Dave King and OldCo

[Bluedell 5,329]

HMRC are listed by BDO as an unsecured creditor re £94m, so if they won the EBT case, it would put an end to any realistic hope of resurrecting Oldco.

 

I agree that the Craig Whtye era portion of the HMRC debt (£15m?) might be more of an issue re a creditors arrangement, but I'm sure the vast majority of Ticketus £27m, the Directors £20m, ordinary shareholders £10m, Debenture holders £8m, Trade Creditors £7m and football creditors £3m would all sign up.

 

In fact I'm sure some of them would waive their entitlement. As you know taking companies back out of liquidation doesn't happen often so I'm not sure what % of the outstanding debt HMRC would need to be able to block a deal.

 

At the time of the CVA/liquidation vote, HMRC were recorded as being owed £21m, which was over the 25% needed to reject and such proposals.

 

The vote took place in 2012 and HMRC blocked it, and I can't see another vote taking place (why would it?) and I can't see HMRC changing their vote.

[pete 2,494]

Was Whyte not banned from being a director? If so then why did nobody pick up on it?

[Mountain Bear 0]

At the time of the CVA/liquidation vote, HMRC were recorded as being owed £21m, which was over the 25% needed to reject and such proposals.

 

The vote took place in 2012 and HMRC blocked it, and I can't see another vote taking place (why would it?) and I can't see HMRC changing their vote.

 

King claims to have taken expert professional advice on this. He may even have spoken to HMRC, who knows?

 

There's likely to be more BDO litigation to come, so the creditors' pot may increase in size and as I said earlier, a large portion of them would settle for less than 100% of what they're owed to make this happen.

 

Perhaps HMRC would relent if they thought they could recover everything due to them from the Whyte era?

 

Maybe I'm letting my heart rule my head here and I'm sure there are many obstacles to overcome, but I'm optimistic that something may eventually come of this.

Edited September 14, 2015 by Mountain Bear

[Bluedell 5,329]

Was Whyte not banned from being a director? If so then why did nobody pick up on it?

 

I think that he had been previously banned but had expired and the record of that was not publicly available.

[der Berliner 3,231]

It was in some report that BDO are chasing D&P for more than they were Collier Bristow. If HMRC is indeed removed from the pot, as well as Whyte, Ticketus or other current or potential claimers, OldCo's liquidators might have enough money in the accounts to pay the remaining creditors, if they want to see their money back. Would have to dig that report up though.

[pete 2,494]

Durrant: It's still Glasgow Rangers but I support King's oldco plans

 

Ian Durrant says he is fully supportive of Dave King’s plans to revive Rangers oldco but claims the club’s history isn’t broken.

 

The Ibrox youth coach was responding after Rangers chairman King revealed plans that involve “taking Oldco out of liquidation and putting assets back into Oldco”.

 

South African-based businessman King said he felt that supporters would like it and it would stop taunts from opposing supporters about the club’s history ending with administration and the subsequent appointment of liquidators in 2012.

 

Though King did not provide detail of his proposal, the viability of his plan has been questioned by legal experts. Durrant said that, as far as he was concerned, there was no question Rangers is the same club it had always been.

 

"It will always be the same club," he said. "It’s Rangers Football Club.

 

"Nothing was taken away from the club, they still maintained their same standards.

 

"I think there’s a lot of mischievous things that go on but nothing in my eyes has changed. It’s still Glasgow Rangers."

 

Despite his view, Durrant remained supportive of King’s plans.

 

"I think there’s a lot of history," he said. "I think Mr King believes in what happened previously in the club, the history of the club and I think he wants to preserve that.

 

"If it makes the club go forward we’re all for it.

 

"But I think Mr King had lots of memories and I’m sure he’ll try to revive some of the things that happened."

Durrant should remember Ally McCoist's good times at Rangers

via STV via STV

 

The Rangers coach also welcomed news that his former team-mate and colleague Ally McCoist had negotiated an early pay-off from his contract.

 

McCoist had been on gardening leave after leaving his duties as manager in December last year.

 

While the one-time Ibrox striker had come in for criticism in some quarters over his salary and situation, Durrant said that he would be welcomed back at Ibrox.

 

"I’m obviously delighted for the club," he said. "The discussion between Ally [McCoist] and Mr King was done in a matter of moments.

 

"You can see now from the people that are on board that it was done ‘the Rangers way’.

 

"It was done very professionally and I’m just delighted for both parties. They’ve drawn a line in the sand now, let’s get on with the work.

 

"Mr King has promised a lot of things and I’m sure he’ll come up with them.”

 

"Ally is a Rangers fan. It’s unfortunate what happened but these things happen in football.

 

"Sometimes you take a wee kicking but then you recover. His name is etched in Rangers’ history.

 

"I’m sure a lot of people will remember the good times rather than some of the bad things that happened last year.

 

"So we just get on with it. He’ll be absolutely delighted to come back."

 

http://sport.stv.tv/football/1328707-durrant-its-still-glasgow-rangers-but-i-support-kings-oldco-plans/

[RANGERRAB 3,254]

All of this has got me thinking DK might know the BTC appeal verdict from the court of session. Why else would he start talking about reviving the oldco? He couldn't do it if it had lost could he?

[pete 2,494]

All of this has got me thinking DK might know the BTC appeal verdict from the court of session. Why else would he start talking about reviving the oldco? He couldn't do it if it had lost could he?

 

They never came with any new evidence they just hoped that the new judges thought different. If there is no bias and the last 2 cases understood the law then there is not really a chance it can go against us. They will of course appeal again.

[der Berliner 3,231]

Ian Durrant says he is fully supportive of Dave King’s plans to revive Rangers oldco but claims the club’s history isn’t broken.

 

Now, now, Mr. STV-Reporter. This is no "claim", but a statement of fact.

 

Unless I am mistaken, HMRC can only appeal again if the current judge lets them?

[RANGERRAB 3,254]

They never came with any new evidence they just hoped that the new judges thought different. If there is no bias and the last 2 cases understood the law then there is not really a chance it can go against us. They will of course appeal again.

 

Their next & last appeal route would need to be the UK Supreme Court. They may not be able to do that because the Supreme Court have supposedly warned the Scottish Courts about sending futile cases to them. I'd imagine this would be one of them