At a media conference a few minutes ago Rangers administrators Duff and Phelps today told the world they have accepted the only unconditional bid got the club, from American Bill (Proxy) Miller. Mr Miller plans to start a new company to operate his ‘Rangers’ franchise. Duff and Phelps had the affront to suggest that the old club, established in 1872 and incorporated in 1899, would somehow manage to convince HMRC to accept a CVA, despite there being zero money available to them.
This will not and cannot happen. The last chance to save Rangers Football Club has gone.
Unfortunately for the UK taxpayer, they are about to take a bath for around £75m worth of medicines, school books, Help for Heroes and care services as Rangers spent all their tax money chasing football trophies.
Celtic Quick News told you this day was coming in our article on 3 October 2008. We didn’t know about the EBT case, ‘the bank running Rangers’, Craig Whyte or Bill Miller, but the available financial information made it clear that the club had debt obligations it would be unable to meet or renew.
Anyone from the boardroom of that club who claims surprise at these events is a complete fool. We should thank their media cheerleaders for refusing to analyse this issue while there was still time to do something about it.
More later, I have three months’ work to catch up on.
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Why wasn’t I offered the opportunity to question lawwell.
Paul67, I have no problem quizzing lawwell about the boards stance, please set up the meeting you offered ernie.
RogueLeader on 3 May, 2012 at 18:00 said:
In fact that BBC interviewer won the warchest prize with his
“Will Bill Miller provide substantial funds for Ally McCoist?” question.
Substantial?
Are these guys serious. One of the largest tax dodges this country has seen is being carried out and the publicly funded broadcaster is asking if more player bling will be purchased?
==================================
One might also wonder why they assume that a brand new football club, which is what it will be until it, ahem, ah ha and , deary me, ‘merges’ with the squaeky clean Oldco after it has been in incubation, would necessarily employ all the same people as the Oldco.
Fholks, the more we write, read and reason the more it becomes obvious – this is yet more BS of the same kind that we have been forced to smell over the last 2 years and more.
Liquidation is liquidation is liquidation………. no getting round it. They’s gone.
Could someone please explain to me why the are not forced to sell Ipox and Murray park.
Patrick27
haha
and broony sayin his POTY was yer man…
la farty !
If the administrators along with Millar pull off this Oldco Newco and merger nonsense the tax payer will be done out of Billions of pounds.Why do I say that well every deep in Debt football clubs all over the UK will follow Millars lead and HMRC can whistle for any unpaid tax.H.H.
If.. And AH say.. IF..
This Cockamamie Scheme that Dusty,has Proposed fur his Take Away o’ the G.A. Goodies…
SUCCEEDS..
Then.. That wid CREATE ,whit is Called aroon the Campfires…
o’ the Middle Temple..
a PRECEDENT!
And.. From noo oan
If Any Company, in the FUTURE… goat itsel intae a Financial Fankle , by owing Money tae. the I.R.S. or . well. Anybuddy , at Awe..
Then . Awe it wid hiv tae dae wid
Rush oot.. “Dusty’s .. One and Only Wey.. tae Shaft yer Creditors..”
And .. Oot Scoot. .It wid Be free of Awe Past Financial Encumbrances.. and wid be able tae Carry oan..
Re Born.. as a Brand Noo.. Pin.
Right?
Kojo
Still, Laffin, like Hell.
Enough from me. The laughter has worn off. Boredom setting in. Enjoy the game.
Peace.
I am glad to see that CQN has grown up.
The Mynah Bird is talking to ITSELF.
Who’s a pretty boy ?
This stinks of craig whyte.
Chatanooga choo-choo sounds like a train wreck to me.
So Bill Miller sitting thousands of miles away in America is the only man with this plan? A debt free Rangers with limited penalties (what a deal) Why was this not done by Minty & why is there not a queue of people lining up to take over Rangers?
I’m sorry but this all stinks to high heaven. Collusion from start to finish.
Dobbo on 3 May, 2012 at 17:06 said:
This looks like a scheme to defraud creditors.
_________________
Can the creditors do anything about that? Will they?
And, if NL has to watch from the stands, I’d like to see him sit with the Thai Tims. They’d all love it, him as well.
It’s criminal fraud.
Paul67
Given your headline, I take it then there will be:
No more articles about Rangers given they no longer exist
If newco do emerge unharmed by doings of their own making
Celtic should treat them like any other newco
– give them only the corner of the Rangers end
– rename the Rangers end to ‘the now deceased Rangers, end’
I suppose what I am trying to suggest is that there are plenty of things Celtic can do to make life as uncomfortable as possible but the most important things the fans could do is to not treat a newco Rangers as the oldco,
i.e. no oldco, no rivalry
two can play at the oldco newco game if that is what d&p & bm propose
It’s All a Minty smokescreen ? Why is half the population fooled.. ?
They cannae be that thick?
Oh I forgot.. They re bigots and discriminate..
They ARE thick..
HH
Off to paradise
It’s probably something and nothing, but
Rangers admin court date tomorrow
medtim
technically assets will have been “sold” to newco for £11.2m so not technically moving out of reach of creditors.
Question then becomes, is £11.2m fair value for a football stadium, training complex and players and SPL share.
Mort
joseph MC @JosephMcgonigle
breaking news paul murray has stated that if miller gets rangers they would be weakend even more source peter martin real radio
Neil canamalar Lennon hunskelper extrordinaire on 3 May, 2012 at 18:00 said:
Oh and the bbc world service carries adverts for banks.
———————————————————–
To be fair the World Service is not paid for by the license, but the UK government – A bit like RFC
Traynor as usual misinform listeners. It s not the SPL’s job to give Rangers /Newco a licence, that is the SFA perogative.
The SFA’s job surely is to act as a check and balance on the SPL, in effect to govern them, so when are they going to start?
The have been mssing in action.
On what grounds will the Newco be granted a licence by the SFA?
sparkleghirl on 3 May, 2012 at 18:19 said:
Could it mean Duff and Duffer getting booted off the Gravy Train??
BBC national news just stated at the end of their report “The deal is not done yet as BM wants the valuable bits of Rankers leaving the creditors with the remains. Tonight the biggest creditor the Taxman has stated that we have agreed to nothing”
Hopefully Hector will pitch in in the coming days. :o)
HH
/Bishop B
Guidi just hit on a bombshell there.
Miller comes in, sells Murray park and the squad cannot get a CVA, puts his hands up having made a few quid and leaves NO RANGERS anywhere.
Boom
What a scenario!
What’s the difference between liquidating the oldco with the newco buying the assets and the newco buying the assets while the oldco still exists? Only the timing – the end result is the same.
The oldco then offers a CVA. If accepted the re-merger stuff can happen. If not liquidate it anyway. I’m sure Miller could explain that away somewhere down the line.
Meanwhile Miller has a debt free newco. A share issue raises a bunch of cash. Miller hangs around for a few years then sells his shares off at a profit when European qualification is again possible.
Who can stop this happening? Craig Whyte with his security over assets? The SPL, SFA or UEFA?
Auldheid
Since you are around.
How can the hun not pay tax this season, and cheat all the clubs in the spl, yet the spl still give them 2 mill in prize money ???
Is there nothing in the rules that can stop this ???
sparkleghirl on 3 May, 2012 at 18:17 said:
Dobbo on 3 May, 2012 at 17:06 said:
This looks like a scheme to defraud creditors.
_________________
Can the creditors do anything about that? Will they?
In the event of a Liquidation (by name or by form) they can. the gist of it is that if a creditor feels they are worse off because all of the good assets have been hived off then they can bring a claim.
It may also lead to criminal charges against Miller.
Over the past weeks and months I have noted a number fellow fans and posters protesting and hand wringing at the prospect of Newco Rangers being admitted into next seasons SPL. My concious reaction to this has been one of derision, I’ll be honest. ‘Drama queens,’ is a phrase that has came into my mind on more than one occasion although I have shared their contempt at the actions of RFC(IA) over the last 10/20 years.
Without realising though, over the last few days my excitement at their demise has subsided considerably and the grinding inevitability of Govan Dodgers being admitted to the top flight next term is setting in. Listening to Clyde just now and at least 2 of the panel within 2 mins of me tuning in have stated in a ‘matter of fact nature’ that ‘I mean obviously Rangers will be in the SPL next season… We know that etc..’
Without even realising it I am now beginning to slowly lose interest in the upcoming season. It pains me to think this way but I don’t think my heart will be in it. No loud protesting or posturing or cancelling the season ticket with accompanying letter…. Just sickened with the way this mob are slowly but surley wriggling away from the carnage they have inflicted upon the Scottish game and as sure as night follows day being given a free pass to come back guilt free, unrepentant and unscathed. Sickening.. Absolutely sickening.
new article posted.
Mort,
If they have bought the assets for £11.2M surely that is purely a asset sale.
If they want the OldCo that’s more money.
If they fund the NewCo that’s more money also.
Is Murray Park or/& Ibrox extra still?
Just listened to both the BBC’S AND Alex Thompsons interviews with the guy from Duff and Phelps,,,,have to say the BBC’s interview was a disgrace,no pushing for answers to real questions quite happy to accept everything they are told!!
Compare that to Alex Thompson’s interview where he didnt just accept what Duff and Phelps was saying he picked holes in there strategy left right and centre,come the end of the interview the guy was a gibbering wreck!!
This mob have no shame at all,,,quite happy to shaft everyone and move on without so much as saying sorry,,,let them die,sooner rather than later!!!
Hail hail
Ghuys
Just listening to Traynor before walking up to the ground, it is like a guy with O level English C grade, being dropped into Uni level Quantum physics , having watched a Horizon special….
Has anyone asked if Ticketus have founded Windy?
Chillpillcfc
Paul Murray on BBC
D&P telling porkies and Murray not happy.
From our own barcabhoy, c&p from RTC.
Barcabhoy says:
03/05/2012 at 6:34 pm
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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
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.
God bless her majestys revenue & customs
New article im off !