Concerns

[CumbernauldGers 0]

As I have said in a previous post. Miller is our only choice. No one else will come in.

 

That does not mean we should accept him without asking questions. We have done so before. Craig Whyte anyone?

 

I dont think there will be 1 Rangers fan that would accept anybody without questioning them mate tbh, i have seen no evidence on any forums of this or anywhere else.

[tangent60 0]

When it comes to light that Rangers(oldco) has no chance of a CVA we will act. It will though be too late.

There is an equal argument to be made that there is no chance of getting a straight-CVA (the P.Murray/B.Kennedy plan) on the current company either. (Certainly not within an acceptable time-frame, if ever.)

 

If a straight-CVA plan fails or is not accepted, the club is back to its current position. That means it continues, on application, to limp along in administration, either (i) up to a limit of 12 months (if it can), or past that point (if it can, subject to approval of creditors or the court), or (ii), simply up until the point where the company is deemed irredeemably insolvent and is wound-up/liquidated in its current form (whereby the assets are indiscriminately dismantled and sold-off to raise monies for creditors).

 

Failure of a straight-CVA plan (the P.Murray/B.Kennedy plan) is more catastrophic than failure of the CVA component of an asset purchase plan (the Miller plan). Under the latter, key assets are already "safe" in a new company.

Edited May 4, 2012 by tangent60

[UCF2008 0]

I'm still not so sure about the 3 year euro ban.

 

The 'incubator' newco is purely to shield the club from possible liquidation due to the length of time required to attempt to achieve a CVA.

 

The club wouldn't be trying to 'avoid paying its debts or obligations' any more than a straight CVA route out of admin.

 

Barring an unlikely successful appeal we're not going to be in Europe next season anyway, so I can't see why UEFA would automatically hit us with a 3 year ban in the event of the Newco being formed. Is it not more likely that they will wait to see if the CVA is successful?

[craig 5,199]

I'm still not so sure about the 3 year euro ban.

 

The 'incubator' newco is purely to shield the club from possible liquidation due to the length of time required to attempt to achieve a CVA.

 

The club wouldn't be trying to 'avoid paying its debts or obligations' any more than a straight CVA route out of admin.

 

Barring an unlikely successful appeal we're not going to be in Europe next season anyway, so I can't see why UEFA would automatically hit us with a 3 year ban in the event of the Newco being formed. Is it not more likely that they will wait to see if the CVA is successful?

 

 

 

That is my take too. How can they issue a 3 yr ban until the outcome of the proposed CVA is known ?

 

IF, and yes it is a very big if, Miller can agree a CVA and then merge the companies, then we still have oldco as part of the newco group of companies - the creditors have been satisfied via CVA and liquidation is avoided. Surely even UEFA cant issue a 3 yr ban under those circumstances.

 

I reckon they would have to wait until it is known with certainty that we are liquidating oldco.... although I am sure the Tims are baying for blood with mass emails and correspondence to UEFA as we speak.