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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timbhoy2 on 31 May, 2012 at 15:26 said:
I was just a bout to post the latest update of the List so hopefully this will keep you happy mate!
New additions are Rosenberg striker with Werder Bremen who is free in the summer, Keith Andrews of WBA is being mentioned in a number of sites and rags and Juarez going to Club America.
—–
Players in:
———–
Name Age Position Club Price
—- — ——– —- —–
Players out:
———–=
Name Club Price
—- —- —–
Majstorovic – AIK – Free
Wilson(M) – No new club – Free
Loovens – No new club – Free
Cervi – No new club – Free
McGinn – No new club – Free
Towell – No new club – Free
Rumoured transfer in:
———————
Keepers
——-
Name Age Club Source Price
—- — —- —— —–
Forster – 24 – Newcastle – Various £2-3M
Gordon – 28 – Sunderland – Various – Free in the summer
Mucha – 29 – Everton – CQN – £1.3M
Smithies – 21 – Huddersfield – Celticrumours – Free in the summer
Forde – 32 – Millwall – Celticrumours – Free in the summer
Defenders
———
Name Age Club Source Price
—- — —- —— —–
Mills – 25 – Leicester City – Various – Swap deal pus cash with Kelvin Wilson
Shackell – 28 – Derby County – Celticrumours – £1.25M
Choto – 31 – Legia Warsaw – CQN – No fee mentioned
Dixon – 25 – Dundee Utd – Various – Free in the summer
Berra – 27 – Wolves – Celticrumours – No fee mentioned
Faye – 34 – West Ham – Celticrumours – Free in the summer
Bouba Diop – 32 – West Ham – Celticrumours – Free in the summer
Bosingwa – 29 – Chelsea – Celticrumours – Free in the summer
Midfielders
———–
Name Age Club Source Price
—- — —- —— —–
Henriksen – 19 – Rosenborg – Various – £3M
Krejcí – 19 – Sparta Prague – Celticrumours – No fee mentioned
Reo-Coker – 28 – Bolton – Celticrumours – Free due to relegation clause
Melikson – 27 – Wisla Krakow – Celticrumours – No fee mentioned
White – 20 – Leeds Utd – Various – Free in the summer
Rodriguez – 22 – Barnsley – Various – No fee mentioned
Keegan – 20 – Monaghan Utd – Various – £300K
James – 17 – Hartlepool Utd – SSN – No fee mentioned
Badelj – 23 – Dinamo Zagreb – Celticrumours – £2M
Boesso – 26 – GFCO Ajaccio – Celticrumours – No fee mentioned
Andrews – 31 – WBA – Various – Free in the summer
Strikers
——–
Name Age Club Source Price
—- — —- —— —–
Tamuz – 24 – Hapoel Tel Aviv – CQN – No fee mentioned
Rhodes – 22 – Huddersfield – Daily Mail – £4-5M
Kermorgant – 30 – Charlton – Daily Mail – £650K
Yakubu – 29 – Blackburn – Daily Mail – Free due to relegation clause
Daly – 29 – Dundee Utd – Celticrumours – £650K
Russell – 22 – Dundee Utd – Celticrumours – £850K
Klasnic – 32 – Bolton – Celticrumours – Free in the summer
Rodallega – 26 – Wigan – Celticrumours – Free in the summer
Bothroyd – 30 – QPR – Celticrumours – £1.5M or loan
Holt – 31 – Norwich City – CQN – No fee mentioned
Johnston – 31 – Fulham – Various – No fee mentioned
Leitch-Smith – 22 – Crewe – Various – £1M
Cox – 25 – WBA – Various – No fee mentioned
Carew – 32 – West Ham – Celticrumours – Free in the summer
Sagbo – 23 – Evian – Celticrumours – No fee mentioned
Akpala – 25 – Brugge – Celticrumours – No fee mentioned
Sigurdarson – 21 – Lillestrom – The Sun – No fee mentioned
charbonnier – 23 – Angers SCO – Talksport – £800K
wesley – 33 – Atlético Mineiro – Celticrumours – No fee mentioned
Perbet – 27 – RAEC Bergen Mons – Talksport – £1.5M
Rosenberg – 29 – Werder Bremen – Daily Express – Free in the summer
El Allagui – 27 – Falkirk – Celticrumours – Free in the summer
Rumoured transfer out:
———————-
Name Source Price
—- —— —–
Murphy – EADT24 – £300K to Ipswich
Izaguirre – Various – £10M to Man Utd
Samaras – The Sun – £3M to Spain
Hooper – Various – £7M+ to Reading, Galatasaray
Ki – Italian press – £5M to Roma
Wilson – Various – Leicester City player swap plus cash for Matt Mills
Forrest – Talksport – £5M to Spurs
O’Dea – Various – Freed to join Leeds
Juarez – Various – £2M to Club America
HH
/Bishop B
Davidopoulos on 31 May, 2012 at 15:33 said:
‘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”
Haven’t seen the huns discussion.
Paul Baxendale Walker’s first entered (gettit?) the film industry because of the various tax avoidance opportunities they offered.
I’d like to know which (if any) recipients of my Celtic pound are using such schemes to avoid paying tax. I’m sure I’m not alone in that view.
Tontine Tim on 31 May, 2012 at 15:36 said: …
Good man.
Did you ever hear Big Cool or Sammy Kilpatrick asking for a Jelly Sandwich ?
…& they were far from being DITED.
:¬)))
My dear,dear,dear,friend.. Philvis
How Old wiz Lubo when we signed him?
Hmmmmmmmm
Ah dinnae Ken.
Howevah..
Ah do remember that when Mon Arrived oan the scene.. he Played Lubo. very Sparingly.
Mon, knew that Lubo was an exceptional Player, but Mon also realized the Lubo, could not handle the role of full time member of his Team,as Lubo was oan the doon slope.
Sure, A Good Oldster kin dae a Joab..and a Very Guid Wan tae..
Howevahhhhhh..in Ma Opinion..
Why wid Neil, want a Player who’s Influence, no maitter how
Welcome, would be …Finite… and Fleeting and Temporary…because of Encroaching Years?
Of course, we do not know for sure,if Neil is Actually Interested in this Mr.Andrews.. it could be just a figment of Some Bright Spark of an Agent’s.. Imagination.
Kojo
Yer pal..who likes ye aloater
Still, Laughin’
There are several 100% legit tax efficient investment schemes in both the Film Industry and in Commercial Property Development in the UK. These are commonly used by high worth individuals to limit their personal tax liability. They are commonly used by footballers from North and South of the border….. and no doubt retired GPs.
ernie lynch on 31 May, 2012 at 15:42 said:
———————————————————-
Personally I don’t have a problem with people taking their earnings and making tax efficient investments with them. They have received earnings that have already been taxed. Making an investment which is chosen on the basis of a lower tax rates on returns from such investment is nothing to be scorned.
For example at a trivial level, look at ISAs. In an ISA one can quite easily benefit from tax free earnings.
If I’ve missed the point then sorry, feel free to correct me.
If you are paid a wage and have PAYE NI deducted at source, then what business is it of anyones what you do with it.
Invest in Films, buy a crate of Buckfast who cares…
philvisreturns on 31 May, 2012 at 13:38 said:
=================================================
What good they did was designed to maximise the profit they would make in whatever country they invaded.
Invaded! They weren’t in these places to do good. they were there to serve their own interests. It would be akin to me deciding that in my families interests I should annex your house, use your car, empty your bank account and get a better road out of where you live built so it would be easier to transport your garden furniture, cigar and whiskey collection and stamp albums to my house becuase my children are somehow more deserving of them than yours. I would of course hire a security team to, em, look after you and make sure you and your next door neighbour don’t fight. Of course, honesty being my way I would have to tell your neighbour about you taking a secret dump in his garden every night, but then I would leave my security men there to make sure his violent response didn’t get out of hand.
there you have it, british imperial policy in a nutshell.
there endeth the lesson.
One day you’ll understand Philvis, one day.
Awra best matey.
Rio Ferdinand and Ashley Cole have been invovled in movie investment for a number of years (co-produced Dead Man Running a few years ago), as I’d guess a few of the other highly paid EPL players.
HH
/Bishop B
JohnnyClash on 31 May, 2012 at 15:50 said:
”There are several 100% legit tax efficient investment schemes in both the Film Industry and in Commercial Property Development in the UK. These are commonly used by high worth individuals to limit their personal tax liability. They are commonly used by footballers from North and South of the border….. and no doubt retired GPs. ”
Which is worth remembering when people are next fund raising on here for a life saving operation or suchlike.
RobertTressell – What have the Romans ever done for us, eh? (thumbsup)
Kojo – It probably is just paper/agent talk. (thumbsup)
ernie lynch – Which is worth remembering when people are next fund raising on here for a life saving operation or suchlike.
How so? (thumbsup)
If Ah wur King…
Ah wid sell…
Hooper…. fur.. Ten Million…
Kayal….. fur.. Five Million
These are Two Guys, who Ah believe we could Do Without.
And..
Fifteen Million, wid Be a Nice wee Bankroll.. when we
Go Ahuntin’ fur..
New Players.
Sure, Hooper, Kin Score the Goals.. but, Ah believe He is NOT IRREPLACEABLE!
Same goes fur Kayal..
and
If we got bids like Ah hiv Suggested for either of these Two.. Ah wid Be maist Happy tae Unload these two worthies.
Fur..
That is how wan builds a Stronger Team.. by
Wheelin’ and Dealin’
and Auld Fashioned..
Horse Tradin’
However.. Afore ye kin Serioulsy Begin tae Build a Stronger Team , that kin Compete in Europe wi the Best..
Ye must hiv
A GOOD BANKROLL..
and that is Sumptin.. that we Dinnae Hive.. at Present..
Right?
Kojo
Still, Laughin’
Luca Antonini of AC Milan being linked with Celtic in Italian press.
By the way…
Ah wid never part wi…Ki.
Ah think that He is oan the Cusp…o.. becoming a Real Brammer.
He is still A youngster.. and Last season. He came oan a Ton.
Ma Opinion..
Kojo
Still, Laugin’
Davidopoulos on 31 May, 2012 at 15:52 said:
”If I’ve missed the point then sorry, feel free to correct me.”
”Under the Eclipse 35 scheme, …. had it succeeded, the scheme would have netted £404,000 tax relief per investor, for an original investment of £173,000.”
http://www.telegraph.co.uk/finance/personalfinance/investing/9260526/Film-
investment-could-lose-tax-breaks.html
Kilbowie Kelt on 31 May, 2012 at 15:47 said:
Tontine Tim on 31 May, 2012 at 15:36 said: …
Good man.
Did you ever hear Big Cool or Sammy Kilpatrick asking for a Jelly Sandwich ?
…& they were far from being DITED.
:¬)))
*whenever i Hear the song “C-E -L- T- I -C I see Celtic I see Cetic, Celtic on the ball” I’m reminded of Cool Gallagher as I heard him belt it out with a bunch of Brucehillians on the bus going out the Renton Road tae Burroughs tae collect their redundancy money.
Sammy for those that don’t know was known as Sammy the Darkie due tae his complexion, he went tae McLean Place (wee St. Pats) with ma da.
Saw him on the train one night coming fae the bingo, I was coming fae a reserve game at CP, he was belting out “my parents they were Irish”, and they probably were.
philvisreturns on 31 May, 2012 at 16:00 said:
ernie lynch – Which is worth remembering when people are next fund raising on here for a life saving operation or suchlike.
How so? (thumbsup)
…………
Because for every penny that an already rich person saves in tax the same is denied to Hector, who gives out to pay for the Government to wast on stupid stuff like operations, school books and such things!
Pick a tax rate and make it the law that everybody pays that rate on every penny they earn!
Kojo on 31 May, 2012 at 15:24 said:
>>>
Aye….Kojo good to see you’re up and running (metaphorically) again. Y’know,your posts used to drive me slightly bonkers,but since you sojourned in Hippocrates’ chambers,you seem to be a much improved mhan. Jest a humble opinion a la Obadiah Slope type obsequiousness.
Aye,the nearest ah goat tae McGill Uni. wiz when they turned me down when ah lived in that mighty colony.
An’ then ah hud tae go oot ‘n wurk tae support masel’ as ah wiz oan ma todd.
But I then ate a dictionary and all is well.
I do like the ‘patter’ though. (taken from the French word ‘patois’). It is unique and brilliant. I keep meaning to buy Shakespeare translated into Glaswegian.
Someone said it brings new life to the old fraud,or whoever wrote it all.
Anyway,now ah’m rambling….it’s the meds! So,I’ll just ramble on…..
HH!
Oh! Mairzy doats and dozy doats and liddle lamzy divey. A kiddley divey too, wouldn’t you-oo?
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.
: )
greenjedi – Because for every penny that an already rich person saves in tax the same is denied to Hector, who gives out to pay for the Government to wast on stupid stuff like operations, school books and such things!
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?
Pick a tax rate and make it the law that everybody pays that rate on every penny they earn!
If only they’d make it that simple.
Anyway, you’ll probably find that the money paid into these schemes by wealthy individuals has already been taxed. (thumbsup)
greenjedi
This is a good idea in principle but all it would do would be to disincentivise investment of any kind. Those who are paid well will pay taxes on their income and the rest will sit in the bank.
Mort
Ernie,
I notice you abhor enslavement….. isnt income tax absolute enslavement.
The state demanding the efforts of your labour under the threat of violence?
Dontbrattbakkinanger – Those words sound queer and funny to my ear. (thumbsup)
I know we have to budget for the loss of Glasgow derby revenue ( but think of the savings on polis and toilet repairs) but do we run the risk of messin’ up CL qualification with some of the friendlies we’ve arranged, eg away to Philly in August?
I completely agree, the 3 month delay was to give them sufficient time to whitewash the entire documentation package sent to the SPL re the EBT’s, any damning evidence will of course have been completely deleted prior to submission,
we know it, they know it and the SPL will also know it, they really are the peepul right enough.
Philvis – my ole dad used to love singin’ that song, and why not? Cheerfully daft.
My dear,dear,dear,friend.. Miki67
Hiya,pally??
Let’s chat.
Ach.. .Ah am still the same auld Sixpence..
Mebbe, Ah hiv jist “Grown Oan ye”..so tae speak… that kinda thing wull happen tae some o’ Ma Readers.. IF THEY ARE NO CAREFUL!
Between You and Me,pal.. Ah hiv hid it Up tae Here..
Wi’ awe this Constant Talk aboot the G.A.s Troubles..
Ah know that It is The Hoat Topic .. at this time..
Nevertheless…
Ah am still .. Fed up tae the Teeth wi’ reading.. day after day.. awe aboot.. The G.A.s troubles..
so.. Ah try.. in Ma ain small Way.. tae..
Inject a wee bit o’ Celtic Talk ..intae the Forum discussion..
Some Guys, Bite.. Maist.. Dinnae..
fur they seem tae be suffering fae a G.A. Fixation.
And that is A Problem.. a Real Problem..
In Ma Opinion..
Kojo
Yer pal…who likes ye mair than A Butter Mulk Dainty.
Still, Laughin’, though, at the G.A.’s Troubles.
DBBIA –
Mairsy Doats ——
Scary as hell when sung by a scary man in Twin Peaks .
Funny when sung in Minder
2 Good 45s —-
Carlo Mastrangelo —— doo wop.
The Innocence —— stoned bubblegum.
I’m with ole Johnny Clash- retired GPs are high worth individuals, as of course are us super-annuated sawbones still’ workin hard to stamp out pestilence in Shangri-La ;/)
wouldn’t it be fair to say the EBTs were nothing to do with Whyte/Duff & Phelps and they’d be happy enough to drop Murray in it ?
The Moon Bhoys on 31 May, 2012 at 16:21 said:
How do they do that when they know Mark Daly and HMRC already have the evidence?
Dited or not dited don’t knock the Jeely Eaters.
After all, the scorer of our very first goal was born one.
I just re-read the Duffers/Whyte emails thing again….coz I’m bored…I can’t lift the little bit that made me think,”Wozzat?..”.The emails were headed ‘Project William’. The emails indicate that Whytieboy wanted to wrap the whole deal up ‘in a matter of hours’…no luck there then,eh? The Duffers knew a cash cow when they ran into it.
I think Whyte et al with their ‘William’ reference have set out to give RFCia a right royal rogering from the off..
…if I was an orc (sign of the cross and thank God for small mercies) I’d be incandescent by now and ready to eat someone alive.
Ho ho ho.
Really. Stupid. Huns.
And they think they’re gonnae storm back in with ‘blue chip’ signings and take Europe within a year? The Iron Dream?
Ha hahahaha!
philvisreturns on 31 May, 2012 at 16:17 said:
greenjedi – Because for every penny that an already rich person saves in tax the same is denied to Hector, who gives out to pay for the Government to wast on stupid stuff like operations, school books and such things!
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?
Pick a tax rate and make it the law that everybody pays that rate on every penny they earn!
If only they’d make it that simple.
Anyway, you’ll probably find that the money paid into these schemes by wealthy individuals has already been taxed. (thumbsup)
………………
No, I’m saying the Government should ban all “tax breaks”
Every penny earned (both by individuals and companies) should be taxed at the standard rate, its really not that hard to work out!
One or two lines of tax law and jail for anybody who tries to get round them to save paying their fair share!
Dontbrattbakkinanger – My grampa loved it too.
Another one of his favourites was a little poem:
“A mother to her son did utter,
‘Go out and shut the outside shutter!’
‘The shutter’s shut’, the son did mutter
‘And I can’t shut it any shutter!'”
(thumbsup)
greenjedi at 16:29:
Every penny earned (both by individuals and companies) should be taxed at the standard rate, its really not that hard to work out!
What would be a fair “standard rate” for someone who earns £10,000 per year and someone who earns £1,000,000 per year?
Mort