I was out of mobile phone range for most of yesterday and returned to read more histrionics. On Tuesday I wrote: “Whatever ‘good news’ Duff and Phelps come out with later”, knowing full well (you all knew too) that news of Bill Miller’s departure would soon be countered by a fantastic (literally) piece of optimism from Rangers administrators. They didn’t disappoint.
Today’s Guardian tells us that one bidder has “proved to Duff and Phelps they have a means of securing current owner Craig Whyte’s shares.”
Administrator, David Whitehouse, explains: “One of the bids is for a stand-alone CVA and there are a number of hurdles which need to be overcome. Our view is that it is challenging, but it is not impossible. The purchaser who is talking to us about a stand-alone CVA has demonstrated to us that they have got a mechanism where Craig Whyte’s shares are not an issue.”
Ah, the illusive mechanism! So Craig Whyte is irrelevant again.
We are three months into the process, Craig Whyte is no more irrelevant today than he was on 14 February, he remains the Only Show in Town. Once he stops being the main event, HMRC take top billing. After them, the players will have their 15 minutes of ‘action’. Then you will hear more of the story. If there is anything left after all this, the SPL and SFA will have their say.
Prior to appointing Bill Miller preferred bidder Duff and Phelps explained why a stand-along CVA was no longer possible. No amount of creative thinking will change this fact. The season ends on Sunday, Rangers last chance to pull a deal together passed on Monday, when Duff and Phelps were unable to present a proposal to the SPL.
Even IF a phoenix is assembled for next season, or the season after that, it will be a humbled shell of what was once Rangers.
Rangers Football Club is disintegrating and will do so at an increasing rate in the weeks ahead. Again, cease and desist with the adolescent hysteria. Chill. Go for a walk in the rain and spare a thought for those football fans with genuine worries.
You can buy a hard copy of the new issue of CQN Magazine via Magcloud here.
The graphic below is just for a flick through, to read the magazine go here to it’s dedicated site.
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5th generation on 10 May, 2012 at 13:08 said
On another note is it me or is Seb Coe a tad annoying
I think it’s just you 5th….he’s extremely annoying to most folk I know!
Ssn now
http://www.youtube.com/watch?v=EzN7tnl9X5U
Just had to listen. A true classic
brimmer
I’m on strike today because this government have increased my pension contributions while decreasing my pension sum. Some bigwig civil servants do have “gold plated” pensions (daily mail), but 99% of have small future pensions. Many will now struggle to pay the increases and will struggle to live on the decreased pension.
But at least the 50% tax band has been scrapped, eh;-)
lorbobo – If it’s any consolation, you’ll probably still be better off than people doing similar jobs in the private sector (daily mail) (thumbsup)
SSn: JIM WHITE:’ a well funded consortium has bought CW’s shares, consortium meeting with D&P today. CW will now go. London based consortium, I don’t have their identity but they are extremely experienced in Premier League football.’
He doesn’t know who they are, but hee knows they have expereience, money and CW’s shares!
Jim White getting excited , craigy has agreed to sell his shares to a London based consortium .
Back to cva , liquidation off the menu.
Good old jim
Why is it taken as red that D & P’s continued stance that Whyte is an irrelevance is incorrect?
These are after all his choice of administrators.As far as Whyte is concerned in this whole charade, he holds the key to the stadium/training complex. While £30 million has been the figure mentioned for him to relinquish his charge. Every man and his dog knew this was a ludicrous proposition. However what if he remains the key holder for any future custodian? From the very beginning I was of the opinion that Whyte would end up being a landlord. His charge over the bricks and mortar will allow him draw up a 100 year lease at say 1 or 2 million a year. If this is the plan then in reality he is irrelevant in any initial takeover. Ticketus is entirely another matter for any perspective owner. However I have always felt the Ticketus money had a putrid stench attached. Where are the disgruntled investors?? Surely if you had invested millions and you now see little prospect of a return , you would find it difficult to remain anonymous? Which brings you back to the million dollar question. Who’s money is behind it & who’s idea was this?
Minty & pals perhaps? The old owners couldn’t be the new owners, only with different faces pushed to the front, or could they?
Funny the pictures that come in your head. david whiitehouse
“One of the bids is for a stand-alone CVA and there are a number of hurdles which need to be overcome”
Beeches brook rocking horse.
‘crushed nuts?’ ‘Naw, Layringitis!’ – He doesn’t know who they are, but hee knows they have expereience, money and CW’s shares!
“an undertaking of great advantage, but nobody to know what it is…” (thumbsup)
So Whyte sells his shares for the 1 pound that he got them for – not important.
Who owns the assets?
Who has the floating charge?
Who owns the Stadium and Murray Park?
Who still needs to get paid?
Celtic_First on 10 May, 2012 at 13:09 said:
I certainly enjoyed the all too brief time I spent in his company and I’m going to see if he would like to attend our CSC Champions Party on the 16th June where we’ll all be able to re-acquaint ourselves with the SPL Trophy (THANK YOU CELTIC FOR ORGANISING FOR THE TROPHY TO BE IN ATTENDANCE!)
Orange Lodgers?
A legally watertight long-term lease of Ibrox in exchange for a certain % of CW’s shares (but not all of them) is the only scenario that would make financial sense to me, IF rumours of a CW share transfer to a consortium do indeed have any basis in fact.
Purely theory.
Does anyone know why the Evening Times website hasn’t been updated for 2 days?
Big Nan on 10 May, 2012 at 13:11:
We reached a swift unspoken compromise – he walked through my legs and I headed off towards the train.
I didn’t know who he was at the time – it was about four days later he popped up on some documentary on the telly, and I recognised him from the train station … and quickly realized my decision not to call him short-arse at the time had been the right one…
twists n turns
“The Grand National over fences”, eh? Fair brings back the memories.
Near to where I grew up there was a lovely, quiet street which featured a run of around 250 yds of manicured gardens on a gentle incline, featuring an excellent array of testing hurdles; it even had its own Becher’s Brook (this hedge was the last in the street, was taller and wider than the rest, such that it had to be dived over).
Of course the real thrill was the prospect of getting caught (or at least chased) by an irate resident.
Better still, during winter months (it had to be winter-time because the challenges and dangers were much more real) we sometimes did the back gardens, where the hedges were so large they had to be dived through (too high to jump for us young’uns).
The ‘fun’ came to a sudden halt one day, however, when it transpired that one of fed-the up residents had craftily laced his hedge with barbed wired …
I still have the scars!
FF
Thanks for all the comments guys.
Awe Naw. Did he? I honestly never knew that. I shall seek it out tonight.
The fatherland? I am arranging a visit to Holland in June (business) but thats as close as I shall be in the immediate future. Off to London this weekend. (pleasure). I say pleasure, but I shall be using the tube for the first time in my life so who knows where I shall end up! Never fancied the underground, but needs must this weekend.
SSN banner now read ‘CW has agreed in principle to sell his shares to a London based consortium.’
So in other words total pash but can be passed off as true by saying in principle.
They are hurting sooooooo bad!
jellyandicecreamcsc
HH
/Bishop B
Quiet day in the office today – very quiet.
In fact there were only 6 people in at lunchtime, so I reckoned it was time to start some gossipmongering. Thursday in this moslem part of the world is like Friday in normal countries, and in this recessionary climate it’s usually the day that people get laid off.
So decided to phone up Gary1690 and explain the situation to him and ask him if he knew what was going on and if I was being kept inthe dark. He didn’t know but was interested to get some snippets of info, which I strung out as best I could until I suddenly remembered why the office was empty – everybody had pi**ed off early to go to the Gers Liquidation Party!!!
Gary1690 was not amused.
Enjoy the weekend bhoys!
Helicopter Ditches In Sea Near Aberdeen – Sky News
As an aside, I thought I saw somewhere that the SFA commentary to the first set of sanctions on RFCiA was to be released yesterday. Has anyone seen this emerge? There might be some entertaining morsels…
BTW, wonder if one of those four bids is the six empty bru bottles that I offered a couple of months ago…
Has Labour’s shadow defence secretary been on the ole CQN? James Francis “Jim” Murphy on the radio just now describing the Tories’ handling of defence procurement as an omnishambles.
Folly Folly
ha…memories. I grew up in a street with 36 houses in a neat square. Around 20 had a hedge of some description. Barbed wire…ouch! Must have been a hun who knew you:-)
Aye, CW’s principle will be upwards of £30 million.
First picture of mysterious “London Consortium” bidding for #Rangers
http://i.dailymail.co.uk/i/pix/2008/11/24/article-0-0001C74700000258-605_468x299.jpg
EuroChamps67
Next thing you’ll be telling me, I was playing tennis by myself at The Palace grounds :-)
Craig Whyte doesn’t do principles.
Could it be TicketUs have bought CW’s shares for £1, they have Premier League experience and up until last year has loads of cash. Sorted!!
Could the Sky banner not be correct or does the shares affect his floating charge?
i
I thought Bluff and Bluffer’s latest deadline was mid-day today, right enough they didn’t stipulate what country or even which planet’s time zone they were referring to.
Could somebody tell me how to refresh the page when using an IPhone?
Ellboy – I am Neil Lennon, YNWA. on 10 May, 2012 at 13:37 said:
Could the Sky banner not be correct or does the shares affect his floating charge?
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A more appropriate Sky Banner would be the four horsemen (maybe the GB could help them out) ?
HH
Bobby – Tap the data and time stamp on the last posting you’ve seen then refresh the page by tapping the circular arrow in the address bar – It should then return to the last post you were at.
BobbyRussell on 10 May, 2012 at 13:41 said:
Could somebody tell me how to refresh the page when using an IPhone?
————————————————————
Tap on the date and time of the last post, then tap on the top of the screen (brings you to top of page) then click on the little semi circular arrow on the right. This takes you to the next post and saves scrolling back down. (No credit due another poster pointed this out a few weeks ago)
HH
Bobby, hold the iPhone in your right hand then use it to depress the F5 key on your keyboard ;-)
I’m starting to think there might not be a warchest for Ally after all. >:-( (thumbsup)
Lads this was on hun rumours page.
10 May 2012 10:43:02
Craig Whyte to give up shares for £1 but gets to keep Ibrox Murry Park & Car Park, which he will lease to UK consortium then use the lease money to pay back Ticketus through sale of season tickets, It’s messy but it may just work!