At what point in the process do we get to put Whytey in the stocks and pelt him with rotten tomatoes?
"Then why not just attempt CVA and then liquidate and go newco if it cannot be agreed?" D and P have already said a CVA isnt going to wash as a "stand alone". I suspect ticketus say nah and the FTT decision not being in yet is bound to impact it no matter what they say simply liquidating and going newco loses your "goodwill" - ie history, strips, brand etc - that needs to be seen to be purchased (it obviously has no value outwith football) In addition to this, Whyte still has a claim over the assets - secured creditor - liquidating the original company with the assets in it means he would take lions share. moving the assets and liquidating oldco means that he doesnt - now he may still have the floating charge on newco assets (thiose assets that arent intangible such as MP and ibrox) but for him to do or to get anything out of them is likely to be a long and weary process and he may give up - i would if i was him "I think a CVA will be agreed. Via CVA the creditors will share £11.2 million. If the company was to be liquidated then they would share £11.2 million, seeing as that will be the only asset within the company (after all assets have been moved)." i think ticketus would (better than nothing i guess) if they didnt have a potential claim against whyte - they cannot "double claim" their monies (or it would at least be questioned by a judge) HMRC will not, i suspect, be party to what would amount to less than a 7p in the pound agreement - the backlash would be bad publicity and at least if they move to liquidate they can be seen to be tough while not actually losing much money "I know As far as I understand it Whyte canny get his hands on **** all during admin. All assets (and cash) are controlled by D&P and would be sold off in a liquidation event to pay creditors. I think. " its likely whyte would in this instance be a secured creditor which means D and P would essentially sell off assets to give to him
I have no clue what Miller's plan is and I doubt many on this forum could reasonably claim to either. It will either work or it won't so we will find out in due course. One thing I do know for sure is that only Minty Murray can deal with HMRC when it comes to the Big Tax case, so i don't see how a CVA can be achieved without regard to the BTC. If Miller does bring Rangers out of Administration soon, then it will be before the BTC is settled so if another huge bill arrives from HMRC after Rangers exit Administration then they may just be facing another insolvency event sometime in the near future. I may be completely wrong though.
As far as I'm concerned at the moment **** all has changed. It's all ifs and buts and whatifs. My gut feeling remains that a CVA is unlikely and we'll be newco, then the Gang of Ten farcically vote to keep us in the SPL.
pretty much gambol - some penalties that will keep you in 2nd for a year or 2 i am pretty sure miller wants to sell you guys off as a going concern once the newco hoo haa dies down and you are debt free think about it - no debt, young team on small wages, 40-50000 regular attenders he'd get more than 11.2 million for it i think
"the SPL rule change can't affect us until next season. " possibly - although i dont see where it actually says that - they have discretionary powers which they may use they also dont "have" to let in a newco so i think some negotiation will take place - as i said i think millar will have been given the nod providing he can merge oldco and newco next season - if oldco liquidates i think there will be a caveat its all speculation though
Chris McLaughlin, BBC Sport "SPL source tells me that Bill Miller has been given no assurances about possible sanctions for a newco
Joint administrator Paul Clark has explained to BBC Scotland that Craig Whyte, who bought Rangers for £1 last year, will receive nothing from Bill Miller, saying it was "not necessary to get his approval". In effect, it is Duff & Phelps selling the club's assets to the American.
I see Dev's mate from the radio is back on the wind-up on the BBC site: please log in to view this image
