Former Rangers chairman, Alastair Johnston, made it clear on BBC Radio Scotland last night that putting the company into administration was never Sir David Murray’s plan. There was, he said, an understanding that should the First Tier Tribunal (FTT) decide against Rangers, the new liability would be absorbed into the Murray International Holdings (MIH) group of companies, just as MIH absorbed £50m of Rangers debt in 2004.
Johnston explained that the potential Employee Benefit Trust (EBT) tax liability was only 3% of MIH bank debt and that the group, which owned the overwhelming majority of Rangers anyway, would not find its position materially changed by absorbing the debt directly.
MIH would continue to manage its portfolio of investments back to rude health and neither it, nor its bankers, would have blood on their hands for putting Rangers down.
All this changed when Our Hero arrived on the scene with his £1. Johnston explained, as he had done in explicit detail before, that Lloyds Banking Group gave MIH and the independent board of directors at Rangers no choice but to accept the offer from Mr Whyte.
When the offer arrived last year Lloyds were already reaping a whirlwind of negative sentiment from being Rangers bankers and would view any exit from the situation as desirable. The bank itself, now significantly owned by the taxpayer after a government bailout, was also under immense financial pressure with a fiduciary responsibility to reduce their exposure to bad debt. They were hardly in a position to refuse £18m to clear existing debt with the removal of a potential £50m liability.
Once the offer materialised it was inevitably accepted. The old board’s plan to successfully steer the club through the potential loss of the FTT intact was usurped.
Neither MIH, the independent board nor, it could be argued, Lloyds, had any choice. Although while Mr Johnston insisted his hands were tied, he failed to see the bank’s decision makers were also between a rock and a hard place.
One final push (this week) for the Vanessa Riddle Appeal. We have a Celtic top signed by the first team squad available to auction on eBay. You can bid on the auction and help send Vanessa for the treatment she needs by clicking here. Thanks to Penfold for the donation and to Taggsybhoy for organising (yet again).
We don’t need no stinkin’ Rangers.
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If Rangers hadn’t had a sectarian employment policy I might have some sympathy for them
If Rangers hadn’t had the entire Scottish Football Establishment and indeed at times the legal and political establishment (even as recently as now) on their side while they pursued this practice and while they cheated their way to titles, in their back pocket for all those years, I might have some sympathy
If the native Scots hadn’t felt so threatened that they ‘needed’ a club to challenge the success of the Irish upstarts of Glasgow’s East End then I might feel some sympathy
If the supporters of rangers hadn’t sung for all those years of wanting to be up to their knees in my blood and the blood of my family and the blood of my celtic supporting friends then I may have some sympathy
If Rangers hadn’t pandered to the Orange Element in their support then I might have a teeny weeny inkling of a sympathetic feeling in my body
If Rangers had paid their taxes properly while the country was heading toward a period of ‘austerity’ brought on by the government not getting a proper tax take then I may have some sympathy
If they hadn’t financially doped themselves and in doing so denied my club millions and millions of pounds I may have some sympathy
If, in their efforts to save themselves they hadn’t ’employed’ the ‘save rangers’ button at the SFA and cheated Celtic out of vital points in vital games, cheated other clubs out of points in their games against Rangers then I might, just maybe feel a little for them.
If their ground wasn’t fertile country for the recruiters of the BNP I might give a damn about their going under.
If they didn’t have a compliant press who are even yet trying to save their guilty bacon I might have some sympathy
If the same press had given them the same treatment that they gave Celtic when we faced difficult times and who continued to batter us for spending within our means while rangers response to our revival was to make a start on the road to ruin I might have some sympathy.
If their supporters hadn’t murdered and attempted to murder young men who were making their way home from Celtic Park or Hampden, if they hadn’t started riots all over europe, if they didn’t have an ugly Casual Crew with links to Loyalist terrorists and Combat 18 fascists then I really might look more favourably upon their plight.
But all of the above and more gives me reason to say:
Hell mend them, they deserve every bit of agony they are going to face and no one, not Alan Johnstone, David Murray, the Grand Imperial Wizard and Goat Fiddler General of the Masonic Lodge, Orange Lodge and Lodge of Intolerant Beavers Oklahoma Branch 1690 can do anything to save them.
The All seeing eye of Masonic legend appears to have been turned the other way when Dodgy Dave and his buddies were running up the Rangers Credit Card bill at the cost of their life.
Seems the Deal with the Devil was not just with Wattie it was with the whole damned club – and it appears he has come for payment. The Devil went down to Govan………..
Hello all fellow cqners!!!! I bet yer all over the moon, I havnt really been on the site over the last few months as have been very busy with ma wee bhoy shaedan, dirty nappies, bottles and bath and bed time -all great fun honestly!!!!! :) I would again like to thank each and everyone of you for your prayers an kindness me and Linzi and shaedan really appreciate it, so THANK YOU ALL! Xxxxx
……… Any way on to rang£rs, ha ha ha ha I was hopeing they would get a more serious point deduction as 10 pt doesn’t benifit any other team in Scotland, they still finish 2nd!!!!!
fanadpatriot says:
14 February, 2012 at 13:11
Saw it last night. Know wee Sean masel. Great wee singer.
LB
I love the Guardian article surely written by a Tim, while I like the acronym LARF “Life After Ranger Football” the best line must be “Rumours swirl that Graeme Souness waits in the wings like a moustachioed Sauron.” well why not the Beast was manager at Mordor!
Any shortfall of our revenues when the Huns die our board can always make the missing money up by selling Hector face masks at our next home game we would make a fortune. It would be great if someone could make a few thousand Hector masks up for the next game we play at Ibrokes it would drive the hurting Huns mad if one end of Ibrokes had everyone wearing Hector masks (that is if the Huns are still in existence)
DougC, perhaps.
malceye, this one is a huge legal battle. Care to pick a winner?
Rangers cannot legally appoint their own administrator for 5 days!
Bosh!
Awe_Naw_No_Annoni_Oan_Anaw_Noo says:
14 February, 2012 at 13:25
Sorry mate, three’s a crowd so I bow to you…:)
Keep the Faith!
Hail Hail!
F5 key under pressure
I still feel this is all only going one way and it’s Craig Whyte receiving all the clubs assets and the debts being wiped.
Someone tell me I’m mistaken?
Don’t get me wrong I’m savoring every minute of it but in the long run what’s going to happen? They phoenix straight back into the SPL with their debts wiped and only a 3 year ban on Europe as punishment?
Rangers have offered to go into administration today as long as they can appoint the administrator
Totally unrelated but time to name the North Stand the “Fergus McCann Stand”
St Martin De Porres says:
14 February, 2012 at 13:25
‘Ernie
i understand your concern…But ogilivie is no more than a administrator ( funnily enough)’
Like Farry.
The SFA appointed him.
That shows what we are up against.
They are part of the problem, not part of the solution.
SwanseaBhoy loves wee Craigy Whyte and Rangers going into Administration. says:
14 February, 2012 at 13:06
“RANGERS TRADING WHILE INSOLVENT” repeated by Chief News Reporter on SSN.
====
So we can now add Fraud to the Perjury charge!
Things just get better by the minute!
LMFAO
HH
/Bishop B
Never thought I would be routing for the taxman its a bit like me voting for the conservatives. But I hate the Huns more than anything on gods earth.
Today I am listening mostly to “Its All Over Now, Baby Blue”. Whilst eating Jelly and Ice Cream.
Paul67 says:
14 February, 2012 at 13:28
My mortgage is on Hector…:)
Keep the Faith!
Hail Hail!
Some bad news and some good news from some people directly involved.
The bad news is that they don’t owe £75m to HMRC – that’s a figure Whyte has made up, much to their bemusement – it’s only £49m.
The good news is that HMRC believe that there are many other teams who have operated a similar payment system and that this is a test case that they have to win to let them get at the other clubs.
Apologies if posted earlier.
Worth reading…
http://www.guardian.co.uk/commentisfree/2012/feb/14/rangers-administration-scottish-football
Craig Whyte has found the island where Lord Lucan, Elvis and Shergar are cooped up. He’s going to need to get there pretty damned quick.
I recall a similar tustle over appointment of a trustee in a personal sequestration.
The individual wanted to appoint their own choice, the authorities wanted someone independent.
The individual concerned ended up doing time (a serious amount of it) for fraud.
Just saying.
Hmrc playing a blinder.
God bless all you hmrc cqners.
Hail hail
Lord menzies’ clerk just recalled the case
Regarding the question if Celtic need rangers, I think Tommy Burns answers for us all. God Rest Him.
“This club is about us and not about what or who we are against. There’s a lot to football rivalries but this club is much more than the sum total of that kind of thinking. This club is about so much that is positive. This is Celtic where people never walk alone…” Tommy Burns
Maybe Craig Whyte could just buy an ice cream van and start up business in Coatbridge and other Tim friendly places. He’d be doing a roaring trade!
.
Administration..
Anagram..
Adios Mint Train..
Summa
Rangers are not pleased that Mc Vitties the makers of Toffee Dodgers and Jammy Dodgers have made a new biscuit called Tax Dodgers with the Rangers Aye Ready emblem on it.
Oh crumbs!!!
Paul67’s bluenose pal, who suggested all those years ago that he should start a bhlog , I wonder how he’s feeling today?
Just had to:
Paul67, sorry to take up so much space.
Some say the devil is dead and buried in Killarney.
More say he rose again, more say he rose again, more say he rose again,
And joined the British army.
Feed the pigs and milk the cow, milk the cow, milk the cow,
Feed the pigs and milk the cow, so early in the morning.
Tuck your leg up, Paddy, dear. Paddy, dear, I’m over here! Tuck your leg up, Paddy dear,
It’s time to stop your yawning
Some say the devil is dead, the devil is dead, the devil is dead,
Some say the devil is dead and buried in Killarney.
More say he rose again, more say he rose again, more say he rose again,
And joined the British army.
Katie, she is tall and thin, tall and thin, tall and thin.
Katie, she is tall and thin. She likes a drop of brandy.
Drinks it in the bed at night, drinks it in the bed at night, drinks it in the
bed at night.
It makes her nice and randy.
Some say the devil is dead, the devil is dead, the devil is dead,
Some say the devil is dead and buried in Killarney.
More say he rose again, more say he rose again, more say he rose again,
And joined the British army.
My man is six foot tall, six foot tall, six foot tall,
My man is six foot tall, he likes his sugar candy.
Goes to bed at six o’clock, goes to bed at six o’clock, goes to bed at six o’clock.
He’s lazy, fat and dandy.
Some say the devil is dead, the devil is dead, the devil is dead,
Some say the devil is dead and buried in Killarney.
More say he rose again, more say he rose again, more say he rose again,
And joined the British army.
My wife, she has a hairy thing, a hairy thing, a hairy thing.
My wife, she has a hairy thing, she showed it to me Sunday.
She bought it in the furrier shop, bought it in the furrier shop, bought it in
the furrier shop.
It’s going back on Monday.
Some say the devil is dead, the devil is dead, the devil is dead,
Some say the devil is dead and buried in Killarney.
More say he rose again, more say he rose again, more say he rose again …
And joined HMRC !!!! Na na na na na! Booom!
Billy’s Bhoy says:
14 February, 2012 at 13:30
‘Today I am listening mostly to “Its All Over Now, Baby Blue”. Whilst eating Jelly and Ice Cream.’
Always worth listening to what Dylan has to say.
‘Strike another match, go start anew
And it’s all over now, Baby Blue’
MAlone19
those questions have already been asked and answered.
Hail Hail
I can feel it coming in the air tonight, Oh Lord
I’ve been waiting for this moment, all my life, Oh Lord
Can you feel it coming in the air tonight, Oh Lord, Oh Lord
Well, if you told me you were drowning
I would not lend a hand
I’ve seen your face before my friend
But I don’t know if you know who I am
Well, I was there and I saw what you did
I saw it with my own two eyes
So you can wipe off the grin, I know where you’ve been
It’s all been a pack of lies
And I can feel it coming in the air tonight, Oh Lord
I’ve been waiting for this moment for all my life, Oh Lord
I can feel it coming in the air tonight, Oh Lord
And I’ve been waiting for this moment all my life, Oh Lord, Oh Lord
Well I remember, I remember don’t worry
How could I ever forget, it’s the first time, the last time we ever met
But I know the reason why you keep your silence up, no you don’t fool me
The hurt doesn’t show; but the pain still grows
It’s no stranger to you or me
And I can feel it coming in the air tonight, Oh Lord…
Paul67
If I was a betting man, my money would be on the petitioners, ie HMRC
Tomorrows Record Back page
http://www.scotzine.com/wp-content/uploads/2011/09/lennon-hmrc.jpg
Hail Hail
RobertTressell says:
14 February, 2012 at 13:26
What he said.
Administration
Anagram
Slow undignified death..
Well,nearly.
Summa.
Class!!!
An attempt at live, up to the minute analysis – apologies if complete nonsense!
http://scotslawthoughts.wordpress.com/2012/02/14/what-a-difference-a-day-makes-hmrc-fights-back-against-rangers/
Hibs fans will try and orchestrate the whole stadium singing “the huns are going burst” on Sunday. They don’t care if we start it or not, wit they like :-)
If HMRC get their way and appoint their choice of administrator could they require that Rangers trade on for as long as it takes to pay the full amount owed to HMRC? In other words could we be looking at 10 -15 years of them battling relegation from the SPL? I think I’d enjoy that more than the Newco Division 3 start route.