Article in today's Times

[forlanssister 3,050]

For those beyond the paywall....

 

A turnaround expert stands to earn £470,000 for six monthsâ?? part-time work while the accountancy firm he was brought in to save cuts a tenth of its workforce, it has emerged.

 

Donald Muir was parachuted in to help RSM Tenon to negotiate with Lloyds, its lender, and to implement a cost-cutting programme expected to result in 300 job losses.

 

Mr Muir, 52, is one of a handful of little-known â??hired gunsâ? that the big lenders rely on to handle the most difficult attempted recoveries.

 

He was sent in to revive Rangers Football Club four years ago and managed to reduce its debts, but he became a lightning rod for disgruntled supporters who at one game held up a banner describing him as â??the enemy withinâ?. His other assignments have included Northern Rock and NHS trusts in Hertfordshire and Sussex.

 

He was drafted in to help Tenon in February after its two top directors stepped down amid mounting losses and questions about the companyâ??s accounts.

 

Lloyds, which is owed £88 million, sent in Mr Muir to work alongside Tenonâ??s new chief executive, the former PwC accountant Chris Merry, to help to stem the losses and cut costs. According to documents seen by The Times, Mr Muir demanded base fees of £234,000 for working three days a week until August. He will receive the same again as a bonus if Tenonâ??s rescue plan is successfully implemented, promising a potential payout amounting to £6,000 a day.

 

Little is known about Mr Muir, even in the close-knit world of corporate recovery. He held senior positions with telecoms companies such as Alcatel and Cable & Wireless before becoming a freelance turnaround expert, according to Companies House records.

 

Tenon declined to comment on Mr Muirâ??s pay arrangements.

 

Wonder what his price was for delivering us into Craig Whytes' hands and how much of it came from RFC plc?

[Zappa 0]

Wonder what his price was for delivering us into Craig Whytes' hands and how much of it came from RFC plc?

 

Very good questions.

 

One I've metioned before is that I wonder whether or not Muir knew that Craig Whyte was going to pay off the Lloyds debt with the Ticketus money.

[chilledbear 16]

But he's a Rangers Supporter!!

[forlanssister 3,050]

Very good questions.

 

One I've metioned before is that I wonder whether or not Muir knew that Craig Whyte was going to pay off the Lloyds debt with the Ticketus money.

 

It's obvious that Ticketus must have spoken to someone of authority at Ibrox at the time, perhaps we'll find out shortly I certainly hope so.

[gisabeer 409]

some pieces of silver me thinks

[Guest Dutchy]

It seems common sense to me that someone at the top within Ibrox had to OK the Ticketus deal as Craig Whyte managed to do the deal when he didn't own Rangers.

 

Or am I just stupid in thinking all these money creeps are in this business for one thing and one thing only.

 

Unfortunately, that's the history of the country we live in and it's certainly becoming more European, then the final prize, the world. Make sure you bent over and touch your toes if you want anything from business in this world.

[forlanssister 3,050]

It seems common sense to me that someone at the top within Ibrox had to OK the Ticketus deal as Craig Whyte managed to do the deal when he didn't own Rangers.

 

Or am I just stupid in thinking all these money creeps are in this business for one thing and one thing only.

 

Unfortunately, that's the history of the country we live in and it's certainly becoming more European, then the final prize, the world. Make sure you bent over and touch your toes if you want anything from business in this world.

 

Of course someone of authority had to have spoken to Ticketus well in advance of the monies being forward, a number of ex-directors have denied all knowledge some haven't denied it at all. It's also begs the question if a director did indeed have prior knowledge of the Ticketus deal why didn't he reveal it to his fellow directors at a board meeting?