What Happens If D&P “Overturn” Craig Whyte’s Purchase of Rangers?

Events at Ibrox seem to picking up pace.

As we know there has to be a proposal made by D&P to creditors telling them how the goals of administration are to be achieved. This needs to happen by April 10th.

It seems that a creditors’ meeting will take place at Ibrox on 20th April.

Paul Murray’s Blue Knights seem to have reached an agreement with Ticketus, whilst Mr Murray is upset at D&P suggesting liquidation.

Mr Murray, or his cheerleaders, seem unhappy that D&P did not start moving to void Mr Whyte’s purchase of Rangers straight away on taking up office.

Let’s imagine for a minute that there are grounds for doing so, which seems highly debatable.

As Phil Mac Giolla Bhain has said, it is not the MO of businessmen like Mr Whyte to commit crimes. It would take a crime to render the transaction void.

If there are allegations that Mr Whyte misled the seller, then the sale would be voidable. It would require a court to determine this. As we saw with Martin Bain’s case, a straight forward legal dispute which was raised in court last summer was scheduled for a full hearing this summer.

The issues in an attempt to reduce Mr Whyte’s purchase would be far more technical and subject to legal debate. On year, two years or more would be needed, especially looking at the possibility, or indeed certainty, of appeals.

But even if that all happened successfully, then Rangers Football Club PLC would now be owned, again, by MIH. Suddenly Sir David Murray, or more precisely the banks which effectively control MIH, would have control.

Would they be prepared to give up Rangers for nothing? (Which is really what any group buying the company, rather than the assets, would be looking to do).

Suddenly a Rangers without the bank debt and with Ticketus onside, and with only the Big Tax Case to come, might seem, at least as per the statements by the Blue Knights, to be an entity which someone might be willing to pay money for.

If we think that the situation now is complicated, can you imagine the clamour that would ensue if Rangers reverted back to Sir David Murray’s nominal control, and MIH told the Blue Knights that they would have to pay for the 85% shareholding?

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18 Comments

Filed under Administration, Rangers

18 responses to “What Happens If D&P “Overturn” Craig Whyte’s Purchase of Rangers?

  1. Neil McKay

    even more of a reason to liquidate!

  2. fisiani

    Any idea what has happened to the RTC website? Has it been attacked by someone who wants a lack of internet oversight over the demise and rebirth of the tax cheats?

    • Bob

      KDS site thread suggests it may be down for 48 hours. May have suffered a D.O.S attack. Don’t suppose we will ever find out those responsible, but the list of potential suspects grows by the day.

    • Tyke Bhoy

      Nope it’s just Paul trying to drive more traffic here! lolz

      RTC him/herself suspects denial of service attack which means you are probably correct. RTC should be back by Wednesday when the D&P notice appears in the press. Liquidation or just notice of the creditor’s meeting??

      • Damn you Tyke Bhoy – you have spotted my fiendish plan!

      • Tyke Bhoy

        24 hours earlier than expected RTC site is back but you need to include wordpress in the URL.

        Paul I know you know I was joking and was just paraphrasing a Tweet you made yourself. You don’t need to drive much traffic to this site, I usually visit several times a day to see if you have added a new post not yet signposted on RTC and I suspect a sizeable number of RTC contributors do the same

  3. Aurelio Zen

    It’s great to be able to jump on to this fine site and carry on lurking!
    Given the risk of DoS attacks which is apparantly what has happened to RTC there must be an arguement for contingency planning between like minded sites to keep the lines open (for the sanity of us addict if nothing else).
    Keep up the good work Paul.

    • Thanks!

      Bearing in mind RTC is a wordpress site, I’d have thought he would be ok, but that is probably a sign of my ignorance!

      There will always be somewhere we can all post our thoughts, I am sure!

      • Johnny Farrell

        It matters not a jot whether it is WordPress. DoS attacks are generally aimed at the web servers’ operating system, or web server software’s ability to process requests to render pages to the users computer. Unfortunately, not all hosting services or servers are configured with anti-DoS measures. I suspect RTC is implementing a remedy to that situation right now.

  4. pau1888

    Where is your thumbs up and down Paul.
    (Wee smiley face thingy)

  5. Odear

    Para 9, “One year” rather than “On year”. Feel free to delete this para if corrected.

    Oh what a tangled web we weave, when first we practice EBTs

  6. RayCharles

    Thanks, Paul, for providing a haven for the RTC diaspora.

    I initially went to celtictaxcase.wordpress.com but nobody took my comments seriously.

    I’d like to ask your opinion on the Edinburgh Gazette public notice story?

    Is it implicit from the alleged notice that Duff & Duffer will tell creditors at the meeting that they are liquidating the company?

    Or could it be a meeting about a CVA.

    Is it possible to say one way or other at the moment?

    Cheers

  7. tecumseh

    Well I hope good ‘ole RTC bounces back soon….I’ve only discovered this site through RTC and Phil over the last few months…not being a football fan and all that…..but intensely interested in the financial fate of Rangers….and further afield the Banking industry and it’s part in ALL our Downfalls….here is the excellent Bill Still….hope some of you will post your thoughts on this award winning documentary…..great stuff…in my view….

  8. tecumseh

    Could some one please post exactly what you put in the URL thingy to get on to RTC…?? I normally type Rangers Tax Case in the Google search box…I’ve tried adding www. and /wordpress to no avail

  9. Tecumseh

    Thanks Jim . . Worked a treat.

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