BlueMazza 0 Posted February 17, 2012 Share Posted February 17, 2012 I've just read this on STV: The administrators also confirmed that Ticketus are not secured creditors, meaning that Mr Whyte is the only one in the process of trying to agree any creditors voluntary agreement. Am I reading this wrong or are they saying that if they can verify the validity of Whyte's secured creditor status, then he is the only one who has to agree to the CVA? So potentially he could say he would settle for 10p in the pound and therefore every other creditor would have to as well because they aren't secure? Or, have I just reached a new height of accountancy confusion? 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted February 17, 2012 Share Posted February 17, 2012 I think the Rangers Jury will be forever out on Craig whyte, did he do everything for the benefit of Rangers or did he do it for the benefit of Craig Whyte?. imo probably a bit of both, but also in my opinion like an child being let loose in a sweet shop, he over indulged himself. 0 Quote Link to post Share on other sites More sharing options...
Juancornetto 1 Posted February 17, 2012 Share Posted February 17, 2012 I've just read this on STV: The administrators also confirmed that Ticketus are not secured creditors, meaning that Mr Whyte is the only one in the process of trying to agree any creditors voluntary agreement. Am I reading this wrong or are they saying that if they can verify the validity of Whyte's secured creditor status, then he is the only one who has to agree to the CVA? So potentially he could say he would settle for 10p in the pound and therefore every other creditor would have to as well because they aren't secure? Or, have I just reached a new height of accountancy confusion? If only that was the case! He is trying to engineer himself into that scenario or at least he was...HMRC will still have a massive say on the value of a CVA and if they are willing to accept one at all. The secure creditors don't get to vote in the agreement but the unsecured ones do so HMRC could very well say "we want 90p in the £" and effectively liquidate us. Let's hope Cameron and all the other political messages have filtered through to HMRC and that they will go for a deal that is feasible for Rangers to pay. 0 Quote Link to post Share on other sites More sharing options...
BlueMazza 0 Posted February 17, 2012 Share Posted February 17, 2012 If only that was the case! He is trying to engineer himself into that scenario or at least he was...HMRC will still have a massive say on the value of a CVA and if they are willing to accept one at all. The secure creditors don't get to vote in the agreement but the unsecured ones do so HMRC could very well say "we want 90p in the £" and effectively liquidate us. Let's hope Cameron and all the other political messages have filtered through to HMRC and that they will go for a deal that is feasible for Rangers to pay. So where is the benefit of being a secured creditor then? 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,679 Posted February 17, 2012 Share Posted February 17, 2012 (edited) I've just read this on STV: The administrators also confirmed that Ticketus are not secured creditors, meaning that Mr Whyte is the only one in the process of trying to agree any creditors voluntary agreement. Am I reading this wrong or are they saying that if they can verify the validity of Whyte's secured creditor status, then he is the only one who has to agree to the CVA? So potentially he could say he would settle for 10p in the pound and therefore every other creditor would have to as well because they aren't secure? Or, have I just reached a new height of accountancy confusion? Any available cash goes (up to the value of the security) to pay off the secured creditor and then the balance gets shared between the unsecured creditors. Edited February 17, 2012 by Bluedell 0 Quote Link to post Share on other sites More sharing options...
Juancornetto 1 Posted February 17, 2012 Share Posted February 17, 2012 So where is the benefit of being a secured creditor then? Good question. 0 Quote Link to post Share on other sites More sharing options...
m_momo1 0 Posted February 17, 2012 Share Posted February 17, 2012 Ok I'm not an accountant by any means of the imagination but putting all the jargon aside "what does Craig whyte get out of screwing rangers over". 0 Quote Link to post Share on other sites More sharing options...
Juancornetto 1 Posted February 17, 2012 Share Posted February 17, 2012 Ok I'm not an accountant by any means of the imagination but putting all the jargon aside "what does Craig whyte get out of screwing rangers over". A bullet in the back of his head I'd imagine. 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted February 17, 2012 Share Posted February 17, 2012 A bullet in the back of his head I'd imagine. Too quick if true, fishing gut around his Baws of Steel sack would be a start a nice small calibre kneecapping would be nice as well in fact just crucify him. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted February 17, 2012 Share Posted February 17, 2012 I've just read this on STV: The administrators also confirmed that Ticketus are not secured creditors, meaning that Mr Whyte is the only one in the process of trying to agree any creditors voluntary agreement. Am I reading this wrong or are they saying that if they can verify the validity of Whyte's secured creditor status, then he is the only one who has to agree to the CVA? So potentially he could say he would settle for 10p in the pound and therefore every other creditor would have to as well because they aren't secure? Or, have I just reached a new height of accountancy confusion? capstans on here proved the other day that it is the UNSECURED creditors that determine whether a company enters a CVA. I think what that statement is saying is that CW is the only secured creditor and that the club are trying to seek a CVA. 0 Quote Link to post Share on other sites More sharing options...
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