Zappa 0 Posted May 6, 2011 Share Posted May 6, 2011 There was never any suggestion that SDM had agreed to take on the tax case liability, other than AJ's misleading statement that MIH were "dealing" with it.. Exactly, but the press jumped on it, gave it a pair of legs and set it free. Thanks to the press, there's a LOT of Rangers fans under the impression that this takeover will leave the club debt free and that SDM will be taking care of the tax liability as well. Talk about Cuckoo land... 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,151 Posted May 6, 2011 Share Posted May 6, 2011 There was never any suggestion that SDM had agreed to take on the tax case liability, other than AJ's misleading statement that MIH were "dealing" with it. It looks as if it has also been confirmed that the club will not be debt free. We now owe Wavetower, and goodness knows who they owe. From MIH statement "Wavetower will also acquire the indebtedness of Lloyds Banking Group, the secured creditor, and is under an obligation to waive this debt in the foreseeable future, thereby strengthening the club's balance sheet. 0 Quote Link to post Share on other sites More sharing options...
townhead ranger 0 Posted May 6, 2011 Share Posted May 6, 2011 From MIH statement Does this mean the debt is no longer our problem? or could Wavetower delay their obligation to pay the debt back and hope to fund it by European revenues? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,151 Posted May 6, 2011 Share Posted May 6, 2011 It's certainly open to interpretation mate. The debt is off our books but we don't know if we'll be paying WT for the privilege and/or for how long. It does say this debt will be waived at some point but is this guaranteed? 0 Quote Link to post Share on other sites More sharing options...
CumbernauldGers 0 Posted May 6, 2011 Share Posted May 6, 2011 This statement from the board confirms to me wtat a shower this mob are. They have over seen the state of Rangers and done nothing about it, now they are still causeing trouble as they will be out of a jobs. Rangers has suffered from the jobs for the boys. Now clear the lot of them. 0 Quote Link to post Share on other sites More sharing options...
townhead ranger 0 Posted May 6, 2011 Share Posted May 6, 2011 (edited) It's certainly open to interpretation mate. The debt is off our books but we don't know if we'll be paying WT for the privilege and/or for how long. It does say this debt will be waived at some point but is this guaranteed? I'm pretty sure since they use the word obligation that this debt will be wiped out. However I'm wondering if there is a time constraint on it and Wavetower will publish their own annual reports so we should be able to see how the debt was paid off when it does happen. Edited May 6, 2011 by townhead ranger 0 Quote Link to post Share on other sites More sharing options...
metlika 0 Posted May 6, 2011 Share Posted May 6, 2011 Its good to get rid of Lloyds as they have no interest but getting money back. I don't know about this new people and their situation and their backing facilities. 0 Quote Link to post Share on other sites More sharing options...
bluebear54 0 Posted May 6, 2011 Share Posted May 6, 2011 (edited) Apologies for being uninformed, but what and who are the "Takeover Panel" referred to in para 5? Otherwise a strange statement. however it strikes me that the IBC talking about transparency has much the same ring as Gaddaffi talking about democracy. my take is that they certainly haven't covered themselves in glory these past few years, and more pertinently recently. I have a feeling that we'll be seeing some restructuring of the board at some stage. I don't really want to get worried about this statement anymore - after six months I'm enjoying the moment and looking forward to winning the league. Edited May 6, 2011 by bluebear54 0 Quote Link to post Share on other sites More sharing options...
CumbernauldGers 0 Posted May 7, 2011 Share Posted May 7, 2011 I really hope as soon as this season is finished all of the current board and Bain are sacked. They have taken this club for a ride and have taken far too much money from the club. 0 Quote Link to post Share on other sites More sharing options...
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