I don’t know anything about Bill Miller’s connections, neither does anyone else apparently, but we can be sure of one of two things.
Miller’s convoluted proposal is wholly dependent of him working in concert with Craig Whyte. As owner of Rangers Football Club PLC, Whyte would stand to be an equity partner in the newly merged company (Miller has made no offer for his shares).
This option would not be possible unless Whyte and Miller are working together.
Miller’s proposal blows a whole the size of Ibrox through the notion that Rangers recent legislative troubles were all down to Craig Whyte who would soon no longer be part of the club. He is an integral part of the advertised strategy (no matter how unlikely you reckon that strategy is to play out).
The SFA Judicial Appeals Panel must not be intimidated into thinking otherwise.
If Miller has taken a genuine punt (figuratively speaking, I hear he declined to pay the exclusivity bond) without doing a deal with Whyte, his advances will be rejected and Whyte will no doubt take legal action in the coming days to further protect his assets – you don’t think moving the floating charge to a different offshore company last month was to boost Caribbean tourism do you?
In this case, Duff and Phelps would be unable to conclude a deal to sell Rangers and would have to prepare for this scenario soon. I reckon there is at least a 50% chance this will be the case.
More later, time permitting, ahead of the CSA Rally tonight!!
You can buy a hard copy of the new issue of CQN Magazine via Magcloud here.
The graphic below is just for a flick through, to read the magazine go here to it’s dedicated site.