pansypotterthedirtyrotter Posted May 9, 2012 Share Posted May 9, 2012 From the MLM blog You seem like an intelligent guy, so I havent bothered to highlight the important bits Although saving the company is the first purpose of administration, this cannot be pursued at any cost. Administrators have a statutory duty to perform their function in the interests of creditors as a whole and this is where dumb and dumber would come unstuck, if they put the assets out of reach of the creditors then it's a clear case of misconduct on their part. 0 Quote Link to comment Share on other sites More sharing options...
thenolly Posted May 9, 2012 Share Posted May 9, 2012 and this is where dumb and dumber would come unstuck, if they put the assets out of reach of the creditors then it's a clear case of misconduct on their part. Finally some one gets it. The Revenue will not allow this to go through as it must collect the money owed to the crown 0 Quote Link to comment Share on other sites More sharing options...
7-2 Posted May 9, 2012 Share Posted May 9, 2012 Rumour is the new bidders are Joe Lewis, Daniel Levy and the ENIC group. They plan to run Rangers as a feeder club for Spurs reserves.:rolleyes: I can just see the Record headline...Glasgow Giants Move Closer To Joining English Premier League. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted May 9, 2012 Share Posted May 9, 2012 I'd love for a mad billionaire with a fondness for the colour green to come up with an offer Duff and Phelps couldn't legally refuse.. cardiff city change of shirts 0 Quote Link to comment Share on other sites More sharing options...
Spain Posted May 9, 2012 Share Posted May 9, 2012 Finally some one gets it. The Revenue will not allow this to go through as it must collect the money owed to the crown I get it too, I'm just happier letting you argue it for me. And anyway, it doesn't matter because no-one will buy Rangers, they will just shut the doors and liquidate the lot. 0 Quote Link to comment Share on other sites More sharing options...
thelegendthatis Posted May 9, 2012 Share Posted May 9, 2012 (edited) http://www.bbc.co.uk...w-west-18006383 1. The company (Ticketus) loaned Mr Whyte about £24m . (A loan is it now? Why did Ticketus not chase Whyte through the courts on 15th February? Why have they sat back after their initial case with Whyte?) 2. It is believed that the new owner was assigned the bank's floating charge over Rangers assets - making him secured creditor. (Check out the paperwork guys, he IS the secured creditor. And why is the BBC hawking the term 'it is believed' ?) That position is disputed, however, by Duff and Phelps, the firm appointed as Rangers administrators in February after the club failed to make tax payments. (Come on Duff & Duffer you have been moaning about this for months now on and off. Either put up or shut up. ) Edited May 9, 2012 by thelegendthatis 0 Quote Link to comment Share on other sites More sharing options...
Herman Hessian Posted May 9, 2012 Share Posted May 9, 2012 To be fair to D&P, they were faced with a hugely complex task in dealing with years and years worth of toxic shit. They've tried their best to deal with it by letting out the Administration version of a sneaky little fart, but instead they've shat their pants in a spectacularly public manner, and it's difficult to retain your dignity and credibility in those circumstances. there has been a great deal of quality material on this epic thread - that is particularly good 0 Quote Link to comment Share on other sites More sharing options...
thenolly Posted May 9, 2012 Share Posted May 9, 2012 I get it too, I'm just happier letting you argue it for me. And anyway, it doesn't matter because no-one will buy Rangers, they will just shut the doors and liquidate the lot. You would need someone to come in with approx £80million straight away plus a way to generate substansial income over the next few years eother through cash inputs or cut backs or both if the big tax case comes through to pay a substantial amount to HMRC with a guarantee to pay it off at a pre determined time scale (including interest if HMRC see fit) The revenue can be dealt with but won't allow you to pay over say 20 years and continue trading 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted May 9, 2012 Share Posted May 9, 2012 Finally some one gets it. The Revenue will not allow this to go through as it must collect the money owed to the crown Would they not have to show that liquidating the assets would give the creditors a better return than selling them to a Newco? 0 Quote Link to comment Share on other sites More sharing options...
sjc Posted May 9, 2012 Share Posted May 9, 2012 (edited) A few people on here are uber confident that Rangers are going to be liquidated and out of existence and that's fine.........I'm a fan of confidence and would love nothing more than to share that confidence of this eventual outcome but if I was as outgoing and Rangers were somehow able to wriggle out of the whole sorry debt ridden affair I'd be unconsoleable in my own tears....."verge of tears" wouldn't even be close as a description. Edited May 9, 2012 by sjc 0 Quote Link to comment Share on other sites More sharing options...
JamboRobbo Posted May 9, 2012 Share Posted May 9, 2012 (edited) Would they not have to show that liquidating the assets would give the creditors a better return than selling them to a Newco? More importantly, if they want to sell the assets to a Newco for £11.2M as suggested they would do for Bill Miller, would they not have to show that selling assets to Newco for £11.2M would give a better return than liquidating the assets (i.e. sell Ibrox for building houses on). Find it very hard to believe that the land Ibrox and Murray park is on is not worth more than £11.2M. Edited May 9, 2012 by JamboRobbo 0 Quote Link to comment Share on other sites More sharing options...
thelegendthatis Posted May 9, 2012 Share Posted May 9, 2012 How another administration has been handled. http://www.pkf.co.uk/pkf/sectors/football_industry_group/portsmouthfc Click on each of the links to get the progress. They became administrators on 17th Feb. This one is my favourite http://www.pkf.co.uk/pkf/news/football_industry/redundancies_made_at_portsmouth_football_club from 22nd Feb. I know one size does not fit all, but prefer the style of PKF to our friends Dumb & Dumber whose latest edict is at http://www.bbc.co.uk/sport/0/football/18006734. Hands up if you want to say you would like to think about putting a bid in for Rangers (without prejudice). 0 Quote Link to comment Share on other sites More sharing options...
Mij Posted May 9, 2012 Share Posted May 9, 2012 i reckon this consortium will pull this off and rangers are going to get away with it . 0 Quote Link to comment Share on other sites More sharing options...
Colin M Posted May 9, 2012 Share Posted May 9, 2012 A few people on here are uber confident that Rangers are going to be liquidated and out of existence and that's fine.........I'm a fan of confidence and would love nothing more than to share that confidence of this eventual outcome but if I was and Rangers were somehow able to wriggle out of the whole sorry debt ridden affair I'd be unconsoleable in my own tears....."verge of tears" wouldn't even be close. I still think there is a chance of a Newco scenario meaning we still have "Rangers" around, but as time goes on the possibility of the gates just being shut and there being no Rangers at all (for a period of time) increases. The latest development of Whyte being willing to co-operate gives them some hope (if it is actually true, of course!) but it is only one hurdle - there is still a lot to be done in a short space of time. The talk of a CVA still seems like total fancy. 0 Quote Link to comment Share on other sites More sharing options...
thenolly Posted May 9, 2012 Share Posted May 9, 2012 More importantly, if they want to sell the assets to a Newco for £11.2M as suggested they would do for Bill Miller, would they not have to show that selling assets to Newco for £11.2M would give a better return than liquidating the assets (i.e. sell Ibrox for building houses on). Find it very hard to believe that the land Ibrox and Murray park is on is not worth more than £11.2M. And the players registration etc, by moving it to a hive you are stopping the creditors getting paid, plus by the time duff & phelps take there 4 or 5 million as is getting banded about all they assets are only worth 6 or 7 million, where liquidation would get a great deal more. Remember they have another tax bill due in 2 weeks or so plus the players get their deferred wages at the end of the month and if they don't get paid they can leave dropping the asset value considerably come June 0 Quote Link to comment Share on other sites More sharing options...
T_S_A_R Posted May 9, 2012 Share Posted May 9, 2012 More importantly, if they want to sell the assets to a Newco for £11.2M as suggested they would do for Bill Miller, would they not have to show that selling assets to Newco for £11.2M would give a better return than liquidating the assets (i.e. sell Ibrox for building houses on). Find it very hard to believe that the land Ibrox and Murray park is on is not worth more than £11.2M. you'd struggle to build anything on either. murray park is zoned for sporting use only and there is zero chance of glasgow city council rezoning ibrox for any other purpose if it puts rangers out of business. it may be worth buying to lease/sell back to rangers but only if rangers actually exist and have the money to do it. 0 Quote Link to comment Share on other sites More sharing options...
Wee Bully Posted May 9, 2012 Share Posted May 9, 2012 Find it very hard to believe that the land Ibrox and Murray park is on is not worth more than £11.2M. Unless you are living in cloud cuckoo land, there is no way they are worth £11.2m. 1. Murray Park has a covenant that prevents a change of use. So it is only of interest to a limited amount of buyers. 2. Ibrox has a listed facade which would require to be retained, and 3. Ibrox is in the midst of a post industrial wasteland, with plenty of space to build "houses" without incurring the demolition costs. If they are worth more than £2m all in, I'm a monkey's uncle. 0 Quote Link to comment Share on other sites More sharing options...
Co.Down Hibee Posted May 9, 2012 Share Posted May 9, 2012 More importantly, if they want to sell the assets to a Newco for £11.2M as suggested they would do for Bill Miller, would they not have to show that selling assets to Newco for £11.2M would give a better return than liquidating the assets (i.e. sell Ibrox for building houses on). Find it very hard to believe that the land Ibrox and Murray park is on is not worth more than £11.2M. Is it not right that Ibrox has to be used for football purposes as it's a listed building....or did I dream it 0 Quote Link to comment Share on other sites More sharing options...
T_S_A_R Posted May 9, 2012 Share Posted May 9, 2012 How another administration has been handled. http://www.pkf.co.uk...up/portsmouthfc Click on each of the links to get the progress. They became administrators on 17th Feb. This one is my favourite http://www.pkf.co.uk...h_football_club from 22nd Feb. portsmouth have been clinging on for over two years. 0 Quote Link to comment Share on other sites More sharing options...
pansypotterthedirtyrotter Posted May 9, 2012 Share Posted May 9, 2012 The talk of a CVA still seems like total fancy. the cva's never going to happen in a million years, so it only leaves the nuclear option. anybody's guess after that. 0 Quote Link to comment Share on other sites More sharing options...
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