A Very Bad Scenario

[pete 2,499]

When does the court case resume?

[der Berliner 3,814]

... early January, methinks.

[khan 0]

Care to expand why this would negate the need for a tribunal? Isn't the latter exactly what is "holding" the HMRC cases "up" these days?

 

If kings account is true, he claims that the letters absolved the people they refer to from any repayment of monies advanced, that is a clear admission of not being very clever and a clear pointer to criminal evasion, not much point of arguing at a tribunal if your guilt is in black and white, of course we only have kings radio snyde comments on this to go on.

I am beginning to wonder if any and all correspondence if any exists is on MIH paper, hence murray's desire to be in control through Thornhill, strange setup altogether almost as if it was arranged, if you get my meaning. Whyte and Murray are indeed a strange combination, more questions than answers.

[ascender 352]

If we lose the tax case will that 7.5M not be taken off us by HMRC?

[rbr 1,266]

Which is essentially what it all boils down to. Speculation and assumption. We'll have to wait and see what January holds in store.

 

As one of my fellow German boarders keeps on saying: winning the HMRC case and/or getting rid of the debts is essentially more important than another title this season. Not what your average Bear will like to hear, but that is what it boils down too. Obviously, retaining the title and getting into the CL proper should be a grand motivator for the players ... though from recent displays some of our "veterans" (at European level) seem to have lost that particular bite, perhaps thinking that reaching one European Final in their Rangers career was all what Fortune held in store for them (at this club).

 

From rbr

 

 

... or so the papers claim. Who says that inbetween this agreement has not been edited or removed? Just out of interest.

 

Why would it be , its there to protect Murray and keep him in control , its not for our benefit , also this blind belief that everything is going to be ok somehow is getting us nowhere , Whyte hasn't even taken his threat of Carter Ruck and the BBC any further .

[forlanssister 3,114]

OK most of this is not new but the headline info about Jelavic came to me today second hand from a source inside the Director's Box at Ibrox and the interpretaion is partly my own and partly from two accountancy sources one of whom has insolvency experience.

 

1. Jelavic will be sold in January for £7.5M most likely to QPR.
   
2. Reason for sale is that in the event of losing the tax case there is no money to pay the wages for the rest of the season (Whyte certainly doesn't have any more money).
   
3. In the event of losing the tax case, Whyte gets the ground (possibly Murray park as well) as he is the only secured creditor, which assets would have been pledged as security for his company's loan to the Club.
   
4. HMRC get nothing because they are behind the secured creditor unless they can prove that it was an arrangement to evade tax (difficult). They will nonetheless continue the case because it is seen as a test case on the whole issue.
   
5. This scenario is much better for Whyte since he doesn't have to turn his £18M into equity as per the purchase agreement.
   
6. Whyte sells the Club free of all debt for much more than his £18M.
   
7. Bond holders are next in line but they also get nothing i.e. lose the value of their bond(s)/ seats.
   
8. Season ticket holders are unsecured creditors and also get nothing i.e. lose the remaining value of this season's tickets unless the new owner offers free seats for the rest of the season.
   

 

Not a nice scenario.

 

Whyte's plan (if that's the correct word) requires RFC to get a negative finding in the FTT, a positive result requires Whyte to provide funding to keep us going, money he simply doesn't have.

 

I've no doubt Whyte will ride off into the sunset a fair few million better off than when he arrived, his reward for doing what both LBG and Murray couldn't countenance pulling the plug on RFC.

 

There is absolutely no doubt that LBG were fully aware of Whyte's background and his modus operandi when they (not Murray) accepted the £1 after all they are bankers to his other companies and hold the charge over his castle.

 

The unaudited accounts and failure to hold an AGM robs the shareholders of their once chance to hold him to account and ask pertinent questions.

 

Those who think administration (God forbid even liquidation) is simply a case of wakening up the next day and we'll be debt free and everything will be hunky dory are in for one mighty shock, the ramifications will last for years.

[Jim1955 12]

What is your best guess as to how bad it could be, if your scenario is correct?

[BrahimHemdani 1]

What is your best guess as to how bad it could be, if your scenario is correct?

 

Not sure if that is directed at me or Forlan but for example:

 

• Club is renamed Rangers (2012) Ltd.
  
• Ground is owned by new owner not the Club.
  
• Any player on a half decent contract is sold because barring selling Jelavic and somehow getting away with stashing the cash, there is no income other than modest match day ticket sales, to pay wages unless session ticket holders are asked to pay again.
  
• Suppliers demand cash up front for goods and services and since we wouldn't have the money for that.......
  
• 10 point SPL penalty.
  
• Up to 3 years out of Europe.
  

 

However, maybe the youth team would do better than we are doing now.

[BrahimHemdani 1]

There is absolutely no doubt that LBG were fully aware of Whyte's background and his modus operandi when they (not Murray) accepted the £1 after all they are bankers to his other companies and hold the charge over his castle.

Do you know who Rangers bankers are now, could it still be LBG, just with no long term debt?

[forlanssister 3,114]

Do you know who Rangers bankers are now, could it still be LBG, just with no long term debt?

 

As far I know it is indeed as you surmise still LBG but stand to be corrected.