ian1964 10,777 Posted May 31, 2012 Share Posted May 31, 2012 By jim Traynor on May 31, 12 08:21 AM in rangers THE timing of Lord Glennie's judgment was perfect for Duff and Phelps and their chosen one, Charles Green. The old Law Lord couldn't have lobbed in his stun grenade at a more opportune moment even if he'd been a member of the consortium taking over Rangers. All focus was on the SFA, FIFA and Rangers after the Court of Session ruling on Tuesday which deemed the game's governing body were wrong to impose a 12-month signing ban on the Ibrox club. And just as the spotlight was being swung towards Edinburgh, the club's administrators sent out their Company Voluntary Arrangement (CVA) proposal for approval by creditors. Effortlessly, and without any turbulence, Green glided in under the radar and closer to his goal. The Yorkshireman and Duff and Phelps must have been beside themselves. With just about everyone else concentrating totally on the potentially catastrophic consequences of Lord Glennie's decision, it was inevitable the CVA papers would hardly be scanned. An absolutely vital step in the process of finding Rangers' new owner had just been taken, yet no one stepped forward to ask a single question. Incredible. Rangers fans and the rest of us have waited so long for a CVA to be sent out but, when it was, our minds were elsewhere. However, yesterday while Rangers and the SFA were consulting their lawyers trying to find a side road which might be taken to avoid a head-on collision with FIFA, there was time to reflect on a CVA that threw up more questions than answers. And one of those questions is blindingly obvious: Why Green? Someone inside the Duff and Phelps team really must provide an answer to that one and perhaps also explain exactly what it is Green has come up with that the others interested parties hadn't. It's not too much to ask of the administrators. After all, they'll be getting more than £2.5million for their trouble. Not to mention the trouble they've caused. We'd been led to believe that no other bidder, Bill Miller apart, slapped down more money on the table or offered as much to the creditors' pot yet now it seems Green's buy-out won't really be better value than some of the other proposals. Especially after the administrators have been paid. One financial expert said yesterday that Green's bid is actually pretty poor and nothing like the deal it was dressed up to be. So what exactly is going on? And again, why this man? Why this bid? Rangers are in this mess mainly because the owner, Craig Whyte, got his financial projections all wrong - or did he? We have yet to discover if all along his game has been a long one - and because he borrowed way too much on future season ticket sales. That's the money he used to pay off Lloyds, take control of Rangers and march them to the brink of closure. Whyte bought Rangers, not with his money but borrowings. Green is buying the club from him, not with his money but borrowings. It might be naive to ask but don't Duff and Phelps have some kind of duty of care to Rangers? If so, they should be explaining fully why they believe Green to be the man to return the club to good health but their CVA document offers nothing to ease the concerns of Rangers fans. Neither does Green, who has shown little sign of being able to back up the big talk. Let's just reflect on what he's said so far. He broke cover a few weeks ago, just after Miller ditched his bid, claiming to have 20 "individuals and families" pledging support. "There are some investors from the UK, the Middle East, Asia and the Far East," he said. "The cash is in a bank account." It must still be there because even though Duff and Phelps confirmed they'd seen proof of £20m in funding Green didn't come up with the £2.7m required last Friday as the first down payment. He may not have paid the full amount on Monday either and it's thought he offered £1m instead. Maybe he misplaced his cashline card but presumably he and the administrators met somewhere in the middle to get the CVA out. But that raises another obvious question: If he has as much as £20m in an account, why the delay which prevented the CVA from going out last week or even the first day of this week? Is there a reason it can't be used? Is it his to spend right now? And Rangers fans might also ask what became of the 14 investors who seem to have disappeared. Green has admitted he has only about six now and he's also been trying to attract local investors, presumably wealthy sympathisers like bus and car dealer Douglas Park. But according to the CVA the money Green puts in will be a loan to be paid back within eight years plus interest. That means of course that Rangers will not be debt-free when he buys it even though it's believed he said it would be when he spoke recently to a supporters group. The current owner said something similar, not that I'm saying Green is Whyte. However, I am saying Green has done nothing yet to prove he is the man to right the many wrongs within Ibrox. If his group were all that he described at the outset the £8.5m purchase would have been no more than loose change to them and a loan certainly wouldn't have been necessary. But that it is suggests there isn't a lot of money sloshing around within his dwindling group and that must be disappointing for Rangers supporters, who should also be asking why Duff and Phelps appear to be bending over backwards for Green. They've put forward a CVA proposal even though creditors have no idea how much they might get. But of course the administrators themselves don't have that problem because they'll be paid in full. They can't lose out of this but Rangers and their fans can. They can lose it all. Their club with all its assets is being handed over to someone who hasn't done enough or answered nearly enough questions to make the fans believe in him. What they do know is Green will get 10 per cent of any money raised but they have no idea who has made the loan or how the club will be funded through June because there will be no drawdown from his money until July. Player sales perhaps but answers are needed to other questions, such as why is Green the only person who can buy the assets out of liquidation if the CVA is rejected? And what does Whyte stand to gain from this buy-out? As things stand Green is getting Rangers lock, stock and barrel for £2 and will be able to do what he wants with the club, Ibrox and Murray Park. If his "individuals and investors" don't buy in and he needs to raise money he could sell one of the jewels but without their properties Rangers would be finished. With Duff and Phelps likely to be getting demob happy the fans might have to take matters into their own hands and make it clear to Green he shouldn't rely on season ticket money until they've been shown some kind of legal guarantee that their club, the team and the properties will never be separated. Their custom, which Green is already banking on, is the only weapon they have. But it's a powerful one to be used as a last resort. It's up to the Rangers support to decide if that time is now. If Green is all he says, there should be no reason why he wouldn't want to give the guarantees. Then Rangers, their new owner and their fans could enjoy a wonderful life together. Just as soon as they get the SFA, SPL and FIFA off their backs. http://blogs.dailyrecord.co.uk/jimtraynor/2012/05/duff-and-phelps-must-explain-w.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheDailyRecord%2FJimTraynor+%28The+Daily+Record+-+Jim+Traynor%29 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted May 31, 2012 Share Posted May 31, 2012 its like he's reading my mind. excellent article by traynor and one all rangers fans should considder. such was greens pr when he arrived I saw predictions of cva pots of 16 million. yet we get less than 5. I never bough into the 16 million but I sure didn't imagine it would be less than 5. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,777 Posted May 31, 2012 Author Share Posted May 31, 2012 I'd like the supporters groups to be asking these questions 0 Quote Link to post Share on other sites More sharing options...
bluebear54 0 Posted May 31, 2012 Share Posted May 31, 2012 I'd like the supporters groups to be asking these questions I seem to remember the supporters groups asking CW questions. But they all came away smiling and gave him a clean bill of health. 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted May 31, 2012 Share Posted May 31, 2012 its like he's reading my mind. excellent article by traynor and one all rangers fans should considder. such was greens pr when he arrived I saw predictions of cva pots of 16 million. yet we get less than 5. I never bough into the 16 million but I sure didn't imagine it would be less than 5. I was going to start again but I can't be bothered today. All I will say is, are all the monies in for the CVA? 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,716 Posted May 31, 2012 Share Posted May 31, 2012 its like he's reading my mind. excellent article by traynor and one all rangers fans should considder. such was greens pr when he arrived I saw predictions of cva pots of 16 million. yet we get less than 5. I never bough into the 16 million but I sure didn't imagine it would be less than 5. It's not less than 5. It's £8.5m. The creditors then approve how that £8.5m gets allocated. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted May 31, 2012 Share Posted May 31, 2012 I'd like the supporters groups to be asking these questions That is my very thoughts. I am strongly starting to fear Green and Co. Not just because of this article but because he has only brought words and lies up until now. I really think the supporters groups should be asking for answers and possibly go as far as another demonstration to Ibrox before it is too late. Let Green and P&D see that this is no small profit making matter. Unfortunately it may already be too late. 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted May 31, 2012 Share Posted May 31, 2012 Traynor's the one with the press pass. These questions have been getting asked of D&P and Green for months and weeks respectively. The biggest barrier to getting answers are the warring clans within the Rangers support. Miller was a prime example of someone who should never have been entertained, but when protest came, the links to Dingwall were far more important tgan the topic at hand. 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted May 31, 2012 Share Posted May 31, 2012 It's not less than 5. It's £8.5m. The creditors then approve how that £8.5m gets allocated. If the creditors vote against the D&P figures, the courts can adjudge whether the administrator fees and charges are fair. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted May 31, 2012 Share Posted May 31, 2012 I'd like the supporters groups to be asking these questions the problem with that is the supporters group hate lobby will accuse them of sour grapes even if its a perfectly reasonable question. 0 Quote Link to post Share on other sites More sharing options...
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