This "loan" from Green to fund club through CVA

[way2go 0]

I don't think I will be happy whoever takes over.In many ways I just want the whole episode to be put behind us and to have the club on an even keel.

What has saddened me is not the questioning of a potential owner,it is only correct to question the motives of anyone who attempts to buy us, but the agenda that is being pushed that there is only one viable option,tbk's, when that option itself is so unsatisfactory and their offer,based on so many imponderables, has me deeply concerned

[Tannochsidebear 2,314]

Good point w2g, I could understand it better if TBK deal was so good for the club and the fans that it was something we should all really really want to go through and get behind.

 

But the truth is TBK deal was itself a shambles with such serious funding shortfalls that they couldnt even get to the start line, never mind running the club for the next few recession-filled years which are going to be difficult enough. The reality is that TBK were a brilliant idea that Paul Murray couldnt get to work. The mistakes he made throughout the process, especially getting into bed with Ticketus, were of such a magnitude that could we really trust him to run the club error-free? Could he really make the big decisions and get them right, when the decisions he made during the bidding process proved to be so wrong?

 

I agree that it is going to be hard for anyone to be trusted post-takeover. That trust will have to be earned the hard way, by walking the walk, under very close scrutiny, and I dont think wrong moves will be tolerated by the Rangers support anymore, and any new owner would be weell advised to heed those warnings.

[forlanssister 3,050]

1. He does it the way he has done, a loan which would be repayable if the CVA fails and the club is liquidated. If the CVA is approved the loan turns into Capital via shares, and the club exits administration. The loan will not be repaid if the CVA is successful. I can absolutely say that for certain. This is the quickest and best way of getting the money in and the deal done. He is not allowed to officially say this will happen as that would constitute an offer and would be the same as option 2 below.

 

 

Can the administrators legally increase the debt burden already carried by the club?

[Stimpy 0]

I hear he's doing an interview with Al Lamont today. Hopefully Al asks him pertinent questions instead of going down the mudslinging route the media are lapping up at present.

[forlanssister 3,050]

2. He puts the money in as Capital. Under the rules of this as has been explained to me, he would have to then make an offer for every share available (the 15% not already owned by him). This is very time consuming and costly.

 

That's incorrect as there is absolutely nothing whatsoever to stop him doing exactly the same thing Craig Whyte did simply obtain an exemption/comfort from the takeover panel which is neither time consuming nor expensive, plus as things stand he doesn't even own a single share.

[forlanssister 3,050]

If they granted a dispensation for a £1 purchase I doubt there would be a problem with a £2 purchase.

 

Dispensation from obligations under Rule 9 of the Takeover Code to make a general offer in cash

 

Under Rule 9 of the Takeover Code, if any person acquires an interest in shares which, when taken

together with shares in which he and persons acting in concert with him are already interested, carry

30 per cent. or more of the voting rights of a company which is subject to the Code, that person is

normally required to make a general offer in cash to all shareholders in the company at the highest

price paid by him, or any person acting in concert with him, for an interest in such shares within the

preceding 12 months.

 

As announced on 6 May 2011 and with the consent of the Independent Board Committee of the Club

and as a consequence of the consideration for the Acquisition being £1, the Takeover Panel has

granted The Rangers FC Group a dispensation from making an offer as would otherwise be required

[the gunslinger 3,366]

There has been a lot of talk, mostly negative, about the fact that the funding of the club by Green through the CVA is being done through a loan agreement with certain repayment criteria and interest.

 

Many have jumped on it and wrongly tried to declare that this means he is not really putting any money in, just lending us it until we can pay it back some way down the line.

 

Lets nail this right now.

 

In order to get a CVA agreed, Green had to pump the cash in to fund the CVA and to fund the club from June 1 when the club's cash under admin ran out. It is not certain yet if the CVA will be agreed, as that is up to the Creditors and while it is looking good, nothing concrete can be relied upon at this stage.

 

What were his options to put this money into the club in reality?

 

1. He does it the way he has done, a loan which would be repayable if the CVA fails and the club is liquidated. If the CVA is approved the loan turns into Capital via shares, and the club exits administration. The loan will not be repaid if the CVA is successful. I can absolutely say that for certain. This is the quickest and best way of getting the money in and the deal done. He is not allowed to officially say this will happen as that would constitute an offer and would be the same as option 2 below.

 

2. He puts the money in as Capital. Under the rules of this as has been explained to me, he would have to then make an offer for every share available (the 15% not already owned by him). This is very time consuming and costly.

 

 

Obviously these things are very complicated and well over the heads of most of us, and it is not helped by some who actually know what the deal is and are deliberately stoking up the opposite view to create mischief to follow their own petty agendas. We are having enough trouble with our enemies without some of our own support being obstructive and divisive.

 

What is the only important issue around just now is that the CVA is approved next week. We have already seen a barrage of negative stories trying to derail this process from achieving a successful outcome, and some of these stories have come from so-called Rangers fans who seem to now want us to be liquidated in order that there favoured party can gain control.

 

Firstly we had Green has no money. He has proven he has.

Next it was Green's camp is deserting him, nobody has walked away that was already declared as being in.

Remember Kennedy saying that if his team were not in by 12 noon the next day a CVA would be impossible? Thats funny because Green came in later than that and still managed to get a CVA out to creditors.

We have had accusations of David Low being involved. He is not.

We heard accusations that King was suing the club a couple of weeks ago, but he has yet to file papers. He has yet to provide D&P with ANY evidence. His statement yesterday was another attempt to derail the CVA.

 

There is oh so very much more that I cannot put down that has been done to try to disrupt the process from so-called Rangers fans and they really should now give it up and let the club get on with it.

 

By all means we have to keep asking the questions of Green and his consortium, and the RFFF are doing a great job (statements apart!) at pushing Green in every direction to ensure this is getting done properly and with the best intentions. There are still a lot of valid questions we need answered, and the more time we spend trying to get answers to ridiculous accusations that are made up to suit a certain agenda is taking valuable time away from the important issues.

 

he's not funding the club just now though is he. that's clear from the cva proposal and even the fact all the money's with a lawyer.

 

whyte got round making an offer for the other shares easily. its not hard.

 

and finaly is low lying about being involved?

[the gunslinger 3,366]

well I guess we will see if greens another whyte basses on wheter this loan does dissaper or not then.

[the gunslinger 3,366]

leggo doesn't like this thread it seems.

 

 

GREEN BAMBOOZLES RANGERS FANS WITH BULLSHIT

 

HERE is the gospel according to proven liar Charles Green. Bamboozle them with bullshit! Confuse them with crap!

 

And fair play to him. Charles Green’s bullshit has got Rangers supporters well and truly bamboozled. Charles Green’s crap has got Rangers fans well and truly confused.

 

Or at least his bullshit and crap has got some Rangers fans – Assembly leader Andy Kerr among them – bamboozled and confused.

 

Others, however, are far from bamboozled. They are the ones who are a long way from being confused and who can see just what a snake oil salesman Charles Green really is.

 

For instance, in the last three days Charles Green has told daily newspaper reporters that if his CVA is successful he will then bring in some big time money men who will invest anything between £20m and £30M in Rangers.

 

Before then going on to tell Sunday newspaper reporters that if his CVA is successful he will launch a share issue and ask Rangers supporters to invest £30M.

 

Actually, when it comes to how full he wants his begging bowl filled by Rangers supporters in the next six weeks, the bottom line is close to a staggering £50M.

 

That’s right, nearly £50M! That is what Charles Green needs from Rangers supporters in the next six weeks to make his get-rich-quick scheme work .

 

Work it out if you do not believe me. And I know there are more than a few out there who don’t.

 

The season ticket money comes to £16M and the deadline for renewal is July 2nd.

 

Charles Green wants a share issue to be rushed through by the end of July, according to what he has been quoted as saying and that will, he believes, coin in another £30M.

 

That is a total of £46M, which isn’t a kick in the backside away from the eye watering figure of £50m and it is what Charles Green is demanding from Rangers supporters over the next six weeks.

 

The trouble with Charles Green is that he is a liar. A proven liar.

 

And the trouble with liars is that they cannot remember the lies they have told. Therefore they often tell subsequent lies which contradict their original lies.

 

Lies such as the one Charles Green told originally when he said he had 20 investors.

 

Lies such as the one Charles Green told when he said he had £20M available.

 

Lies such as the one Charles Green told when he said that if Rangers got a CVA they would emerge from administration debt free.

 

Of course Charles Green is not the only one telling lies in the rush for his dodgy scheme to be bulldozed through. Some Rangers supporters have joined in.

 

One even went so far as claiming there was no truth in my story that self confessed unreconstructed Celtic supporter, David Low, had been involved with Charles Green.

 

That lie was peddled in spite of the overwhelming evidence to back my story. Evidence in the shape of David Low admitting that it was correct and that he had acted as a go-between for Charles Green in Green’s desperate efforts to raise money.

 

I know what Charles Green’s motives for lying are. He wants to rip off Rangers and make a fast buck.

 

But, for the life of me, I cannot imagine what motivation lurks behind the lies being peddled by some Rangers supporters. For I refuse to believe they are working hand in glove with Charles Green on the basis of some sort of reward Green may have promised.

 

That is too preposterous, too potty, to be believed.

 

Isn’t it?

 

But let me predict what is going to happen in the next 72 hours as the countdown begins to Thursday’s meeting when creditors will get the chance to vote on Charles Green’s CVA proposals.

 

Charles Green will make even more and more outrageous and contradictory promises. Charles Green will tell bigger and bigger lies.

 

And some Rangers supporters will continue to be bamboozled by his bullshit and confused by his crap.

 

Others will not.

 

…….

AND……..

[GovanAllan 0]

Leggo getting desperate for this mates TBK as Thursday draws closer.