Stefanovitch

The whole process is quite confusing I find. For example, if someone bids £11m for the club what does this £11m get them? Does the £11m secure the club and assets or does the £11m secure the club, assets and fund a CVA? If the big tax case goes against us and is included in a CVA do the creditors get less or does more have to be added to the pot? I ask because some compare a CVA to a trust deed where the trust deed is repaid over an agreed period (e.g. 3 years). The difference with a CVA is there would be an £11m up front payment. Does the club emerge from an agreed CVA and exit administration debt free or do we exit administration with a repayment plan which requires more than the initial £11m.

I heard TBK wanted Ticketud to pay the £500k as a guarantee that once a deal was agreed Ticketus wouldn't jump ship to another bid like Bill Ng. Which it appears they did for a period.

I agree mate. How can they punish us with rules that didn't exist before our insolvency event. It's a witch hunt!

So they will apply pressure to bidders but won't facilitate the removal of Whyte!

Miller bids £11.2m, Ng bids £12m, Kennedy around £10m and I don't know about TBK. Why haven't D&P secured the shares from Whyte?

Frankie via Twitter says Ng hasn't withdrawn bid - still with D&P

Ng withdraws bid according to BBC

Doesn't say he is out!

or McGregor with Naisy and Aluko having a good 5 months each.

I've went from one camp to the next with no real information on what any party plan to do (other than talk the talk). I now I don't care as long as liquidation is avoided.

So Mr Kennedy has upped his bid to £2?

Statement from Brian Kennedy: I confirm that today I have improved my offer to the Administrators substantially, with the objective of accelerating the choice of preferred bidder, preventing the possibility of a newco acquisition, and flushing out pretenders constipating the process. I await a response from the Administrators. I will not rest until I have stretched every sinew to breaking point in safeguarding the future of this Great Club. Brian Kennedy

He's taking the piss then. £1 for the creditors pot never going to be accepted.

You joking? Was that seriously his last offer?

Apologies should have put this in the "mix" thread.

From The Record BRIAN KENNEDY could this morning launch an 11th-hour bid to rescue Rangers from the brink of oblivion. Record Sport can reveal the Sale Sharks owner was preparing to make his move late last night at the end of another dramatic day in the ongoing takeover saga. Administrators Duff and Phelps had earlier told prospective owners Bill Miller and Bill Ng they had 72 hours to cut a deal or the club faces the prospect of liquidation. Kennedy, who withdrew from the bidding process last month, has become increasingly concerned about the plight of the crisis-hit club over the past few days after Paul Murray stepped back from the bidding process. His fears were heightened yesterday after the administrators laid it on the line to the two remaining bidders, American financier Miller and Singapore businessman Ng, that they had to do a deal by the end of the week â?? or else. If a deal canâ??t be cut then the nightmare scenario of liquidation would loom. Joint administrator Paul Clark said: â??We have made it clear to those involved that it is of paramount interest to the football club that a satisfactory deal be concluded without any further delay.â? And worryingly for Gers fans, Ng last night claimed he is still â??miles awayâ? from delivering a rescue package. Kennedy had previously given his backing to Murrayâ??s consortium and promised only to re-enter the race for control of the stricken club if the Blue Knights bid bit the dust. He told me earlier this week of his growing anxiety for the future of the club and said: â??With each day that passes without a solution being found a little bit of the football club is dying. This must not be allowed to continue.â? Kennedy was not available for comment last night but it is understood he is ready to re-engage with Duff and Phelps now Murray has stepped aside. The Edinburgh-born millionaire fears the club could be liquidated if it falls back into the wrong hands and is getting ready to reactivate his own salvage mission. Kennedy tendered one of five original bids but was eliminated from the running along with a mystery German rival â?? leaving Murray, Miller and Ng locked in a three-way battle to pick up the pieces left over from Craig Whyteâ??s catastrophic regime. But he could yet emerge as the front-runner if he returns to the table today. Meanwhile, it emerged yesterday Duff and Phelps are suing Whyteâ??s lawyers Collyer Bristow for £25m. The administrators allege Collyer Bristow breached its â??rights and obligationsâ? under the terms of Whyteâ??s takeover. And theyâ??ve accused the firm of â??professional negligence and a breach of fiduciary dutyâ?. The London-based legal firm deny the allegations. A spokesman said: â??It is our intention to contest all claims in the strongest possible terms.â?

Unwise to suggest he's got further £20m locked away for Rangers then when a deal is still to be struck with creditors.

£20m for creditors I assume.

He's already said he will. It will be very interesting to hear who they are nd also who the consortium members are. Didn't he mention his consortium includes ex players? Did he mean ex Gers players or ex footballers?

This just further backs up my thinking that funding was a problem for the blue knights. £500k seems a trivial amount in the grand scheme of things and if they had to go to Ticketus for that as well then I worry where we would have been post share issue when that money dried up. FF suggest the £500k was non refundable but not deducted from any future fee either which seems odd. Where did the £500k go if it wasn't a deposit? It also appears Ng negotiated a different deal with Ticketus on more favourable terms for the ticket company i.e. they get more back and quicker. I guess the next hurdles are securing Whyte's shares and agreeing a CVA with HMRC with the BTC verdict due in the very near future. If Ng fails to agree a CVA do the blue knights come back in? Isn't it the job of the administrators to secure the best deal for creditors? In which case if the blue knights were offered the chance to pay £500k to become preferred creditor is it safe to assume their deal was the best for creditors.

A gazillion years!

This would be my preference also.

I'm disappointed there is no Brian Kennedy option. Is he 100% out of the picture? Would his bid resurface if TBK fail?

There's a chap over on FF suggesting adidas could be the German bidder. He says he works for adidas in Germany and there were over 2800 emails sent and received last month to the domain @duffandphelps.com.

Adidas or Puma would be the obvious ones but is Mr Bean correct?