RSA Meeting with Admin (3/3/12)

[4MenHadADream 122]

A lot of it is old hat, but interesting about the Arsenal share money. Just thought I would post. On the RSA website now

SUMMARY OF A MEETING WITH THE ADMINISTRATORS ON SATURDAY 3 MARCH 2012

1. Details of cuts to meet the £1m shortfall will be announced on Monday - new investors unlikely to want to inherit the current cost base of the Club - hence the need to implement the cuts.

2. Liquidation is "unlikely" but can't be ruled out - a CVA far more preferable to liquidation as that puts at risk future European monies for a number of seasons.

3. Pursuing the whereabouts of funds - focussed on what was promised by Craig Whyte in the Takeover document - "highly unlikely" Craig Whyte would be involved in the Club going forward.

4. The contracts, security, legal charges and financing of the Craig Whyte takeover are all being challenged, however, any security Whyte has or had is not likely to be an impediment to a sale.

5. The £3.6m ring-fenced from Collier Bristow is subject to legal claims from other parties as well as Rangers FC Plc.

6. Good interest in acquiring the Club and criteria will be based on fully financing the acquisition and be able to sustain the business going forward.

7. Key role for the Administrators is to put the business in a good state for acquisition.

8. Big tax case not a key issue in the sense that liability will be part of the creditors share out - far example, if there is a pot of £20m to share out - each party will get a dividend whether the total liability is say £40 million or £100 million.

9. Best way of contributing finance at the moment is through match-day sales - tickets, hospitality, catering, etc.

10. Suspect that the Arsenal shares money is lodged in Pritchard Stockbrokers accounts - assets of that firm are now frozen by the FSA and it will require legal argument to recover.

[delamonty 992]

I want this done with.

Hard to take. But I have confidence in the administrators.

What a terrible time in our history. Thanks SDM and Whyte.

[caseyjones 3,009]

Thanks for posting.

[simplythebestest 2,148]

Erm, on the whole not too bad then!...Right? I don't have the required knowledge to say for sure, but if no.8 comes to pass we'll be flying high as the bears will unite to wipe that £20 million within months

I'd be interested to see what those who are less optimistic think.

[caseyjones 3,009]

Spending on catering is a strange one. I would have thought that Azure would keep the takings after paying for the contract.

[gunslinger 270]

Spending on catering is a strange one. I would have thought that Azure would keep the takings after paying for the contract.

yeah doesn't sound right.

[ChampionsAgain 1,373]

Everything we know basically.

[Phil 1,150]

Cheers mate interesting bout the arsenal shares, hopefully it was a dodgy deal and they are returned but i wont b banking on it, anything we get back is an unexpected bonus in my book

[Blue corn flakes 1,282]

I think that cunt whyte is in there getting his hands dirty and name blackened for some other cunt. Whyte doing someones dirty work. I get this feeling everything will be ok.

[Bluepeter9 5,167]

Point 3 I assume ticketus are also chasing that cash!

.. And thanks for posting that!

[4MenHadADream 122]

Cheers mate interesting bout the arsenal shares, hopefully it was a dodgy deal and they are returned but i wont b banking on it, anything we get back is an unexpected bonus in my book

As far as I read it, it seems like the best we can hope for at the moment is that we can get the money Whyte made from selling them, back. That doesn't even seem certain though.

[simplythebestest 2,148]

Point 3 I assume ticketus are also chasing that cash!

.. And thanks for posting that!

This is a strange one. There is certainly a few rumblings that if Ticketus get that cash then we have a stronger case for undoing the whole deal, but I've no idea if this theory was debunked or not.

[kplfishtank 4,662]

i got the email earlier but wasnt sure if it was to be put on site until after RSA put it on their site.

[caseyjones 3,009]

Erm, on the whole not too bad then!...Right? I don't have the required knowledge to say for sure, but if no.8 comes to pass we'll be flying high as the bears will unite to wipe that £20 million within months

I'd be interested to see what those who are less optimistic think.

Unless the Ticketus and Close deals can be voided, I simply can't see where the funding is going to come from in the next few years - unless there is someone willing to throw huge amounts of cash at us!

[laudrupno1 3,932]

Just read it also on they're Facebook page there

[simplythebestest 2,148]

"liability will be part of the creditors share out - far example, if there is a pot of £20m to share out - each party will get a dividend whether the total liability is say £40 million or £100 million"

What I take from this is that the CVA could genuinly save the club. I was worried that the CVA would land us with unpayable debt, but they seem to be saying an overall liability fee might be agreed and shared among the creditors/debtors. In other words - some cunt says we have to pay £25 million out in total. HMRC get 10, Ticketus get 5 etc etc.

If this is the case, we all band together and use saverangers pledges (or whatever method) to help pay off a chunk of that debt, allowing investors to see the club as a good move financially.

Am I right here or have I picked it up wrong?

[simplythebestest 2,148]

Unless the Ticketus and Close deals can be voided, I simply can't see where the funding is going to come from in the next few years - unless there is someone willing to throw huge amounts of cash at us!

Sorry if I sound like I am repeating myself, but aren't they saying that maybe Ticketus will be repaid, but only as a percentage of an agreed overall fee?

Regarding the huge cash throwing - that's our job

[Ricky_ 893]

8. Big tax case not a key issue in the sense that liability will be part of the creditors share out - far example, if there is a pot of £20m to share out - each party will get a dividend whether the total liability is say £40 million or £100 million.

can anyone explain this in a little more detail?

not sure what this means, how will tings transpire then if we 1. win the tax case, or 2. lose the tax case ?

[4MenHadADream 122]

"liability will be part of the creditors share out - far example, if there is a pot of £20m to share out - each party will get a dividend whether the total liability is say £40 million or £100 million"

What I take from this is that the CVA could genuinly save the club. I was worried that the CVA would land us with unpayable debt, but they seem to be saying an overall liability fee might be agreed and shared among the creditors/debtors. In other words - some cunt says we have to pay £25 million out in total. HMRC get 10, Ticketus get 5 etc etc.

If this is the case, we all band together and use saverangers pledges (or whatever method) to help pay off a chunk of that debt, allowing investors to see the club as a good move financially.

Am I right here or have I picked it up wrong?

Thats what I read it as, but the problem is that it still requires HMRC (and others) to accept the terms of the CVA presented to them. Although they say that the big tax case is less of an issue, if we did get hit with a massive bill it could still be a barrier to moving forward.

[caseyjones 3,009]

"liability will be part of the creditors share out - far example, if there is a pot of £20m to share out - each party will get a dividend whether the total liability is say £40 million or £100 million"

What I take from this is that the CVA could genuinly save the club. I was worried that the CVA would land us with unpayable debt, but they seem to be saying an overall liability fee might be agreed and shared among the creditors/debtors. In other words - some cunt says we have to pay £25 million out in total. HMRC get 10, Ticketus get 5 etc etc.

If this is the case, we all band together and use saverangers pledges (or whatever method) to help pay off a chunk of that debt, allowing investors to see the club as a good move financially.

Am I right here or have I picked it up wrong?

A CVA is only good if it is accepted by the creditors.

[simplythebestest 2,148]

A CVA is only good if it is accepted by the creditors.

Yes, that's true - part of me thinks we'll be able to agree reasonable terms with them though. They know that if we can survive, we can sort out repayment for them over a long period.

Mind you, this is the heart talking.

[Chef 436]

Part three, who else would try get that cash?

[Sicknote 26]

Not sure where to ask, didn't want to clog up forum with another thread.

Can anyone confirm how much D&F are getting paid on a weekly basis. Was suggested to me today it was in the region of £120k p/w. I have no idea if this is at all accurate. Are their fees public knowledge? If not, could someone with financial experience hazard a guess if this figure was in the ballpark.

[Bluepeter9 5,167]

20p in the pound is a good CVA (and that assumes a £20M payment on £100M debt - which only happens IF we lose the EBT case - if we have £20M and we win the EBT case then its a huge CVA payout and hence why the HMRC will say yes either way! (and as our biggest creditor outwith potentiallly ticketus ) then we are well on the way to getting CVA agreement.

[Sobatai 70]

Part three, who else would try get that cash?

With Craig Whyte, who knows? There may be other examples of businesses associated with him being troubled and their creditors trying to get it.