der Berliner 3,263 Posted June 3, 2012 Share Posted June 3, 2012 Re-telling of previous stories and news and "facts". What is interesting though are the last few lines, if true ... Herald: Green, Show Us the Money !! His plans for Rangers remain vague, he has yet to provide any funds, and he cannot declare with any certainty which backers, if any, are committed to his loose consortium. Only Duff & Phelps, the administrators, appear to have any faith that Green will be able to complete his £8.5 million deal to buy the club. In 11 days a creditors' meeting will be held at Ibrox to determine if Rangers exit administration through a Company Voluntary Arrangement. Should that vote fail, Duff & Phelps claim they already have a binding agreement in place for Green's consortium to buy the assets for £5.5m in a newco scenario. Yet it is not even clear if they have received the authority from the creditors to sell those assets without allowing bids from an open market. The Sunday Herald also understands that Green's consortium has not committed any funds beyond the £200,000 exclusivity fee, despite the fact that the CVA proposal being sent out was due to trigger a seven-figure payment. Green has contradicted himself throughout the past three weeks, talking of 20 investors, then five or six; talking about playing a long-term game then admitting he will try to turn around a share issue in the short-term; talking about having £20m in place but seeking significant investment from local Rangers-supporting businessmen; and talking about the club never being in debt again, then trying to buy it with a loan that carries 8% interest. The only certainty is that Green has seen an opportunity to exploit the club's circumstances. "He is playing an immaculate hand as an acquirer from distress," an insolvency expert told The Sunday Herald. "He came in late; he came in apparently high; he came in at the point where the leverage had switched in favour of the acquirer from the administrators. "He has not, of course, backed his words with cash. Weeding out tyre-kickers is an essential skill of insolvency practice: finding the buyer with the passion and the willingness to complete often outweighs the top-dollar hold-out; failure to go with the most willing buyer at best prolongs the deal and at worst creates a Dutch auction." Rangers fans were initially cautious about Green. As the buyer Duff & Phelps had chosen, he represented the club's best hope of finding a way out of adminis-tration. Yet that tacit acceptance is beginning to erode; Green has so far failed to convince. The CVA proposal published last Wednesday was the final proof for many supporters that it was time to make a stand for their club. The proposal is worth demonstrably less to creditors than other offers Duff & Phelps received. All four bidders were told they must provide funding from June 1 â?? last Friday â?? yet Green has not. Instead, £3.6m is being deducted from the creditors' pool to cover the Administration Trading Shortfall. Rangers are also due £3.7m in transfer fees, but this has been written down in the proposal to £2m. Duff & Phelps claim that funds are in place to pay running costs until mid-July, when Green would be expected to finally pay some money, so where has that come from? A number of players can leave for set fees when the transfer window opens, yet at least a percentage of any transfer income should have been offered to creditors as part of a more viable CVA proposal. Supporters have also grown alarmed that season ticket money would be used to cover running costs and are now demanding that Green meets them to provide credible proof of funds, or they will not back the season ticket campaign, which is due to begin before the CVA vote. Sales would normally bring in £16m â?? with 75% of the income normally received by now â?? but fans do not want their money to be used to buy the club, which was effectively what Craig Whyte did. "If he can prove that the wherewithal is in place to see us through then take us forward, we'll be encouraging people to buy season tickets," says Andy Kerr, president of the Rangers Supporters Assembly. "If people are being asked for the season ticket money based on the circumstances we have right now, I would imagine that the vast majority would say, 'you ain't getting a penny until I know that you are holding up your part of the bargain'. "That might make us appear dogmatic and challenging, but it's our club and we're the biggest investors in it. I read the CVA proposal and it just seems as though we will be paying for it. But if this guy drops the ball, there is somebody waiting to pick it up." The administrators know two other bidders are ready and able to step in right away should Green's deal collapse. A third is also prepared to move. All three believe Green does not have the funds and want to save the club, with at least one confident the CVA proposal can be picked up and altered to make it more attractive to creditors without delaying the process.The reluctance of fans to challenge Green was in part due to the fear that the alternative was liquidation. They are now realising the fate of the club remains in their hands. Source to come, for the time being FF. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 3, 2012 Share Posted June 3, 2012 if its true its shocking that greens been allowed to continue without putting any money in. indeed its incredibly dangerous to our very survival. if this collapses d&p must go. also as I have said previously of the face of things the blue knights bid seems larger. if so its time for them to speak out. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 3, 2012 Share Posted June 3, 2012 on another point if its true we ate collecting season book money from next week. what happens if we newco. surely that money has to stay behind? 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,263 Posted June 3, 2012 Author Share Posted June 3, 2012 Most of the article paints it as bad as it can get. Whether all the above is indeed "fact" remains to be seen. I for one can wait till the CVA is going through or not ere jumping on either bandwaggon. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 3, 2012 Share Posted June 3, 2012 Most of the article paints it as bad as it can get. Whether all the above is indeed "fact" remains to be seen. I for one can wait till the CVA is going through or not ere jumping on either bandwaggon. the only problem with that is the weeks delay waiting on green to stump up makes it impossible to cva if it fails. if its going to he should walk now. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,263 Posted June 3, 2012 Author Share Posted June 3, 2012 I know. The problem is again the lack of info from those responsible and the amount of half-info or conjecture by those just wanting to sell papers or get some publicity. Much of the above article is based of hearsay, but no hard quotes when it comes to interesting bits: The proposal is worth demonstrably less to creditors than other offers Duff & Phelps received. All four bidders were told they must provide funding from June 1 – last Friday – yet Green has not. Instead, £3.6m is being deducted from the creditors' pool to cover the Administration Trading Shortfall. Rangers are also due £3.7m in transfer fees, but this has been written down in the proposal to £2m. Says who? What's his deadline for all the money to be there, ready for the creditors? Who's to say that the money will not be there on that day? Just asking. I'm not convinced of anyone until he provides us with the CVA and the money to get us running again. But neither am I willing to bite on any hook thrown by the media. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted June 3, 2012 Share Posted June 3, 2012 D & P said they saw proof that Green had the money. Someone needs to prove it to the fans, if they want ST money. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,348 Posted June 3, 2012 Share Posted June 3, 2012 on another point if its true we ate collecting season book money from next week. what happens if we newco. surely that money has to stay behind? No. It would be ring-fenced. The CVA will be completed (or not as the case may be) well before anyone pays over their ST cash anyway. 0 Quote Link to post Share on other sites More sharing options...
CumbernauldGers 0 Posted June 3, 2012 Share Posted June 3, 2012 if its true its shocking that greens been allowed to continue without putting any money in. indeed its incredibly dangerous to our very survival. if this collapses d&p must go. also as I have said previously of the face of things the blue knights bid seems larger. if so its time for them to speak out. Thats a lie and you know it mate. If his group have not put any money in how are the wages going to get paid? Or are D & P lying when they said he has put money in place for the club to run? As i have said, change the record because your starting to sound like you need to convince yourself never mind other people with your hate and rantings. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted June 3, 2012 Share Posted June 3, 2012 It's in the hands of the creditors for now, what else can Green and D&P do? 0 Quote Link to post Share on other sites More sharing options...
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