ian1964 10,456 Posted March 29, 2012 Share Posted March 29, 2012 DUFF and Phelps, administrators of Rangers Football Club, today issued the following statement. Paul Clark, joint administrator, said: "We are pleased Martin Bain has, in light of the present situation at Rangers, offered to drop his action for damages following his dismissal by Craig Whyte whilst Chairman. "Mr Bain has also agreed to release to the Club a significant proportion of the sum that was arrested as part of this action. He has made plain the litigation was a response to the actions of Craig Whyte and not Rangers FC and given developments he now wishes to end the litigation action and do what he can to support the Club in these difficult times. "Duff & Phelps have agreed to settle the litigation with Mr Bain thereby avoiding the unnecessary costs of continuing with this court action. "On other litigation matters, on 23 March the High Court in London ordered that in addition to the current proceedings regarding the £3.6m that was transferred into the safekeeping of the administrators' lawyers, Taylor Wessing, the parties with claims against Collyer Bristow (the former lawyers to Craig Whyte and Rangers FC) should bring their claims by 16 April 2012. "This has widened the court proceedings because we have substantially larger claims against Collyer Bristow, which we wish to bring as soon as possible. The original trial dates of 30 March - 4 April are now not being utilised as the wider claims are still being formulated. A further hearing will take place as soon as possible after the deadline for claims against Collyer Bristow of 16 April. "As regards the general administration process, we, as the Club's administrators, would like to pay tribute to Rangers supporters for their continuing outstanding efforts to support the Club at this time. "We appreciate greatly the contributions made to the Rangers Fighting Fund and welcome the fact that those who are administering the fund have taken the decision to release funds which will offset some of the debts owed by the Club to other clubs." http://www.rangers.co.uk/news/football-news/article/2701997 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,290 Posted March 29, 2012 Share Posted March 29, 2012 "On other litigation matters, on 23 March the High Court in London ordered that in addition to the current proceedings regarding the £3.6m that was transferred into the safekeeping of the administrators' lawyers, Taylor Wessing, the parties with claims against Collyer Bristow (the former lawyers to Craig Whyte and Rangers FC) should bring their claims by 16 April 2012. "This has widened the court proceedings because we have substantially larger claims against Collyer Bristow, which we wish to bring as soon as possible. The original trial dates of 30 March - 4 April are now not being utilised as the wider claims are still being formulated. A further hearing will take place as soon as possible after the deadline for claims against Collyer Bristow of 16 April. Substantially larger than the 3.6m? What might these be then? 0 Quote Link to post Share on other sites More sharing options...
Guest Dutchy Posted March 29, 2012 Share Posted March 29, 2012 Substantially larger than the 3.6m? What might these be then? They're final wage bill maybe? lol 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted March 29, 2012 Share Posted March 29, 2012 Yet another delay. The end of the season is coming around at an alarming rate without much in the way of funds to see us through the close season. This also brings the 'Whyte clause' into play for the players who insisted on it being included in their temporary deals, as he will still be involved if these cases can't be concluded. 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted March 29, 2012 Share Posted March 29, 2012 Substantially larger than the 3.6m? What might these be then? The claims that there should be £9m in the client account. 0 Quote Link to post Share on other sites More sharing options...
Bears 0 Posted March 29, 2012 Share Posted March 29, 2012 Reading between the lines here, has Bain actually kept some cash for himself, meaning D&F settled with him? 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted March 29, 2012 Share Posted March 29, 2012 Reading between the lines here, has Bain actually kept some cash for himself, meaning D&F settled with him? Legal fees. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,059 Posted March 29, 2012 Share Posted March 29, 2012 Substantially larger than the 3.6m? What might these be then? A claim against Collyer Bristow for monies due to RFC plc plus a sum of damages. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,456 Posted March 29, 2012 Author Share Posted March 29, 2012 Reading between the lines here, has Bain actually kept some cash for himself, meaning D&F settled with him? FORMER Ibrox chief executive Martin Bain today abandoned his £1.3million legal action against Rangers. His legal firm, Glasgow-based Levy & McRae, confirmed Mr Bain would no longer be suing the club over his suspension last year. He had claimed £1.3m in damages after alleging his contract with Rangers had been breached following Craig Whyte’s takeover. He stressed his legal action had been aimed at owner Craig Whyte and not the club. Through his lawyers, Mr Bain, said: "I strongly recommended on more than one occasion that Craig Whyte should not be allowed to buy the club, based on investigations into the transparency of his background and the responses to the questions asked of him as part of the process. "Unfortunately, that forceful representation was not accepted and when he took over I was suspended and my contract ripped up. "With what has subsequently transpired, it is quite obvious why he disposed of me in the manner he did." The ex-director had £480,000 of the club’s assets frozen in September, pending a settlement. However, Mr Bain has now said he is ready to return this sum – minus his legal expenses – to club administrators. He said: "Events have moved on and the damage inflicted on Rangers Football Club is shocking. "I had no option but to pursue a claim based on Craig Whyte’s actions. The litigation was a response to his actions and not those of Rangers Football Club. "I firmly believed it was important to make sure he would have to explain everything he did in a court of law." "Everyone close to Rangers Football Club knows I am, and always have been, totally committed to the club. That remains my position. "As chief executive and part of the independent board, our job was to assess and highlight to all stakeholders if we believed there was uncertainty over the future financial viability of the club under new ownership. "Unfortunately, the independent board had no legal power to block the transaction and Sir David Murray made it plain he wanted to sell." http://www.eveningtimes.co.uk/news/m...gers-1.1155973 0 Quote Link to post Share on other sites More sharing options...
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