Duff and Phelps Official Statement.

[disgruntled_bear 157]

DUFF and Phelps, the administrators of Rangers Football Club, have given their reacfion to the decisions made today by Lord Hodge at the Court of Session in Edinburgh

Paul Clark, joint administrator, said: "We welcome the decisions announced by Lord Hodge today and view them as a significant step towards clarifying the future for Rangers Football Club.

"Lord Hodge has made it clear that the Ticketus arrangements do not mean Ticketus has property or real rights over seats at the stadium or, indeed, the proceeds from the sale of future season tickets.

"Lord Hodge has stated Ticketus has what are known as contractual rights, essentially a contract between the Club and themselves. It is clear from the judgement that, as administrators, we have the statutory right and powers to have the company (the Club) refuse to honour the Ticketus arrangements if such a decision would be in the interests of creditors generally.

"Lord Hodge has also referred to the various applications we made to the court. Initially, we did ask for guidance on the immediate termination of the Ticketus contract. We fully accept this guidance could not be given without disclosing the details of bids for the Club in open court.

"This would most certainly not have been in the interests of creditors or the football club, particularly since the party which were subject to the legal proceedings also have an active interest in a bid for the Club.

"We note the request from Ticketus following today's judgement for matters to be brought to a conclusion as soon as is possible in relation to the sale of the Club. We couldn't agree more.

"However, a number of competing bids have been submitted to purchase the Club and the bid that will ultimately be successful will be the one that is in the best interests of the creditors and the business.

"To date, our discussions with bidders have been very constructive and we will continue these discussions with all parties, including the consortium in which Ticketus is involved, in an effort to achieve a successful outcome.

"We intend to create a shortlist of bids at the earliest opportunity and have no doubt today's decision will have a significant bearing on the proposals put forward by bidders to date."

http://www.rangers.co.uk/news/football-news/article/2690528

[Guest]

Doesn't seem as doom and gloom now

[MosesMcNeil 1,664]

"Lord Hodge has made it clear that the Ticketus arrangements do not mean Ticketus has property or real rights over seats at the stadium or, indeed, the proceeds from the sale of future season tickets.

"Lord Hodge has stated Ticketus has what are known as contractual rights, essentially a contract between the Club and themselves. It is clear from the judgement that, as administrators, we have the statutory right and powers to have the company (the Club) refuse to honour the Ticketus arrangements if such a decision would be in the interests of creditors generally."

After an hour or so of wrist-slashings on RM, that looks a lot like D&P have been awarded an almighty GIRFUY card to play by the judge.

[Colonel Mustard 380]

Strange how the financial and legal experts on here haven't been quite so optimistic about what today's ruling meant, as the administrators are.

[Leeds_Bear 8,129]

That should shut a few people who jumped the gun up. Well played D&P.

[Sasa_Papac_No1_Fan 605]

casey wont like this lol

[disgruntled_bear 157]

Yep. More positives than negatives.

We seem to be seeing some light at the end of the tunnel.

[scottyboyblue 61]

Well i'll hold my hands up, D&P know a whole lot more about these things than i do, so if they think it suits rangers, that's fine with me, a belated well done to D&P

[Mikhailichenko 90]

The Ticketus fan boys wouldn't like this

[Sobatai 70]

A very interesting statement. I wonder. Perhaps ... and I'm just speculating here ... Ticketus has seen its best chance of coming away with any return is to chase after the club rather than Whyte. But now a judge has more or less demolished their stance that they own Rangers' assets, it becomes clear that they have little real prospect of recouping their dosh other than by shifting their focus to the entity they made the agreement with. Which is to say Wavetower, now known as Rangers FC Group.

[Colonel Mustard 380]

Well i'll hold my hands up, D&P know a whole lot more about these things than i do, so if they think it suits rangers, that's fine with me, a belated well done to D&P

I'll wait until they have consulted with the RM Philadelphia lawyers before I slap any backs.

[Guest]

Perhaps Kennedy jumped the gun aswell and thought it was a bad result

[Sobatai 70]

The Ticketus fan boys wouldn't like this

Do such creatures exist?

[californiadreamin52 339]

Ok so TicketUS are not considered major creditors, but they are still the elephant in the room, but it does give the Consortium a stronger hand to renegotiate a better deal with TicketUS

[boss 1,941]

Strange how the financial and legal experts on here haven't been quite so optimistic about what today's ruling meant, as the administrators are.

Having read the full judgement, I am. More later...

[papaguy51 912]

As with most things, so called experts jumped the gun early and went down the negative route.

I always prefer to wait on those actually in the know to have their say.

[Colonel Mustard 380]

Perhaps Kennedy jumped the gun aswell and thought it was a bad result

Why? It was just said he would be consulting his legal team.

[disgruntled_bear 157]

Perhaps Kennedy jumped the gun aswell and thought it was a bad result

Kennedy just said... He was taking legal advice on what today's verdict meant. Common practice to get a second opinion. I wouldn't look into it much.

His bid is still on the table, like the rest of the bids are.

[54andcounting 627]

As I said in another thread:

The summary of the ruling stated that Lord Hodge 'directed that under Scots law Ticketus' interests in seats at the Ibrox stadium, the tickets and the sale proceeds of those tickets were purely contractual rights and were not trust rights which would prevail over ordinary creditors in an insolvency'.

Therefore, like any contract, it can be renegotiated, amended, or canceled, if it is the last point then,legal action for beach of contract would follow!!!! Mmmmmm Your call D&P.

[Colonel Mustard 380]

Having read the full judgement, I am. More later...

It was a sarcastic comment aimed at the know alls who know fuck all.

It wasn't aimed at yourself.

[Sobatai 70]

If anything, Kennedy's statement makes him look all the more credible ... perhaps if SDM had been as diligent the club wouldn't be in this mess to begin with.

[boss 1,941]

As I said in another thread:

The summary of the ruling stated that Lord Hodge 'directed that under Scots law Ticketus' interests in seats at the Ibrox stadium, the tickets and the sale proceeds of those tickets were purely contractual rights and were not trust rights which would prevail over ordinary creditors in an insolvency'.

Therefore, like any contract, it can be renegotiated, amended, or canceled, if it is the last point then,legal action for beach of contract would follow!!!! Mmmmmm Your call D&P.

Indeed. It is now a pretty clear run for D&P to breach the Ticketus contract if they believe it is in the best interests of the creditors as a whole.

[boss 1,941]

It was a sarcastic comment aimed at the know alls who know fuck all.

It wasn't aimed at yourself.

Sorry, didn't mean it to sound like I thought that. I think we might be on the same side on this.

[bilko89 507]

WVB definately works for d+p had a positive thread in here in amongst the chaos

[Colonel Mustard 380]

Sorry, didn't mean it to sound like I thought that. I think we might be on the same side on this.

For sure.