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CVA Proposal Delayed.


caseyjones
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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/

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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.

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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.

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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.

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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?

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