Quantcast

HMRC, Whyte security, Rangers sale and Ticketus

187

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.

Issue six of CQN Magazine, the Fit and Proper edition, is set to become a landmark collectors item. You can browse the magazine online here but you can buy your own hard copy by clicking on the link below.  Read with 20-20 vision…..

Ship to:

You can support the online edition by making a discretionary donation here.

Click Here for Comments >
Share.

About Author

187 Comments
  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5

  1. Che on 10 March, 2012 at 10:18 said:

     

     

    Tell me you’ve never got up and boogied to it?

  2. What is the Stars on

    Good Morning lads,

     

    Missed out last week as I was away but today I am going for Presenting Aces in the 2.05 at Sandown..

  3. voguepunter on 10 March, 2012 at 10:32 said:

     

    Che on 10 March, 2012 at 10:18 said:

     

    Tell me you’ve never got up and boogied to it?

     

     

    met many a fine young lady whilst that was playing, they thot I was dancing when in fact I was slightly inebriated and looking for the cludgie.

  4. Morning Dudes and dudettes,

     

     

    The Token loser this week is:

     

     

    Henry Bee 2.55 Wolves.

     

     

    HAIL! HAIL!

     

    Token

  5. twists n turns on

    Oldtim

     

     

    if you are about – nothing strong worth passing on. Got 5 from Balding contact (not his own horses) that they think are back-able, but lots of if’s buts and maybes!!

     

     

    Hasn’t stopped me backing them all right enough :-))

     

     

    God apparently loves a trier but I am not seeing that case proven as I have been trying for 40 years…..

  6. twists n turns on 10 March, 2012 at 11:30 said:”God apparently loves a trier but I am not seeing that case proven as I have been trying for 40 years…..”

     

     

    so you didnt start punting till you were in your 20s?

  7. twists n turns on

    Che

     

    ouch!

     

     

    Had my first punt aboot 13. Wiz a bookies runner oan the ould “cloak” system by 14. (lost ma first fortune by 14 and a hauf……) and ma first sare face by 15 when caught scamming the bookies…………

  8. tommytwiststommyturns on

    Ambion Wood in the 2:05 at Sandown for me.

     

     

    Some cracking races in Meydan today….can we select naps running in Dubai?

     

     

    TTTT

  9. tommytwiststommyturns on

    Che – very true, thanks for pointing that out!

     

    20/1 winner today though….! :-)

     

     

    T4

  10. Has anyone seen the horse I’ve tipped for today.I think it took the wrong course.

     

     

    Elsafeer 2.05 Sandown.50/1, got a squeak?.

  11. tommytwiststommyturns on

    Che – see that really annoying Italian fecker in the Ladbrokes adverts? That’s me right now, jumping about ma living room! :-)))

     

     

    Score on the nose at 20’s!

     

     

    TTTT

  12. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    Doubt I can match the above,but picking WOOLFALL SOVEREIGN in the 515 at Wolverhampton.

     

     

    Cracking nap,T4

  13. tommytwiststommyturns on

    Bull – cheers, that would have a hell of a reverse forecast there. Unlucky mate.

     

     

    BMCW – thanks, good luck with yours later.

     

     

    Anybody seen cheeky chappie Che?!!!

     

     

    T4

  14. tommytwiststommyturns on

    Meant to say lads, watch out for Cotton Mill at Cheltenham after the form getting franked there.

     

     

    T4

  15. tommytwiststommyturns on

    Che – aye very good, I meant future Dubai meetings with the Dubai World Cup coming up!

     

    Fancy Cavalryman in the 3:30 and Monterosso in the 4:05.

     

     

    Backed LucainDubai ew in this 3:15.

     

     

    T4

  16. tommytwiststommyturns on

    Che – that nap’s given me my stake money for next week. Would love to be going to Cheltenham….one day I’ll make it there!

     

     

    T4

  17. T4

     

    I couldn’t get a turn in a carousel just now.

     

     

    Twists

     

    unlucky thot the head waiter was gonny get that thing thru.

  18. tommytwiststommyturns on

    Che – Peslier just left his run a wee bit too late, could have won it!

     

     

    T4

  19. A Magnificent piece of writing by TBB this should be essential reading for ALL football supporters in Scotland.

     

     

    Hail Hail

  20. I am NL in NZ Tauranga on

    kevjungle previous post no mate nothing as severe Scotland has come a long way since the 70’s but still in the stone age when it comes to bigotry so all I was saying is expect the fight for hearts and minds to go on a long time after rangers fc is gone and shamed, still a long way before our communities accept us as one.

  21. The fact an organised gang in width the length of Edmonton drive remained unmatterialised and WAG free leaves plenty undead the fan worshiping big Hoose. As a relic in past crematorium ashes to dust fly away type humanist *(Alright on the night) Old Dutch

  22. CQN Saturday Naps Competition – Week 31 Results & Standings

     

     

    All the kudos last week went to TTTT (Ambion Wood @14/1)… great tipping !

     

     

    +£12.75 Cathal (8)

     

    +£ 7.58 bobbymurdoch’s winklepickers (7)

     

    +£ 2.00 voguepunter (3)

     

    +£ 0.83 fleagle1888 (5)

     

    +£ 0.05 Rockon (9)

     

     

    -£ 5.25 Eurochamps67 (6)

     

    -£ 5.25 What is the Stars (4)

     

    -£ 6.00 tommytwisttommyturns (2)

     

    -£ 7.25 Raymac (4)

     

    -£ 8.00 wolfetonebhoy (4)

     

    -£ 8.50 twists n turns (3)

     

    -£ 10.95 Som mes que un club (3)

     

    -£18.00 Che (2)

     

    -£18.25 BULL67 (2)

     

    -£21.50 hunza rugli (2)

     

    -£22.50 PFayr (2)

     

    -£31.00 oldtim

     

    -£31.00 The Token Tim

     

     

    *No selections from – PFAyr, wolfetonebhoy

     

     

    Cheers, fleagle1888

  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5