Whyte threatens to liquidate RFC

[forlanssister 3,114]

So much for him being a Rangers man.

 

CRAIG WHYTE yesterday told Rangersâ?? administrators he would rather see the club go into liquidation than sell his shares to Paul Murrayâ??s

Blue Knights.

 

Record Sport can reveal the men from Duff and Phelps were locked in emergency talks with Whyte, left, in London last night in a bid to force him to back down from his stance that is pushing the club closer to oblivion.

 

They believe they can still put a plan in place that would appease Whyte and clear the way for Murray and his group to takeover.

 

But while those talks were ongoing an increasingly frustrated Murray was left to consider withdrawing his rescue bid for the stricken SPL champions unless Whyteâ??s majority shareholding can be secured legally through the courts.

 

The administratorsâ?? failure to forcibly remove Whyte means the disgraced owner still technically clings to enough power to veto any offer for shares.

 

Last night administrator David

Whitehouse arranged a hurried meeting with Whyte and was desperately attempting to persuade him to act in the best interests of the club.

 

Whitehouse emerged from those talks confident a â??structureâ? can be arranged that would allow Whyteâ??s shares to be handed over although possibly not directly to Murray.

 

But with no watertight agreement in place, ex-director Murray remains understandably concerned. He fears proven liar Whyte will not back away from his stance, even if it results in Rangers going out of business.

 

Murray was binned from the board by Whyte last year after mounting furious opposition to the takeover which has proved to be the most disastrous deal in the clubâ??s 140-year history. And as the drama unfolded a dispirited Murray told Record Sport: â??There have been conflicting reports in recent days about the validity of Whyteâ??s position.

 

â??Iâ??ve spoken to the administrators about this today and been told by them that Whyte is not prepared under any circumstances to sell his shares to my consortium.â?

 

It is understood these circumstances would even include the threat of Rangers going into liquidation.

 

Murray added: â??The administrators have told me they are prepared to take legal action to deal with this issue.

 

DISAPPOINTED

 

â??While I was pleased to hear them say that, as things stand the Blue Knights cannot be successful. I have little choice but to consider our position.

 

â??What is the point in us presenting a bid we know will not be accepted?

 

â??Unless I can legally obtain Whyteâ??s shares I cannot enter into discussions about how best for the club to exit administration through a CVA (Company Voluntary Arrangement).

 

â??This is fundamental to our plans to stop the club going into liquidation. While I am hugely disappointed in Whyteâ??s actions I canâ??t say Iâ??m surprised.â?

 

Despite the administrators writing Whyte off as an â??irrelevanceâ? Murray believes the Blue Knightsâ?? bid will be dead for as long as the Motherwell man is still entitled to call the shots.

 

Murrayâ??s bid has received the backing of the clubâ??s three major fan groups but yesterdayâ??s developments mean it could be left to one of four other bidders to strike a deal with Whyte and stop Rangers being plunged into liquidation.

 

But that too could prove difficult as Record Sport understands the Blue Knightsâ?? cash offer was the second biggest â?? bettered only by a Chicago-based consortium which includes Club 9 Sports and parent company Prometheus.

 

The only other serious contender at this stage is Edinburgh-born millionaire Brian Kennedy but his financial package falls short of the amount the Americans have pledged to plough into a CVA pot.

 

The administrators say they have received a fourth offer from an unnamed UK group and have also been in talks with a consortium from Singapore, fronted by Glasgow-based businessman Shazad Bakhsh.

 

But neither of those bids are believed to be among the front-runners and both could be eliminated in the coming days as Duff and Phelps attempt to compile a short-list of preferred candidates.

 

Murray and his Blue Knights had been almost certain to make it to the final cut but Whyteâ??s threat to block their bid has thrown a major spanner in the works.

 

And that will infuriate the clubâ??s supporters, many of whom have been pinning their survival hopes on Murray.

 

A source close to the discussions said last night: â??The next 24 hours could prove critical to the clubâ??s chances of staving off liquidation.

 

â??Paul Murray has been firm on his position that the Blue Knights want to exit administration through a CVA and protect 140 years of Rangersâ?? history.

 

DELAYS

 

â??Brian Kennedy has made it clear he would attempt to do the same thing. But we know little about the intentions of the others and that is a major concern.â?

 

To further complicate matters, there is a pressing need for the administrators to accelerate the process amid growing fears that more delays could make it almost impossible to prevent liquidation.

 

Our source added: â??The timescale is also becoming a serious concern. Legally, the process of putting a CVA together demands a 28-day period during which any creditors have the right to appeal.

 

â??There are a great deal of other aspects that must be attended to quickly. Unless a takeover is concluded in the next two weeks it will be very difficult for any new owner to avoid a liquidation scenario.â?

 

Daily Record

 

Half inched from the poster Sc00by at FF.

[forlanssister 3,114]

“Paul Murray has been firm on his position that the Blue Knights want to exit administration through a CVA and protect 140 years of Rangers’ history.

 

“Brian Kennedy has made it clear he would attempt to do the same thing. But we know little about the intentions of the others and that is a major concern.”

 

Pleased to see Kennedy wants to go down the CVA route.

[Zappa 0]

A source close to the discussions said last night: “The next 24 hours could prove critical to the club’s chances of staving off liquidation.

 

Who's the "source close to the discussions"? Is that not important? :fuming:

[Frankie 8,665]

Spin, spin sugar...

 

Whyte: Give me more money.

 

Murray: Naw, drop yer price.

 

Kennedy: I'm the good guy!

[der Berliner 3,815]

The Record understands ...

 

... another exclusive by Keith Jackson. Who, of course, has an insight into the value of the various bids received by the admins. Yes, I would think so.

 

Neat headline by forlanssister though.

[caseyjones 0]

A certain amount of spin in there, but the administrators have repeatedly assured everyone that Whyte was out of the picture and would have no say on the future of the club.

[caseyjones 0]

The Record understands ...

 

... another exclusive by Keith Jackson. Who, of course, has an insight into the value of the various bids received by the admins. Yes, I would think so.

 

Neat headline by forlanssister though.

 

The Record have been accurate quite a few times in this whole saga - and dismissed as knowing nothing.

[der Berliner 3,815]

The Record have been accurate quite a few times in this whole saga - and dismissed as knowing nothing.

 

Not saying that they always have picked a wrong trail, but do you see the admins releasing any news about the value of the bids to the press?

[capstans 0]

Isn't Whyte allegedly irrelevant a busted flush or so we are told.

[Bluedell 5,679]

Not saying that they always have picked a wrong trail, but do you see the admins releasing any news about the value of the bids to the press?

 

The administrators have been giving plenty of unoffical press briefings, and it's quite possible that they have revealed who the highest bidders are to try and encourage others to up their bids.