thesins 0 Posted April 30, 2012 Share Posted April 30, 2012 The guy McConville has a theory but it did seem unusual to specify a date. Can you briefly summarise his theory so I dont have to blacken my eyes with his rabid ramblings? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,060 Posted April 30, 2012 Share Posted April 30, 2012 The guy McConville has a theory but it did seem unusual to specify a date. He paints a rather intriguing scenario. http://scotslawthoughts.wordpress.com/ 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted April 30, 2012 Share Posted April 30, 2012 At Ibrox on Saturday they also mentioned an 11th May deadline for transferring assets to the Miller newco. Anyone any idea why there is a deadline of that date? Is it specified by Miller himself or necessity? Could it be the date that the new proposals come into force??? Would make sense that they need to get the newco setup & assets etc shifted BEFORE the rules come into play. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,186 Posted April 30, 2012 Share Posted April 30, 2012 Can you briefly summarise his theory so I dont have to blacken my eyes with his rabid ramblings? Essentially we newco before the last game but leaving the SPL no time to stop/punish us. 0 Quote Link to post Share on other sites More sharing options...
thesins 0 Posted April 30, 2012 Share Posted April 30, 2012 Essentially we newco before the last game but leaving the SPL no time to stop/punish us. I saw Grant from STV saying similar. But then would it not be down to the 6 man SPL board to decide on our re-entry and their penalties are unspecified so could be even more draconian than the FFP proposals put forward by the SPL? 0 Quote Link to post Share on other sites More sharing options...
BlueMazza 0 Posted April 30, 2012 Share Posted April 30, 2012 So the crux is the assets go to Millers newco after SPL/SFA shut down on Friday 11th. Rangers turn up to play on 03th, SFA/SPL *could* shut the game down, but would they really? If the game goes ahead, they have effectively allowed the newco to enter the spl so transfer embargo can't apply. Players are safe under TUPE, Whyte cannot block sale & neither can creditors. IF SPL decided to null & void all our points (saying we didn't finish season) we still can't be relegated as in top six. Or something. It actually was fairly reasonable to read. Would be a master stroke if they pulled it off though 0 Quote Link to post Share on other sites More sharing options...
BlueMazza 0 Posted April 30, 2012 Share Posted April 30, 2012 I saw Grant from STV saying similar. But then would it not be down to the 6 man SPL board to decide on our re-entry and their penalties are unspecified so could be even more draconian than the FFP proposals put forward by the SPL? By allowing Rangers to play St Johnstone though, they've allowed the NewCo so cannot implement further penalites on us. 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted April 30, 2012 Share Posted April 30, 2012 (edited) The point of this sting is though your not meant to see it coming surely the SFA can see this coming and will block it. Edited April 30, 2012 by GovanAllan 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,186 Posted April 30, 2012 Share Posted April 30, 2012 I saw Grant from STV saying similar. But then would it not be down to the 6 man SPL board to decide on our re-entry and their penalties are unspecified so could be even more draconian than the FFP proposals put forward by the SPL? Yes, we'd be leaving ourselves open to further punitive and discretionary sanction but there are pros and cons to every solution. 0 Quote Link to post Share on other sites More sharing options...
Tannochsidebear 2,322 Posted April 30, 2012 Author Share Posted April 30, 2012 One problem and one question about this: 1. Under this plan, Whyte still owns the shares of the PLC so the incubator company cannot easily get restored back into the PLC without paying off Whyte. 2. Just how does the company get restored back into the PLC? Does it just sell back the assets? I don't understand why a CVA would not get accepted. The incubator pays cash for the assets of the club and that's all that the PLC would get. why would liquidation benefit the creditors? Why would Ticketus get nothing from this? They would get their share of cash in the same way as the would under the current TBK proposal. why would Whyte get nothing? He still owns the shares of the PLC and if they want to restore back into the PLC then surely he would get paid for his shares? There was nobody there BD to ask these questions, they just showed the video, Andy Smillie got up and said he had been told in a conf call (others in attendance verified) by Clark that it was liquidation by another name, and Whitehouse said on the dvd that it wasnt liquidation. Big Andy said one of them was lying. The chair took a couple of points and moved on, as there was no point asking questions like the ones you posted above without anyone qualified in attendance to answer them. My guess with the way this was worded was that somehow CW's shares went into the incubator company, because D&P were quite clear that in this scenario, CW couldnt block it. Not sure how that could be done legally, but that was certainly the inference. If the incubator gets switched off with his shares in it, he gets nothing. Alternatively he can either accept a price for his shares or see it liquidated. Ticketus of course would be entitled to their 10p in the £1 like other creditors, but considering their outlay and the deal they had with TBK, it is effectively getting (next to) nothing from all their underhand dealings. Like I said, there was a dvd and some quite bold statements and explanations, but nothing could be challenged. It was agreed that further questions would be asked today when the RFFF were meeting D&P around 3.30pm. We might get more out of them then. 0 Quote Link to post Share on other sites More sharing options...
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