coolk 0 Posted May 11, 2012 Share Posted May 11, 2012 This has been sent to David Whitehouse of Duff and Phelps by David Hinchcliffe a partner at Walker Morris. Brian Kennedy has asked me to share this with you and you are more than welcome to print it/read it out/broadcast it. This email completely condemns the Administrators and we are asking WHY are they doing this? Dave Swanton Twitter @swannymediaman David I note you have not yet replied as promised in your email below please respond as soon as you can. Regarding your recent press announcement ..".you were advised there was not agreement within the consortium about the funding of the bid" ....please let me know who apparently advised you of this as this is wholly inaccurate and on no occasion has anyone contacted either myself or Brian to state this is a worry. Further to state that amounts were included in the offer for playing in europe next season when it can't be achieved is completely inaccurate as the actual offer is for increasing the consideration in seasons 2 and 3 if they played in europe . Further to state that the offer should be reduced by 3.5 m because these are debts due to the company is also misleading as 2.4 million of this sum is payable in the next few weeks as per Brians earlier email and will be used as cashflow for the trading losses of the club. You completely fail to state our client had agreed to fund the huge trading losses post June 1st and picked up liabilities for 3.6 m of football creditors ... tupe liabilities ...debenture holders etc making a cash payable of 9.1m. plus trading losses prior to completion and European add ons together with other liabilities. You seem to be continually comparing the quantum of my clients bid against bids such as the Miller bid which are not real . As you know I have vast experience of people making bids for insolvent football clubs ....I cannot see how any of these new parties can be making real bids when they have done no real due diligence ....proof of funds may have been provided but it does not make sense to me why investors would invest in Rangers without full due diligence by them and I would strongly recommend that full due diligence is carried out by you on these parties as there is no time to have another Miller situation . Finally regarding your comment that Brian wanted to be the last man standing. In mine and Brians view he is as we don't believe the other bidders will complete If you want to talk to find a way to save this great club Brian has said his phone will be on this evening otherwise I fear it will be too late David David Hinchliffe Partner 0 Quote Link to post Share on other sites More sharing options...
bigy 0 Posted May 11, 2012 Share Posted May 11, 2012 Looks like there's still hope for TBK - but it's getting bloody dirty!!! 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted May 11, 2012 Share Posted May 11, 2012 http://www.gersnetonline.co.uk/vb/showthread.php?43009-BK-press-conference/page6 David Hinchliffe appears to be the real deal. David has been a partner at Walker Morris since 1996 and advises on all aspects of insolvency with particular emphasis on company rescue often through arrangement, liquidations and administrations. He has particular expertise in football club restructuring and has advised on a number of re-financing of football clubs and was the lead advisor on a number of football administrations including Portsmouth City, Crystal Palace, Leeds United, Bradford City (twice), Huddersfield Town, Luton Town, York City and Bournemouth AFC. In terms of football finance David is one of the leading advisors in this country if not in Europe. He enjoys living the highs and lows with his clients and is truly part of the clientâ??s team. He believes if his client loses he loses. David is readily accessible to his clients and seeks not only to give the very best of legal advice but sees it as his duty to find solutions to problems not just identify them. Having him as part of your team hugely increases your chance of success! http://www.walkermorris.co.uk/content.aspx?id=98&partnerid=100022 0 Quote Link to post Share on other sites More sharing options...
bossy 0 Posted May 11, 2012 Share Posted May 11, 2012 Looks like there's still hope for TBK - but it's getting bloody dirty!!! Yep, looks like Kennedy has the gloves off. 0 Quote Link to post Share on other sites More sharing options...
Danny 0 Posted May 11, 2012 Share Posted May 11, 2012 Someone tweeted that Kennedy has bought us. Probably nonsense but if true you heard it here first. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted May 11, 2012 Share Posted May 11, 2012 Someone tweeted that Kennedy has bought us. Probably nonsense but if true you heard it here first. I doubt that very much it would make P&D totally a laughing stock and totally stupid. Even more than we thought. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted May 11, 2012 Share Posted May 11, 2012 Quite incredible! Squeaky bum time for Duff & Phelps!! 0 Quote Link to post Share on other sites More sharing options...
Guest Guardian Posted May 11, 2012 Share Posted May 11, 2012 Doubtless they'll get their big brother to issue a reply slapping BK and his BB right back down. Meanwhile, I hope the real bidders are getting on with it. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted May 11, 2012 Share Posted May 11, 2012 Doubtless they'll get their big brother to issue a reply slapping BK and his BB right back down. Meanwhile, I hope the real bidders are getting on with it. I would think all has closed for the night although someone may be doing Due Diligence to the early hours. I doubt we will be hearing any statements tonight. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,150 Posted May 11, 2012 Share Posted May 11, 2012 I don't think it's correct of Kennedy to say other parties have not done their due diligence. While two of the bids are indeed late to the table, the Asian-Pacific was involved early doors and indeed made clear the problems surrounding Whyte, Ticketus and D&P when they 'withdrew' a few weeks back. Before they did pull out, they also had full access to the online data room and used it very thoroughly. 0 Quote Link to post Share on other sites More sharing options...
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