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No SFA or SPL assurances given to Miller

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We understand that contrary to noises emanating from Ibrox today that the SFA and SPL have given no assurances on future disciplinary action against the existing Rangers Football Club or any successor club.

An enormous series of bluffs took place today, which augers well for the future.

The Live Updates article will be up at 19:15 BST.

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  1. sparkleghirl on

    Rangers Tax-Case ‏ @rangerstaxcase

     

    RT”@alextomo: Am told Bill Miller has no passport and has never seen a soccerball game, let alone one played by the Glasgow of Rangers” lolz

     

     

     

    Hahahahahahahaha!

     

     

    That’s my first laugh for a few hours.

  2. Bhoys and Ghirls it is a fait accompli a Newco Huns will be created and in the SPL before the end of the season thereby guaranteeing participation in next seasons tournament. Doncaster has already said that there are mechanisms in place to allow this we do not even know if it will require a vote.

     

    Hopefully I am very wrong but !!

  3. fanadpatriot on

    Vmhan18.54

     

    Thank you,I will wear it with pride as I sit in my slippers, smoking my pipe,watching the game.Slan.

  4. not sure if they are full lyrics, I think a policeman and a man turn up at the door.

  5. sparkleghirl on 3 May, 2012 at 18:58 said:

     

    Rangers Tax-Case ‏ @rangerstaxcase

     

    RT”@alextomo: Am told Bill Miller has no passport and has never seen a soccerball game, let alone one played by the Glasgow of Rangers” lolz

     

     

    Hahahahahahahaha!

     

     

    That’s my first laugh for a few hours.

     

     

    Nah, he watched last night’s game and was heard shouting, “get it into the end zone, that big quarterback Kenneth is rubish

  6. the long wait is over on

    Paul67

     

     

    Did you , or anyone else, hear that no non football press were allowed in to the d and p press conference today ? Why would they not want business journalists able to ask pressing question about this seemingly novel approach to corporate restructuring? Hmmm…

     

     

    Incidentally what is Miller bidding for ?

     

     

    Can’t be the assets subject to any fixed or floating ( now crystallised ) charge – those , subject to any successful challenge , are controlled by CW

     

     

    Cant be the Co shares unless he’s talking to CW who owns the vast majority of them.

     

     

    Leaves only the unsecured assets and , in particular , the SPL share.

     

     

    Isn’t that all that’s left , really , to sell without engaging CW?

     

     

    Unless of course you are very very comfortable that CW will be reasonable with you.

     

     

    This is heading nowhere but liquidation , call it what you will.

     

     

    Debts written off , newco started with industrial size smoke and mirrors to delude the rangers fans that the history hasn’t gone south with the 1872 co , secured assets to CW , spl share acquired for as little as possible and simply enormous pressure brought to bear on the footballing authorities to be as lenient as possible without alienating the fans of other clubs on whom Rangers rely far more than they dare think.

     

     

    Nothing else makes sense.

     

     

    HH

  7. HH

     

     

    Outside paradise looks like the Thai tims will have a nice wee crowd in for their appearance

     

     

    God bless them

     

     

    Mcgeoch to score – Celtic to win to nil.

     

     

    Mon the hoops

     

     

    KTF buoys

     

     

    JP

  8. merseycelt lmfao as the big house door slams shut on

    Some of today’s hysterical responses reminded me a little of the frequent blog over-reaction demonstrated to certain players who were adjudged to have played poorly during a Celtic defeat eg Broony (COTY), Sammi (GGOTY), Charlie (POTY) and Big Fraser (GOTY).

     

     

    Patience, give it time!

     

     

    HH

  9. Joe Filippis Haircut on

    A rumour in Glasgow tonight that Bill Millar is to help out Donald Trump.Trump is unhappy about the siting of wind turbines offshore but viewed from Trumps Golf Course.Bill Millar has offered to have the turbines relocated to Ibrokes as its not going to be used for anything else.H.H.

  10. thomthethim on

    From our own barcabhoy, c&p from RTC.

     

    Apologies if previously posted.

     

     

    Barcabhoy says:

     

    03/05/2012 at 6:34 pm

     

     

    13

     

     

    0

     

     

    Rate This

     

     

    This post isn’t about a tax case, it isn’t about a dodgy football club, or the crash and burn strategy adopted by Whyte…….It’s about Bank irresponsibility , Ego and fraud

     

     

    RBS and Lloyds have been 2 of the worst run banks in the world. Thats not just my view, many financial commentators have said exactly that. However the £114 million asset writedown today , which blew apart Rangers balance sheet, highlights the nature of this chicanery

     

     

    David Murray (surely the Sir is about to be stripped any time now), The Miller Family and John Kennedy amongst others have benefited from the ludicrous practice of asset revaluationt to underwrite crazy borrowings.

     

     

    These practices allowed the owners of MIH, Miller Group, and Kenmore to strip out £10′s of millions in dividends and bonus’ as they ran up debt to the tune of £3 Billion …….i’m going to repeat that, because its not a typo…….£3 Billion ……owed by 3 business which did not remotely have the reserves to support that level of debt

     

     

    The individuals concerned had two things in common. They were all based in Edinburgh and all had a level of humility which made Piers Morgan seem modest and unassuming.

     

     

    In other words they were egotistical assho**s . They appeared on rich lists , and were lauded as entreprenurial genius’. They were of course no such thing. Their only contribution to future generations of aspiring business leaders in Scotland is as posters boys for how not to do it.

     

     

    Their trick was incredibly simple. Borrow to buy an asset, have inflation and a friendly valuer allow you to declare that asset much more valuable after a short period when you bought it. Take that increase in value, and use it to pay yourself £10′s of millions over a period.

     

     

    Does that sound like the way Bill Gates or Steve Jobs got rich or famous ? You bet it wasn’t . Scotland has produced a generation of con artists, of flam flam merchants and scammers, and they did it all with the connivance of the banks at the expense of medical services, education and housing in this country.

     

     

    One small part of this sham was Rangers Football Club. The ludicrous overvaluation of assets allowed a spend on players that was unaffordable by any other means. It was supplemented by a tax scam and a registration con.

     

     

    The most shameful part of all of this is that the banks lent this money to a business which could not make money.

     

     

    It’s closing its doors shortly. The final tally in the profit and loss account from the day it was constituted as a ltd company……£135 million of trading losses

     

     

    Thats correct RFC in its history has made a trading loss of £135 million. The banks knew this and continued to throw money at it. They knew from its own results it could never pay it back. Yet it conspired with Murray to keep this rotten cheating organistion in business, cheating other bank customers who had to compete with these crooks in the SPL

     

     

    In my book thats fraud. Plain and simple. This is what the SPL and the SFA expect the rest of us to accept, and “take one for the team”. For the good of Scottish Football

     

     

    Doncaster is a cretin if he expects this to be acceptable, and anyone who votes for this will be guilty of participating in a corporate fraud of massive proportions.

     

     

    Lets see if they are brave enough, especially when the big spotlight is turned on shortly by broadcasters who have the story and are not afraid or corrupt.

     

     

    As they say in showbusiness

     

     

    You aint seen nothing yet…..and i mean nothing will compare with what is coming next

  11. sparkleghirl on

    alex thomson ‏ @alextomo

     

    At least one key player say to me the Miller deal won’t happen. It’s desperate administrators trying to flush Miller out.

  12. They just can’t get their stories right, from P.Murray, the SFA/SPL,MSM, HMRC to D&D.

     

    It’s all a convoluted Fairytale to keep the Hun hordes on Message until post season when the ultimate meltdown will hit.

     

    #They’re Fecked

  13. gordybhoy64 on

    Paul67 or any other financial whizz,

     

    can you explain how Dumb and Dumber can sell the assets

     

    that belong to Craighy bhoy without his approval,and without

     

    even discussing it with him?

  14. Tomo’s tweets suggest Hector is waiting in the wings, impatiently, whetting his blade. Mwahahahahaha.

  15. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    Evening,all.

     

     

    Just had a quick flick through the blog re the latest shuffling of deckchairs at Ibrox and the SPL.

     

     

    A few people who should know better-such as Strachan,Houghton and Kojo-have suggested we need the huns.

     

     

    Doncaster CERTAINLY thinks he needs them,and the jury is out on Peter Lawwell-if only because of his continued silence on the matter.

     

     

    Newco Rangers will NOT be playing anywhere next season,except in a lot of courts.

     

     

    There will be legal case after legal case before the dust settles on this one.

     

     

    No-one will have any legal right to sole use of the term Rangers Football Cub,as we have known it over the years,until the courts and all appeal processes so declare.

     

     

    Doncaster,Miller,D&P,the MSM,all the huns you know,they’re all whistling in the wind.

     

     

    They are no less f….d now than they were this time last week,last month,or last year.

  16. Snake Plissken on

    alex thomson ‏ @alextomo

     

    No – CW was off record – suffice to say nobody in Scottish football should bet a Tennessee cent on this happening as planned.

  17. thomthethim on

    ernie lynch on 3 May, 2012 at 18:44 said:

     

     

    I think the time has come for SSB to include an insolvency practitioner, corporate solicitor or accountant on their panel.

     

     

    *******

     

    I don’t think that anyone from those professions would subject themselves, or their firms, to the ramifications of telling the truth about the situation at Ibrox.

     

     

    Those people have the whole country intimidated.

     

     

    Fascist B……..

  18. gordybhoy64 on 3 May, 2012 at 19:06 said:

     

    Paul67 or any other financial whizz,

     

    can you explain how Dumb and Dumber can sell the assets

     

    that belong to Craighy bhoy without his approval,and without

     

    even discussing it with him?

     

     

    ====

     

    According to duff and duffer Criagy’s shares are kept with the Rangers 1872 company. Ibrox, playing staff etc added to the newco. Allegedly there is little Mr Whyte can do about this and he will be left with basically worthless shares and newco get Ibrox for nothing – sounds a bit iffy to me?

  19. gordybhoy64 on

    Seems like Alex Thomson is having doubts already about

     

    Windys plans being carried through

  20. Ellboy - I am Neil Lennon, YNWA. on

    I’m still going for Murray, Whyte, Ticketus, hidden individuals (offshore companies) & the new custodians (front men) all planned from the outset.

     

     

    This will be the biggest con trick ever.

     

     

    Outcome – limited sanctions, SPL licence, debt free Rankers. Unacceptable but not really surprising. The only spanner in the works is the dual contracts, which must bring UEFA into the equation. However Newco will not be hit, instead it will be the SFA. Maybe Scotland Banned from Euro’s, W/Cups, clubs banned from European competition. (Rangers newco already banned so not effected) Celtic obviously will be.

     

     

    Sorry for being a pessimist but nothing has ever been straight so why expect it to be so now?

  21. Surely the £2 million that Duff and Duffer have received in fees to date is way short of the amount needed to compensate the company for loss of future income due to the actions or inactions of these two buffoons.

     

     

    Any creditors seeking to appoint an administrator would not touch this company with a barge pole. Any credibilty they may have had has gone the same way as the SFA?SPL- a joke.

  22. iPaddy McCourt on

    The question I keep asking myself is why on earth is a hard headed American businessman with no connections whatsoever to Scottish football buying the huns?

     

     

    At least with the Blue Knights there was the obvious emotional pull, albeit their affections for the club was not enough to make them part with sufficient cash.

     

     

    But Miller? There can only be one answer, obviously – he’s out to make money. But how does he do that exactly other than by selling off the assets for more money than he paid for them? There is no money to be made in operating a Scottish football club, especially one that will not compete in Europe for at least three, possibly four, years.

     

     

     

    Despite today’s announcements, there will be no CVA and RFC will liquidate. Newco hun and its assets will then be sold as a football club to the highest bidder and Mr Miller makes a nice profit. But what if no-one offers him enough? If no-one makes him an offer that is to his liking then it is open to him to simply sell off the assets individually to housing developers and the like and he will not give a damn as long as he makes a profit.

  23. stephenpollock on

    My my American Pie. Great to hear its Miller time up for Rangers. Only resort was the last resort.

  24. Bill Miller gets a great write up on The Bleacher Report:-

     

     

    “Miller would arrive in Scotland with quite the resume.

     

     

    A former U.S. military officer overseas, he has a degree in economics and a doctorate in philosophy, but is best known for his prolific success as a funds manager in the 1990s and early 2000s.

     

     

    Miller was hailed “Best Money Manager of the 1990s” by Money Magazine and “Fund Manager of the Decade” by Morningstar—in respect of his work with Legg Mason Capital Management, where he beat the S&P index 15 years in a row from 1991 to 2005.

     

     

    According to Forbes.com, He left his roles at Chief Financial Officer and manager of the Legg Mason Capital Value Trust and Value Equity Management last November, but maintains an involvement with the company.”

     

     

     

    I didn’t know that The Morning Star voted on Hedge Fund Manager of the Year

  25. Thank God for some words of comfort though I am still not convinced they will not put an escape chute in place for them.

     

     

    H H

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