BDO sue Duff & Phelps

[craig 5,199]

I don't know munch about finances but how much were Rangers put into administration for owing? Os the fact that BDO are trying to reclaim £28m showing that the old mob stripped £28m out of the company? If so, was that much more than what we actually owed, hence, did we actually have to go into administration at all?

 

Depends on the outcome of the EBT case appeal to be heard.

[craig 5,199]

re. the shares...

 

From memory, once the company went into administration, did the administrators not assume control/ownership of ALL shares & assets - hence why they have the power to sell everything.

 

They don't assume ownership, but they do assume control. Their job is to get as much as they possibly can out of the company in the interests of the creditors. The ownership remains with the shareholders at the time of entering administration/liquidation. The grey area is with Whyte's ownership potentially being fraudulent.

[StuGers 477]

Depends on the outcome of the EBT case appeal to be heard.

 

Assuming we win that case (we weren't guilty when we got out under), can it safely be said that we were put into administration when we were actually in the black overall?

[pete 2,499]

They don't assume ownership, but they do assume control. Their job is to get as much as they possibly can out of the company in the interests of the creditors. The ownership remains with the shareholders at the time of entering administration/liquidation. The grey area is with Whyte's ownership potentially being fraudulent.

 

Hence BDO suing but I am sure there is also the scenario of the creditors taking a hit if the company can be brought back to life. Hence they are asked to take 10 pence in the pound or something like that.

[the gunslinger 3,366]

mmmmm. That is debatable it is extremely possible Ashely was pulling Greens strings before he contacted Whyte. It is pretty certain they knew each other.

It really isnt. Whyte found green. Perhaps with duff and phelps help. Weve all heard the tapes.

 

 

[forlanssister 3,050]

mmmmm. That is debatable it is extremely possible Ashely was pulling Greens strings before he contacted Whyte. It is pretty certain they knew each other.

 

When I was on the Fans Board one of the questions I asked Llambias and Leech was, "What came first Ashley's investment in Rangers or the Rangers Retail deal?" To which the response was, "Why do you want to know that?" I said, "Because if he needed Ashley's investment it gave Ashley a hell of a lot leverage re Retail deal." They claimed they didn't know.

[craig 5,199]

Hence BDO suing but I am sure there is also the scenario of the creditors taking a hit if the company can be brought back to life. Hence they are asked to take 10 pence in the pound or something like that.

 

That is more likely to be administration pete. In an admin event the entity would normally offer a "settlement" i.e. X pence in the pound.

 

Once you enter liquidation, all bets are off and the liquidator will merely look to secure as much as possible for the creditors. That entity would only be brought back to life (remember, the liquidators have control over whether it dissolves or is resurrected) if the liquidators believe that the creditors would get more value from it than liquidation.

 

In this particular instance, if oldco wins the Court of Appeal on the EBT case plus given that the Club won 24 million from Collyer Bristow, plus this potential legal suit, it is fairly safe to assume that he assets of oldco would be greater than the liabilities, which would mean that creditors would receive the FULL payout. The excess would then go to the shareholders - I would suspect that DK et al would want to buy out the shareholders pound for pound so that oldco would be an RFC entity unencumbered and the Board would then roll oldco into newco, or vice versa - ergo dismantling the "new club" in one fell swoop (though our friends from the East End would continue unabated in the "new club, no history" argument - but they never have been the most balanced or sane people....)

[pete 2,499]

That is more likely to be administration pete. In an admin event the entity would normally offer a "settlement" i.e. X pence in the pound.

 

Once you enter liquidation, all bets are off and the liquidator will merely look to secure as much as possible for the creditors. That entity would only be brought back to life (remember, the liquidators have control over whether it dissolves or is resurrected) if the liquidators believe that the creditors would get more value from it than liquidation.

 

In this particular instance, if oldco wins the Court of Appeal on the EBT case plus given that the Club won 24 million from Collyer Bristow, plus this potential legal suit, it is fairly safe to assume that he assets of oldco would be greater than the liabilities, which would mean that creditors would receive the FULL payout. The excess would then go to the shareholders - I would suspect that DK et al would want to buy out the shareholders pound for pound so that oldco would be an RFC entity unencumbered and the Board would then roll oldco into newco, or vice versa - ergo dismantling the "new club" in one fell swoop (though our friends from the East End would continue unabated in the "new club, no history" argument - but they never have been the most balanced or sane people....)

 

Cheers Craig, we can only live in hope that everything drops into place.

[boabie 230]

Creditors will be lucky to get 5p between them no matter how many tens of millions are won at civil court.

BDO I'd assume will be taking their cut and from past experience these guys don't come cheap.

Or maybe I'm just a glass half-empty type.

[pete 2,499]

It really isnt. Whyte found green. Perhaps with duff and phelps help. Weve all heard the tapes.

 

I can't remember what was on the tapes precisely but I doubt he would be telling anyone he was just a puppet for the puppet-master. Especially someone he was just about to screw. I am not saying for definite it is a fact but why would Green all of a sudden just step aside and be the dogs tail in place of the dog. It just does not add up to me that Green was ever the main man.