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The club’s debt has NOT been cleared:

As was reported on this blog, the statements made previously about clearing the club’s debt were misleading. What has transpired is that The Rangers FC Group Ltd (TRFCG Ltd), Rangers’ owners, have promised to waive the debt purchased from Lloyds if Rangers have managed to avoid insolvency in a period of 90 days after the tax case has concluded. In plain English, if Rangers win the tax case, Whyte will write off the debt (converting it to shares). If Rangers lose their ‘appeal’, then TRFCG Ltd will be protected by its guarantees over Rangers’ fixed assets.Note Whyte’s word ‘appeal’- so much for the claims that it is just an investigation and that there are no tax bills!

Fixed assets not intended to be sold:

“nor is it the intention of The Rangers FC Group to redeploy any of the fixed assets ofthe Club;” However, as we have been discussing, this does not include season ticket sales. This seems to be a confirmation of our interpretation of the MG05s filing last week. Rangers’ future season tickets revenues can be sold for cash now.

No schedule for promises of investment:

While the document is very specific about the timeline for when the debt would have to be written off, it is conspicuously vague about the timeline for any investment in the team & in repairs to Ibrox. Such additional investments, should they be made prior to the conditions for writing off the debt (i.e. before the tax case is resolved), will be added to Rangers’ debt and would be protected by the floating charge on Rangers’ remaining assets. (i.e. everything except a large chunk of season ticket revenues over the next four years).

Unequivocal declaration of ownership and 3rd party interests:

The document says that TRFCG Ltd is wholly owned by Liberty Capital, which is in turn wholly owned by Craig Whyte. It amounts to a denial that there are any mysterious backers – either as shareholders or as holders of formal loan notes or guarantees. (However, speculation can be expected over whether any 3rd parties need such formalities to make an agreement).

This is a quick summary of what struck me immediately. Without doubt, we will parse this document and find more to discuss and debate.

Is this anything to worry about

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Defo not from a celtic website.

This is the same website which at the bottom of the page cites ghobshite as a credible source. The same website which reeks of the celtc lobby and their obsession with us. If I was to find out that fhilthy phil is behind this I wouldnt be surprised, after all he has enough time on his hands to be doing this kind of shit.

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that shite is more misleading than any oF the papers! for starters, the statement "Whyte will write off the debt (converting it to shares)" is an assumption, whyte can write off the debt however he wants. also, "TRFCG Ltd will be protected by its guarantees over Rangers’ fixed assets" leads the mind to "asset stripping", whyte is unlikey to do this as he the the club will be worth a fuck load more a few years down the line intact. he cant do fuck all with the stadium as who wants a huge listed building they cant knock down in Ibrox in the middle of a recession when empty shells in better areas are two to a penny all around glasgow. murray park is worth more intact as well no supermarket chain or property developer is going to pay 14m or what it cost to knock it down and build on land that is heavly rumoured to be unsuitable for large buildings due to subsidance fears. whyte is covering his back as he should, but IMO he bought rangers in order to patch us up and sell us on for a tidy profit maybe between 5 and 10 years down the line.

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Cool lads just close this thread I wasn't aware the website was made by tims, I will be more aware in future my wrong doing.


You should read the other thread. It sheds some light on the circular.

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