Rangers oldco liquidators set to take 'Big Tax Case' to a Supreme Court appeal

[craig 5,199]

Maybe I missed it, but wasn't that just part of the debt? They don't say much about the bank debt in the article as such, hence I asked that it would be good to know what they did with them.

 

Sounded to me like BD knew what the debt was. There would have been bank debt and then other debt (probably to Milne and other board members). The share issue would have paid off the bank debt and cleared the other creditors (in essence shares would be issued to Milne which would convert previous debt to shares - same as our Board will be doing if they loan the club money).

Edited November 23, 2015 by craig

[Bluedell 5,354]

Maybe I missed it, but wasn't that just part of the debt? They don't say much about the bank debt in the article as such, hence I asked that it would be good to know what they did with them.

 

The way that it seems to have been set up was that the complete bank debt was acquired by third parties (including Stewart Milne) who then converted this debt and other debt into shares.

Edited November 23, 2015 by Bluedell

[calscot 0]

I think the immorality of the EBTs was the fact the loophole allowed a certain disingenuous "wink-wink" style implementation. The "common sense" argument is that the the payments were not really discretionary, and the loans were not really loans. It's all notional, and that's why the side letters are a bit damning.

 

However, there has been nothing common sense or moral in the way that Rangers have been pursued for this by HMRC nor the way we have been dealt with by fellow clubs and the football authorities, who have been wholly immoral and pretty senseless throughout.

 

Those that ran the club at the time have been slightly naughty boys compared to their evil child catchers...

[forlanssister 3,050]

The way that it seems to have been set up was that the complete bank debt was acquired by third parties (including Stewart Milne) who then converted this debt and other debt into shares.

 

Martin Gilbert of Aberdeen Asset Management (Ye Olde Abtrust) was one of the others.