Big Rangers Administration/Liquidation Thread - All chat here!

[Spain]

Just an inkling, but I think we might see another 'deadline' pushed back.

Surely not in this instance? It has been submitted, and all it takes is for one of the creditors to reject it after the "cooling off period". H&D can't just say "Naw, HMRC, don't give us your reply yet, we want you to have more clarity".

[lanky_ffc]

"Having initially scheduled to issue a CVA last week and again yesterday, Duff & Phelps last night blamed 'administrative alterations' for the delay - but insisted that Rangers could be out of administration by June 14."

Hmmm, more like the 12th of never.

[chico]

From what has been said the tax case money appears to be an integral part of any offered deal.

It's surely worth pointing out that they seem to be using the money they are receiving for Jelavic as part of the pot too (or if not, at least to cover running costs while putting out the CVA)...given that they still owe a creditor a huge lump sum and intend to offer them *p in the £ for that debt, it's hard to imagine Rapid Vienna viewing that very kindly. Guess that's how venture capitalism works though.

That should ensure a compliant to UEFA and possibly a ban from them?

I thought Whytey had trousered the jelavic money?

[Handsome_Devil]

You'll all have to excuse my ignorance on this one but do they have to publish the details of any CVA online for public viewing?

I don´t think they have to but they could obviously choose to do so. However, there are so many creditors I think the chance of details not leaking through the press is pretty slim.

[Cobardon]

Duff and Phelps to Announce New Deadline for Deadline

It has emerged that Rangers' Administrators Duff & Phelps have announced that there is to be a new deadline set to announce another deadline. Paul Clark of the firm said in a statement this morning 'Although the CVA has not yet been offered to creditors as planned, we are happy to report that we will be releasing a statement this Thursday, 31 May, which will set out a date when this will be pushed through. We can assure all Rangers supporters that all is on course for a successful conclusion and, all being well, we will announce the success of the agreement two weeks after this date.'

[lanky_ffc]

After wading through page upon page of banalities from Old Firm toadies my aching eyes came upon this shining nugget of information from 'thelegendthatis'. I'm reprinting it here for anyone who may, in error, have skipped by it....

that values being placed upon liabilities are not materially different from the proposal

There needs to be a full disclosure of liabilities. In relation to RFC, this is complicated by the EBT liability raised by HMRC, that has been defended by the club, and is presently subject to a decision by a first tier tribunal.

That's one of the key issues for me. Plenty of people have been saying that Ibrox is no use other than a football ground but what about Murray Park? Milngavie is a nice part of Glasgow. Surely that's a prime piece of real estate if flattened?

Edited May 29, 2012 by lanky_ffc

[Mark Connolly]

that values being placed upon liabilities are not materially different from the proposal

There needs to be a full disclosure of liabilities. In relation to RFC, this is complicated by the EBT liability raised by HMRC, that has been defended by the club, and is presently subject to a decision by a first tier tribunal.

That's one of the key issues for me. Plenty of people have been saying that Ibrox is no use other than a football ground but what about Murray Park? Milngavie is a nice part of Glasgow. Surely that's a prime piece of real estate if flattened?

It's part of the floodplain and on the green belt, so nae planning permission. It's worth f*ck all.

[hysterix]

The funds from litigation portion of this proposal should be enough to see it laughed off.

Absolutely - D&P are beyond parody now. Supposed professionals, operating under strict rules of accountability and protocol, and they are trying to persuade creditors that the outcome of a highly speculative lawsuit is as good as money in the bank. Priceless. D&P are presenting HMRC with the equivalent of a betting slip for a long-shot gamble and asking them to count it as cash. Worse than that, they are ignoring the fact that lawsuits, unlike betting slips, have a nasty habit of turning round and biting you in the bollocks - if you lose a bet, you lose your stake, but if you lose a lawsuit you end up with even more liabilities.

Add into that the irony of punting all your financial hopes on a court case that may or may not occur in October, while ignoring the fact that today's case at the Court of Session could trigger a chain of events that sees Rangers dead by Friday.

What sort of parallel universe do D&P inhabit?

[MarreZ]

Apart from Billy Dodds claims that he never had an EBT then he had one but the tax was deducted off it, surely HMRC will investigate the last part of his statement? If Rangers were claiming tax off players for the EBT's as Dodds claimed and obviously were not

paying any tax to the taxman its a huge financial scandal far bigger than the EBT's alone, and shows that Murray was doing the same as Whyte for years, taxing players and keeping it, which is worse than simple tax avoidance.

[thisal]

Everbody gets the rights to their own home games - therefore it is shared absolutely equally 50/50 - fair and square. Celtic v Killie then Killie v Celtic

You know the truth is that St Mirren v Killie is not going to sell independently pure and simple - that's your problem and you refuse to accept it.

Why is it the OF want the gate money to go exclusively to the home team. Yet when it comes to TV money they want that split*. They also want all their away games televised and not their home game, as this might impact on their attendances.

*When they say split they mean the bulk to them.

Edited May 29, 2012 by thisal

[Spain]

For those with the time, or who can be arsed, there are a number of CVAs online to look at to see how they are done.

Here is JJB & Blane Leisure's: Click

And here is the entire lot of notices, proposals etc for Oddbins from Deloitte: Click

[DensDerry80]

Dont panic!!!!

The CVA will fail, so many other fators to be worked out court cases etc, this truly is the beginning of the end.

keep calm and buy some more popcorn

[WaffenThinMint]

Anyone clock today's Herald? Two from Hugh "Deflect" McDonald guaranteed to make you boak:

Exclusive: SFA's grand plan is well advanced

Energised by the beating heart of Scottish football

Shoving aside the real story of the day regarding Rangers CVA fiasco with promises of ice cream and jelly tomorrow c/o the beaks.

"Pay no attention to the sequestrators behind the curtain! All is well in the Merry Old Land of Hampden!"

And oh, 20 in the pound when you couldn't even come up with £10 million to buy the club with? Yeah, sure.

Edited May 29, 2012 by WaffenThinMint

[Paramour]

1338276047[/url]' post='6282561']

So that rules out match fixing, bribery & surprisingly financial collusion.........so Souness received more than £30k in his EBT.....any ideas on what's "nuclear" about this ?

interesting

Could it perhaps be implied that this was a final payout figure, designed to be deposited after such a period of time that would be liable to investigation as an EBT? Is the red button perhaps a suggestion that EBTs have gone back a lot further than was previously thought? Or is it because of the Tugay transfer?

[Happy Buddie]

http://scotslawthoughts.wordpress.com/2012/05/29/billy-dodds-witness-for-the-prosecution-and-a-smoking-gun/

Today's contribution from Paul McConville.

A wee word to Billy : Son, when you're in a hole, stop digging. And if you have to keep digging, don't use two shovels.

[Chuckinho]

I am getting comfortable again after another deadline that has passed. The Popcorn is figuratively in hand and await the demise of this regime. Still could take ages.

[mps02]

I heard on Radio Scotland about 8.25am that H&D expect the CVA to be arounf 20p in the pound. Thats if they win all their legal cases.

Nae chance.

My birthday is on the 13th June, I was hoping for an execution on that date. Once again H&D p**s me off by their ever flexable deadlines.

[Bobby_F]

Absolutely - D&P are beyond parody now. Supposed professionals, operating under strict rules of accountability and protocol, and they are trying to persuade creditors that the outcome of a highly speculative lawsuit is as good as money in the bank. Priceless. D&P are presenting HMRC with the equivalent of a betting slip for a long-shot gamble and asking them to count it as cash. Worse than that, they are ignoring the fact that lawsuits, unlike betting slips, have a nasty habit of turning round and biting you in the bollocks - if you lose a bet, you lose your stake, but if you lose a lawsuit you end up with even more liabilities.

Add into that the irony of punting all your financial hopes on a court case that may or may not occur in October, while ignoring the fact that today's case at the Court of Session could trigger a chain of events that sees Rangers dead by Friday.

What sort of parallel universe do D&P inhabit?

Just one part of the compelling CVA published today.

Edited May 29, 2012 by Bobby_F

[Prychynenko]

With all the talk about former managers and bungs...

I wonder if there were ebt's paid to anyone related to wigan in 2006.

Also a certain Norwegian former rangers player did have an ebt but was it paid in the early 2000s when he was a player or much later (say 2008 ish) when he had a position at another club in his homeland where he authorised a rather large transfer from Scotland?

I always found it funny that the player promptly came back to Scotland only one year later for a price that was reported to be the same as the first transfer.

Edited May 29, 2012 by Prychynenko

[Ivo den Bieman]

someone is now tweeting that Deflect & Procrastination are "not in a position to make a p in the £ offer" but what is charitably described as their CVA proposal represents " the best offer to creditors".