We Both Back Miller - Brian Kennedy

[ian1964 10,469]

IF ..... he pulls out the deal 10 days from now, there are no bidders left as no time for a CVA which, unless you want to spend £35m plus, is the only way Rangers can survive financially. So in the interests of the club, Bill needs to be encouraged to complete the deal. D and P did not go with us for the single reason that they could not have certainty they could deliver Mr Whytes shares, which are needed for a CVA, but not for a newco. Mr Clarke confirmed the headline quantum was sufficient, but could not guarantee CVA.

My final comments on this matter, unless Mr Miller withdraws. BK

[Zappa 0]

Mr Clarke confirmed the headline quantum was sufficient, but could not guarantee CVA.

 

You have to wonder why Clarke from Duff & Phelps was saying all along that they were very confident that a CVA was achievable only to turn round after 11 weeks of racking up fees for his firm and say the opposite. Bare faced liars.

[Darthter 542]

You have to wonder why Clarke from Duff & Phelps was saying all along that they were very confident that a CVA was achievable only to turn round after 11 weeks of racking up fees for his firm and say the opposite. Bare faced liars.

 

my understanding is that a CVA is not deliverable under the conditions of the BK's bid ie. not enough cash for the creditors pot, they wouldn't agree to it. I don't believe that Whytes shares are directly connected with a CVA being agreed.

[forlanssister 3,061]

my understanding is that a CVA is not deliverable under the conditions of the BK's bid ie. not enough cash for the creditors pot, they wouldn't agree to it. I don't believe that Whytes shares are directly connected with a CVA being agreed.

 

That's at odds with what Brian Kennedy says

 

IF ..... he pulls out the deal 10 days from now, there are no bidders left as no time for a CVA which, unless you want to spend £35m plus, is the only way Rangers can survive financially. So in the interests of the club, Bill needs to be encouraged to complete the deal. D and P did not go with us for the single reason that they could not have certainty they could deliver Mr Whytes shares, which are needed for a CVA, but not for a newco. Mr Clarke confirmed the headline quantum was sufficient, but could not guarantee CVA.

My final comments on this matter, unless Mr Miller withdraws. BK

[Darthter 542]

That's at odds with what Brian Kennedy says

 

It may be the case then that you can only get a CVA agreed if you are the owner???

 

My understanding has always been that the preferred bidder would get a CVA approved in principle, then once they knew that was agreed & deliverable, the ownership could change hands and the CVA process completed.

 

Then again, I'm nothing but s simple IT man trying to piece together information....not a financial expert!!!

[ian1964 10,469]

According to the SPL sources, it is the SPL's intention to offer Miller and Rangers continued SPL status if Miller promises to pay off all outstanding Scottish football debts, and if he also agrees to accept whatever punishment an SPL investigation into Rangers' so-called "double-contracts" might produce. The Sunday Herald understands there would be no further sanctions on the newco Rangers.

 

 

SPL lawyers are currently investigating the club's use of Employment Benefit Trusts (EBTs). If their findings go against Rangers, the SPL will have to consider swingeing punishments for years of unlawful player contracts.

 

Miller, who has vowed to plough an initial £11.2 million into Rangers, will almost certainly create a newco and thus face the hurdle, under current SPL rules, of asking the governing body's six-man board to approve a share transfer from the soon-to-be-liquidated Rangers. (There are also suggestions that some of the board's members will push for that decision to be made by the 11 other SPL member clubs.) Without the transfer, the new Rangers would be unable to play in the SPL next season.

 

The club currently owes money to Dundee United and the Scottish Football Association, with a further payment due to Hearts in July – among other football debts – and the source said the SPL plans to grant Miller the share transfer if he guarantees the clearing of these debts.

 

On the issue of the EBTs, the punishment for a guilty verdict is potentially harmful for Rangers, but the SPL will also insist that Miller, in return for his new share, should accept the outcome.

 

The SPL clubs are due to vote tomorrow on two proposed rule-changes for a newco: one referring to points deductions, plus a second new rule which will recommend financial sanctions.

 

If the rules are passed, they would not take effect until after the end of the current season, which means Miller and Rangers will almost certainly be applying for a newco SPL share under the current code. That is, they will ask the SPL to approve the application.

 

The plan to accommodate Miller will trigger fierce objections across the Scottish game, and Neil Doncaster, the SPL's chief executive, yesterday distanced himself from the alleged strategy when contacted by the Sunday Herald.

 

He said: "All I can tell you is that the Rangers situation is highly complicated and sensitive.

 

"People always want to see things in black and white when, in fact, this situation is much more about shades of grey. There are some difficult and technical concepts in this whole scenario.

 

"Bill Miller is now the preferred bidder at Rangers. The process now is that we will have discussions with Bill and his team. And those discussions may result – may result – in Bill Miller applying for a transfer of the existing Rangers SPL share to a 'newco'.

 

"If that happens then the SPL board, under our existing rules, will have the job of sitting down and deciding whether to say yes or no to that application."

 

Asked if he and the SPL board were pre-ordained to save Rangers' SPL skin, Doncaster denied the suggestion.

 

"No, we are not," he replied. "Our job is much wider than that. It is to protect the interests of all 12 member clubs, as well as keep an eye on the best long-term interests of Scottish football. It is impossible to pre-judge the Bill Miller situation at Rangers, but what I've outlined to you is my long-term job.

 

"So far the SPL has only had very preliminary discussions with Bill Miller and his team. But I think more detailed discussions will take place over the coming weeks."

 

Doncaster claimed not to know what the outcome of tomorrow's votes would be on the proposed rule-changes. Under the new rules, a newco club would remain in the SPL but face severe points-related and financial sanctions.

 

"Some people have viewed these new proposals as somehow being Rangers-friendly," he said. "The reality is, first, these rules would apply to all 12 clubs if they were passed; and second, they would make for a much harder line than is the current SPL position.

 

"But whether these new rules are passed on Monday remains to be seen."

 

Doncaster also briefly touched on the SPL investigation into Rangers.

 

"We are in the middle of some detailed investigations about player payments allegedly made out-of-contract at Rangers and that investigation will continue," he said. "There will either be a prima facie case here against Rangers and it will be a disciplinary procedure, or there will be no prima facie case. I just don't know. The investigation is ongoing."

 

Meanwhile, it emerged last night that, whether Miller secures a Company Voluntary Agreement with Rangers or not in the coming weeks, the club will almost certainly be barred from European football for three years due to "structural changes" under Uefa guidelines, starting from next season.

[Guest millie2012]

Hopefully his words will ear to be true and miller will be the best thing for rangers

[Zappa 0]

I don't believe that Whytes shares are directly connected with a CVA being agreed.

 

Not directly connected perhaps, but definitely connected because if the administrators can't deliver Whyte's shares then the basic (non-newco) CVA route ultimately isn't achievable. That raises serious questions as to why D&P have been saying all along (apparently until very recently) that Whyte wouldn't be a problem and that they were confident about achieving a successful CVA. It seems to me that there's a reasonably good chance that D&P have been a tad untruthful.

[GovanAllan 0]

Not directly connected perhaps, but definitely connected because if the administrators can't deliver Whyte's shares then the basic (non-newco) CVA route ultimately isn't achievable. That raises serious questions as to why D&P have been saying all along (apparently until very recently) that Whyte wouldn't be a problem and that they were confident about achieving a successful CVA. It seems to me that there's a reasonably good chance that D&P have been a tad untruthful.

 

Maybe Whyte has been leading them down the garden path, it won't be the first time will it.