Much of the response from Duff and Phelps to last night’s revelations by Mark Daly on the BBC website centred around their fees. BBC revealed that partner, David Grier, emailed Craig Whyte to say, “We propose to cap our fees in respect of an (sic) CVA or Administration to £500k, however, we request the ability to discuss with you an additional payment in respect of our total time costs, in so far as this does not impact on your position.”
Contracting to cap fees at £500k when you subsequently bill creditors £3.5m for your own time plus £2m legal costs would embarrass many of us, though not everyone. Duff and Phelps added a caveat that they could discuss additional payment as long as it did not impact on Craig Whyte’s position, which they perhaps did.
The more interesting part of the exchange between Whyte and Greir is their preparation for “HMRC being hostile”.
Craig Whyte:
“I’d like to speak to David [Whitehouse] and Paul [Clark] to make sure that they’re comfortable with the fact that we might end up with HMRC being hostile (I suspect this will end up being the case so you should go into it with your eyes open)”
David Grier:
“Agreed.”
It is fascinating to wonder how comfortable Mr Whitehouse and Mr Clark were with Craig Whyte’s plans in the event HMRC were hostile. HMRC are Rangers largest creditors. Administrators run the company in the interests of the creditors, not the shareholders.
Three days after this email exchange Rangers went to court to insist Duff and Phelps were appointed administrators instead of an appointment by HMRC.
Last week Duff and Phelps denied they have a conflict of interest concerning this administration. They are currently negotiating a CVA with HMRC and other creditors.
E-lites are opening a concession on the first floor of Buchanan Galleries tomorrow. They are giving away a free copy of CQN Magazine to customers throughout June, while stocks last.
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greenjedi – So you’re saying we should have a flat tax. (thumbsup)
miki67 on 31 May, 2012 at 16:15 said:
philvisreturns on 31 May, 2012 at 15:58 said:
RobertTressell – What have the Romans ever done for us, eh? (thumbsup)
>>>
They gave us ‘fascism’,so called after their ‘fasces’: iron or wooden rods wrapped around a stave with the eagle’s head upon it,which they planted in every invaded land to symbolise their might and superiority.
They were not a very nice lot.
: )
___
I think fascist comes from the Italian word for basket or bundle or something else beginning with B, that you might put a lot of similar things in.
Citibhoy Shoulder to Shoulder with Neil Lennon on 31 May, 2012 at 16:20 said:
”Ernie,
I notice you abhor enslavement….. isnt income tax absolute enslavement.
The state demanding the efforts of your labour under the threat of violence?”
No offence but I’d be more than a little surprised if the combined total of your age and IQ exceeds 115.
greenjedi on 31 May, 2012 at 16:29 said:
—————————————————————–
Whether we like it or not, I think that policy would be very bad for the economy. As Mort says above money would just sit in bank accounts as investment would be disincentivised .
Tontine Tim on 31 May, 2012 at 15:36 said:
googybhoy ♥ Celtic and the Lisbon Lions on 31 May, 2012 at 15:11 said:
I can only apologise and blame the autospell on my phone.
Of course it is jeely.
Any of our computer experts on-line ? Assistance needed with buying a laptop that has virtualisation enabled. This is to run a linux os ?
help
Guys,
BBC Radio Ulster around 5.30pm, interview about Oscar and the use of social media to share his story. Tune in if you can.
St Stivs, wasn’t able to work in the jelly & ice cream reference unfortunately :(
Knoxy
philvisreturns on 31 May, 2012 at 16:17 said:
”So, when the government creates perfectly legal and legitimate tax breaks to encourage investment in, say, films, it’s wrong for people to take advantage of them?”
You don’t really understand how this stuff works, do you?
Fasces ( /ˈfæsiːz/, a plurale tantum, from the Latin word fascis, meaning “bundle are a bundle of wooden sticks with an axe blade emerging from the center, which is an image that traditionally symbolizes summary power and jurisdiction, and/or “strength through unity’.Fasces frequently occur as a charge in heraldry, and should not be confused with the related term, fess, which in French heraldry is called a fasce
lifted from Wiki/EWLM/EWTB. So the ole Romans were angels with dirty fasces
quonno on 31 May, 2012 at 16:26 said:
Dited or not dited don’t knock the Jeely Eaters.
After all, the scorer of our very first goal was born one.
…………..
And lies in peace in Bonhill.
Very Witty comrade….
So just to confirm as long as its done in the name of the “state”, in our case your beloved Majesty – Her of the Union , slavery is fine, or a price worth paying etc…..
I take it you will also be revisiting your attitudes as to other actions of the British State which you earlier felt unhappy with.
your teenage friend
ernie said: No offence but I’d be more than a little surprised if the combined total of your age and IQ exceeds 115.
Of all the posts on here, I read those of yours which are informative with the least amount of dubiety. I am very surprised that you would respond in such a way to someone who obviously knows a lot less than yourself about the topic unded discussion.
JJ
ernie lynch – You don’t really understand how this stuff works, do you?
Clearly I haven’t studied enough Marxian economics to know how the real world works.
On another note Ernie, why is it that so many people on the left are so unpleasant and abusive to other people? (thumbsup)
By serendipity , on the day we learn that a free packet of e-Lites is being handed out with every copy of CQNMag, today is World No Tobacco Day, as well of course as being the Visitation of the BVM.
Ole Ernie needs to get himself roun’ to 22 Linley Lane, maybe a tickle from Sue will cheer him up.
Oh God, I’m sorry I brought this up. Let’s go back to talking about CVA’s, signing targets, Peter Lawwell, or even why Celtic played AC Milan out of sync with everyone else that one time in the Champions League.
At what point will anyone call for a vote of no confidence in Doncaster? He can spout any amount of slavering drivel and not one club has challenged him.
Nothing more than a square heided Hun apologist.
Tontinetim
Just sent you email.
philvis
Really? The Left are more represented in the unpleasant and abusive stakes than the Right? Hmmmm…..
JJ
Kojo on 31 May, 2012 at 16:23 said:
>>>
Sometimes i get scunnered with the saga of The Great Sata. Other times i just can’t get enough of it…..the analogies are endless and brilliant.
Sometimes i wish that a great satirist/s.f. writer like the much neglected Norman Spinrad or someone like Jonathan Swift could take the tale and make a great novel from it.
As to Celtic,well….i imagine The Bhoys are having a well earned rest right now,but i surely hope & pray that we keepSammi, Izzy, Forrest,Mulgrew,
Commons,Adams, Forster…and of course Broonie\o/ will be there. I think that’s a great core/corps to coalesce a team around.
We’ll see.
HH!
Meanwhile,bored as i am,and unwell,i’m making spicy lamb & rice for tea.
Mort
What would be a fair “standard rate” for someone who earns £10,000 per year and someone who earns £1,000,000 per year?
Its a standard % not you both give me £2k for example, both would pay the same % and also you would keep the current tax threshold.
………………………………..
Davidopoulos
Why? If their investment made a profit, they still make money or if they did decidfe they’d not invest it, they’d probably spend it and invest in shops etc
greenjedi on 31 May, 2012 at 16:50 said:
they’d probably spend it and invest in shops etc
——————————————————————–
Don’t think that is quite true.
Dontbrattbakkinanger on 31 May, 2012 at 16:38 said:
>>>
ta for takin’ the time to dig that up…i relied on memory…not always the best tool when tryin’ to be a clever clogs!
HH!
: )))))
greenjedi
I know it would be a standard %. Would that be 10% or 50%?
The reason tax bands were introduced were so those better paid contributed more so that those on low incomes could get a better take home pay.
Mort
quonno on 31 May, 2012 at 16:26 said:
Dited or not dited don’t knock the Jeely Eaters.
After all, the scorer of our very first goal was born one.
Celtic’s very first team and two from the Renton and one from Dumbarton.
Jeezo….it must be a slow nooz day if its come down tae arguin’ wi’ the unrepentant freebooter Philvis about politix….ye’ll get nowhere…he’s intransigent and eats idées fixe fur brekkie!
greenjedi
Investment in films brings much greater revenue to the taxman than just the basic returns investors get.
e.g.
If money invested then more people are employed to work on film and get paid and in turn pay tax to her maj.
The film gets released in cinemas and people go to see it giving more jobs to thos who work in cinemas and they pay tax.
Cinemas pay VAT on ticket sales, popcorn etc.
When film made into DVD, VAT paid on it too.
etc etc…
Mort
Davidopoulos on 31 May, 2012 at 16:53 said:
greenjedi on 31 May, 2012 at 16:50 said:
they’d probably spend it and invest in shops etc
——————————————————————–
Don’t think that is quite true.
……….
If I got spare cash, I buy stuff, I think most people do, but for thoose who do that is their perogative! BTW, I take since you didn’t mention the bit about still investing that you agree with that part?
Top Tips…………………………….Want to become invisible?
Stand at the subway entrance and tell people you’re collecting for the Ragers Fighting Fund.
A Short Mixture of Fact and Opinion.
a) We live in a Capitalist system;
b) Capitalism is unfair (and often much, much worse than simply “unfair” );
c) Tax is not (and cannot be) applied fairly.
JJ
Question
good afternoon cqn
Being an educated Clydebank boy,am i living among a lot of Jelly eaters,mind you the wifes from Renton.
Mr Miller I Believe will be retiring from Bonhill soon,Seemingly a Celtic Minister of the C O S
SPL are really dragging their feet on this EBT enquiry.
Investigation started on the 5th March.
Received documents from RFC(ia) today, 31st May (documents that escaped the shredder obviously).
“The SPL’s legal team will now review and provide an update to the SPL board at the next SPL board meeting on 18 June.”
How long will it then take those numpties to come up with the appropriate punishment?
What must happen now is that the information comes out day by day via RTC, Mark Daly and others. That would leave Doncaster with no choice but to do the decent thing.
RFC(ia): Time to Pay the Wages of Sin
Mort
I think somewhere between 20 – 25%. Also with the current tax laws, they very rich contribute less than they would if there were no tax breaks.
I’m not saying we ban investment, just that we tax any profit made as any earnings are taxed.
Jungle Jim – Really? The Left are more represented in the unpleasant and abusive stakes than the Right? Hmmmm…..
As a broad generalisation, yes. You tend to find a lot more hate in mainstream leftist rhetoric than you do from conservatives and libertarians.
For example, it’s quite common to hear lefties proclaim how much they are looking forward to Margaret Thatcher’s death. It’s far less common to hear righties say the same thing about, say, Gordon Brown, Tony Blair, Tony Benn, or what-have-you.
The more left-wing seem to be more likely to indulge in antisocial behaviour. Compare, for example, the antics of the Occupy crowd with those of the Countryside Alliance.
Also lefties are generally far more eager to pathologise people they disagree with by calling them racists, fascists, sexists, homophobes, etc, even when the slur is grossly disproportionate to what the offending rightie has said.
Obviously that’s because their crazed prejudices are inferior to my own reasonable opinions. (thumbsup)
If peter lawell posted today on here and said that an agreement had been reached , that being .
1 Celtic f.c with SFA approval had been allowed entry to the english premier league.
2 That due to that announcement , celtic f.c had no objection to a newco . or rangers f.c (ia) being allowed back into the spl.without sanctions.
3 Celtic f.c wished the remaining spl clubs well for the coming seasons , and were delighted that the decision to allow celtic to move on to greater things . had also allowed the rest of the directors of the other SPL clubs, to breath a sigh of relief that they didn,t have to take the vote that would almost certainly have caused great grief to there clubs via threats from ra peeple . ra laptop loyal . ra mibs and ally mcmoist . .
how many would be on here tonight giving a toss about duff and duffer , the whyte knight , the blue knight . chic green . regan , doncaster, murray . ogilvie. dallas ,wiggy. kennedy , jeezo more names than the credits on the ten commandments .
I for one would be a happy bhoy . cos im sick of this charade /
jimtim
whitecrook tim on 31 May, 2012 at 17:03 said:
good afternoon cqn
Being an educated Clydebank boy,am i living among a lot of Jelly eaters,mind you the wifes from Renton.
Mr Miller I Believe will be retiring from Bonhill soon,Seemingly a Celtic Minister of the C O S
…………
Oh no you said Jelly not jeely…….my cousin Tontinetim will be all over you like a rash……
:):):):):):):):):):):):)
Then again you are a bankie…….
Just in from work…… Politics aaaaagh!
The day the rangers died, thumbs up
Hx2