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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Jude-Page 81 DR Page 82 The Hun
I don’t fully understand the bid. I doubt it will make sense to many?
ArranmoreBhoyLXV11 on 3 May, 2012 at 13:11 said:
And in case there be any doubt among the succulents , one man, David Murray caused this..
How many MSMs will try to speak with him today and ask real questions ..
Shame on them .. Scotland’s shame..
Mon the hoops!!
Aided and abetted by walter smith, don’t forget.
ernie lynch on 3 May, 2012 at 13:07 said:
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?
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
2010 Never Again
You’re surely not suggesting there is any link between David Murray, Media House, D&P and Craig Whyte and that the Blue Knights were only a smokescreen?
dixiebhoy69
Dont see one with a wrecking ball. <o(((((
If an incubator company is formed to shelter the assets, why would those assets be treated any differently simply because they have been moved into a subsidiary company. They are still there, just in a different box.
If it’s a new company it cannot shelter the history of the old company. That includes titles. Paul67 wrote an article some weeks ago highlighting how ridiculous that concept would be.
This incubator stuff is just smoke and mirrors – mostly smoke.
From Craig Whyte to Bill Miller. Jeez, what could possibly go wrong with that :-)
WGS on 3 May, 2012 at 13:16 said:
Hitting the nail on the head.
£134m owed to 247 creditors + £100m write-offs by MIH = £234m* spent trying to win the Big Cup and beat 9 in a row.
* 234,000,000 – nearly a quarter of a BILLION.
There’s a tendency to feel a bit despondent and cheated about this mornings news but we shouldn’t.
This has got miles and miles left in it. In the end up it will be liquidation with RFC starting next season in Division 3, in the SPL with penalties or not at all.
The likes of Whyte and Miller have, no doubt, pulled off similar stunts in the past but they totally underestimate the goldfish bowl that they’re trying to operate in now.
traditionalist88
I posted yesterday that Darlington’s administrators have had to withdraw their CVA due to a lack of funds.
More info on this. The company looking to buy Darlington are making a statement at 4:00pm today as they think they have found a way to take Darlington out of administration without the need for a CVA as the group believes the creditors won’t be their responsibility.
They are looking at demotion to 7th or 8th tier of English Football.
Mort
Bhoys a prefered bidder doesnt mean a lot to me, a sale is only a sale when the money changes hands.Currently some of Rangers players who are on reduced salaries will leave in the summer if English teams offer them a better deal.So there is a mountain of problems at Ibrokes.The big tax bill is stil hanging over them and Craig Whyte has a huge say in anything that happens to the orcs what we may be seeing today is more posturing.We need a lot more information before the Orcs can feel safe.H.H.
It will be fun to watch the MSM now. This will be made out to be fantastic news for the Rainjurs. Same team, same history…no debts. Bill Miller the saviour, hurrah!
Until, that is, it all goes pear shaped and then it’s a case of…’we told you this wouldn’t work etc etc’.
Come on Jabba, Chico etc….let’s have it.
There’s much more fun in store I’m sure.
brucecassavetes on 3 May, 2012 at 13:30 said:
Jealousy comes with a high price tag..
Our Journalist friend must be sitting in his hotel room wondering what the effs going on here,
Alex welcome to the world weve had to live in,
This is how it has been
This is how they would like it to continue
This is why we will no longer accept it
B B
Ta. Knew I saw it somewhers!! <o)))))
philvisreturns_2 on 3 May, 2012 at 12:50 said:
Choose your own adventure:
You see David Bowie standing next to a car with a flat tyre. What do you do?
A) Walk On By
B) Ch-ch-ch-change it!
(thumbsup)
————-
Philvis – I’ve just noticed that Elvis Costello is in the car too so my answer is
C) Pump It Up
miki67
Smoke and mirrors, now where have we heard that before ???
I bet HMRC are looking at all of this very closely.
Would it be in their interests to submit a winding up order to teh relevant court? Would that force a more open sell of of the assets where a better price could be achieved? Or would this just force a newco sooner rather than later?
I don’t think there is any point in quoting the rules of the SPL (after Doncaster’s statements) or the SFA (double standards = Lenny scowls he’s a thug Walter/Brown curse, lunge and grab they are gents).
The gang of 10 might be happy to go along with anything that gives them Rangers Newco back into the SPL next season. They urgently need the cash that Rangers followers bring and will agree with anything the SPL/SFA say.
The down-side of this is that the gang of 10 may have to do without any Celtic support and many of their own supporters for ever………… if they go along with the shameful rehabilitation of the unrepentant Rangers thieves.
Stealing the money that pays for hospitals can’t go unpunished.
Just read that D and P statement in full.
Its a classic alright.
Didnae kno’ whether tae laugh or spew …
Oh well, I’ll kick back and enjoy the Spanish Sunshine. My poolside reading this week is nice and light, Jeffrey Archer’s A Prisoner of Birth – a title that says so much.
Mort
will be interesting to see what comes out at 4pm
HH
CultsBhoy loves being 1st forever & ever on 3 May, 2012 at 13:29 said:
I don’t fully understand the bid. I doubt it will make sense to many?
It’s a twist on prepack administration where the assets of the company are packed up and sold off to another company whereas the debts are kept with the existing company which is ultimately liquidated after a CVA is blocked by the creditors. Ignore the nonsense D+P spout about a CVA, it won’t come into fruition.
Rangers 2013 Lineup – Naismith, naemoney, naeplayers, naihope, naitrophies,naistadium, naifans, naichance,, naemanager, naicredit, aluko
hh
Some of Miller’s other companies…
Principal Subsidiaries: Century Holdings, Inc.; Champion Carrier Corporation; Miller Industries International, Inc.; Boniface Engineering Limited (U.K.); Jige International (France); Miller Financial Services Group, Inc.; Vulcan International, Inc.
STV still peddling the lie that its not liquidation and therefore no loss of history.
Does anybody know if we are playing pre season friendly/frendlies in Germany this summer?
hh
So the assets are transferred to a Newco for £11m but the liabilities are left with Oldco. Oldco have £11m and no other assets to satisfy creditors but are expected to negotiate a CVA whereupon Oldco and Newco will be reunited and lifes goes on Ob-La-Di Ob-La-Da. But unfortunately the unreasonable creditors won’t accept a CVA and want the Oldco liquidated meaning the marriage of Old and New cannot happen as planned. But Oldco’s history is passed to Newco along with all Oldco’s assets at a huge undervalue and at the expense of £100m of creditors.
OR
What actually happens is D&P put Bill Miller’s offer to creditors and it is then laughed at. Creditors threaten to challenge any attempts by the administrators to sell to Miller at a horrendous undervalue. Creditors move for liquidation and therafter to challenge Craig Whyte’s security over Ibrox in order to sell it themselves and get more money back.
Rangers lose their SFA/SPL share as they cannot get the consent of creditors to transfer it. Rangers 2012 is formed by Paul Murray with no players, stadium, training facilities or league share. They either buy Cowdenbeath and start in SFL1 or apply for the spare place in the lague structure entering as a new club in SFL3. They groundshare with Partick Thistle or Pollok Juniors as the legal battle for Ibrox will rage for a few years. In 2015 they raise a share issue to buy back Ibrox from whoever owns it then and start to assemble a team capable of challenging for their first ever title.
Can anyone else see asset transfers taking place on the cheap (and I include league share in that) without the consent of Ticketus, HMRC and other creditors? I know I’m swimming against a tide of pro-Rangers D&P propaganda here but I’m really not convinced by this.
Craiginho
If we think this potential stitch up is bad, imagine if this new law was in place… (Scottish new tax laws)
http://www.hmrc.gov.uk/news/scotact2012-faqs.pdf
I’m not so sure this won’t work out for them.
All they need is a compliant SFA, SPL and media.
New co into the SPL (SPL & SFA)
Keeping History (SFA (awarded like Wimbledon) and media)
No punishment for 2 contracts (SPL – claim old co responsible)
Transfer embargo reduction and fine reduction (SPL)
HMRC BTC (Old co responsible)
Rangers have all three.
Looks like Bill Miller hasn’t paid to have his google history removed like our hero
http://www.utsandiego.com/news/2010/mar/09/no-home-for-hockey-sullivan/?page=2#article
http://www.bizjournals.com/charlotte/stories/2004/03/01/daily36.html
Joe Filippis Haircut 13.32
I agree with you, all that has happened is that they have preferred bidder status. I think people are getting ahead of themselves.
Is this move by D & D in the best interest of their creditors? Is that not their objective as administrators?
I am sure this is all going according to Craig Whyte’s plan.
Having read/seen the MSM reactions to the miraculous resurrection of the cadaver (RFCIA) my brain is officially in meltdown and I’m off to watch the snooker,and then get some essential shopping done.
I’m sure that by the time I return there’ll be yet another twist to this sorry saga.
Keep The Faith.
Judging by the reaction of the handful of ‘bears’ in my office, Saturday at the Tax Dodgers Dome is going to be anything but pretty
A sale is only a sale,when it’s paid for.
another high opinion of mr miller
fit and proper person ?
http://weeksaway.files.wordpress.com/2012/04/swfc-cloud-9-just-say-no1.pdf
I think D&P’s statement is a lot of bullshoite.
One of the ticking time bombs D&P is holding at the moment goes off when the SPL programme finshes on 13 May.
With that date in mind, they had to say something very, very soon to give the impression that some kind of ‘due diligence’ process is underway.
It’s maybe not lying in the true sense of the word, but it’s certainly very far from the truth.
Plus: let’s wait to hear what our new frind Mr Miller has to say … not least his views on walking away.
FF
Watched the guy from Duff & Duffer on SSN.All I can say by watching him he is telling porkies
brucecassavetes on 3 May, 2012 at 13:30 said:
WGS on 3 May, 2012 at 13:16 said:
Hitting the nail on the head.
£134m owed to 247 creditors + £100m write-offs by MIH = £234m* spent trying to win the Big Cup and beat 9 in a row.
* 234,000,000 – nearly a quarter of a BILLION.
———————————————————————-
Not forgetting ENIC £40m, Dave King £20m all the other small shareholders, debenture holders, NTL, JJB, etc,etc, More like well over £300 million I’d say.
HH
Dick Byrne – Are you sure it’s Elvis Costello and not The Imposter? (thumbsup)