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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deliasmith
Another proposal in the original creditors notice was that if nothing else could be done and the company had to be liquidated that D&P would act as the liquidators unless creditors submitted their own recommended creditors when approving (or not) those proposals.
Mort
Sixteen roads to Golgotha – Slavery was also rife in Ireland till St. Patrick started a Christian revolution. (thumbsup)
fritzsong on 31 May, 2012 at 11:55 said:
It was the Mau Mau who murdered Africans placed in camps for therir own protection.
Your question? Probably Barbara ” the hypocrite ” Castle.
Good article, Paul.
Here’s hoping HMRC are as hostile as the possibly can be, it’s our money after all.
Does any one out there have a kind of sick feeling that “the peepul” are going to get away with this after all and continue in the SPL as scanalous as this may sound????
Should not happen but!!!!!
KINGLuBO
Awe_Naw
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.
////////
Yeah, I realise it’s easy, just like it would be easy for my postman to open my letters. It doesn’t mean he has the right to do it. Just my opinion.
Mort, what if the creditors said no to sale of assets at creditor meeting? Or will we find that answer out soon?
Sffs
St Patrick was taken from his Shangri- La like existence on the Solway coast to Ireland as a slave.
Celtic First .
It Never Entered my Head
Zombie Dance CSC —- Way down south.
Sorry,Phil.
I seem to be answering your mail.
Cheaper accommodation is becoming available in and around the tri city area of Gdansk/Gydnia/Sopot as Ireland’s opening game against Croatia draws nearer.
The Republic of Ireland’s squad will stay at the Sheraton Hotel in Sopot with Gdansk (the venue for Ireland v Spain) and Sopot all a 15 minute train ride from each other with trains available approximately every 15 minutes.
Tickets for games are still hard to come by however with many travel agents stating that “tickets will be available on the ground.” These travel agents are of course offering packages to Poland that don’t include match tickets.
“The accommodation that came back recently allowed us to drop the prices of the packages we’re offering to €800, although they do not include tickets,” Robert Sinnott of Dublin’s Club Travel Sport has said this week.
The packages on offer take in the second and third of Ireland’s three games, leaving out the opening match against Croatia on Sunday week.
They provide flights, transfers and accommodation for two nights in Gdansk for Ireland v Spain, and four nights in Poznan for Ireland v Italy.
However, match tickets are proving to be the problem and a number of travel agents, who did not wish to go on the record, re-stated that there would be tickets available on the ground.
But Abbey Travel, the FAI’s official travel agent, dismissed the idea that match tickets will become available in Poland as the games approach.
“They would say that wouldn’t they? If I was trying to sell ticketless packages, I’d be saying the same,” Neil Horgan, from Abbey Travel, said. “Anyone who’s going to be over there looking for a ticket for Ireland v Spain — well, good luck on that one.
“Croatia will be difficult for tickets too, but I’d say tickets will come around for the Italy match.”
Abbey Travel have themselves dropped prices for the latter two games from €2,399 to €1,499 with tickets for the games against Spain and Italy as well as accommodation and transfers included
macjay1 for Neil Lennon – Win one for the Gipper. :) (thumbsup)
Dontbrattbakkinanger – St Patrick was taken from his Shangri- La like existence on the Solway coast to Ireland as a slave.
Where he was forced to participate in an early form of “Riverdance”. (thumbsup)
Dontbrattbakkinanger on 31 May, 2012 at 11:55 said:
>>>
The Brits have been ‘at it’ longer. For pretty much 200yrs. Great?Britain was a narco state with a lethal private army/business in the shape of The East India Company. The aristos also sent the craziest and worst of their progeniture off to the colonies to do their worst,and any ‘man jack’ could head out there,too,and make a mint very easily,and no matter how disgraceful they were,when they returned to Ole Blighty they would be elevated to the aristo/toff class. Plus ça change.
The Yanks are still catching up. America : a nation built on the genocide of one people,and the enslavement of another.
The American Dream? Discredited propaganda.
HH!
“Sixteen roads to Golgotha on 31 May, 2012 at 11:36 said:
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.”
That’s neither entirely fair nor accurate. While Boyce stood down as Chairman when he first became involved with UEFA, he is currently the club’s President (elected unanimously by the Cliftonville members) and still never misses a Reds match when he’s in the country.
And while you’re correct that during his time as Chairman not all the supporters, myself included, were happy with the degree of robustness with which he and the rest of the Management Committee challenged the various authorities, sporting and otherwise, when we faced discrimination, you’ve got completely the wrong end of the stick re. the UDA grenade attack on our fans at Windsor Park in November 1991.
It was David Bowen, the then General Secretary of the Irish FA, who when asked by the media to condemn the attack replied “No comment”. That was the official IFA position at the time, much to our disgust. Boyce, on the other hand, was the only person in local football here prepared to go on camera and publicly condemn it.
Chairbhoy at 12:00:
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,
When Rangers went to the Court of Session on Monday 13 February 2012, the petition was that they intended to go into administration. This gave them 5 days grace to get other things sorted out before administration officially started. If he was going to go down the “pre-pack” route, he could have done this within the 5 days and administration would only have lasted a few hours (if that) and all would have been sorted out as he intended and that is probably why there was a limit on fees for D&P.
As it happened on 14 Feb, HMRC took their case to the Court of Session to appoint their own administrators and sure enough Rangers had to appoint D&P quicker than they would have liked and so no Chapter 11 pre-pack was able to happen.
Any plans he had to transfer assets to another of his companies and effectively get away with it, was stopped by HMRC’s intervention.
Mort
Mort:
as luck would have it, I have £10 million burning a hole in my pocket. When liquidation is set in train can I bid for Ibrox Park?
philvisreturns on 31 May, 2012 at 12:02 said:
That is very true indeed.St.Patrick himself was said to be a slave,was he not?
Cromwell also sent thousands of Irish people off to work as slaves in the sugar plantations of the West Indies,more still were deported to places like Van Diemen’s Land.
Are you aware that the word jazz was originally an Irish slang word?
Strange but true.
Richie on 31 May, 2012 at 11:39 said:
I think they may finally be rallying together over on FF.
…a coordinated boycott of all sfa sponsors again. (How can you boycott the sponsors AGAIN? Does that mean their sponsor boycott failed miserably?)
…another match on hampden. (How many is that now? Don’t they get the axiom: to repeat a gesture too many times kills its power?)
a demo at hampden while they are actually there. LOL ( Truly, truly priceless).
The clowns are running the circus.
SFFS
Million dollar question. I don’t know when (or even if) the results from the creditors vote have to be disclosed.
That should tell us a lot if we ever hear about it.
Mort
KINGLUBO. If normal rules were being applied Rangers would be sunk but normal rules are not beeing applied.So what you suggest could happen there are still many twists and turns to take place in this story .H.H.
deliasmith at 12:10:
as luck would have it, I have £10 million burning a hole in my pocket. When liquidation is set in train can I bid for Ibrox Park?
Only if the creditors rejected the proposal to allow D&P free reign of who they can sell assets to and if another liquidator is appointed.
If that happens, go nuts. I might even go halfers with you.
Mort
The Smallest CSC on 31 May, 2012 at 11:49 said:
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
#########
The slaves from Africa were given the names of their owners, many of whom were Scottish. The wild colonial boy will construe that statement as a hate crime against the Scots such is his state of delusion.
There were Irish and Scottish and English poor whites who as indentured labourers were akin to being slaves but that’s not where the Scottish surnames came from.
Did Grier miss out the letter y before “our”?
“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.”
DBBIA @ 11:07 – Whither the cash strapped scrofulous Hillbillies the day?
A dog ran off with them.
MrsDoyleCSC
“The Mau-Mau were a bad lot and bad things happen to bad people.”
They were SUSPECTED Mau-Mau. S’pose they all look the same eh Phil?
Sixteen roads to Golgotha on 31 May, 2012 at 12:10 said:
”Are you aware that the word jazz was originally an Irish slang word?’
And the Delta Blues is derived from the Wee Frees plain chant.
Is it today the SPL give an update about the dual contracts?
tommytwiststommyturns on 31 May, 2012 at 11:56 said:
And I was just stirring by repeating the myth that the Scotti invaded Argyll in c500AD, for which there is no archeological proof.
There is however historical evidence to suggest that the myth was first written c1000AD.
Sixteen roads to Golgotha on 31 May, 2012 at 11:56 said:
… people are still being forced into slavery to this day.
___________________________________________________
Many forms of slavery. It doesn’t take branding and chains. I wonder when the government realised that the easiest way of keeping a nation hard at work and under control was to give them enough to lose but not enough to walk away.
http://www.youtube.com/watch?v=XFXTBqKQC0I
Aaah,the Gipper.
Liberated the ole Soviet Union.
With the assistance of the ferrous lady,with whom Gorby could ” do the business.”
An Fear Dearg on 31 May, 2012 at 12:09 said:
I stand corrected.I was at the said game,standing on the Kop,when the grenade exploded,however i was very young at the time.I can remember very little about the reaction in the local press afterwards,except for a few Reds fans being interviewed.
The ironic thing about that incident was that the Cliftonville fans cheered loudly when the device exploded,despite them being the target,while the Linfield fans sat in stoney silence,possibly thinking that the Ra were involved.
Boyce gave us Billy Sinclair – It took a wee while,but the Reds fans eventually got shot of that clown as well,when he decided,foolishly to appear on tv wearing a Rangers track top,he sealed his own fate.
macjay1 for Neil Lennon on 31 May, 2012 at 10:29 said(previous thread)
Could you explain how me using the phrase “English masters” in the context of a discussion about the enslavement of Irish or African peoples makes me a racist ? Should i have used a term like British or European ? I understand that slavery has been around since the year dot and has been practiced by many races but on this particular occasion we were discussing the enslavement and transportation of Irish people by the powers that be at that time in the British Isles or at least i was. Whilst i know that there were many Scottish overseers who ran the plantations i have always thought that the vast majority of plantation owners were English so that was the reason for me using that phrase, but if you have information to the contrary then i’ll quite happily take it on board and use it accordingly, like Scottish,Welsh,British or European masters. Must have a chat with my wife and eldest son, both English btw, about my anti English racism.
nothingbutthesameoldstoryCSC
Gordon ‘Wiggy’ Smith rules himself out of Liverpool Director of Football role.
There simply are no words to describe just how insane this is.
Seemed to have logged on to Virtual Tourist
obonfanti1888
I am ruling myself out of being the next Pope. Just mentioning so everyone knows and I am never actually asked to do it.
Gordon ‘Wiggy’ Smith
should be
Gordon ‘EBT’ Smith
(extra big toupee)
;o)
2006 World Cup winner Luca Toni looks unlikely to retain his place in the Al Nasr squad for next season.
Toni, who arrived amid much fanfare at the club in January, scored on his debut in a 2-1 win for Nasr at Ajman in the 13th round of the Pro League, but struggled to make an impact thereafter. In the 10 league and Etisalat Cup matches he played, the 35-year-old managed to find the net five times.
The Italian missed almost a month of Nasr’s campaign due to an elbow injury and, though he has a contract till the end of December, club sources claim he will be released.
Ernie
Plainchant is for Papes, doncha know.
Perhaps you are referring to the old Scots Metrical Psalter, which predates the Wee Frees by a wheen of years.
Mort @ 12:10,
”……..Any plans he had to transfer assets to another of his companies and effectively get away with it, was stopped by HMRC’s intervention.”
.
Thanks for the clarification Mort, hope Fatherhood is suiting you