Homer Thompson Posted May 3, 2012 Share Posted May 3, 2012 Anyone know what happens to the Newco if the creditors refuse the Oldco's CVA? WTM had a go earlier but, while I agree with his interpretation, it raises as many questions as it answers! True, but Ticketus might fancy paying £12M and leasing the facililties back to the Newco (for example....). They obviously dont, otherwise they would have made an offer already. I think, given that none of the creditors have made any noises about selling assets and none of them have petitioned to force D&P to do so, that we have to assume none of them are thinking along these lines. 0 Quote Link to comment Share on other sites More sharing options...
Squirrelhumper Posted May 3, 2012 Share Posted May 3, 2012 Either way, I'll never go to another Rangers game against us again. 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted May 3, 2012 Share Posted May 3, 2012 On the football club front, Oldco is finished despite the platitudes from Duff & Phelps. 1. So Newco doesn't have an SPL share and my understanding is it cannot be transfered to a company. 2. Doesn't have players and the current Oldco squad cannot be transfered. 3. Doesn't have any history as a football club. 4. Doesn't have audited account for European requirements. This is assuming Miller sticks around long enough after seeing the book's. I personally think he's just blew 500k. Even if this is possible (I have my doubts) nothing will be complete by kickoff next season and I fully expect the whole mess to get bogged down in litigation for years while Rangers fester. Happy Days!!!!!!! 1. Yes it can 2. Yes they can 3. Mute point. The fans will insist it does. As far as everyone else is concerned, its irrelevant 4. Correct. The newco wont be eligible for Europe for 3 years 0 Quote Link to comment Share on other sites More sharing options...
Herman Hessian Posted May 3, 2012 Share Posted May 3, 2012 there will be no whitewash at the Big Hoose - ohh - errr - actually there might be - f**k it - is there a lawyer in the house ? 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted May 3, 2012 Share Posted May 3, 2012 Ibrox 2013 0 Quote Link to comment Share on other sites More sharing options...
roverthemoon Posted May 3, 2012 Share Posted May 3, 2012 Right not that we finally have preferred bidder day out of the way, can anyone give me approximate dates for when we are likely to see SPL roll over and take it up the arse day? 0 Quote Link to comment Share on other sites More sharing options...
Chuckinho Posted May 3, 2012 Share Posted May 3, 2012 We have foreseen this in the last 744 pages but it still feels a wee bit surreal that Rangers may get away with this. What a clusterfuck 0 Quote Link to comment Share on other sites More sharing options...
)typically Posted May 3, 2012 Share Posted May 3, 2012 It seems nobody knows whether Mr Miller has paid the £500k exclusivity fee. My guess is probably not. 0 Quote Link to comment Share on other sites More sharing options...
kildog Posted May 3, 2012 Share Posted May 3, 2012 We have foreseen this in the last 744 pages but it still feels a wee bit surreal that Rangers may get away with this. What a clusterfuck In real life, the bad guys always win 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted May 3, 2012 Share Posted May 3, 2012 Right not that we finally have preferred bidder day out of the way, can anyone give me approximate dates for when we are likely to see SPL roll over and take it up the arse day? Depends how long it takes Chick and Billy to fluff up Uncle Bill's wanger, and Donkeymaster to lube up the board.. 0 Quote Link to comment Share on other sites More sharing options...
Hey! Ho! Jambo! Posted May 3, 2012 Share Posted May 3, 2012 1. Yes it can 2. Yes they can 3. Mute point. The fans will insist it does. As far as everyone else is concerned, its irrelevant 4. Correct. The newco wont be eligible for Europe for 3 years Point 1, can you elaborate? As far as I understand it, the Newco is a company, not a football club who cannot acquire the share. The share can only go to an existing club. The same person cannot own two qualifying clubs ala Old and Newco even so. On point 2, the SPFA have confirmed the contracts cannot be transfered, they are up for grabs to any other club. They can sign for who they like but might be thinking twice about signing for Govan FC. 0 Quote Link to comment Share on other sites More sharing options...
Musketeer Gripweed Posted May 3, 2012 Share Posted May 3, 2012 i know there are loads of dates/deadlines and shit doing the rounds, or have been for months. But something about a 28 day period cooling off period for a preferred bidder is in the back of my head. From today, that would be June 1st. Seems a bit too convenient to me for some reason. 0 Quote Link to comment Share on other sites More sharing options...
Hedgecutter Posted May 3, 2012 Share Posted May 3, 2012 Ibrox 2013 Uhh, uh. This is Ibrox 2013: 0 Quote Link to comment Share on other sites More sharing options...
THE KING Posted May 3, 2012 Share Posted May 3, 2012 All that has happened today is the new captain of FC titanic has been announced......with similar results to follow. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted May 3, 2012 Share Posted May 3, 2012 All that has happened today is the new captain of FC titanic has been announced......with similar results to follow. Yeah, keep the faith boys. They're still fcuked.. 0 Quote Link to comment Share on other sites More sharing options...
Baxter Parp Posted May 3, 2012 Share Posted May 3, 2012 3. Mute point. The fans will insist it does. As far as everyone else is concerned, its irrelevant "Moot" 0 Quote Link to comment Share on other sites More sharing options...
Herman Hessian Posted May 3, 2012 Share Posted May 3, 2012 1. Yes it can 2. Yes they can 3. Mute point. The fans will insist it does. As far as everyone else is concerned, its irrelevant 4. Correct. The newco wont be eligible for Europe for 3 years Point 1, can you elaborate? As far as I understand it, the Newco is a company, not a football club who cannot acquire the share. The share can only go to an existing club. The same person cannot own two qualifying clubs ala Old and Newco even so. On point 2, the SPFA have confirmed the contracts cannot be transfered, they are up for grabs to any other club. They can sign for who they like but might be thinking twice about signing for Govan FC. ...and on point 3: it's moot 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted May 3, 2012 Share Posted May 3, 2012 Point 1, can you elaborate? As far as I understand it, the Newco is a company, not a football club who cannot acquire the share. The share can only go to an existing club. The same person cannot own two qualifying clubs ala Old and Newco even so. The SPL share can be transferred at the discretion of the SPL board. Define "existing" though. If the newco can obtain SFA membership, they become a "club". There is no way in hell Miller would have gone forward with this plan if he wasnt able to transfer the SPL share On point 2, the SPFA have confirmed the contracts cannot be transfered, they are up for grabs to any other club. They can sign for who they like but might be thinking twice about signing for Govan FC. Ok, we're kind of into semantics here a little. You said they "couldnt" be transferred. They can be transferred. What the SPFA said is they didnt automatically transfer. Having said that, I believe the SPFA were talking, at the time, about a completely seperate newco. With Miller 'incubator' at force, I have no idea if TUPE rules would apply. Its possible they might 0 Quote Link to comment Share on other sites More sharing options...
THE KING Posted May 3, 2012 Share Posted May 3, 2012 Yeah, keep the faith boys. They're still fcuked.. Yeah all he has to do now is hope they win the tax cases ,overturn the ticketus deal and convince Craig whyte to hand over all his shares for pennies..... 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted May 3, 2012 Share Posted May 3, 2012 "Moot" ...and on point 3: it's moot Thanks for addressing the important points of the issue 0 Quote Link to comment Share on other sites More sharing options...
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