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CVA Proposal Delayed.


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£8.5 million - D&P = £6million?

That will never be accepted my HMRC & Ticketus :anguish:

They'll probably get about £2million each, taking away the catering etc.

Are those figures correct?

not quite what we were led to believe is it.

by the time the spl withhold prize money for hearts it won't be far off tbk offer.

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the article also forgets to mention the 3.5mil owed to rangers that green said will go into the cva.

i doubt we owe d&p 6mil as that was the estimated bill if they were still in charge in august. 3mill would be my guess. which should leave 5.5 + 3.5 in the cva pot.

if im correct then 9mil has a very good chance of getting accepted.

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hard not to come to that conclusion. :anguish:

Is there any other possible conclusion to come to, my bet is we will still be in admin at the start of the season, no bad thing considering the alternatives on offer.

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the article also forgets to mention the 3.5mil owed to rangers that green said will go into the cva.

i doubt we owe d&p 6mil as that was the estimated bill if they were still in charge in august. 3mill would be my guess. which should leave 5.5 + 3.5 in the cva pot.

if im correct then 9mil has a very good chance of getting accepted.

take a million off the money we are owed as that will be withheld by the spl to pay hearts etc.

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the article also forgets to mention the 3.5mil owed to rangers that green said will go into the cva.

i doubt we owe d&p 6mil as that was the estimated bill if they were still in charge in august. 3mill would be my guess. which should leave 5.5 + 3.5 in the cva pot.

if im correct then 9mil has a very good chance of getting accepted.

No, I said:

£8.5million - D&P = £6million i.e. They're owed around £2.5million if not more by the time they're done.

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"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. :anguish:

you also said the cva was worth 15 million.

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It's either that or nothing.

They'd prefer nothing.

They want to make an example of us (HMRC) & said that they will accept nothing less than 20% of what they believe they're owed, what that is ... your guess is as good as mine. £50million? 70million? £140million? Who knows.

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Is there any other possible conclusion to come to, my bet is we will still be in admin at the start of the season, no bad thing considering the alternatives on offer.

I spoke to someone who knows a smillie well and I said d day for a cva is close or even passed. his response was only too avoid a ten point deduction for next season. there is no cut off point in reality.

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take a million off the money we are owed as that will be withheld by the spl to pay hearts etc.

8mil after d&p are paid is the best offer the creditors are ever likely to get, so if it doesnt get accepted there was never going to be any other way than a newco route.

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the haven't delayed anything. in an interview last week they stated the letters would be getting sent out next friday(25th may).

cant remember the article to post a link but i am 100% certain on this

Administrator David Whitehouse said: "Yesterday we accepted an unconditional offer for sale of club to consortium fronted by Charles Green.It's a binding contract, not preferred bidder status. "This consortium will pay £8.5 million to creditor pool on agreement of the CVA.That sum will be supplemented with the proceeds of litigtauon and the second is the received fees due for the sale of Nikica Jelavic.In total that's the contribution put forward to creditors.By some considerable margin that's the best deal we can put to creditors. "The CVA will go out on 21st of May. The headline detail has been discussed with major creditors and it's been agreed to move to a creditors meeting.There is a backdrop strategy that in the unlikely event  that it's not accepted we will go to a newco situation akin to the Bill Miller strategy.We have clarity in terms of a timetable to CVA, how it's funded and then a strategy in the event the CVA is not accepted."

From the May 13 press conference.

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Well the absolute worse case of liquidation is raising £4m from Murray Park/ Ibrox, nothing else has value as the players contracts are terminated.

From this £4m you still need to remove D&P fees as well as secured creditors, so liquidation pays zilch to unsecured creditors.

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8mil after d&p are paid is the best offer the creditors are ever likely to get, so if it doesnt get accepted there was never going to be any other way than a newco route.

not necessarily true. some people are better at negotiating than others.

your not dealing with a computer.

I still say tbk would have got a cva and as such so should green.

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the article also forgets to mention the 3.5mil owed to rangers that green said will go into the cva.

i doubt we owe d&p 6mil as that was the estimated bill if they were still in charge in august. 3mill would be my guess. which should leave 5.5 + 3.5 in the cva pot.

if im correct then 9mil has a very good chance of getting accepted.

There is a court case to determine where that £3.5m will end up. You also failed to deduct the amounts for all the secured creditors.

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