Darthter

HMRC & Ticketus are the largest creditors - they will get the biggest payout of any CVA pot (which is looking like circa £11m). That will equate to a multi-million payout!!!

That would also be the same media that exposed the Ticketus deal, and the non-payment of PAYE etc!!! Under Miller's plan, the way I see it is that Creditors don't really have a choice in the matter. You take your share of £11m via a CVA or you liquidate, and get share of £11m. The reasons that HMRC haven't played ball so far is that they weren't willing to play with Whyte!!! Once in Administration, there needs to be an acceptable, confirmed bid/offer on the table - until yesterday that simply hadn't happened.

They WILL get their share....how much that share will equate to is another matter. The kinda flip side of that is, how much of a say will the "normal" creditors get is agreeing the CVA??? The decision will mostly be down to HMRC & Ticketus will it not??

My understanding is that HMRC are pissed @ Whyte. Reports over the past weeks/months indicate that HMRC will play ball with Rangers, providing that Whyte isn't running the show. Under Miller's plan, HMRC will receive some payment.....which is better than nothing. How would HMRC explain it if they refused a multi-million pound payout, and ended up with next to nothing - the Treasury wouldn't be too chuffed @ that. That is the possibly reality of the BK's bid. If the CVA failed, RFC would be liquidated, with Ibrox, MP etc being sold to anyone who makes an offer.

Why??? Via the BK's bid, the creditors could take the view that they would receive more cash by selling the assets ie. forced liquidation. With Mr Miller's bid, the current company has no assets, but £11m sitting in the bank for the creditors. If they force liquidation, they will still only get a cut of £11m - so nothing to gain.

That is most likely down to the structure of the BK's bid - they simply weren't offering enough to the creditors to make a CVA viable. The structure of Millers bid is completely different, and therefore the possibility of a CVA is very likely ie. there is no option to sell assets to raise more than the CVA offers - becase there are no assets to sell!!!

I don't believe the Euro ban, if it comes into play, will be a problem. As someone pointed out on another thread, we were playing in Europe (technically) this season - what did we get out of it??? I can't see the team being strengthened for the forthcoming season, especially if the SFA transfer embargo is upheld. Therefore IF we were in Europe, I couldn't see us doing too well. There's one season out of the 3 written of already. Then there are no guarantees that we'd do much in the other 2 season. I'm of the opinion that the break from Europe & the transfer embargo MAY work in our favour!!! It will allow Mr Miller (if ultimately successful) to do what he needs to do financially with out the distractions and added pressure of signing players & competing in Europe. As others have said, we need to be financially stable without ANY European money, the possible 3 year ban allows Mr Miller to do that!!!

The assets are only worth what someone is willing to pay!!!

right before the door smacks them on the arse!!!!

18 points currently separating the bottom 1/2 of the league. With a 10 point deduction, any one of them could have been relegated.

So....according to that the BK's consist of 5 guys (none named Mo), and Brian Kennedy - what happened to the 10 "big hitters"???? Also, they claim to have already started their due diligence process??? Can they even do that with any certainty??? Discussions STILL ongoing about various things inc. Craig Whytes shares.....yet they still acknowledge that time is of the essence!!! They had long enough to finialise their deal, and failed!!!

I believe RFC Plc own Ibrox, MP & Albion car park.....these can be sold by the Admins

Strong words from Mr Miller. From the way he's conducted himself so far, I don't believe them to be idle comments. He has built a highly successful business in the US...he hasn't done this by being reckless with his funds or beating about the bush. I feel his stewardship will take the club forward!!!!

I think she may have just put her tracksuit back on, and sat down!!!

85% of a company with circa £11m in the bank.....however I believe the Admins will still be in control of the PLC, so Whyte can't get his hands on the cash!!!

I think, only if his secured creditor status stands up to scrutiny.

but it'd be for charity!!! I promise to only use soft bricks!!!!

I would propose bricks....

yeah...another deadline - not had one for days!!! Fingers crossed all the same!!!

IT's a token gesture from the club to the fans.....why does there need to be any ulterior motive behind it. It'll probably all be forgotten about in next to no time, but it is a nice gesture all the same.

I will get behind anyone who moves the club forward - whether that be TBK's, Miller, Ng or even the mythical German bidders. The fact of the matter is that the club is on its knees, and the blade about to drop....we need SOMEONE to take control ASAP. At the moment, I am not concerned about them engaging the fans - that can be done later, but the club needs to be moved forward in any way possible!!!

{QUOTE]I’m simply ultra-suspicious of anyone who isn’t a Rangers fan who would take on the club once they had a look at the books.{/QUOTE] Wasn't Mr Whyte a Rangers "fan"??? I'm more sceptical of the BK's overall progress so far - after all the weeks of bidding etc, they still appear no nearer to completion!!! THAT to me is a major concern. Add to that their apparent lack of funding, all be it slightly alleviated with the inclusion of Kennedy, the BK's don't exactly fill me with any confidence.

I think the eventual merging of the companies is a nicety, not a requirement moving forward.

A clubs assets can be sold by the administrators without permission from the shareholder(s). That is what Miller is bidding for - it renders Whyte irrelevant!!! All the assets are bought by Miller's new company, leaving RFC Plc with a shed load of debt, and a shed load of cash in the bank. The CVA is offered to the creditors, if the reject, they Plc is liquidated and the money in the bank is split. If the CVA is agreed, Whyte would then own 83% of a company worth £0, no cash, no debt and no assets. Miller would then offer a nominal sum to purchase the Plc shares from Whyte (i'd offer 50p Tops). If accepted he can then merge the to companies back together. The RFC Group Ltd is still a solvent company!!!

Not if my understanding of the plan is correct. Miller buys the club assets lock, stock & barrel for his new company. The existing RFC Plc is now sitting with no re-sellable assets, but £11m in the bank. That £11m is offered to the creditors by way of a CVA. If the creditors don't accept, the company is liquidated and the £11m goes to the creditors anyway. As it stands while the club has sellable assets, creditors may view them as more valuable than the CVA offering.