the gunslinger

Kennedy released the full bid details. Why not just post that?

its in this thread.

This has been sent to David Whitehouse of Duff and Phelps by David Hinchcliffe a partner at Walker Morris. Brian Kennedy has asked me to share this with you and you are more than welcome to print it/read it out/broadcast it.

This email completely condemns the Administrators and we are asking WHY are they doing this?

Dave Swanton

Twitter @swannymediaman

David I note you have not yet replied as promised in your email below please respond as soon as you can.

Regarding your recent press announcement ..".you were advised there was not agreement within the consortium about the funding of the bid" ....please let me know who apparently advised you of this as this is wholly inaccurate and on no occasion has anyone contacted either myself or Brian to state this is a worry.

Further to state that amounts were included in the offer for playing in europe next season when it can't be achieved is completely inaccurate as the actual offer is for increasing the consideration in seasons 2 and 3 if they played in europe .

Further to state that the offer should be reduced by 3.5 m because these are debts due to the company is also misleading as 2.4 million of this sum is payable in the next few weeks as per Brians earlier email and will be used as cashflow for the trading losses of the club.

You completely fail to state our client had agreed to fund the huge trading losses post June 1st and picked up liabilities for 3.6 m of football creditors ... tupe liabilities ...debenture holders etc making a cash payable of 9.1m. plus trading losses prior to completion and European add ons together with other liabilities. You seem to be continually comparing the quantum of my clients bid against bids such as the Miller bid which are not real .

As you know I have vast experience of people making bids for insolvent football clubs ....I cannot see how any of these new parties can be making real bids when they have done no real due diligence ....proof of funds may have been provided but it does not make sense to me why investors would invest in Rangers without full due diligence by them and I would strongly recommend that full due diligence is carried out by you on these parties as there is no time to have another Miller situation .

Finally regarding your comment that Brian wanted to be the last man standing. In mine and Brians view he is as we don't believe the other bidders will complete

If you want to talk to find a way to save this great club Brian has said his phone will be on this evening otherwise I fear it will be too late David

David Hinchliffe

Partner

that's some of it as you can see 9.1 is the cash payable.

 

Posting Traynor's article or Tom English's one would provoke the same reaction. Or they're only after a blazer is another common response.

should do it anyway. a few wallopers should not stop the fans groups from doing what's right.

Brian Kennedy was very clear all in he was putting in over 9 million.

greens bid was fine when we though it was 8.5 plus running costs but it isn't its 8.5 all in.

both bids use the jela money etc to fund the club.

Had another look at the proposals and would say the following:

 

1. The Green bid is £8.5m

 

2. TBK bid is £5m (plus £0.5m for Whyte's shares - unclear whether this goes to the CVA or Whyte so not sure whether to include it) plus some other cash relating to the CL that would need to be ignored at this point.

 

GS, you say that TBKs were paying the fees and trading losses out of their own pockets. I disagree. The important paragraph is

 

 

 

So TBK are saying that they want to buy debtors of £3.5m and out of this they will pay the admin's fees. However it appears that at least over £2m of these debtors are being left for the CVA by Green so the impact ends up being the same, does it not?

 

It still seems to me that Green's bid is around £3m better than TBKs.

why isn't thk bid 5 million if the fees and running cost are paid seperate no matter how its funded?

bk was also clear he was going to have to add to the money that was coming in as it wasn't enough. 3.6 million he reaconed.

good stuff from leggo. seems back in form of late.

You'll never stop that!

if bludell can show me where I am going wrong in my maths I will happily retract my statement.

what I am saying is greens bid is 8.5 plus outstanding money minus fees and running costs. which comes to under 5 million.

bk bid was 5 million for cva pot with fees and running costs payed seperately by him and outstanding money.

So you'll start describing the TBK CVA bid as £1.5m?

I will start describing it as 9.3 minus 3.8 if you prefer with 500k to whyte.

But it doesn't take away from the fact that Green is putting up £8.5m. I know GS is very pro-TBKs but it isn't help to spin incorrect information.

yes but in this logic bk was putting up over 9. he was funding the club and paying the fees over and above his 5 million for the cva.

It's not less than 5. It's £8.5m. The creditors then approve how that £8.5m gets allocated.

ok its 8.5 plus 3.8 minus 3.6 and 3.5 or whatever. the cva is fairly clear it balances out at just under 5.

I'd like the supporters groups to be asking these questions

the problem with that is the supporters group hate lobby will accuse them of sour grapes even if its a perfectly reasonable question.

Will we ever find out why the other bids failed,in detail?

not unless theres an inquiry into d&p and that seems unlikely.

people say they are accountable to the courts but I see no evidence of that in a practical sense.

its like he's reading my mind. excellent article by traynor and one all rangers fans should considder.

such was greens pr when he arrived I saw predictions of cva pots of 16 million. yet we get less than 5. I never bough into the 16 million but I sure didn't imagine it would be less than 5.

The initial financial package may be similar....so the decision has to have been based on future funding/running costs and plans. There were portions of the BK's bid which were conditional on reaching certain stages of the CL. This may have been deemed unacceptable/unrealistic.

 

Also the BK's contingency plans may not have been adequate!!!

yeah I took the bonus parts out of my calc all together.

if it was bassed on future funding I fear green may have lied his way in.

still its all but done now no doubt d&p have reasons.

what does this tell us about the source of the leak?

very few recipients of those emails.

It does seem to suggest that Whyte had a plan, which failed miserably. Just our luck, not only is he a chancer, he's an incompetent chancer.

yeah one wonders what and why.

hmrc scuppered it?

other unexpected bidders?

d&p getting greedy?

the players refusing to continue under whyte? seems unlikely, they didn't after all get to renegotiate there contracts until late.

intriguing stuff if not very explosive.

as ever bluedell if you tell me my understanding of the figures is wrong I will happily take that on board.

Can you show how you reach that? I haven't done the sums in detail, so if you've done it, it saves me.

the cva proposal puts the projected value of the cva at just under 5 million once fees and the trading loss is removed.

tbk offr was 5 million for the cva plus extras Like euro bonuses. over and above this bk was paying the fees and trading loss out of club funds and his own pocket.

even at the minimum it was a 5 million offer to the cva pot.

a marginal difference no question but d&p also have a duty to look after the future of the club.

I suspect the newco part of greens offer makes it simpler for d&p and simple seems to be their level.

Are you the chairman of TBK.

no just a fan.

also if whyte expected to be out of admin quickly who was he expecting to buy us?

green as I know tbk suspect?

what went wrong.

this isn't much but I have to say I fing it very hard to believe that any administration of a company that's relatively small costs over a million pound a month.

I also mean all the bids that were knocked back. Craig says serious money men. bill ng and the guy moaning to Alex thomson. add that to tbk bid being bigger.

or they do it for lots of money.

anyway we can put the green cva and tbk bid side by side. I have tbk bid is slightly larger.

I imagine the fact the refused to newco will be the reason they lost out.

I know one that stole a lot of clients cash and went to jail.