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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D&P : Gonny let us aff with that money
HMRC : Naw
D&P : How no gonny just let us aff with the money
HMRC : Naw it’s against the law whit ye’ve done
D&P : Gonny let us aff cos we arra peepul
HMRC : Naw Her Majesty disnae care if you are the peepul
D&P : So that’s a naw then?
HMRC : Aye
deliasmith –
If 75% of the creditors, ie 75% based on the amount of debt rather than number of creditors, accept the CVA terms, then it is a done deal. If less than 75% accept the offer, ie more than 25% do not accept the offer, then the CVA is rejected.
Under administration, none of the creditors can liquidate Rangers, but if the CVA fails, as it most certainly will, then the administrators will have no alternative but to liquidate the club voluntarily.
South Of Tunis on 31 May, 2012 at 11:12 said:
Slavery ?
—————————————————————-
We do it
Home
http://news.bbc.co.uk/1/hi/england/lancashire/4259226.stm
and away
http://www.guardian.co.uk/technology/2012/may/30/foxconn-abuses-despite-apple-reforms
how can anyone still take Duff and Duffer seriously? they’ve all but been outed as men with…..ahem……quite a conflict of interest yet our sports hacks still gleefully grasp to their every word
mugs
I think once Alex Salmonds role in this particular juncture i.e why a quick liquidation did not happen to the benefit of the creditors is exposed he may have to resign. A strong Rangers for a modern independent Scotland is a must in his mind.
FIFA will no longer wait and will expel Scotland for persistent toleration of interference and poor Governance. Suspended while it gets its act together.
Could we jump ship then ?
HH
Agent Green wants what is best for Scottish Football and here was me thinking, stepping in at the last minute with a loan to pay a penny in the pound to rangers creditors was the act of an absolute charlatan.
I have the guy all wrong…
tommytwiststommyturns on 31 May, 2012 at 11:23 said:
Ssh! :)
“I want to speak with Stewart Regan to try and find the right path for Rangers and the game as a whole in this country (sic, very sic)”
That Jim Boyce is a strange one.He was once the chairman of Cliftonville,but he was as Unionist as any.
He used to on the terraces at Solitude in one of those Arthur Daly coats,smoking a big cigar,he drove a Merc though,not a Jag.
The Reds fans got shot of him,he never spoke up for them once,even when they were getting attacked with grenades at Windsor Park.Boyce then moved to the IFA itself,then he somehow managed to land that job at FIFA.
I am surprised that he has spoken out against the huns,but then again – the only person that Jim Boyce ever looked after was himself.
Starry
You forgot.
Phone goes dead.
D&P: Ok we will try again in 10 mins
HH
since when do a member of an association become the bosses of the said association to dictate to the the masses that they want a meeting with the head boss of the football association, even after all the damage they have done and more so the damage they still have to do to football in this country, they have the brass neck to still try to dictate to everyone what should happen to them, unbelievable, is it not about time someone somewhere tells these sad pathetic,cheats, liars and conmen to just get a grip, you do not own, have any say and certainly not dictate to the fair and proper about what should happen to you. you have made your bed, all by your ownsome, you have single handedly destroyed what little reputation scotland had in world football, and yet they still do the poor me, the only proper thing they can do, and it should’nt even be up for discussion is just leave, no if’s buts or maybe’s, leave, and then if they don’t kick them out after suing them, take all away, stadium, training ground and carpark everything wipe them from the history books as a lesson to all. fed up of it all.
I think they may finally be rallying together over on FF.
Be vey afraid :-)
two2tango
True Blue Join Date: 31-07-2006
Posts: 14,100
I actually think the whole of scotland thinks we are bluffing
——————————————————————————–
chairmen after chairmen
fan after fan
pundit after pundit
all out to put the boot in
the away boycott must be held up and backed by the club the fans reps even ex players
we need to flex our muscles again and show these bastards how much power we actually have.
a coordinated boycott of all sfa sponsors again
another match on hampden
a demo at hampden while they are actually there regan et al
they seem to think we will take whatever they throw at us
time to stand together brothers
McLaughlin:
Under administration, none of the creditors can liquidate Rangers, but if the CVA fails, as it most certainly will, then the administrators will have no alternative but to liquidate the club voluntarily.
Yes, but then what? How does the liquidation go? A small ad in the Evening Times – “By Order of the Liquidator … 25 acres of Govan …50,000 blue plastic seats … 500 litres of blue paint, 500 litres of orange paint …1000 square metres of blue lino…”, or is it still under the control and decision-making of Duff and Phelps? Can D and P assume the position of liquidator? Can anybody bid for ownership of the assets?
Paul67 – A quick question/questions – Where are the huns getting the money from to pay the administrators? Are they still borrowing money,and if so,who is lending them money?
RobertTressell on 31 May, 2012 at 11:18 said:
Aaah,selective examples.
Australia full of Irishmen ……. discuss
New Zealand full of Irishmen…… discuss
Canada full of Irishmen …..discuss
U.S. full of Irishmen……discuss
Hong Kong etc.etc
Well,they voted with their feet,and why not?
They helped create the British and Irish Empire.
Ritchie. They love a good march its there answer to everything.H.H.
I wonder how many hun players will move on tomorrow ?
HH
South of Tunis
See at the end of your post saying:
Greece did it
Portugal did it
Spain did it …
I was 100% certain you were going to say: “Let’s do it. Let’s fall in love.”
I’m kind of disappointed in you.
ColePorterCSC
So far rangers punishment has been a £160,000 fine, which I guess they have no intention of paying
This was for Craig Whyte being an unsuitable individual. They also took a 10 point hit last season for going into Admin.
So far they haven’t faced a penalty for dual contract accusations nor have they dealt with the big tax case problems yet
So let imagine, they did get a CVA in a fortnight.
They are still 8 million in debt
They will get some cash for selling their best players at reduced rates
They are talking about halving their wage bill next season
Not a bright future, especially when there is still a few issues
What happens when the dual contract issue is dealt with?
What are the written punishments available?
What happened when the big tax case arrives?
Is it Hi Ho, Hi Ho, its back to Admin we go?
Why is a man who currently hasn’t invested a single penny into the huns, allowed to speak to the SFA/SPL. I have a single solitary celtic share and think I will make a meeting with the Scottish fitba authorities to discuss league reconstruction of behalf of celtic. Ridiculous, I know but at least I own a share, more that agent green.
How is it, that assets apparently worth 100 million plus, can seemingly be transferred for 5 million? Surely the assets should be sold to pay the creditors?
I smell shoi………..
Jfh
You sure its not match ?
I thought he suggested to torch it with everyone in it ? ;-)
HH
Although I’m happy that they are in the public domain in this case, I still find it disconcerting that private emails can be obtained and published by journalists.
Unless perhaps one of the parties involved handed them over?
From the last article:
”In the history of slavery the Irish and the Scot’s have been enslaved longer than any other race in the world.”
Ever wonder why so many black people from the Caribbean have Scottish surnames but none have Irish surnames?
____________________________________________
I think it was around the time of the Highland Clearances that there was an expatriation of Scots to the Caribbean. I read somewhere they were known as ‘redlegs’ while working on the sugar plantations
.
I might take up smoking then quit so I can get a free hard copy of CQN. I can never refuse a freebie.
TTTT/Weeminger- I think in even oler days Ireland was populated from Scotland via a land bridge .
Today the likes of ole Sandy Jardine mourn the loss of the land bridge as he stands off the shore in Stranraer, gettin’ his ole brogues soaked.
Headtheball
Email interception is easy as it is unencrypted. If you are firing emails that you dont want anyone to be able to see over the wire. You need an extra level of security and you need to implement it. Most people should but most people dont.
HH
Regarding the newco situation and the argument that Scottish fitba canny dae withoot the huns
I wonder what rangers would actually need to do before the majority of SPL teams voted to boot them out
It looks like
Having two contracts per player is not enough to get the boot
Having 150 million quid of unpaid debt is not enough to get the boot
Taking the SFA court is not enough to get the boot
I wonder what IS enough
Maybe three contracts per player?
Maybe half a billion quid of unpaid debt?
Maybe setting fire to SFA offices?
Signing a catholic? Oh wait…
What would it take for the likes of the killie chairman to vote to send rangers down?
It’s one of life’s wee mysteries that when the iniquities of the West are being trailed out the ole Brits get a good kickin’ but the Americans get off very lightly in comparison.
DBBIA/Chief JosephCSC
Philvis – where is Keyna? I don’t know that place.
As for Kenya – who said in the Commons after British forces murdered imprisoned Mau-Mau suspects, ‘If we behave like that we shouldn’t be there in the first place.’?
Hamilton Park Races Thu (afternoon meeing) 7th June.
A few CQN ers heading to the above race meeting next Thursday. Pay at gate. (£18 usually). All welcome to join us.
Ulysses, be nice to meet up with you if possible. Por cierto..enjoy your holiday and ty.
weeminger – it was my standard response to the famine “banter”….we’ve been here for centuries, long before Scotland emerged as an independent sovereign state!
So feck off back down south!
T4
The Smallest CSC on 31 May, 2012 at 11:49 said:
I think it was South of Tunis whom posted that slavery has always been happening,another poster rightly pointed out that people are still being forced into slavery to this day.
There is no shame in it,it is not the fault of the enslaved.
Even the English were once slaves to the Romans.
deliasmith
There are still many unknowns. In the Administrators first proposals to creditors at the end of March, one of the resolutions they asked creditors to vote on was that they could sell all the assets of the company without having to ask the creditors again for approval.
This is the “newco” scenario but we have yet to see how the creditors voted on any of these proposals.
If the creditors voted for this proposal then if the CVA is unsuccessful, D&P can sell all assets to Green for £5.5m and the liquidate the company.
Mort
Having read Mr. Green’s CV and the witty forensic analysis of his business dealings in Private Eye, I can confidently say,”RFCia is as dead as a dead duck wrapped up in a dodo.”
Meet the new boss,same as the old boss….
Paul67 / Anyone
How can D&P state that they wont sell off players to fund a CVA when they’re supposed to be working for the creditors? Surely any sell-able asset should be moved on to raise funds?
HMRC Tweet Today
HM Revenue & Customs@HMRCgovuk
If you are aware of anyone evading tax, you can tell HMRC via the Tax Evasion Hotline on 0800 788 887, via email or post
Tamrabam
The appelate make a concession that they can only sign catholics then ;-)
HH
Hi Paul,
”Three days after this email exchange Rangers went to court to insist Duff and Phelps were appointed administrators instead of an appointment by HMRC.”
This is remarkable stuff, it shows you how events have unfolded that now when this dynamite is exposed it hardly registers a tremble. Administrators have to ensure they work in the best interests of the creditors. Yet Mr Grier states ”Happy with a success fee as agreed”. Whit? What constitutes success?? All the creditors are paid in full on a timely manner…..
It does give us another insight into Craig Whyte’s M.O. I posted quite some time ago that the MBB was embarking intricate financial engineering. He uses the word moratorium which to me suggests he was looking for a Chapter 11 type deal to allow him breathing space to fix the Phoenix,
This was RFC’s only chance but the self serving hubristic nature of ALL the predatory arthropods (scorpions) he was dealing with ensured he was always going to croak it.
fritzsong – The Mau-Mau were a bad lot and bad things happen to bad people. (thumbsup)