chilledbear

From the RSA Site and copied from FF. SUMMARY OF A MEETING WITH THE ADMINISTRATORS ON SATURDAY 3 MARCH 2012 1. Details of cuts to meet the £1m shortfall will be announced on Monday - new investors unlikely to want to inherit the current cost base of the Club - hence the need to implement the cuts. 2. Liquidation is "unlikely" but can't be ruled out - a CVA far more preferable to liquidation as that puts at risk future European monies for a number of seasons. 3. Pursuing the whereabouts of funds - focussed on what was promised by Craig Whyte in the Takeover document - "highly unlikely" Craig Whyte would be involved in the Club going forward. 4. The contracts, security, legal charges and financing of the Craig Whyte takeover are all being challenged, however, any security Whyte has or had is not likely to be an impediment to a sale. 5. The £3.6m ring-fenced from Collier Bristow is subject to legal claims from other parties as well as Rangers FC Plc. 6. Good interest in acquiring the Club and criteria will be based on fully financing the acquisition and be able to sustain the business going forward. 7. Key role for the Administrators is to put the business in a good state for acquisition. 8. Big tax case not a key issue in the sense that liability will be part of the creditors share out - far example, if there is a pot of £20m to share out - each party will get a dividend whether the total liability is say £40 million or £100 million. 9. Best way of contributing finance at the moment is through match-day sales - tickets, hospitality, catering, etc. 10. Suspect that the Arsenal shares money is lodged in Pritchard Stockbrokers accounts - assets of that firm are now frozen by the FSA and it will require legal argument to recover.

I see Liewell has released a statement.

How can we think of playing football after this?? Abandon the League for the season.

One of the good guys.

Seems to have been an improvement in the under 19s.

Listen to this from 3mins in. http://t.co/6D7KaS6b

Interview with STV Rangers manager Ally McCoist fired a verbal warning to those enjoying his teamâ??s current plight, believing the Ibrox side will come back stronger in the near future. Despite a decision on player redundancies being set for Monday and Saturdayâ??s 2-1 defeat to Hearts, McCoist remained positive but hit out at people enjoying the clubâ??s current on and off-field struggles. Speaking after the game he said: "At this moment in time we are wounded - there is no doubt about it. "There are probably one or two people out there enjoying it, maybe one or two people having a wee fly kick. "I would suggest to them to give a right good kick just now because we will not be where we are for a long time." When asked if he wished to explain his comments further, he said: "Not really. It will just go down avenues that I don't really want to go down, to be honest with you.

They have found it, but we can't use it till the Court says it is definately ours, at least that's the way I see it.

It would be no surprise now, could come at any time. Empty feeling in the stomach whenever I think about it. Anyone else think if this was across the City, there would be marches and crowds outside their ground every day. We seem to be going down without a fight, no passion.

Forlan was right about Whyte. I find his posts informative, but like all posts take them with a pinch of salt. Should that be his or is it her?

The statement from Ticketus after their meeting with the Administrators. Do they know something we don't, if we go into liquidation will they lose their money?

I always took it for granted that administrators went in to a Company, cut costs etc and made the Company viable so that it could be sold if possible. Then the creditors were paid with the proceeds of the sale, or as much as possible. If the Company could not be sold, the assets were sold and the creditors paid so much in the pound. Now I have never thought of a circumstance where the main creditor, CW in this case, doesn't want the Company or the assets sold [ or so he says ]. So what is the Administrators end game in this circumstance?

You don't think there will be redundancies?

I would hope it would be done by looking where we have surplus in certain positions. That is where Ally comes in, I thought it sounded good when he said he would have nothing to do with it, but not good sense.

Let's hope we are left with a competitive team. Fine balance on cutting costs, and being able to fill Ibrox on match days.

Frankie has just tweeted this Collyer Bristow reiterate they are not obstructing access to administrators & Ticketus funds...up to £6 million believed held Does this mean the Admistrators can access these funds and use them for running the Club?

As it would distract those playing in International games. Priorities right or wrong??

We should be asking who has put Darryl King up to this and why. If it is someone like Paul Murray as has been suggested, then he must have reasons for bringing it in to the public arena.

'This isn't a quick fix and idiots in the press won;t have jobs unless they twist things to suit their agenda, not the viewing public' Some said the same when they started on Whyte. I'm not saying they don't have an agenda, but there is usually some truth in the saying 'no smoke without fire'

Craig Whyte

I know when Portsmouth went back into administration recently, the comment was made, that they will have a better chance this time having changed Administrators. I keep reading and hearing that the admin. are answerable to the court so this will safeguard Rangers. But who are the admin actually appointed to protect?

I hear Darryl King on Clyde has been critical of Duff and Phelps. Talking about how slow they are going about their business, cutting costs etc.

He should have asked Phil 3 names.

http://t.co/7txbLYYF

The difficulty is going to be surviving until all this is resolved.