I have still not had the opportunity of watching the administrators’ press conference from yesterday.
However, it seems from reports that an important (!) issue is the £24 million or so from Ticketus.
The administrators do not know where it is! (Which is quite important, I feel.)
They say that it did not go through the Rangers’ bank account. However they are vigorously investigating the matter, and have asked Rangers’ former lawyers for assistance.
So we have the following scenario:-
Before Mr Whyte’s company completes its takeover of Rangers a deal is reached with Ticketus.
Someone sells or mortgages much of Rangers season tickets for the next three years to Ticketus.
The money, which may or may not have paid off Lloyds Bank, is not paid to Rangers, whose season tickets these after all are, but to someone else.
The administrators say the debt is not secured against Rangers’ assets.
They are baffled as to where it went and where it now is.
This might be a simple suggestion, as after all, I am a simple man.
DEAR ADMINISTRATORS – WHY DON’T YOU ASK CRAIG WHYTE, ANDREW ELLIS AND GARY WITHEY?
Mr Whyte is the man who bought Rangers with almost £33 million “of his personal wealth” as he told Tom English recently. He by his own boasting is the main man. Surely he would know?
Andrew Ellis has been a director of Rangers for a few weeks, but a director of the parent company since even before Mr Whyte. Perhaps he has some idea as to what has happened?
Gary Withey is Rangers’ Company Secretary. He is a partner in Collyer Bristow, in whose client account the money sat to prove to Sir David Murray that Mr Whyte was not making it all up.
Either (a) it has not occurred to the administrators too ask these gentlemen the question (b) they have asked and, perhaps because of other commitments, they have not been able to answer or (c) they have answered, but not to the administrators’ satisfaction.
Maybe a reporter could ask this at their next press conference?
Why ask Rangers’ former lawyers? Maybe their present lawyers know?
Maybe they could ask Ticketus for sight of their paperwork – after all, Ticketus might think it is a major creditor?
We shall see what happens today.
I suspect the possibility is that the administrators might say that they cannot speak about this as a police investigation is ongoing, in which case, trhat surely puts Rangers into limbo till the money runs out?
And if the parent company is funding the administrators through this funding, and, as Mr Johnston thinks, there has been criminality, can Duff & Phelps continue where they might be running the club from proceeds of crime?
On a side note, but also of great importance, indeed VITAL importance, one of my excellent readers, DCR, has prepared a map showing Mr Whyte’s corporate structure at present.
I tried something similar but ended up with a migraine and lots of waste paper!
It is excellent and I commend it to you. If anyone wants to chip in comments or additions, then feel free.
It is good to see that Mr Whyte’s affairs are ordered in a simple and straightforward manner!
You can find the document here. CW Corporate Structure
The plan does not list the following dissolved or wound up companies where Mr Whyte was involved, or is believed to have been.
1. Vital Plant Services Ltd
2. Vital Holdings Ltd
3. Vital Development Capital Ltd
4. In-Store Security Services Ltd
5. CCS 1996 Ltd
6. CSS 1996 Ltd
7. ISS 1996 Ltd
8. VPS 1996 Ltd
9. HAG 1996 Ltd
10. Hire Access Group Ltd
11. VH Investments Ltd
12. LM Logistics Group Ltd.
13. Merchant Corporate Recovery PLC
14. Email Factory UK
15. Saltire Renewals
16. EMF Management Ltd
17. Kirsten Management Services
18. Re-Tex Plastic Technology
19. Cathedral Security Services
20. Priceless Protection Ltd.