Rangers Banter Archive April 21 2012

21 Apr 2012 23:04:14
Unconditional or unqualified? What should the Joint Administrators expect?

No bid for the shares of a company, or for a company’s business and assets, can ever be unconditional. Such conditions surrounding the bid as either the purchaser or seller wishes to impose are resolved in the course of due diligence and negotiation.
Bill Miller is looking to acquire the business and assets. His offer will be framed accordingly.
If press reports are interpreted correctly. the Blue Knights are not looking to acquire the business and assets. The Blue Knights are preserving the company, not stripping assets out, maintaining rather than demolishing. The essence of the Blue Knights’ position is that money will be subscribed for shares, with a proportion of the money invested being ring-fenced to fund a CVA. In practice, the Blue Knights will wish to be satisfied not only on the value of the assets but also on the existence and amount of liabilities so that all pre-investment liabilities are bound by the CVA
The most basic condition of any transaction for each side is that the other side has the legal capacity to enter into a legally binding agreement.
Some conditions relate to the existence of facts – for example, production of an asset list, or list of debtors, or statement of account from a creditor, can be produced so that a condition relating to the existence of assets or amounts due to a creditor can be established beyond dispute
Some conditions relate to difference of opinion on circumstances of future events– if disclosure of facts cannot resolve the difference, the Administrators may warrant that a circumstance exists, and the investor will seek an indemnity to compensate for any case where the circumstances turn out differently and financial loss is suffered as a result
Each side will have a view of the financial impact upon the price to be paid
It is up to the Administrators and investor to agree on the amount to be paid, modified by taking fully into account these conditions.
D&P must recognise that such conditions are part and parcel of the transaction process and cannot quibble if reasonable conditions attach to any deal
However, and this is where the D&P willingness to consider a bid as outlined in the Bill Miller statement is puzzling, it is clear that any qualification relating to an event over which the Administrators have no control renders an offer “incapable of acceptance”. D&P cannot control what SPL and SFA decisions will be. It is an open question whether as Administrators they should actually have been working towards that clarification before now, subject to the fit and proper person test.


Exclusivity fee – what does that cover?

Fees paid to Administrators are in effect paid by the creditors. The costs of the Administration, then the Administrators’ fees, take highest priority for payment from the proceeds of sale of assets.
It is reasonable and fair that the Administrators should not waste money by pursuing offers made by people who are not to be taken seriously as investors or purchasers; cranks, people who are well-meaning but too poor, and egotists regularly express interest in acquiring businesses and assets of insolvent companies. Legal and professional costs are not cheap.
To make sure that the creditors do not lose out through money wasted in this way, Administrators obtain and evaluate bids, and then grant “preferred” or “exclusive” bidder status.
An “exclusive” bidder will be a bidder whose bid is acceptable commercially and financially, and the only task remaining is completion of the required legal purchase and sale documentation
The “exclusive” bidder may pay an amount calculated to meet the Administrators’ legal costs of preparing the purchase and sale documentation. Thus, if the bidder pulls out, the creditors do not suffer.
The “exclusive” bidder may also pay a non-refundable sum of money to fund the trading of the business being acquired for the period in which the legal documentation is being completed.
The big problem, particularly with acquiring from insolvency, is that the respect and trust which is essential to the transaction relationship may be impaired through the perception of the investor that the Administrators are leaking the investor’s information in the hope of achieving a better bid, either by forcing the investor’s hand or by going elsewhere. The investor does not want to find a non-refundable amount has been paid but that the deal is not completed. The investor is already bearing his own substantial costs
The way to resolve this question is to simply ignore the word “exclusive” (which the investor wants to have) and use instead the word “preferred” (which the Administrators want to have).
The preferred bidder can then assess what the reasonable legal costs of the Administrator will be. In this case, these costs may include a proportion of the costs of putting together the CVA. An agreed amount can then be placed on deposit (in escrow) with a lawyer. If the transaction completes as planned, or if the investor chooses to withdraw for his own reasons, the money is released to the Administrators by the lawyer. If the Administrators accept a different offer, the money is not released from deposit by the lawyer. In that event, it’s the Administrators’ responsibility to ensure that the accepted bid exceeds the preferred bidder’s bid by not less than the amount in escrow.
In summary, an investor may be unlikely to pay an “exclusive bidder non-refundable deposit” but may be more likely to pay a “preferred bidder deposit”!...jsm

Great post and very informative Bill Miller will be appointed as preferred bidder as he has SPL/SFA deal in place according to this


SPL chief executive Neil Doncaster last night refused to comment

Sunday April 22,2012
By Scottish Express Reporter

Comment Speech Bubble Have your say(1)

BILL MILLER looks to have taken another massive step towards ownership of Rangers after appearing to have cut a deal with the SPL to take a newco Ibrox club into the SPL with only limited football sanctions.

Despite the manoeuvrings from Paul Murray’s Blue Knights and Brian Kennedy, the signs are that the American will be given time to flesh out his controversial “incubator” plan as the preferred bidder.

That involves the temporary transfer of assets – Ibrox, Murray Park, players etc – to a new company, but it will not mean liquidation.

The only way Miller’s plan can now be derailed is if either the Blue Knights or Kennedy – or a combination of the two – put together a more attractive proposition in the next 24 hours.

Both are working on that but need to get it in black and white to the administrators.

It all leaves Miller on his way to ownership after he and his advisors held long and detailed discussions with the SPL that appear to have resulted in an agreement of some kind that will allow the American to move forward, knowing the future will not be blighted by restrictive football punishments.

21 Apr 2012 20:46:13
Have to say I never thought that it would come to this, we are in serious jeopardy of being no more.
It is unbelievable that Sir David Murray in particular has led us to the brink. Between him and Whyte are possibly going to be the final chapter.
This is a club that have had many great times, some horrible times, so many good things, some very bad things, but frankly I will be heartbroken, I was in Barcelona in 72, I was at the Ibrox disaster, I was in Manchester.
How can a club that can take 150,000 plus people to a game where at least 70 per cent had no chance of getting to the game, i believe there is not another team in the world that could do that, how can this be happening?
Ego, greed, poor business practice that's what may well end 140 years of history.
I remember being taken by my Dad and Grandfather to my first game, I remember the day I took my son to his first game, looks like my son might not be able to take his son someday.
I have a good life, I am happily married, I have a great son, I have a decent business and I have good friends, but with no more Rangers, life will not be the same.
Come on Blue Knights or Brian Kennedy the clock is ticking.

Well said that man, i know where you are coming from. Rangers have been a big part of my life . The history, the tradition , just being a Ranger part of the best football family ever. I also enjoyed being a Ranger when we were average because it meant something to follow when winning was rare. Then came Murray, we can only say that when we were enjoying the early years a cancer was growing within our club. This shamefull act has brought our beloved club to the brink of extinction. I watch my grandchildren , and hurt thinking they might never experience being a Ranger, something i admit i took for granted Rangers would always be there. If a newco was formed i personally would be gutted. But i owe it to all the children in my family to carry on as before for their sake. Rangers football club must continue, we will accept any fair punishment and rise again . It will take time and must involve fan power. Fellow Bears we cannot allow 2 s**tx to ruin our club, i ask whoever buys the club to include the fans and if you are accountable we will back you with money . We have to get Rangers back for our sake and the kids we sold a dream , we rose from humble beginnings we can again, we await a new owner we can trust so we can show our enemies we will be back . Being a Ranger is a calling a honour and a privilege i have enjoyed my time , i want the next generations to enjoy theirs .

Highland Bear

I know mate, rangers are such a big part of our lives, we live to watch the mighty gers, our blood is blue and always will be. im trying to be positive but its hard, if we die it will leave a void, like losing a loved one... this is unthinkable, we will survive...jsm

Brings a tear to my eye watp

Agree with previous post, no more rangers an unbearable thought. when i first seen cooper play , magic , that was my club then, now ruined by business men n greed, hard to take. blue bear

Excuse me, there may have been 100000 at Manchester not 15000. But of those 100000, 99999 caused a riot

Err,you do know everybody has blue blood dont you?.........green jhedi

Cheers fellow Bears, we followed we now suffer, every day we hope for salvation . The fans have follow followed without question and will again . Would like to congratulate the Rangers supporters for their Loyalty especially away during this tragic time at our club once again showing whoever buys into The Rangers is going to be rewarded . Congratulations to u17s its never to soon to beat our greatest rival , remember the feeling you may be required sooner than you think, at any age level at Rangers you are the future wear the colours with pride, your time will come be READY, to fellow Bears i would like to say be Ready to save our club if we get the chance, let history not show when Rangers needed us we were not AYE READY .

Highland Bear

I don't know, these people who weren't even in Manchester, how can u comment on it? Did u really see the way the police treated rangers fans?

8).
I agree - FFS a bunch of teenagers caused more damage in Manchester last year than anything the bears got up to.

Bill72

21 Apr 2012 20:13:38
Heard the blue knights are back in the running. Well done to Duff and Duffer the Adminitraitors. Their begging phone call on radio Clyde must have worked a treat. Like they did with the Rangers players, they thought three moves ahead and issued a panic laden statement regarding the imminent threat of closure. It worked over a month ago on the naive players who opted for crushing wage cuts or simply walked out the door. A move that prolonged the process of Administration and allowed the Administrators to pocket these players earnings for themselves through the £600 an hour wages they gain. It will now work on the equally naive consortium of Knights, who will work tirelessly over the weekend to scrape together a slightly better deal than captain America can manage. Duff and Duffer will accept the bid gladly and coin in more administration fees for the rest of the month and well into the next. They will crack open an expensive bottle of wine on Monday evening (sent by Mr Whyte from France perhaps) and they will laugh at how they have played the Knights and everyone else like pawns in their money making chess game. A game which is nowhere near finished and a game they have already probably thought a further ten moves ahead in since Friday. The Knights however definitely have not. Check mate. Murray and co will have began a process of panic buying something that is (at the moment) completely dead in the water due to the creditors it must contend with ( Craig Whyte, HMRC and ticketus).This is something Bill Miller knows and alluded to in his own statement of intent for the club. The Knights will attempt a CVA, but this is a risky and a long and drawn out process that creditors can block easily. This could throw the club into an abyss at a later date, only with the Knights officially at the helm and not the Administrators. A later date though, which will have allowed the Administrators to coin in more money in the process. As Captain America states, ‘All of the groundswell created in the attempt to indicate that a CVA is a simple solution to save the club and its history is simply a naive understanding of how this CVA process would work and the risks associated’. Well if the Knights table a further bid on Monday, they are certainly naive in a business sense because they are taking on a hell of a headache involving her Majesty, potential SPL rule changes as well as Craig Whyte the ‘impediment’, or owner of the company, as I like to call him. They will also have an outstanding 55 million debt to contest with. These are a group of people who last week where struggling to decide whether to pay £500,000 through fear of not getting it back. They eventually chose not to pay it and dropped out the bidding process through that same fear and because Bill NG could give 2-3 million more to ticketus. £3.5million, a drop in the ocean compared to all the other figures being banded about regarding this club just now and yet it was enough to initially scare a consortium of at least seven or eight ‘wealthy’ men away? This highlights the obvious question. Have they really got the wealth and the bottle to take this loss making machine positively forward? No would be the answer I feel and the Administrators just might know that if they have been working with Craig Whyte or simply for themselves and their own company all along. Murray and co do however have the ability to prolong the process further. That suits the Administrators . Could the Knights be pawns in an endgame of total liquidation, with Craig Whyte standing as the sole owner of anything left to be broken up and sold off? Or are they pawns in an endgame involving an administration company milking Rangers for all it’s still worth? Possibly! However whether this is the case or not, I think that before the Knights table a bid again, they might want to look at Mr Minty’s reign in the last four years of his ownership of Rangers. It was severely losing him money. It was a bottomless pit that was financially sucking him dry and he actually had a bit of wealth behind him. A wealth now severely dented not increased by the ownership of Rangers. He also had ticket sale money, European competition and no threat of point’s deductions. He had some form of profit coming in and still he was operating at a loss. So desperate was he to stop it draining his wealth, he sold it to a business crook for a measly pound. Now the Knights are scraping money together to buy that same company for over 11 million, when that same irrational and unpredictable crook, who breaks up companies for a living, still technically owns it. They are scraping money together to buy a company that still holds the extensive debts of the man (a real Knight of the realm) who sold that very crook it in the first place. The crook who STILL owns it. Naive indeed! Someone stands to benefit from an increased bid from the Knights and their £500,000 deposit for preferred bidder status but it most certainly is not the Knights or perhaps even Rangers football club or the fans themselves. Check mate and well played to whoever it is that’s really controlling this particular cruel money making game.

Are you familiar with the idea of paragraphs.

My head hurts!

Bill72

21 Apr 2012 19:12:54
I'm starting to think all the bidders are full of sh!t and are making their bids unacceptable so we fold but they can then say it was the SFA or it was duff an duffer or the shares were made to be unattainable, then if and when we fold the court actions getting fired about will last a decade, an we ain't even had the big one in yet , that must be due maybe next week, is this the game ? Hold out on bids while praying the verdict is here before we are f£cked, very very dangerous ! We have untill close of play Monday, but the verdict won't be in by then so..... I'm not following a newco say what you want I've heard worse of my mates, IF we can be saved the guy doing so will get something no money can buy... STEP FORWARD TBKs And KENNEDY
PaulRFC

Paul enjoy your Saturday's shopping mate. No saviours, our debt is toxic. Regardless of the BTC we are fecked. Ticketus, whyte, Hmrc (current debt) etc it's a bloody shambles.

21 Apr 2012 18:57:56
Three nil to Gers today lads.
Get the feeling tho' that the guys are playing for their own careers and futures.
I don't think any of them would be there at all if they could have moved in closed season.
25% wages is better than zero and sitting at home for 4 months.

Playin for not just a club but an institution watp

Playing for a MOVE!

waken up guys!

bill72

21 Apr 2012 17:17:44
brekkin news boays " aah kin catugorikully say thit its no ah inkubatur co, its jist a wee tupurware boax, bit av pit wee holes in it so it kin stull breev"
bak tae youz in the stewdios bears....

And interpreting for the neds........Rab McGlinchey! ger1952

21 Apr 2012 16:58:27
Jus a quick congrats to Andy Little another great performance today. Well done Rangers...

John1glasgow

How much will he be sold for in June?

Very LITTLE

bill72

21 Apr 2012 14:22:15
I'm away to Tynie for the match. Feeling a bit sad as I think you won't be back again. Aw the best.

Jambo

AW,what a shame.Im sure you can meet again,probably in july-ish...........green jhedi

Seriously, are you kidding me on ? green jhedi, go away. what a ridiculous and worthless comment. i reckon you are a sad individual. nothing better to do with your time, like go for a pint on a saturday night or something ?

james rfc 1980

@2; working im afraid,but whats your point...........green jhedi

Jedi - you occasionally (very!) come out with proper banter & even less occasionally make some odd kind of sense
This comment from you is at the very least lazy

Could do better methinks

bill72

Green jehdi his point is ur a 1 sad clueless person jog on as no1 wants to read ur comments anymore as ur a tool have u ever been to porkheid i guess not sad wee man an theres no wae u ave a job

5: how'd you know he doesn't? Just because he doesn't work beside you on the Oxford English Dictionary, it doesn't mean he doesn't work.

1903

@5, he like you has every right to post a comment here so wind yer neck in.
However his retort was incredibly childish, of no football connection, rather that of a very bitter individual who really needs to grow up a tad.

Bosley.

@bill72; more of a jab at hertz than gers for the sectarian abuse we get at swinecastle. @5; trying to read your garbled nonsense but i think i got the gist of it,season book for over 20 years,and i am self employed(hence the reason im working on a sat night) and it pays well.so bye bye you no doubt have cans of aldi lager to swallow...........green jhedi

We love the green jhedi. Penguin walks in July is it not?

Campsie Bear

21 Apr 2012 12:28:35
Hello David Murray, time to come out from hiding under your blanket and tell the truth.
Your actions have almost drove the club to going busted, as a share holder I would really like to know the truth and not listen to some spin.Das Shadow

@Das Shadow; Quite right! The very least he could do is pay the debenture holders their cash.I remember the rumour at the time the club deck was built that he over charged rangers for the steel needed to build it,thought it was gossip but now..?........green jhedi

Almost mate ?? are u for real we are going bust its that simple

TB

We're not busted just yet.

Das Shadow

21 Apr 2012 11:40:55
If Kennedy wants to save the club, but can't top Millers bid and TBN's wan't to do the same, then they MUST join forces and make a firm and final offer above what is already on the table in writing NOW. If not they must stop giving D&P excuses to drag this on until there is not enough time for anyone to do anything to stop liquidation as has been their plan from the outset. Why did whyte do everything within his power to get them made creditors (when they had no experience in this field), and why were they involved from BEFORE Whyte took control of the club. This lot have been planning this since Whyte first considered buying Rangers and an investigation must take place into the handling of this and why it was allowed to happen. Whyte appoints D&P and immediately they turn against him (was this to deflect from the plan they had put together and to avoid suspicion). D&P then make mistake after mistake in the handling of the club and debts that delay the process even longer (how convenient for them). Everytime there has been an opportunity to sell the club D&P and Whyte take it in turn to release something (usually in the media) that will stall the process more or move the goalposts. £500,000 non returnable upfront, who came up with that and when? (is it a legal requirement, or just another slowing down process). Now we have Miller, I could pay right now but I'd rather wait until someone else comes back in to push the price up higher (as I really want to have to pay more) by Monday. I think he is in place to UPSET the bids rather than make a genuine one for himself. If everyone else pulls out over all this crap them Miller decides he no longer want's to buy the club or reduces his offer there is no time to start again..LIQUIDATION.. JUST AS WHYTE WANTED FROM DAY ONE. HOW CONVENIENT..

21 Apr 2012 11:14:51
Ed?
Given the number of Celtic fans who post on here and who obviously have a concern about our club & what might happen to them if we go ( looking more likely by the day).
I thought I Would visit the dark side website and make few posts.
NONE OF THEM HAVE APPEARED!
Is there some sort of selective censorship going on
, not to upset them any more?

bill72 {Ed001's Note - your posts have been posted, give us time mate. We do have lives as well as the sites to edit and weekends involve families too.}

Fair point

bill72 {Ed001's Note - also, especially in the mornings, we often have a huge backlog of posts to read through.}

21 Apr 2012 10:23:09
is there no leaders in this country. Why cant some rich rangers supporter business man stand forward buy the club for a nominal fee(probs about 12million would do it) with the remit to get supporters to buy their share of the club. There must be about 500,000 rangers supporters in this country willing to shell out money, anything from £50 to £1000 to see their club survive. This would see the fans ultimately owning their club and all debt can be paid.

Whit do you know how much debt there is? You would need to be willing to give that much every week.

And pay all of the 273 companies 3p in the pound??shambles & a cva will have no chance,rip rfc,even before the tax man gets scavaging on what ever will be left of the corpse!!!!!!

3 Disagrees and thats why come monday we will die. Im not a milionaire but I wouls soon pay up a few hundred quid to buy shares to see us play again. But this can only happen if a rich man stands up to start the ball rolling to sell the club to the fans

21 Apr 2012 08:00:26
Maybe just me but Johan Mjallby in the DR today -sounds more like the Celtic manger you would expect, rather than what they have unfortunately got. In my opinion he spoke more sense and gained more respect in one interview, than the other one has achieved in all his years at Celtic.

bill72

REALLY? speaking about celtic management team when your club's life support machine is due switched off@baffled!!

Another tool who has a scary obsession with our championship winning manager.....DH

Usual pi** from the dark side

Don' have to do much to upset them do we

It was an honest comment - get life

bill72

It is refreshing to see that Rangers fans, during their own clubs's financial meltdown are still so engrossed in what championship winning manager Mr Lennon and his staff are doing. Bill72 you were shown up yesterday on the Celtic site for your complete two facedness, posting as yourself then posting nonsense anonymously. Any crumb of respect you had on these sites has sadly gone. It is strange that as a supposed Rangers fan you feel the need to talk about Celtic's management yet fail to comment on any the lies or media and PR soundbites McCoist has spoon fed his fans for months, from backing Craig Whyte to his fantasy meetings with proposed owners, yet you all fall for it hook, line and sinker without asking any questions. Every day it is a new favourite to take over depending what you decide to believe in papers or is spewed out by Rangers media partner STV. Where is the stampede of people who were willing to pump millions into Rangers when their hour of need would come around? More lies and media spin that you all swallow up as quick as McCoist can eat a Big Mac meal. I would have thought Rangers fans would have had more worries than what Mr Lennon and his staff are doing, or are you really just that sad?

Benedict Lawwell

Typical selective reading!
I did enter into a discussion with the ED on YOUR site - and in my opinion he was just atad defensive. - bit like yourself actually.
Anonymous posts were explained.
However I won't be making a habit of frequenting the dark side anytime soon, unlike the constant drivel pouring from the many regular Celtic snipers on here.
Who's obsessed??

bill72 {Ed014's Note - Bill you were posting from 2 totally different viewpoints.Ed007 left a note for us all and the evidence was there to see.Even the disasteful posts that he couldn't post.All of us editors think it is childish when people do that.You must have caught 007 in a good mood because he usually bans people who try to be sneaky.}

@bill72: totally exposed now. It'll be good to see your comeback...

1903

@Bill72; what a shown up! Distasteful posts and anon posts! dear,dear,come back on if the spine transplant works..........green jhedi

21 Apr 2012 02:13:59
Bill Miller may well have good intentions but his idea of separating Rangers Football Club(history,titles etc) from Rangers Football Club PLC is not viable-corporate law in Scotland does not allow such jiggery pokery! He is a typical American who has no comprehension of the law of anywhere outwith the USA.
I think Paul Murray (BK) & Brian Kennedy will join up (as they should have done weeks ago but never mind that) to be preferred bidder along with Ticketus to present a rival bid to D&P. I hope this comes to pass & if it doesn't-well basically Rangers Football Club as we know & love is f**ked!
ThatsNotMyName

Maybe it's me?
But isn't what Mr Millar suggesting the same as what happened to the banks, I.e. the 'toxic' debt was moved out and the good debt kept and built on.
Am no expert btw!

bill72

@bill72: it doesn't work like that.

@bill72;you are an expert bogus poster though....oh thats right you got caught!.......green jhedi

21 Apr 2012 00:44:33
I will not support a newco as its not RANGERS FC I was born a rangers fan i will die a rangers fans so u can stick a glasgow rangers fc etc right up where the sun dont shine and to quite alot of gers fans who dont know our club name is RANGERS FC


That is all


TB

Start walking then....algarvebhoy

Actually we are called THE RANGERS FOOTBALL CLUB

I will support Rangers come what may, even newco ....... Disgusting the thot of giving up on the Gers. We goin nowhere and I for one want to see those that took us down punished under the law, criminals that's what they are, and those that happily wallow in putting us down are punished on the park. Disgusting the lot of the. True Rangers fans will always follow on. Watt. LB

LB are u trying to say u are more of a fan than me ???

a newco is not an never will be rangers fc ur opinion is fine but never say ur a true rangers fan an i aint i was born a rangers fan if they die i die so toddle off now

TB

@op; why do you want to stick rangers up in peterhead?

2) actually ur a joke mate THE what the hell are u talking about some people on here are mental and algarvebhoy what is the point of ur post ???
i ave never said once the famous quote " we dont do walking away" as its a lot of sh~t coz after 80 mins of a game the majority of gers fans do walk away the dont know a game lasts 90 mins

TB

@3: if they were criminals, they would have been charged by now.

20 Apr 2012 22:34:30
I make no apologies for posting agin so soon after m last post but like all true blues am reading everything I possibly can hoping to find the best result! My conclusion by end of next week we will be owned by TBK and Kennedy anything else will ran the end!if I am right then we will be back and the mob over the road will still be a distance behind our history!

21 Apr 2012 00:02:05
This is turning into a " Monty Python" sketch, the game is up, and has been for some time . Lets not try and welch on our legal debts , we could never live that down , and our freinds in the east would beat us with that stick for ever and a day

Craig Whyte is not the messiah, he's a very naughty boy!

How could we pay back so much debt? We would require a strong squad to qualify for Europe and win the league and that requires serious money. That in turn raises income to pay debt, it's a classic catch 22.

A £1 for that, you must be mad.