Billy Miller’s bid has been accepted.
This is seriously dodgy.
So he seemingly wants to:
- buy Rangers as it currently exists;
- try to negotiate a CVA (creditor voluntary arrangement* / agreement*;
- if he fails to succeed with 2. then he will simply go ahead & set up a “new co”;
- BBC Scotland are reporting that the administrators have been assured that the SPL will not impose any additional restrictions on a Rangers “new co”.
- So then why would he even bother trying to negotiate with creditors as per point 2? He can simply set up a new co and screw over all the creditors including the tax man.
All seems a bit murky.
The intrepid Alex Thomson of Channel 4 has already said this smacks of another scheme to swindle the British tax payer.
The administrators are meant to protect creditors but their recommended proposal does the exact opposite - it’s actually a way of screwing creditors over.
It’s also seriously dodgy that the administrators are claiming they have assurances already from the SPL about ‘new co’ being allowed to stay in the SPL.
Like we were discussing on this thread the other day, what’s to stop any club now racking up millions in debt, defaulting on it and saying ‘sorry lads, I’m setting up a new company and I won’t be paying you back but I’ll be maintaining my place in the league’?
This still has to play out a good bit.
SPL meeting today was adjourned for another month. So no clarity on what the punishment for going down the ‘new co’ route will be.
Bill Miller, the preferred bidder as selected by the administrators, has withdrawn his bid for the huns. :lol:
Said the picture painted by the administrators was more optimistic than the actual reality.
Also said he was taken aback after receiving a barrage of abusive emails from huns and noted the fan reaction at the weekend’s match.
This is still great craic. They just move from one saviour to another and every time the terms get worse and the club gets cheaper.
And you still have some media outlets repeating the made up bullshit coming from the administrators. They’ve come out now and said there are 3 other potential bidders and a takeover could be completed by the end of the week. The STV lads on Twitter have called them out on that rubbish.
Duff & Phelps are very poor administrators.
More from Miller. 3 reasons for withdrawing:
- Finances in worse state than he thought;
- Potential to be hit with significant contingent liabilities (tax case, other financial sanctions from SFA/SPL, player bonuses);
- Unwelcoming environment (abusive and vitriolic emails).
Douglas Fraser, BBC Scotland Business Editor, now ridiculing Duff & Phelps:
http://www.bbc.co.uk…otland-17999964
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Ibrox bonus bidders[/b][/size][/font]
So where does this leave Rangers? Duff and Phelps say that, after Bill Miller was given preferred bidder status last Thursday, three other bidders came forward.
Now, let’s be clear about this: we’re expected to believe that three different people or groups have watched Rangers for a year since Craig Whyte’s reign began, and for the three months since he put it into administration.
And it was only last Thursday, when they saw a preferred bidder come forward, that they thought they’d like to have a go, and could find the money. That’s three bids. Seriously?
It brings me back to the simple question that nagged away at the Bill Miller bid: why? Why would he want to take on Rangers, when he had no link to it? And why would someone else now want to do so, when the complexities and risks are so daunting?
We know one reason why Duff and Phelps wants more bidders. It has a responsibility to creditors to maximise the value they can get from the debt they have with the club.
With Bill Miller out, attention turns back to the Blue Knights consortium - led by former director Paul Murray along with Sale Sharks rugby team owner Brian Kennedy. But if they are the only ones left bidding, then they can lower their price.
As they were reported to be bidding only £1.5m, that’s already impossibly low if a deal is to be done with creditors.
Is it worth agreeing to one or two pence in the pound, or could there be more to be had from forcing a liquidation, and selling the assets in a firesale auction?
That’s the conversation Duff and Phelps have to have with HM Revenue and Customs and with Ticketus, among others. And with the end of the season and of players’ temporary contracts looming large, they’re running out of time to find an answer.
The creditors will want to know if these new bids are credible, just as we all do.
They may also be asking about the credibility of Duff and Phelps in their management of this process. They’re looking ever more like Laurel and Hardy.
Wow. Just wow.
SFA has published full findings of the recent hun disciplinary case.
Said they considered terminating Rangers’ licence to play in Scotland.
Only match fixing would have been deemed more serious.
Said they engaged in scandalous practices.
Saved £1.1m per month via non payment of taxes.
Other directors and employees, aside from Craig Whyte, must have been aware of what was going on.
Etc etc.
Also said huns were informed who was sitting on disciplinary panel in advance and they raised no objections.
Remember McCoist’s calculated “who are they? I want to know who’s killing Rangers…” comments in the media when the punishments were first announced. Sly cunt.
They’ll need some luck for their appeal next week.
Glasgow Rangers FC. FOAD.
The administrators have agreed to sell the huns to the consortium led by Charles Green, ex CEO of Sheffield United. His CV is comparable to Craig Whyte’s. Green and Whyte, huh!
What’s the deal here Bandage, is this guy some sort of patsy in Whyte’s grand scheme?
He has paid for a period of exclusivity where he’ll be the only bidder in negotiations until 6th June. So not quite done and dusted then. He is representing a consortium apparently.
The Sheffield United fans weren’t too taken with him anyway:
http://boards.footymad.net/forum.php?tno=463&fid=221&sty=2&act=1&mid=2114784149
Some good quotes on that forum:
hope they don’t get a last minute penalty to win the league as he’ll run round and kick it off the line as “they won’t be ready”
wheres he going to find £150 million? down the back of his sofa in Goldthorpe!
I see the Jocko media are back talking about war-chests again. :lol:
They’ll be doing well to put that war chest to good use with the transfer ban.
The SFA have rejected the appeal from the huns. The transfer embargo stands. That warchest will be some use now.
Not so much laugh at Ranger, but laugh at stupid orange bastards
[font=Helvetica]St Patrick’s principal Dera Calahane expressed shock at “how vindictive and inciteful the comments were”.[/font][font=Helvetica]
She said: "The comments made are inaccurate. The three flags on display were the Italian, Polish and Turkish national flags.
[font=Helvetica]“These were flying as recognition of the school’s three favourite TFK posters Mr. Totti, balbec and Rocko.”[/font]
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