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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CVA — ?
Craig Whyte’s history suggests that he knows how useful a real mess can be when you are hoping to take the money and run .
I imagine he is aware that it is far easier to achieve a CVA in England than it is in Scotland.
Way to go , Craig !
Game of Thrones is top drawer.
donegaldanny on 10 May, 2012 at 14:57:
“Has it been that long?”
Aye. Craig Whyte was still a billionaire at that point.
There seems to be a real shift of opinion on Twitter etc that RFC might just be saved after all.
Should we prepare for disappointment?
Son of Warsaw on 10 May, 2012 at 15:03:
“Game of Thrones is top drawer”
There are a lot of missing drawers in Game of Thrones.
Rogue Leader, a CVA agreement? There’s more chance of seeing Shergar, ridden by Lord Lucan getting beat in the Derby by a Unicorn!
SffS
Emu
What’s a grand here and there, could have bought and sold the hun 500 times for that :>)
The cave that was sold was just next to where you stayed btw, it had water, leccy and sewage, no bad for 6k.
The Token Tim on 10 May, 2012 at 14:52
Never been a fan of the fantasy genre (always considered myself a classics man) Lord of the Rings, Hobbit etc, never interested me despite my mates raving about them. Game of Thrones has caught my imagination, I have “A Song of Ice and Fire” on audiobook (narrated by Roy Dotrice) which should pass the time on my long drives.
HH
TheCelticOne on 10 May, 2012 at 15:07 said:
There seems to be a real shift of opinion on Twitter etc that RFC might just be saved after all.
Should we prepare for disappointment?
============================================
We are Celtic supporters; we are always ‘prepared for disappointment’ ;-)
Myself?……………..I prefer P67’s analysis!
Anyone know what ward & hospital wee Oscar is in?. The Jude family wd like to send him a G W card.
I know Kilbowie highlighted the plight of the field at Kelso this evening, and thank you for that Kilbowie … hearing the meeting has been abandoned.
Next time, look out for it – maybe Perth next week or so.
If you don’t know what I’m talking about, don’t worry, you haven’t missed a thing.
Re Game of Thrones. The motto of House Lannister ( mostly baddies) is
” A Lannister always pays his debts.”
Oh the irony!
Green Lantern (((((0))))) on 10 May, 2012 at 15:15 said:
Re Game of Thrones. The motto of House Lannister ( mostly baddies) is
” A Lannister always pays his debts.”
—————————————————————–
Mostly baddies,aye, but you’ve got to love the wee guy.
voguepunter. Aye wee Tyrion is definitely a Tim among huns.
RogueLeader on 10 May, 2012 at 15:00 said:
Duff And Duffer statement..
“While it is certainly a long long time since anyone has seen or spoken to the Minotaur it is not beyond possibility that we will be having ongoing discussion with his representatives with a view to a successful completion of a Greek CVA”
alex thomson @alextomo
As I said y’day CW would be ready to deal and knows he won’t get what he wanted. Let’s wait til he calls and I’ll explain.
AT seems to have the direct line to the MBB..
TheCelticOne
Ragers Twitter or Celtic Twitter?
TheCelticOne on 10 May, 2012 at 15:07 said:
There seems to be a real shift of opinion on Twitter etc that RFC might just be saved after all.
Should we prepare for disappointment?
——————————————————————————————————
All responding to White on Sky who is full of it.
However when asked did he know anything about these mystery bidders his reply was
‘No but they know a lot about football and have plenty of money!
Smoke and mirrors my friend so just chill.
If they exist they may know a lot about football and they may have plenty of money. Presumably they made that money in business and one look at the books should have them saying ‘I’m out’.
starry plough – you can imagine Paul Clark screaming “Get me the ###### Minotaur on the phone NOW!” before returning to breathing into his brown paper bag whilst Mingwall The Hutt tries to find out what school the Minotaur went to.
Has anybody ever seen Donegal Danny and Craigy Whyte in the same room………
hmmm
this guy would do for the champions league
http://www.goal.com/en-gb/news/3276/serie-a/2012/05/10/3093395/i-will-leave-ac-milan-and-serie-a-nesta
Jim White gets excited when a player leaves Stockport for Shrewsbury on tranfer dealine day. His job is to get people watching SSN. He is achieving that today.
LB
It may become apparent that a CVA is not going to happen and Duff and Duffer could decide on a continuation of administration, this doesn’t seem to be their approach. However as bawbag cowan is fond of saying (among other things) Motherwell were in Adminstration for 2 years. I think the problem for Puff and Yelps though is that the BTC would become less of an unknown (a risk) and more of a fact (a big bill).
However if admin was continued they would need to decide prior to the players becoming free agents so they can try to make some money from transfers (it will have to be done quickly before the revised wages were due, so would run like a fire sale). They’d then have to sell the season ticlets (meaning Ticketus have to be dealt with directly or through the courts), they’d take the 10 point deduction for being in admin at start of season, the squad would be depleted since there won’t be much of a well to pull from (and they might only be able to sign under 18s anyway).
Then while they are still in admin and before a CVA can be done the double contracts investigation may report, and the SFA and SPL will have to deal with this.
All the while making a rescue bid all the more unlikely and the D&P business plan for any woudl be buyer of having 40,000 season tickets guaranteed each year would fast look like a Daily Record exclusive on the new Las Vegas style govan strip with casino, hotels, and Bruce Forsyths old Dolly Dealers in rangers taps and wearin sashes.
Liek I say D&P don’t want to continue admin, as they no ther are no revenue streams to. Catering – Sold by murray, merchandise – sold by murray, season tickets – sold by whyte, ibrokes – owned by whyte, murray park – owned by white.
All they have is a brand that’s fast losing its appeal (sic). The value is plumeting, but the cost is high.
The longer this goes on the less value there is in RFCia as a comodity.
bye bye RFCiA
greenmaestro
I applaud your work. Very well put in a few paragraphs.
LB
Talking of miracle rescues
Out of desperation D&P decided that the money earned at the Linfield friendly should be used for a quick team pilgrimage to Lourdes to pray for a miracle.
However when they got there, the springs refused to flow and the team left without any healing Lourdes water.
Ally remarked that they were used to that sort of thing since Healy’s and Lafferty’s goals had also dried up mid season.
‘GG from Fantasy Island.
You have to admit its heart warming that souness has been mentioned as one of the saviours/preferred bidders/interested parties/ghouls, quite ironic as well cos if hes succesful he will need to sort out the ebt mess which he err may have been party too.
starry plough, 15:24
He’s rings Whyte up and Whyte talks to him. Rocket science it isn’t
O.G.Rafferty on 10 May, 2012 at 15:35 said:
that would never catch on in scotland
theres custom and practice to be adhered to.
Sheik Yerbouti
Alessandro Nesta ?
Heard him being interviewed on the radio this morning .
He said that he has signed a 2 year contract with New York Red Bulls .
Duff & Duffer are sitting on a leaky boat in a lake- they are using a bottomless bucket to try & empty the lake, whilst the boat becomes ever immersed in water…in times of stress an act of futility can be a spurious form of therapautic denial…but wouldn’t be better to use the time to best prepare for what is inevitable? Salvage the valuable cargo? Lifejackets? The best area to swim to?
An unholy union:
Jabba and Mingwall’s lovechild
Awe Naw
Thanks for the video. Shared it with my bhoys.
Very funny.
HH
What must the high heid yins at Duff and Phelps head offices in the US make of the mess these idiots are making. Reputational damage hits big corporations very fast.
I would not be too surprised to see a proper administrator being parachuted in by D&P to try to repair this mess quickly and try to recover a vestige of respectability for this company.
Donegal Danny
I’m assuming you’ve been in the Jail………
The debate is whether to renew or not for next season………..
Not one you can contribute to I think, unless you’re having a change of heart?
HH
jimmci
Don’t see that they have done too much wrong to be honest. Done a great job in my view.
LB
OG..,
was there any response to the call to lloyds staff ?
Green Maestro – what about as a comedy?
Just in passing, how many clubs do you think the bold Souness has managed?
I do believe that he got a payoff of over a million pounds from each and every one of them – except the Huns!
And, according to those who have been in his company, he is so tight he wouldn’t give a blind hen a worm!
That would make him a serious millionaire in any man’s language.
Nice money if you can get it!
Hail! Hail!
Terrymac