craig whyte

[gisabeer 409]

when is this guy going to be made accountable for his actions?

 

9 to 15 million missing in paye. lied about how he financed his purchase of the club. held on to much needed money (3.6 million) and lied about its existence.

 

you could go on all day about the cunt.

 

they guy is a fraudster. its clear for all to see.

 

so why isnt he being taken to task?

[Gribz 966]

I originally thought the flack Whyte was getting was harsh because he didnt create the debt in the first place. But what this guy has gone is come in and push us over the edge rather than trying to pull us back overboard.

 

As Gisabeer mentions, you could list a number of things now that he has done.

 

Anyone with decent financial sense and access to the books would have seen that in January we should have sold players to raise cash....the fans wouldnt have liked it but if you offered us Selling players vs Administration / Liquidation then we'd have picked the first all day long.

Edited March 8, 2012 by Gribz

[54andcounting 0]

Whyte is either a cunning slinking bastard, or a naive millionaire businessman.

 

I know what I think.

[Zappa 0]

Questions need asked of EVERYONE involved in this.

 

What we need to do is put together the questions which haven't been asked of the various/numerous people involved and the unanswered questions too such as those that might have been previously asked but not put to the administrators in the past three weeks.

 

I'll start a new thread where we can suggest important questions, then we'll take it from there.

[BrahimHemdani 1]

A criminal investigation has been launched has it not at the instance if a certain Mr Johnston?

[Zappa 0]

A criminal investigation has been launched has it not at the instance if a certain Mr Johnston?

 

There's still questions that should be getting put to the administrators or questions being asked by the media that force the administrators to comment!

[Guest Dutchy]

I originally thought the flack Whyte was getting was harsh because he didnt create the debt in the first place. But what this guy has gone is come in and push us over the edge rather than trying to pull us back overboard.

 

As Gisabeer mentions, you could list a number of things now that he has done.

 

Anyone with decent financial sense and access to the books would have seen that in January we should have sold players to raise cash....the fans wouldnt have liked it but if you offered us Selling players vs Administration / Liquidation then we'd have picked the first all day long.

 

the reason he feels he can get away with this is, "It's Legal".

 

Speak to your crooked, local politician on why he allowed the City to work in this way.

[Darthter 542]

I originally thought the flack Whyte was getting was harsh because he didnt create the debt in the first place.

 

Correct me if I'm wrong....wasn't it the non-payment of PAYE & NI that essentially forced us into Administration??? There is also the Ticketus issue which hasn't really helped things.

 

My unde3rstanding of the whole situation is that when Whyte took over, things were fragile but relatively stable. In the space of 9 months he has run up further debts & totally destabilised the entire operation to the point where liquidation is an ever likely outcome.

 

Mr Whyte has most certainly created the debt that pushed us over the edge. Before he came along the team was limping along, but surviving.

[calscot 0]

Correct me if I'm wrong....wasn't it the non-payment of PAYE & NI that essentially forced us into Administration??? There is also the Ticketus issue which hasn't really helped things.

 

You are wrong: it is the lack of funds to enable us to pay our liabilities that put us in administration. You don't get put in administration just because you don't pay taxes. However, you can if it looks like you aren't able to pay your debts - like your taxes.

[calscot 0]

My unde3rstanding of the whole situation is that when Whyte took over, things were fragile but relatively stable. In the space of 9 months he has run up further debts & totally destabilised the entire operation to the point where liquidation is an ever likely outcome.

 

Mr Whyte has most certainly created the debt that pushed us over the edge. Before he came along the team was limping along, but surviving.

 

The way I see it: due to a crap European season we were looking at a multimillion pound loss - which means a multimillion pound shortfall between income and expenditure. Normally you would extend your credit to pay for this and hope to pay it back from future income or share issues. Whyte didn't do this therefore we were always going to face a time when there was no money left and the bills still came in. Then you get one creditor who looks like they may not be paid who asks for the courts to intervene and appoint administrators.

 

What Whyte did was delay this until now by not paying taxes and using the money saved to pay the other bills. And eventually the tax office was the creditor who called for administration.

 

Admin seems to have been his plan all along due to the potential big tax bill which if it crystallised would be unaffordable. I think he wanted to delay admin until the case was resolved.

 

He didn't put any money in as he'd just lose it to creditors in the CVA or liquidation. I think the tax case decision is a lot later than he thought it would be.

 

So basically we have a few months left until we receive substantial income but are several million pounds short to pay our bills - such as the players wages. That's why the cuts will look so draconian - they are not spread over a year but over a few months.

 

What Whyte has also done is raise the spectre of future shortfalls for three or four years as Ticketus will own about £8M of season tickets each year.

 

 

So our biggest problems before Whyte were - a loss making operation and then the impact of the two tax cases.

 

I'm also starting think the real cause of the multimillion pound loss could actually be the wee tax case. This kind of makes more sense as Lloyds forced us to cut our cloth while paying back about 4 million a year of debt, so despite a poor European performance we shouldn't have been too far off breaking even.

 

That would mean that under normal operations the club was moseying along but with no spare cash and a dodgy credit rating. The things that put us in the shit are the two tax cases. That's why Murray wanted rid and no-one wanted to buy.

 

They all want to buy now as the effect of the two tax cases will be removed either by CVA or administration.

 

No-one wanted to be the one to put us in admin as they'd lose the club and be a pariah - until Whyte that is. He seems to be utterly ruthless enough to see a way of making a killing and doesn't seem to mind the flack he will get.

 

That's where the conspiracy theory comes in for him being a stooge for a future buyer.

 

Anyway, the conclusion seems to be that while Whyte is the executioner, it is ultimately Murray's tax dodging that put us on the gallows. And a decade of his mismanagement didn't help one bit.

Edited March 8, 2012 by calscot