Bluedell 5,679 Posted February 20, 2012 Share Posted February 20, 2012 There has been a lot made of CW being the club's secured creditor but why does the club owe him anything, given the administrator's revelation that the Ticketus cash has not been received by the club? It therefore surely has to have been received by one of CW's companies, most probably Rangers Group. Scenario 1 - Group has paid off the bank with CW's own funds and holds the Ticketus cash on our behalf. Rangers owe CW £18m for paying off the bank but this would be netted off against Ticketus cash. Perhaps CW has advanced £5m working capital to the club as well but this still leaves the netted off position as being close to nil. Scenario 2 - CW has used the Ticketus cash to pay off the overdraft. Again the lending of the cash to CW and the paying off of the bank get netted off against each other and we don't owe CW anything. Are there other scenarios that I am not considering that end up with a different result? Is the whole CW holding security issue just a red herring? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted February 20, 2012 Share Posted February 20, 2012 Are there other scenarios that I am not considering that end up with a different result? Is the whole CW holding security issue just a red herring? Far from being a red herring it is the gun he'll place to our heads then say, "Give me the money or I kill your club". 0 Quote Link to post Share on other sites More sharing options...
BlueMazza 0 Posted February 20, 2012 Share Posted February 20, 2012 As far as I know, CW basically moved the lloyds debt to his own company so we owe him the £18 mil or whatever. That's where my understanding runs away. I'm sure there is a reason the ticketus money isn't at Rangers but I can't fathom WHY or tbh even why we haven't paid PAYE & NI since last year. Which is the most frustrating part. I'm hoping last week will proved to be nothing in news terms compared to what we'll hear this week. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,679 Posted February 20, 2012 Author Share Posted February 20, 2012 Far from being a red herring it is the gun he'll place to our heads then say, "Give me the money or I kill your club". But what money? It appears on the face of it that we don't owe him anything (or don't owe him very much). 0 Quote Link to post Share on other sites More sharing options...
Ergatrude 0 Posted February 20, 2012 Share Posted February 20, 2012 Far from being a red herring it is the gun he'll place to our heads then say, "Give me the money or I kill your club". Wasn't that 'Any Given Sunday'? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted February 20, 2012 Share Posted February 20, 2012 But what money? It appears on the face of it that we don't owe him anything (or don't owe him very much). I wholeheartedly agree that we don't "owe" him any money (I've harped on about him just spending £1 often enough) but somehow or other he has engineered it so that his company holds the floating charge, we must get that invalidated some how or other or he will be in a position to blackmail us with the threat of liquidation, hearing he wants between £10m - £20m to f*&k off. Wasn't that 'Any Given Sunday'? Don't know never seen it. 0 Quote Link to post Share on other sites More sharing options...
Ergatrude 0 Posted February 20, 2012 Share Posted February 20, 2012 I wholeheartedly agree that we don't "owe" him any money (I've harped on about him just spending £1 often enough) but somehow or other he has engineered it so that his company holds the floating charge, we must get that invalidated some how or other or he will be in a position to blackmail us with the threat of liquidation, hearing he wants between £10m - £20m to f*&k off. Where did you hear this? Surely he knows for a fact that even as a debt free business he would be hard pressed to get a sum of this amount from any potential buyers. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,679 Posted February 20, 2012 Author Share Posted February 20, 2012 I wholeheartedly agree that we don't "owe" him any money (I've harped on about him just spending £1 often enough) but somehow or other he has engineered it so that his company holds the floating charge, we must get that invalidated some how or other or he will be in a position to blackmail us with the threat of liquidation, hearing he wants between £10m - £20m to f*&k off. He may want that amount for his shares and there's nothing we can do about it, unless he is found to have done something illegal, and even then it may be too late unless SDM makes an issue about it. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,679 Posted February 20, 2012 Author Share Posted February 20, 2012 Where did you hear this? Surely he knows for a fact that even as a debt free business he would be hard pressed to get a sum of this amount from any potential buyers. He'd get that amount no problem if the big tax case disappears with the current administration process. 0 Quote Link to post Share on other sites More sharing options...
Ergatrude 0 Posted February 20, 2012 Share Posted February 20, 2012 He'd get that amount no problem if the big tax case disappears with the current administration process. I'm not so sure that anyone would pay £10-£20m for a loss-making business with no European income unless the administrators strip the club to the core, which I fear they will, & even if they did it would mean the buyer would have to invest countless millions more to get us into a position to compete. 0 Quote Link to post Share on other sites More sharing options...
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