caseyjones 3,009 Posted May 21, 2012 Share Posted May 21, 2012 Joint administrator Paul Clark previously stated a company voluntary arrangement (CVA) proposal funded by the consortium would be put to creditors on Monday, but a spokesman for Duff and Phelps confirmed that the offer would not be sent out until later in the week. The deal consists of £8.5m put forward to cover the costs of extensive fees owed to administrators Duff and Phelps first, before the remainder goes towards paying off secured creditors including Close Leasing, which struck a deal with current owner Craig Whyte for future catering income in exchange for new kitchen equipment and big screens at Ibrox worth an initial £1.6m. Mr Whyte’s position as floating charge holder over the club could also result in him staking a claim to part of the money as a secured creditor, although Mr Green claims the owner has already agreed to sell his 85% stake in Rangers for £2. The remaining cash left will be used to fund a CVA offer of pence in the pound that Duff and Phelps aim to send out to all unsecured creditors, worth up to £134m, at some point this week. The insolvency firm then hopes to hold a creditors meeting on the proposals on June 6, where a vote will be held on the CVA. Following this date, there is a 28-day period in which the vote - either for or against the CVA - can be challenged by those owed money. If the CVA fails, then the most likely route out of administration for the consortium would be an asset sale followed by the liquidation of Rangers FC plc, incorporated in 1899, which is known as a "newco" switch. This involves selling Ibrox, Murray Park, the playing squad and trademarks to a new business entity, before dissolving the old one with all of the club’s toxic debts. Mr Green is listed at Companies House as a director of Sevco 5088 Limited, which was incorporated at the end of March and could be the newco Rangers lying in wait should a CVA fail. Administrators have previously stated that they had entered into a "binding contract" with Mr Green for the club, which could be completed at the creditors meeting on June 6. http://m.local.stv.tv/glasgow/news/102416-rangers-crisis-financial-advisor-behind-greens-consortium-named/ Quote Link to post Share on other sites More sharing options...
gunslinger 270 Posted May 21, 2012 Share Posted May 21, 2012 d&p missing a target date who'd a thunk it. my guess is green doesn't have the cash yet. Quote Link to post Share on other sites More sharing options...
TheLawMan 6,240 Posted May 21, 2012 Share Posted May 21, 2012 "Mr Whyte’s position as floating charge holder over the club could also result in him staking a claim to part of the money as a secured creditor,"The very thing i raised the other day. Quote Link to post Share on other sites More sharing options...
Broxi 11,473 Posted May 21, 2012 Share Posted May 21, 2012 He's already stated that d&p have his cash in their account.They wouldn't proceed with him if he didn't have it. Quote Link to post Share on other sites More sharing options...
gunslinger 270 Posted May 21, 2012 Share Posted May 21, 2012 so 8.5 includes d&p fee as I previously intimated. Quote Link to post Share on other sites More sharing options...
ForeverBlue_Since91 2,895 Posted May 21, 2012 Share Posted May 21, 2012 d&p missing a target date who'd a thunk it. my guess is green doesn't have the cash yet. If you would have listened to Greens interviews with Paul clarke he said the check has been signed and the money is in the account. You can believe that or not but, thats what was said at his 1st interview. Quote Link to post Share on other sites More sharing options...
D'Artagnan 13,319 Posted May 21, 2012 Share Posted May 21, 2012 Casey Ive noticed in recent days your avatar has been members or supporters of the Blue Knights...Any particular reason ? Quote Link to post Share on other sites More sharing options...
RFC55 108,733 Posted May 21, 2012 Share Posted May 21, 2012 And so it drags on again Quote Link to post Share on other sites More sharing options...
ForeverBlue_Since91 2,895 Posted May 21, 2012 Share Posted May 21, 2012 I don't give a fuck how much Whyte or D&P get anymore. As long as they get it and fuck off. Quote Link to post Share on other sites More sharing options...
gunslinger 270 Posted May 21, 2012 Share Posted May 21, 2012 when this does get released I bet the reality is almost as far removed from the fantasy d&p present, as it was with greens consortium. Quote Link to post Share on other sites More sharing options...
ForeverBlue_Since91 2,895 Posted May 21, 2012 Share Posted May 21, 2012 Casey Ive noticed in recent days your avatar has been members or supporters of the Blue Knights...Any particular reason ?Maybe he's Paul Murray? Quote Link to post Share on other sites More sharing options...
caseyjones 3,009 Posted May 21, 2012 Author Share Posted May 21, 2012 Casey Ive noticed in recent days your avatar has been members or supporters of the Blue Knights...Any particular reason ?You must have missed my Whyte one.Rangers Legends Series. Quote Link to post Share on other sites More sharing options...
gunslinger 270 Posted May 21, 2012 Share Posted May 21, 2012 If you would have listened to Greens interviews with Paul clarke he said the check has been signed and the money is in the account. You can believe that or not but, thats what was said at his 1st interview.yeah and miller and d&p said the same only for us to find out Miller's offer was over 4 years. Quote Link to post Share on other sites More sharing options...
D'Artagnan 13,319 Posted May 21, 2012 Share Posted May 21, 2012 You must have missed my Whyte one.Rangers Legends Series.Lol.Too much time on yer hands... Quote Link to post Share on other sites More sharing options...
gunslinger 270 Posted May 21, 2012 Share Posted May 21, 2012 He's already stated that d&p have his cash in their account.They wouldn't proceed with him if he didn't have it.oh I don't know. they went with miller. Quote Link to post Share on other sites More sharing options...
Carsons Dog 9,878 Posted May 21, 2012 Share Posted May 21, 2012 You must have missed my Whyte one.Rangers Legends Series.Who next?Alfie Conn? Quote Link to post Share on other sites More sharing options...
Broxi 11,473 Posted May 21, 2012 Share Posted May 21, 2012 oh I don't know. they went with miller.Miller had the money too but chose in the end not to spend it. Quote Link to post Share on other sites More sharing options...
gunslinger 270 Posted May 21, 2012 Share Posted May 21, 2012 Miller had the money too but chose in the end not to spend it.so they said. Quote Link to post Share on other sites More sharing options...
ray 105 Posted May 21, 2012 Share Posted May 21, 2012 If you would have listened to Greens interviews with Paul clarke he said the check has been signed and the money is in the account. You can believe that or not but, thats what was said at his 1st interview.Green stated."There are 20 individuals and families who have pledged support. Each have placed money in a bank account that D&P have had sight of. No investor will own more than 15% of RFC. I don't believe that one person should own a football club."I think green may be the new Tam Pepper. Quote Link to post Share on other sites More sharing options...
Broxi 11,473 Posted May 21, 2012 Share Posted May 21, 2012 so they said.Here we go again. Quote Link to post Share on other sites More sharing options...
Giovan 50 Posted May 21, 2012 Share Posted May 21, 2012 Could it have anything to do with dave king. Quote Link to post Share on other sites More sharing options...
gunslinger 270 Posted May 21, 2012 Share Posted May 21, 2012 Here we go again.they also said it was all up front. Quote Link to post Share on other sites More sharing options...
gunslinger 270 Posted May 21, 2012 Share Posted May 21, 2012 Green stated."There are 20 individuals and families who have pledged support. Each have placed money in a bank account that D&P have had sight of. No investor will own more than 15% of RFC. I don't believe that one person should own a football club."I think green may be the new Tam Pepper.so we know some of that was a lie. but was it all? Quote Link to post Share on other sites More sharing options...
JograBear 1,072 Posted May 21, 2012 Share Posted May 21, 2012 my guess is green doesn't have the cash yet.You really like to spread FUD dont you.... Quote Link to post Share on other sites More sharing options...
LeeWallaceRFC 3,920 Posted May 21, 2012 Share Posted May 21, 2012 £8.5 million - D&P = £6million?That will never be accepted my HMRC & Ticketus They'll probably get about £2million each, taking away the catering etc. Are those figures correct? Quote Link to post Share on other sites More sharing options...
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