Concerns

[Brianb 0]

Hi Folks

 

I signed up to the site last week but this is my first post. As good a time as any.

 

I am really concerned re todays confirmation of preferred bidder. Here are my reasons.

 

1. The chances of a CVA are very low. HMRC want to make an example of us. If a CVA was possible it would have been done by now.

2. Bill Miller is no football man. The only way he would be in this is to make a profit and to make a profit he would need to operate us at a very low level.

3. As with point 2 we will have no european income for 3 years. We will struggle to compete.

4. The administrators said tonight that Bill Miller had assurances from SPL/SFA but on my Twitter tonight many BBC and STV journos are saying he hasn't. Why are they lying?

5. In relation to point 1 Oldco will not get a CVA so will not merge with NEWCO. This is liquidation. Its just a fancy way of saying it isnt.

 

I am sick to the teeth of false dawns and I am sick of the administrators and their lies.

 

Can someone please enlighten me as to where all todays celebrations are coming from? Am I missing something?

 

I am keeping the champagne on ice for now.

 

I really am getting fed up with this. Sickening.

[nokiss 0]

Welcome Brian, I think there's still many questions that still need to be answered. There's lots of speculation and people claiming to have the inside track on what's going on.

 

In truth, I think we're all going to have to bide our time, let everything run it's course and hopefully we'll be a little more wiser and confident that we're on the road to full recovery.

[pete 2,499]

Hi Folks

 

I signed up to the site last week but this is my first post. As good a time as any.

 

I am really concerned re todays confirmation of preferred bidder. Here are my reasons.

 

1. The chances of a CVA are very low. HMRC want to make an example of us. If a CVA was possible it would have been done by now.

2. Bill Miller is no football man. The only way he would be in this is to make a profit and to make a profit he would need to operate us at a very low level.

3. As with point 2 we will have no european income for 3 years. We will struggle to compete.

4. The administrators said tonight that Bill Miller had assurances from SPL/SFA but on my Twitter tonight many BBC and STV journos are saying he hasn't. Why are they lying?

5. In relation to point 1 Oldco will not get a CVA so will not merge with NEWCO. This is liquidation. Its just a fancy way of saying it isnt.

 

I am sick to the teeth of false dawns and I am sick of the administrators and their lies.

 

Can someone please enlighten me as to where all todays celebrations are coming from? Am I missing something?

 

I am keeping the champagne on ice for now.

 

I really am getting fed up with this. Sickening.

 

Would we have to liquidate the PLC could we not just leave it as a not working company as Celtic have done? Probably a daft Question.

[Ergatrude 0]

Welcome to the forum.

 

Re: point 1, can a CVA be agreed before they know how much cash will be in the creditors pot?

[Brianb 0]

Hi thanks for the welcome

 

On companies house Celtic still have the same number that was registered with them in 1887

 

If our Oldco is liquidated we will have a new number and the old number will say liquidation.

 

This is why I want to avoid liquidation I do not want to give them any ammunition.

 

I cannot see how the Oldco would get a CVA.

 

I hope I am wrong. Please let me be wrong.

 

Feel sick with all this.

[Brianb 0]

They will have spoken with the creditors and would have been given indications either way.

 

Administrators said they could not deliver CVA.

[Zappa 0]

Welcome to the forum Brian.

 

We don't know yet what the future holds for the club, but on the subject of the CVA... I've always had very serious doubts about the administrators being able to deliver a successful CVA no matter who the new owner is.

 

If the administrators had gone with The Blue Knights and tried to get a CVA approved there's a very real chance that tactic could have failed and we would be going down the newco route anyway, but several months from now if the club even survived that long.

[forlanssister 3,058]

Hi Folks

 

I signed up to the site last week but this is my first post. As good a time as any.

 

Greetings.

 

I am really concerned re todays confirmation of preferred bidder. Here are my reasons.

 

1. The chances of a CVA are very low. HMRC want to make an example of us. If a CVA was possible it would have been done by now.

 

But Millers plan requires a CVA too (I know, I know!) which will take place (I know, I know) at a much later date than the BK/BKs' proposed CVA.

 

2. Bill Miller is no football man. The only way he would be in this is to make a profit and to make a profit he would need to operate us at a very low level.

 

Whoever owns us needs to cut operating expenses by £10m per annum I think that is about the only area there is almost universal agreement on. If we cannot find buyers in our current predicament then who will buy to give Miller his profit?

 

3. As with point 2 we will have no european income for 3 years. We will struggle to compete.

Perhaps Miller may think he can sweet talk UEFA into dropping that particular rule!

 

4. The administrators said tonight that Bill Miller had assurances from SPL/SFA but on my Twitter tonight many BBC and STV journos are saying he hasn't. Why are they lying?

 

Who's doing the lying though?

 

5. In relation to point 1 Oldco will not get a CVA so will not merge with NEWCO. This is liquidation. Its just a fancy way of saying it isnt.

 

Yes it's liquidation pure and simple whatever way you dress it up.

 

I am sick to the teeth of false dawns and I am sick of the administrators and their lies.

 

We all are, when the truth of what Duff & Phelps have done since October 2010 is finally revealed it will blow our f*&king minds, of that I have absolutely no doubt at all.

 

Can someone please enlighten me as to where all todays celebrations are coming from? Am I missing something?

 

I wish I knew, like you I'm at a loss as to why the signing of the death warrant for The Rangers Football Club plc is a reason for celebration.

 

I am keeping the champagne on ice for now.

 

I really am getting fed up with this. Sickening.

 

Double ditto.

[Tannochsidebear 2,320]

Oh come on guys. I don't go in for sniff sniffing but this is as blatant as it gets, or the worst case of naivety I've seen in ages.

 

But in the interests of playing along here goes,

 

HMRC are not looking to make an example of us, it is English clubs that have the preferred football creditors rule that HMRC hate. HMRC have already had extensive talks with D&P and a deal is being agreed.

 

Bill millers profit will come the same way he has made a profit elsewhere. Buy a company for a low price, make it run properly, and await much larger sale price. He doesn't need to be taking annual profits out of the club. Surely the OP remembers the Fergus McCann scenario?

 

No Euro income for 3 years is only for liquidated clubs. Not Rangers.

 

The SFA and SPL have tried to go all hardball on Rangers, but the rules and regs don't allow them too. This is what needed clarified and has been admitted by the SPL and SFA who are backtracking faster than you can say "is that a QC's letter?"

 

Tell me again why a CVA won't be agreed? There is no alternative for the creditors who stand to actually get back a lot more than previously thought. Apart from Ticketus and CW of course. There is no reason to believe that the two company's will not rejoin in time after the CVA and shares are dealt with.

 

BTW, using the well worn excuse about CFC's company number is a bit of a giveaway, and has absolutely no bearing in the Rangers case at all. Sorry about that.

 

Now that I've answered your questions, you answer me one.

 

If Rangers are guilty because of the actions of one man acting alone and should be thrown out for not having enough money to pay the bills, what action should the SFA have taken against a club I'm sure you know well who systematically covered up child abuse for years by passing it off as the evil doings of one man. Surely the club were guilty there too and should have been shut down, as paedophilia is certainly far more evil and wrong than being skint?

[bigy 0]

Regarding the European point, that's only relevant if a CVA can't be agreed. If Bill Miller's plan works, and he can merge the old and new companies then there will be no loss of European football.

 

I don't think a CVA will be as hard as many think. The only way anyone could turn down a CVA would be if the pot of money offered was less than could be generated from a sale of assets - but in this case all the assets will have been transferred!! It may take a while to pursue the legal channels to try and get the money from Collyer Bristow (sp) et al, but once that is complete there really is no reason for a CVA to be blocked. There may be difficulty in negotiating Craig Whyte's shares, but then if all he has is a shell of the current/old company, then it's completely worthless so why would he resist.