craig 5,199 Posted February 15, 2012 Share Posted February 15, 2012 You'd see that I know that already if you looked at what I quoted.... Fair do's Zappa - there will be a plethora of smaller bills, we all now that. ICT will not be the only club - but then, other clubs will also be due us cash too - and there is liely to be efforts to "net" payables with receivables by other clubs. Seems Hearts knew our plight when they asked for their cash for Wallace with a dicsount.... 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted February 15, 2012 Share Posted February 15, 2012 If Whyte has a floating charge to the extent of 30 million (not unreasonable) then he still holds more than 75% of the creditors, which will still allow him to push the CVA. Someone should start a thread about the CVA because it's going to be an important part of this whole fiasco. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted February 15, 2012 Share Posted February 15, 2012 Seems Hearts knew our plight when they asked for their cash for Wallace with a dicsount.... Aye, they did that. They also paid their tax bill today.... 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted February 15, 2012 Author Share Posted February 15, 2012 Yes, I agree that you are right. First off, I am by no means an expert - but even though they ran higher than the floating charge it will surely only be to the extent of the liability of the fixed charge. How much was the refurbishment of the concourse costing - I thin it was Bears who mentioned a figure of 1.7 million. If Whyte has a floating charge to the extent of 30 million (not unreasonable) then he still holds more than 75% of the creditors, which will still allow him to push the CVA. The fixed charge raning higher than the floating is, as far as I am aware, only to the extent of the liability due, not in terms of being a "lead creditor" in the event of administration. All that was happening here is that Close Leasing were ensuring 1st bite at the administration cherry. I think Wires have been crossed somewhere, for we seem to be arguing a point we already agree on :grin: I was inferring that the Group gave up their charge to allow Close to recover their monies first and Close lead the Group in the queue to recover monies . I think it's circa £3m which was used to refurbish the catering outlets etc however RFC plc had already set aside the sum of £2m and Azure £1m to pay for the upgrades, which begs the question where did that £3m go and why the need to do the Close deal in the first place. Remember someone who'd been to Argyle House for lunch or something and was told of the impending upgrades and Azures part in it posting it on here long, long before it broke anywhere else. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted February 15, 2012 Share Posted February 15, 2012 Wires have been crossed somewhere, for we seem to be arguing a point we already agree on :grin: I was inferring that the Group gave up their charge to allow Close to recover their monies first and Close lead the Group in the queue to recover monies . I think it's circa £3m which was used to refurbish the catering outlets etc however RFC plc had already set aside the sum of £2m and Azure £1m to pay for the upgrades, which begs the question where did that £3m go and why the need to do the Close deal in the first place. Remember someone who'd been to Argyle House for lunch or something and was told of the impending upgrades and Azures part in it posting it on here long, long before it broke anywhere else. Probably my fault Sir. Been a long, arduous couple of days with all this going on at the same time as I am trying to get audited financial statements out to my audit committee (audited financial statements issued on time.... you couldnt write about it....). yeah, it was "Bears" that had been at Argyle and heard about the concourse refurb. I long for the day when RFC financial statements are straight forward, there really is no need for this convoluted nature of doing business..... wait, I simply long for the day that we exit this administration mess and are still intact. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted February 15, 2012 Share Posted February 15, 2012 From the little I remember about floating charges I'm not sure if this link is relevant or not. http://vvv.scotslawrtoughts.bullshitpress.com That's an anti-Rangers blog VERY much like Ra*gersT*xC*se run by supporter/s of our enemy. 0 Quote Link to post Share on other sites More sharing options...
Jim1955 12 Posted February 15, 2012 Share Posted February 15, 2012 That's an anti-Rangers blog VERY much like Ra*gersT*xC*se run by supporter/s of our enemy. Wasn't aware of that. I came across it and thought it might be relevant. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted February 15, 2012 Share Posted February 15, 2012 Wasn't aware of that. I came across it and thought it might be relevant. No problem at all. It definitely IS an anti-Rangers blog though..... 0 Quote Link to post Share on other sites More sharing options...
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