ray 105 Posted April 23, 2012 Share Posted April 23, 2012 Looks like ticketus are all in a quandry over who owes what.http://www.<No links to this website>/2012/04...6908-23834709/TICKETUS have revealed they will go after Rangers owner Craig Whyte if they become a creditor and fail to recoup all the money they forked out for advance season tickets.Whyte sold off £26.7m worth of season tickets to help purchase the cash-stricken club but the London-based firm have admitted they believe they won't receive the full figure back from Rangers.And they added they will chase Whyte for any shortfall.A spokesperson for Ticketus said: "In the worst-case scenario, Ticketus become a creditor in a CVA (Company Voluntary Agreement)."We wouldn't get all the money back but, whatever happens, Ticketus have protection, we have the ability to address any shortfall by going after Craig Whyte for the rest of the money."The investment firm also revealed they have been in talks with the Blue Knights group over the weekend as the consortium look to be named the preferred bidder for Rangers.And they poured cold-water on US businessman Bill Miller's claims that he could take the reigns at Ibrox.The spokesperson said: "We have been negotiating with the Blue Knights over the weekend and talks are at a detailed stage."I think it has been rhetoric from Bill Miller. For one thing, how is he going to get Craig Whyte's shares?"Earlier this year Whyte admitted he had given Ticketus personal assurances over the cash they handed over.In February he said: "I gave Ticketus personal and corporate guarantees underwriting their investment; the club and the fans are fully protected. In terms of exposure, I am personally on the line for £27.5million in guarantees and cash."Meanwhile, admistrators Duff and Phelps have announced they won't be naming a preferred bidder today.They had said on Friday that they would look to proceed with Miller's £11.2million bid today if no other offers were forthcoming.However, the Blue Knights consortium, led by former Ibrox director Paul Murray, are back in talks over submitting a fresh proposal and, in broad terms, both bidders have asked for more time to look at issues such as funding and potential sanctions. Quote Link to post Share on other sites More sharing options...
gunslinger 270 Posted April 23, 2012 Share Posted April 23, 2012 kooks like whyte is indeed the problem Quote Link to post Share on other sites More sharing options...
ray 105 Posted April 23, 2012 Author Share Posted April 23, 2012 kooks like whyte is indeed the problem I just wish the administrators would make it clear as to Whyte's standing instead of waffling and changing tack on it day by day. Quote Link to post Share on other sites More sharing options...
Frankie 505 Posted April 23, 2012 Share Posted April 23, 2012 I just wish the administrators would make it clear as to Whyte's standing instead of waffling and changing tack on it day by day.'Irrelevant', 'no impediment' - what word will they choose next to misrepresent the scale of Whyte's involvement.A shambles. Quote Link to post Share on other sites More sharing options...
bailbo 9 Posted April 23, 2012 Share Posted April 23, 2012 in simple terms whyte holds all the Aces he cant be forced to sell or pass the shares over, clearly he will if ticketus say they wont go after him then we all win, but you would think that would have been sorted by now this is a fucking disgrace Quote Link to post Share on other sites More sharing options...
debear 603 Posted April 23, 2012 Share Posted April 23, 2012 kooks like whyte is indeed the problem Ticketus are the problem. Quote Link to post Share on other sites More sharing options...
ray 105 Posted April 23, 2012 Author Share Posted April 23, 2012 'Irrelevant', 'no impediment' - what word will they choose next to misrepresent the scale of Whyte's involvement.A shambles.Agreed Frankie, Whyte may not be and probably isn't the fool many think him to be, strange that no one ticketus nor administrators have taken any legal action against him, maybe because he has done nothing illegal and suckered ticketus ? but the admin did go to court over ticketus, strange. Quote Link to post Share on other sites More sharing options...
Blue and True 311 Posted April 23, 2012 Share Posted April 23, 2012 well it seems pretty clear without ticketus in the deal their cant be a dealthe only way whyte will give up his shares is if the buyer get ticketus off his backAnd its pretty clear we cant CVA without ticketus. Quote Link to post Share on other sites More sharing options...
Frankie 505 Posted April 23, 2012 Share Posted April 23, 2012 Ticketus are the problem.No, that's not strictly true.Ticketus do hold some sway over Whyte but clearly not enough to be able to deliver him. Similarly, D&P cannot do this either.Ergo, bidders either have to decide whether or not they go down the legal route (which will be expensive, take time and offer no guarantees), the liquidation route (they may still have to pay him for assets so more legal action) or give him what he asks (which may be much more than they can either afford or want to pay). Quote Link to post Share on other sites More sharing options...
Frankie 505 Posted April 23, 2012 Share Posted April 23, 2012 Agreed Frankie, Whyte may not be and probably isn't the fool many think him to be, strange that no one ticketus nor administrators have taken any legal action against him, maybe because he has done nothing illegal and suckered ticketus ? but the admin did go to court over ticketus, strange.Whyte maybe a little barsteward but he's a clever, little barsteward. People have to remember this is his day-job. Liquidating companies is what he does. Ergo, he will not have made many mistakes in his strategy to earn some coin in this debacle.The bidders just have to ask themselves what they're willing to swallow.As do we actually. Quote Link to post Share on other sites More sharing options...
debear 603 Posted April 23, 2012 Share Posted April 23, 2012 No, that's not strictly true.Ticketus do hold some sway over Whyte but clearly not enough to be able to deliver him. Similarly, D&P cannot do this either.Ergo, bidders either have to decide whether or not they go down the legal route (which will be expensive, take time and offer no guarantees), the liquidation route (they may still have to pay him for assets so more legal action) or give him what he asks (which may be much more than they can either afford or want to pay).Ticketus have moved the goalposts in the last 24hours with TBK. Quote Link to post Share on other sites More sharing options...
chris182 6,292 Posted April 23, 2012 Share Posted April 23, 2012 kooks like whyte is indeed the problem He's so naive Quote Link to post Share on other sites More sharing options...
Frankie 505 Posted April 23, 2012 Share Posted April 23, 2012 Ticketus have moved the goalposts in the last 24hours with TBK.I've been saying for over 2 weeks Ticketus will do what they can to maximise their return for their investors. That also means they will work with any bidder to do that. TBK will realise that as much as anyone (and their mistake was crowing about a deal so prematurely). Working with them is dangerous.Moreover, even if a deal can be done with them (I'd imagine at least two bidders will have been very close to it recently), that doesn't mean Whyte is delivered 100%. He may want more or he may not want to work with certain bidders.This isn't new info and I'm rather disappointed that it appears to be new to some. I really hoped TBK were ahead of the game on this but they just seem to be catching up. Quote Link to post Share on other sites More sharing options...
Scott-RFC 308 Posted April 23, 2012 Share Posted April 23, 2012 I think Whyte needs a bit more pressure exerted on him. He's getting away with murder ! Quote Link to post Share on other sites More sharing options...
disgruntled_bear 157 Posted April 23, 2012 Share Posted April 23, 2012 When time is of essence, we can't afford to wait for court cases to get Craig Whyte shares. Quote Link to post Share on other sites More sharing options...
Polo 1,433 Posted April 23, 2012 Share Posted April 23, 2012 Whyte's playing a dangerous game here. There is always the possibility that we go down the newco route and he becomes an irrelevance. He'd have no say in that and would end up personally on the hook for anything owed to Ticketus on top of what they get from the liquidation of oldco.If he doesn't play ball then that's the ultimate sanction - as unpalatable as it is to most. Quote Link to post Share on other sites More sharing options...
southcoastbear 1,639 Posted April 23, 2012 Share Posted April 23, 2012 I don't see how ticketus can get Whyte's shares and take him to court for outstanding losses. Still a bit worried the only way to be rid of whyte other than long drawn out legal battle, which rangers don't have time for, is pay him or liquidation neither of which I am happy about. Quote Link to post Share on other sites More sharing options...
disgruntled_bear 157 Posted April 23, 2012 Share Posted April 23, 2012 Think Ticketus were hoping... Craig Whyte would surrender his shares to them as a pay off for outstanding debt. Quote Link to post Share on other sites More sharing options...
Right_To_Censor 1,951 Posted April 23, 2012 Share Posted April 23, 2012 As I said before, every company whyte has got his mits on he's had them liquidated and with each day passing by, it's looking more likely that's what he intends to do with us Quote Link to post Share on other sites More sharing options...
Johnny Hubbard 280 Posted April 23, 2012 Share Posted April 23, 2012 well it seems pretty clear without ticketus in the deal their cant be a dealthe only way whyte will give up his shares is if the buyer get ticketus off his backAnd its pretty clear we cant CVA without ticketus.depends on the outcome of the tax case. If HMRC are owed more than Ticketus then they call the shots on CVA's Quote Link to post Share on other sites More sharing options...
Polo 1,433 Posted April 23, 2012 Share Posted April 23, 2012 As I said before, every company whyte has got his mits on he's had them liquidated and with each day passing by, it's looking more likely that's what he intends to do with usLiquidation wouldn't suit Whyte at all. But the fact that TBK and the support are so eager to avoid liquidation does.He would get fuck all from a liquidation and would be left personally on the hook for the Ticketus debt. Quote Link to post Share on other sites More sharing options...
Thermopylae 15,286 Posted April 23, 2012 Share Posted April 23, 2012 Well they should be more careful about who they give money to in future then Quote Link to post Share on other sites More sharing options...
will_1974 204 Posted April 23, 2012 Share Posted April 23, 2012 depends on the outcome of the tax case. If HMRC are owed more than Ticketus then they call the shots on CVA'sFor a cva 75% of the creditors with combined debt need to agree, if we owe tickets 25m, Other debt would have to exceed 75m to make them irrelevant. Quote Link to post Share on other sites More sharing options...
will_1974 204 Posted April 23, 2012 Share Posted April 23, 2012 depends on the outcome of the tax case. If HMRC are owed more than Ticketus then they call the shots on CVA'sFor a cva 75% of the creditors with combined debt need to agree, if we owe tickets 25m, Other debt would have to exceed 75m to make them irrelevant. Quote Link to post Share on other sites More sharing options...
ForeverBlue_Since91 2,895 Posted April 23, 2012 Share Posted April 23, 2012 How much more fucking time do they need? It's been going on for nearly 3 fucking months. Quote Link to post Share on other sites More sharing options...
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