forlanssister

Someone give a shout when they hear the fat lady actually singing I've grown immune to her clearing her throat.

If it truly works as good in practice as it does in theory then the SPL will have more incubators than Princess Royal Maternity Hospital !

1546: Chris McLaughlin, BBC Sport "SPL source tells me that Bill Miller has been given no assurances about possible sanctions for a newco #Rangers"

A Joint Statement from The Blue Knights consortium (consisting of Paul Murray, Paul Mackenzie, Douglas Park, Ian Hart, Scott Murdoch and Brian Kennedy). Following todayâ??s announcement from Duff and Phelps that Mr Bill Miller has been granted preferred bidder status to acquire the business and assets of Rangers Football Club, a spokesperson for the Blue Knights consortium commented as follows: â??â??Our primary interest since 14 February 2012, has been to ensure the survival of Rangers Football Club and to preserve its history and heritage without having to transfer the business and assets into a NEWCO structure. We strongly believe that we could have achieved this objective by a CVA arrangement which would have allowed Rangers Football Club to continue to trade in its present legal structure with a substantial refinancing being provided by the consortium. Indeed, until todayâ??s announcement, we had been making extremely good progress with our due diligence process having commenced , after being advised as recent as Saturday evening (28 April) that the quantum of our CVA offer was acceptable to Duff and Phelps. We believe that we have the best interests of Rangers Football Club at heart and our motives reflect a thorough understanding of the position that Rangers Football Club holds in Glasgow and indeed Scottish football. We believe that our bid was and remains the best bid for Rangers Football Club and its supporters. We were therefore surprised and disappointed to be informed earlier today that a preferred, non- exclusive bidder has been appointed which appears to entail the transfer of the assets and Rangers business into a NEWCO structure. Whilst we acknowledge that the acceptance of a NEWCO structure would be easier for Duff and Phelps to execute, we were not prepared to follow that course of action. We believe that the complexities of a NEWCO process should not be underestimated and the likely loss of European football for a minimum period of three years may carry longer term financial consequences to Rangers Football Club and its many supporters. Under our CVA proposed transaction, these issues could have been addressed more easily. Whilst we also acknowledge that the delivery of Craig Whyteâ??s shares created a degree of uncertainty, our frustration lies in the fact that it is only in recent days has this issue been seen as an impediment to overcome in enabling us to make an unconditional CVA offer to Duff and Phelps. Until the time of todayâ??s preferred bidder announcement, discussions were however on-going with Mr Whyte in this regard. With the end of the current season now very close, the current uncertainty and delay in resolving matters has to be urgently resolved as there are many key decisions that need to be made to ensure that the Club can plan properly for next season and beyond. Discussions also need to take place and satisfactorily conclude with the various footballing authorities in the knowledge of who the new owners of Rangers Football Club will be. Ultimately, we all share a common goal in ensuring that Rangers Football Club stays out of Liquidation and can once again become the great club that has existed since 1872â??â??. ENDS

They would have to satisfy the various charges held against these assets first before they can sell them.

Well he can certainly talk the talk, let's hope he can walk the walk.

The numbers 2 and 3 are notes in the statement 2. The Joint Administrators are yet to receive details of claims from these chargeholders. 3. The Joint Administrators are yet to review and adjudicate these claims. So it's not beyond the realms of possibility that unsecured creditors will receive absolutely zero return, (is that correct Bluedell?)

Less: Fixed Charge Holders The Rangers FC Group Limited 2 TBC Close Leasing Limited 3 (1,560,000) Scottish Sporting Council 3 (505,000) Premier Property Group Limited 2 TBC Bank of Scotland (Albion Road Finance) 2 TBC Kelvinside War Memorial Trust 2 TBC (2,065,000

Obviously, since they had the wit to get a fixed charge for a sum of roughly 6% of what Ticketus are owed!

It's a bit of a novelty and frankly rather weird when the source is revealed but the participants aren't!....

The fat lady still isn't singing, yet!

Worked out all hunky dory last time we did that!

Probably because it suits some peoples purpose for people to think that.

Think Close Leasing have first dibs.

It is indeed a tangled web the c*&t has weaved.....

I'm not convinced that isn't gratuitous alienation under Scots Law.

Since we've been writing down the initial cash lump sum at £1.4m per annum (iirc) does that mean JJB will be a creditor for the balance that has yet to be written down?

For a set fee yes, but a newco allows them to leave for free whether Whyte is involved or not.

First off, thanks for replying. Ever seen any other football administration where there was no massive reduction in staff? Ever seen an administrator whose virtually first act was to try and sign a player on a reputed £7k a week ? They are saying to the bidders "we can't give you Whytes' shares therefore we can't deliver a CVA, it's newco or nothing". If there is no CVA Rangers Football Club plc will be liquidated of that there is no doubt. For all the good it'll do they could be suing for £25 billion, we will run out of money in all probability just over a months time but absolutely long,long before October. I'd hazard a guess they'll get nearer to £0 than £25m, as for suing Whyte that's simply for effect and for no other reason. Pretty sure the creditors would lay claim to any monies recovered in any case. The newco strategy renders Ticketus (and every other creditor) basically irrelevant making taking Ticketus to court moot save for the lawyers who got big fat fees. Kenneth McLeod and Kevin Sykes were accountants who got involved with Craig Whyte they too were professionally obligated to do their job, try googling them to see what happened to them after they'd done Whytes' bidding. As for Collyer Bristow Gary Withey was a partner in the 200 odd year old blue stocking law firm of course that was before he did Whytes's bidding, you may detect a wee pattern developing here about what happens to the professional classes when they get involved with Craig Whyte. It is not their job to turn Rangers around that's one particular feather that won't be in their cap. In fact it was the business plan devised for Whyte by David "not involved" Grier a partner in Duff & Phelps that has brought us to where we are at today. Grier ergo MCR/Duff & Phelps have been involved in this from October 2010. When they said they Whytes' shares would not be an issue it was an out and out lie designed purely to kill time (worked a treat eh?) remember it was their partner David "not involved" Grier who designed and implemented the business plan in fact it would be no surprise whatsoever if it's revealed that Clark and Whitehouse worked on that plan too! Wonder what happened to the "mechanism" they were going to apply to separate Whyte and his shareholding. It's a lot more than a major stumbling block it's a deal killer pure and simple.

But not for free though eh ?

Can you post some clues as to how you came to that conclusion?

It relies on a bluff and the SPLs' lack of balls.

There has to be a cut of at least £10m in running expenses, they've just been playing for 25-50% per cent of their wages you think Miller will reimburse them for that, do you think they'll change employer and take a permanent wage cut or do you think they'll invoke their right to a free transfer.

It appears Club9 have jumped the gun by a few hours.

I know it's bizarre that those championing the newco scenario don't realise that the players are employed by Rangers Football Club plc and cannot be transferred to another employer without their explicit consent and I very much doubt if any of them would actually want to do that and I for one couldn't blame them.