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Craig Whyte cuts cash claim against oldco Rangers by over £21million

Craig Whyte has slashed the amount of cash he is trying to squeeze out of oldco Rangers by more than £21million.

The club’s former owner has failed in a string of attempts to grab as much as £25million from the assets.An interim report to creditors by joint liquidators BDO has now revealed that Whyte submitted a new claim of £3.5million in July.

Whyte’s original claim for £25million was lodged by Law Financial Limited, a company owned by the Worthington Group, of which he was a director.

Whyte demanded £18.5million through his firm The Rangers FC Group Limited (TRFC) in 2015 but that too was thrown out by liquidators. TRFC were formerly Wavetower Limited.

Whyte’s latest claim for £3.5million means a further delay for creditors hoping to secure a dividend from the assets of the oldco.

The club’s major assets, including Ibrox Stadium and the training ground at Auchenhowie, were transferred to the newco when it was formed in 2012, so can’t be touched.

Although any payout to Whyte is unlikely, BDO say they are taking legal advice because the claim “purports” to be “secured”, which means the company would be head of the queue for a payout.

The BDO report said: “Following protracted correspondence, Wavetower confirmed it would withdraw both its appeal of the joint liquidators’ rejection and the claim itself.

“Wavetower subsequently submitted a new secured claim of £3.5million on July 12, 2016.

“No supporting documentation was provided with the claim, which the joint liquidators rejected on August 22, 2016.

“Under the rules, Wavetower had until October 16, 2016 (14 days before the end of the next relevant accounting period) to appeal against the rejection.

“It failed to respond and, as such, a creditor would generally be excluded from the benefit of an interim dividend.

“As the Wavetower claim purports to be secured, however, the joint ­liquidators have been liaising with their legal team to understand what further steps are required before they can prepare a fresh Scheme of Division and declare a first dividend to creditors.

“Once this matter is resolved, we intend to consult with the committee to agree a new Scheme of Division to allow a first dividend to be declared and paid to unsecured creditors with agreed claims.”

In a case at the High Court in Glasgow, Whyte is accused of carrying out fraud to take over Rangers in 2011.

He put the club into administration over an unpaid tax bill in 2012 and sold it to Charles Green.

The taxman is the largest claimant against the oldco’s assets and is demanding £92million.

Ticketus, who were sold the rights to Ibrox season ticket revenues for three seasons, are also one of the ­creditors.

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5 minutes ago, Ozblue said:

Craig Whyte cuts cash claim against oldco Rangers by over £21million

Craig Whyte has slashed the amount of cash he is trying to squeeze out of oldco Rangers by more than £21million.

The club’s former owner has failed in a string of attempts to grab as much as £25million from the assets.An interim report to creditors by joint liquidators BDO has now revealed that Whyte submitted a new claim of £3.5million in July.

Whyte’s original claim for £25million was lodged by Law Financial Limited, a company owned by the Worthington Group, of which he was a director.

Whyte demanded £18.5million through his firm The Rangers FC Group Limited (TRFC) in 2015 but that too was thrown out by liquidators. TRFC were formerly Wavetower Limited.

Whyte’s latest claim for £3.5million means a further delay for creditors hoping to secure a dividend from the assets of the oldco.

The club’s major assets, including Ibrox Stadium and the training ground at Auchenhowie, were transferred to the newco when it was formed in 2012, so can’t be touched.

Although any payout to Whyte is unlikely, BDO say they are taking legal advice because the claim “purports” to be “secured”, which means the company would be head of the queue for a payout.

The BDO report said: “Following protracted correspondence, Wavetower confirmed it would withdraw both its appeal of the joint liquidators’ rejection and the claim itself.

“Wavetower subsequently submitted a new secured claim of £3.5million on July 12, 2016.

“No supporting documentation was provided with the claim, which the joint liquidators rejected on August 22, 2016.

“Under the rules, Wavetower had until October 16, 2016 (14 days before the end of the next relevant accounting period) to appeal against the rejection.

“It failed to respond and, as such, a creditor would generally be excluded from the benefit of an interim dividend.

“As the Wavetower claim purports to be secured, however, the joint ­liquidators have been liaising with their legal team to understand what further steps are required before they can prepare a fresh Scheme of Division and declare a first dividend to creditors.

“Once this matter is resolved, we intend to consult with the committee to agree a new Scheme of Division to allow a first dividend to be declared and paid to unsecured creditors with agreed claims.”

In a case at the High Court in Glasgow, Whyte is accused of carrying out fraud to take over Rangers in 2011.

He put the club into administration over an unpaid tax bill in 2012 and sold it to Charles Green.

The taxman is the largest claimant against the oldco’s assets and is demanding £92million.

Ticketus, who were sold the rights to Ibrox season ticket revenues for three seasons, are also one of the ­creditors.

Cheers mate 

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How he was able to do what he did is beyond me.

These past four years have been complete and utter fucking hell; something I had never experienced in my lifetime as a Rangers fan. I grew-up through nine-in-a-row, witnessed trebles being won, seen my team in a European cup final and was fortunate to see de Boer, Laudrup, Gascoigne, etc. at Ibrox. Until 2012, this football club literally made my weekends, my summer and my overall life more enjoyable.

The helplessness and utter despair I've experienced over the past four seasons is untold. Those shite, small, decrepit "stadiums" to see Perry, Little and Black struggle past amateur opposition who'd spent the week working. Queen of the South (3-0) and Hibs (4-0), away. The 2-0 loss at Hampden against Celtic. The 3-0 loss at Tannadice under McCoist. I cannot believe I've survived those experiences, mentally. To describe them as testing times is an understatement.

All of that, thanks to a bold-as-brass crook who was allowed to take the world's most successful football club and drag it to the very edge of extinction.

The good times will return, but I will forever be bitter and hold a huge grudge over a wasted four years (so far) that have handed the Tims what I expect will be ten-in-a-row.

How he has not been seriously assaulted, I'll never know.

 

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