Craig Whyte

[calscot 0]

I would like someone to tell me Whyte doesn't own Ibrox or Auchenhowie, to my disappointment a lawyer tells me he does.

 

It seems to me that the administrators are about to sell them off, and the rest of the assets, to Miller. Once that happens Whyte will still own the majority of shares of the original company but that company will own no assets except for Miller's cash. That cash is then used to pay off the liabilities due to the creditors.

 

When your company goes into administration, the administrators take over and have the power to sell assets in the best interests of the creditors. I think the main reason for having administrators in the first place is to stop company owners from selling off all the assets, putting the proceeds in an offshore account and then winding up their company with creditors getting virtually nothing.

 

At best, Whyte is a secured creditor for the property assets and could be paid something out of the Miller money although the legitimacy of this has still to be clarified.

[capstans 0]

Like I said to many people thimk Whyte is new to this sort of thing, time they realised it is his profession.