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Green’s failure to make an offer more telling than Doncaster drama

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There are so many plot lines in the epic story that Scottish football has become it’s easy to lose track, especially when the chief executive of the SPL insists that he still doesn’t know if Rangers have a case to answer in connection with improperly registered football players  – a completely untenable position on week 11 of the inquiry.

He should know.  If he doesn’t, he should resign and allow someone else to pick up the baton.

While this drama has dominated headlines the important storyline happened off-stage.  11 days ago the Blue Knights consortium, fully aware of how time-critical events were, said their accountants needed to be place at 9am on Saturday 12 May for Rangers to achieve a CVA.  Even more importantly, they also said that a Newco would not work.

If the Blue Knights men were in place on 12 May creditors could have voted on a CVA this time next week.  As it is, creditors still have nothing to vote on, the prospective buyer has not been able to put a deal to them.

Green’s failure to produce an offer since being appointed nine days ago, alongside missing his own deadline to announce a creditor’s meeting on 6 June, are the most important acts in this month’s play, so far.  He has to find funders who are able to see a return on investment which Paul Murray and Brian Kennedy tell us does not exist. It’s worth noting that both of these men will be far closer to the financial realities of running Rangers than anyone Green will find in Bangalore.

Unless a consortium can be pulled together that will offer money for the assets of Rangers FC, the company will expire next week when it runs out of money.  No CVA, no Newco, no matter what Neil Doncaster does.

Don’t be surprised if Mr Green walks away soon.

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  1. Paul I know you work however how much and where do you get the time to do so other people get paid for what you do cheers though!

  2. Philbhoy - It's just the beginning! on

    Not been on much recently.

     

     

    A lot og negativity today, apart from Hamiltontim.

     

     

    Thanks HT!

  3. Lest ye forget:

     

     

     

    Oh Willie Maley was his name,

     

    He brought some great names to the game,

     

    When he was the boss at Celtic Park.

     

    He taught them how to play football,

     

    He made the greatest of them all,

     

    Gallagher and Quinn have left their mark.

     

    Chorus:

     

    And they gave us James McGrory and Paul McStay,

     

    They gave us Johnstone, Tully, Murdoch, Auld and Hay,

     

    And most of the football greats,

     

    Have passed through Parkhead’s gates,

     

    All to play football the Glasgow Celtic way.

     

    In ’38 there was a show,

     

    And Glasgow was the place to go,

     

    A model of the Tower was football’s prize.

     

    England sent four of the best,

     

    They didn’t meet with much success,

     

    Because the trophy ended up in Paradise.

     

    Chorus

     

    Well Coronation time was here,

     

    Fifty three, that was the year,

     

    Another four from England met their doom.

     

    They said we’ll have to try again,

     

    But like before it was in vain,

     

    Because the Cup is in the Parkhead trophy room.

     

    Chorus

     

    Well fourteen years had gone and so,

     

    To Portugal we had to go,

     

    To play the team that Italy adored.

     

    Celtic went out to attack,

     

    They won the Big Cup and they brought it back,

     

    The first time it had been on British shores.

     

    Chorus

     

    Now 21 years to that day,

     

    With pride, It’s our Centenary,

     

    And we’re among the honours once again.

     

    Six million pounds the huns did spend,

     

    But Souness found it was all in vain,

     

    Because the Celtic are the Champions again.

     

    Chorus

     

    And they gave us James McGrory and Paul McStay,

     

    They gave us Johnstone, Tully, Murdoch, Auld and Hay,

     

    And most of the football greats,

     

    Have passed through Parkhead’s gates,

     

    All to play football the Glasgow Celtic way.

     

     

     

    Hx2

  4. TinyTim on 22 May, 2012 at 12:23 said:

     

    VMHAN

     

     

    I have probably attended 90% of any matches that Celtic have played in since 1977.

     

     

    Home,away ,Europe,i am addicted.

     

    Win,lose or draw.

     

     

    I have complained more than most ,but when it has come to the crunch,i have gone through thick and thin.

     

     

    This is different for me.

     

     

    Your wrestling analogy is very apt for me.

     

     

    It’s a sport i cannot watch due to it being rigged.

     

     

    If Scottish football is rigged ,it will break my heart.

     

    Because not going to see Celtic will be like a death of a loved one to me.

     

    Maybe even greater.

     

     

    As i say ,when push comes to shove ,i think that i will renew,but for the time being i am reserving my right to wait and see.

     

     

    Two weeks ago,i was definitely renewing.

     

     

    TT

  5. Paul67

     

     

    I found it interesting that one of Green’s partners has withdrawn, as he states the whole plan was to bring in players they own and sell them at a profit and the embargo has scuppered this.

     

     

    The death by a thousand cuts continues…

  6. Big Swee walks on with Neil Lennon on

    If he does walk away Paul then hopefully Doncaster will follow.

     

     

    His tenure is fast becoming the second biggest embarassment in Scottish Football.

  7. And now it’s 1995

     

    it feels good just to be alive

     

    and we are winning honours once again.

     

     

    The fans all cry out for Pierre

     

    he rises up into the air

     

    and bring the Scottish cup to Paradise.

     

     

    and they ….

     

     

     

    TT

  8. in my opinion the league campaign just past was tainted but not as far as celtic winning it but the fact that a club “dunfermline” were allowed to be relegated while

     

    a cheating team were allowed to fund themselves via owed tax income has tainted

     

    it and were allowed to by the authorities this is a fact that is in disputable, this alone

     

    makes it imperative that these authorities should be disbanded.

  9. Tiny Tim you’re Celtic credentials are not questioned by me, I hope they leave us and we can return to an open, honest, transparent football competition.

     

    Hail Hail to ye!

  10. traditionalist88 on

    Love this verse, always missed out for some reason? :

     

     

    Now 21 years to that day,

     

    With pride, It’s our Centenary,

     

    And we’re among the honours once again.

     

    Six million pounds the huns did spend,

     

    But Souness found it was in vain,

     

    Because the Celtic are the Champions again……

  11. From previous thread…..

     

     

    hamiltontim on 22 May, 2012 at 12:20 said:

     

    …………………………………………………………………………

     

    I’m guessing.

     

     

    Just like we guess a referee is a mason. How do we know ? We don’t.

     

     

    The ref’s make, inexplicable decisions that go against us. IMO.

     

     

    But so do ‘our’ board of directors. IMO. I’m only applying the same logic.

     

     

    Hail Hail

  12. From Garngad to Croy I am Neil Lennon. on

    But Paul67

     

     

    Mr Green said his offer was financially binding ? or could that mean £2 ?

  13. The Token Tim on

    Not been on much recently but read TT’s post to Vmhan.

     

     

    I will be going in later today or tomorrow to renew the season tickets for me and my bhoy after he said to me just last night (after hearing me on the phone to a mate, mentioning possibly holding back renewing until seeing what Doncaster and crew do re newco):

     

    “Dad, promise me, please promise me, that you wont give up our season tickets and we can still go to see Celtic next season.”

     

     

    No more to be said or done after that, except renew.

     

     

    I brought him up to be a Celtic supporter through thick and thin, so who am I to deny him his wishes.

     

     

    HAIL! HAIL!

     

    Token

  14. South Of Tunis on

    Paul 67.

     

     

    ” It’s worth noting that both of these men will be far closer to the financial realities of running Rangers than anyone Green will find in Bangalore ”

     

     

    Of course —- Green’s football involvement history suggests that the last thing he wants are investors who are able to keep a close eye on their investment . The history of his time at Sheffield United shows that some of his fellow investors were of the opinion that they had been deceived and that Green had done the deceiving.

  15. Philbhoy - It's just the beginning! on

    HT

     

     

    …..your welcome, but I would prefer you called me “big man” or similar.

     

     

    :0)

  16. Pjbruce, aye, I do.

     

     

    Vmhan, need to try hard to keep up for the next 48 hours.

     

     

    ASonOfDan, yes. The snippet reported in the Daily Record today is only one insight into what is going on.

     

     

    Big Swee, agree but don’t count on it.

     

     

    lionroars67, absolutely.

     

     

    KevJungle, yes, there are no bones left to pick on.

     

     

    Garngad to Croy, Green’s offer is financially binding but he’s only revealed one condition – that a CVA is accepted. Given that £2 is at risk, that’s not much of a chance to take.

     

     

    There will be other conditions, many of them. Due Diligence…..

     

     

    South Of Tunis, aye.

  17. I still don’t know how Duff&Duffer can announce a done deal with no get out and then a day later it emerges Whyte gets his shares back if no CVA.

     

     

    They really are criminally inept…

  18. Moral Truth gives life all its meaning. Its the thunder in the blood. Lightning in the veins, the fire that makes your heart burn like the sun. Without Truth, life has no meaning, no purpose, no direction…without it we are the residents of shadows, wandering as though spectres in Tartarus, lost in a dungeon of confusion. As Christ said: The Truth sets you free- without it we are nothing but puppets on the strings of natural forces…according to Modern Medicine Doncaster is technically “alive”; he might have a pulse, he may have a heartbeat, he may even have blood pumping in his veins- but because he is an exile of Truth, a moral orphan, he is part of the living dead, he is but a zombie hiding in the shadows…Doncaster is another Cerberus, the dog, of a cold Underworld of dark corruption…we need to put that dog down… we just have to keep shining the light of Truth & Justice into those dark recesses of the venal holes where the living dead skulk in their gloomy pits…until there are no hiding places left, until all the fevered pockmarks of Rangers dishonour, all the bloated red scars of their sins are laid out naked to the world.

  19. Sorry if already posted.

     

     

    Alex Thomson

     

     

    Amidst all the secrecy, the refusal to break cover, the smoke and general mirrors surrounding the Rangers fiasco – suddenly, along comes a surprise. Tristan Loughrey, a Scotsman who has spent more than 20 years out of the country closing various deals as an investment banker among other trades, is nothing if not frank and open.

     

    When a man sits on a street café pavement in Baker Street, west London and calmly explains how he claims access to around 850m euros of funding to buy Rangers, the first thing you want to say is: “prove it”.

     

    So I do. It seems a little rude, but as we sit there supping succulent cappuccino and particularly fine tap water, Tristan Loughrey unwraps his plan.

     

    “It was 11 May,” he recalls, “when I was in contact with the Rangers administrators Duff and Phelps, with a view to buying the club. I was asked to fill in an NDA (Non-Disclosure Agreement) with which we would take things forward.”

     

    “So what happened next?” I asked

     

    “Well that’s the strange thing. Nothing at all happened. I heard nothing until a day or so later when I suddenly see they’ve given the deal to Mr Green and his consortium.”

     

    “So how do you feel about that?” I asked.

     

    “Well,” he muses, appearing more mystified than angry, “I’m baffled by it frankly. I mean it’s not like they did not do due diligence on me and my finances – they didn’t do any diligence at all. Why ask me to fill in the NDA – effectively a way of looking into the finances with confidentiality, if you’re not seriously interested at all?”

     

     

    Email exchange

     

    Asked by Channel 4 News to prove the email exchange took place with Duff and Phelps, the emails duly arrived. We have an email from Charles Walder at Duff and Phelps dated 11 May sent to Tristan Loughrey at 17.08pm attaching a scanned copy of the NDA – the first step to take when a potential bid is seriously entertained by an Administrator.

     

    The email from Mr Walder concludes: “Please note that the NDA needs to be completed by yourself and any party that you are representing. Please also confirm who the key members of your consortium are and the source of the funding to support any offer you will make for the business and assets of the Club.”

     

    Tristan Loughrey duly signed and sent. It was getting late on a Friday and he could not get the papers in place at that hour of the business week, he says, to set out the source of his funding.

     

    He expected to hear from Duff and Phelps on Monday morning – instead he heard that Charles Green was the exclusive bidder on the Sunday. He was astonished by this then, and he is astonished by it now. And he certainly does lay claim to exceedingly large funds.

     

    Substantial funds

     

    Channel 4 News has seen a copy of an account held in the Malaga branch of La Caixa – a major Spanish savings bank. The balance of this account was – as of 27 January 2012, some 500m euros. The account is held under the name of Maurizio Gigliosi whom Tristan Loughrey says is his business partner. He claims to have power of attorney over this money to be used for funding major investments like the take-over of Rangers.

     

    We do not have firm proof as yet that he does, in fact, have control of these funds, but I am promised an email to that effect from the bank itself and the officer named on the account as Jose Ordono Artes. Mr Loughrey says his business partner.

     

    Further, Tristan Loughrey also said when we met that he had access to a euro bond to the value of 350m euros over and above the Spanish funding. Again I asked him to prove it and today he sent through several documents detailing the Bond. In fact the documentation we have received is scores of pages including the Trust Deed and Collateral Deed.

  20. The length of time it is taking this evilness of a club to die is unbelievable, the champagne has been on ice that long it is nearly solid.

     

     

    Duff and Duffer will go down as the worst administrators in history, although we think they have been doing a fantastic job and are well worth the fee’s they have been draining out of the Orcs, only unfortunate thing is the creditors are getting shafted

  21. leftclicktic on

    so far, 5 small leters that said so much, This charade has thrown up so many culprits & names we will long remember the latest to play his part is Doncaster,but there will be others who will challenge him for his mr incompetent title.

     

    We await the next act in expectation that we have not seen the best bits

     

    SO FAR :)))))

     

    hail hail

  22. the inmates on FF are not happy with Stan Collymore

     

     

    Stan Collymore ‏@StanCollymore

     

    Celtic fans,as always,you’re the team people want to play in testies! Why? 4k of you at Carrow Rd tonight. Hail hail.

  23. Ross McCormack worth a punt?

     

     

    Leeds United boss Neil Warnock expects Republic of Ireland Under-21 winger Aidy White to leave Elland Road this summer.

     

     

    White, 20, is coming to the end of his contract and looks increasingly likely to seek a fresh challenge elsewhere, with SPL champions Celtic and Europa League qualifiers Newcastle reportedly among his suitors.

     

     

    Top scorer Ross McCormack could also depart Elland Road as he is yet to accept a new deal with only one year left on his existing contract.

  24. Tiny_Tim,

     

    I’m with you here. Yes I probably will renew but I want to see what product they are going to put before me before I commit to spending £2k on mine and my son’s STs. You know , for our sections it would actually have been cheaper to purchase individual games last season . OK so we wouldn’t get the priority away tickets or the domestic home cup games but , let’s face it , that has amounted to 1 game over the last 3 years.

     

     

    Celtic_Cross ( posting as cfc1888 from this p.c.

  25. Mountblow tim on

    Paul you have cheered me up again

     

    With another great post

     

    Power to your key board keep up the good work.

     

     

    Dung-Catcher has to go

     

     

    Good luck to the Bhoys to-night

     

     

    Hail Hail

  26. Just realised the full Thomson blog did not paste.

     

     

    Explanation

     

    Attaching these deeds to me by email he gave Channel 4 News to following explanation:

     

    “There is a credit rating of BBB+ from the large German rating agency called Scope with this bond which is deposited in Deutsche Bank London at their custodial account through State Street bank (of which can be checked on Euroclear , Bloomberg etc..) Obviously if things are different – I would have the original PPM of Seylynn village changed to the Rangers project and start selling the bond not only to my investors and exit buyers including insurance companies, pension funds and high net worth individuals but also to retail buyers including the Rangers faithful who would be helping their club through buying one of these bonds and also receiving a 6.5 per cent annual interest payment (better than any banks interest) and guaranteed return of principal after maturity in just over eight (8) years. The amounts received on this play would cover all debts and have a positive cash flow for years to come.”

     

    In essence, the bond is drawn up in respect of a property deal in Canada – Seylynn Village – which did not go ahead. Mr Loughrey says that changing the property element to the bond is possible and the business plan for funding is set out by himself in the email I received today. Not being an accountant I have no idea whether this stands up or not.

     

    Considering all offers?

     

    But what is not disputed is that Duff and Phelps did not look at any business plan because – it being late on a Friday, Mr Loughrey did not submit one at the time. We know Duff and Phelps were in a hurry after the Miller fiasco, to sell Rangers somehow. But was it at all costs? Were they not obliged to find the best deal for creditors in law?

  27. Glendalystonsils likes a mr whippy with his lime green jelly on

    lovejoysalegend on 22 May, 2012 at 12:43 said:

     

     

     

    The length of time it is taking this evilness of a club to die is unbelievable, the champagne has been on ice that long it is nearly solid.

     

     

    The more corrupt a creature is, the more difficult it is to kill off. Have you never watched a vampire movie?

  28. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    “Seven Days” was all she wrote

     

    A kind of ultimatum note

     

    She gave to me, she gave to me

     

    When I thought the field had cleared

     

    It seems another suit appeared

     

    To challenge me, woe is me

     

    Though I hate to make a choice

     

    My options are decreasing mostly rapidly

     

    Well we’ll see

     

    I don’t think she’d bluff this time

     

    I really have to make her mine

     

    It’s plain to see

     

    It’s him or me

     

     

    Monday, I could wait till Tuesday

     

    If I make up my mind

     

    Wednesday would be fine, Thursday’s on my mind

     

    Friday’d give me time, Saturday could wait

     

    But Sunday’d be too late

     

     

    The fact that he’s six feet ten

     

    Might instill fear in other men

     

    But not in me, The Mighty Flea (flee?)

     

    Ask if I am mouse or man

     

    The mirror squeaked, away I ran

     

    He’ll murder me in time for his tea

     

    Does it bother me at all

     

    My rival is Neanderthal, it makes me think

     

    Perhaps I need a drink

     

    IQ is no problem here

     

    We won’t be playing Scrabble for her hand I fear

     

    I need that beer

     

     

    Monday, I could wait till Tuesday

     

    If I make up my mind

     

    Wednesday would be fine, Thursday’s on my mind

     

    Friday’d give me time, Saturday could wait

     

    But Sunday’d be too late

     

     

    Seven days will quickly go

     

    The fact remains, I love her so

     

    Seven days, so many ways

     

    But I can’t run away

     

     

    Monday, I could wait till Tuesday

     

    If I make up my mind

     

    Wednesday would be fine, Thursday’s on my mind

     

    Friday’d give me time, Saturday could wait

     

    But Sunday’d be too late

     

    Do I have to tell a story

     

    Of a thousand rainy days since we first met

     

    It’s a big enough umbrella

     

    But it’s always me that ends up getting wet

  29. Hi Paul,

     

     

    You have been in the true vanguard and your stance has been verified throughout.

     

     

     

    So looking forward to the Green deComposium* being the end of the nonsense and beginning of clarity and then new normal.

     

     

    Do Bears Manifest Epiphanies?

     

     

    *(c) Declan

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