CW in Move To Protect Hold Over Club

[chilledbear 16]

Don't understand this myself.

 

 

Rangers owner Craig Whyte has filed legal documents protecting his hold over the club as the battle for control of Ibrox looms.

 

The debenture document registered with Companies House gives Mr Whyte's company Liberty Corporate Ltd a new fixed and floating charge over Rangers FC Group - the parent company that owns the football club.

 

Liberty Corporate sole shareholder is Liberty Capital Limited, which is owned by Mr Whyte and registered to the British Virgin Islands. His father, Thomas Whyte, is the sole director of Liberty Corporate.

 

The document is dated March 21, 2012, two days before a key court decision that saw administrators battle with Ticketus over the deal Mr Whyte struck to sell off 100,000 future season ticket sales at Ibrox for £25.3m.

 

The new charge means Mr Whyte holds key powers over the parent company in the battle for control of Rangers, which is likely to come to a head this week with administrators revealing their preferred bidders for the club.

 

Crucially, the new document signed by Mr Whyte covers Rangers FC Groupâ??s main asset â?? its 85% shareholdings in playing club, Rangers FC plc.

 

Mr Whyte's status as fixed and floating charge holder would put him at the head of the queue to benefit from the proceeds of any sale of these shares. Unsecured creditors and any other shareholders in Rangers FC Group would only receive payment after Mr Whyte's company.

 

Mr Whyte's position is not guaranteed if Rangers FC Group went into liquidation in the next two years, because the new charge might then be struck down, although that would likely to be the subject of a lengthy and expensive legal battle

[Stefanovitch 0]

Google eyed con man!

 

Stand up guy my arse!

[caseyjones 0]

But, but but........the administators stated that he was irrelevant!