Spain Posted May 30, 2012 Share Posted May 30, 2012 Just realised the SPL Board meeting about dual contracts, going on now, could be about whether they've received all the info they demanded from Duffman. The deadline issued last week was for about now, and sanctions were promised if they didn't comply. Could be more juicy nuggets coming out today.. 0 Quote Link to comment Share on other sites More sharing options...
djchapsticks Posted May 30, 2012 Share Posted May 30, 2012 CVA pot is 8.5 million. Cammy, CVA plus administrators fees is 11.7 million. CVA plus admin plus liquidation is 17.9 million. Neither gives any money back to unsecured (or indeed any) creditors. That's why a CVA isn't going to happen. 0 Quote Link to comment Share on other sites More sharing options...
Drooper Posted May 30, 2012 Share Posted May 30, 2012 who will you follow follow when your cheating club dies? Im still hopeful they will not. Third Lanark it is, then. 0 Quote Link to comment Share on other sites More sharing options...
Happy Buddie Posted May 30, 2012 Share Posted May 30, 2012 I cant remember the exact wording, but was it not something like receiving "assurances" from the SPL and SFA that Rangers could continue to play in the SPL? But what impact would it have on the newco? Presumably none. In the event of the oldco being liquidated, what happens to the newco? At the time of Millers 'incubator' scheme there was talk of the oldco owning the shares of the newco and other stuff. I dont think we ever really go to the bottom of what all that meant. Man alive! I've been reading on here, RTC etc today and at one point the penny seemed to drop, I had a wee surge of adrenalin (and nearly a semi) when I realised that the tipping point has been reached, the tide which was turning is now a tsunami and RFC are about to be swept away in the flow, they now have (apparently) a good proportion on the SPL chairs against them, and probably UEFA, and FIFA as well as a huge number of internet bampots ( that's you and me, pals) Naebody likes us (correct) We don't care (we care about the integrity of Scottish football) We arra peepul (sorry, that's "we werra peepul") 0 Quote Link to comment Share on other sites More sharing options...
Spain Posted May 30, 2012 Share Posted May 30, 2012 In all of this, can I just say... Thank f**k somethings happening at last. The last couple of weeks had been pretty uneventful until now, this week at least has been a revelation. 0 Quote Link to comment Share on other sites More sharing options...
forzamorton Posted May 30, 2012 Share Posted May 30, 2012 Had an absolutely killer comment from one of my 'Bigot Brother' friends today. " We will never die, the queen supports us." This picture game to mind when he said it; 0 Quote Link to comment Share on other sites More sharing options...
)typically Posted May 30, 2012 Share Posted May 30, 2012 (edited) CVA pot is 8.5 million. Cammy, CVA plus administrators fees is 11.7 million. CVA plus admin plus liquidation is 17.9 million. Neither gives any money back to unsecured (or indeed any) creditors. That's why a CVA isn't going to happen. One of these events must happen though (either CVA or Liquidation) and according to the link in my previous post the CVA would provide something, albeit not much. Where as you rightly say liquidation would provide nothing to creditors. My link Edited May 30, 2012 by Cammy35 0 Quote Link to comment Share on other sites More sharing options...
Pull My Strings Posted May 30, 2012 Share Posted May 30, 2012 But what impact would it have on the newco? Presumably none. In the event of the oldco being liquidated, what happens to the newco? At the time of Millers 'incubator' scheme there was talk of the oldco owning the shares of the newco and other stuff. I dont think we ever really go to the bottom of what all that meant. No, indeed. You would expect there to be a hangover from the oldco in terms of sporting sanctions but legally the two are completely unrelated. 0 Quote Link to comment Share on other sites More sharing options...
Monkmyster Posted May 30, 2012 Share Posted May 30, 2012 Even when they die, rangers fans will still be hopeful! 0 Quote Link to comment Share on other sites More sharing options...
Pull My Strings Posted May 30, 2012 Share Posted May 30, 2012 CVA pot is 8.5 million. Cammy, CVA plus administrators fees is 11.7 million. CVA plus admin plus liquidation is 17.9 million. Neither gives any money back to unsecured (or indeed any) creditors. That's why a CVA isn't going to happen. Pardon? Surely the scenario here is CVA or liquidation, it won't be both (not unless a CVA is agreed and then defaulted upon). 0 Quote Link to comment Share on other sites More sharing options...
chrismcarab Posted May 30, 2012 Share Posted May 30, 2012 (edited) 300 pages til they die and the best thread ever closes, please make this come true..... ETA: Dammit, knew that would happen....page changed Edited May 30, 2012 by chrismcarab 0 Quote Link to comment Share on other sites More sharing options...
stonedsailor Posted May 30, 2012 Share Posted May 30, 2012 One of these events must happen though (either CVA or Liquidation) and according to the link in my previous post the CVA would provide something, albeit not much. Where as you rightly say liquidation would provide nothing to creditors. My link CVA wont happen because Green is just about to do walking away. 0 Quote Link to comment Share on other sites More sharing options...
Spain Posted May 30, 2012 Share Posted May 30, 2012 (edited) Pardon? Surely the scenario here is CVA or liquidation, it won't be both (not unless a CVA is agreed and then defaulted upon). He means D&P's bill for compiling and overseeing the CVA proposal etc even if it fails. Edited May 30, 2012 by Spain 0 Quote Link to comment Share on other sites More sharing options...
Jim McLean's Ghost Posted May 30, 2012 Share Posted May 30, 2012 Tee hee http://www.accountan...gbp179m-rangers What nonsense. you would have thought someone on accountancy age might be able to get their head around a balance sheet. If Rangers exit admin through a CVA the total admin costs are £5.5M If Rangers exit admin via a newco a liquidator is needed then total costs are £6.2M If Rangers liquidate and don't newco admin costs are still £6.2M These are 3 separate possibilities, not amounts to be added together. The administrators outlined 3 scenarios to show creditors that the CVA was the best deal and that selling assets to Green for £5.5M for a newco still gets creditors a better return than just liquidating. 0 Quote Link to comment Share on other sites More sharing options...
monrovianmonk Posted May 30, 2012 Share Posted May 30, 2012 Something horrible just occurred to me. There is nothing to stop Rangers starting next season in administration with a 10 point penalty then a few months in liquidating and forming a newco. It would take an awful lot of balls to not allow the newco to pick up from the oldco. Surely this isn't possible? 0 Quote Link to comment Share on other sites More sharing options...
Pull My Strings Posted May 30, 2012 Share Posted May 30, 2012 He means D&P's bill for compiling and overseeing the CVA proposals etc even if it fails. I have my doubts as to whether these figures are entirely accurate. 0 Quote Link to comment Share on other sites More sharing options...
jakedee Posted May 30, 2012 Share Posted May 30, 2012 If as stated in the CVA that creditors cannot chase further debt after the CVA is accepted will that void TBC,or is this another reason for HMRC to tell them to GTF ? 0 Quote Link to comment Share on other sites More sharing options...
BigRubberFist Posted May 30, 2012 Share Posted May 30, 2012 300 pages til they die and the best thread ever closes, please make this come true..... ETA: Dammit, knew that would happen....page changed We must ensure every effort is made to make p.1690 happen on the 12th of July. It could herald an evolutionary leap step forward at the Big Hoose. Either that or it's one of the harbingers of the apocalypse.... 0 Quote Link to comment Share on other sites More sharing options...
Jim McLean's Ghost Posted May 30, 2012 Share Posted May 30, 2012 If as stated in the CVA that creditors cannot chase further debt after the CVA is accepted will that void TBC,or is this another reason for HMRC to tell them to GTF ? Once a CVA is agreed all debts accrued to that point are paid by the CVA. If Rangers lose their appeal then the BTC is paid from the CVA fund and Rangers are in the clear but it doesn't void the case or debt, it just means HMRC get more of the CVA pot. 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted May 30, 2012 Share Posted May 30, 2012 Something horrible just occurred to me. There is nothing to stop Rangers starting next season in administration with a 10 point penalty then a few months in liquidating and forming a newco. It would take an awful lot of balls to not allow the newco to pick up from the oldco. Surely this isn't possible? Its entirely possible, albeit I think they start with more than -10 after todays vote. However, you would hope, they would be punished enough to make this scenario unattractive If as stated in the CVA that creditors cannot chase further debt after the CVA is accepted will that void TBC,or is this another reason for HMRC to tell them to GTF ? The BTC is included in the CVA. No-one will know what the p in the £ settlement figure is until this, and the court case against Collyer Bristow, are resolved. 0 Quote Link to comment Share on other sites More sharing options...
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