chilledbear 16 Posted February 22, 2012 Share Posted February 22, 2012 Ewan Murray @mrewanmurray Rangers' ex chairman Alastair Johnston has written to the club's administrators, calling for them to state whether or not obligations of... the takeover last May have subsequently been met. Johnston: "I believe that it would serve the public interest for the administrators to make a full declaration ...with respect to relevant compliance." Johnston alludes specifically to circular to shareholders at time of takeover, part 3, paragraph 1... Sorry about the layout, taken from twitter 0 Quote Link to post Share on other sites More sharing options...
Craigy1881 79 Posted February 22, 2012 Share Posted February 22, 2012 simpler terms Raman Bhardwaj @STVRaman ·More Alastair Johnston tonight questions if Craig Whyte is secured creditor. Claims sale purchase agreement states 'debt should be extinguished' If not, then Whyte should lose secured creditor status. Me thinks Johnston is putting pressure on Murray & Whyte with this statement 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted February 22, 2012 Author Share Posted February 22, 2012 Ewan Murray @mrewanmurray Essentially, Johnston is arguing takeover deal can be reversed/Whyte loses secured creditor status if such conditions not met. 0 Quote Link to post Share on other sites More sharing options...
metlika 0 Posted February 22, 2012 Share Posted February 22, 2012 Would that not in turn mean HMRC could wind us up if Whyte loses the status? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted February 22, 2012 Share Posted February 22, 2012 Full statement. As the former Chairman of Rangers Football Club who acted in such a capacity during the period surrounding the acquisition of the majority shareholding in the Club by Wavetower Limited*, I would request that you investigate and report on the issues pertaining to compliance with Part III, paragraph 1 of the â??Circular to the Shareholders of The Rangers Football Club P.L.C.,â? dated June 3, 2011, a copy of which has been previously furnished to you. (Exhibit 1) The Purchaserâ??s Warranties and Undertakings recited in this paragraph are self-explanatory and â??are expressed to be enforceable by both the Club and Vendor.â? In this regard, I draw your attention to the recourse described in Para 1 (h), i.e. â??A breach of any undertakings given by the Rangers FC Group in the agreement will result in the debt acquired being automatically extinguished.â? This issue has apparently also been of concern to the vendor because Sir David Murray issued a public statement on February 14 which included the following comment, â??MIH wrote to Wavetower on 25 August 2011 seeking confirmation that its various obligations were being complied with. A confirmatory assurance was eventually obtained on January 3, 2012. Following recent speculation concerning the financing and security arrangements put in place by Wavetower, a request was issued seeking further clarity.â? As you know, the status of the Club at this time is precarious, but efforts involving investors and/or supporters are being developed to initiate and execute a recovery to self-standing sustainability. Wavetowerâ??s (Craig Whyteâ??s) leverage during this process is a function of his purported position as the primary secured creditor by dint of the £18 million loan which he claims he has provided to the Club on an unencumbered basis. If, however, this entitlement cannot be sustained based on any breach as referred to above thus precipitating the extinction of the loan in question, then the options for charting a course for reconstitution of Rangers Football Club will be much more readily identifiable. I, therefore, believe that it would serve the public interest for the Administrators to make a full declaration with respect to relevant compliance. Respectfully submitted, Alastair J. Johnston *(For further relevance, I believe I remain amongst the top ten shareholders in Rangers Football Club, owning 154,926 shares.) 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,281 Posted February 22, 2012 Share Posted February 22, 2012 Now it is for our business branch on here to tell us what they think would/could happen if the obligations have not been met. I doubt AJ wants HMRC or Lloyds being re-installed as creditor? 0 Quote Link to post Share on other sites More sharing options...
Ergatrude 0 Posted February 22, 2012 Share Posted February 22, 2012 I think it would mean that basically SDM would be back in charge with the current situation as is? I remember thinking when the takeover was complete when I was reading about the obligations, what a great way for SDM to get someone to put Rangers into Administration (since he was a shitebag) & then he could ride back in and save the day. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,354 Posted February 22, 2012 Share Posted February 22, 2012 Now it is for our business branch on here to tell us what they think would/could happen if the obligations have not been met. I doubt AJ wants HMRC or Lloyds being re-installed as creditor? I think he's just saying that any debt to Whyte just gets waived. He isn't suggesting the reversion back to Lloyds/MIH. However I've suggested that we don't actually owe Whyte anything/very much so AJ's letter may be a moot point. [technical speak] I think that Whyte was planning to deal with the Ticketus cash off balance sheet if it had not been revealed and perhaps the auditors were not aware of it. The revealing of it will hopefully prompt an entry in the club's books netting off the inter-company balance set up when the bank loan was paid off. [/technical speak] 0 Quote Link to post Share on other sites More sharing options...
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