Devil in the * detail over Whyte shares

Breaking news!  Craig Whyte agrees to sell his shares for £1*!!!

So the story goes.  The * is important.   *He’s agreed to sell his shares for £1 if a CVA is agreed.  Coincidentally, this decision comes a day after Ticketus inform journalists (and perhaps Mr Whyte’s briefs) that they will sue the Rangers owner for £27m.

Of course, if a CVA is agreed, Ticketus still own the tickets for the next three seasons they bought from Rangers in the early months of Whyte’s tenure.  They therefore cannot pursue Craig Whyte.  Get a CVA – get Ticketus’ lawyers off your case.

Channel 4’s very well informed, Alex ‘Tomo’ Thompson, who appears to have spoken to Mr Whyte tonight, reminds us all of the crux of the matter:

“And then that leaves the floating charge Mr Whyte has over Rangers – effectively another large separate financial stake in the club and I can reveal this is still to be negotiated away somehow. This is where the tough-talk has still very much to be done.”

Despite the headlines, it appears that Craig Whyte remains….. The Only Show in Town.  He’ll assist a CVA but the “tough-talk” over the stadium, his real asset, has still to take place.

Let’s not mention the chances of getting a CVA past HMRC.

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.