welshbairn
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Posts posted by welshbairn
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Here's Duff and Phelps publicly quoted fee scale when acting as administrators:
We seek to recover fees on a time cost basis. Set out below are our hourly rates, with effect from 1January 2011, excluding VAT:
£
Partners 480 - 545
Managers/Directors 305 - 480
Seniors 190 - 310Assistants/Support staff 30 - 170
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Not the best way to build a tunnel IMO. In fact it would be almost completely ineffectual.
Maybe so, but he should still be encouraged to give it a go. Back fill with concrete for safety though.
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firstly he might want to consider that the journalists of scotland put their names to their articles.
secondly what has he actually revealed? there hasn't exactly been a lot of revelations in this case. rangers get pulled up for ebts, rangers go into admin. that's about it.
Agreed. Hardly Woodward and Bernstein stuff. A bit of useful trawling the internet for links between the actors, but nothing that's going to get anyone locked away. He certainly thinks he's the man though, his latest headline:
Blogger Scoops Mainstream Media Yet Again Shocker! -in spare time
His big scoop? Murray doesn't have a buy back clause. Given that Murray was never remotely interested in buying back the club, so what? For an anonymous blogger who doesn't have to get stories to stand up to legal scrutiny, hardly earth shattering. The big stories have been broken by BBC reporters, on camera.
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Yeah sorry about that, I'm basically assuming guilt there I suppose. What is the general opinion? Do they have a hope of winning the case?
They seem to have lost cases in the past:
"HMRC has litigated twice on the taxability of loans from EBTs and lost on both occasions. The courts have essentially ruled that EBTs were a legitimate form of tax planning prior to HMRC's announcement last December. HMRC seems to be pinning its hopes on judges reversing the precedent which has already been set - but why would they do that?"
"HMRC's case is far from watertight. Taxpayers should think very carefully about how they respond to these letters. If they chose to settle they may end up paying tax which HMRC has no legal right to. The letter actually says that if taxpayers chose to settle, but subsequent litigation finds in taxpayers' favour, the settlement cannot be reopened."
However the information is coming from Accountants and Tax lawyers who are probably panicking that they've dropped their clients in the shit, so who knows. There also seems to be a bit of retrospective ruling going on, which may be a factor for the defense?
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Has Craig Whyte gagged the BBC by suing them for libel? Anyone know if sub judice rules apply?
From STV
Meanwhile, Mr Whyte’s representatives said on Friday that a writ had been served on the BBC over a documentary and subsequent reports he had carried on the Rangers owner.
The action is over claims made in a documentary broadcast last October, as well as more recent reports by the corporation on Mr Whyte’s business history.
A BBC Scotland spokesman said: "We can confirm we have received a writ from Mr Whyte. We stand by our journalism, all of the allegations made, and will defend any action vigorously."
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You would have thought that if Duff and Phelps wanted to pretend to be neutral and independent they wouldn't let Whyte anywhere near the Rangers website now they're in charge...
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I bet Craig Whyte's friends are deserting him like flies. They're used to getting away with their scams partly because they're too complex for non specialists to understand, but also because they usually happen under the radar and aren't tightly scrutinised. Now they've got the whole of the Scottish media after them, football and financial, and thousands of amateurs digging up the dirt on the internet. Phi Betts seems to be the next target, he's hurriedly closed down his website. He provides a (convulated) link between Whyte and Ticketus:
Nicked from Talk Celtic forum
We know that on 6 May 2011, Craig Whyte completed his take over of Rangers Football Club and became the new Chairman. Phil Betts was Whyte's first appointment to the board, joining on or around 7 May. Both Whyte and Bett were directors of Wavetower, the company through which Whyte bought Rangers.On 9 May, Rangers entered into an agreement with Ticketus to sell them the income of season ticket sales in exchange for an immediate cash injection. This cash was used to pay an £18m debt owed to Lloyds TSB.
Ticketus is a part of Octopus Investments who operate a number of Venture Capital Trusts, such as Octopus VCT 3. The Chairman of Octopus VCT 3 plc is one Ray Greenshields, who is also a non-executive director of the Close Brothers Group.
According to rangerstaxcase, in October 2011 Rangers gave a fixed charge security over their assets to Close Brothers.
Phil Betts runs a company called Primary Asset Finance, who provide funding and refinancing to businesses. PAS' website is "sponsored" by State Securities, Davenham (now in administration) and Close Brothers.
PAF were involved in joint ventures in Countryliner Group Limited and LM Logistics (currently in administration) with Merchant Corporate Recovery plc, of which Craig Whyte was then a director. Betts was and remains a director of Merchant Turnaround plc. Both MCR and MT are under the umbrella of Merchant House with whom Whyte is still involved as a director of some of its subsidies.
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If the money indeed went to the parent company, and the parent company starts the new club, then they could well have those tickets?
I'd like to see them try to sell £600+ season tickets for 3rd division football, when the money isn't even going to the club..
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Think are just making it clear they have not loaned Rangers or Craig Whyte anything which is what is being reported, they have bought a portion of the Rangers season tickets for the next few years and whatever happens they still owns these and get the money from the sale of season books.
Shame they won't have any tickets for New **** FC then...
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Mr Whyte's versatile legal advisor..
Craig Whyte's advisor is a porn star
P.S. If anyone is bored at work, this is worth a scan.. My link (very SFW!)
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Can I just take a moment to say that this whole 'affair' is without doubt creating the best entertainment I've ever had on a football forum, ever.
May I raise my glass of Kia Ora, take a mouthful of popcorn and propose a toast...
To all my fellow diddies, from Aberdeen to Motherwell, via Kilmarnock and Dunfermline and all places in-between....
Please charge your glasses gentlemen.... I give you Rangers! God bless them and all who used to sail on them.
Cheers!0 -
Right. Posh wummin on talking devomax.
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Newsnight Scotland coverage about to start..
Maybe not...
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Mark Daly, the BBC investigator took from the Admin press conference that Craig Whyte's secured creditor status is being questioned by the administrators..
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Can someone help me with this.. the "missing 9 m in tax"
On Sky Sports News earlier, it was claimed Rangers said they had paid tax, until very recently.
Why wouldn't the Revenue have queried much earlier the non-payment of tax since Whyte took over? Can companies withhold tax for months on end? Do they have a year to settle up?
Skyline drifter lectured me on this in his inimitable way during the Dundee episode. They should be paid monthly, but I suppose you can stall them for quite a while like you can the Lecky...
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the ticketus money comes from hedge funds. there is no way they have been outmanouvered by whyte.
Looks like they cover themselves with one of those Credit Default Swap type of tool that fcuked the banks...
The specially created businesses will help improve short term cash flows for other companies, through a qualifying trade. Should there be any credit risk to the funds this will be protected using Credit Default Insurance.
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Absolutely. SHocking.
This puts the question I was asking better - what are Rangers spending all this money on?
Castle Grant
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My ideal scenario is Rangers get liquidated, Craig Whyte gets away with loads of loot including the 3 years season ticket money and leaves Rangers with nothing, then gets done for defrauding the HMRC, gets all his assets seized by the Crown, and gets a lengthy sentence in a Rangers minded prison.
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He appears to have hoodwinked ticketus for a start. What was it, four years of season ticket money and the company now stands to receive a nominal sum? It also now seems likely that he'll be in a position to buy Rangers' assets while clearing its debts. The cash he pays out for them will, to some degree, be covered by the money he's owed as Rangers' biggest creditor.
It appears one of Duff & Phelps' partners has been by his side from day one. I'm not saying he's "really, really" clever, but there appears to be clear evidence of a plan. And one, when you ignore the embarrassment and the boos of the teds who haven't given this serious thought, that's working.
Some Rangers fans will forever view them of the man who stripped them of their dignity, but many more will lay the blame at David Murray's door.
He's spent the last 20 years making money by buying businesses and bankrupting them. He should be good at it by now.
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After I've finished taking him to pieces.
He'd like this:
Hello hello, we want a CVA.
Hello hello, we don't know whit tae dae.
We're up to our knees in unpaid bills
Ignore them and we'll die…
For we are the bankrupt Billy Boys.
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Not looking to be a FunSucker here fellas but please...... read the WHOLE THREAD...... What Whyte has done today is going to BENEFIT Rangers in the long term
He, or more importantly his lawyers, have outwitted the cretins at HMRC who were looking to make an example of a football club and the way they circumvent tax law in this country. In adopting this shit or bust approach they have ended up with the distinct possibility of having to eat a shite sandwich.Rangers are not done. In whatever form you see it, they WILL be back.... The SPL cant have it any other way.... fact.
Now - I need to go take a shower - I feel dirty....
Is there any obligation on Whyte to ensure the survival of Rangers? It would seem to be the opposite of his track record. He's built his wealth by buying struggling companies, hiving off whatever assets he can, sometimes legally, and leaving the other creditors shafted and the business defunct. I don't see why this should progress any differently.
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HMRC have withdrawn their application, so it looks like Whyte has got his tame administrator.
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Nicked from onefinfalkirk...
Hello hello, we want a CVA.
Hello hello, we don't know whit tae dae.
We're up to our knees in unpaid bills
Ignore them and we'll die…
For we are the bankrupt Billy Boys.
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Big Rangers Administration/Liquidation Thread - All chat here!
in Celtic v Rangers, Rangers v Celtic
Posted
Craig Whyte's lawyers, Collyer Bristow, who have sent the administrators new information supposedly to do with the missing Ticketus dosh, may have been a bit naughty:
My link