Bluedell 5,627 Posted December 4, 2009 Share Posted December 4, 2009 I'm surprised that he was surprised to find that the club was at risk. The financial situation at the club was well documented. However it's good that some realism over fan numbers is there. That, to me, is the most promising bit of the article. Other than that I didn't learn a lot, but look forward to hearing the detailed proposals when they emerge. 0 Quote Link to post Share on other sites More sharing options...
maineflyer 0 Posted December 4, 2009 Share Posted December 4, 2009 It is looking like more than ever, that Murray realised that his debts were in fact his strength in the present financial climate. He appears to still relatively unscathed despite various rumours and statements from sources close to, all in all I would suggest he is holding all of the aces. There is a distinct flavour of Walter Mitty to the Duffy saga, ably assisted by sportcasters in reporting such, I would say it was amateurish, but it does not appear up to that standard. Murray saying he is willing to sell and actually selling, could be two entirely different stories and part of his strategy to put leverage on the bank, the bank have a huge financial problem. Murray may in the scheme of things to use a saying I have seen here, Be the only game in town. Wabashcannonball, right now I'm closer to your interpretation of events than most others I've read. This idea being floated by Graham Duffy is an easy sell, particularly for journalists like Darryl King (BarryBaldy?) and others who benefit from the assumption there's a real game in the air. Personally, I find it more realistic to view the complete lack of substance as the most reliable guide to what will come of this. Your Walter Mitty comment may not be far from the truth but time will certainly tell a lot about the players making the most noise at the moment. I also mentioned in the thread about Murray's most recent statement that he still seems to be the man with the plan, much as that will pour water on a number of arpirations. More importantly, Murray may also be the one player who is happiest with the slowest progress. I can't help thinking this has a long way to run yet and the catalyst for a deal hasn't even appeared on the scene yet. 0 Quote Link to post Share on other sites More sharing options...
OnlyOneAmoruso 0 Posted December 4, 2009 Author Share Posted December 4, 2009 From the Herald Business section for your perusal Bluedell Simon Bain 0 commentsPublished on 4 Dec 2009 Graham Duffy is the US-based property investor who is offering to lead a fan-based buy-out of Rangers Football Club. In 2001, The Herald revealed how Duffy and his family were bankrupted and evicted from their home after being sequestrated by the Clydesdale Bank. Eight years on, in an exclusive interview with Simon Bain, Duffy answers the questions surrounding his mysterious business empire. Q. Fans are asking ‘where have you made your money’, and why they can’t find any information on the internet about your Bahamas company or your major developments. A. Just as it was a very public affair when I initially lost my wealth, it is now becoming a public affair as to how I regained it. I was aware that there was a severe financial correction on the horizon in 2006 and at that time decided to move my personal and professional interests, divest of property and leave the UK. I strategically moved my business affairs to the Bahamas to legally permit global trading. Bahamian law protects the interests of shareholders and directors and this information is not for public consumption. I appreciate that there are certain projects on the Grantly website that no longer exist and are no longer being pursued. The website has not yet been updated as the company is at this time being re-branded by a firm in Dallas. My involvement in business is diversified, investing in alternate health, innovative product manufacturing, property, art, as well as other business opportunities – all the eggs are not in one basket. Q. What is your Bahamas empire Grantly International Property (Holdings) Limited involved in, what is the current market valuation of these projects, and to what extent has your portfolio escaped the downturn? A. Grantly has prospered significantly since it was relocated and has been active in European and US markets. Last year we offered $50m cash to purchase unissued stock in a company that was midway through a resort development in Central Florida, on top of replacing a further $130m of their expensive debt. We own substantial beachfront property in the Bahamas next to the Westin, which is debt-free and unencumbered, with a development value of more than $1bn. We suspended this development due to the current climate, with the luxury of no financial indebtedness. We do intend revisiting these proposals over the next 12 months, although we have decided to redesign the development in entirety. This is only one of a number of Bahamian developments we have. We have completed the contract to purchase a 4,000-acre ski resort in Clysburg, Pennsylvania, which has been voted the number one resort on the US eastern seaboard for four years in a row. Again this is a significant development and, when complete, will have in excess of $1bn of value. We have acquired the shareholding of a significant property company in Iowa and are currently working on trebling the portfolio from 500 units to 1,500 units, as well as developing its commercial portfolio. Grantly is in the process of completing the acquisition of 20 residential sites in the UK to add to its property portfolio, which is valued at more than Ã?£100m, and we have a retail project about to complete in Berlin this month, with a value of Ã?£50m. Too many companies and individuals over-extended themselves, and it was inevitable there would be a devastating correction. The very public litigation between my then partner, myself and the Clydesdale Bank, taught me the greatest lesson ever: be cautious and be prudent. I can honestly state that Grantly has been pretty immune from the recession due to the fact that our companies are all debt free and have retained their assets. Q. What other interests do you have, how much are they worth and in what areas are you currently looking? A. Due to the current financial crisis it became evident the property markets would take a significant time to readjust. In the intervening period, I was fortunate enough to be associated with a number of innovative entrepreneurs, which led us down a path into manufacturing. We subsequently formed Global Hybrid Roofing Solutions, spent 14 months acquiring the intellectual property rights for its environmental roofing products, and invested millions of dollars incorporating and branding the company. We were offered $45m cash in New York a few months ago in return for a small equity stake in the company, pretty impressive for a company less than nine months old at the time – but we turned the offer down. Since then we have enticed some of the best chemists in the world into our material supply division. We also moved into renewable energy and were in the market to purchase a windfarm recently acquired by Guy Hands of Terra Firma for $400m. We are in the process of constructing our own wind farm for $ 20m. Again this was down to caution and prudence. I personally completed a transaction to buy Iolife, an alternative health company based in Copenhagen. Q. How have you funded growth, what sort of structures have you used, and do you have debt or equity backers? A. All Grantly and Global Hybrid companies are debt- free, solely funded by the shareholders. We have had approaches by hedge funds to invest in many of our opportunities but we have stayed the course on our plans and model. We appreciate we will have to bring in joint venture partners as some of our proposals come on line. I entered into a “participation debenture investment” with a US-based merchant bank, and at the last minute it collapsed due to the markets. I personally lost $700m, but I still retained 100% debt free ownership of the company, which has been secured by caution and prudence. Q. The Grantly website lists around a dozen UK companies. Many of them are, apparently, overdue for Companies House filing and one, Grantly Commercial, is said to be owing money to HMRC so unable to be struck off for non-filing. There is also a proposal to strike off Grantly Developments (Scotland). One businessman sums up the public information as a “string of insolvencies, dissolutions and breaches of the Companies Act in the Grantly Group” and says this makes it difficult for fans to trust you. Any comment? A. Anything with a resemblance of being associated to me is being put under the microscope. Some of the companies I dissolved as they were special purpose vehicles that did not proceed, in some of them I sold the entire shareholding and have had no involvement for years. Yes, a couple are late with some information, however this responsibility was passed to other directors and officers of the company. As far as I am concerned this kind of interest is more “mischievous” than the intentions of exiled Florida millionaires. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,562 Posted December 4, 2009 Share Posted December 4, 2009 Thanks for that OAA - I'll let our business experts decipher that for us... 0 Quote Link to post Share on other sites More sharing options...
OnlyOneAmoruso 0 Posted December 4, 2009 Author Share Posted December 4, 2009 Thanks for that OAA - I'll let our business experts decipher that for us... I just about kept up with it Some contentious parts but on the whole fairly reasonable I would say. I await being shot down in flames 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,562 Posted December 4, 2009 Share Posted December 4, 2009 No, it seems reasonable enough of course but I'll defer to others who know about these matters than me... 0 Quote Link to post Share on other sites More sharing options...
maineflyer 0 Posted December 4, 2009 Share Posted December 4, 2009 I know it's a serious business but this extract from the website of Mr Duffy's personal acquisition, Iolife, makes amusing reading. It might not add much to his business credibility however. Enjoy.... the technology that makes iolife so successful The iolife system utilises a method known as “Controlled Ionically Transferred Effect” (C.I.T.E.) in which an electronic effect is transferred through the air to the patient to be treated. Although it is not suggested in the title, it should be stressed that the philosophy behind the technique is based on the concept of acupuncture linked to certain atmospheric electric phenomena and coloured light. Anywhere in the lower atmosphere certain radioactive processes take place all the time, and by these processes atmospheric ions or air ions are produced. When air ions land on a conductive surface, such as the human skin, they give off their charge and cause a current through the body. If this current is caused by the naturally occurring ions the current is extremely weak and cannot be measured by conventional methods, but has to be integrated over time. If, however, a needle is inserted in the skin, as is usually the case in traditional acupuncture treatment, the needle may act as a kind of antennae and this has been demonstrated to increase the current to a given area in the region of 20%. And it is my belief that this effect is actually what sometimes makes acupuncture work. The concentration of air ions in our environment is usually of the order of a few hundred per cc (maybe 20% more positive than negative), and the concentrations may change with time as well as with location. It is this uncertainty that makes the result of traditional acupuncture treatment so unpredictable. With the iolife technology the air ions are produced in our electrical equipment, but it should be stressed that these ions are identical to the naturally occurring ions. By creating the ions ourselves, we can control the concentration and also choose the polarity (positive or negative). We can spray an area to be treated with a shower of ions much bigger than with traditional acupuncture. As mentioned above the ions plating out on the skin are neutralized, and thereby cease to exist as ions. So the ions never enter the body! The ions give off their charge once they land on the skin and this creates a current through the body. This current is measured and integrated by the iolife equipment which records the exposure as well as the total dose. In the iolife system, the ions are combined with coloured light. This combination produces heat, stimulates vital energy lines, aids circulation of the blood, and decreases anaemia, asthma, diseases of the larynx, certain skin diseases (such as eczema) and chronic coughs. It stimulates the sensory nervous system, aids the healing of wounds and is used in treatment of chronic infections and insufficiency diseases. John F Wetling Wetling is one of three directors of the UK company, based in Wakefield. There are two other directors, who are also the only shareholders. 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted December 4, 2009 Share Posted December 4, 2009 Guys, I live in Englang but even i know the Graham Duffy saga is just a smokescreen for a bigger consortium headed by Souness, Duffy may or may not be involved in a minor roll within this group. Don't waste you're energies on this nonsense, Just know the the good times are on the way back, we willl become a force again for truth, justice and the Rangers way. 0 Quote Link to post Share on other sites More sharing options...
maineflyer 0 Posted December 4, 2009 Share Posted December 4, 2009 Guys, I live in Englang but even i know the Graham Duffy saga is just a smokescreen for a bigger consortium headed by Souness, Duffy may or may not be involved in a minor roll within this group. Don't waste you're energies on this nonsense, Just know the the good times are on the way back, we willl become a force again for truth, justice and the Rangers way. You mean ...... it's not the only show in town" after all?:devil: 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted December 4, 2009 Share Posted December 4, 2009 You mean ...... it's not the only show in town" after all?:devil: No, i'ts the same show, just the ringmaster is behind the curtain:cheers: 0 Quote Link to post Share on other sites More sharing options...
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