Bill Miller withdraws bid

[Guest blueoutthedome]

If Whyte was to return and buy us what do you think our sanctions will be then, they will throw more than the book at us so i hope he stays well clear but i smell a rodent here.

Edited May 9, 2012 by blueoutthedome

[Jim1955 12]

Martin Williams of the Herald has put out on twitter (@martinwilliams) that Miller registered a new company at companies house on Friday. Rangers FC Acquisitions. I think he is still at the table and playng hardball like everyone else.

[Bluedell 5,356]

Martin Williams of the Herald has put out on twitter (@martinwilliams) that Miller registered a new company at companies house on Friday. Rangers FC Acquisitions. I think he is still at the table and playng hardball like everyone else.

 

Registering a company doesn't mean anything. It costs a few pounds to do and is easy enough to do and easy enough to get rid of.

[Guest Guardian]

My big concern is what motivated Miller to withdraw.

 

Hopefully he was just never that serious to start with and just got put off with the time, money and effort.

 

However, I am a bit worried at the hint that things are not as rosy as the admins have said. That could mean anything from HMRC aren't going to deal or it will take a lot more cash to achieve a CVA.

 

If it's anything like this, liquidation and a pheonix is the only way to get out of it.

[scott12003 0]

Dissapointing listening to pritchard harp on about how bill miller recieved all these messages and emails with expletives.

I do hope someone on the admin side are informing these bidders that they will be actively targeted by our enemies pretending to be gers fans to hurt potential bidders.

Haters always gonna hate!

[caseyjones 0]

My big concern is what motivated Miller to withdraw.

 

Hopefully he was just never that serious to start with and just got put off with the time, money and effort.

 

However, I am a bit worried at the hint that things are not as rosy as the admins have said. That could mean anything from HMRC aren't going to deal or it will take a lot more cash to achieve a CVA.

 

If it's anything like this, liquidation and a pheonix is the only way to get out of it.

 

And so it begins.......

[the gunslinger 3,366]

My big concern is what motivated Miller to withdraw.

 

Hopefully he was just never that serious to start with and just got put off with the time, money and effort.

 

However, I am a bit worried at the hint that things are not as rosy as the admins have said. That could mean anything from HMRC aren't going to deal or it will take a lot more cash to achieve a CVA.

 

If it's anything like this, liquidation and a pheonix is the only way to get out of it.

 

because he was the club 9 kite flyer you were always told he was.

[Guest Guardian]

Only show in town ?

[calscot 0]

As I've said before, it seems to me that if you take the BTC from the equation, before Whyte came in, the club was financially steady and with very tight control over costs and spending, was able to service and reduce its debts pretty admirably.

 

However, the huge iceberg that is the BTC loomed on the horizon and with SDM's companies struggling and Lloyds making huge losses and trying to protect their position, both wanted to jump ship fast.

 

In comes Whyte with a solution that makes him money and gets the club off the BTC hook. However, it seems to me that to protect his interests and not invest or lose any of his own money, Whyte has made several decisions that have hugely negative implications and are making the completion of the resuscitation of the club problematic.

 

Whyte's biggest problem is that if he paid off Lloyds with his own money and invested in the club, then if we lost the tax case and went into administration, he could potentially lose all that money. He would have a risk exposed for something like £30m.

 

So he brings in Ticketus and Close and then uses tax money as cash flow thereby giving him a low exposure which would amount to his expenses in taking over the club - eg due diligence which reputedly cost £200k.

 

However, with the length of time that everything is taking, it's all going a bit pear shaped and with payments to Ticketus and lack of European football, plus home cup games led to a shortfall for the season. This meant the administrators had to negotiate with the players about their wages but as they will never do something for nothing, they now have clauses in their contracts to allow them to leave for cheap in the summer which combined with a transfer embargo from the SFA could seriously affect the club's ability to compete and thus affect the future attendances and therefore income.

 

Add in a plethora of unknown sanctions from the SPL and SFA for a number of different aspects and scenarios and you have a bit of a clusterfuck on your hands.

 

So with the rest of the takeover shenanigans we've gone from a structurally sound vessel heading for an iceberg, to one that is full of large holes, is structurally very weak, has a U-boat aiming torpedoes at it and could easily sink before the iceberg is even reached.

 

It seems to me that Whyte's plan has gone awry and like the Titanic we'd have been better ploughing on and smacking straight into the iceberg (a documentary showed that the Titanic would have easily survived this scenario albeit with a hell of a lot of damage to the bow). So while that would have been repairable, the trouble we now have is that it's very hard to sell a sinking ship - even if you can replace it with another one, that ends up becoming an expensive and difficult option.

 

It seems like Whyte has inadvertently scuttled us and so we're not an attractive proposition for buyers right now - and the trouble is, he still wants his coin...

Edited May 9, 2012 by calscot

[forlanssister 3,060]

So he brings in Ticketus and Close and then uses tax money as cash flow thereby giving him a low exposure which would amount to his expenses in taking over the club - eg due diligence which reputedly cost £200k.

 

Due diligence done by MCR/Duff & Phelps cost circa £500k and Craig Whyte did not pay it.