Revealed! Source for Rangers CVA Proposal by Duff and Phelps! (May contain satire)

It is good to see that Duff and Phelps are of an historical bent.

Hogarth’s Depiction of the South Sea Bubble

I can exclusively reveal that the terms of the CVA propsed for creditors are inspired by the prospectus for a company associated with what became known as the South Sea Bubble in 1720.

It is referred to here in the Economist.

Their proposal is inspired by the offer of shares in:-

“A COMPANY for carrying out an undertaking of great advantage, but nobody to know what it is”.

How can any creditor resist that!

The terms of the CVA were due to appear on the Rangers website at 8 am (although not specified if this was UK time…)

When it appears, I will see if I can offer some sensible thoughts on it and the CVA process.

 

Posted by Paul McConville

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6 Comments

Filed under Administration, Alleged Humour, Rangers

6 responses to “Revealed! Source for Rangers CVA Proposal by Duff and Phelps! (May contain satire)

  1. Albert

    That’s quite good Paul – made me chuckle! 10/10

  2. George Murray

    The article brought me back to a question which has puzzled me since the administration began. If banks and financial megaliths can go totally bust, why are Rangers F.C. sacrosanct. What, other than good ol’ boyism, is there to sustain this wreck of a football club?

    One might have thought that they could at least die with ‘dignity’ – is that not their watchword?

  3. francobhoy

    Canny wait 🙂

  4. duggie73

    Buy it, strip it, flip it.
    Some glossy artists’ renditions of potential areas of fanbase growth (Atlantis).
    Proud history blah blah traditions blah blah most successful yada yada yada.

    Buy it, strip it, flip it.

  5. Glazert Tim

    Just read the following article on the STV website:

    Rangers bidder Charles Green has offered a £8.5m loan to buy the crisis-hit club.

    The administrators Duff and Phelps said that the proposed company voluntary arrangement (CVA) would result in £4.9m being made available to pay unsecured creditors.

    According to the report released on Tuesday, administrators claim the alternative newco route for Rangers would result in creditors received around £950,000.

    Mr Green’s Sevco consortium has agreed to pay the £8.5m loan to cover administration costs of around £3m, as well as all creditors, which will be repaid by the club by 2020.

    The deal is secured against all of the club’s assets, including Ibrox stadium and Murray Park.

    The last sentence seems rather strange.

    Does this mean that the deal is secured against assets that he hasn’t actually proven that he is in control of yet? (Has it actually been confirmed by CW that the deal has actually been done?)

    I am getting a sense of de ja vu here.

  6. I now know why our Army are in Afghanistan, Iraq, Libya, etc. I now know why we are all having to tighten our financial belts while we spend billions of pounds on our defence system every year and why we spend squillions of pounds on having a monarchy while our Old Age Pensioners live like paupers. And also why we have General Elections and Local elections every few years
    …its simple…we (the U.K) need to keep Rangers F.C* in business. No more to be said. They are just that important…so it seems.

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