bluedan 93 Posted February 13, 2012 Share Posted February 13, 2012 How can it be illegal to go into administration after the outcome of the tax case? How can the stadium be safe if we go into administration? The administrator could sell it if he saw fit to do so. Danny, I think that your mate needs a new lawyer. This is what i'm wondering. The Stadium and Murray park is our major assets so surely they would be seized no??? As i understand it we have applied to go into admin but i'm not sure if that makes any difference to it?? Monies is still outstanding as with our assets being the ground and MP then whats to stop the creditors taking these from us?? 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted February 13, 2012 Share Posted February 13, 2012 We all knew we had a hard time coming it seems it's going to be a lot harder than we all first thought. Let's just remember who we are keep the chin up lads we will come out of this shit storm stronger and better, of that I have no doubt. 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted February 13, 2012 Share Posted February 13, 2012 This is what i'm wondering. The Stadium and Murray park is our major assets so surely they would be seized no??? As i understand it we have applied to go into admin but i'm not sure if that makes any difference to it?? Monies is still outstanding as with our assets being the ground and MP then whats to stop the creditors taking these from us?? If we don't own them they can't get them does anyone actually know for defo who owns Ibrox and Murray Park. Has Whyte transferred ownership to another company. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,283 Posted February 13, 2012 Share Posted February 13, 2012 Snatched from FF Originally Posted by Rustledust View PostHere me out on this. I am in no way a huge fan of Craig Whyte but I still can't get my head around this suicide on his part. Here's a theory. We know that if Rangers enter administration, they need a CVA agreed by 75% of the overall debt owners in order to leave administration. That CVA is drawn up in terms of pence to the pound of debt. The Ticketus deal was underwritten by another of Whyte's companies. - Let's be honest, Ticketus weren't going to write us a cheque for £24m with RFC's future in the balance. There was also a disclaimer in the circulation when Whyte came in that the money paid to Lloyds would be considered as RFC debt should the club enter administration, again owed to Wavetower. Now that's £40m worth of debt.....all owed to Craig Whyte. If we've had news that the tax amount is less than £10m then that makes Craig Whyte sole party to 75%+ of the club's debt, thus any CVA drawn up only needs his approval and HMRC can sing for the ratio that he agrees. I remember Craig Whyte making comments regarding "under £15m being manageable". Maybe we couldn't enter adminstration any sooner, as simply we didn't know the proportion of HMRC's debt and thus their percentage/rights in a CVA outcome. If this is the case, I honestly can't think of any disadvantage other than the 10 point deduction. I could be way off the mark, but there's no way Whyte is doing this just to spite us or to run off into the sunset...because admin means there's nothing for him to take. He may be doing it regardless of who would be entitled to what rights in the CVA, in that case, we're potentially screwed; but I hope he's more shrewd than that. 0 Quote Link to post Share on other sites More sharing options...
bluedan 93 Posted February 13, 2012 Share Posted February 13, 2012 Also if we go into Administration that would mean White would no longer have control of the running of the club,correct?? Makes you wonder if there is a plan in place because it would be totally crazy to have taken over the club having known this was a massive possibility of it happening. Maybe this IS the plan?? 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted February 13, 2012 Share Posted February 13, 2012 It looks like Whyte can't afford to keep the club running (no matter what the tax case outcome is) without going into administration. This is the thing that irks me somewhat (unless there is some grand design lurking in the background). Absolutely NOTHING negative has happened for months. OK, we went out of Europe and I am sure that wasnt planned for - but Whyte himself said he had budgeted for Europa (which is, according to his numbers, only about 5 mill) - other than that we have continued on the cost cutting exercise. We did bring in new players, we did increase current player's contracts, but we also have gotten rid of Bougherra, Jelavic and a bunch of other wages too. The big tax case we dont know the outcome yet - so what exactly has happened that would cause this scenario to occur - unless there is some scheme behind it ? It is a mind-numbing situation to be in. Our great club being reduced to this ? Whyte should have a share offering, dilute his own holding and attempt to stave off this administration (IF the funds were needed to do so) ? That said, the Tims were very close to locking the door prior to the bunnet walking in.... and they are now in a reasonably healthy financial state. There is no reason we cant do the same, IF managed correctly. 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted February 13, 2012 Share Posted February 13, 2012 Just a quick question does anyone seriously think Whyte is going to shut shop sell everything off and run away into the sunset? 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,354 Posted February 13, 2012 Share Posted February 13, 2012 ... but Vodafone could? Other companies could? Because their lobby is bigger than ours? I see your point Bluedell, but the way HMRC decided that hardline approach right when it was the worst for us is ... well ... They were wrong over Vodafone, as has been pointed out to them, and that has made our argument even tougher. You could be right about their lobby being bigger than ours. Perhaps these companies could threaten the loss of tens of thousands of jobs. Don't know for sure but we haven't much of one unfortunately. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,283 Posted February 13, 2012 Share Posted February 13, 2012 A Q &A for the case of administration has been made available on the homepage. Maybe I'm the wrong person to disuss it, but these lines look to be the important ones. If the Club goes into administration, will the tax tribunal case still proceed? What, if anything, will HMRC get if the tribunal rules there is tax to pay? And what about the Club's other creditors? Yes the case will still proceed. Rangers are just one of a number of defendants to the case. If the tribunal rules in favour of HMRC then any claim they may have against the club will be unsecured and will rank alongside other unsecured creditors. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted February 13, 2012 Share Posted February 13, 2012 Take a look at Traynors blog today especially the part on David Grier. http://www.dailyrecord.co.uk/football/spl/rangers/ Low and behold http://www.mcr.uk.com/person.html?id=43 how many David Griers are there out there. That is a very interesting blog article indeed. 0 Quote Link to post Share on other sites More sharing options...
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