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What Is The True Colour Of Green's Money?


caseyjones
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What will happen next at Rangers?

Charles Green, like Bill Miller before him and Craig Whyte 12 months ago, is currently filling the role of saviour at Ibrox, but the coming days could restore a sense of crisis. A Panorama documentary on BBC Scotland tonight, made by the respected journalist Mark Daly and the same team who exposed Whyte's controversial business background, will investigate the club's use of Employee Benefit Trusts under Sir David Murray. The content is expected to be highly critical, however Herald Sport understands that greater consequences could arise from the programme's other material.

It focuses on Whyte's takeover and, crucially, the administrators, including the role of David Grier, who is a business partner of the Duff & Phelps accountants, Paul Clark and David Whitehouse, and who previously advised Whyte. Herald Sport also understands that the programme, called The Men Who Sold The Jerseys, might significantly call into question the work of Duff & Phelps, although legal action may be threatened in response to some of the material that is planned to be broadcast.

A number of the previous bidders for the club have been critical of the administrators and in theory it is possible for creditors to challenge their appointment. That would require a petition to court, and new administrators being put in place, all of which takes time. Yet in seven days the club's money will run out, leaving it on the brink.

Some sources also continue to believe that Green's consortium does not have sufficient funds to complete the purchase, although the administrators say they have seen proof of the £8.5m offer having been lodged in Green's lawyers' account, and also proof of funds to cover running costs from June 1, when the players' contracts revert back to full value. This requires an immediate injection of around £5m.

Green has been approaching Rangers-supporting businessmen seeking investment, and some have met him at Ibrox to hear his plans. Not all have been impressed. Green initially claimed his consortium contained 20 investors, while admitting that some are only prepared to put money into the club if it exits administration through a Company Voluntary Arrangement, but he has already conceded that only "five or six" have supplied funds. He also claimed to fans last week that he has raised £20m, which makes approaches to potential investors seem unnecessary.

Amid all his talk of CVAs, numerous investors, and a bullish – if gruff – turn of phrase, there are causes for wariness. Green's plan was to send a CVA proposal to creditors last Monday, detailing how much each would receive from his £8.5m offer, and giving notice of a creditors' vote on June 6. Monday's deadline was missed, which Green suggested would happen in a meeting with fans last week, and it will be Friday at the earliest before the proposal is sent out, meaning the creditors meeting will not be before June 8, since 14-days' notice must be given.

Rangers would still be able to exit administration by a CVA ahead of the start of next season, but the delays do not provide cause for comfort among fans. Speaking last Friday, Green emphasised the work Duff & Phelps are putting into the CVA proposal, claiming they would not engage in such an expensive task if they did not believe a CVA was possible. Yet one financial expert points out that the proposal "is not that complex" a document, and the administrators have generated much higher fees in the work they have carried out up to now. If Green's bid was to fail, though, the work done on the proposal could be carried on by new owners.

Negotiations are always complicated, but some issues remain pressing. While Duff & Phelps have always maintained that Whyte's floating charge is not valid, because he used money borrowed from Ticketus to pay off Rangers' £18m debt to Lloyds when he bought the club last May, that opinion has yet to be confirmed. Although Green claims to have a binding agreement with Whyte to buy his 85% shareholding, it remains possible for Whyte to block a CVA if he is not listed among the creditors and believes he is legitimately owed money, with the floating charge holder receiving payment in full ahead of other creditors.

The CVA proposal will reveal the administrator's approach. If Whyte is listed among the creditors, they will have to include a value of how much he is owed. If he is not, they must have received legal advice that he cannot be considered the floating charge holder, in which case Whyte could scupper the CVA during the 28-day cooling off period following the creditors' vote by challenging it. This would require further legal action.

The announcement by Mike McDonald, the former Sheffield United chairman, that he would not be taking up the opportunity to become involved revealed something of the consortium's plans. Had the Scottish Football Association's 12-month registration embargo not been upheld on appeal, McDonald would have provide the funds for transfers, in return for a share of the profits of future sales. This seems a disadvantage to Rangers, who would be denied income, but also again calls into question Green's claim to have £20m to hand. Why would he then need McDonald's money?

For Rangers fans, the questions carry as much weight as the promises Green has made. They are beleaguered, but there may be more dramas to come.

http://www.heraldscotland.com/sport/...money.17671567

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If the version of events aluded to in the above is true then I can see only one way forward, Whyte blocks the CVA, we Newco with Whyte getting a huge chunk of the Asset Sale cash as his payoff he walks off into the sunset a rich man, d+p get a bumper payday for a job well done and a Newco Rangers goes forward with no players a transfer ban and 0 cash but no debt. Master plan from the beginning or just they way the cookie crumbles? Who the fuck knows and to be honest I dont even care any more I just my club back from these fucking rat bastards.

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Not that it'll necessarily happen, but if Green can achieve a CVA by the start of the season, why was BK spitting his dummy in his 'look we tried so hard' press conference about having to have started the CVA process the next day or it wouldn't be done for the start of the season?

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Not that it'll necessarily happen, but if Green can achieve a CVA by the start of the season, why was BK spitting his dummy in his 'look we tried so hard' press conference about having to have started the CVA process the next day or it wouldn't be done for the start of the season?

green started it the day after next. so Kennedy wouldn't be far off.

but really he was just puting pressure on d&p to get it right this time.

frankly with this embargo should green fail it would be worth staying in admin and getting a cva after the start of the new season.

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green started it the day after next. so Kennedy wouldn't be far off.

but really he was just puting pressure on d&p to get it right this time.

frankly with this embargo should green fail it would be worth staying in admin and getting a cva after the start of the new season.

Yea this is what I thought. Nice scare tactics from him

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You have mentioned this before yet never gave a factual answer to being asked ......apart from someone told someone , who then told me about this rumour.

Facts boy not hearsay tongue.gifsmile.gif

I have a sworn affidavit from Andy but its in work I will post it later.

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take it or leave it. I couldn't care less which you chose mate.

Exactly..just like your posts bud.......who say things to stir it up and do not caresmile.gif Indeed ok with that after all it's a forum and if you like saying things with no substance ....hey, who am I to say ......stop posting smile.gif

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All I can't put my finger on is which one it was.

Was it Duff or Phelps who pumped your missus?

Disclaimer: I realise Duff & Phelps are not the names of our Administrators

6 weeks from Friday and I will be proven wrong. perhaps.

let's see what happens.

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Cue a swift exit to another thread where same bashing will continue. Classic. Like clockwork, except entirely more regular

yeah I think they are cunts selling us down the river. don't see much point giving cunt a chance to prove they are cunts.

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