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Big Rangers Administration/Liquidation Thread - All chat here!


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Rangers administrators Duff and Phelps agreed with owner Craig Whyte to cap their fees at £500,000 two days before they were appointed.

Emails obtained by BBC Scotland reveal the firm also agreed to try to minimise the time spent in administration.

Duff and Phelps' fees and charges now stand at more than £5.5m.

The firm said that the capped fee was envisaged for an outcome which never materialised and that the BBC has got its figures wrong.

:lol:

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Duff and Phelps also hold secure creditor status, meaning the firm could, under certain conditions, be the only creditor to be paid.

and now we know the endgame

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'Project William'

:o:huh::o

Surely you cannot agree in advance the length and cost of an administration as the court appoints on behalf of creditors??

But D+P were put in place afore the court appointed one.

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The e-mails were sent to David Grier, weren't they attempting to claim he did not have anything to do with the admin part since he helped them in the ticketus deal?

Whyte is basically telling the admins what to do!

Edited by Jambomo
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But D+P were put in place afore the court appointed one.

I understood that, but as soon as they're appointed administrators by the court, their duty is to creditors rather than the former owner.

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At the risk of more negative rep coz I am an OF supporter you are a muppet.

You claim you want fairness and equality but but won't give evolution of population a chance and would prefer this monotonous elitist league stay as it is ?.

You claim to the league should stay as it is ! pyramid form ? WTF !.

Rangers are on their knees and change for the better is around the corner but you'd rather keep shitty clubs in the Scottish league ! why ?.

If better supported junior teams want in LET THEM and have the SPL/SFA pay for stadium upgrades.How much every few years will it cost to have a 6,000 seater stadium built ?.A few million and the clubs would be better for it as well as the game itself here with home grown talent we may have missed or lost.There are better ways to spend money than give it to who ever won the league or came in whatever place.Money spent at the bottom will most certainly be spent better than top clubs buying expensive foreign imports coz the English leagues stole our best for a song.How many home grown players who developed late will be lost in the leagues current form ? do you know ? coz we produce a lot of talent in the English leagues if ya hadn't noticed.

Times change and so do people and so must the system.

C'MON the NIPPLE TEAMS to annoy the diddy teams.

They don't, which have applied for any of the vacancies recently? The rest of your points are absolute gibberish.

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"The emails in question were preceded by a letter sent on 10 February 2012 which made reference to a £500,000 fee in relation to a specific possible outcome which did not materialise," he said.

"The BBC has also got its figures wrong when stating our fees are now more than 10 times this amount.

The CVA states that their fees are now £5.5 million! So either the CVA is wrong or the BBC are right, which is it Paul?

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One option was a "straightforward" with a company voluntary arrangement (CVA) agreed with HMRC.

The other would involve a "pre-pack" sale of the "business and assets" and a "CVA of Oldco to keep league membership" and satisfy Uefa rules.

In the email, Mr Whyte states: "We will have no choice but to go down this route if HMRC don't agree a CVA during the moratorium".

Am I being really thick here?

Was a CVA turned down very early in this "straightforward" process or did it really take 4 months to prepare it?

If it's the latter, does that mean it might actually be acceptable to HMRC now, hence the reason for the delay?

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I'm quite disappointed by these e-mails. I was hoping for something more along the lines of:

From: Craig Whyte

To: David Grier

CC: Gary Withey

Subject: My uber plan

Dave,

Further to my ramblings at last weeks swingers club, I'd like to further propose we scam the league and steal money from the public purse. It'll be quality banter.

Much Love,

Craig

From: David Grier

To: Craig Whyte

CC: Gary Withey

Subject: RE:My uber plan

Craig,

I'm on board, lets f**k this shit up and defraud everyone.

Love you more,

Dave

From: Craig Whyte

To: David Grier

CC: Gary Withey

Subject: RE:My uber plan

Sweeeeeeet!

P.S. Call me, I miss you

Edited by Spain
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Can someone who actually knows what they're talking about explain what this email means in terms of the administration? I'm guessing this isn't standard practice. If D&P are administrating in a way that is out of the ordinary, or "wrong", why haven't any of the creditors applied for them to GTF?

ETA: I mean why have ticketus not spoken up. For a company that loans out tens of millions of pounds, they seem to have even less of a clue how this shit works than me.

Edited by madwullie
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Article by Tom English. Apologies if already posted

http://m.scotsman.co...pting-1-2328188

Yes, very good article. Not usually a big fan of Mr English but this cuts through the smoke and mirrors of Green's bid. How on earth he ever got close to preferred if not exclusive status is beyond me, unless of course he .......will leave those thoughts to later.

What is it about Rangers that attracts people like Green? The names change, it's a different colour each time but the methods are the same.

Murray, Whyte, Green, add to that Dave King, Paul Murray, Bill Millar, Ng and you get individuals you wouldn't buy a second hand car from. There are many businessmen who are straight, honest and successful. They you get the 'successful businessmen' who are usually worth millions, billions or even off the radar in their wealth (according to the red tops). Are they hell. What they do have is an ability to borrow money and use that to exploit situations and people, for their own personal benefit.

Fit and proper person test? Anyone who wants to buy into Rangers is immediately by definition, NOT a fit and proper person.

Edited by thelegendthatis
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