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:
- «
- 1
- ...
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- ...
- 34
- »
kelvinbhoy on 11 May, 2012 at 19:26 said:
Your is just what I would expect 10/10
Well done.
Haud oooooannnn,whit dae you mean,me starting
fights?
well done Michael !
great call mate
and they at least, for a change, gave ye a wee run at it
Hamiltontim
I know it is easy to say,but you should have either questioned the issues,or called the meeting to a halt.
HamiltonTim
Hope you’ve reported this back to head and providers. Not every teacher is going to be educated enough to point out the errors in the production.
S
Is there anyone on here who will not renew their SB if the huns are not in the league next year?=?
Stupid huns…
RANGERS administrators Duff and Phelps
have released the following statement .
David Whitehouse, joint administrator, said:
“The most important information today for
Rangers supporters is that discussions with
two bidding parties are at a very advanced
stage and we hope to reach agreement with
one at the earliest opportunity.
“We have noted today the publication of
reasons for the findings of the SFA’s judicial
panel.
“We welcome the fact that the panel
described the witnesses who appeared on
behalf of the Club at the hearing as credible
and reliable but as stated previously we
were very disappointed that the panel did
not differentiate sufficiently between the
actions of the Club compared with the
actions of individuals. We look forward to
the appeal being heard next week.
“It is most unusual for us to comment
publicly on individual bids but due to the
allegations made by Mr Kennedy and Mr
Murray today with the regard to our conduct
as administrators we feel compelled to
reveal important facts in relation to the
various Blue Knights attempts to buy the
Club.
“For the avoidance of doubt some of the
comments made at today’s press
conference were grossly misleading.
“First I would state unequivocally, that every
opportunity was afforded to these parties.
“The fundamental reason we could not
proceed with the Blue Knights/Ticketus
combination was that we were advised there
was not agreement within the consortium in
relation to the funding of their bid.
“Throughout the process Mr Kennedy told us
repeatedly he would be the ‘last man
standing’. As Mr Kennedy today made a
virtue of explaining publicly details of his
bid we are in a position to comment on
those remarks. Of the £5.5 million cash on
‘day one’ figure Mr Kennedy quoted, £3.5
million of that would be provided by us in
any case from the Club’s debtors.
“The bid structure also factors in
performance in Europe, and reaching the
later stages of the UEFA Champions League
which cannot be achieved next season for
example.
“We therefore find it extraordinary and very
disappointing that Mr Kennedy in particular
should assert that the amount being offered
is irrelevant. Time and again he and others
have been afforded the opportunity to
become the best bid in play and it has not
happened. We have a statutory duty to
accept the best bid that is deliverable.
“The bid should also be commercially
better than the liquidation of the business.
Mr Miller’s bid was deliverable but he chose
not to proceed. We firmly believe the best
interests of the Club would be served by all
involved in the process respecting the
bidding process.”
starry plough on 11 May, 2012 at 19:05 said:
TB live at the rally circa 1994. Best ever.
who is this fud…..he will not renew his ST at CP unless Huns in the SPL…….
Integrity my arse
sparkleghirl on 11 May, 2012 at 19:21 said:
Why are there always strange snuffly noises in the background on Clyde?
Hahah was just wondering that myself. I think the ones that are not talking at any given time are playing shove ha’penny, or something.
Jim Delahunt should read the report to Gordan and Hugh , because they don’t appear to be able to do it themselves .
William, the Celtic ST holder, insisting he and his daughter will not renew if Hvns not allowed back in next season,
Celtic ST holder my arse; plus his name is William!
Wish Keevins would ask him which section he is in.
Who is this nugget on SSB now….. anyone sit next to a “william” with a teenage daughter at Celtic ?
William the Celtic fan who won’t renew without Rangers games?
Hmmmmmmm
I take it the guy doesn’t like the CL
Duff and Phelps in use of the ‘L’ word shocker.
SNYDE are trying to read the judgement, Snivveller: ‘we all know who’s to blame!’
nugget on now: ranjurz have to be in SPL next year, that’s William, by the way!
Snivveller: now quoting NFL, That’s why we shouldn’t say anything!
William thinks you buy a season ticket for the ranjurz game! glad he won’t be back!
Who is this clown on Snyde now,Celtic supporter,saying We want buy season tickets if the Rankers are not in league,idiot?
Well done ‘William’ for ‘underlining Keevins’ point ‘thousands of Celtic fans will not buy season tickets if there’s no Rangers in the SPL.’
Serious question. Is anyone thinking that? I find it remakable I have to say.
Well done Michael on SSB, fantastic, who is this prick on now, feck off and give me your season ticket, his name is William, says it all.
Bloke109 is Neil Lennon on 11 May, 2012 at 19:26 said:
KevJungle
No chance. Apart from my belief they won’t exist for next season, there’s no way Celtic will do as you say.
Wait and see. The Celtic Board have studiously avoided the pleas of the fans to distance US from THEM in matters such as shirt sponsorship deals.
William sounds like a plant.
Want means wont
oooooooooooooooooooooooooooooooo ti see that smug, cheesy, slow hand clappin when we’re winnin, overweight, watty cardigan wearin, bawheeded, sue barker’s arse suckin, mouthy, unfunny, incoherent, tit of a blob mcmoist sobbin.
please please please big man upstairs, if you only grant us 1 thing in life let me see him break doon on ma telly
met the tube once, verdict = as above
hh
4greenfields/Kelvinbhoy
Yep we spoke!
I had a run in with him last year. He happened to be doing the workshop the day after I’d witnessed our manager being attacked at Tynecastle.
A wean replied that that was an example of sectarianism. He replied that there was no evidence of this and the motives could have been wide and varied.
I informed him that I had witnessed the previous evening’s events first hand and was in no doubt what the motives were.
He didnae appreciate when I pointed out that as long as attitudes like his prevailed then sectarianism and lack of understanding would persist.
Can I Have Raspberry On That on 11 May, 2012 at 19:30 said:
The magic of the Mahn..
If anybody buys a Season Ticket solely for the purpose of going to see Rangers – I’d gladly live without them.
Keevins pointing out that it seems daft to punish Celtic (by not buying season tickets) for Rangers’ behaviour. Strangely have that feeing of agreeing wiht Keevins. Feel a bit queasy now.
S
William on Snyde, dont go back to Celtic Park. You’ll not be missed.
Fool.
SSB ..William gtf … Celtic supporter not a chance !
FourGreenFields on 11 May, 2012 at 19:30 said:
That they haven’t read it speaks volumes about their professionalism as ‘journalists’ or opinion givers.
How can your opinion be vaild if you refuse to consider all the information at hand.
Keevins you’re a disgrace to your profession.
Jeez the guy on Clyde is plain wrong but are you guys saying you cant be a Celtic supporter if you are called William. I better tell my brother Billy who was taking meo away games in he sixties.
Get a grip of yourselves.
voguepunter on 11 May, 2012 at 19:28 said
Cheers mate – took the auld man up to Celtic Park for a very short walk about and a couple of photos with the kids at the Jock Stein statue etc last week. Trying to get him out and about but he is still a bit unsure about going for a couple of beers. Working on him though—maybe if the soggy buns would hurry up and die, he might just make it to the Vogue.
quonno on 11 May, 2012 at 19:28 said:
………………………………………………………
I believe the GB have made an announcement that, they won’t renew their SB’s until the hun-situation is sorted out, preferably by Celtic landing the killer blow!
The GB are the leadersof the future and, ‘our’ bored would be making a BIG mistake to underestimate the influence of the GB! IMO!
P.S. As Terry O’Neill has often said…..”Celtic Park would be like a library without the GB!”
Hail Hail
KevJungle
I think your fears will prove to be unfounded.
Celtic now seem to be bringing through a very good standard of player and without Rangers around there will be more chances to bring through more of these talented kids, all the way through to established first team player.
Whilst we are still in Scotland this is the best way to go about things.
William won’t be back unless the cheats are in the SPL
I bet William will be buying a ticket for the trophy presentation if we win it next year without them
You won’t be missed William
Hail hail
MME
William ?? hmmm… where have i heard that name before?
Who was the Old Firm supporter just on Snyde. Some Tim who only buys a season book at Celtic Park to watch Rangers.
SSB Setup me thinks. Do SSB pay into EBT’s for these Huns to come on. Silly Billy.
MWD
Question for those threatening not to renew season tickets in event of newco.
Will you be happy to go along with a CVA where creditors, including Celtic and the Taxpayers get shafted?
leadersof=leaders of
I’m more interested in the new season ticket buyers that Celtic will attract when there is no Ragers.
Makes sense to me.