Apologies for preaching to the converted, but it has been so many weeks since we heard Rangers recovery stories, all of which lauded in the press, none of which worth as much as the £1 the club was bought for 11 months ago.
Ticketus and Blue Knights join forces. So what?
Players who cannot play for anyone else until the summer agree to take a pay cut until 31 May. Big deal.
Duff and Phelps delighted that Ticketus judged to be a creditor [but whisper it, Rangers (IA) cannot set their deal aside]. Can you believe this was portrayed as good news for Rangers? Really?
All along the one man everyone needs has been vilified. Attitudes have hardened as Rangers best chance of coming through these times intact – doing a deal with Our Hero – has been made politically impossible.
Bill Ng’s opportunistic attempt to gain control of a cheap football franchise has ended with a few fascinating comments:
“We have serious concerns over the deliverability of the shares on offer”.
Have any of you offered Mr Ng a controlling block of Rangers shares? Unless you’re chilling in Monaco right now I doubt you have the authority. I think I’ll try to sell the Singaporean investor the Eiffel Tower. I don’t own it, but you get the picture. Ng also added:
“We would like to highlight that we have become increasingly uncomfortable and frustrated with the process dealing with Duff and Phelps, and the length of time that it has taken to reach this stage.”
Duff and Phelps are attempting to sell a metaphorical Eiffel Tower without owning it. Only Craig Whyte can sell Rangers, only Craig Whyte can release security to Ibrox and he will want tens of millions to do so. Unless a bidder is prepared to cover Whyte’s position all he is doing is wasting time. The administrators’ comment that Rangers major shareholder was “irrelevant” is perhaps the most damaging thought in 140 years of Rangers history.
Whyte is, as you know, the only show in town. Had Duff and Phelps made this clear to begin with, the recovery would have started weeks ago.
Buy a hard copy of CQN Magazine, issue 7, by clicking on the button below. You can read online here.
268 Comments- Pages:
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- »
So it turns out that “Bill Miller” was just a fancy document shredder?
I do not for one minute really believe that anyone from Singapore has the first name “Bill”. It has quite obviously been fabricated in a vain attempt to make him more acceptable to les hun if his bid had been successful.
He’s no a Billy, he’s an Ng . . . . . .
Yurcl
Sneddoni on 20 April, 2012 at 13:35 said:
I think when Neil went onto the park on Sunday to question the ref, he done so knowing that the camera’s were on him and there were plenty of witnesses.
If he had waited until in the tunnel, as some Celtic fans on here thought was best, then the chance of a stitch-up been the officials was higher.Like at ibrokes.
The live pictures on Sunday showed Neil that although angry he never swore or touched the ref at any point.So there was no chance of the officials fabricating a story against him.Remember on Sunday Neil already knew what had happened at ibrokes, so imho covered himself so that it wouldn’t happen again.
Silas –
8-))))
Ulryc
The Americans bid has the condition of no further SPL sanctions?
That cannot be known until after 30th April minimum.
That is WAY too late.
I can taste the liquidation……
From Bears Den
Bill Miller:
“Challenging others to come forward”
“Has played no part in speaking to Whyte/Ticketus, believes they endanger Rangers”
“No plans to liquidate Rangers”
“Will put forward 11.2m”
“Will put club into an incubator company, which preserves club and records whilst CVA is sorted”
“Two companies then merged once CVA is completed”
“Negotiations with SPL to ensure no deductions for next season, offer is contingent on no sanctions from them and therefore time is of the essence”
From SSN
Please no more duck jokes on here..they really are just fowl..
yours sincerely
Mr P.Kinduk
So this guy Bill Miller bid is a whopping 11mil 200k this includes the 500k bond.He wants assurances from the SFA and SPL that rangers will be playing in the Spl next season with no penalties either points deducted or financial sanctions.He would seem to be a bit of another silly billy
020 7715 6711 – Switchboard
020 7487 7240 – Paul Clark, Managing Director
020 7487 7240 – Andrew Stoneman, Managing Director
020 7715 6711 – Paul Teuten, Managing Director
020 7487 7297 – Benjamin Wiles, Managing Director
020 7487 7240 – Paul Williams, Managing Director
020 7715 6711 – James Wood, Managing Director
020 7487 7240 – Matt Bond, Managing Director
020 7487 7240 – Jason Godefroy, Managing Director
020 7715 6736 – Simon Greaves, Managing Director
020 7715 6711 – Mathias Schumacher, Managing Director
020 7487 7240 – Geoff Bouchier, Managing Director
Add all those numbers up, then divide by 2, subtract 1690, take the Square root and it comes to…………………………..
£134 Million
Is that spooky or what?
HH
Aye, phoning London landline numbers at 2.30 on a Friday afternoon will bring them grinding to a halt indeed!
They’ll wish they never messed with ra peepil!
Stupid Huns!
Incubator company? bit premature for that I think
BobbyRussell at 14:04
On average the administrators have charged £394.11 per hour of work they have undertaken.
All this will do is cost Rangers more money so that’s a good idea.
Mort
“In order to preserve the club’s history, records, championships and assets, I will put the heart of the club into an ‘incubator’ company while Duff and Phelps works to make the sick patient healthy through a CVA process that effectively works to radiate the toxicity of past administrations’ sins out of the patient while the healthy heart is preserved and moves forward.”
I LOVE THIS GUY
Incubator company hehehe. I wonder what dastardly plot he’s intending to hatch?
Stupid, stupid huns. hehehe
RogueLeader on 20 April, 2012 at 14:19 said:
Please tell me he didn’t really say that. Please tell me you’re maknig it up. Please.
The trucking Tennessee tycoon’s business portfolio includes a company which makes portable toilets and septic tanks
RL and Pantaloon
This has to have been awenawed surely.
tomthelennytim on 20 April, 2012 at 14:20 said:
Incubator company hehehe. I wonder what dastardly plot he’s intending to hatch?
Stupid, stupid huns. hehehe
_______________________________________________________
A wee bit like a sperm bank What a load of W****rs
The bears had better hope that the conspiracy theories about CW and D&P being the front-man for a highly-organised, well-funded investor/saviour turn out to be right. At the moment it looks as if they are actually just a bunch of chancers who have busily enriched themselves on the back of Murray’s profligacy and the complacency of Rangers fans.
That doesn’t preclude a viable outcome for Rangers, but one is only possible if a buyer of substance actually exists – a NewCo will need at least £10M of working capital over and above the purchase price.
As it is, the blunder-fest of the D&P administration is a suitable backdrop to the sometimes comical, sometimes hapless, and always cynical manoeuvres of the various groups vying for pole position post-liquidation. Publicity junkies and wannabe David Murrays are not what Rangers needs – but they are what Rangers deserves, and is apparently going to get.
With every day that passes, the risk is increasing that this mess cannot be disentangled in time for next season. A NewCo must be incorporated, registered, licensed, financed, elected by its peers (in whatever league), and staffed; a rental agreement must be concluded for Ibrox, and this must all happen all within the next 4-6 weeks. Good luck with that.
Bom dia,
Apologies if this has already been posted (came from a good source)
Media Release: Issued by Bill Miller
Date: Friday 19th April 2012, USA
For immediate release:
“Today (19th April 2012), I am making my proposal to takeover Rangers Football Club open, transparent and available to all those interested in Rangers future.
“Given all of the noise in the media from various sides of the transaction and given the numerous inaccuracies in much of what has been reported or intimated by others, I have decided the time has come to set the record straight and to issue a challenge to any would-be suitors of the club.
“Most importantly, I am doing this now so that Rangers fans and supporters can judge my bid and plans for the club on their actual merits – rather than rumours and innuendo.
“There is no time left for empty promises and grand-standing. The time has come for all interested parties to either put up or shut up. Everyone involved has had their ‘15 minutes of fame’. Let’s save Rangers. There is no time left.”
Facts about my bid:
• “Of the three qualified bidders, I am the only bidder who refused to entertain offers from Ticketus or engage in discussions with Craig Whyte. It is difficult for me to see how any parties who were present when this awful situation was created can be a legitimate part of the solution. I believe firmly that when you mortgage the future by the use of debts and financing instruments like has been done in the recent past, you endanger the very survival of the club. All of the ground swell created in the attempt to indicate that a CVA is a simple solution to save the club and its history is simply a naïve understanding of how this CVA process would work and the risks associated.”
• “Despite constant rumours and suggestions by others, I have proposed a purchase of the club through a CVA from the beginning. I have no plans for liquidation of the club. After careful evaluation of a Rangers CVA process, it has become apparent that there are substantial roadblocks and risks associated with such an approach. Of the qualified creditor claims, which is currently under £100M, the Ticketus claim of £27M (in excess of 25% of the total) would put Ticketus in a position to be able to block any CVA agreement with which they did not agree. There is no way that Ticketus would agree to accept a “pence on the pound” settlement as has been suggested by others. In addition, it is apparent that there will be several lawsuits that will emerge in relation to a potential CVA exit among the various creditors and claimants (you pick them), which will need to be settled by the courts. Consequently, the CVA will be prolonged – meaning the process would go on well into next season and possibly beyond. This would place additional penalties on Rangers as long as they remain in administration. Obviously, the longer the process dragged on without a resolution, the less viable the club would become. If this process continued on for a long period without resolution, the inevitable result would be real liquidation.”
• “Over several weeks of discussions, my advisory team and I have created a solution that saves Rangers, protects its history and gives it a fresh start – rescued from the ruin created by others. I believe, and we have compelling professional advice to support my view, that my offer, as structured, can enable this to happen without any question of Rangers seeking or being given any special treatment.”
• My proposal on the table now is to pay £11.2M for the club which includes the £500,000 deposit required by Duff & Phelps. In order to preserve the club’s history, records,
championships and assets, I will put the “heart” of the club into an “incubator” company while Duff & Phelps works to make the “sick patient” healthy through a CVA process that effectively works to “radiate” the toxicity of past administrations’ sins out of the patient while the “healthy heart” is preserved and moves forward. Once the CVA process has been completed and the patient is on the mend, the administrators will return Rangers Football Club plc to me for a nominal sum. The healthy heart and the healthy patient (The Rangers Football Club plc) will then be reunited through merger. In this scenario, the club can continue with all of its business assets, including its history, protected from the present illness. Thus a new corporate entity will own the club’s assets during the incubation period including all of its history. Any suggestion that Rangers history is lost by such a process is preposterous. Using such logic, Rangers would not actually have a 140-year history as its current corporate structure was only created in 1899. To suggest that Rangers thus have only a 113-year-old history is absurd.”
• “As a final step in the process, I have held a series of talks over the past week with officials from the SPL and SFA in an effort to ensure Rangers play in the 2012/13 season without further points deductions, fines or other punitive sanctions, relating to either the terms of my purchase or the actions of the prior administrations, beyond those levied during the 2011/12 season. My offer is contingent upon the regulatory bodies agreeing that the club will begin play in the 2012/13 season in the SPL and that they will do so without any loss of points and with all historic titles intact. I will not acquire the club unless I receive written assurances from both regulatory bodies to this effect. It is my strong view that Rangers and their fans should not continue to be punished in the future for the past failures of others. Rangers need a fresh start and I will always stand up for the Club.”
The plan:
“I have retained the services of certain sports business and UK football experts from Scotland, England and America to assist with the turnaround of this distressed and loss-making business. I realize Rangers have been losing money on a monthly basis and can easily find itself right back in administration in short order if significant changes are not made to the business and if the new owner does not have the financial wherewithal to accomplish the turnaround while the club haemorrhages cash.”
• “We will focus on a disciplined business approach that uses strict adherence to budgets and metrics to ensure the club does not attempt to live beyond its means so that it can be in compliance with UEFA’s new requirements of financial fair play. I am acutely aware that the Club will require working capital and this will be assessed in more detail in coming weeks as the due diligence period progresses.”
• “We will focus Rangers aggressively on growing current revenue streams and developing new ones. I believe that such a program is necessary to ensure Rangers have the kind of player wage bill that is necessary to field a highly competitive team, while not operating at a loss.”
• “As I have already discussed directly with him, Ally McCoist will be retained as the First Team Manager and will be responsible for the success of Rangers on the pitch.”
The challenge to others:
“Since other bidders and/or would-be bidders have consistently made claims in the press for weeks and months about how they have all the solutions and answers for saving Rangers, I have decided to offer a challenge.
“I have worked quietly over the past several weeks to put together a plan that saves Rangers from liquidation and allows the club to be made healthy again. I have attempted to do this without fanfare or without drawing personal attention to myself as I don’t need or desire to see my name in the headlines.
“However, it appears there are others who suggest that I have some motive other than to acquire and protect the history of this great club and put in on a strong footing for the future. They maintain they have better plans to save Rangers. So, in an effort to give Rangers and its fans, supporters, players and staff an opportunity to see for themselves, I have shared the details of my plans.
“Although it was my intention to wire the required deposit tomorrow to secure preferred bidder status, I have notified Duff & Phelps that my offer is to be suspended until Monday to give anyone else interested in acquiring Rangers time to complete their bid and put down the £500,000 deposit. I would not want anyone to have the impression that my offer is not the best one for the club. So I now put it to the other suitors who claim to want what is best for Rangers. If you sincerely want to save Rangers, the time has come for you to put up or shut up.
“I will agree to “stand down” until Monday, April 23rd to allow any and all “saviours” to step up and claim the club by paying the required deposit and entering into an agreement to purchase. The time for talk is over. The club is in serious jeopardy of dying. “Real” liquidation is looming.
“If no one else steps up by Monday, then I will assume everyone is done talking and I am the only one serious about saving Rangers. In the meantime, I will continue talks with the SPL/SFA in an effort to get a quick and satisfactory resolution so I can then move forward to become the preferred bidder as outlined. I ask Rangers fans, supporters, staff, players and Ally McCoist, after reviewing my plan for the club, to make their opinions known by Monday to the press and to the SFA and SPL officials. Time is running out to save Rangers.”
I think Miler is guilty of radiating toxicity.
Can i just check…
It is Bill Miller not Bill Murray.
As this certainly feels like groundhog day to me.
TimJim on 20 April, 2012 at 14:17 said:
So this guy Bill Miller bid is a whopping 11mil 200k this includes the 500k bond.He wants assurances from the SFA and SPL that rangers will be playing in the Spl next season with no penalties either points deducted or financial sanctions.He would seem to be a bit of another silly billy
+++++
I’ve heard that as well as the key to The Barad-dur, he’s now after the rods of the Five Wizards too.
Stupid huns.
Incubator company?
Just exactly what they need, with all these chickens comin’ home to roost.
DBBIA/RhodeIslandRedCSC
Daft huns in a coma, I know, I know, it’s serious….
He did indeed say those words….
FOLKS WE HAVE A NEW HERO
Bill Miller CSC
Bill Miller will soon be banned from FF
http://www.youtube.com/watch?v=QGJWcWWf05I&feature=relmfu
RogueLeader on 20 April, 2012 at 14:19 said:
“In order to preserve the club’s history, records, championships and assets, I will put the heart of the club into an ‘incubator’ company while Duff and Phelps works to make the sick patient healthy through a CVA process that effectively works to radiate the toxicity of past administrations’ sins out of the patient while the healthy heart is preserved and moves forward.”
##########
For those who don’t understand what that means, this might help
http://www.youtube.com/watch?v=XY_1812N7M0&feature=related
RogueLeader – “In order to preserve the club’s history, records, championships and assets, I will put the heart of the club into an ‘incubator’ company while Duff and Phelps works to make the sick patient healthy through a CVA process that effectively works to radiate the toxicity of past administrations’ sins out of the patient while the healthy heart is preserved and moves forward.”
http://content.internetvideoarchive.com/content/photos/006/000264_11.jpg (thumbsup)
“Of the three qualified bidders, I am the only bidder who refused to entertain offers from Ticketus or engage in discussions with Craig Whyte.”
Oh my sides, stop it, stop it.
I can’t take anymore.
Planet Fitba calling Mr Miller!!
Oh dear Windy Miller just brought a whole dose of reality to the CVA wheeze….by telling them there is no chance of a CVA.
There never was…..
Manager Ally McCoist says Rangers’ situation must be resolved before the end of May amid fears of liquidation.
Bill Ng withdrew his bid to buy the administration-hit club, citing “serious concerns” over the deliverability of shares on offer.
“It’s only my opinion but I don’t think we can wait until anything like the end of May,” McCoist said.
“It’s not up to me to have a preferred bidder. I have to remain completely and utterly open-minded about it.”
Administrator Duff & Phelps has been running the Scottish Premier League club since 14 February and has yet to name a preferred bidder.
Sale Sharks owner Brian Kennedy, Paul Murray’s Blue Knights and American Bill Miller have all been linked with the Ibrox club.
McCoist says he would have no qualms about US businessman Miller – the only bid still on the table – taking over.
Miller has unveiled plans for an £11.2m bid for Rangers which would create an “incubator” company while Duff & Phelps bids to take the club out of administration through a Creditors Voluntary Arrangement (CVA).
The US businessman has suspended his offer until Monday to allow other bidders to make their intentions clear.
“The time has come for all interested parties to either put up or shut up,” he said.
“Everyone involved has had their ’15 minutes of fame’.
“Let’s save Rangers. There is no time left.”
Asked for his reaction to news of Bill Ng’s withdrawal, McCoist said: “I don’t really know because I hadn’t spoken to them in the first place.
“They have obviously weighed up all the options and decided it’s not for them, which they are absolutely entitled to do.
“But, not having spoken to them, I couldn’t really give you an opinion on it because I don’t really have one.
“The only thing that I wish for is somebody who has the club’s best interests at heart to take it over.
“I would have no problem with anybody that I’ve spoken to taking it over because I do believe they have the club’s best interests at heart.
“My main concern is that we get a positive result. That’s all that matters.”
Aw nah,
You mentioned the passing of Bert Weedon. That name really took me back to Cy Grant, Cliff Mitchelmore, Fyfe Robertson, Allan Hart and Allan Wicker. They all never seemed to be off the TV then, along with Billy Cotton and Eamonn Andrews.
Fortunes Favour Mibbes – Daft huns in a coma, I know, I know, it’s serious….
Writing frightening verse
To a bug-eyed man from Motherwell… (thumbsup)
Will the ‘hybrid liquidation’ process occur during the company’s ‘incubation period’..?
HarvardmakeitupasugoalongBuisnessSchoolCSC
Someone has obviously forgot to mention to Dr Bill Miller that his patient is terminal.
Talk about bottlers…?
Are the Hun suitors all bottlers? Are they all Vultures?..Are they all just a bunch of Walter Mittys?
..and then there were none?
Duff and Phelps doing a great job protracting matters until SPL rule change – before announcing inevitable liquidation. Hello Newco!!
So the administrators are taking too long. And if they have hundreds of phone calls to deal with that will help? You have to wonder, don’t you?
I’ve said for a long time that the objective is to make it to the end of the season before liquidation.