hoffdrankmybeer 41 Posted April 28, 2012 Share Posted April 28, 2012 I was reading on the BBC website about the two new bids and it mentions that both bids depend on taking the club's bond holders' debt out of a CVA.From the BBC website..."Both bids depend on taking the club's bond holders' debt, around £7m, out of a Company Voluntary Arrangement. But it is thought the Knights' bid uses that figure as part of its offer"Sorry for being thick but I was wondering what that means? I have a seat up in the club deck.Just wondering what it meant for bond holders and what it means by the knights using it as part of their bid.Cheers. Quote Link to post Share on other sites More sharing options...
Edmiston Drive 3,846 Posted April 28, 2012 Share Posted April 28, 2012 I was reading on the BBC website about the two new bids and it mentions that both bids depend on taking the club's bond holders' debt out of a CVA.From the BBC website..."Both bids depend on taking the club's bond holders' debt, around £7m, out of a Company Voluntary Arrangement. But it is thought the Knights' bid uses that figure as part of its offer"Sorry for being thick but I was wondering what that means? I have a seat up in the club deck.Just wondering what it meant for bond holders and what it means by the knights using it as part of their bid.Cheers.Could be they are wanting the debt the club carries to be removed and will probably try and re sell them Quote Link to post Share on other sites More sharing options...
hoffdrankmybeer 41 Posted April 28, 2012 Author Share Posted April 28, 2012 Could be they are wanting the debt the club carries to be removed and will probably try and re sell themYeah, thats what worries me. Quote Link to post Share on other sites More sharing options...
Edmiston Drive 3,846 Posted April 28, 2012 Share Posted April 28, 2012 Yeah, thats what worries me.That is a slap in the face for the club deck bond holders. Quote Link to post Share on other sites More sharing options...
BEARGER 339 Posted April 28, 2012 Share Posted April 28, 2012 Could it not mean the TBK wish the debt to stay or that they wish the bond holders to get no monetary reward? Don't think most bond holders would bother either way as long as they keep their seat. Quote Link to post Share on other sites More sharing options...
Edmiston Drive 3,846 Posted April 28, 2012 Share Posted April 28, 2012 Could it not mean the TBK wish the debt to stay or that they wish the bond holders to get no monetary reward? Don't think most bond holders would bother either way as long as they keep their seat.Could be Quote Link to post Share on other sites More sharing options...
sergio 1,199 Posted April 28, 2012 Share Posted April 28, 2012 They are taking it out of a CVA, to Protect the holders. Their holding will be worth a lot more if the club gets back on a solid footing, it is not in the holders best interest to be included in the CVA, I think it would be more a slap in the face to find that their holding was worth 10p (or whatever the figure is) in the pound.Best they get to keep them. Quote Link to post Share on other sites More sharing options...
sergio 1,199 Posted April 28, 2012 Share Posted April 28, 2012 They are taking it out of a CVA, to Protect the holders. Their holding will be worth a lot more if the club gets back on a solid footing, it is not in the holders best interest to be included in the CVA, I think it would be more a slap in the face to find that their holding was worth 10p (or whatever the figure is) in the pound.Best they get to keep them. Quote Link to post Share on other sites More sharing options...
Edmiston Drive 3,846 Posted April 28, 2012 Share Posted April 28, 2012 They are taking it out of a CVA, to Protect the holders. Their holding will be worth a lot more if the club gets back on a solid footing, it is not in the holders best interest to be included in the CVA, I think it would be more a slap in the face to find that their holding was worth 10p (or whatever the figure is) in the pound.Best they get to keep them.There again that could have an impact on other creditors saying we want to e repaid in full. Also did Miller not say the same thing? Quote Link to post Share on other sites More sharing options...
hoffdrankmybeer 41 Posted April 28, 2012 Author Share Posted April 28, 2012 I will do whatever is best by the club to be honest. I would rather lose the seat and see the club exit admin and not be liquidated. Im sure most bond holder would feel the same.Would be a shame to lose the seat but I would rather that than the club. Quote Link to post Share on other sites More sharing options...
WillemBear 17 Posted April 28, 2012 Share Posted April 28, 2012 I have two seats in the Club Deck. My choice would be for Rangers to be allowed to right off the debt owed to me, but for me to be able to retain my option to a Season Ticket for each seat. Quote Link to post Share on other sites More sharing options...
HG5 11,446 Posted April 28, 2012 Share Posted April 28, 2012 Like the sound of this better in terms of protecting the investment - but would that not risk allowing another major creditor to become powerful enough to veto a CVA?They are taking it out of a CVA, to Protect the holders. Their holding will be worth a lot more if the club gets back on a solid footing, it is not in the holders best interest to be included in the CVA, I think it would be more a slap in the face to find that their holding was worth 10p (or whatever the figure is) in the pound.Best they get to keep them. Quote Link to post Share on other sites More sharing options...
Printz Smeto Bear 12 Posted April 28, 2012 Share Posted April 28, 2012 They are taking it out of a CVA, to Protect the holders. Their holding will be worth a lot more if the club gets back on a solid footing, it is not in the holders best interest to be included in the CVA, I think it would be more a slap in the face to find that their holding was worth 10p (or whatever the figure is) in the pound.Best they get to keep them.Is it not the case that tbk are presuming influence over the debenture holders under the auspices of acting in the best interests of the club. This seems to be what the papers are deducing and is likely to have some merit, albeit I can't see how a bid so undervalued in front loaded cash will be as attractive to the admins compared with Miller's. Either way tbk better have an equity stake for the debenture holders in return, otherwise they are cashing in on the goodwill of fansfor personal gain. Quote Link to post Share on other sites More sharing options...
MosesMcNeil 1,664 Posted April 28, 2012 Share Posted April 28, 2012 That is a slap in the face for the club deck bond holders.The bond holders I know don't care - they just want The Rangers to survive. One notable gent is desperate for a chance to repurchase when the time is right.I'm not the least bit surprised. Quote Link to post Share on other sites More sharing options...
HG5 11,446 Posted April 28, 2012 Share Posted April 28, 2012 The bond holders I know don't care - they just want The Rangers to survive. One notable gent is desperate for a chance to repurchase when the time is right.I'm not the least bit surprised.My take on this too.Might consider share purchase rather than debenture, but will wait to see what's on offer, effect of no longer being a debenture holder, etc. Quote Link to post Share on other sites More sharing options...
Printz Smeto Bear 12 Posted April 28, 2012 Share Posted April 28, 2012 The bond holders I know don't care - they just want The Rangers to survive. One notable gent is desperate for a chance to repurchase when the time is right.I'm not the least bit surprised.I appreciate if everyone is acting solely in the interests of the club most won't care but for Murray & Kennedy to end up with the assets and equity and the debenture holders to just have pissed away a donation is unfair - hopefully they'll get an equity stake. Anyone else concerned that the frontloading of cash and risk on Murray/Kennedy is despairingly reminiscent of what we now know about the bid that went through last year? Quote Link to post Share on other sites More sharing options...
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