WillWard 6 Posted October 25, 2012 Share Posted October 25, 2012 I think in a business sense Newco was the best option as you are not liable for further action taken.I'm still not following. A CVA would have allowed us to remain in the SPL and compete in Europe with all our debts repaid for the £8.5Million posited. In what tiny way is newco better? Quote Link to post Share on other sites More sharing options...
J_RFC87 762 Posted October 25, 2012 Share Posted October 25, 2012 BDO, as liquidator of OldCo, can absolutely challenge the value of the assets CG paid.They can challenge the administration process and D&P performed.Administration cannot be 'unwound'. OldCo is dead. Doesn't matter anyway, it was only a legal entity at the end of the day. Quote Link to post Share on other sites More sharing options...
J_RFC87 762 Posted October 25, 2012 Share Posted October 25, 2012 I'm still not following. A CVA would have allowed us to remain in the SPL and compete in Europe with all our debts repaid for the £8.5Million posited. In what tiny way is newco better?Debt free new company.£8.5m debt - no chance. The CVA was an utter joke and was only delaying tactics. D&P made an utter mess of it and failed to manage expectations from the word go. Quote Link to post Share on other sites More sharing options...
Chef 436 Posted October 25, 2012 Share Posted October 25, 2012 Hypothetical here, what's it mean for our club and where do we stand with what we have lost over the course. Are the powers that be any way implicated by means of thr action as a result of this hypothetical situation?????? Quote Link to post Share on other sites More sharing options...
VERITAS VOS LIBREBETS 3,422 Posted October 25, 2012 Share Posted October 25, 2012 Sorry, Green and his brilliant business plan, and his defiance of the SFA and SPL are here to stay.Too bad for some, great for us. well said Quote Link to post Share on other sites More sharing options...
ForeverBlue_Since91 2,895 Posted October 25, 2012 Share Posted October 25, 2012 BBC Scotland failed to point out that any such infringement of financial services rules will have no effect on Rangers Football Club. The assets (ie The Rangers Football Club, etc) were sold to Green's consortium. If there were to be any claim for whatever reason, that claim would only affect the old parent company (RFC 2012 Plc), old shareholders, creditors, Duff & Phelps plus any investigatory body brought in by BDO or whoever. Our football club is no longer involved and BBC Scotland DELIBERATELY omitted to say that.Who thought it would effect us? Quote Link to post Share on other sites More sharing options...
sergio 1,199 Posted October 25, 2012 Share Posted October 25, 2012 The Phone conversation, does it not say , we probably knew about the Tickets Deal. It didn't say ... We knew you bought the club with money from ticketus. Quote Link to post Share on other sites More sharing options...
trueblueal 2,117 Posted October 25, 2012 Share Posted October 25, 2012 The Phone conversation, does it not say , we probably knew about the Tickets Deal. It didn't say ... We knew you bought the club with money from ticketus.It also says it knew the structure of the deal with lloyds. It shows he thinks their knowlege is untraceable because there is no email trail. And tonight it's clear that Grier wanted to distance his company from the initial deal with a statement from Whyte which would be lies. No point clutching here the administrators or at very least Grier were in on this process from the beginning. Quote Link to post Share on other sites More sharing options...
Agoram1 42 Posted October 25, 2012 Share Posted October 25, 2012 BDO, as liquidator of OldCo, can absolutely challenge the value of the assets CG paid.They can challenge the administration process and D&P performed.Administration cannot be 'unwound'. OldCo is dead. Doesn't matter anyway, it was only a legal entity at the end of the day.When u say challenge do u mean the sale can be reversed? Or will green's consortium still be the owners after all this?I have a friend who works for some law firm and he has been telling me that this is the part he has wanted to see. He say BDO will question the sale as it was bought under valuation and if the want they can reverse the sale!He is a Tim and we fight about this whenever I see him but I presume he knows more than me as this is his line of work.If u know about this stuff give me some info so I can ram it down his tgroat Quote Link to post Share on other sites More sharing options...
ritchieshearercaldow 22,389 Posted October 25, 2012 Share Posted October 25, 2012 It may be a big story for the diddy wee BBC Scotland but as far as I'm concerned it's the biggest non story yet.Nothing to do with Rangers Football club and more to do with D&P and Whyte trying to stay oot of jailSo D&P took us for £3.1mil, Whyte got to raise the SPL champions flag at Ibrox (must be worth a million). now I hope they all rot in hellNothing will change, we are Rangers and top of our league, that's all I care about. Quote Link to post Share on other sites More sharing options...
J_RFC87 762 Posted October 25, 2012 Share Posted October 25, 2012 When u say challenge do u mean the sale can be reversed? Or will green's consortium still be the owners after all this?I have a friend who works for some law firm and he has been telling me that this is the part he has wanted to see. He say BDO will question the sale as it was bought under valuation and if the want they can reverse the sale!He is a Tim and we fight about this whenever I see him but I presume he knows more than me as this is his line of work.If u know about this stuff give me some info so I can ram it down his tgroatAs far as I understand, it's D&P's problem for not valuing the assets correctly, not CG's. CG will still be owner even if proven.Tell your mate he's a fanny as well Quote Link to post Share on other sites More sharing options...
nachothelegend 1,932 Posted October 25, 2012 Share Posted October 25, 2012 Here we go. Jungles still trying to kill us .Oh what a surprise.Not! Quote Link to post Share on other sites More sharing options...
Crespie6 334 Posted October 25, 2012 Share Posted October 25, 2012 dog with shifting eyeslots of spacecrab with a flute Quote Link to post Share on other sites More sharing options...
Agoram1 42 Posted October 25, 2012 Share Posted October 25, 2012 As far as I understand, it's D&P's problem for not valuing the assets correctly, not CG's. CG will still be owner even if proven.Tell your mate he's a fanny as well Cheers. I tell him he is a fanny everytime I see him. Quote Link to post Share on other sites More sharing options...
Blue and True 311 Posted October 25, 2012 Share Posted October 25, 2012 THE PROBLEM WITH VALUE IS THAT IT CANT EVER BE FACTUAL If my house is valued at 150k by the bank but I then only get offers of 100k and choose to sell then thats my look out.If the bank take it off me and try and sell it and the highest bid is still 100k then that is what they will take.Green made the best offer and only if they can prove otherwise would we have any concern. Quote Link to post Share on other sites More sharing options...
sergio 1,199 Posted October 25, 2012 Share Posted October 25, 2012 It is illegal to purchase a company using it's own assets, ST sales are included in that, it is a breach. He also defrauded Murray, as he told him the funds where in place from his own personal wealth. He is on record as saying that. He will do prison time, and he knows it, he is just trying to take down a few people, I expect worse stories involving him to surface in the coming weeks, it will help prove that our club was the victim of a criminal activity, ... get the popcorn out and watch the fireworks. Quote Link to post Share on other sites More sharing options...
GMac 1,405 Posted October 25, 2012 Share Posted October 25, 2012 As far as I understand, it's D&P's problem for not valuing the assets correctly, not CG's. CG will still be owner even if proven.Tell your mate he's a fanny as well Correct. The only way it could be reversed would be if the assets were sold to someone who was a director of the Oldco. HMRC would never agree to the sale if that was the case. Quote Link to post Share on other sites More sharing options...
Bertent 2,081 Posted October 25, 2012 Share Posted October 25, 2012 It is illegal to purchase a company using it's own assets,So care to explain what a leveraged buyout is then. Quote Link to post Share on other sites More sharing options...
GMac 1,405 Posted October 25, 2012 Share Posted October 25, 2012 So care to explain what a leveraged buyout is then.We don't talk about Man Utd in the Bears Den Good point though. Quote Link to post Share on other sites More sharing options...
dougiebear62 14 Posted October 25, 2012 Share Posted October 25, 2012 In what possible way was Newco our best option? A CVA was our best option. To suggest otherwise is just mind bottlingA CVA was our best option?? and be hit with a £70m + BTC bill?? yeah right, good option Quote Link to post Share on other sites More sharing options...
Jamie0202 13,070 Posted October 25, 2012 Share Posted October 25, 2012 A CVA was our best option?? and be hit with a £70m + BTC bill?? yeah right, good optionWhen we applied for the CVA it included the FTTT bill.CVA was by far the best option but it doesn't matter now, all hypothetical. We are where we are and rise to the top we shall. Quote Link to post Share on other sites More sharing options...
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