For three months a charade took place, where Craig Whyte – who is and will remain owner of Rangers until they are finally ‘flushed away’, Duff and Phelps, The Blue Knight(s), Bill Miller, Charles Green, several members of the accountancy profession who should have known better, and some of the Fourth Estate, who clearly didn’t know better, all told you Rangers were likely to achieve a CVA.
As we (and several others) told you, a CVA was never, ever, going to be accepted by HMRC. A cursory glance at the HMRC web site would confirm that. Once Alex Salmond had his wings clipped, that debate was over.
The charade was a distraction. There are many other distractions available today and they will multiply in the days to come, but I reckon if you’re looking for the critical path on this one you should keep an eye on Lord Carloway. The chair of the SFA Appellate Panel is worth listening out for. Say his name in hushed tones, better still, abbreviate. Even the mention of LC will cause anxiety and distress, for some.
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Chinese Laterns ,
your talking Pi Pi.
TAL
Estorilbhoy
I saw Springsteen in Barcelona a couple of weeks back… you are in for one of the best concerts you will ever see in your life. End of.
I am supremely jealous..and Madrid is a fab city.
Agent Craig “Green and” Whyte!!
QPR + West Brom both have FF on their keeper targets for next season, but he is not No1 choice for either club
Naturally, both clubs can pay the wages that FFs agent is demanding for him, particularly QPR
I hate to admit this guys but I may have been wrong about Craig Whyte.
In the past I have always defended him. Those big honest blue eyes and his likeable way may have clouded my judgement, because, well…it looks like some of the bad things people have been saying about Craig might just have some truth in them!
Shocking I know but here is the latest from Private Eye:
Sorry it is so long and I just hope it isn’t true.
PLANET FOOTBALL Rangers
THE full details can now be revealed why former owner Craig Whyte was banned for seven years from being a company director back in 2000 – a damaging fact that Whyte hid from football and City regulators when he acquired Rangers in May last year.
Private Eye has obtained key legal documents relating to that disqualification decision, following a successful application to the high court last month. Mr Justice Morgan ruled that the Eye should be given access to the normally closed court file because of the overriding arguments of open justice where “proper journalistic purpose” and the public interest were involved. (It is highly unusual for the media to succeed with such applications. However, an appeal court ruling in April in a Guardian case held that access to court records should be made much easier, although that applied to a recent extradition case.)
The documents make clear why Whyte did not want to disclose a boardroom ban which would have almost certainly killed his bid to buy Rangers, which collapsed into administration in February.
Whyte was disqualified after he was accused of the misapplication of assets to the detriment of creditors in not one but two companies. Furthermore, he failed to cooperate with an investigation by the official receiver into one of the companies, and he settled for £150,000 a claim alleging misfeasance, breach of fiduciary duty and negligence.
The Department of Trade and Industry began its action against Whyte in October 1998 following the winding-up of security company Vital UK in October 1995. Vital had been formed in April 1994. Insolvency practitioner Peter Lawrence was appointed liquidator to Vital UK in November 1996.
In an affidavit Lawrence set out the sequence of events which the DTI decided made Whyte “unfit” to be a company director. Whyte was the sole Vital UK shareholder and acted as a “shadow” director, running the company. The “de facto” director was his employee David Anderson. In his affidavit Anderson denied he was anything other than a “dogsbody” who signed documents he did not understand.
On 20 October 1995, a week before it was voluntarily wound up by its shareholders (ie Whyte), Vital UK sold its assets, including equipment and trade debts, for £649,139 to another Whyte company, Pelcroft. But payment was deferred. Instead of cash, Vital UK received a Pelcroft promissory note due for payment by 23 October 1996. The note was signed by Whyte, the majority shareholder in Pelcroft. Three days before the winding-up, Anderson signed a declaration of Vital UK’s solvency.
Prior to the Pelcroft agreement, on 29 September 1995, three other Whyte companies -Venture Developments and Hire Access Group, both UK-registered, and Vietnam Trading Company Limited (VTCL), registered offshore in the Bahamas – issued promissory notes to Pelcroft totalling £600,000 in return for Pelcroft shares which did not have to be paid for until 29 September 1996 -just before the Pelcroft note to Vital UK became due.
Then, on 26 October 1995, six days after the deal with Vital UK, Pelcroft agreed to buy a 24.5 percent stake in the Vietnam Trading Company (VTC) for £1.4m, payable to VTCL. Pelcroft met this payment in part by assigning to VTCL the promissory notes from Venture Developments and Hire Access Group worth £350,000, cancelling the VTCL note for £250,000 and transferring to VTCL £105,000 in cash. This agreement was signed on behalf of all four companies by Whyte.
The next day Vital UK was wound up with a supposed surplus of £55,000 because of the money due from Pelcroft. But on 28 October Pelcroft transferred the assets it had acquired from Vital UK days before to yet another Whyte company, Vital UK Security, for the exact amount Pelcroft owed Vital UK – £649,139 – plus interest of almost £60,000. These amounts were to be paid within three months of Vital UK Security or any related Whyte company being listed on the AIM market by July 1996. If there was no listing, Vital UK Security was either to pay Pelcroft £60,000 by October 1996 and then £10,000 a month until December 2001 or any earlier listing. On 1 November 1995 Whyte resigned as a Pelcroft director.
No listing was ever achieved – despite the efforts of Whyte’s close associate, the twice bankrupt Aidan Barley. The Vietnam investment never materialised. A single payment of £60,000 was made by Vital UK Security to Pelcroft, which passed that on to Vital UK. With no assets, Vital UK went into liquidation in November 1996. It then petitioned for the winding-up of Pelcroft in February 1997.
This shell game orchestrated by Whyte stripped any real assets out of Vital UK and Pelcroft. “Pelcroft received no money or monies worth in return and therefore never had any or any realistic prospect of meeting its liabilities [to Vital UK],” Lawrence stated. Furthermore, the Vital UK assets had been transferred on deferred terms when there was no “reasonable prospect or likelihood” of an AIM listing “before or within a reasonable period after” July 1996. As a result of those two agreements, “Pelcroft became insolvent and unable to pay its debts…
“The cumulative effect of these transactions was that Pelcroft’s assets were transferred offshore, thereby rendering it in any event impossible for Pelcroft to meet its deferred payment obligations to the company. In effect, therefore, Pelcroft’s promise to pay the said consideration was or was rendered worthless.” By not “taking any or any adequate steps to protect” Vital UK, Whyte had “misapplied the company’s assets”.
The largest creditor was the Revenue, which was owed £280,000. HM Revenue and Customs is the second biggest creditor at Rangers, which under Whyte stopped paying PAYE and national insurance.
The Lawrence affidavit was backed up by another from Gilbert Campbell of the official receiver** department, which was acting as liquidator for Pelcroft. Campbell stated that because of “the transfer by Pelcroft of substantially all of its liquid assets to VTCL, an offshore company”, for which it received nothing in return, it “therefore never had any or any realistic prospect of meeting its liabilities”. The three Whyte companies also never paid the £600,000 for their shares.
Campbell stated: “Whyte caused or permitted Pelcroft [to enter into agreements] the result of which was the transfer… of almost all Pelcroft’s assets out of the company and beyond the reach of creditors. This rendered Pelcroft unable to pay its debts… As a consequence Pelcroft’s promise to pay the consideration to Vital was rendered worthless.” In addition, “Whyte has not cooperated with the official receiver and has not been interviewed.”
Allan Baxendale from the DTI Disqualification Unit filed an affidavit stating that on the basis of what had happened at Vital UK and Pelcroft, Whyte was “unfit” as he had “misapplied money and property to the detriment of creditors” and “failed to cooperate with the official receiver”.
Whyte denied the allegations and initially contested the disqualification. In an April 1999 affidavit he denied that he had been a director of or ran Vital UK and claimed to operate as a “hands-off” investor. He claimed that the Vital UK assets were only worth £350,000 and that he had tried to ensure creditors were repaid in full through the Vietnam project, which involved, among other ventures, exporting Boddingtons beer. He and Aidan Earley – who backed him with an affidavit – were working on the AIM flotation to raise £750,000, which was only prevented by the decision to wind up Pelcroft. An Earley company received £250,000 from Whyte after the Rangers deal.
Whyte also revealed that he had agreed to pay £150,000 to the Vital UK liquidator to settle civil claims of misfeasance/breach of duty/negligence which had been due to go to court in 1998. His co-defendant, David Anderson, denied that he had ever acted as a director of Vital UK and alleged that his signature had been backdated on the form showing his appointment in 1994 – when he was not even working for Whyte.
Lawrence signed a second affidavit in December 1999 rejecting most of Whyte’s claims. He produced a bank mandate “signed by Whyte as chairman” of Vital UK and so “the only person who could alone control the company’s financial affairs”. “He must bear principal responsibility for so arranging the affairs of Vital and other companies so as to leave Vital in a position where it received only £60,000 (and that later than had been contracted for) instead of the £649,139 agreed,” Lawrence stated. Vital UK’s creditors were owed £384,000, which even after allowing for the £150,000 due from Whyte left £167,000 before costs.
As to any Vital UK benefit from the Vietnam venture on AIM, “there is no evidence to suggest that this was ever intended to happen” and “does not bear close examination”. Whyte had offered in 1997 to pay £400,000 over seven months, but no payment was made. “I therefore formed the view that Mr Whyte could not be trusted to keep to this arrangement.” Lawrence had subsequently settled for £150,000 in instalments.
Another official receiver officer, Michael Boyall, declared in a December 1999 affidavit that Whyte had been contacted in February 1997 requesting information about his actions at Pelcroft and requiring him to attend for an interview: “A complete signed copy (of the legal questionnaire) was never received from Mr Whyte and he did not ever attend for an interview.”
Whyte did not attend the final court hearing at which the disqualification order was made in June 2000, although he was legally represented. The disqualification action against Anderson was dismissed.
All these documents could have emerged if Whyte had admitted to the disqualification order. The tale they tell explains why he tried to keep it secret.
• Rangers creditors, meanwhile, will vote this week on whether to accept a proposed company voluntary arrangement that would see the club continue under new chairman Charles Green and so far unidentified overseas investors who have offered to loan the club £8.3m.
Whether the CVA goes through will depend on whether HMRC – owed £18.3m before either of the still unresolved two tax schemes’ potential tax, interest and penalties of up to £75m are considered – votes in favour of taking pennies in the pound or chooses liquidation to set an example to companies who fail to pay PAYE and national insurance.
There will be pressure on HMRC not to kill the CVA, which would allow Rangers to continue, thus avoiding liquidation and all the problems for any new company. But if, as expected, HMRC wins both tax cases, particularly the £50m-75m employee benefit trust case, will the gain for Scottish football offset the losses to the exchequer and the precedent?
Enbdae seen Spiersy?
You got it, pal-o-mine
Wee bit fishy…
ASonOfDan on 13 June, 2012 at 15:19 said:
ASSETS: Freehold Property Including Ibrox Stadium and Murray Park £110,9613,870
Albion Road Car park £2,931,968
Green gets it all for £5.5 Million and Duff&Duffer say they welcome an investigation…
BBTH
4th visit to Madrid. 1st visit was en route to Seville. It’s my favourite European city great vibrancy about it, particularly in evening dining out in Plaza Mayor or Orientes.
Can’t wait for concert, wrecking ball excellent album, very ‘Celtic’ sound I thought.
Hail! Hail!
Joe Filippis Haircut on 13 June, 2012 at 13:33 said:
neveralone Thats a first someone agreeing with my post. ;- ) H.H.
Now you’ve got two, Joe. Anyone who is not committed to play for us let go and get the money for those that are. Having said that, it is true that neither Victor nor anyone else is actually even hinting he is wanting to leave. Sometimes the English press can be as bad – nearly as bad – as SMS for stirring favourable rumours that help their clubs push harder for potential transfers. Sells papers to the ‘dupable’ too, of course. As for Big F, what is getting up my nose is the c**p coming from Newcastle – behave like a kind of Anglo-Hun outfit at times.
H H
!!Bada Bing!! on 13 June, 2012 at 15:22 said:
Enbdae seen Spiersy?
Speirsy was last seen getting into a rowing boat with chic young and jim white.
Estorilbhoy – I was in Barcelona as well…Fantastic show. Just a word of warning – It’s going to be a long show, well over 3 hours so don’t over hydrate – The convenience queues were brutal!
Hello lads
I’ll apologize in advance for bringing the collective good (great) mood in advance …. but have some sad news to pass along ….
Some of you know my lovely lady … though most of you wouldn’t know that she suffers from severe bi-polar disorder …. been a really tough year for her, and she is really suffering …. a few weeks ago, she told me that she cant handle being in a relationship, and left …. Not sure if I’ll hear from her again
And some of you knew my dad … a great man, my best friend, and the man who passed along to me his love of Celtic – Jim McQuade, formerly of Paisley and recently of Calgary – passed away suddenly and far too young (only 70) last week. Only consolations are that (i) he went in his sleep and didn’t suffer, (ii) he got to see NFL win the league, which made him so happy, and (ii) the last thing I said to him on his last night was that I loved him. so, he passed happily.
Because we moved to Canada when I was young, and we moved around so much for his work, we never got to Celtic Park together … but, every game, my nephews come over and watch it on C67, then we called granda and talked about the game …..recently, we had been planning a trip back for the fall to go and see our first game together ….
That wont happen, but I wish he could have made it to this week so I could have said a proper good-bye and he could have seen them go into liquidation. But at least he’s up there with is mum, and Big Jock, JJ and the rest.
Missing my two best friends.
Ten Men Won The League on 13 June, 2012 at 15:20 said:
Yes, it seems there are a few clubs down south after him and I fear the lure of such ‘massive’ clubs like WBA and QPR may sway FF’s head.
I also think FF being snubbed for the EURO’s for some unknown teenager could go against us.
Hope not.
Mike
Really sorry to hear that.
By day I’m ‘Mike in Toronto’ but on Sunday ‘I’m Neil Lennon’ on 13 June, 2012 at 15:28 said:
all friends here bud.
keep it lit.
Mike in Toronto -condolences. It’s a sair yin, to lose your dad.
Chinese Lantern 10pm Friday?
Count me in. Now lets get the geography done. I’m soof-side Newton Mearns…so that’s covered.
Emdy else?
By day I’m ‘Mike in Toronto’ but on Sunday ‘I’m Neil Lennon’:
I was sorry to read that bud, you keep your head up, and know that you always have friends here if you want, or need, to let off steam, to vent or just to talk about things. This is more than just a web forum; as you know already mate, this is a family, as the wider Celtic community is a family.
You are not alone mate. Keep your head up.
Mike – my thoughts are with you.
BBC guy” the WAGS are in town,so after training they can enjoy a little Krakov……”
!!Bada Bing!! – I don’t get it. (thumbsup)
Mike In Toronto.
You have been dealt a real Bad Hand,palomine..
I feel your pain.
Hope your circumstances take a turn for the Better.
Kojo
Yer pal.. who likes ye aloater.
‘Mike in Toronto
Best wishes to you son ,hope you catch a piece of luck.
Big Nan on 13 June, 2012 at 15:21 said:
Blimey!
Mike in Toronto.
thoughts and best wishes from Glasgow.
Hail Hail
Mike in Toronto,
Sorry to hear your troubles, hope that your luck picks up and that them’s going into liquidation is helping keep your spirits up
Hail Hail
‘Mike in Toronto’
Sorry to hear that your having a bad time.
I hope you can take some comfort from Celtic and CQN.
Hail Hail
By day I’m ‘Mike in Toronto’ but on Sunday ‘I’m Neil Lennon’ on 13 June, 2012 at 15:28 said:
So sorry for your loss RIP
Mike
I’m quite sure that your dad will be up there toasting their demise.
God bless and stay strong.
Brogan Rogan Trevino and Hogan:
The aura of invincibility some fighters have is really one of their greatest weapons. As you commented Liston, Foreman and Tyson all had this power to intimidate their opponent well before a fight even got as far as the ring. I always thought Bruno was beaten long before the bell rang against Tyson. He had a chance to take him but I don’t think he could really believe he could do it. The rest is history. Once Buster Douglas ( no great shake himself) had beaten Tyson, once the myth of invincibility had been dispelled, it was all down hill for Iron Mike, just as it had been for Liston and Foreman before him. For what it’s worth I do think Buster Douglas just possessed a style that frustrated, thwarted and ultimately overcame Tyson. This happens a lot in boxing. The difference between very good boxers and the truly great is that fighters, like Ali, come back all the stronger for it, others crumble when the confidence is gone.
That Norton-Holmes fight, particularly the last few rounds, were real corkers. Norton was a true athlete. Foreman said he was in awe of the man’s pure Apollonian athleticism of his physique when he fought him. Norton was an outstanding athlete at Jacksonville High School. He was a member of the state championship football team and was selected to the all-state team on defense as a senior in 1960. His track coach entered him in eight events and Ken placed first in all. As a result, the “Ken Norton Rule” was instituted in Illinois high school sports which limits participation of an athlete to a maximum of three track and field events. His boxing style was very unorthodox and as you suggested Ali probably found it very difficult or awkward to break down ( as did Holmes, as similar fighter to Ali).
PS
Another great fight of that era was the Ron Lyle-Foreman fight: In 1976, Foreman announced a comeback and stated his intention of securing a rematch with Ali. His first opponent was to be Ron Lyle, who had been defeated by Muhammad Ali in 1975, via 11-th round TKO. At the end of the first round, Lyle landed a hard left that sent Foreman staggering across the ring. In the second round, Foreman pounded Lyle against the ropes and might have scored a KO, but due to a timekeeping error the bell rang with a minute still remaining in the round and Lyle survived. In the third, Foreman pressed forward, with Lyle waiting to counter off the ropes. In the fourth, a brutal slugfest erupted. A cluster of power punches from Lyle sent Foreman to the canvas. When Foreman got up, Lyle staggered him again, but just as Foreman seemed finished he retaliated with a hard right to the side of the head, knocking down Lyle. Lyle beat the count, then landed another brutal combination, knocking Foreman down for the second time. Again, Foreman beat the count. Foreman said later that he had never been hit so hard in a fight and remembered looking down at the canvas and seeing blood. In the fifth round, both fighters continued to ignore defense and traded their hardest punches looking crude. Each man staggered the other and each seemed almost out on his feet. Then, as if finally tired, Lyle stopped punching and Foreman delivered a dozen unanswered blows until Lyle collapsed. Lyle remained on the canvas and was counted out giving Foreman the KO victory. The fight was named by The Ring as “The Fight Of The Year.”
Foreman’s last fight before retirement against Jimmy Young in 77 was also a great fight- with Young winning losing a decision after twelve rounds.
Better get back to putting my pool table up.
Hail. Hail.
Mike
Our prayers are with you
estorilbhoy on 13 June, 2012 at 15:26 said:
Around Plaza Santa Anna is good, too: 2 minutes south-west of Puerta del Sol and Plaza Mayor …
FF
Mike- Sorry for your situation.
Mike in Toronto:
Condolences, Mike on your sad loss.
Philvis-It just sounded a bit………
Mike..thoughts and prayers are with you buddy..HH
Off topic
http://www.thepoke.co.uk/2011/10/13/woman-claims-watching-3d-film-made-her-pregnant/
Is it just me or is Paul Clark of Duff and Duffer morphing into Mark Dingbat?
Quick point on Ian Davidson MP, who seems to have been running his mouth
of earlier today, with regards to poor rankers.
He is a fully fledged member of an Orange Lodge, hence making him a sectarian
bigot. The words from his mouth are contaminated, and should be noted alongside
the raging ramblings of FF.
I once pulled him on his membership, asking why I would wish to vote for someone who would be BARRED from attending my funeral.