Bears 0 Posted April 20, 2012 Share Posted April 20, 2012 Why dont TBK borrow the money from Kennedy ? If both really have the club's interests at heart I am sure TBK will get a better interest rate from Kennedy than Ticketus, and Kennedy could get some level of participation at board level without actually having ownership ? There’s a though!! Big thumbs up 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted April 20, 2012 Share Posted April 20, 2012 (edited) I always felt that Duff & Phelps were acting above board, simply because they have an ethical obligation do so so, being governed by the Insolvency Practitioner's Association. I am swiftly changing my opinion (which doesnt happen very often). I think they are at it, and likely at it on behalf of Whyte. If we were organised enough we would make complaints to the IPA against Clark & Whitehouse. They have had a chance to cover themselves in glory but have simply succeeded in covering themselves in shit. Shame on them. Edited April 20, 2012 by craig 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted April 20, 2012 Share Posted April 20, 2012 I always felt that Duff & Phelps were acting above board, simply because they have an ethical obligation do so so, being governed by the Insovency Practitioner's Association. I am swiftly changing my opinion (which doesnt happen very often). I think they are at it, and likely at it on behalf of Whyte. If we were organised enough we would make complaints to the IPA against Clark & Whitehouse. They have had a chance to cover themselves in glory but have simply succeeded in covering themselves in shit. Shame on them. They will have ensured that they have covered themselves with regard to any investigation. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted April 20, 2012 Share Posted April 20, 2012 Oh I have no doubt you are right casey, but that doesnt mean they arent at it ! 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted April 20, 2012 Share Posted April 20, 2012 The way I am reading/understanding Bill Miller's proposal is this: At present, certain creditors are not co-operating. If the club is liquidated, all assets (Ibrox, MP, Players etc) are sold off, and the resulting moneys pay off the admins and the rest goes to the creditors. What I believe Bill Miller is proposing is to purchase the assets, and move them to another company. This would render Rangers FC PLC completely worthless. He can then go back to the creditors and force a decision - accept a CVA on his terms & get some kind of return, or liquidate the company (which has zero assets or value) and get nothing. Logic would dictate that problematic creditors would prefer something over nothing, and the CVA gets approved and folk get their money. Rangers FC PLC is then officially debt free, and the assets transferred back. I may (probably am) be completely wrong in my thoughts above...but they do kinda make sense. 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted April 20, 2012 Share Posted April 20, 2012 I also agree with Miller's comment that Ticketus are part of the initial problem, and can't understand them being part of the solution!!! 0 Quote Link to post Share on other sites More sharing options...
Ergatrude 0 Posted April 20, 2012 Share Posted April 20, 2012 It looks to me more like he is trying to "silo" the toxicity of getting a CVA done. Looking to basically take the club into a new corporate structure and then have the parent with all the debts looming stay as is. So long as the entity left with the debt still embarks on a CVA then, as far as I see, that isnt liquidation, it is still a CVA - all he is doing is trying to prevent sanctions on the club by creating a separate entity that can move forward. The problem with all of that is that the SPL/SFA will never go for it because if they do there is no guarantee that Miller doesnt get confirmation that history isnt lost and then say "right, lets liquidate this other piece of shit". Also, would be difficult to see how any creditors would accept it too.... basically it looks like he is looking to move all the assets (Ibrox, MP, players etc) into "newco" - this has the effect of giving the creditors nothing tangible to claim against. I doubt it would be given the seal of approval to be honest. They should all combine their funds, buy the club, and THEN work out who should own it going forward. Would never happen, but it would, for the moment at least, remove the spectre of liquidation.... Isn't this basically what Celtic currently have going on though? 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted April 20, 2012 Share Posted April 20, 2012 (edited) Just listened to Mark Dingwall's interview on talkSPORT and he said that he doesn't think Miller's proposal would be legal. He's also now reverted back to the stance that it's The Blue Knights or liquidation. Interesting claim considering that The Blue Knights don't have a bid on the table and don't yet have the means to put a good bid on the table either. Edited April 20, 2012 by Zappa 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted April 20, 2012 Share Posted April 20, 2012 Just listened to Mark Dingwall's interview on talkSPORT and he said that he doesn't think Miller's proposal would be legal. He's also now reverted back to the stance that it's The Blue Knights or liquidation. Interesting claim considering that The Blue Knights don't have a bid on the table and don't yet have the means to put a good bid on the table either. If we are to believe what has been said today, by both Miller and D&P, then Dingwall is correct. If TBK don't get preferred bidder status, we will be liquidated next week. There is no way that the footballing authorities could give written guarantees that there would be no sanctions against us. That would see the end of Miller's involvement. 0 Quote Link to post Share on other sites More sharing options...
Gers4Life 0 Posted April 20, 2012 Share Posted April 20, 2012 Looks like Monday evening is the deadline and an announcement being made! The clock ie ticking! 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.