nvager 498 Posted March 2, 2012 Share Posted March 2, 2012 Herald ArticleWhyte's lawyers in bankruptcy fearVictoria Weldon and Helen McArdleTHE law firm at the heart of Craig Whyte's Rangers takeover could face bankruptcy if a legal ruling forces it to pay out millions of pounds for its involvement in an alleged sham investment scheme.The revelation comes as Rangers players prepare to learn their fate, with the administrators expected to outline the toll of redundancies on the squad today.Solicitors Collyer Bristow – the London-based firm Whyte hired to oversee his purchase of Rangers last year – are awaiting a court decision as a joint defendant in the £50 million case, which has been raised at the High Court in London by 500 investors. The claim against the firm concerns a complex investment scheme, known as Innovator One.However, it has been alleged the initiative – a tax-advantage vehicle which Collyer Bristow is accused of promoting – was a fraudulent scam and certain legal conditions were never fulfilled.The company is alleged to be liable for any dishonest conduct of the individuals who organised the scheme. It is also accused of acting negligently and breaching both contract and fiduciary duties. A four-month hearing on the case ended last month and a ruling is due later this year.There are concerns that if the firm loses the case it will have insufficient funds to cover potential losses, amid claims of negligence by its insurance broker, Lockton Companies International.Collyer Bristow has since launched another legal action against Lockton in a bid to ensure the money will be available if it is forced to pay out.The solicitors alleged Lockton failed to put adequate insurance cover in place during the period of the Innovator One claims. The law firm claims it could be on the brink of collapse if it does not resolve the shortfall. A full hearing on that issue will be heard in May.Meanwhile, administrators Duff and Phelps are expected to make an announcement on staffing levels at Rangers today, amid speculation some first-team regulars could be heading for the exit door.In a statement issued yesterday, they said discussions were "ongoing regarding potential cost-saving measures".In an interview yesterday, Whyte insisted the cuts were necessary to "make Rangers a stronger business", and re- iterated his belief he had not been responsible for any financial wrong-doing during his tenure."Every penny is in the club and every penny is accounted for," he said.It coincided with a statement from Ticketus – which paid £24m to secure the right to sell the club's future season tickets in a deal which provided cash for Whyte's takeover – calling for a "rapid and successful conclusion" to the administration process.The company said it was "committed to going to the lengths necessary to ensure the future of the club is preserved and its agreement with Ticketus fulfilled".In a move that is bound to be seen as a swipe at Rangers, Chief Secretary to the Treasury Danny Alexander will court controversy today by comparing tax dodgers to benefit cheats, and making a specific reference to football clubs.He will tell the Scottish Liberal Democrat conference in Inverness: "People who dodge taxes are on the same moral plan as benefits cheats. Whether you are a wealthy person or a small business, a football club or a bank, our message is simple – you must pay the tax you owe and we will make sure you do."inShare Quote Link to post Share on other sites More sharing options...
Colonel Mustard 380 Posted March 2, 2012 Share Posted March 2, 2012 Rangers to go into liquidation alert. Or something. Quote Link to post Share on other sites More sharing options...
MosesMcNeil 1,664 Posted March 2, 2012 Share Posted March 2, 2012 I think it's becoming clearer that Whyte is a cross between Walter Mitty and a modern-day Jonah.If he ever offers me the chance to do a deal with him, I'm going to say: "Naw." Quote Link to post Share on other sites More sharing options...
Thermopylae 15,287 Posted March 2, 2012 Share Posted March 2, 2012 This thing has more twists and turns than you can shake a stick at Quote Link to post Share on other sites More sharing options...
delparlane 5,753 Posted March 2, 2012 Share Posted March 2, 2012 I think it's becoming clearer that Whyte is a cross between Walter Mitty and a modern-day Jonah.If he ever offers me the chance to do a deal with him, I'm going to say: "Naw."I'd rather wallop him in the heid wi' a clootie dumpling. Quote Link to post Share on other sites More sharing options...
Sobatai 70 Posted March 2, 2012 Share Posted March 2, 2012 Herald ArticleWhyte's lawyers in bankruptcy fearVictoria Weldon and Helen McArdleTHE law firm at the heart of Craig Whyte's Rangers takeover could face bankruptcy if a legal ruling forces it to pay out millions of pounds for its involvement in an alleged sham investment scheme.Birds of a feather do what? Quote Link to post Share on other sites More sharing options...
derekweir29 505 Posted March 2, 2012 Share Posted March 2, 2012 More great news regarding an associate of Whyte Quote Link to post Share on other sites More sharing options...
BearAbroad 42 Posted March 2, 2012 Share Posted March 2, 2012 If it is true they are holding a few million of our cash from the Ticketus "deal" then we better get it pronto otherwise might vanish along with this dodgy, unethical excuse for a legal firm Quote Link to post Share on other sites More sharing options...
BearAbroad 42 Posted March 2, 2012 Share Posted March 2, 2012 If it is true they are holding a few million of our cash from the Ticketus "deal" then we better get it pronto otherwise might vanish along with this dodgy, unethical excuse for a legal firm Quote Link to post Share on other sites More sharing options...
Bothwellbear 1,392 Posted March 2, 2012 Share Posted March 2, 2012 It just gets murkier and murkier Quote Link to post Share on other sites More sharing options...
Carsons Dog 9,878 Posted March 2, 2012 Share Posted March 2, 2012 I am beginning to have my doubts about Duff & Phelps now Quote Link to post Share on other sites More sharing options...
Eastcoast Al 1 Posted March 2, 2012 Share Posted March 2, 2012 Why is it that I am not really surprised by this any more. Quote Link to post Share on other sites More sharing options...
hemdale1873 167 Posted March 2, 2012 Share Posted March 2, 2012 Nothing really shocks me anymore about associates of whyte.Whyte should go on to that real hustle show where he belongs.Everything about this takeover has been done to line the pockets of him and his mates, D&p on £500 on hour,putting the clubs money into a firm thats about to be liquidated,putting money into barnstead town fc.shocking really is, starting to think Whyte is really a timposter tbh. Quote Link to post Share on other sites More sharing options...
a new star 9 Posted March 2, 2012 Share Posted March 2, 2012 I am beginning to have my doubts about Duff & Phelps nowthis Quote Link to post Share on other sites More sharing options...
The Godfather 72,658 Posted March 2, 2012 Share Posted March 2, 2012 This movie has a few twists left... Quote Link to post Share on other sites More sharing options...
Gazzalivesforever 2,001 Posted March 2, 2012 Share Posted March 2, 2012 So potential bankruptcy for the firm who are withholding our cash? Could this get any more mental. Quote Link to post Share on other sites More sharing options...
RFC55 110,178 Posted March 2, 2012 Share Posted March 2, 2012 Its awrite he knows what he's doing Quote Link to post Share on other sites More sharing options...
caseyjones 3,009 Posted March 2, 2012 Share Posted March 2, 2012 The unluckiest millionaire in the world. Quote Link to post Share on other sites More sharing options...
DietofWorms 2,067 Posted March 2, 2012 Share Posted March 2, 2012 The unluckiest millionaire in the world.There's a musical in there somewhere. Quote Link to post Share on other sites More sharing options...
MrSifter 181 Posted March 2, 2012 Share Posted March 2, 2012 As exclusively revealed on this forum two weeks ago. The hack pack really should keep up.To be fair to CB, it was a couple of rogue partners that are no longer with the firm. CB are a traditionally conservative law firm of excellent repute.http://forum.rangersmedia.co.uk/index.php?showtopic=210690&st=0&p=1059768302&hl=collyer%20bristow%20&fromsearch=1entry1059768302 Quote Link to post Share on other sites More sharing options...
dtmuir 3 Posted March 2, 2012 Share Posted March 2, 2012 Matt Slater @mattslaterbbc#RFC administrators get court order to seize £3.6m currently in bank account of Craig Whyte's lawyers, chasing another £5m too Quote Link to post Share on other sites More sharing options...
The Godfather 72,658 Posted March 2, 2012 Share Posted March 2, 2012 Matt Slater @mattslaterbbc#RFC administrators get court order to seize £3.6m currently in bank account of Craig Whyte's lawyers, chasing another £5m tooIs this why the player cut decision is taking forever and a day?If they get this 3.6 million then thats a huge chunk to help keep us running and would mean lesser cuts? Quote Link to post Share on other sites More sharing options...
Guardian 4,281 Posted March 2, 2012 Share Posted March 2, 2012 £8.6m would come in handy right now.Tho we might not ber able to use it if it is Ticketus money.Surely if CW took out a loan to pay for his takeover, he should be the one paying it back. If the money never reached Rangers, and isn't secured on us, how can the club be responsible for it.Looked at a different way, if Rangers did borrow the money from Ticketus to pay off LBG then we can't owe Whyte for it.We can't pay the same debt to CW AND Ticketus. We'd be paying CW for something WE paid off. Quote Link to post Share on other sites More sharing options...
disgruntled_bear 157 Posted March 2, 2012 Share Posted March 2, 2012 Is this why the player cut decision is taking forever and a day?If they get this 3.6 million then thats a huge chunk to help keep us running and would mean lesser cuts?Wouldn't go that far, cuts are still bound to happen. We have to get our running costs down. We probably use this money to try and pay off some of our other debts. Quote Link to post Share on other sites More sharing options...
dtmuir 3 Posted March 2, 2012 Share Posted March 2, 2012 Seems it was money Whyte promised when he tookover the club and the Admin are now going after it.From the BBC:BBC Sport's Matt Slater reports that administrators at Rangers are pursuing the club's owner Craig Whyte for up to £9m in money that was contractually promised at the time of his May 2011 takeover. Quote Link to post Share on other sites More sharing options...
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