HMRC lose appeal

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FORMER Rangers owner Sir David Murray has released a statement in the wake of HMRC's unsuccessful appeal over the use of Employee Benefit Trusts during his time in charge, welcoming the decision but also highlighting the damage done during the case. During proceedings, it would have been entirely inappropriate for us to highlight fundamental misunderstandings or contribute to this public debate. "Notwithstanding all of this, it is abundantly clear that Rangers Football Club would not have gone into administration or liquidation had the purchaser fulfilled its contractual obligations and responsibilities. Similar to the resolution of the UTT appeal, we hope that that the relevant authorities conclude their investigations and commence proceedings at the earliest opportunity."
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Thoughts.
 
Rocket said:
Thoughts.
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Honestly and without the point scoring or poking fun , I thought Murray built a house of cards, loans paid for by loans that was always going to collapse at some point. Ive said before that it seemed to me the writing was on the wall when he had the share issue ( 50 million ? ) which had a poor response so his solution was to borrow money from the bank of scotland via one of his other companies and then put that into rangers with no visible means of being able to repay. It was utter f**ing madness like someone borrowing on the value of their property when that value is an abstract entity.. Admittedly a lot of people got caught that way. There was a time back in the uk where I was getting regular contact from the bank essentially encouraging me to take out a massive loan based on the value of my house now being X where it used to be Y ... the money was abstract, it didnt exist except in the imagination of the bank and the markets. Thats what Murray was spending and digging you guys deeper into the s**t every time he did it. This is a convenient smokescreen for Murrays mismanagement.

Oh ..... I think I just had a wee rant there.
 
rogueleader said:
Honestly and without the point scoring or poking fun , I thought Murray built a house of cards, loans paid for by loans that was always going to collapse at some point. Ive said before that it seemed to me the writing was on the wall when he had the share issue ( 50 million ? ) which had a poor response so his solution was to borrow money from the bank of scotland via one of his other companies and then put that into rangers with no visible means of being able to repay. It was utter f**ing madness like someone borrowing on the value of their property when that value is an abstract entity.. Admittedly a lot of people got caught that way. There was a time back in the uk where I was getting regular contact from the bank essentially encouraging me to take out a massive loan based on the value of my house now being X where it used to be Y ... the money was abstract, it didnt exist except in the imagination of the bank and the markets. Thats what Murray was spending and digging you guys deeper into the s**t every time he did it. This is a convenient smokescreen for Murrays mismanagement.

Oh ..... I think I just had a wee rant there.
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All this talk of "The debt was manageable" is utter nonsense, you only have to look at the state of MIM at present to see why the Bank was concerned. They are holed below the waterline and have been for years.
 
I'd love to listen to all the taigs on this thread but for 2 years they've informed me that rangers were 100% guilty.

Basically their opinions are worth **** all now <ok>

Phil <laugh>
BigTaxCaseBlog <laugh>
scotslaw <laugh>
 
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