE
Head Of Sport and Physical Activity Policy
Hahahaha!!!! Get to see all the seaside towns!
miki67 on 11 May, 2012 at 18:31 said:
Just ask my daughter what was bigger than schadenfreude and she says
MEGASCHADENFREUDE!!
the bold Tesco get a mention…
“in his submission Mr McLaughlin on behalf of Rangers FC accepted, as he wasbound to do, that the case of
Tesco Supermarkets Limited v Nattrass
did indeed represent the law in relation to the issue of the liability of a company for the actions of a director” (i.e. Whytey)
Miki 67
I don’t believe the invoices issue will stop here. If its true it’s fraud given that Ticketus actually reduced their VAT payments and fraud on a grand scale at that.
I hear the clink of handcuffs and cell doors.
HH
SPL Census says different Shug
http://i.imgur.com/yB5LD.jpg
Hang on, what’s Shuggie’s argument here?
Extra income for SFL clubs from having the Huns visit – doesn’t count because it’s just one game per year??? And in the SPL it’s different because it’s twice a year?
Buffoon.
Hooped 1888 18.32
Just got the same e-mail twice
Dark chocolate digestives and ice cold milk while enjoying SSB’s offering tonight, even better than popcorn.
Sitting last night in The Royal Concert Hall amongst a crowd of good Tims I realised (AGAIN) just what Celtic football club is about.
We are not just a football team.
We are a force for good. Across the world Celtic supporters just go about doing what Celtic supporters do by helping one another and helping those who are less well off than ourselves whether it be financially, physically or spiritually. I even almost changed my position on my season book. Alas my head is still ruling my heart.
That said. I am still strongly of the opinion that our club, when the time comes and if required, need to be seen to act. How they should act is not for me to decide. I have my ideas on how I’d act but alas I’m not paid hundreds of thousands to come up with a course of action. That’s why we (our club) employ a CEO. Over to you Peter!
MWD still watching Celtic closer than I’m focussing on any Hun.
FF usual bile. D+P now fenian w+++++s. Organising a `big` protest at Ibrox as we speak. 7 have turned up. They are still DEMANDING D+P sell to Kennedy, as he`s the real deal. Honestly, its effin hilarious reading their shoite.
Tom English said the conditions of Whyte’s sale to Green would “choke a donkey”
Shug’s i.q. defiency accelerating with every utterance. Incredible stupidity masquerading as informed opinion.
borderlandbhoy on 11 May, 2012 at 18:24 said:
good evening bhoys and ghirls
just a thought, but with all these dumhun r*ngers sympathisers saying that it will be the death of the spl if they get liquidated or whatever, does this mean if they start over with a team of young boys because of transfer limitations and they end up bottom of the pile, are the likes of terry butcher and steve lomas saying they should not get relegated? would they offer their clubs relegation if they finished second bottom to save ra’gers?
=============================
Nail on head. Not an opinion that is likely to be raised by our spineless media pundits though.
SSN…………………..Sandy Jardine vows to march till July
*think that’s what he said*
Much as I detest radio adverts, ye olde club have hit on a wee belter with the ‘always have been, always will be’ tagline. Or I could just be more menopausal than usual. Or drunker.
Slug speaking for us again Bhoys and Ghirls…
Silly silly man..
leftclicktic, i thought it just looked like a general reply, every celtic fan that complained probably got it
im still waiting on D Camerons reply
KevJungle – “1st Flag on the JUNGLE roof for, LENNONS LIONS”” on 11 May, 2012 at 18:22 said:
sixtaeseven: No NewCo in SPL and it’s Non-Negotiable! on 11 May, 2012 at 18:10 said:
LEST WE FORGET:
_________________
I believe Judas Tax (30 pieces of silver) related to his time out of the country. He was only in France for less than 2 years – therefore his transfer/ signing-on deal (tax payable) was subject to the full UK payment for any period of less than 3 years.
starry plough on 11 May, 2012 at 18:32 said:
>>>
Just laughed masel’ silly! HH!
margaret the total bigot
Is that bint on SSB nearly greetin.
Shame! Scotland’s Shame!
MWD
Kennedy and the Blue Knights Who Say No Surrender are putting together a deal worth ‘£11 Million’
At least £5 Million of this ‘deal’ is coming from hypothetical sources of income.
Noel Edmonds: ‘Duff and Duffer are you ready to answer the question: Deal or no deal?’
D&D: ‘This is a one box game now Noel, No Deal’
Noel: ‘Aye, but you do realise it’s an empty box?’
D&D: ‘We f*&*&^n emptied it Noel!!! No Deal.’
Leftclicktic
A systematic and deliberate policy of not paying HMRC with a view to strengthening their negotiating position in the BTT, instigated by Whyte but not materially challenged by other directors charged with the responsibility of running the company.
It is not inconceivable that they could get a bigger penalty on appeal.
On a general note I’d be very nervous if I were D and P – the undisguised switch in culpability for all of this to them is as depressing as it is predictable. No wonder they’ve been changing hotels on a weekly basis. Might need to do so on a daily basis now.
the long wait is over on 11 May, 2012 at 18:33 said:
>>>
Jeezo…..the ludges will be burnin’ the midnight oil tryin’ to extricate their pals outta this incredible damning indictment.
Sniveller trying to blame C.W. and C.W. alone. What a dimwit.
KevJungle – “1st Flag on the JUNGLE roof for, LENNONS LIONS”” @18:10
Cheers mate, thougth I’d read it somewhere.
Just hope it’s true!
HH
/Bishop B