And so the Brinksmanship comes to a climax.

[Shane 338]

Can't say I 100% completely understand but do you two see it as a good thing for us?

Like I said, I think he played a blinder.

[Broxi 11,484]

Like I said, I think he played a blinder.

Others seem doubtful whether the SPL will tell him what he wants to hear though? Regarding deductions/fines etc.

[sergio 1,199]

Can't say I 100% completely understand but do you two see it as a good thing for us?

Well, I think there is a couple of questions to be answered (just heard Mr Dingbat say on talksport, that the Miller bid is Illegal as Administrators cannot work in tandem with new owners - is this correct).

1 Would the tempco be able to deal in the transfer market ?

2. Does Millers bid wish to see us in Europe this season too ?

3. Will UEFA get involved in this ?

[dougie76 15,359]

Bill Miller, currently the sole standing bidder, boldly calls the SPL's bluff regarding penalties-penalties which do not yet exist. He states that his plan is not liquidation, but CVA, with the club not being a newco, but rather a temporary company, a temp-so if you will. This combination may prove a wise strategy.

Any penalties could outlive the lifespan of the temp-co, once the Club and the business are re-united, thus rendering them both absurd and highly unfair.

The Blue Knights must now show their hand. If not, Brian Kennedy's noble claims will have to be substantiated in action. If they aren't then he will look very bad, to say the least. He may become part of an unwelcome triumvirate along with Whyte and David Murray.

Ticketus, along with HMRC have also been pressured by this stance, particularly the former with their money now at serious risk. Will they wise up and play ball, or lose more cash than they would have via TBK or A N Other? Will they really risk losing more via the newco route?

HMRC are in a similar boat with their outstanding and potential monies. They could be jeopardising the taxpayers money.

Has he played a strong and wise hand that will lead to a successful resolution?

Dont know if its good or bad but dont like the sound of it, the way things are just now l dont trust anyone.

[Broxi 11,484]

Well, I think there is a couple of questions to be answered (just heard Mr Dingbat say on talksport, that the Miller bid is Illegal as Administrators cannot work in tandem with new owners - is this correct).

1 Would the tempco be able to deal in the transfer market ?

2. Does Millers bid wish to see us in Europe this season too ?

3. Will UEFA get involved in this ?

1) Would we being doing so anyway next season? Likely we may need to shift some, maybe better for us if we can't

2) Europe next season is definitely off IMO.

3) I can't answer, don't know what they would get involved in? History? Did they not comment a couple of weeks ago that rulings would be left to SPL/SFA and it had nothing to do with them?

[JCDBigBear 10,825]

There will be frantic phone calls between now and Monday amongst various SPL chairmen and SPL sponsors who can see that Miller's plan is (ahem) 'the only show in town'.

Not even Nonce FC want Rangers Football Club to go the 'L' route - that would be disastrous for all of them, more so the bottom feeders like Dundee Arabs, The Sheep, St Mirren and one or two others. They are all sitting at the edge of a similar abyss to Rangers and they know that without us they're futures are grim.

They may not like it, but they will see sense and put pressure on the SPL heirarchy to agree with Miller here.

It's that notion of "cutting your nose off to spite your face" syndrome so loved by many small-minded individuals in Scotland that will be driving them to do us in - their empty wallets and angry shareholders will let common sense prevail though.

TBK's and BK will not halt this Miller bid.

We should look out our stars and stripes flags now in readiness for Monday.

You have much more faith than me for the SPL clubs to show some common sense. They are stupidly bloody-minded enough to sink themselves due to their petty jealousy of RFC. I can imagine them being so blinded by their determination to shaft us that they forget the disastrous implications for their own clubs. Cast your mind back to certain TV deals as a prime example of their crass stupidity. Myopia is a defect most commonly found in the boardrooms of Scottish provincial football clubs.

[Shane 338]

Even Frankie's doubting the capacity or will of the SPL and its members to push the proposals through.

[CanadianBacon 2,088]

Even Frankie's doubting the capacity or will of the SPL and its members to push the proposals through.

Frankie of GersNet fame?

So is Frankie agreeing with me that the SPL members won't, like turkeys, vote for Christmas?

[Shane 338]

Frankie of GersNet fame?

So is Frankie agreeing with me that the SPL members won't, like turkeys, vote for Christmas?

Believe he used that exact same analogy

[gaga 16]

Whilst I admire the positive sentiments of some people on this forum, Oleg here being a great example, I'm afraid there are serious errors in some of the assumptions being made regarding the prospects of what is being called a temp-co as distinct from a new-co.

In truth, there is no legal distinction between a new-co and a temp-co. Business Law, in actual fact, contains no reference to such a thing as a temp-co or an incubator company; in Law, a company either has full legal standing or it does not, just as people would, and there's no half-way-house status available. The only difference that may or may not exist would be in the intentions (or minds) of those who formulate the new legal entity; if their intention would be to somehow cobble together a partnership between any given new entity and the existing RFC at some later date, then it might rightfully be referred to as a temp-co but in that sense you could call it anything you want. Until such a merger took place, they would both be distinct legal entities.

We can also establish, once and for all, that a newco would be entail the creation of an entirely new legal entity (or company) and by definition that would, you would expect, result in the liquidation of the existing company (RFC Ltd.); Mr. Miller's new idea is that two companies would somehow co-exist and at a later date merge but it's hardly realistic.

From a creditor's point of view, a newco or tempco coming into existence and inherriting the valued assets of the club without inherriting any obligation to pay its debts would be absolutely unacceptable. Put yourself in the shoes of even one of the smaller creditors owed perhaps say £10,000. Would you, in that position, be willing to accept say 10% of what you were owed when it was clearly the case that you might expect much more or even payment in full if the club's assets were sold for their true market value?

In this, I'm afraid, it follows that even liquidation is going to be extremely difficult for Rangers and I would expect the courts to step in and ensure the creditor's interests are upheld with a genuine liquidation or fire sale; this would yield the best returns for creditors and prohibit the sale of assets to a newco -- there has been a lot of discussion about a newco buying Ibrox and Murray Park for a nominal fee but I can assure you the creditors watching this would want that fee to reflect the true market value of those assets and they would have legal authority to oppose the sale of assets at a discount, as much as it might suit some newco.

Thus, if we were to put a realistic price on Ibrox Stadium and Murray Park, let's say 100 million pounds, it's hardly likely that creditors who stand to suffer great losses are going to stand by and consent to those assets being sold for a tenth of their assumed market value. I've been involved in various liquidation scenarios and there are many avenues for creditors to veto outright such proposals or demand legal prhibition of such behaviour. The Law takes the view -- always -- that the interests of creditors are paramount in these circumstances and would likely insist or even manage through representation an auction of assets. We hear of such auctions or liquidation sales daily and the aim is purely to liquidate assets and thereby turn them into capital which in turn is used to pay creditors (hence the term liquidation).

There is and can be absolutely no guarantee that Ibrox and Murray Park would not fall into the hands of say a property developer who would have his or her own plans, given that they were simply the highest bidders at auction. This is a likely scenario and it might be that the newco would need to lease back Ibrox and Murray Park going into the future or lose access to them altogether.

The administration team and all those involved in talks regarding a takeover and fully aware of all this; I have seen them accused of not wanting to discuss or contemplate the possibility of liquidation and many assume the difficulty here would be in the club losing its historical rights etc, but the real reasons for that reluctance are those I have outlined above. Liquidation comes with absolutely no guarantees, everything that is legally owned by the club would be legally sold to the highest bidder in the interests of creditors.

Bill Miller, currently the sole standing bidder, boldly calls the SPL's bluff regarding penalties-penalties which do not yet exist. He states that his plan is not liquidation, but CVA, with the club not being a newco, but rather a temporary company, a temp-so if you will. This combination may prove a wise strategy.

Any penalties could outlive the lifespan of the temp-co, once the Club and the business are re-united, thus rendering them both absurd and highly unfair.

The Blue Knights must now show their hand. If not, Brian Kennedy's noble claims will have to be substantiated in action. If they aren't then he will look very bad, to say the least. He may become part of an unwelcome triumvirate along with Whyte and David Murray.

Ticketus, along with HMRC have also been pressured by this stance, particularly the former with their money now at serious risk. Will they wise up and play ball, or lose more cash than they would have via TBK or A N Other? Will they really risk losing more via the newco route?

HMRC are in a similar boat with their outstanding and potential monies. They could be jeopardising the taxpayers money.

Has he played a strong and wise hand that will lead to a successful resolution?

[BritishBear 34]

I don't know what to believe anymore.

Yes he talks a good game, full of bluster etc, but we have heard this all very recently from Whyte. The SPL and SFA will hammer us whatever happens, but making sure we stay in the league.

Whyte and Ticketus are making a relatively simple process, an absolute nightmare.

Part of me wants the FTT to report it's findings on Monday, it finds us guilty to such an extent that HMRC are owed 75% of the total debt. HMRC accept 10p in the pound (not unheard of) and best of all ticketus get £2.7 million.

One problem remains though, our majority shareholder.

[Tamb 126]

Sounds like a plan, only problem is that I don't think the SPL or SFA will even consider entertaining his demands. Monday and we are back to square one, hoping TBK or BK come back in with an acceptable offer. I still don't understand how anyone can propose a CVA until the FTT make their announcement, never mind Ticketus and CW refusing to deal. The only winners are D&P.

[Broxi 11,484]

Believe he used that exact same analogy

[OlegKuznetsov 10,816]

The more I think about it, Bill Miller's bid effectively forces creditors like HMRC and Ticketus into a corner where they may get much less than the £11.2m he offers in terms of what goes to the creditor's pot.

In essence, he's saying anyone with a more conventional CVA route, put your bid up or creditors will get even less.

[Cadman 342]

the other SPL clubs NEED Rangers there for tv monies and travelling support - this is where we have them over a barrel as without these they struggle severely financially. What they are banking on is Rangers so-called 'need' to remain in the SPL - the new owners will need to be strong in their commitments and not just roll over, let them know that the lower leagues are a more than viable option if it's looks like their getting shafted bt the SPL.