John James' latest article (the Grubby Compromise) has a letter, purportedly from UEFA and copied to the SFA and Celtic, which says that no action will be taken against the 'new club/company' because, having been formed in 2012, it was ineligible to play in UEFA competitions for 3 years.
At first I thought the Rangers fans would jump on the 'club/company' construct to say that this was different from 'the club'. I don't agree with that interpretation of 'club' but I can see that the fans are being consistent. But, in the same letter, it also says 'the club was not granted a license to participate in the 2012/3 UEFA club competitions'. Not the 'club/company' but the 'club'.
I'm not convinced that the letter isn't a fake, though. The salutation is blank (Dear....) as is the 'Your reference' line.
Still, just for the fun, let the wriggling begin.