ian1964 10,440 Posted June 3, 2012 Share Posted June 3, 2012 Duff & Phelps, Rangersâ?? beleaguered administrators, last night admitted that their tenure at the club had gone on far too long, but they insisted that Rangers were in a far better condition because of it. The claim might surprise Ibrox supporters, many of whom remain sceptical of the administratorsâ?? decision to give Charles Green preferred bidder status. Green, many believe, is still frantically trying to pull his consortiumâ??s finance together. Duff & Phelps, however, insist that Green has the money to both finance Rangers throughout June, as well as provide a credible sum for a company voluntary arrangement (CVA), which the clubâ??s creditors are set to vote on in 11 daysâ?? time. â??The administration process has gone on far too long â?? longer than we had envisaged â?? but there have been good reasons for that,â? said a Duff & Phelps spokesman. â??It has been a very messy affair, far more so than other such administrations you would come across. â??We have had to deal with Craig Whyte, weâ??ve had to go to court over both the Ticketus deal and the Collyer Bristow money, while for a long time there was no credible buyer for Rangers out there. So it has been drawn-out and more time-consuming than we had thought. â??But we actually think Rangers are in a better shape now than they were before we first came into the club.â? Duff & Phelps have torn up the Ticketus deal, which they claim has been a major boost to Rangersâ?? survival prospects. â??We have struck out the Ticketus deal, so the club now has no debt. Rangers will now be able to receive its own season-ticket money in the seasons ahead, which is good news. If or when we also recover the Collyer Bristow money, Rangers will land another windfall. So the club, we think, is in better shape than before.â? Duff & Phelps are suing owner Craig Whiteâ??s lawyers, Collyer Bristow, and Whyteâ??s takeover vehicle the Rangers FC Group for at least £25m in damages. The firm is accused of conspiracy, breach of undertaking, negligence and breach of trust. The Ibrox administrators also refute suggestions, aired again on BBC Scotland last week, that their financial gain from running Rangers for the past 16 weeks was set to go through the roof. The BBC claimed that Duff & Phelps were set to land £5 million-plus for their work at Ibrox. â??It is nonsense,â? said the spokesman. â??The legal costs are plainly set out in the CVA proposal, and a figure somewhere in the region of £2m is in there. It has, however, been a bit more complicated than that. â??It is pretty costly, as we have had to do twice, to go to court to recover money which we believe rightly belonged to Rangers. These are the things that have made this a prolonged and messy business. But we think they are for the benefit of Rangers as a future going concern.â? It was revealed yesterday that Craig Whyte had been unable to agree a proposal to put a cap on the administratorsâ?? fees when Duff & Phelps were appointed as the Ibrox administrators. A letter was drafted to cap the administratorsâ?? costs, but Whyte never got round to signing it. Whyte is expected, however, in the days ahead, to assert that Duff & Phelps did not know of the way he was using the Ticketus money to fund his takeover of Rangers â?? another contentious issue in the ongoing saga. The Ibrox administrators, meanwhile, are confident that Green can pull off a CVA deal with creditors, despite growing concerns over the Englishmanâ??s ability to finance his takeover. â??We still think there is a decent chance,â? said the spokesman. â??We have seen evidence that Charles Green has the finance in place to do the deal. â??Some people still talk about previous bids for Rangers, one of which appeared to be more to the fansâ?? liking. But the fact is, Charles Greenâ??s proposal was far stronger and more workable than any that was available.â? http://www.scotsman.com/sport/football/spl/rangers-administration-club-now-in-much-better-shape-thanks-to-us-insist-duff-phelps-1-2335726 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted June 3, 2012 Share Posted June 3, 2012 Rangers top with 'Duff and Phelps' on the back could be required. 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted June 3, 2012 Share Posted June 3, 2012 "If or when we also recover the Collyer Bristow money, Rangers will land another windfall. So the club, we think, is in better shape than before.â? How does this go to the club when it has already been included in the monies which will make up the CVA pot? Rangers top with 'lying cunts' on the back could be required. 0 Quote Link to post Share on other sites More sharing options...
CumbernauldGers 0 Posted June 3, 2012 Share Posted June 3, 2012 (edited) "If or when we also recover the Collyer Bristow money, Rangers will land another windfall. So the club, we think, is in better shape than before.” How does this go to the club when it has already been included in the monies which will make up the CVA pot? Rangers top with 'lying cunts' on the back could be required. They could mean that a bigger cva pot would be good? Or what happens if the cva is agreed and paid but they win this money next year or the year after? Who would get the money then? Either way the fact you call them lying cunts shows the mentality you have mate, a closed mind. Edited June 3, 2012 by CumbernauldGers 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted June 3, 2012 Share Posted June 3, 2012 They could mean that a bigger cva pot would be good? Or what happens if the cva is agreed and paid but they win this money next year or the year after? Who would get the money then? Either way the fact you call them lying cunts shows the mentality you have mate, a closed mind. My mind was open enough to read the proposal document while you read the Beano. 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted June 3, 2012 Share Posted June 3, 2012 Yip we are lighter to the tune of two million pounds. 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 greens not financing us and rangers don't get the Collier Bristow money. they eithe haven't read their own cva or they think were daft. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted June 3, 2012 Share Posted June 3, 2012 they eithe haven't read their own cva or they think were daft. I'll plump for both of those. They clearly think we're daft and if they'd read their own CVA you'd think they'd have spotted the mistakes in it.... then again, maybe they're deliberate mistakes..... 0 Quote Link to post Share on other sites More sharing options...
andy steel 0 Posted June 3, 2012 Share Posted June 3, 2012 Then again, we'd be in better shape if Harold Shipman had taken us over. 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.