Big Rangers Administration/Liquidation Thread - All chat here!

[thelegendthatis]

Worth a read http://www.scribd.com/doc/93212354/SFA-Rangers-Note-of-Reasons

Some relevant parts showing the decision to sell to Whyte was Murray's, despite advice and concerns from Martin Bain.

The IBC was not established as a response to the potential sale of themajority shareholding to Mr Craig Whyte. It was formed in responseto the potential sale of the major shareholding to any purchaser. The proposed purchase of the majority shareholding by Mr Craig Whytefell clearly within the remit of the IBC. The IBC comprised AlastairJohnston (Chairman of the Board of Directors), Martin Bain (Chief Operating Officer and Executive Director), Donald McIntyre (ExecutiveFinance Director) John McClelland (Non-Executive Director), and John Greig (Non- Executive Director).25.

That in the course of a number of meetings in 2010 and 2011 with MrCraig Whyte both as a committee and as individual directors, anddespite close questioning of Mr Craig Whyte and his adviser Mr GaryWithey, Solicitor, of Collyer Bristow, London, the IBC remainedentirely uninformed and uncertain of the financial and personalstanding matters with which they were concerned. Mr Craig Whytedisclosed little or no information. Financial models for working capitalrequirements prepared by the finance officers and accountants of Rangers FC were repeatedly disputed and rejected by Mr Craig Whyteand Mr Withey. Mr Craig Whyte produced his own working capitalprojections which were wholly at variance with those of Rangers FC.The IBC was very concerned that despite their making all relevant confidential financial data available under secure conditions for the examination and scrutiny of Mr Craig Whyte and his advisers in a process of due diligence in their purchase consideration, almost no advantage was taken of this facility and hardly any enquiry or scrutiny of the detailed and confidential financial information about Rangers FC was carried out by or on behalf of Mr Craig Whyte or any of his companies. This failure to carry out ordinary “due diligence” enquiries served to increase the substantial concern felt by the IBC for themotives, the genuineness, the financial viability and the propriety of the proposed purchase by Mr Craig Whyte.26.

That the concerns of some members of the IBC were exacerbated inevery respect upon the commissioning, by an external third party, of aprivate investigation into the business, financial and personalbackground of Mr Craig Whyte. In March 2010 a substantial anddetailed report was prepared by investigators for the purposes of thatthird party but a copy was provided to the Chief Operating Officer Mr Martin Bain. He was very concerned at the information it contained.

22

The report provided no explanation for the acquisition through any of his companies of any personal wealth by Mr Craig Whyte. The reportcontained no reference to Mr Craig Whyte having on 13 June 2000been disqualified for a period of seven years from being a director of any company, pursuant to the Company Directors’ Disqualification Act

1986.27.

That Mr Bain was extremely concerned about the standing andsuitability of Mr Craig Whyte and his motives in purchasing themajority shareholding in Rangers FC. Mr Bain enjoyed a close workingrelationship with Sir David Murray. He had been appointed by Sir David Murray to his present role. Knowing Sir David Murray’s personal and individual approach to business matters he was apprehensive about raising his concerns with him and considered that there might be personal repercussions. He took the view that once he “crossedthe line” there would be no way back. Nevertheless he considered that it was appropriate to meet with Sir David Murray privately to express and if necessary emphasise his concerns at the proposed saleof the MIHL shares to Mr Craig Whyte. He met with Sir David Murrayin March 2011. He set out at length the matters which had been explored in the IBC and directors personal meetings with Mr Whyte and the lack of information which had been obtained. He expressedconcern at the lack of transparency and the lack of due diligencebeing carried out both by and towards Mr Craig Whyte by Sir David Murray and the Murray Group. Mr Bain disclosed the contents of theinvestigation report into Mr Craig Whyte and provided Sir DavidMurray with a copy of the report.28.

That Sir David Murray explained to Mr Bain that he was underpressure from Lloyds to dispose of and realise his MIHL shareholdingin Rangers FC to Mr Craig Whyte, and that in view of his overall financial position he was left with almost no option but to sell his shares to Mr Craig Whyte.

Edited November 17, 2014 by thelegendthatis

[hellbhoy]

Yet there were a fair few on here that praised him for a piece he did around 2 years ago.

No Dave I do not think Lloyds TSB are going to admit to forcing the sale, I am sure you will put your faith in such an organisation when it fits.

For me the facts speak for themselves, MIM financial state at the time, alongside the bailout once the sale had been finalised, it does not really bother me if you are unwilling to accept this.

This is not a defence of Murray, I have been consistent in my criticism of the man.

Read the article without the blue tinted specs Tedi, the article states that if SDM didn't get rid of the club the bank wouldn't give SDM a loan to save his MIH empire.

Option 1, keep the club and lose everything.

Option 2, fcuk the club and get rid of it at any cost to secure funds to keep the rest of his empire financially stable.

Which option do you think SDM took Tedi ?

[hellbhoy]

Yes I agree it proves Murray was forced to sell, but then I have been saying this for days, it is great you finally got it though, definite progress.

Tedi, you claimed the bank was forcing him to sell, this is not the case is it ?

The fact from your exploding link is that even though he sold the club for the mandatory pound is that SDM himself would have given Whyte a pound to take the club of his hands.

SDM wasn't forced to sell the club, he NEEDED to SELL the CLUB or he would have lost it all. There is a huge difference between needing to sell and being forced to sell and SDM took easy option of just dumping the club to the first idiot who came along.

[hellbhoy]

Otherwise he was being forced, I also believe the bit about the bank threatening to pull the plug on everything unless he sold to Whyte.

SDM wasn't forced ffs, he needed to sell the club or lose everything.

[hellbhoy]

What part of

David wasn't in control of his own destiny

Are you not understanding?

Dear God,

SDM had a choice, see his empire collapse under his own directorship during the financial collapse or get rid of a part of his empire to save the rest,,,,,,, oh wait a minute Tedi your right all along. The financial collapse from the big banking crash forced SDM to sell the club for a pound,,, nasty bassas them bankers in London eh.

OK you now have the dirty bassas bang to rights for killing your club, all you need to do is find the cnuts that were in charge of all the banks all over the planet and then you can blame them in person personally for the demise of Rangers FC. You should get on the Rangers forums and forward this revelation that all the banks on the planet killed Rangers FC. Poor por SDM got shafted by the banks and not that he made bad investments and can be traced back to Gordon Brown famously quoting "no more boom and bust" and so we have now narrowed it down to the banks all of them and Gordon Brown as the culprits.

I mean SDM ran Rangers FC under a prudent financial mechanism didn't he ?

GORDON BROWN KILLED RANGERS. THANKS GORDON or should I say BROONIE ?

Here was all of us P&B sleuths blaming poor auld SDM for running the club badly and eventually the club keeled over and farted for the last time. We got that wrong didn't we.

[aofjays]

What part of

David wasn't in control of his own destiny

Are you not understanding?

You'd believe if Murray took a leap off a cliff it's not his fault if he dies at the bottom because he was forced to hit the ground.

[lodmoorhill]

I can understand that the bank wanted Murray to offload Rangers.

I can understand that Murray had to do it if he wanted to save other businesses.

I can understand why they were sold for a pound.

I can't understand, and I've seen no explanation, as to why it had to be to Whyte. If the bank wanted the club off their books, then surely it didn't give a flying f**k who it was sold to? It made no difference whatsoever.

Murray seems to have had more than enough information that Whyte was utterly unsuitable, but sold it to him anyway. As the free for all over the carcass of Rangers shows, there would have been others willing to chuck a pound at the club.

I wouldn't claim any other candidate would have been any better than Whyte, but it does appear that Whyte was the chosen one.

[hellbhoy]

I know.

I deliberately gave you a new signature because the one you already have makes my eyes bleed.

You fucked this up chump didn't ya

Update No1, Rangers FC were going to ruin SDM's empire so SDM ruined Rangers FC instead. Delicious reading Tedi.

[bennett]

I deliberately gave you a new signature because the one you already have makes my eyes bleed.

You fucked this up chump didn't ya

Update No1, Rangers FC were going to ruin SDM's empire so SDM ruined Rangers FC instead. Delicious reading Tedi.

And who could possibly argue with that post, a shitload of smilies cannot be argued with.

[No8.]

Works, until you add in the fact the £100M tax case meant there were no other buyers, just fraudsters.

^^^^^^^^^^^^^^ THIS^^^^^^^^^^^^^

[youngsy]

Rangers fans do nothing until it's way way too late and this is the mentality of the support at large, this is currently happening at the moment. The fans are doing nothing at all other than point and blame everyone else at the moment because they were so stupid they got sucked in by Chucky when everyone else was telling them they'll get shafted over, but Champs League music at Ibrox, Orange taps, stop thame getting ten in a row and blah blah hit the right note and you all rushed and threw money at the spivs and now you want to bleat like stupid sheep about how this could happen ?

tipoo edut

So seeing as you have so much to say, explain to us all all exactly what the Rangers support could have done when the administration started and when the process of liquidation was initiated and when the purchase of assets were guaranteed for Green, even when Kennedy and the Blue Knights put forward similar financial requests to purchase. Never mind swerving away from the question with your nonsense, try and give an answer that was relevant to that time knowing that we all know now that it was a carve up from the first day of admin. Floors all yours.

Edited November 17, 2014 by youngsy

[youngsy]

Works, until you add in the fact the £100M tax case meant there were no other buyers, just fraudsters.

100% Tedi, unfortunately the Rangers haters on here won't debate such a scenario even though within themselves they know it's correct.

[aDONisSheep]

Interesting theories, but of course Sir Minty Moonbeams himself has said he didn't have to do the deal.

In fact he said it twice in his duped statement (stop laughing).

Murray "But if we'd known of the Ticketus thing, we'd not have done the deal."

Murray "And if the information had been available to me at the time I wouldn't have done it[the deal]. I did it in good faith.

So many liars at the DeadRangers, who to believe

It's a mystery, wrapped in a riddle, inside an enigma.

AJ before the event = we love Lloyds

AJ after the event = It was Lloyds what did make us do it.

Davros after the event = I wasn't forced into it, I could have said no, but I was duped.

Personally, I think there is an element of truth to all of it (but also a lot of erse covering). Ultimately, Davros, AJ, Martin Bain et al ran the club poorly and left it badly exposed, and very weak.

Then Nookie came in, and the rest is.......... a right bloody good laugh

Yours

aDONis

Edited November 17, 2014 by aDONisSheep

[youngsy]

It's all falling into place now just like a lot of bears said it would. I think a lot of people if they are being honest would say that the Rangers must be punished retoric went too far and was way OTT.

Tried asking spiers about his claims that Rangers fans were paranoid over D&P being crooked, never got every far.

And yet Bennett you'll get the half witted on here who won't accept that, in fact some may even give you an irrelevant red dot, ffs.

[youngsy]

I'm surprised Murray managed to get away with the funding of his "share issue" for 50 million with a bank loan ... much worse than Whyte in my opinion.

So in your 'unbiased' opinion receiving a bank loan is far worse than fraudulent dealings amounting to thousands of people losing millions of pounds. Aye right you are.

[dave.j]

Do all of them still work for the club?

Johnston has criticised Whyte, himself, Murray and the Bank, he made those comments after he was no longer employed, there was zero financial incentive for him doing so.

No, most are no longer on the board. but they are majority shareholders in the club... The club has 50% share in Firhill Developments... They hold the other 50%.

Our fans were sold a line, the majority of the fans bought it, for fear of another Save The Jags. The land was going to "thistle minded individuals".

Now the property market is rising, there's talk of a 400 seater stand at the south end and a 1000 seater main stand replacing the existing one.

Did the bank ever send such a warning to those directors? Who knows. Just cause they said so, doesn't mean shit.

Regardless of what team you support, fans are mugs, we are the necessary interference. And those in brass buttons will feed us any old line to keep us quiet and keep us handing over the cash. As long as they get their champagne lunch every Saturday and extend their business network.

[youngsy]

If only someone had warned you lot.

So once again i'll ask; can you explain to us all exactly what the the Rangers support could have done to prevent this fraud which is amounting to a crime of massive proportions. Could we all have thrown in donations that may well have amounted to, let's say £10 million, put that sum forward to takeover the assets, whilst all the time the assets were always going elsewhere. You're the third person i've asked this question tonight, so let's hear your explanation of how the Rangers support would have overcome a criminal conspiracy of massive proportions.

[AberdeenBud]

Asking some questions would've been a fucking start.

[aDONisSheep]

Oo my go, my go!

Not trying to orchestrate boycotts against your primary bankers.

This is easy

Yours

aDONis

[youngsy]

Asking some questions would've been a fucking start.

Questions were asked by many, the support groups asked plenty at meetings they had but no matter how many questions were asked, irrespective of the answers, this fraudulent activity was already in place and was gathering momentum, the support could do nothing about it, not unless we were all fucking working undercover for the Serious Fraud Office. This was a serious fraud so do you seriously think that any football support, Rangers or otherwise could have stopped it. Behave yourself ffs and accept the full reality of it all.