A few things I'd like to point out.
First thing's first; Cuellar activating his release clause? That doesn't wash with me. Particularly after watching Alan Hutton have a suspicious 'change of mind' 6 months previous which reaked of him being forced out the door. It's far more likely that in the wake of the Champions League failure this season, that Murray alerted potential buyers to our most saleable assets release clause and they came calling. Murray probably saw this as a way to cover our losses. Except, he didn't wager on such heavy backlash and was forced into spending said cash to cover ourselves.
Poor planning seems to have been Murray and Rangers' downfall, financially, this season. He stated recently in an interview that he didn't plan for Champions League failure. Are you serious? And people wonder why we're in such a 'mess' financially. That lack of preparation cost us with the fire sale of Cuellar and possibly one 'star' before febuary 2nd, 5pm.
We spent the Cuellar money on three midfielders, two of which are key players, one which has potential. You'd think the first thing we'd spend the money on would be a Cuellar replacement, Bougherra was obvious bought as a parter for Cuellar. Now we find ourselves in need of a central defender and possibly a left winger. Instead of the purchase of Edu, perhaps securing Berra would have been a more astute move? They're both of similar ages, so 'one for the future' could be applied to berra, while he could easily provide backup/slot into the first team in a way that Mo Edu has not (Yet. I do believe he will come good).
Now if we'd budgeted for the loss in the CL, perhaps we wouldn't have gone and bought Lafferty for 3.5m so quickly a move which, if you compare his goal scoring to Boyds (as much as Lafferty has the potential to be a good player) you can quickly see who is worth 3.5m +, and we not be in this situation this January.
Edit: In conclusion, I feel that it was mainly the error in not budgeting for the Champions League exit that cost us dearly with the sale of Cuellar and the sale of a star this window(if it indeed happens). Of course, the actual exit could have and should have been avoided but thats a whole different kettle of fish to debate, at the moment the focus is Murray and how he could have lead from the top. Now, I'd love to propose a solution, but unfortunately we can't solve an error which has been made in the past. All I can suggest to Mr Murray is that he: Learns from it. As his buisness' will not last long if there is some more management of that poor standard.