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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The Falcon on 3 May, 2012 at 12:20 said:
Fife Today…
A week of hate, abuse & threats
Published on Thursday 3 May 2012 11:59
UP until last week, a day in the life of Eric Drysdale did not involve receiving advice on his personal safety from counter terrorism officers.
But all that changed the moment the Raith Rovers director became embroiled in the crazy world of the Old Firm……………
_____________________________________
I am going to assume that by ‘ crazy world of the Old Firm’ they mean Celtic & Rangers.
What part of this fiasco has anything to do with Celtic ?
This event EXCLUSIVELY involves Rangers FC ( I-A )
How dare they involve Celtic in this squalid story ?
“Liquidation means selling off the assets of a business individually to raise cash and therefore bringing about the closure or winding up of that business. This has never been on the table from any party in any form. There is no liquidation involved in this strategy and we cannot stress that strongly enough.”
So selling all of the assets off together can’t be liquidation? What section of the Insolvency Act is that from??
Duff and duffer
No bidder could do a stand alone CVA ?
No CVA = liquidation
Court cases a plenty will be on the cards next
And the sfa and spl are assisting them
How much more evidence do Celtic and the fans need .
We have been cheated and will continue to be cheated if they are allowed back in the spl.
Just hope all you bhoys are prepared to continue to sit at the back of the bus like our forefathers .
Jam67
What a bootifool day to sipp some £iquidation!!
HaiL HaiL
monteblanco
I will be partying at the game tonight don’t you worry.
Paul67,
Would you no say this is good news for Rangers?
Looks like they’ll ‘start up’ with no debt and evrything intact, can ayone stop this, Tax man, Ticketus, the law of the land, SFA, SPL, UEFA????? (well you can cross fo 2 of them trying to stop it)
Ghuys
Dignity will not liquidate until Monday 14 May 2012, the day after the season ends, otherwise the current rules require them to be relegated.
They are now in a period of Due Diligence, which will require a CVA to be proposed to the creditors, which given the sums involved will be rejected.
How serious is Tow Truck Bill? He must be minted , as he has yet to visit Scotland …. still free publicity for the attention seeking US tycoon!
Monday14May2012cfc
Remember,whatever happens,their legacy is ignominy in perpetuity.
We can slag them off at will forever and they’ll just have to eat it.
The smug,self-preening arrogant racist bigoted disgrace to humanity that they are.
Posted this previously, can anyone confirm if I missed anything.
Just to clarify.
Any attempt to shaft Ticketus will end up in court.
Any attempt to shaft Whyte will end up in court.
rangers in court October against Collyer Bristow.
Ellis taking Whyte to court for 25% stake in rangers.
Hector is definitely going to court to get his money from rangers.
Football wise,
rangers face two contract investigation.
They will be banned from Europe for 3 years possibly 4, as UEFA may deem the late submission of accounts and Newco as two seperate events.
They face a 12 month transfer embargo.
They face possible SPL sanctions next season.
Hi Paul,
”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.”
Apparently D&P understand the nuances of insolvency and liquidation much better than the disinformation being “banded about”.
Interesting they didn’t feel the need engage in a Q&A to Elaborate.
TheyDidWalkingAway…..
The oldco has debts. The oldco can’t pay those debts. The creditors won’t accept a CVA.
How can the oldco not be liquidated??
The Honest Mistake
Aye we have always know about different sets of rules.
I tend to agree with you about scottish football being finished also, the carnage will now begin.
There must be something in the rules though that says if you don’t pay your taxes, you don’t get paid, or every other club would be doing it.
They have cheated, they have admitted as such to cheating, they have gained an unfair advantage this season and yet will still collect nearly 2 million for their cheating.
That mi amigo is criminal.
Their prize money should be shared equally between the others clubs who didn’t cheat.
Can the government of Scotland and the UK afford to watch £100m in tax go down the tubes?
I don’t see this happening.
Anyway, oh the new Huns are shoitttteeeee…….
LB
While it seems like a near fraudulent piece of business it’s worth calming yourself with the knowledge that when Rangers FC Plc are liquidated (as they will be) the end result of the whole process is the same as it would have been if they’d gone through a standard liquidation.
All Bill Miller has done is ensure there’s nobody else in the queue to buy the assets, and avoided a bidding war on them.
The SFA said: “We have received formal notification from the Rangers FC administrators, Duff and Phelps, confirming that preferred bidder status has been granted to Bill Miller.
“It is our intention to enter into detailed discussions with Mr Miller to clarify his position and to establish his strategy to ensure a sustainable future for the club.
“We will make further comment when that process has been completed.”
The SPL added: “The Scottish Premier League notes that preferred bidder status has been granted to Bill Miller.
“The SPL will now continue discussions with Mr Miller and his team. No further comment will be made at this time.”
Ii is not permissible for a member to transfer directly or indirect its membership of the Scottish FA to another member or to any other entity, and any such transfer or attempt to effect such a transfer is prohibited. Any member desirous of transferring its membership to another entity within its own administrative group for the purpose of internal solvent reconstruction must apply to the board for permission to effect such transfer, such consent not to be unreasonably withheld or delayed. Any other application for transfer of membership will be reviewed by the Board, which will have complete discretion to reject or grant such application on such terms and conditions as the Board may think fit
From Odear on RTC:
STV have an off-camera interview with the admins. Wonder why they did not want to do it on camera, since they had all those cameras pointed at them anyway? Avoiding certain questions for sure. No one with a forensic interviewing style will be spoken to. Just “football journalists” – the very folk who complain they are not qualified to hold people to account for complex issues such as finance when questioned on their abysmal reporting.
How long has this been goin’ on?
Bring On The Celtic PLC!
I watched D&P deliver that statement nervously, VERY nervously.
Having now read it I can see why there were no questions.
What a load of utter tosh
SPL Articles:
“13. The Board shall refuse to register the transfer of a Share:-
(i) to a person who is not the owner and operator of a Club;”
Now does Bill Miller/ newco qualify? It depends what a Club might be.
“Club means the undertaking of an association football club which is, for the time being, entitled, in accordance with the Rules, to participate in the League;”
Does Bill Miller/ newco qualify?
This is a win for the Huns and for debt evasion. They will be back next year debt and sanction free challenging us and hating us all the same.
Infact they will be worse because they have proved that they can do what they want and get away with it.
UEFA must act if they dont then every club will point to the Scottish precedent when owing money and going bust.
Thems owe Nicola Young £3500. Nicola runs a charity that helps needy children all over the world. What id like to know is. Did thems collect this money thru some charity doo and did NOT give it to Nicola. “Criminal offence”?
miki67
Well, their friends with their fancy persuasions
Don’t admit that it’s part of the scheme.
Ace CSC
“It is our intention to enter into detailed discussions with Mr Miller to clarify his position and to establish his strategy to ensure a sustainable future for the club.”
The SFA should be more worried about a sustainable future for Scottish football, the two aims don’t seem to be compatible.
there is no “level playing field”. never has been. Scotland reveals its true nature and it is HUN!!
Gordon_J
Scotland may not have a footballers creditors rule but UEFA have strong influence on these matter. They try to ensure that all outstanding football debts are settled first. I will be very surprised if they were to turn a blind eye to any outstanding footballing debts
Hail Hail
this pish about not liquidising is mere sleight of hand. The second they transfer their assets to a newco means that the old co, Rangers FC 1872, is moribund, soon to be terminated. It’s pure window dressing and everyone knows it.
My concern is that the newco isn’t admitted to the SPL.
My friends, there have been a few glum moments for us in this whole saga but ultimately I feel that ghood is about to prevail: the rankers are truly fecked.
Nearly bott a box of Miller this morn. Phewwww, that was close!!!! <o))))
My shop has ran out of Jelly, Ice Cream, Balloons, Party Poppers, Buntings – You’d think some folk knew this was coming…
#havingapartywhenrangersdie
Gordon_J
At present the share cannot be transferred.
You cannot transfer the share to yourself.
Therefore Bill Miller cannot transfer the share to…..ah…Bill Miller.
However, the new resolutions are a concern.
I am trying to see the full text and I have emailed the SPL for this purpose.
I shall post on here if I have any success.
Ma big pals just heard abt the Miller bid!!!
http://www.youtube.com/watch?v=Foahtz9xnw8
you have nailed it No.7…add getting off scot free to their already massive sense of entitlement. they have the ultimate get out of jail free card and they will play it often. disgusted by the cheats.
Except with the prior written consent of the Board, no full member or associate member shall resign, retire or cease to be a member of the Scottish FA unless it shall have given a minimum of 2 full seasons prior written notice of its intention to do so and such member does not owe any money to the Scottish FA or to any other member or recognised football body on the expiry of such notice
ASonOfDan – After many weeks of negotiation and deliberation we believe that the structure of the bid from Mr Miller provides not only the most deliverable outcome but preserves the history of the club. Rangers Football Club will continue as the football club it has been for 140 years.
It’s the curse of our times: people in positions of influence have become unmoored from reality. There is a general presumption at the top of our society that saying the right combination of words is more important than the underlying reality. Maybe this is the true essence of decadence.
Politicians like David Cameron and Ed Milliband fret over how the electorate just isn’t getting their “message” – seemingly oblivious to the possibility that the electorate has heard their message and doesn’t agree with it.
The Bank of England continues merrily undermining the currency and destroying people’s pensions and savings through quantitative easing and negative real interest rates, because the “consensus” is that this is the “responsible” thing to do.
The EU leadership lives in a fantasy world where they can simply ram “more Europe” down the throats of increasingly impoverished and hostile populations as a panacea for all the problems “Europe” caused in the first place.
The BBC, the British Government, the SNP, and other influential interest groups remain wedded to their “green energy” delusions while the real cost of heating and eating soars, we face potential brownouts in the next few years, and experience shows every taxpayer-subsidised “green” job destroys at least two desperately needed jobs in the real economy.
The judiciary frets over the “human rights” of extremist hatemongers to come to our shores and preach violence, bigotry and anti-Semitism at our expense.
So you can almost forgive people connected to Rangers, a club that has been more coddled from reality than any other in Scotland, for believing they can somehow declare that a NewCo will keep OldCo’s “history”, just because they say so.
However, let’s indulge them for a moment: if the NewCo retains the history of the OldCo, surely it should be most severely punished for the rampant fraud perpetrated by OldCo on its creditors, the tax authorities, and every other club in Scotland?
“Aye, but that’s different…” (thumbsup)
On the good ship hunny-pop
It’s a nice trip to the chopping shop
Where rednecked banjos play
And chop chop chop the day away…
How did Bill Miller first get to know that the huns were for sale?
Who told him, and why?
Of all the business opportunities, in all the towns, in all the world and he just happens to pick this one.
No doubt the Scottish journalists will be digging as assiduously as they did with Craigy Whyte.
I wonder which PR company he’ll use?
jude2005 is Neil Lennon \o/ on 3 May, 2012 at 13:05 said:
Ma big pals just heard abt the Miller bid!!!
http://www.youtube.com/watch?v=Foahtz9xnw8
share on F’book or Twitter
Jude ,that is brilliant.