Following on from the SFA issuing an important announcement just as the Olympics opening ceremony was getting underway (Mr Regan, take a long hard look in the mirror), Duff and Phelps yesterday issued their final progress report to creditors of The Rangers Football Club PLC (in administration), recently renamed RFC 2012 PLC.
….On a Sunday, when the Ryder Cup was guaranteed top dominate sports reporting. Anyone would think they didn’t want you to read it.
Take your time to read the report in detail here. For those of us who follow football finances there is a treasure trove of information seldom revealed in this detail.
During the period in administration covered by the report, 14 February 2012 to 25 September 2012, the club incurred trading shortfall of £4,007,635. Quite a remarkable figure.
The administrators received £2,457,420 remuneration on 10 August while the club paid £1,325,756 in legal fees as well as over £400k in legal and administration disbursements.
Buried (very) deep into the report is money paid to PR companies. They paid Spreckley £28,941 for media consulting in relation to the administration. They also paid Media House £141,441 for media consultancy in relation to the company. Is this another remarkable figure? Some creditors may be surprised but there is none here. Duff and Phelps will no doubt be prepared to explain to creditors the value they gained from this expenditure on their behalf at the forthcoming creditors’ meeting.
Duff and Phelps will soon be discharged and the club will be handed over to BDO who will liquidate it.
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Awe_Naw
I know BDO could undo any deals done, if they can show a court that the deal was not in the best interests of the creditor, I simply don’t see the motivation for them.
Nothing about it being a complicated conspiracy or anything like that, simply that they won’t get any more money.
I also would point out that HMRC said at the time of the CVA being rejected that this would give the club the best way forward, their words not mine, and I don’t see them revisiting this.
This is just how I see this at present, events will change my opinion, as will the points yourself, TET and …PFAyr made tonight, but not until I have thought them through.
Doc
That is fair enough and if Charlie Green is squeaky clean thats what I would expect to happen also.
I predict BDO and the SFO will not but we have to be patient.
And sure its speculation
HH
Will find out that he is not
Doc
Motivation is not allowing a crook to prosper
HH
Condolences to Willie Henderson and his family,will never forget the standing ovation he got at wee Jinky’s charity night,he was taken aback and the wee Jimmy loved it.
Awe_Naw
Patience is something I have learnt with this saga, hoping it hurries up doesn’t work.
Better to sit back, pipe and slippers, nice glass of something and let the fun unfold.
I’ll still be back giving opinions and asking questions/debating the points, watching the ex-town bully, drunkenly swinging punches, missing and falling down, sitting in a mess of their own making, insisting they’ll get us.
Doc
Do you think Charles Green has so far endeared himself to those who’s professional responsiblities are to make sure that such a big mess should not happen again ?
Whyte and Green might well just be in position for their respective periods just to squeeze as much cash as possible for themselves by creaming it secretly off. Whyte has previous ask collier and Bristow.
Nobody has questioned Green yet.
The fact he cannot get investors makes me think that those with the money like the horse but not the rider.
HH
Spartak will play that team, IMO
Ari, Emanuel Emenike,
Kim Kallstrom, Rafael Karioka, McGeady
deZeeuw
Dmitri Kombarov, Juan Insaurralde, Marek Suchy, Evgeni Makeev
Sergey Pesyakov
Jockey even
awe_naw_no_annoni_oan_anaw_noo
21:44 on 1 October, 2012
If they(BDO) can uncover a direct link from Murray, through to Craigy, and on to Green, Ticketus and a number of others, then perhaps. That link would have to be incriminating, I just don’t see that at present. Not to say it doesn’t exist.
Hail Hail my Celtic Brothers, a draw will do us well tomorrow, a win!!!! Well nothing is impossible.
Doc, 21.39
I think it would be easy to prove that Duff & Phelps’ conduct as administrators, where they were tasked with reaching the best possible outcome for the creditors, like any company administrators are, did anything but.
D&P followed an agenda throughout that had one item: to keep RFC alive in one form or another. IMO they should answer a case for negligence at the very least, and I hope BDO address that.
What was the list price for the Bigotdome, Murray Park and the much-vaunted car park three or four years ago? And how much did Chas pay for these “assets”? Or does Whyte still own them?
Come in BDO, the attack dog of HMRC – your time is now!
Awe_Naw
Green has endeared himself to no-one but his own audience, i.e. supporters of Deadco.
Posturing and using inflammatory language, I think he did this to get an emotional investment from his target market.
But I think he is gambling on the football authorities feeling they need Rangers in some shape or form, and he is therefore given some leeway.
You might be right about the jockey not being liked by investors though, TETs point about local Rangers men being ready to resurrect them, again, may well prove to be correct, when the time for a change of jockey is due.
Doc
Nobody can see that yet…but there is a lot of explaining to do. If HMRC had acted differently a few might have been unprepared to see it through.
As I am convinced that this story is a tiny little part of the Green Hornet story it has been deliberately surpressed.
Not due to public disorder worries about the huns but the generał public when they find out what was going on at a bank level.
And that needs cleaned up and sorted more than Scottish football
HH
Emdae chin ssb abt the £94m thems owe tonight? Didnt hear it.
It’s hard to believe that Duff & Phelps sold assets, valued in the balance sheet at £120m, for £1.5m, without putting them on the open market.
There was a lady from Siberia at the stadium who has travelled 2 days to see us
@OfficialNeil
Awe_Naw_No_Annoni_Oan_Anaw_Noo
21:29 on
1 October, 2012
RTC tweeting that he doesnt see the sale of “assets” being rescinded. He has been busy today!
Ernie
But isn’t that exactly what they have done?
ernie
Is it really that hard to believe, the first week of their admin, they did what any other admin co wouldn’t have done, ie, tried to sign a player.
They did not make a single person redundant, I could go on, but you know these things already.
They are up to their collective knees in it, whether it comes out in the BDO wash, who knows.
Just for you BSR!!
https://pbs.twimg.com/media/A4JBJ5rCcAE21CJ.jpg:large
So what’s all this about then??? Mmmmm, interesting!! http://t.co/nRemHtiG
Courtesy of twitter lads.
Awe_Naw
Green Hornet:
My worry is that a number of cases (financial/ criminal) will possibly end up not seeing the light of day due to the complexity (and I include oldco dealings).
Some that we would like to see getting their just desserts – will be treated like sprats – some will be embroiled in litigation for some years.
We may not get the heads on stakes that we are looking for. :-(
jeg er neil lennon-greeninbingley
22:01 on 1 October, 2012
I do agree with what you say there regarding D&P, there tenure as administrators was like no other. I may be wrong on this, but when Administrators are brought in, there first duty is to see if the company can trade it’s way out of trouble, then when this cannot be done, safeguard the interests of the creditors. D&P did seem to forget the second part of that.
I just see the directors of the club that is about to be liquidated are the targets for BDO, and their wrongdoing over an extended period of time.
I can see Newco being pretty much left alone.
Again, I hope to be proven to be wrong.
Can we use a bit of poetic licence and claim this as BDO’s theme tune?
http://www.youtube.com/watch?v=7miRCLeFSJo
Ernie
When the transfer window went by without a fire auction and then Duff and Phelps sold nobody …in fact sabotaged the playing assets .. without creditor intervention … HMRC raised the stakes for Murrays by calling in the liquidators.
HH
Awe_Naw_No_Annoni_Oan_Anaw_Noo,
Nice to see you got home safely.
It must have been a bit scary yer 1st time in the Calton:-)
Although, you did look VERY inconspicuous between yer two brothers and Dick Byrne’s wallet :-)))
Hail HAIL
paulsatim @22.15
Nicely done
HH
Dharma Bam \o/ stands up for Neil Lennon
21:00 on 1 October, 2012
I have heard very sad news that Michelle Henderson, Willie Henderson’s daughter, has died of cervical cancer today, on her birthday.
___________________________________
Deeply saddened to hear about this tragedy.
Wee Willie was, in my book, one of the Good Guys to have played for our stricken neighbours. A tricky & gifted winger who was honest enough to admit that comparisons between himself & Jinky were flattering, but inaccurate.
I remember him well from his post-Rangers days when he stood as a ‘bookie’ at Thornton dog track.
Friendly, funny & self-effacing.
My thoughts are with him & his family.
Good Luck, Wee Man.
Awe_Naw
Totally agree with your points re-Green Hornet.
There is more at play than just a football club, another reason I don’t see HMRC, through BDO, going after the assets of the former club, over complicated detail in a hugely complicated case.
Today’s silly question is-I’m buying a case for a laptop from Amazon,do you measure the laptop diagonally like a TV screen ?
Yesterday Paul wrote in his article that Dikan was injured.
Dikan is not only Spartak here. He is Spartak Moscow captain and that tells what person he is at the club.
Pesjakov second goalkeeper is much younger (only 23) and much less experienced goalkeeper. What is interesting, he never played for games in Europe. This game against Celtic will be Spartak’s first without Dikan in the goal for two years in Europe.
Sorry I missed this, I was enjoying the debate. To the Henderson family, my sincere condolences for your loss.
Paulsatim
If RTC source is a taxman that would not surprise me.
Praecepta,
Yup but the masses will want to know who has been cutting their opium …thankfully this is HEADLINE NEWS and contagion outwith the uk is now possible due to football. Ask Rapid Vienna or any other team diddled
Sad news abt Willie Henderson’s daughter. I know Willie well when he ran the Barnyard in Coatbridge. Was a decent wee guy and great pal of Jinkys!!
Bada Bing ,
yes. just the glass mind , not the casing
Night lhads, enjoyed the debate, we’ll just have to wait and see how it plays out.
The Henderson family, – my deepest condolences.