Gerspride conference, Sat 14 nov

[Bluedell 5,679]

Why is anything urgent, it has been stated our banking arrangements stand until Dec. 2010.

 

Are we happy that we would be unable to buy anyone during that time? What happens in Dec 2010? Are the bank going to pull the facility completely at that date? What happens if MIH collapses next month?

 

I don't think that we can sit back and be happy that we have banking facilities for the next 13 months.

[spanner 0]

The way it has been explained to me it is more media mischief than any great problem at this moment. If Rangers continue to service the debt there is no problem, the problems could arise if MIH's accounts reveal something that makes the bank take action against them and indirectly Rangers, if MIH are OK and can service their debts, the end result would have been much ado about nothing. I think SDM will have an interest in Rangers for a long time yet.

[maineflyer 0]

The way it has been explained to me it is more media mischief than any great problem at this moment. If Rangers continue to service the debt there is no problem, the problems could arise if MIH's accounts reveal something that makes the bank take action against them and indirectly Rangers, if MIH are OK and can service their debts, the end result would have been much ado about nothing. I think SDM will have an interest in Rangers for a long time yet.

 

That wiped the smile off my face and plunged me into a familiar despair. No offence but I sincerely hope you're wrong.

[Union City Blue 0]

The way it has been explained to me it is more media mischief than any great problem at this moment. If Rangers continue to service the debt there is no problem, the problems could arise if MIH's accounts reveal something that makes the bank take action against them and indirectly Rangers, if MIH are OK and can service their debts, the end result would have been much ado about nothing. I think SDM will have an interest in Rangers for a long time yet.

 

I don't think that's right.

 

Lloyds are inside Murray's property company, the same as they are Rangers. This means that the bank will have a very detailed & thorough understanding of the whole picture by now and they definitely won't need to wait for published accounts. I was going to elaborate but really, that says it all IMHO.

[Union City Blue 0]

On the contrary UCB, you need to be laying out what it is you are asking fans to unite around. Let's see the shape of the alternative strategies being considered - then we'll let you know what we think of them.

 

 

That's fair comment.

[spanner 0]

I don't think that's right.

 

Lloyds are inside Murray's property company, the same as they are Rangers. This means that the bank will have a very detailed & thorough understanding of the whole picture by now and they definitely won't need to wait for published accounts. I was going to elaborate but really, that says it all IMHO.

 

The bank as far as I know are a long way from having a detailed understanding, MIH's property arm have assets or they may turn out to be millstones, depends from what I have been told how the leases or purchases are framed for tax breaks, development grants, EU monies all sorts of financial things way above my head. What I do know is that no one at the banks or anywhere else is underestimating SDM, love him or loath him he is no ones fool and a lot sharper than most. The white knight is most probably sitting in Charlotte square.

 

Just a thought, what if it was SDM who broached the subject of administration.

Edited November 17, 2009 by spanner

[Bluedell 5,679]

The way it has been explained to me it is more media mischief than any great problem at this moment. If Rangers continue to service the debt there is no problem, the problems could arise if MIH's accounts reveal something that makes the bank take action against them and indirectly Rangers, if MIH are OK and can service their debts, the end result would have been much ado about nothing. I think SDM will have an interest in Rangers for a long time yet.

 

 

The bottom line is that MIH are obviously not OK, which has prompted the bank's actions and has to where we are now.

[Bluedell 5,679]

The bank as far as I know are a long way from having a detailed understanding, MIH's property arm have assets or they may turn out to be millstones, depends from what I have been told how the leases or purchases are framed for tax breaks, development grants, EU monies all sorts of financial things way above my head. What I do know is that no one at the banks or anywhere else is underestimating SDM, love him or loath him he is no ones fool and a lot sharper than most. The white knight is most probably sitting in Charlotte square.

 

Just a thought, what if it was SDM who broached the subject of administration.

 

I don't believe that the bank don't have a detailed understanding of the situation. It's not that difficult.

 

MIH must have defaulted on loan repayments during the year as it was impossible for them to do otherwise without some major debrt rescheduling which the bank would not have been in a position to do.

 

Murray may have approached the subject of administration because, as a director of the group, he had a responsibility to ensure that it was not trading illegally and therefore had to address the subject of the group defaulting its loans.

[spanner 0]

Bluedell, your take on matters as are all of ours, are in the main supposition. What I do know is that no one has defaulted on anything yet. Again as has been explained to me, Donald Muir is an invitee to the Rangers board at the behest of SDM, the bank cannot impose directors on companies that are solvent and trading within their remit. To impose anything would be the job of an appointed official administrator. To all intents and purposes it appears that SDM has got one of the best company doctors around free of charge, also a bogeyman for the fans to concentrate on, as this time around it would not be SDM who is advising or making the necessary financial cuts, it would be seen as the bank protecting its interests, as previously said SDM is no ones fool.

[Bluedell 5,679]

Bluedell, your take on matters as are all of ours, are in the main supposition. What I do know is that no one has defaulted on anything yet. Again as has been explained to me, Donald Muir is an invitee to the Rangers board at the behest of SDM, the bank cannot impose directors on companies that are solvent and trading within their remit. To impose anything would be the job of an appointed official administrator. To all intents and purposes it appears that SDM has got one of the best company doctors around free of charge, also a bogeyman for the fans to concentrate on, as this time around it would not be SDM who is advising or making the necessary financial cuts, it would be seen as the bank protecting its interests, as previously said SDM is no ones fool.

 

MIH have to repay loans of over �£400m in the current year according to their 2008 accounts. Not supposition, but fact.

 

MIH do not have �£400m to repay these loans. Again fact.

 

I'd be interested to know how MIH have therefore not defaulted in loan repayments as you have stated.

 

The bank had withdrawn the credit facility, which was confirmed by Rangers chairman in a recent interview. Fact therefore and not supposition.

 

As Rangers did not have a credit facility the bank CAN say that they will not renew the facility unless they have a representative appointed to the Board. That again is fact, and your comment that a bank cannot impose a director is not looking at it from a realistic viewpoint.

 

I agree that I cannot say for sure that Muir is a bank appointee, but when Walter Smith comes out and says that the bank are running the club then it is more than mere supposition.