Quick Sale Vital and no Europe next season - Administrator statements

[Zappa 0]

Whyte holds the floating charge on the RFC assets and Close Leasing hold a fixed charge,

 

FS, is this definitely 100% accurate and unchallengable? Can you give us more details and also some info on the various possible implications?

[Crimson Dynamo 128]

Have to be honest and say to hell with Paul Murray and Dave King both statements today were just grandstanding. I think David Murray's statement shows that to be the case which he basically said "if I'm dirty then so are you Dave".

 

Paul Murray was a director Rangers and knew the state of Rangers finances but did hee haw about it. Same with Alistair Johnston when asked if administration was a possibility a while ago he could only nod in agreement and he only came out and said how angry he was about Whyte when the sh*t was about to hit the fan I believe he said he didn't agree with it last May but then he buggered off and we never heard anything from him same with Paul Murray he moaned a bit but then only reappeared when it was all going pear shaped. If AJ had all this evidence why wasn't he asking for Police and FSA investigations last May. I really am starting to believe it's all some mad scheme they have all concocted TOGETHER including Whyte to liquidate Rangers and start afresh.

 

If Rangers are to be saved I want it to be someone new with no connections to the old board the more news stories I read the more it seems they are all rotten to the core. It seems they are all out for themselves and cared for anything but Rangers

[forlanssister 3,050]

Have to be honest and say to hell with Paul Murray and Dave King both statements today were just grandstanding. I think David Murray's statement shows that to be the case which he basically said "if I'm dirty then so are you Dave".

 

Paul Murray was a director Rangers and knew the state of Rangers finances but did hee haw about it. Same with Alistair Johnston when asked if administration was a possibility a while ago he could only nod in agreement and he only came out and said how angry he was about Whyte when the sh*t was about to hit the fan I believe he said he didn't agree with it last May but then he buggered off and we never heard anything from him same with Paul Murray he moaned a bit but then only reappeared when it was all going pear shaped. If AJ had all this evidence why wasn't he asking for Police and FSA investigations last May. I really am starting to believe it's all some mad scheme they have all concocted TOGETHER including Whyte to liquidate Rangers and start afresh.

 

If Rangers are to be saved I want it to be someone new with no connections to the old board the more news stories I read the more it seems they are all rotten to the core. It seems they are all out for themselves and cared for anything but Rangers

 

They couldn't prove what Whyte did till HMRC showed them the documents re Ticketus reclaiming the VAT, hence Alastair Johnston's "Financial Assistance" complaint.

[forlanssister 3,050]

FS, is this definitely 100% accurate and unchallengable? Can you give us more details and also some info on the various possible implications?

 

http://www.gersnetonline.co.uk/vb/showthread.php?39396-Phil-Betts-and-the-catering-deal. (details of the charges in that link)

 

Yes the validity of Whyte's can be challenged whether that challenge would be successful or not would be a matter for the courts.

[Zappa 0]

http://www.gersnetonline.co.uk/vb/showthread.php?39396-Phil-Betts-and-the-catering-deal. (details of the charges in that link)

 

Yes the validity of Whyte's can be challenged whether that challenge would be successful or not would be a matter for the courts.

 

Aye, but the administrators can't sell the club this week if they're also challenging Whyte's charge can they? Unless they're not challenging Whyte and actually working on his behalf to sell the club or sell liquidated assets? Arrgh! I'm confused after today's events because so many things seem to contradict or conflict one-another.

[Juancornetto 1]

Aye, but the administrators can't sell the club this week if they're also challenging Whyte's charge can they? Unless they're not challenging Whyte and actually working on his behalf to sell the club or sell liquidated assets? Arrgh! I'm confused after today's events because so many things seem to contradict or conflict one-another.

 

I believe this is a highly likely scenario.

[Crimson Dynamo 128]

He suspected that Craig Whyte wasn't a fit and proper person to run Rangers if he suspected this then he should've compelled the football authorities to investigate this properly at the time, not nearly a year after the event. After all he would've only been asking them to do their job (as far as I understand this should have been done by the SFA/SPL and wasn't hence the Nimmo inquiry now) and if they wouldn't then release a statement asking why they wouldn't.

[forlanssister 3,050]

Aye, but the administrators can't sell the club this week if they're also challenging Whyte's charge can they? Unless they're not challenging Whyte and actually working on his behalf to sell the club or sell liquidated assets? Arrgh! I'm confused after today's events because so many things seem to contradict or conflict one-another.

 

I'm pretty sure any buyer would want finality on the issues of the floating charge, Ticketus and HMRC ( I mean who'd buy a business with an unquantified tax liability....).

 

By the sound of the administrators they're definition of "liquidation" seems to differ from the common held view, I'm sure one of those accountant type chaps will explain and expand far better than I could.

 

I have a feeling we're just sitting on the sidelines watching a game being played and to the victor the spoils, I just hope the deck's hasn't been stacked.

[der Berliner 3,247]

I'm pretty sure any buyer would want finality on the issues of the floating charge, Ticketus and HMRC ( I mean who'd buy a business with an unquantified tax liability....).

 

By the sound of the administrators they're definition of "liquidation" seems to differ from the common held view, I'm sure one of those accountant type chaps will explain and expand far better than I could.

 

I have a feeling we're just sitting on the sidelines watching a game being played and to the victor the spoils, I just hope the deck's hasn't been stacked.

 

Very much so. But even the liquidation they mention is not one they like to see themselves. Currently, they challenge the players/agents to make sure that the club survives the CVA period. If they don't agree and no-one shows up to fund the admin period, there will be redundancies. The latter will in turn weaken the "attractivity" of the club as such to buyers.

 

You can only hope that the interested parties include people able to take the club forward in one go.

[der Berliner 3,247]

Can anyone explain to me this part:

"What we don't want to do is mix the terminology here and start to portray liquidation as a process which creates the cessation of the business.

 

"The liquidation will wind up a business following the sale of the business activities into a newco.

 

"So in any scenario we would still envisage that Rangers Football Club could play football and operate as a football team.

 

If someone buys the business activities and creates a newco behind the club as such, would that still be viewed as liquidation of the Rangers as we knew them - with all the consequences of UEFA penalties and possible sanctions by the Scottish authorities? Or would that only take place if the whole club is being wound up and everything sold off?