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HMRC, Whyte security, Rangers sale and Ticketus

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We have lots to cover today, perhaps the most serious issue we have ever discussed on Celtic Quick News, but first let’s get a couple of points out of the way.

Paul Clark from Duff and Phelps gave an expansive interview to Alastair Lamont from the BBC yesterday evening.  Clark established a few points:

Although Craig Whyte holds security over Ibrox, the position of the administrators is that this security has no value as Whyte has not put any money directly into Rangers, his investment is in the form of guarantees worth £27.5m, which was used to secure funding to clear the bank debt.

This is a default position of an administration but is pretty meaningless at this stage.  Having previously dealt with a few administrators, claims against the company are often disputed.  I have been asked questions like “Do you have proof of title?” to “Do you have proof of delivery?”

Duff and Phelps need to convince a court that Whyte’s security, which was established by his well-paid lawyers, not by well-paid accountants like Duff and Phelps, should be set aside. Whyte will have been aware this position would be adopted from the outset.

Clark told the BBC that he is busy trying to agree a CVA and sell Whyte’s shares.  He didn’t explicitly name Whyte, but Craig Whyte is the only person who can sell Rangers.  Whatever offers Duff and Phelps receive from prospective buyers, they have to take back to Whyte for his consideration.

Notions that the administrators can either dismiss security or sell the club are completely misplaced.  Ideas that they can do both are fantasy.

Clark also suggested that HMRC may agree to a Creditors Voluntary Arrangement.  HMRC have given no such assurance.

Whyte owns the club and is the only person who can sell his shares.  He has security over the stadium and could tie this asset up in court for years if his title was disputed.  Ticketus own the first 26,000 season tickets sold for the next three years.  HMRC are due around £15m which could potentially grow by another £50m within weeks.

There is no agreement with Whyte to sell, the security over the stadium has not been lifted by a court, no deal has been agreed to invalidate Ticketus’ tickets and no agreement has been made with HMRC.

Apart from these matters, the administrators job is pretty straightforward.

More important issue coming up soon, just checking details before we go.

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  1. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    So the administrators are a pair of lying bassas?

     

     

    Should fit well with the hun hordes,that lot!

  2. Paul

     

     

    Today is ok for a lot of stories but if you have any influence on Rangers administrators can you ask them to get everything sorted today or leave it for a week. next week will be very busy for me at work and I can’t afford to be on CQN all day every day.

     

     

    Much obliged.

     

     

    Mort

  3. BlantyreKev - Parcel=> on

    Tom English reporting Ticketus deal collapsing but admits it could end in court.

  4. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    Off to the boozer,enjoy the blood-letting,folks.

     

     

    Mind you,it looks like we may have to wait a bit longer than we thought,as apparently everything in the garden is rosy for them.

     

     

    Well I never……

  5. Paul67, hopefully more important news is Celtic related, getting a bit bored with the shenanigans at poundland, too much hot air and not enough action.

  6. celt for life on

    Question on possible Newco:

     

     

    When a new Huns team is formed (still praying they die), is there any body out there that can stop them from having Rangers as part of their new name?

     

    I would take great heart from them having to use any other name and never to be able to refer to that on a daily basis.

  7. Team for Tannadice

     

     

    Forster

     

     

    Matthews Rogne Wilson Mulgrew

     

     

    …….Brown Wanyama Ledley

     

    Forrest……………………………….Samaras

     

    ………………….Stokes

     

     

    Hooper hasn’t played well in the last couple of games, Izzy needs a few sub appearances, Samaras’s height will be needed, pack the midfield and get the victory.

     

     

    This is the most important game of the season, win this and the treble looks very very possible! But one game at a time n that!!!

  8. Paul67

     

     

    The Laptop Loyal have announced these things so they must be true.

     

     

    What is your take on the administrators caving in to the players and putting the demanded clauses in the new contracts allowing them to leave at the end of the season for very little return.

  9. The Pantaloon Duck on 9 March, 2012 at 10:52 said:

     

    Hands up anybody who really understands what the heck is going on here…

     

    +++++

     

     

    **puts hand up**

     

     

    ‘Obfuscation’

  10. ernie

     

     

    What kind of deal ?

     

     

    It will end in the courts. I have been saying that for a couple of years now, although I didn’t see CW on thew horizon back then, but their dodgy dealings were always coming out.

     

     

    If you are correct we will just have to deal with things when that happens, we hold all the cards here, and things will be done to our satifaction, the clubs know it, the sfa/spl knows it, even the media knows it.

     

     

    The club imo are in complete control of the situation, they are smart people on our board, lets see how they handle things, I have faith in them on this.

  11. Gordon_J backing Neil Lennon on 9 March, 2012 at 10:54 said:

     

    Anyone interested in some good music – and with a title track about a stadium being demolished too!

     

     

    Bruce Springsteen’s Wrecking Ball Hits Hard

     

    +++++

     

     

    Haha, glimpsed that on facebook and wondered if that’s what was in your mind.

  12. greenjedi on 9 March, 2012 at 10:53 said:

     

    Hooper will definitely start and whilst I agree with you re. his form his scoring record against DU, 7 goals in 7 games, makes him a first pick for me.

     

    Your team with Stokes dropping to bench will probably be the starting 11.

  13. RalphWaldoEllison-is Neil Lennon Season 2011-12 on

    Ah that Tom English.

     

    The man who always gets it right.

     

    Now I am scared.

  14. The Honest Mistake loves being first on

    Paul67

     

    We have lots to cover today, perhaps the most serious issue we have ever discussed on Celtic Quick News,

     

     

    That’s mouth watering!

     

    Do you realise we have discussed poppies, songbooks, religion, economics, sickness, employment, parties, politics, deaths and entrances, manatees, hedgehog food and the search for Cadizzy?

     

     

    Can’t wait!!!

  15. The administrators voiced a whole load of opinions and the MSM took them as facts.

     

     

    In fairness to Paul Clark he used words like “In my view”, “From what I understand”, “We’ve got several parties who appear to be asking all the right questions”, “Assuming the company goes for a CVA there will be some form of deal done”. all very vague and if the MSM want to turn these statements into facts then that’s their well known stupidity shining through.

  16. Paul67

     

    At the end of the day Craig whyte only risked a £1 so anything above that is profit.

     

    Ticketus gave whyte £24 million and with repayments wil come in at £40 million.

     

    Duff and duffer must know something or are way out of their depth

     

     

    Jam67

  17. archdeaconsbench on

    Allan McGregor agrees to a 75% wage cut. Glasgow prostitues are thought to be appealing the decision…

  18. Paul, Paul, Paul.

     

     

    “We have lots to cover today” … ?

     

     

    I mean: come on: life’s hard enough without you coming away with statements like that.

  19. Its truely embarrasing that the MSM in Scotland cannot investigate properly and report accurately what is going on at der hun. They r feedng off pr releases.

  20. Tommy in Glasgow (AKA) southbhoy on

    Paul67

     

     

    Thank you for your clear & succinct language on the FACTS during these end of days.

     

     

    plus in case you missed my late post last week, wee Molly was born last wednesday afternoon, a leapling!!

     

     

    Hail Hail

  21. Paul 67

     

    More important issue coming up soon, just checking details before we go.

     

    +++++

     

     

    The calcium deficiencies in dog poo?

     

     

    Nooooooooooooooooooooooooooo

  22. The Honest Mistake loves being first on 9 March, 2012 at 10:59 said:

     

    Paul67

     

    We have lots to cover today, perhaps the most serious issue we have ever discussed on Celtic Quick News,

     

    —————–

     

    Could it be the other 10 SPL leeches (teams) agreeing to kick vote Celtic out of the SPL if we don’t give them a rather large percentage of our income?

  23. lennon's passion on

    THE EXILED TIM on 9 March, 2012 at 10:57 said:

     

     

    Did you get paid out yet,Celtic 9/2 to win league. See most bookies have paid out hope you got a very good drink out of it. Still kicking myself at missing out.

  24. RalphWaldoEllison-is Neil Lennon Season 2011-12 on

    Gordon J and Dirtymac,

     

     

    I understand one of the tracks is called

     

     

    Rocky Ground

     

     

    Hows that working out for you Craig/Ally?

  25. There does seem to be an incredible amount of spin coming from the administrators.

     

    I thought their job would have been pretty straight-forward. However, in my 54 years on the planet, nothing EVER is where the Hun are concererned…….and it invariably smells.

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