MIH to release statement on sale of Rangers

[Sobatai 70]

We all know that Murray was responsible for the large debt we accumulated under HBOS. Lloyds came in and ordered SDM to offload RFC ASAP (sorry for all the acronyms) which he tried to do for 2 or 3 years. In the meantime Lloyds ordered RFC to reduce their debt, which was well under way as the actual debt was down to £18m.

The biggest problem for Murray, which has turned into a terrible nightmare for Rangers, is the debt levels at the rest of his companies ... Lloyds, when they took over HBoS, took one look and decided that Maxi-Murray was out of control and Murray sacrificed Rangers to keep Lloyds sweet when it came to the rest of MIH.

[iconicman 8]

People can blame the credit crunch or aliens, as far as I'm concerned, Murray authorised the spending and it was beholden on him to secure the future of the club. He failed and cut Rangers lose.

Coward doesn't come close.

[Thermopylae 15,286]

It depends how the large tax case goes of course but at the end of the day the debt had came down and things were looking brighter when he sold to whyte so surely that was his biggest mistake

[Ricky_ 893]

We all know that Murray was responsible for the large debt we accumulated under HBOS. Lloyds came in and ordered SDM to offload RFC ASAP (sorry for all the acronyms) which he tried to do for 2 or 3 years. In the meantime Lloyds ordered RFC to reduce their debt, which was well under way as the actual debt was down to £18m.

The EBT tax case was an unforeseen problem arising from HMRC trawling through paperwork to try to get tax income from loopholes, avoidance schemes, etc. I'd like to know who came up with the idea for Rangers. I would expect that SDM got a fair bit of advice on the EBT scheme before going with it and although he agreed to use it, someone clearly gave him poor advice (assuming we lose the case). I also wonder at our auditors in this. They check the books annually and should have voiced any concerns every year.

I'm not defending SDM because I wrote to him on a number of occasions regarding our financial profligacy. I also raised some issues at AGMs. The trouble with being a minority shareholder is you have little clout when dealing with an autocratic chairman holding some 85% of the shares.

As there were confidentiality clauses MIH requested that a court order be used for MIH to release the papers. MIH have stated they had no problem about releasing the papers and didn't contest the order.

Had SDM not sold to Whyte we would not be in the position we are now in. The conman that is Whyte has brought us to this situation due to his refusal to pay bills, VAT, PAYE. SDM certainly had his faults but we never had any of this season's troubles. Whyte is a fraudster which MIH papers and the Collyer Bristow documents may prove.

good post JCD.

for me, murrays biggest crime was selling to Whyte.

however, it's now transpiring in court that the extent of Whytes scam even involved a law firm forging signatures to show Whyte had the funds. Right now Bill Miller has stated his bid is 11.2m. From that point of view, an offer from Whyte of 25m investment in playing squad + paying the 18m debt, whilst providing proof of funds (which now appear to be false) perhaps murray could be forgiven for thinking the deal must be genuine?

I guess we need to wait and see what transpires, if this indeed was a scam involving crooked law firm, documents and forged sigantures, Whyte & his cronies deserve to face criminal prosectuion for fraud.

it would also show just how shambolic the SFA really are, announcing that Whyte isn't fit & proper, after he fraudulently baught over one of it's members, and subsequently, punishing one of it's members for his actiosn with a transfer embargo. That would be like my bank sending me a fine if my bank account was compromised by online hackers.

[JCDBigBear 10,825]

The biggest problem for Murray, which has turned into a terrible nightmare for Rangers, is the debt levels at the rest of his companies ... Lloyds, when they took over HBoS, took one look and decided that Maxi-Murray was out of control and Murray sacrificed Rangers to keep Lloyds sweet when it came to the rest of MIH.

Not just Rangers mate. He has off-loaded other MIH business interests and there was a £150m debt for equity exchange with Lloyds.

[Thermopylae 15,286]

The biggest problem for Murray, which has turned into a terrible nightmare for Rangers, is the debt levels at the rest of his companies ... Lloyds, when they took over HBoS, took one look and decided that Maxi-Murray was out of control and Murray sacrificed Rangers to keep Lloyds sweet when it came to the rest of MIH.

I agree the takover of HBoS would have went unnoticed by most of us but that may have been the moment when the ball stared rolling

[Leeds_Bear 8,110]

Thugs - a freudian typo for things - or just thugs?! Made me laugh GCL the THUG!

Ha! Obviously my sub conscious got the better of me on that one! GCL the Thug

[Sobatai 70]

Not just Rangers mate. He has off-loaded other MIH business interests and there was a £150m debt for equity exchange with Lloyds.

I think the debt for equity thing may have been something that impacted on Rangers ... Lloyds would only do the deals - I think there has been more than one debt for equity swap at MIH - if Rangers was out of the MIH picture.