We are five days away from the end of the season, Duff and Phelps have spent 10 weeks trying to solicit an offer for the assets of the company and the only one they were in a position to consider has now been withdrawn.
The stadium remains in Craig Whyte’s hands.
The SPL has not offered a place in the league.
The players can choose to become free agents on Sunday.
Duff and Phelps have no money to pay anyone or anything after 31 May.
Are you getting the picture?
Whatever ‘good news’ Duff and Phelps come out with later, or ‘Rangers to benefit from Miller withdrawal’ you read about tomorrow, not one piece of positive news has gone Rangers way in weeks.
This is a dead football club. If there was an accountancy term beyond liquidation, perhaps uber-liquidation, they would be uber-liquidated (there’s not, but if this gets any worse the English language will need some re-work).
Yesterday’s delay was the most complete confirmation possible, for anyone still harbouring doubt, today’s message from Miller should be no surprise to Celtic Quick News readers.
Miller’s parting shot:
“After hearing the message from Rangers supporters and fans loud and clear (“Yank go home!”), I notified the administrators today that I have withdrawn my bid for Rangers”.
…has the makings of a topic for a business doctorate, if anyone is looking for one. I’d elaborate but reckon we’re all a little carried away at the moment for serious debate.
The histrionics since yesterday and, if you don’t mind me saying, lack of appreciation of these historic times, would dishonour teenage girls (no offense teenage girls).
Please stop with all the silliness, indignation and faux trauma. Some football supporters have real issues to worry about.
You can buy a hard copy of the new issue of CQN Magazine via Magcloud here.
The graphic below is just for a flick through, to read the magazine go here to it’s dedicated site.
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Laferts Da had a collection in a test tube.
Lafferty even :-)
.
Rangers Sponsor for Sunday..Nytol..:O(
Summa
Magnif
Trust you to muddy the watters!!
Paul67 – After the greatest press release ever made I don’t think we can allow Windy Miller to just walk out of our lives. We need to hear more.
Why don’t you invite him to do a monthly column for CQN called “Pure Hard Stuff Wie Yer Uncle Bill” where he describes complicate concepts in easy to understand ways.
The first could be Quantitative Easing where he says this is the same as growing your own tatties then sticking them into the bag you bought from Asda, an incubator bag if you will, to top it up.
Make it happen Paul.
Anyone else expecting the Bill Miller bid to be back on by tomorrow afternoon?
Mon the Hector..
Wee Willie the MIB at the championees game V tarts??
Meeting between the SPL and the Celtic
Trust
Tuesday 8th May 2012 at 10am
Attendance:
SPL: Iain Blair and Neil Doncaster
CT: Kenny Butler, Jim Cosgrove and
Jeanette Findlay
The following is not a formal minute of
the meeting as none was taken. What
follows is based on the notes taken at
the meeting by the CT and confirmed
within the Trust delegation thereafter.
The meeting opened with an agreement
that matters should only be discussed
which could be reported back to CT
members and the wider Celtic support.
With the exception of two minor issues
nothing which was discussed is
excluded from this record.
We began by outlining our concerns
that the way the Rangers case was being
handled could potentially lead to a loss
of faith in the integrity of the Scottish
game; we indicated that this was
particularly relevant if a Newco is
allowed back into the SPL; we indicated
the strength of feeling of supporters and
the possible response by supporters if a
Newco is allowed direct entry to the
SPL. The SPL acknowledged that there
was a great deal of strength of feeling
around this but they felt it was based on
a misunderstanding of what was
happening or what could happen. The
position of the SPL as outlined by ND
and IB is that all the matters which are
at issue ie all the alleged wrongdoings
of Rangers have been dealt with, or are
being dealt with, under the existing
rules of the SPL , the SFA and in terms of
the relevant legislation. Specifically ND
outlined the following:
· EBT/Tax case – being dealt with
by HMRC
· Extra Contract allegation – subject
to an SPL investigation which, if a
prima facie case is established would
then either refer it to an independent
commission to investigate and decide
the punishment if they are found guilty,
or it would be done by the SPL Board or
a sub-committee of the SPL Board
· Last year (ie the period between
the Craig Whyte takeover and
administration) – SFA had imposed a 12
month registration embargo (not a
transfer embargo so players can go out
to a Newco for instance)
· Administration – 10 point penalty
as stated in SPL rules
ND stressed that Rangers were being
subject to exactly the same rules and
sets of sanctions as any other club in the
same position and that nothing was
being ignored. When asked how this
maintained sporting integrity, ND stated
that they were being punished according
to the rules – the debate on whether this
was sufficient punishment was another
issue but it was the same rules as would
apply to any club. He further noted that
existing legislation applied to any other
type of business would also allow for a
transfer of assets and a shedding of debt
via a newco.
ND further argued that the distinction
between a CVA route out of
administration and a Newco route was
‘fine’. In the first case debt would be
shed as a result of creditors taking a
percentage in the pound; the HMRC has
no special standing under existing
legislation (2006 Enterprise Act); the
Club would not face any additional
penalties unless it remained in
administration into a new season.
In the case of a Newco, the new owner
would buy all the assets (ground,
players etc) and transfer them to a
newco; the oldco would either be
liquidated or it would seek a CVA and
pay out its creditors effectively the same
pence in the pound using the money
from selling its assets to the Newco
owner and thereafter could potentially
merge with Newco; in either event, the
Newco could apply for entry to the SPL.
At that point, under the existing rules,
the 4-man SPL Board would deal with
the application. If the proposed rule
change to be discussed on 30 May is
passed then that decision will be taken
by all the member clubs of the SPL. A
number of points were stressed:
a) The creditors would, in all
likelihood, receive the same amount in
either case
b) The sanctions imposed on Rangers
(Oldco) would not pass to the Newco
c) Newco would be obliged under the
TUPE regulations to take on all
employees (who wanted to transfer) on
the same terms and conditions – so they
would, in fact, have all the player
registrations.
d) The application to join (ie to have
the Rangers share passed to Newco)
could be on the basis that they would
shoulder the sanctions imposed on
Rangers or it could be that they would
not shoulder this responsibility – this
may influence whether or not the
share transfer is approved. (our
emphasis)
The other regulations to be voted on
include:
2A in which all 11 clubs have to vote,
which states that if there is a transfer of
the share to a Newco there would be a
deduction of 10 points in each of the
following two seasons
2B, which only requires 8 votes, states
that a Newco would lost 75% of all fees
for the next three seasons
If a new Rangers is created before this
vote takes place, these regulations
would not apply to it. The new
regulations will only apply to those
clubs who go into administration from
the beginning of next season and won’t
be applied retrospectively.
A number of other points arose in the
discussion:
a) The total amount of the debt will
not make a difference as it will just be
part of the CVA – so the final
determination in the big tax case won’t
affect the range of possible outcomes
b) If liquidation does take place (and
that does not necessarily have to happen
for a Newco to be in place as outlined
above) then that gives the
administrators greater investigatory
powers going back to the old Rangers
regime, and this may or may not lead to
criminal charges.
c) UEFA are not involved in this at
all except in relation to their own
competition. In that regard, a CVA
would lead to a one year ban from
European competition and a Newco
would have a three year ban (as a
consequence of having to provide three
year’s accounts to take part in the
competition). UEFA are currently
looking at increasing the CVA penalty to
three years and ND/IB interpret this as
UEFA saying that there is little
difference between the two possible
routes out of administration.
In all of this, it appears that the main
issue for supporters is not what rule
changes take place, as the Trust,
together with the CSA, the GB , the
Affiliation and the North American
Federation had originally thought when
we collectively wrote to the Club
Chairman last week.
On the basis of what was stated today,
the only discretionary element in the
process, and therefore the point where
sporting integrity will either be upheld
or not, seems to be the point where a
Newco Rangers applies to have the Oldco
Rangers’ share transferred to it and the
conditions, or lack of them, which
might be applied at that time. That will,
in all probability, be decided by all the
clubs collectively.
ND/IB appealed for fans to make their
decisions at the point where the final
decision is made and the position
becomes clear. They were concerned
about misunderstandings clouding the
views of supporters and seemed keen to
spend as much time as possible to dispel
any such misunderstandings.
However, the supporters and their
organisations might take the view that
our interests are best served by seeking
to influence the outcome of such an
application to ensure that sporting
integrity is maintained. How we would
do this needs to be discussed now and
communicated to those in whose hands
the decision will lie.
While we emerged from the meeting
with a clearer understanding of the
rules and how they would apply, we are
left essentially in the same situation as
when we went in, which is that either
there is a game in which wholescale
wrongdoing is properly punished or, for
whatever reason (including the lack of
effective regulation of companies in the
UK and the perception by Club
Chairman that their financial interest
lies in ensuring that Rangers in some
form survives), we will see a debt-free
unpunished Rangers playing in the SPL
next season. Who they will be playing in
front of is a matter for supporters and
their organisations to determine.
This note is written up from our notes and
our best recollection of a lengthy meeting.
If there are issues which anyone wants
clarified then please contact us on
celtictrust@hotmail.com or via Twitter (if
a short answer will suffice).
It’s ma joab! :-))
jude2005 is Neil Lennon \o/ on 8 May, 2012 at 22:16 said:
Magnif
Trust you to muddy the watters!!
I do my best…they have been dead for months the rest is a charade
Gordon_J – perhaps Healy Snr’s time would be better spent persuading his son to return the ill gotten gains he defrauded from Rangers during his “pretend you are a footballer” scam.
OG,
you will go to the burny fire ;) is that what the info was, or is there other stuff?
D&P will have ringside seats on Sunday at Perth.
Is this where they got their bulls**t?
Could this be a relative of Leggo?
SoS
sent you a text earlier..
Pardon me boy is that the yankthehunsshooshoed
‘Yanks go home’ is, of course, racist. Well, why stop at Irish? They cannot change, they are the people, superior, dying, still in denial. 3 new bidders : denial till they vanish.
Hi, don’t post too often, but I have met quite a few cqn-ers in the real world, inspired by pablo. I am heading to Berlin tomorrow for a few days and would love to put faces to monikers. If anyone fancies a pint in Berlin over the next few days, drop me a line. Ask Paul67 for my email
My wife says am to behave myself,you are like a kid at Christmas Eve,Please Santa bring me what I want tomorrow.Please hurry up,the red wine is running out.
This hun “tragi-comedy” has me surrounded by a wonderfully warm glow of schadenfreude joy- anybody else?
Walkin the dug in the dark I’m probably glowing like a St Elmo’s fire…now all it needs is for the big bad wolf to blow the three little adminstrators big house down!
They may also be asking about the credibility of Duff and Phelps in their management of this process. They’re looking ever more like Laurel and Hardy”
that’s out of order.
Stan and Ollie wore bowler hats.
Someone asked for the banner
https://twitter.com/#!/andycelticfc/status/199895789194063872/photo/1
They aren’t dead they are pining for the fjords
Paul67
I hope the sun shines down on you all day unless your fishing.
HH
…….Apparently a classified ad will appear in the Tennessee Daily Trumpet the morra……
” Incubator for sale……..
Never used.
Incredible performance.
Has to be seen to be beleived.
Any serious offers considered.
No time wasters.
………………..Buyer will collect.”
off to bed. long 16 hour day done. Tomorrow could be good. HAIL! HAIL!
Forget about the huns for a moment
The Celtic Trust met Doncaster and Iain Blair of the SPL today
‘While we emerged from the meeting with a clearer understanding of the rules and how they would apply, we are left essentially in the same situation as when we went in, which is that either there is a game in which wholescale wrongdoing is properly punished or, for whatever reason (including the lack of effective regulation of companies in the UK and the perception by Club Chairman that their financial interest lies in ensuring that Rangers in some form survives), we will see a debt-free unpunished Rangers playing in the SPL next season. Who they will be playing in
front of is a matter for supporters and their organisations to determine.’
It is not just about the demise of the huns, this has exposed the SPL, Doncaster in particular as not fit for purpose.
So it’s liquidation.
Then what?
What if Whyte takes the stadium and the training ground leases them to a newco (maybe with an option to buy) and does a deal with Ticketus? The newco have a share issue and they start off debt free.
The key is to somehow or other get the hun hordes to finance the deal.
Paul67
Seems like your prediction of the generation of dominance was and indeed is correct .
If it wasn’t for the tax evasion and heaven knows what else that mob have been upto we would be in the middle of a pretty good winning run.
Hail hail
Mtt
Sparkleghirl
Thanks for posting that link,Cant beleive they did that
Blindlemonchitlin on 8 May, 2012 at 22:23 said:
They aren’t dead they are pining for the fjords
This parrot is no more. It has ceased to be! and I am sure it was blue :-)
Couldn’t get on nearly all night…..snow fair….
See NEIL just wants to see it sorted out SOON ……. don’t worry, Neil …. It won’t be long now………ok STV NOW, THEN RECORDED BBC1 & 2
Collecting money in a bucket at a linfield game
how the mighty have fallen
from 12 million for flo, to any spare change
buddy can you spare a dime
blantyretim on 8 May, 2012 at 22:09:
I watched the Film ‘Convoy’ all those years ago, Kris Kristoffsen (spl). About a rebel trucker. THE END announced the death of the ‘Rubber Duck’ (KK) but he survived and the last two words ‘Quack Quack’…Mmmm
Miller hasn’t survived but he has the last word ‘Quack Quack’
Keep the Faith!
Hail Hail!
Is Catriona trying to keep her face straight?
monteblanco on 8 May, 2012 at 22:25 said:
The SPL is a total shambles and this farce as magnified what we all knew..
Doncaster should get his jotters for sure, a new football league could re-invent fitbaw in Scotland..
Ya’ll have an emergency and dial 911. Sheriff Whyte and Deputy Phelps turn up and take away your license and cash then run off, still leaving you stranded on hells highway. You call for a tow truck and it fails to turn up. The only thing left to do is switch off the engine, lock up the car, call the scrapyard and continue on your road to hell by foot.
Bye bye Bigot FC.
Why doesn’t DD call D&P and make an offer. A jenny long leg about to have its last leg plucked. I would love to see their faces and hear their voices. Celtic Boys Club Park and the Bobby Murdoch Training centre. Job creation and an investment for the FFP era … Whats not to like ? I will contribute via a share sale. Tramp the dirt down but plant flowers.
HH