chilledbear 16 Posted April 20, 2012 Share Posted April 20, 2012 ... (there is absolutely no link et al on it, so it could have been written by anyone). On a sidenote, David Edgar just posted this on FF: Duff & Phelps are deliberately preventing new ownership Source - Members of two of the consortiums. Throw in Brian Kennedy's view, and it is clear. D&P do not want Rangers FC sold. They want Rangers FC liquidated. And we will be liquidated, within the next month. I think most supporters are thinking the same. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,459 Posted April 20, 2012 Share Posted April 20, 2012 BBC article ... Rangers: Bill Ng withdraws offer to buy Ibrox club Bill Ng has withdrawn his bid to buy Rangers. The Singaporean businessman said he had "serious concerns" over the deliverability of shares on offer. Ng stated that the bidding process has "become untenable," adding that he made the announcement with "deep regret". Administrator Duff & Phelps has been running the Scottish Premier League club since 14 February and have yet to name a preferred bidder. Duff & Phelps "have made it crystal clear" to prospective buyers that they need "unconditional bids" before doing so. Sale Sharks owner Brian Kennedy, Paul Murray's Blue Knights and American Bill Miller have all been linked with the Ibrox club. So what is "unconditional"? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,084 Posted April 20, 2012 Share Posted April 20, 2012 I believe the BBC journo deleted the letter image from his Twitter account. However, FWIW, I think some of the sentiments in it are correct although, as far as I'm aware, their bid still stands. It's genuine enough though.... Rangers Football Club Mr Bill Ng and his Consortium have today announced their withdrawal from the bidding process for Rangers FC. Dear Friends from the Media and all the true blue Rangers fans, With a deep sense of regret and with empathy to Fellow GERS, we hereby announce our decision not to continue with the pursuit of Rangers Football Club. Recent developments in the bidding process, with unwarranted and unexplained delays, have prompted our withdrawal from the bidding process. After lengthy negotiations with a number of key stakeholders, we have serious concerns over the deliverability of the shares on offer to gain control of the club, in a time frame that will allow us to exit the administration via CVA. Exiting via CVA has always been, not only our preferred option but, the only option we and especially the Fans would countenance to protect the history of this Great Club. We would like to highlight that we have become increasingly uncomfortable and frustrated with the process dealing with Duff & Phelps, and the length of time that it has taken to reach this stage. As of today, there is no indication of a preferred bidder. We have also noted the ever increasing uncertainties and complexities in the bidding process. Such situation has made the bidding process untenable and with great uncertainties. We may re-launch our bid if the Administrators fail to reach any agreement with the current bidders for Rangers. We reiterate that our belief in Rangers as a Club has not wavered. We would like to extend our heartfelt appreciation to all friends in the Media (both internationally and domestically) and Rangers' Fans worldwide for the enormous, generous and heartfelt support that they have shown to us and to our bid. It has been an extremely meaningful for our Consortium in the last few months. Based on the constant uncertainties surrounding this Great Club and the complexities of the bid, we would now say that, we are only able to continue as Rangers' supporters in the Far East. Our support for this Great Scottish Institution will continue and we hope to fly the Scottish flag sooner than later in the Far East and especially, within our very own S.League community. Yours Sincerely, Bill Ng 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,084 Posted April 20, 2012 Share Posted April 20, 2012 BBC article ... So what is "unconditional"? The only way you can (or more accurately would) bid unconditionally at this point is if you intend to liquidate. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,296 Posted April 20, 2012 Share Posted April 20, 2012 Still not got confirmation but it does appear the letter is genuine - having been sent to Sing media. Looking to get more info but, as it stands, it now seems TBK and Ng have both 'stepped aside'. You can all make your own minds up as to what that actually means. 0 Quote Link to post Share on other sites More sharing options...
alexscottislegend 2,185 Posted April 20, 2012 Share Posted April 20, 2012 Duff & Phelps are deliberately preventing new ownership Source - Members of two of the consortiums. Throw in Brian Kennedy's view, and it is clear. D&P do not want Rangers FC sold. They want Rangers FC liquidated. And we will be liquidated, within the next month. I think most supporters are thinking the same. But why? If liquidated creditors will get NO cash, will they? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,296 Posted April 20, 2012 Share Posted April 20, 2012 Situation RE: Ng bid is as letter to Singaporean media. He has 'withdrawn' but may step back if situation RE: Whyte shares changes With only one bidder left in the process, Rangers are nearing liquidation more by the day. Shame on D&P, Ticketus & Craig Whyte. 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted April 20, 2012 Share Posted April 20, 2012 But why? If liquidated creditors will get NO cash, will they? Don't think D&P have ever had the creditors best interests at heart from the very start, it looks like its only one man they've been trying to keep sweet. 0 Quote Link to post Share on other sites More sharing options...
Gers4Life 0 Posted April 20, 2012 Share Posted April 20, 2012 D&P = Craig Whyte, what the bloody hell is going on and I'm genuinely fearing the worst now 0 Quote Link to post Share on other sites More sharing options...
Tannochsidebear 2,352 Posted April 20, 2012 Share Posted April 20, 2012 So the poker game continues. This time Ng plays his hand in the withdrawal game. So f'n pathetic. Neither TBK or Ng have walked away from the deal, they are both posturing to try to get a better deal than the one they would have to pay for just now. Im all for them trying to pay as low a price as possible for the club to allow as much money then to be invested in the future rather than paying for the past, but in reality both groups are trying to steal Rangers for a song, so f'n pay up and get it done. The Rangers support has a long memory and if liquidation comes along because of their posturing and politicising, the 3 year Euro ban will cost them a lot more than the amounts they are posturing for at the moment, and the fans will not be so supportive. The lack of Euro footy will see us unable to attract quality players, both for financial and playing reasons, and the product on the park will be affected to the degree that attendances will fall away, and a downward spiralling effect is not too difficult to see and be frightened of. 0 Quote Link to post Share on other sites More sharing options...
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