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.
[calameo code=000390171d4d843c4ec07 lang=en page=2 hidelinks=1 width=100% height=500]
613 Comments- Pages:
- «
- 1
- ...
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- ...
- 17
- »
LuxCelt on 31 May, 2012 at 14:52 said:
Ah, good call mate….knew I’d forget something. Commission has been donated to the http://www.everyclick.com/kiberaceltic page already, so buy the gear for your holidays!!!
On the subject of holidays, my Dad will be getting excited with the impending arrival of the ‘Glasgow Fair Fortnight’ even though he’s not a miner and won’t be going to Blackpool….drives me fecking mad.
reilly1926 on 31 May, 2012 at 14:44 said: …………
If Rangers go down, for whatever reason, they would be replaced by Dundee.
Last season is over & Dunfermline have been relegated.
By virtue of finishing 2nd in the First Division, Dundee would join Ross Co. in the SPL.
does make you wonder what is the point of eric reilly on the spl board,
make no mistake he is just as complicit as the rest of these men who are tasked
with up holding the integrity of the game in this farce of an investigation, eric reilly
must have known that rfcia had not sent the documents required for over 3 month’s
this is what troubles me because celtic will also have known about this sham,
Drivin’ through ole Shangri-La listenin’ to an ole Stax compilation from the clever clogs at Kent/Ace Records I’m struck by the inner musical tension between the Wee Free influences on the rhythm section and the more Wee Wee Free cadences of the horns
DBBIA/SteveCropperCSC
Tomorrow, June 1st is a watershed day isn’t it? Players free to leave, wages back to 100%.
Will there be any news tomorrow then?
Kilbowie Kelt on 31 May, 2012 at 14:14 said:
quonno on 31 May, 2012 at 14:09 said:
As a fully paid up Dumbarton man and Jelly Eater I am completely dited.
The Lizard King on 31 May, 2012 at 14:57 said:
I don’t know how EBT’s work, so this is purely speculation.
Could it be that at the time they were reporting that they were asking the players to take a paycut, what they were actually asking the players was to give up their (dodgy?) EBT’s and play for ‘basic’? The would then use the EBTs to fund the club for the next few months?
In return the players get to keep their transfer fees, which in some cases ould be more than what they’d make from the EBT, while others would have been gambling and some plain worse off? Which might explain all the bad feeling at the time?
Plausible?
Rico
A message to every director of every club in Scotland, and to every member of every organisation of any influence on the outcome of matters relating to RFCia: Every fan of every club is watching your every move.
Do not for one minute think that you can pull the wool over their eyes.
You have a fundamental choice, act in the interest of the whole of Scottish football or perish.
Show favouritism to one club, or act purely in your own self interest and you will kill the game forever.
The honest, football loving fans of every club in the land will abandon you wholesale if you fail to act in accordance with your own rules.
You are already testing the patience of the true football supporters in Scotland by your appeasement of one ‘anointed’ club. There will be no football in Scotland if you continue on that path.
Save one, lose the rest. Your choice.
I must confess to not having read any of the Charles Green CVA blurb.
Is he proposing to use Irish and or Scottish slaves for Newclub ?
He cant its not allowed yet.
HH
I will repeat for the last time.
The word dited, as in……quonno on 31 May, 2012 at 14:09 said..
‘Personally I think that they were dited to take on such a job on a fixed fee basis.’
_______________
What has Quonno’s use of the word DITED got to do with Collie’s translation.
Yes, there is a Scots word DITE which would fit his explanation.
But Quonno was clearly saying that D & P would have to be SILLY,..or DITED,…or DOITED to take on such a job.
Is that clear enough for those who take a wee bit more time to pick things up than is normal ?
Kojo
I think Collie is spot on….cos….ma wee maw used to say…” a proper wash…noj just a dicht”. Looks like a variation to me. So..dite and dicht…makes sen…ach ye ken the rest.
sparkleghirl – Is your favourite song “Firework” by Katy Perry? (thumbsup)
googybhoy ♥ Celtic and the Lisbon Lions on 31 May, 2012 at 15:11 said:…
Yes, Googy. You understand it well enough.
:¬)))
•-:¦:-•** -:¦:- sparkleghirl :¦:-.•**• -:¦:-• on 31 May, 2012 at 15:08 said:
>>>
a. correct
b. with that shower of shysters,who knows?!
HH!
Horseracing at Hamilton next Thu afternoon 7th June.
Pay at gate…a few cqn’ers meeting up. All welcome. Cant guarantee any winners but can guarantee a a guid drink and blether on all things Celtic.
rnagers in administration has turned out to be one fo the greatest own goals I have ever seen…
Inverness Caledonian Thistle chairman Kenny Cameron has aimed a broadside at Rangers, saying that the other SPL clubs are unhappy the Ibrox club took a footballing matter to court.
Rangers went to the Court of Session over the registration embargo imposed on them by the Scottish Football Association for bringing the game into disrepute.
The governing body was told that the punishment was unlawful and the matter was referred back to them to choose a suitable sanction.
However, FIFA rules state that clubs should not challenge sporting sanctions in court and Cameron was unhappy at the potential implications of Rangers’ decision.
In a statement, Inverness said the club was as frustrated as their SPL colleagues at the fallout from Rangers having gone to court and raised the threat of FIFA action against Scottish football as a whole.
“This is an extremely disappointing situation,” he said.
“The Court for Arbitration in Sport was the correct route for Rangers to take, just as we successfully did in the Marius Niculae dispute.
“Taking sporting matters to the Court of Session was a serious mistake.
“The potential repercussions are something we certainly don’t need at what is already a difficult time for Scottish football.”
Cameron represented his club at Wednesday’s SPL meeting where new Financial Fair Play rules were considered, with some measures approved and other proposals rejected. The chairman said that the decisions allowed clarity in the future for any club with financial problems.
“It was pleasing to get most of the overdue resolutions cleared up so that the SPL can move forward in a positive manner”, he said.
“The delay in voting for these resolutions has led to much speculation from many quarters regarding sanctions on teams going through a CVA process.
“Under the previous rules a 10 point deduction was the biggest punishment that a club could receive. This has now changed substantially and every case will be looked at individually by the member clubs to ascertain the reasons for the club going in to administration in the first place.
“The points deduction now in place is a far fairer system as a 10 point deduction to a club in the bottom six is certainly far more damaging than a 10 point deduction to a top six club.
“The fact that a club now loses one third of the previous year’s total points is a much greater deterrent than was possible under the previous rules.”
He added: “Under the proposals that were on the table, resolutions 2A and 2B, the punishment did not distinguish between cases and the new changes now give the member clubs the flexibility to impose punishment as they see fit and to match the situation.
“For instance, if a club went in to administration because they were owed money by a club currently in administration and were to suffer the same fate because of this outstanding debt would it be fair that they received the same level of punishment?
“Certainly not,and the new regulations provide this degree of flexibility to level a punishment befitting of the situation the clubs find themselves in.”
“The tightening up of the regulations regarding players wages and HMRC payments are also a step in the right direction and should ensure a degree of transparency going forward that would have probably averted the situation Rangers FC currently find themselves in.”
twists n turns on 31 May, 2012 at 15:12 said:
>>>
aaah Kojo….yer a cunning linguist. lol!
HH!
: )))))))
And Anither Thing Ah wanna Know:
Why is Neil Interested in Securing… for oor Club…a Thirty Wan Year Old Mid Fielder, fae W. Brom?
The Celtic Manager…is PURPORTED tae Be considering a Bid for a Fellow Named Andrews.
Hmmmmmm…
Kin anybuddy tell me.. Why Neil Should be bothered pursuing this …Oldster?
Kojo
Still, Laughin’
Kojo – 31 isn’t old.
30 is the new 20. (thumbsup)
Rangers had previously accepted a £2.8million tax liability for another scheme involving payments to Ronald de Boer and Tore Andre Flo from 1999 to 2003.
The SPL investigation covers the period from the competition’s inception in 1998.
There are 18 sanctions available to the SPL board should Rangers be found guilty, including stripping the club of league titles.
So right now we KNOW they broke the rules of the SPL between 1999 and 2003. What did the huns win during that period?
Enrico Dandolo nicked my Crusade on 31 May, 2012 at 15:11 said:
I don’t think so – Whyte claimed (I know, I know…) that he had stopped all the EBT payments when he took over. (Very noble of him – stopped ALL payments to anyone as mitigation n all).
So my understanding from what I have read on RTC is that the EBT “scheme” has not been operational this season. However, as I said, as past recipients are still at the club, the SPL member clubs all have a right to have that confirmed.
Also, to your hypothesis, once the money is in the hands of the trust company running the EBT it is no longer in the control of RIA so they could not use any money deposited in the EBT “scheme” for operational running costs.
HH
TLK
My dear,dear,dear,friend.. Miki67
Hiya,pally?
Nice meeting ye.
Say..
Didnae ye know that Ah, Kojo,.. wiz an English Major at
McGill??
Ye didnae?
Well.. Ah soitenly Wuz, wan.
Ah only write , like a Dae ,oan here…fur Fun.
and Frolic… and tae Grab .. awe the Attenshun that
Ah kin get!!
Kojo
yer pal…who likes ye , already
Still,Laughin’
Timely wee phone call from my nonagenarian father –
——– a man who has lived in Caithness / Angus / Fife / Ayrshire / Clydebank and Glasgow
I asked him—— he said
Dicht == a wee wipe with a cloth.
Doited = stupid /
Dited == blocked.
The Lizard King
I’d say that’s right. Of those who were on EBT’s the contracts were renegotiated and no doubt improved upon what their basic + EBT would have been.
Was easy for CW to offer higher wages to these players when he had no intention of paying Tax on these wages.
Mort
a man asked a question on here regarding the triangle around celtic park he like myself would like to here how things are around and inside celtic for a change. up to this point all the talk is about the wee frees and the huns.you know what lets talk about celtic transfers, who is coming and who is going , and any other subjects,this rangers stuff is boring,
Phil
Spare a thought for the old twenty.
How quickly we forget.
U
My dear,dear,dear,friend..Philvis
Hiya, Pally?
Nice tae Greet and Meet…
Sure, Thirty Wan is Auld.
Surely, Neil Knows that Anywan over Thirty , is
oan the Doon Slope, of his Career.. as a Soccer Player.
Twenty Eight Years old.. in Ma Opinion.. is the Cut Aff Point…
The Maximum Age, for any New Signing, by us.
Of Course, a Goal -Keeper , and in Soiten cases.. a Center Back.. can Be an Exception to the Twenty Eight Year old Rule.
In Ma Opinion..
Kojo
yer pal..who likes ye aloater.
Still, Laughin’
Not being racist here but Irish slaves are better than Scottish slaves imho.
HH
Santos star Neymar was over the moon after seeing a young Brazil side romp to victory over the United States, as his penalty made him the top scorer in the Canarinha since Mano Menezes took charge.
The 20-year-old striker netted Brazil’s first from the penalty spot as the South Americans ran out 4-1 victors in Washington DC, the second win in a week for the squad composed almost exclusively of players under the age of 23 in preparation for the Olympic Games.
And Scotland got pumped 5-1 off this lot…
Has anyone seen, or discussed already, the Rangers Media threads about Celtic players, Directors, Staff who have invested in LLPs involved in film industry. The film industry has been a tax efficient investment for a while now, however the whataboutery bears are claiming that this is tax evasion by Timmy.
The twitching corpse is lashing out with one hand and clutching at straws with the other.
Mort, 15:24
I’m sure that’s right. In fact it’s a nice move by Whyte as the players don’t lose any money, Rangers don’t have to worry about two contracts and any implications that may have.
It also means he can right off all the unpaid tax/NI as part of the OldCo debt at the end of the season. No mug our Craig
ulysses mcghee – Aye. 20’s plenty. (thumbsup)
Kojo – How old was Lubo when we signed him? (thumbsup)
googybhoy ♥ Celtic and the Lisbon Lions on 31 May, 2012 at 15:11 said:
Kilbowie Kelt on 31 May, 2012 at 14:14 said:
quonno on 31 May, 2012 at 14:09 said:
As a fully paid up Dumbarton man and Jelly Eater I am completely dited.
*WTF is Jelly, it’s jeely, yer Craft Street born da will be birlin in his grave at that one.
The inhabitants of the area were traditionally known as jeely eaters, although this term is not now common. This term stems from the Vale men who worked in the town of Dumbarton and the Clyde shipyards. Unlike the Dumbarton men, who could go home at lunch time, the Vale men would bring their lunches with them. Usually this consisted of jam sandwiches, or jeely pieces as they were called locally. Hence jeely eaters. Jeely is Scots for jam and piece Scots for sandwich.
Awe_Naw_No_Annoni_Oan_Anaw_Noo @ 15.32 – I spat out my coffee. (thumbsup)
timbhoy2
Read till your hearts content…
East End Regeneration
Mort on 31 May, 2012 at 15:24 said:
Indeed.
But we must not lose sight of all the issues to be resolved. Someone raised again the point about the “wee” tax case as it relates to payments to Flo and a de Boer.
So for RIA have either not been fully investigated or not been punished for:
The “wee” tax case featuring admitted tax avoidance for 2 players (did this include undeclared side letters);
Undeclared contracts relating to the “big” tax case (2000 – 2011) – prima facie evidence has been in the public domain through the MSM for months (the Mail had a redacted side letter);
Non payment of PAYE and NIC for the 2011/12 season – found guilty of bringing the game into disrepute – penalty to be confirmed;
Whether the players re signed by Whyte on long and lucrative contracts are paid by Group or RIA. Don’t know if the SPL contract review will pick this up if true.
There are lots of little things too that are annoying as they are not addressed such as no disciplinary proceedings against McCoist for undermining the SFA disciplinary process; no disciplinary proceedings for sectarian signing one they went into Admin and could really let rip despite being explicitly reported for the Kilmarnock game; and one that everyone forgets – how did they play Bocanegra in European matches when he wasn’t registered to play in the SPL?
You could argue that it will all be deemed irrelevant when they die but it is important because it will influence (as we have seen this week at the SPL meeting) how a Newclub is viewed.
HH
TLK
South Of Tunis on 31 May, 2012 at 15:24 said: ..
Your Dad is the ultimate authority & spot on,.. especially since he was a one-time Bankie.
I was simply asking, before I was so rudely interrupted, if Quonno was a Jeely Eater, because that area is the only place in the greater Glasgow area that I know about, which so commonly uses the word DITED ( or DOITED).
I am sorry now that I asked !
:¬)))
Davidopoulos
Stupid huns are hilarious.