der Berliner 3,290 Posted May 23, 2012 Share Posted May 23, 2012 We still hardly know what D&P are actually doing and whether it is done at maximum speed. Most of us, apparently, assume that they keep a deliberate slow pace to gain as much money as possible or an easy job qith liquidation and whatnot. Add to that those who continuously put the boot into them, TBK, Kennedy et al. Yet, even them do not know in detail what sort of work or procedures the admins will have to go through to avoid any legal mistakes. Right now they are sitting ducks for all who want to have a go and few actually try to stay objective here. I'm not on their side, but if people would look beyond Rangers, they would see that we are indeed not that long in admin, and many who have seen shorter administration periods have indeed been wound up. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted May 24, 2012 Share Posted May 24, 2012 CG stated at the fans meeting last week that "before Friday 25th" the letter would go out. I've got it in my notes from the meeting. I wonder if it went out "before Friday 25th" then? 40 minutes to go.... 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,457 Posted May 25, 2012 Share Posted May 25, 2012 RANGERS' administrators Duff & Phelps plan to release full details of the Charles Green consortium's takeover plans today and ask creditors to vote it through. The proposal being put to those who are owed money by Rangers is to accept a specified pence-in-the-pound return and allow the club to come out of administration via a Company Voluntary Arrangement (CVA). Creditors will be invited to vote for that at a meeting, probably held at Ibrox, 16 days after the proposal goes out. There would then be a 28-day "cooling off" period before the CVA would be formally approved. Duff & Phelps has come under heavy criticism, with a BBC Scotland documentary alleging a conflict of interest because senior partner David Grier had acted as a consultant to owner Craig Whyte during the takeover. The programme claimed Mr Grier worked on the deal to fund Whyte's takeover using money raised from selling season-ticket rights to Ticketus. Mr Grier denies that and said he believed money from Ticketus would be used to provide some working capital, but not to fund Whyte's entire buyout. "I don't think I would have any problem with a full investigation of the process," joint-administrator Paul Clark told The Herald, but he said the immediate priority was to work on a CVA. The CVA proposals were due to be released on Monday but, barring any late hitches, they will come out on the club's official website today. "We're almost there now, albeit a bit later than everyone had hoped," said Mr Clark. "They are going to be substantial documents and when they are issued and made available publicly I'm sure there will be a lot of interest in what Charles Green has to say." Mr Green's consortium proposes a £8.5 million takeover. Mr Clark said he had been shown proof of funds for both the buyout and Rangers' running costs until a CVA is approved. They will become heavily loss-making again from June 1 when the players' temporary pay cuts end. The earliest the club could come out of administration would be around July 9. Mr Clark claimed that two main creditors who could block a CVA, Her Majesty's Revenue & Customs and Ticketus, had given him encouraging feedback. "We have had regular dialogue with both parties and we have shared with them the outcomes based on CVA and other processes and we remain confident we will be able to get the requisite approval for the CVA, because we think it is in the best interests for Rangers," he said. "This would be a straightforward CVA so we're not embarking on that without thinking that we can deliver it. We have found a buyer and the bid is progressing towards its conclusion." Whyte's floating charge over Ibrox and Murray Park had been rendered irrelevant by the deal he had signed with Mr Green, said Mr Clark. He added: "My understanding is that as part of the documentation between Mr Whyte and Mr Green the floating charge – such that it could have any value – will fall away. It will have no value. He could sit there with a floating charge registered at Companies House, but it has no value because he didn't actually pay any money into the bank or the company to acquire any value." That meant Whyte could not block a CVA, said Mr Clark. However, the accusations against Mr Grier, and the delays and confusion in finding a buyer for Rangers, appeared to have turned many against Duff & Phelps. "Virtually every fan is unhappy with their performance," said John Macmillan of Rangers Supporters' Association. "I think Duff & Phelps' handling of this administration has been a shambles." http://www.heraldscotland.com/news/h...ealed.17692538 0 Quote Link to post Share on other sites More sharing options...
Bears 0 Posted May 25, 2012 Share Posted May 25, 2012 Cards on the table. Make it easy for us dumb twonks. Will we get a CVA approved in your honest opinion? Yes or No 0 Quote Link to post Share on other sites More sharing options...
foggy dewhurst 0 Posted May 25, 2012 Share Posted May 25, 2012 my understanding on the cva thing is the creditors have about a month to decide if they wish to accept , now lets hope they take it for the sake of the club ,but can anyone on this forum tell me what would happen if the day after acceptance of the cva the so called btc goes the wrong way adding a higher figure to the debt and making it less appealing to the creditors meaning they would get less of a return ,this tax decision panel is not helping the club in any way how long does it take for them to make a decision 0 Quote Link to post Share on other sites More sharing options...
Juancornetto 1 Posted May 25, 2012 Share Posted May 25, 2012 A proposal is being put to the creditors today apparently, let's hope DnP haven't borrowed any ideas from the Blue Knights or the pot will be £47 and a tour round Ibrox. 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted May 25, 2012 Share Posted May 25, 2012 So instead of 48hrs, we now have to wait 28 days for news? 0 Quote Link to post Share on other sites More sharing options...
kuznetsov 0 Posted May 25, 2012 Share Posted May 25, 2012 Another month possibly? No way will this be sorted for next season. More sanctions on the horizon i think. 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted May 25, 2012 Author Share Posted May 25, 2012 after the proposal has gone out, creditors have 14 days in which to go over it. After the 14 days a creditors meeting is held & the proposal is voted on. If it is accepted the creditors then have a 30 day cooling off period. Providing no-one changes their mind, its full steam ahead after that!!! 0 Quote Link to post Share on other sites More sharing options...
kuznetsov 0 Posted May 25, 2012 Share Posted May 25, 2012 after the proposal has gone out, creditors have 14 days in which to go over it. After the 14 days a creditors meeting is held & the proposal is voted on. If it is accepted the creditors then have a 30 day cooling off period. Providing no-one changes their mind, its full steam ahead after that!!! So we cannot plan for next season until the season actually has started. Another dreadful pre season just like last season? 0 Quote Link to post Share on other sites More sharing options...
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