Tannochsidebear 2,352 Posted May 1, 2012 Share Posted May 1, 2012 In fairness to the RST it was from a comment by Rhaman Bardwaj of STV. I don't think it can be put down to over confidence from the RST. Aaahh, I wasnt aware it was a retweety thingy that confuses the hell out of me. Who knows then!! 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted May 1, 2012 Share Posted May 1, 2012 I think with low bids like that we might be in danger of disappearing forever. Surely to be safely accepted the CVA or newco must offer more in the pot than what would be realised by auctioning off all the individual assets in the most lucrative way? I would guess that tens of millions could be raised in this way even though a large stadium in the middle of a waste-ground in Govan is not worth much on the open market except as a Rangers FC football stadium. I personally was expecting bids of around the £20m mark which could still only be worth 15p in the pound. And to be honest, I think a debt free Rangers must be worth much more than that - it seems like a bargain to me. Just ask Dave King who put £20m in for bugger all a while back. The weird thing is that if the 200k people who went to Manchester put up £100 each they could pay that and own the club. Add in plenty of people like myself who didn't go but would easily put up £100 and you've got some working capital too. I feel TBK are doing a bit of a CW and trying to buy the club for effectively nothing and then make the fans pay for it while they then own the club and make money from it. I can see them buying it for £10m odd and then converting that into a loan, doing a fan share issue in return for a ridiculously small percentage of the club and using that as working capital. Meanwhile the loan gets repaid with interest from the revenue from season tickets. What we really needed was someone trustworthy to start a Rangers company with a cast iron constitution and sell 100,000 shares at £250 each with one share per person. Then offer to take over Rangers for say £15 in a CVA and have £10m left over to work with. Perhaps those shareholders could also legally underwrite another £100 after six months giving securities to take out up to £10m of credit from somewhere if an emergency arose. 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted May 1, 2012 Share Posted May 1, 2012 I think with low bids like that we might be in danger of disappearing forever. Surely to be safely accepted the CVA or newco must offer more in the pot than what would be realised by auctioning off all the individual assets in the most lucrative way? I think that's where Miller's bid comes in. He's looking to transfer the assets to his "incubator" club. That way the original company has no assets to sell, but has approx £11m in the bank for the creditors. The creditors would then have no option but to accept the CVA. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,296 Posted May 1, 2012 Share Posted May 1, 2012 I think a newco is now more probable than a CVA. Neither bidder can get (or wants) Whyte's shares. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted May 1, 2012 Share Posted May 1, 2012 I think a newco is now more probable than a CVA. Neither bidder can get (or wants) Whyte's shares. Ally certainly thinks both bids mean a newco. 0 Quote Link to post Share on other sites More sharing options...
ascender 352 Posted May 1, 2012 Share Posted May 1, 2012 What happens to the potentially massive bill from the ebt case under a newco scenario? 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted May 1, 2012 Share Posted May 1, 2012 What happens to the potentially massive bill from the ebt case under a newco scenario? I believe with a complete newco, where the current RFC PLC is removed from existence the HMRC debt would die with the company. With Millers plan, it would simply go into the creditors pot, to be covered by the purchase money for the team assets. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,084 Posted May 1, 2012 Share Posted May 1, 2012 I think a newco is now more probable than a CVA. Neither bidder can get (or wants) Whyte's shares. The "absolutely irrelevant" quote will come back to haunt Duff & Phelps. It's now crystal clear that it's Duff & Phelps preference for a newco, they've been bigging it up for weeks and one of their earliest utterances was to redefine liquidation as most of us understand it to be into the non-liquidation liquidation where in their view the winding up of the Rangers Football Club plc does not equate to a liquidation! They claimed to have a mechanism for separating Craig Whyte from his shareholding but bizarrely 11 weeks into administration they have yet to put that mechanism in motion, what part is being played in this by David "not involved" Grier and just what does he want to remain hidden from the public? 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted May 1, 2012 Share Posted May 1, 2012 Ally must have got the 'both bids mean a newco' from the Admins. Yet TBK still insist their bid does not include a newco. What is going on here?? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,296 Posted May 1, 2012 Share Posted May 1, 2012 Ally must have got the 'both bids mean a newco' from the Admins. Yet TBK still insist their bid does not include a newco. What is going on here?? Brinkmanship. TBK will be well aware that the chances of a CVA are 50/50 at best. Of course they will have explored a newco and at some point they're going to have to devote more resources into that route. D&P know that they can't deliver Whyte so are perhaps attempting to force TBK down the newco route. Or at least pressure them into opening up a little. Miller can sit back and watch them squabble. The gentle promotion of newco via a variety of sources lately isn't a coincidence IMO. 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.