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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187 Comments- Pages:
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Peter Principle
I know that but my point is IF they come out of bother and the wages go back up on top of all the other debts then it will put them back to square one eventually.
The whole thing is silly.
Thomthethim – just reading back…Many Happy Returns! Here’s hoping it’s a day to remember for all the right reasons!
Paul67:
OK Paul I’m a pessimist by nature and your statement ” perhaps the most serious issue we have ever discussed on Celtic Quick News” has me extremely worried . Not about them , but worried that it might be something really bad about us .
Please put my mind at rest, even if not telling what the story is yet.
C_C
Dudd and Duffer latest announcement: Cure for comon cold discovered! Government announce two-day working week! Free Easter eggs for all, warm ale, milk and honey, rainbows, fluffy things and butterflies and spring flowers, all free, free, FREE!
Tommytwiststommyturns
Its for me!
Old man has his brief, am now looking for me!
ASonOfDan on 9 March, 2012 at 11:16 said:
Celtic PPV on the horizon I hope, as I would gladly pay for that.
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Hear, Hear.
Hail! Hail!
Have the administrators/huns/media (what does MSM stand for?) forgot all about the sale clause, widely reported at the time, enabling Moonbeams to buy back rfc, surely not being a fit and proper person will invoke sucha clause and Minty can buy back the club….. ahemmmmm
hh
bjmac
PS Paul67 You are a bad man, teasing like that (& not just today!!!) 26th is the date. B
Mort
Just checked out the video
Thompson and gollum see what they want to see o-o
Also player was outside box ! Sure some 1 gave a pen against dun utd for tackle outside box?
Only in Scotland under the sfa could these 2 clowns ref football matches
Jam67
have this picture in my mind
Paul67 in a dark smoke filled room
2 or 3 trusted lieutenants working vigourously on PCs
2 or 3 more on landlines and mobiles
disecting all the sourced information
checking,double checking
if we know whats happening,forearmed ect
then we can act accordingly
FourGreenFields on 9 March, 2012 at 11:16 said:
That’s my biggest concern.
The whole thing is now surrounded in bluff, double bluff and downright lies. It’s all about supposition and guess work, admittedly, educated guess work.
I’ve always believed that regardless of the outcomes of the BTC, the WTC and the middle bear Tax Case that ultimately there will still be a hunFC. Now it may have a different title and it may be dressed up in a curly wig, a moustache and a spinning bowtie but they will remain in some morphed form.
CFC and it’s supporters need to deal with that. We need to be prepared to face the possibility of a newco being accepted into the SPL with immediate effect or a newco which has suffered only minimal punishment.
My concern is the possible ramifications for the Celtic support and how the decisions we make could impact on Celtic Football Club, and essentially us, for the foreseeable future.
Asonofdan @ 10:54
I’m not sure the administrators can cave in to such demands. They have an obligation to ensure assets are sold at true market value in order that creditors receive the best possible deal.
Take McGregor as an example, say he earns £28k a week, which I doubt, then his pay cut equates to £21k per week. Until the end of the season that is a saving of £252k max, assuming 12 weeks to go.
McGregor is worth £3m easily in today’s market. For the media to suggest he will be handed a free, screwing the creditors for £3m, for a saving of £252k is ludicrous.
One SPL chairman told BBC Scotland: “This is a once-in-a-lifetime opportunity to change things.” The 10 non-Old Firm SPL clubs have long been unhappy with the distribution of income as it favours Rangers and Celtic and also dislike an 11-1 majority requirement on major issues that they believe allows those two clubs to dictate change.
Life imitating art…
http://www.youtube.com/watch?v=AjPBp6DOwgU
Mort on 9 March, 2012 at 11:27 said:
Anyone see the “penalty” Craig Thompson gave last night. And he’s the best referee in Scotland. I despair.
http://youtu.be/JZpDL6nxUYc
Mort
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Well spotted m8 :o)
Hail! Hail!
Celtic 3 – 1 Dukla Prague 12/4/1967
Mort @ 11.27
The best part of that Youtube clip is what the Schalke manager says about Craig Thomson and his pals (Willie Collum and someone else). He calls them red nose clowns and amateurs.
Scotland embarrassed again by these people.
Glasgow’s Green and White!
Hail Hail
79caps
Thanks, couldn’t hear it at work but was wondering what they said.
As others have said, only in Scotland could these pair of imbeciles get a job.
at least if nothing else, it helps suggest that they aren’t biased against Celtic, just merely incompetent buffons.
Mort
PS Though in Collums defence, he was looking at incident, usually sees more when head turned away from action.
Snake Plissken on 9 March, 2012 at 11:28 said:
Peter Principle
I know that but my point is IF they come out of bother and the wages go back up on top of all the other debts then it will put them back to square one eventually.
The whole thing is silly.
I know, you have the Media (bless them) stating –
Rangers players agree wage cut deal to save the club
When in actual fact they have done nothing of the kind, they have merely joined the list of creditors . As you have said….The whole thing is silly
South of Tunis @ 11:16,
Catch 22 precisely – if D&P say no floating charge for CW ’cause he didn’t pay LBG, in effect Ticketus did.
Then they say Ticketus do not have a contract direct with RFC, so Rangers are not obliged to fulfil any ST allocations to Ticketus, how can they intimate that RFC effectively paid off the debt to LBG as it was done through their assets.
Even if they mangaed to convolute their way out of that one then surely unhindered ownership of Ibrox goes to – RFC.
Great, so who owns RFC? – CW – D’oH.
Hello
Now I’m no businessman, but even I can figure out that this administration is strange to say the least.
Take wylde’s departure as an example. Done, according to Wlyde, to save money, and help preserve the jobs of others. Sounds very noble. But hang on, evem though Wylde was hardly the biggest earner in Mordor, he aurely would have a resale value come the end of the season. Again, not a fortune, but several times more than he would have earned. It was only after he left that the rumouts of them not neing able to complete the season began to surface.
I don’t think it is unreasonable to assume that the administrators know a lot more than.they’re admitting to. Smoke and mirrors at Mordor? Has Minty Moonbeams been spotted once again as the dark lord?
Hail Hail
Bromley Bhoy
As well as biblical it is karma.
References to their famine, and it certainly isn’t over.
Maybe they could make a song about it. Just banter mind!
Mort on 9 March, 2012 at 11:27 said:
What a joke, another honest mistake.
Hail! Hail!
TET,
yo be fair you’ve covered all the bases in your prediction from court appearances to them walking away scot free, so I suppose your bound to get something right :oD)))
Cant believe Forrest would be in anyones first 11 with the shifts he’s no been putting in recently, He’s been a man down ffs.
Am I reading too much into:
Celtic cancelling presser.
Paul67 saying there’s big issues afoot.
ASonOfDan on 9 March, 2012 at 11:16 said:
As someone who lives in England now I would happily pay £100/£150 per year to watch all the games online on a good stream. Probably more if it meant that the huns get their punishment.
greenjedi on 9 March, 2012 at 10:53
Totally agree with your team for Sunday. Izzy maybe to come on with Commons. Would like to see Brozek coming on if we’re up two nil and looking comfortable. Reckon it’ll be a super tight game though.
Hope that for the league games, the Derry Pele gets a few run outs. His playing days in the Hoops are probably numbered with his lack of first team action. I’m sure Lenny knows that the fans would appreciate it!
Hail Hail
Bhoyinengland @ 11:45 – Wylde is a good example. Huns turned down £400k from Bolton for him, before he signed his new contract, so we can assume he is worth that anyway. How much was he earning though ? No way would he have picked up £400k before the end of the season.
Definite smoke and mirrors going on with the administrators.
Surely a youngster such as Wylde with a resale value would be better to hold onto than Sone Aluko with 3 months of a contract to go and no resale value ?
The biggest issue we have ever discussed, smells like a move to me :o)
Seen someone post earlie that one of their hun collegues has taken great heart from this mornings meeja coverage to the extent of “champaign and caviar..”
more like bucky and taramasalata :o)
Apologies for spelling @ 11:45. Don’t have my laptop. Doing this in mobile. Never again !!!!!!!
This is all dragging on too long.
Does anyone know how to remove an arse shaped indentation from a leather sofa?
Mort on 9 March, 2012 at 11:27 said:
Anyone see the “penalty” Craig Thompson gave last night. And he’s the best referee in Scotland. I despair.
http://youtu.be/JZpDL6nxUYc
I hope he doesn’t speak German or UEFA could have a referee strike on their hands! :)
Mort on 9 March, 2012 at 11:27 said:
Just watched the “penalty” loosely translated the Manager said, It’s no fun playing football when you have such an amateur on the field in ref. to the Referee..
Peinlich as they say in German!!
SP
ASonOfDan on 9 March, 2012 at 11:16
Aye agreed. Viewing the games on the net can be a total nightmare. It would be worth the money for a great stream. I never thought in the past that i’d be shouting at a number in the bottom of the screen to go up, so I’d get a better picture. 3pm Saturday kick offs are the most difficult to watch. Anything else is usually ok. Midweek games (3.45am here) usually have a great steam, which although great, is frustrating when it comes to trying to watch on Sat. This weekend will be sweet though.
Hail Hail
Paul67,
Before the blog goes into meltdown, could I request you also update twitter at the same time, or I will be claiming you for a new carpet and baffies due to the continual pacing that will no doubt transpire?
Having some small experience of litigation it makes me laugh when very complex and highly contentious issues are treated with sweeping statements from the press and others.
Let us take the recent line from the press re Duff & Phelps arrestment of £3.6 million from the bank account of Craig’s company.
That’s it! Rangers have the money to complete the season! ……………….Really?
Yesterday saw not D&P but a number of potential claimants who say it is their money. Now four days have been set aside starting on 29th March for the hearing of this case. Now even if it only takes four days and there are only four claimants does anyone seriously think that at the end of four days the judge will make a ruling and that will be that?
The arguments will be many and varied and it would surprise me if a judge would deliver a judgement on such issues in under a fortnight. The judge would have to be careful in his deliberations because he knows that his decision is likely to be challenged and an appeal sought by one or more of the parties.
Then there will be a hearing before the judge to hear arguments for leave to appeal, which if granted would then go to the Court of Appeal for listing. Any waiting period from between 6 months to a year was normal IIRC the last time I was at the Commercial Branch of the High Court in London.
So do not believe a word that the glib liars of the Red Tops peddle as fact. ……… As someone once said about litigation:– it is a machine which you go into as a pig and come out of as a sausage.
They might well have added: some years later, and several hundreds of thousands of pounds lighter from lawyers’ bills!
Mort on 9 March, 2012 at 11:27 said:
Anyone see the “penalty” Craig Thompson gave last night. And he’s the best referee in Scotland. I despair.
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That is beyond comical.
canamalar
Aye, you are right as usual, in fairness though, I have always thought the courts were the likely destination, had a few wavers and wobbles in between mind you.
All I do know is they are fecked for the forseeable :>)
.
Tweet from @Daniel Cousins..
Ally McCoist told me to Wait 5 Minutes and he would get back to me..
I have been in this Hotel in Blythswood Square 5 Weeks Now..Who is Going to Pay the Bill..I’m Ready to ‘Score’..
Summa