Big Rangers Administration/Liquidation Thread - All chat here!

[calum_gers]

It will be around £3.2m, how the fcuk you work when you're sleeping I don't know.

I haven't once suggested they have, nor suggested the £4million figure was credible.

[welshbairn]

More twee than tweet.

How dare you. A Journalist of the first rank:

Cara Sulieman ‏@carasuliemanI like Binky and Jamie. The rest of them can stuff off. #madeinchelsea

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20hCara Sulieman ‏@carasuliemanThere should be a law which makes it illegal for men to go around barechested unless there's something worth looking at. Euch.

Decision expected at 3.30

[Thistle_do_nicely]

Give it 5 pages, and No.8 will be back to the "Rangers not being allowed to sign players over 18 is ageist and discriminatory!"

Despite it having now been made clear that employing players over 18 is fine, but playing them in matches is not.

It's admirable. Not quite as dedicated as Captain Sensible's Big Flowchart of Trolling ("Is the poster a Rangers/Celtic fan? ---> PROFITEERING FROM SECTARIANISM/MANCHESTER/NEIL LENNON IS A BAWBAG". Is the poster a Dundee/Motherwell/Livi fan? ----> ADMINISTRATION CHEATS! Is the poster a St Johnstone fan? -----> PERTH FERMERS/FAKE SAINTS! etc. etc.) but impressive nonetheless.

[bennett]

So whats happening today in the wacky world of all things Rangers?

[ayrmad]

CVA: http://www.rangers.c...5~177097,00.pdf

FFS, Dumb n Dumber charge like the Gordon Highlanders.

£3.9m for twiddling your thumbs and humming and hawwing.

[Drooper]

4.20 The Offer Letter is confidential between Sevco and the Company, but the principal terms are as follows:

4.20.1 In addition to the £200,000 referred to in Paragraph 4.19, Sevco agrees to advance to the Company the sum of £8,300,000;

4.20.2 £8,300,000 will be available for draw down by the Company no later than 31 July 2012, but only once certain conditions (the ―Conditions‖) are satisfied;

[Homer Thompson]

CVA: http://www.rangers.co.uk/staticFiles/c9/b3/0,,5~177097,00.pdf

Oh man, we're going to be here all day picking this one apart

Highlights just from the first few pages - Greens money is a loan, to be repaid by 2020. One of the conditions of his CVA bid is

all consents or other requirements of the SPL and SFA having been obtained or complied with so that Rangers Football Club can continue to participate in such domestic leagues and competitions as it currently participates in.

[ayrmad]

I haven't once suggested they have, nor suggested the £4million figure was credible.

Nearly bang on.

Who the fcuk are SEVCO?

Not so Green's company I take it, £5.5m if not through CVA.

Edited May 29, 2012 by ayrmad

[Araminta Moonbeam QC]

I note that the BTC is listed under creditors but amount TBC. So how do they decide on the 75%/25% rule on voting down the CVA?

Worst. CVA. Proposal. Ever.

[monrovianmonk]

So unless I have not read it properly the CVA proposal does not make any offer to creditors of a penny in the pound deal

"6.3 The quantum of the Dividend is currently unknown, pending determination of the CVA Trading

Costs, High Court Proceedings and the EBT Case, amongst other things."

How can anyone agree to this?:

[Araminta Moonbeam QC]

Hughie's proposed loan is conditional upon them retaining a licence to play in the SPL?

[bennett]

So unless I have not read it properly the CVA proposal does not make any offer to creditors of a penny in the pound deal

"6.3 The quantum of the Dividend is currently unknown, pending determination of the CVA Trading

Costs, High Court Proceedings and the EBT Case, amongst other things."

How can anyone agree to this?:

They are not meant to, the duffers are going for liquidation then a newco.

simples.

[ayrmad]

http://www.companiesintheuk.co.uk/ltd/sevco-5088

[Claymores]

CVA: http://www.rangers.c...5~177097,00.pdf

The accompanying release even acknowleges it is a CVA which might be added to by the Collier-Bristow Case, but which also could by diluted by the BTC................in other words, a moving-target. How could this possibly be agreed??????

Duff and Phelps, the Administrators of Rangers Football Club, will today publish their proposal for a Company Voluntary Arrangement.

A formal notice of the CVA meetings is being sent to all creditors and shareholders of the Club providing further details of the CVA process.

Paul Clark, Joint Administrator, said: "This proposal offers the best return for all stakeholders given the position the Club is in. If approved by the creditors, the CVA proposal will rescue the Club and finally enable the Company to exit Administration.

"Since our appointment, it has been our principal objective to propose a CVA, which is the preferred solution to what has been a catastrophic period for the Club. That view is shared by everyone with Rangers' interests, and those of Scottish football, at heart.

"For some time, the prospect of presenting a CVA proposal with a realistic chance of success appeared remote however, we are delighted now to put forward a solution which we think will take things forward as originally envisaged.

"We should remember there are many stakeholders who have suffered financial losses as a result of Rangers being placed into Administration. Regrettably, there is no solution available that allows these parties to recover their losses in full.

"However, after a very intensive bidding process for the Club we can now say that the offer being put forward as part of the CVA is the best solution available to creditors and we hope they will approve the proposal.

"Having issued the proposal, it is now a matter for the creditors to consider what is on offer and it is their decision entirely as to whether the terms of the CVA are acceptable."

Charles Green, who is leading a consortium to purchase Rangers, said: "Today is an extremely important milestone for Rangers to begin the journey back to where the Club belongs - as a leading sporting institution that can hold its head high both on the field and off it.

"I have great sympathy with creditors, particularly small local businesses in the community around Ibrox, who have suffered in the lead up to Administration. However, I fervently hope that creditors will form the view that the best interests of everyone will be served by Rangers continuing as the successful Club it is and recovering as a business in the forthcoming seasons.

"The consortium I am leading can only do so much to heal the wounds of the past, but we can do something about the future and that is where our main focus must lie. I hope creditors will approve this proposal and we can begin the task of rebuilding Rangers in earnest."

The CVA proposal will be published on the club's website today with notification of the statutory meetings of creditors and shareholders being sent to approximately 400 trade creditors, over 6,000 fans holding debentures and all shareholders within the Club.

The overall amount of money being made available for the CVA pot from the Green consortium is £8.5million. The Administrators intend to make a distribution to creditors as soon as they can should the CVA proposal be approved.

The overall costs of the administration process will be deducted from the funds available. All costs and charges incurred in the administration and the CVA are proper expenses at levels which are in keeping with best practice guidelines set by insolvency practitioners' regulatory bodies. All of the Administrators' own costs are subject to approval by creditors.

The final amount available to creditors could be in excess of £25 million, depending on the outcome of litigation. The precise amount will not be known for some months.

At this stage, there are two outstanding issues that will have an affect on the quantum of funds which can be distributed to creditors.

The first matter is litigation brought by the Administrators against the former lawyers for Rangers, Collyer Bristow. Should that be successful, further funds will be made available to creditors.

The second is the outcome of the HMRC first tier tax tribunal. Should the tribunal find against Rangers that will increase the quantum of HMRC's claim on funds available to creditors, thus diluting the settlement available for all other creditors.

The proposal will be considered at a meeting of creditors to be held at Ibrox on June 14.

The Administrators will, immediately after that creditors' meeting, convene a meeting of shareholders who will be asked to formally endorse the outcome of the creditors' meeting.

The shareholder meeting is a formality under insolvency legislation and will deal only with a single resolution on whether the shareholders endorse the outcome of the creditors' meeting. Charles Green's consortium, which should by then have an 85% shareholding in the Club, will vote in favour should the CVA proposal be approved by creditors.

Ibrox debenture holders can only attend and vote as creditors at the creditors' meeting on June 14 if they surrender their debenture. Should they wish to do so, they will be able to apply to attend the creditors' meeting and further details will be provided to all debenture holders.

Should the CVA proposal be approved, there then follows a 28-day period during which certain interested parties can make application to the Court for the CVA decision to be reviewed. Once that period has elapsed the Administrators will make immediate plans to conclude their involvement and the Club will exit Administration.

Duff & Phelps will continue to fulfil a role as the Supervisors of the CVA in attempting to maximise the level of return to creditors from the on-going litigation against Collyer Bristow.

[BigBadSaint]

Ahh come on.....I've only been working one morning and we've galloped on 14 pages that's 350 posts (700 if you use Charles Green's calculator)

From D&P April reportThe Joint Administrators time costs for the period 14 February 2012 up to and including 31 March 2012 totals £1,199,356.

So for a further 2 months work we must be in the £3 million region

So the £8.5 million pot becomes barely over £5 million

Cash at Bank

9.8 As at the Appointment Date, the Company had cash at bank of £3,373,170 which was held at Bank of Scotland plc. These funds have now been transferred to the Administration bank account to assist in funding the ongoing trading operations. [/quote]

So they had 2/3rds of the money they're offering at day 1 - well played Haudit and Daudit...done the creditors proud

Edited May 29, 2012 by BigBadSaint

[bennett]

So unless I have not read it properly the CVA proposal does not make any offer to creditors of a penny in the pound deal

"6.3 The quantum of the Dividend is currently unknown, pending determination of the CVA Trading

Costs, High Court Proceedings and the EBT Case, amongst other things."

How can anyone agree to this?:

They are not meant to, the duffers are going for liquidation then a newco.

simples.

[Pull My Strings]

You are aware that these are 'chums' of Craig Whyte and rules are there to bent out of shape if not entirely broken?

These 'professionals' assure us that they had no knowledge of the ticketus money being the only money used to fund CW purchase of RFC since legally speaking it was only purchased for £1 from Sir Minty. The ticketus money was 'working capital' and went to pay of the Lloyds TSB debt (and ahem .. technically they were not the owners).

But they knew damn well no other monies had been lodged in any account for the use of RFC as 'working capital' .... but they had sight of a 'letter' so that was ok.

So CW 'hires' D&P mainly to try and shred any incriminating evidence that may be lurking and get the best deal for himself and his chums can make a few quid to boot.

What makes me laugh is that Rangers fans handed over a 'fighting fund' to this bunch of shysters thinking they are on the level. I mean Craig Whyte insisting on their appointment was clue no1.

They have zero interest in the club other than what they can milk out of the dead body and protect their own asses !!!!

This is just ill-informed, rambling nonsense.

[LiamDFC]

CVA: http://www.rangers.c...5~177097,00.pdf

Thanks for this. Wonder how long before this is thrown back at them? Not the most concise document I've ever flicked through.

[Claymores]

H&D say of the CVA:

"The final amount available to creditors could be in excess of £25 million, depending on the outcome of litigation. The precise amount will not be known for some months"

Surely then creditors shouldn't be compelled to accept or decline it until these things are known and Administration should just be ongoing until then.

[Araminta Moonbeam QC]

If the CVA fails, then Sevco are contractually obliged to but the assets for £5.5m. Good luck enforcing that clause.

The liquidators might have a bit to say about it (and it won't be the Chuckle Bros).