Perhaps the deal with Ticketus and The Blue Knights involved future shares to the value of any monies owed (which would amount to 27 million quids worth)which suited Ticketus to a point. Octopus, their parent company, might have seen this as the only way to get the money back, although they would prefer cold hard cash which Paul Murray doesn't have and the other 'Consortium' members were'nt willing to front up. This scenario, however, would probably have made TU's the main shareholder which they don't want to be - hence the jumping of ships when the opportunity arose. The Blue Knights then pulled out of the process because all along the BK's were just a group of names for PM to band about to make it look like he had some ready cash in the form of backers - his real form of income would have been a fans share issue (minimum a 1000 quid per person)and when TU's got on board he thought his ship was in. He only had 10 million - which happened to be the same amount as TU's were offering as a loan and when he asked for another 1/2 million for exclusivity they told him to take a run and jump. I'm most probably wrong but .... you never know.