Mark Daly Reveals Rangers’ “Smoking Gun” – Craig Whyte Taped David Grier of Duff & Phelps

Mark Daly of BBC Scotland has produced another chapter in his revelations regarding the events surrounding the administration of Rangers Football Club PLC. Following his two previous programmes, and his Scottish BAFTA nomination, he was on Reporting Scotland tonight.

The details can be read on the BBC website here.

The story tonight was based upon recordings made by Craig Whyte in a meeting with David Grier of Duff & Phelps. If Mr Whyte has been regularly taping meetings and calls in this process, one wonders if there might be people, in addition to Mr Grier, who are rather worried tonight.

Mr Daly’s previous programme in May prompted the issue of a statement by Duff & Phelps. The article, which was on the official Rangers website here – http://www.rangers.co.uk/news/football-news/article/2786614 – is no longer there.

However, I have a copy of it and the relevant extracts are below. You can read the full statement, and my comments on it here – https://scotslawthoughts.wordpress.com/2012/05/26/some-questions-for-david-grier-and-the-administrators-of-rangers/

—————————————–

David Grier, who was the engagement partner at MCR, said: “I categorically deny that at the time of the Craig Whyte takeover of Rangers, I had any knowledge that funds from Ticketus were being used to acquire the Club. This accusation is wrong, highly defamatory and betrays a lack of understanding of the facts.

“Financial due diligence and other work was provided by Saffery Champness, a firm of chartered accountants who specialise in this area, and our primary role was to provide assistance to Liberty Capital in negotiating a settlement and assignment of the debt due to Lloyds Bank.

“The reality is that when my concerns about the use of Ticketus funding crystallised over the summer of 2011, I took immediate steps to raise these concerns with controlling directors of Rangers and HMRC.

“I had no direct contact with Ticketus prior to the takeover by Wavetower, however we were aware and were party to discussions regarding Ticketus as a recognised source of short term working capital that was used by the Club and that could be a source of such continued funding. These discussions are well-minuted.

“As we were not aware of the nature and extent of any arrangements for season ticket sales we were unable to provide specific advice without full detail and our letter of 7 April 2011 is clear on this point.

“Indeed we state in this letter that we had not had access to documents or knowledge of contractual terms either of any proposed ticketing agreement or proposed purchase from the Murray Group and as a consequence we could not provide further advice without this detail. We did not receive further information and therefore we could not provide further advice on this matter.

“We were provided with a copy of a draft email to Ticketus dated 19 April 2011 that mentions the possibility of raising funds, but does not provide any information of quantum or terms of such a proposal. To suggest this email establishes an awareness of Ticketus providing acquisition funding is absurd and ridiculous.

“It is clear now, with the benefit of hindsight, that material information was withheld from us, and others, prior to the acquisition of the Club and, once we discovered the full extent of the funding relationship between Ticketus, Liberty Capital and the Club, we took immediate steps to raise our concern with controlling directors of Rangers and HMRC.

“Throughout this process we have acted professionally and provided opinion and recommendations to avoid an insolvency of the Club by outlining alternative courses of action to the directors. We did provide the controlling directors and company secretary of the Club with our written concern that failure to meet their statutory duties could lead to a claim of wrongful trading, however the controlling directors and company secretary always maintained that insolvency could be avoided through the introduction of new capital and/or fundraising with supporters of the Club.”

 —————————————–

Last week, in a BBC interview, Mr Whyte said that “everybody who was involved in the deal team at the time knew about” the Ticketus deal.

He added: “They (Duff and Phelps) knew everything, they attended meetings, they were copied into all the emails, they were there on the day of completion. They knew from the start.”

That claim prompted Rangers’ joint administrator Paul Clark, of Duff and Phelps, to respond: “The allegations against the administrators, who are officers of the court, are false, malicious and without foundation.

“In addition, as administrators, we instigated legal proceedings against Mr Whyte’s solicitors (Collyer Bristow) in the High Court in London and those proceedings are centred round the very serious allegation that Mr Whyte was involved in a conspiracy which deprived Rangers of many millions of pounds.

“Our conduct of the Rangers administration has been the subject of intense public scrutiny and we are wholly satisfied it was carried out to the highest professional standards.”

—————————————–

The recording by Mr Whyte took place, the BBC understands, on 31st May, after the detailed statement referred to above was issued. The transcript on the BBC website reads as follows:-

During the exchange, Mr Grier said: “I’ll tell you what we’re doing with that just so you…

Mr Whyte: “Yeah.

Mr Grier: “We, we went to see counsel yesterday and had a full sort of debrief of all the email correspondence.

Mr Whyte: “Yep.

Mr Grier: “Now, the fact is that we probably did know what was going on with Ticketus. There’s no email traffic whatsoever.

Mr Whyte: “That says that you did?”

Mr Grier: “That says that we did.

Mr White: “But we all know that you did and f****** hell.

Mr Grier: “Yeah, yeah. There’s no…we were not involved in dealing with Ticketus directly.

Mr Whyte: “Yeah. So you knew the structures of the deal. You were dealing with Lloyds.

Mr Grier: “Absolutely.

Mr Whyte: “And the Ticketus part was Saffreys.

Mr Grier “Yeah. So we’ve maintained that line quite rigorously.”

—————————————–

Where does this leave matters?

It suggests that Mr Grier’s position was that, in the absence of an email trail, D&P was happy to deny any knowledge of the Ticketus deal, despite being fully aware of it.

Having spent the last few months denying any wrongdoing, and insisting that D&P carried out its work to the “highest professional standards” this comes as, at the very best, a huge embarrassment to the Insolvency Practitioners.

D&P are due in court any day now regarding the liquidation of RFC 2012 PLC. As we know Lord Hodge called for, and is understood to have received, a report following the last Mark Daly programme, which report by D&P was to address the possible questions of conflict of interest.

The suspicion is that the report produced to the court has not led to any indication that the issue has been concluded. If it had been, then undoubtedly D&P or their media reps, Media House, would have been trumpeting this from the roof tops.

Indeed, as D&P threatened legal action against the BBC following their programme in May, if they had been given the all-clear by the court one would have expected litigation to have ensued already.

This is not to suggest that the court has found anything wrong in D&P’s antics, but that they have not been exonerated yet either. One does not imagine that Lord Hodge will be delighted to hear the latest allegations.

In the event that the report lodged with the court is in conflict with what is now seen to be the position, then we may see the relevant partners in D&P being summoned to appear in the Court of Session to explain the apparent discrepancies.

—————————————–

Might this lead to a delay in the liquidation process, or to an unravelling of the sale to Sevco?

No. In fact it might accelerate the process as the administrators’ position is ever more untenable. With BDO revving up to take the liquidator role, it makes sense for the administration to end and the liquidation to start as soon as possible.

This is especially so where the assets administered by D&P were all sold off in June. Since then the administrators have been sitting looking at the ever dwindling bank balance from the  asset sale to Mr Green’s company.

The asset sale too is only likely to be affected by BDO alleging that the sale was at an undervalue and that, in terms of the Act, there has been a “gratuitous alienation”. If they make that allegation, then it is for the purchaser to establish that “adequate consideration” was paid, and not for the liquidators to prove there was an under-valued sale.

Questions about the bona fides of the administrators can only help any argument by the liquidator that there was a “gratuitous alienation”.

It is possible that the court could refer the matter to D&P’s regulatory body.

For all the money received in fees, one wonders if any partners in D&P wish they had never come across Mr Whyte and Rangers?

—————————————–

In May 2012, in the piece linked to above, I posed a number of questions for Mr Grier and Duff and Phelps. As far as I am aware, none of them have been answered yet. Mind you, only five months have passed…

As one expects D&P to come out with some statement, maybe a gentlemen or lady of the press could ask D&P for answers to the questions?

What were D&P told by Craig Whyte about sources of funding in the period from January 2011 to April 2011 when D&P was negotiating with the Bank re clearing Rangers debt?

If it was D&P’s primary role to provide assistance to Liberty Capital in negotiating a settlement and assignment of the debt due to Lloyds Bank, what was its secondary role?

When did Mr Grier’s concerns re Ticketus crystallise?

Why did he speak to HMRC about these concerns?

Why did he speak to the “controlling directors”, who one assumes were the people involved in what concerned him? After speaking to them and HMRC, why did D&P continue to act? Presumably his concerns were allayed?

Did Mr Grier have indirect contact with Ticketus, or did anyone at D&P have direct contact pre-takeover? What about post-takeover? Did discussions to which D&P were party regarding Ticketus involve Ticketus?

Did D&P provide written advice re HMRC pre-takeover?

Why does the Report to Creditors make no mention of D&P being engaged pre-takeover to give advice re HMRC and regarding the effect on insolvency of a funder of season tickets?

Was the alleged Collyer Bristow letter the only information seen by D&P showing that Mr Whyte had access to £33 million?

Did D&P give any advice to Mr Whyte regarding the wisdom of his purchase, bearing in mind he was asking about insolvency prior to spending £33 million on the purchase?

Did Mr Grier read the 19th April email referred to by the BBC? If he did, was his curiosity not piqued by reference to “Ticketus agreements” (plural)?

How could financial projections show that money was coming from Wavetower, which had no money?

What did HMRC do about Mr Grier’s concerns?

Mr Grier refers to discovering the FULL extent of the funding relationship with Ticketus. Did D&P know part of the funding relationship previously, or the nature but not the full extent?

Did the cash flow projections prepared by D&P post takeover include reference to Ticketus, either in terms of short-term funding, or the £20.3 million “understood” to have been paid? If not, and as the forecasts were, inter alia, for the purposes of negotiating with HMRC, was false or incorrect information provided to HMRC?

Is the invoice referred to in Mr Grier’s email dated 24th June the same as those referred to in Rangers Financial Controller’s evidence to the SFA Judicial Panel, namely the multi-million pond invoices to Ticketus which were completely unknown to the Financial Controller, and were prepared using clip-art?

If Mr Grier was preparing invoices for Rangers to Ticketus, how is this covered in the statement in the Report to Creditors of what D&P did prior to appointment as administrators?

If Mr Grier was preparing invoices for Rangers to Ticketus in June dated May, how did it take him “over the summer” for concerns to crystallise?

Why do Mr Grier and D&P consider there is no conflict of interest?

Whilst D&P were assisting Rangers with short-term cash flow projections, £3 million was paid to Ticketus. Did Mr Grier make enquiries as to what this related to?

Could he or his colleagues prepare forecasts and projections without knowing the nature of the payment to Ticketus, and further liabilities to them?

By August 2011, D&P was monitoring cash flow and discussing capital raising. Had Mr Grier’s concerns crystallised by then?

Posted by Paul McConville

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85 Comments

Filed under Contempt of Court, Courts, Craig Whyte's Companies, Rangers, Ticketus

85 responses to “Mark Daly Reveals Rangers’ “Smoking Gun” – Craig Whyte Taped David Grier of Duff & Phelps

  1. JohnBhoy

    APOCALYPSE NOW. Craigie the Patron Saint of Recording Devices has implemented the US military doctrine of massive retaliation: Mutually Assured Destruction.

    Shit – Charlie and the boys will be thinking – who else did the wee bugger record?

  2. tizzer

    what’s the odds this will be reported in the MSM as a “goking smun”

  3. Glazert Tim

    I think at the very least, D&P’ and Charlie Boy’s arses will be giving it ‘ten pence fifty pence’ tonight.

    In saying that, Jabba or Hugh will put a whirlwind proportion spin on along the lines:

    “Has football turned into a spy game? Secret recordings, hidden documents. The sooner Ranger’s 2012 (note the distinct use of the full company descriptor) is liquidated and we can all play football again, the better”

    Possibly not in so many words but not far off it.

    Interesting times ahead methinks!

  4. mick

    great read paul perjury charges must follow if there is documents placed before the court (LH) that turn out to be lies or misleading the facts ,“gratuitous alienation”.is now the only answer for justice for small shareholders of old co and small creditors ,no matter who irelevent the lie perjury is perjury and as am lead to belive d&ps are due at the COS soon and they have cells there for this purpose Mr Grier is well in soapy bubble and that tape is the evidence the PF needs for a conviction he has lied and miss lead the scottish courts ,am just wondering what else is going to happen here as whyte seems well and truely on the ball and am sure has more tapes

    Contempt of Court ,Perverting the Course of Justice and Perjury

    the above is a list of possible charges depending on replys and documents sent to Lord Hodge Mr Grier the laws the law

  5. JohnBhoy

    They all mocked Saint Craigie. They said he was an irrelevance [Duff & Phelps], that he was out of touch [Jabba], that he was history [Charlie], but Saint Craigie had his finger on the button all along.

  6. Paul, may I congratulate you once more in regard of the swiftness and thoroughness of your blog. As per usual your comments make both insightul and enjoyable reading.

    I really cannot comprehend just how many ‘victims’ Craig Whyte may uet potentially have, given the fact he seen fit to record his allies…what then of his enemies?

    That being said, I think D&P were exceptionally misguided in referring to he as an “irrelevance” like they did, so in light of Craig Whyte’s treatment by the administrators did they never suspect that he may have at least considered retribution?

    I am now leaning more towards D&P having been the instigators of the whole purchase and liquidation plan, therefore Craig Whyte rather than being an “irrelevance” was indeed their sacrifical lamb…no, no, not one of that vintage succulent variety though…anyway I digress.

    The above, rather than an accusation, is more of a matter of my rather enquisitive deliberation.

    I will now debate over in my mind the following seemingly perinent questions;

    Who was indeed in charge of the TRAINS final destination?

    Who was it really that set it first upon it’s ultimately ‘FATAL’ path?

    Who steered it into Mr Green’s STATION and then passed him the CONTROLS?

    Who provided him with the deliberately misleading ‘BLUE-PRINT’, you know…the utterly catastrophic RAILWAY ROUTE PLANNER?

    and finally,

    How long was it really known that the TRAIN was directedly en route to a locus of such barbaric treachery?

    Many more revelations, one suspects, are yet to greet us…I for one, would love to hear the entire back catalogue of Mr Whyte’s recording career.

    Great work again Paul.

    • ecojon

      @ brianbhoy07

      I think D&P obviously thought that wee craigie was just a clown and could be ripped-off – little did they realise he was actually the Ringmaster!

      • Yeah, I may myself have to revisit a few of my previously held opinions concerning wee Craigie Whyte…always knew he was a slippery little fucker and certainly nobody’s fool but now I’d have to concede that he may very well have out-bampotted us bampots…the guy is Teflon coated!! 😉

  7. JimBhoy

    CW must have taped his last meet with Chico, that could be next on the agenda, I hope we get the sound bite on Youtube….

    Is it just me or is fat Sally now dressing like Chico, Grey suit, Brown shoes styleeee!!

  8. carl31

    Cant help thinking that ‘others’ are trying to shaft CW and this is
    some form of retribution.
    Who or what is ‘Saffreys’?

  9. ecojon

    I really am disappointed being a rail buff now that Ibrox station will never be re-opened.

    However, we will need to try and decide an appropriate reward or title for that whistleblower extraordinaire Wee Craigie Whyte.

    Personally I think he should be handed the keys of Ibrox and get on with running the debt-free club. I am sure that, in time, the Bears would come to see that this is the best solution for Rangers the Club.

  10. Adeste Fideles

    J.R. Ewing will be proud of craigie whyte tonight.

  11. JimBhoy

    @mick Awesome… I fear Whytey has much more to reveal… 🙂

    • ecojon

      @ JimBhoy

      I was just thinking of mick and the Tommy Gold radio tapes and the way Ahmad can’t keep his mouth shut – ah bet wee Craigie has got hours of him yacking away 🙂

      • mick

        @ecojon what a news story there liable and criminal at same time whytes done them up like a kipper here it was a quiet week as well then this its the story that just never ends

    • mick

      @jimbhoy were in for a winter of pop corn and cola and mark daly specials its surreal artisry by agent whyte

      • JohnBhoy

        I’m dreaming of a Whyte Christmas…

        • ecojon

          @ JohnBhoy

          So is Craigie – he just can’t wait to get Ibrox back as his Xmas pressie and a big train set as well. Ally will be left staring at the light in the tunnel trying to figure out whether he’s missed the train or whether it’s bearing down on him so to speak.

  12. JimBhoy

    @Carl31 Saffery Champness, a firm of chartered accountants from paul’s post.

  13. mick

    d&ps have mislead the oldco creditors and small shareholders can they sue for compention via the companys professional indemnity insurance if they have lied and mislead surely they are liabile via the above ?

  14. Old Cartha Bhoy

    After nearly two years of what seems like the longest ever episode of “The Sopranos”, there are still twists and spills in this magnificent story! May it and Paul’s amazing work never end!

  15. ecojon

    Talking about how fast chico can run – not that I’m suggesting he might need to leave Ibrox in a hurry – but I was intrigued by the Sun interview when he revealed that the sprint records he set at his old school on grass and the Dunlop sannies – he called them plimsolls which must be an English thing – still stood to this day.

    Well that must have been about 45 years ago so from now on he should be called ‘Greased LIghtning’ instead of snake oil charmer. I haven’t found his school yet but I will and when I do I’ll report it to Michael Goves because they obviously are failing to meet PE requirements.

    And my proof of this? Quite simple as the undernoted table shows. While schoolchildren throughout England are getting faster every year with ‘uge perforamce leaps there is a sleepy hollow, possibly near Mexborough, with a Lorna Doon time warp where records never change.

    ENGLISH SCHOOLS CHAMPIONSHIPS (BOYS) 100 Metres

    1969 Senior 11.00 Intermediate 11.4 Junior 11.90

    2006 Senior 10.75 Internediate 11.00 Junior 11.20

    2012 Senior 10.64 Intermediate 10.81 Junior 10.92

  16. JohnBhoy

    The Green Brigade should unfurl a banner in honour of Craig The Conqueror.

  17. JimBhoy

    I am sure some of the other consortiums at the time claimed they had offered better deals for the rangers assets , I can recall the press conference with Murray and Kennedy where they stated such and I am sure Murray said TBK had done so with Ticketus onboard previously. After months of to-ing and fro-ing Chico came out of nowhere soon after Ticketus stopped doing deals with the blue knights and the singapore consortium. I can only surmise they (ticketus) may have instigated their own secret consortium via Chico.. That’s my conspiracy theory. Things have not went according to plan and I look forward to more of Whyte’s evidence.

    Be interesting to see how this affects any IPO.. I can foresee the bears fans putting into the IPO only for legal workings unwinding the D&P biased deal in a few months and all the money in newco disappearing into the ether also.. Those who know how to play the shyster’s system wins again.

    Maybe the rangers fans who have come here to tell the “obsessed” non rangers fraternity that all our rantings are BS will eat some of Mick’s wares, Humble pie… We will have our ‘ I told you so’ moment..

    Chico has been quiet for a week since his £17m revelation in only a few days, I would expect at least another £17m by now surely.. All I have read is Chico the footie player wi his 70’s porn moustache, sorry for saying he had death threats, he is the one sorry no less… Ally at Edinburgh castle on some charity nonsense, saying the fans now realise they are in sfl3, he looks forward to euro football, McCulloch rocks and the jambos should not be dealt any more penalties for not paying wages because they shouldn’t be deal the way rangers were… All this on the back of Whyte’s revelations, me thinks the spin doctors have been busy with their side stories…Time to ignore the facts, make sure no difficult questions are asked and spin happy yarns that will make the bears feel all glowy and warm inside….

    I fear Whyte is drip feeding wee bits of info a piece at a time like a chess player he is waiting on Chico’s next defensive move, before he offers a counter attack…

    D&P urged the liquidators to engage ASAP last week, I wonder why, in fact I wonder why that has not happened any legalities could mostly been sorted out ahead of time IMO around july… Something stinks..!!

  18. JimBhoy

    @Ecojon can you imagine if he was Irish catholic, his ma and da moved out Sheffield way for work in 1950 because his street in Lisburn was predominantly protestant and the catholics were being marginalised in that area….His parents are still in regular contact with their connections the “Lennons”….

    I would laugh my legs off if the bears found that out…

  19. mick

    when you look at it d&ps are not in the rangers circle so whytes shoot them first as a warning to the rest not to mess with him hes a real shark you could say hes taped the lot of them and if you dont play ball with him and give him what he wants he will just call mark daly and chew you to bits ,

  20. JimBhoy

    When I think of Whyte I think of Henry Hill in Goodfellas..!!

  21. Thomas

    Paul a fascinating insite on Mark and Craigs expose`.
    Thank you for your immense effort, Craig Whyte? you son of a gun! keep totten em shootters!
    D&P £25M Claim against Collyer Bristow must be ‘toilet food’.
    Was Minty recorded in the act of being “duped”?
    SBJ This should be a film! Will BDO sell me the rights?

  22. Brilliant work Paul (and, by the sound of it, Craigie boy too!)

    I think the time has come for a some sort of mood-setting theme tune for your posts on this enthralling saga – or just a DAN-DAN DAAAANNN!!!

  23. JimBhoy

    One for the rangers fans and maybe a good title for PMcG’s next book…. http://www.youtube.com/watch?v=eKgPY1adc0A

  24. mick

    a excluisve interview done at Paul Baxendale-Walker mansion well we all know what goes on there nudge nudge wink wink lol

  25. cmh64

    Are there any legal issues with the fact that the recording was made secretly rather than openly?

    • ecojon

      @ cmh64

      If there was it would be trumped by ‘public interest’ and this is certainly in the public interest as D&P themselves state that Rangers is the biggest UK footballing bankruptcy with most of the money owed to the taxpayer.

      Can be a problem if done over the phone but there’s the risk if you end-up in court you not only look stupid and secretive but are then open to all sorts of other questions which can often provide a bigger and better story than the original – so not a route that is normally chosen.

  26. Budweiser

    Reporting Scotland 10.35pm—-Duffers issue statement!!!
    ‘we believe the comments were taken out of context’ and would like to hear all of the tape! We have acted honestly etc etc blah blah

    • mick

      @budweiser out of context all of the tape a bet the beeb have more on them it could be a week of beeb v d&ps then the tax bomb lol

    • ecojon

      @ Budweiser

      When a press release says something’s been taken out of context it means that the reporter got it stone dead correct and the ‘victim’ can’t deny it and they won’t be suing either. It’s a real sign of weakness and the BBC lawyers will be laughing their heads off. It won’t even make a Press Complaint.

      Only way to deal with the Beeb exclusive is a strong statement saying an interim interdict is being sought and anyone repeating the lie will be sued as will the BBC. The only problem with that road is they went down it a year ago after the first Beeb programme and did nothing giving the Beeb the upper hand.

      Don’t get me wrong the PR gurus will be busy offering all sorts of future exclusives for everyone else to ignore the Beeb story. But seriously how many more times can Ally tell another p*sh non-news story tae journos. Still it’s keeping him away frae his job as manager so the team might get some results 🙂

  27. mick

    @cmh64 no a tapes a tape there is perjury going on here they must be crapping it barl and 800 raging toothles rfc fans await them lol thats half the jails total the other 800 are tims lets have a we look at the other criminals on the radar tommy sheridian tape was secret so the presidence is set it stands as evidence

    • cmh64

      @mick.
      Thanks. Just wondered.

      • mick

        the tommy vid is the bench mark here and the voice anylised and the doco s they presented to the courts phisical evidence then there statements via media the metal evidence so we oral written and visuail evidence of perjury here its all down to the PF AND LH and a read over on tsfm there up at the COS soon a think they should take a criminal lawyer with them lol

      • cmh64

        You can read that transcript differently once you know that only one of the parties knows the conversation is being recorded. Can’t help thinking it’s a bit leading, but does it matter?

    • mick

      RANGERS STATEMENT
      (Issued on behalf of Duff and Phelps)
      how flys that done it via sevco so none of there clients see it on there website crooks in suits the lot of them

  28. lordmac

    i havent seen any rush from the Daily Record nor from the Herald
    with this recording of d@p they where quick with there other report
    to defend CHARLES GREENS rangers threats THE THREATS ARE TRUE, AS IT IS NOW 3 PEOPLE THAT HAVE MADE complaints sadly one has passed away R.I.P Paul looks like Jabba aint going to like
    making up with ST Craig

  29. ecojon

    I had always just assumed D&P was just a London-based firm who had bought-out MCR which initially dealt with Craig White and his Rangers connection.

    Little did I realise that D&P is actually a leading global financial advisory and investment banking firm and has more than 1,000 employees serving clients from offices in North America, Europe and Asia. They even have a New York Stock Exchange listing (NYSE: DUF).

    Their main company website http://www.duffandphelps.com/ actually lists among the company’s noteable milestones yet another world record for the Rangers History 🙂

    ‘2012 Administrator for Rangers in the largest football club insolvency in UK history’

    The main website describes in glowing terms how it bought-out MCR and its 150 employees on 31 October 2011: And here we are less than a year later with an enormous pall hanging over Duff & Phelps and it doesn’t take a mystic to realise that Craig Whyte probably has plenty more tapes and emails in his possession which could create a financial meldown for a number of financial institutions and casts doubts on whether the football club’s AIM Flotation can proceed as planned.

    http://www.duffandphelps.com/Pages/newsDetail.aspx?itemid=459&list=News&DisplayLang=jp

    • Budweiser

      @Ecojon

      Just seen mark daly on newsnight scotland. He reckons duffers have two things to worry about.
      1.Did their report to lord hodge re. conflict of interest tally with what the craigygate tape reveals?
      2.The insolvency practitioners investigation will have heard the tape.
      And while wer’e at it.
      3. Paul clark must be on a shoogly peg re. the US. high heid yins when they hear about this fiasco—–I’m sure they will be very understanding!

    • martin c

      And i think they are now bringing in the big guns, the D and P spokesman mentioned in the BBC expose is a global brand expert and i quote “He has led numerous efforts to remake corporate brands after significant corporate setbacks and has successfully built integrated global teams to deliver enhanced brand value.” I think the really big boys are coming out to play and damage limitation for the big company will be the order of the day!

    • Thomas

      ecojon please stop giving this information, I’m recovering in Monklands Hospital from ‘latteral side bursting’ I have had ‘snorkel zip’ implants on both sides, arse to oakster, yer killing me! St Vincent de Paul bring me regular fresh lemon juice and vinegar, but I wont make Christmas!

  30. mick

    a think the beeb have more to back it up as it was only bits and bobs we got

  31. Keith Jackson obviously misheard Craig when he quoted ‘wealth off the radar’… it was ‘wealth for digital recorders’.

  32. JimBhoy

    @Follow the money was it not a misquote? It was actually Craig Whyte was “Gonna get wealth off the rangers”

  33. Adeste Fideles

    how can a man who blinks so much know exactly where to plunge the dagger?

  34. ecojon

    @ Adeste Fideles

    Oh I have a feeling this isn’t a one-off stiletto job – I think more likely the scattergun approach with a sawn-off.

  35. ecojon

    Had to have a laugh when ah re-read Jabba’s quote about Craigie the other day:

    ‘He really is out of touch. Some might say delusional’.

    Yea a useless journalist like Jabba might say that – ah wonder what else he has said that wee Craigie has on tape.

    And ah wonder if he taped his warnings to the SFA and SPL that Rangers was trading while insolvent.

    Guy Fawke’s Night has arrived early this year methinks.

  36. Brian J

    Craggie bhoy clearly has the upper hand at the moment but let’s not kid ourselves… He is nothing if not a self serving individual. I suspect that there are a number of individuals who will offer him whatever price he wants for his silence and an assurance that no more recordings become public

  37. COYBIG

    Craig Whyte, Scottish Football’s very own Keyser Soze. It seems Duff & Phelps thought of him as a Roger Kint type character. Then again, didn’t we all? Those googly eyes, the stutter. Actually, thinking about it now, i’m surprised he didn’t go the whole hog, and walk with a limp. Ah well, i’m sure Kevin Spacey will still be flattered with the attempted imitation.

  38. Budweiser

    @Brian J

    IMO craigie has taken legal advice and is working to a plan. The plan was ALWAYS to go into admin. He admitted as much in his bbc interview. As he stated EVERYBODY knew what was going down [so to speak]. DM, LLOYDS, DUFFERS and last but not least TICKETUS. Who is suing him and his companies for £33m?- TICKETUS. Who scuppered ticketus deal with craigie/rfc? duffers! Ergo who can craigie deflect the blame on to for ticketus’s loss because of prior collusion ,maladministration [lol] -yes you guessed right duffers..

    • Brian J

      You may well be right, the main thrust of what I was trying to say is that he is self serving. Whether he is waiting for offers to buy his silence and make his money or he is simply maneouvering to enhance his legal position I wouldn’t like to say but he is certainly looking to contrive an advantage of one sort or another.

  39. Budweiser

    @Paul

    Everybody, i think we all accept, was aware of the ‘plan’ initially. Craigie has now blown duffers out of the water.Ticketus was also aware of duffers ‘prior collusion’ yet decided to keep shtum. Why is that I wonder?

  40. portpower

    Testing,testing (tap tap) testing, testing 1,2,3. Aye,aye, errrrrrrrr, is this thing on?

  41. Good Morning,

    Many people get out of their bed each morning, have a shower, grab some breakfast,throw on some clothes,brush their teeth,grab their coat,their bag and whatever other paraphernalia they choose to carry and head out of the door towards their daily toil.

    Many travel by car, however, even more use public transport and so find themselves sitting on a bus, a train and in some cases even an aeroplane.

    Those who are not driving may read the paper or a magazine,or in this age of smart devices it is more likely that they will consult what is commonly referred to as their phone— a generic name for a device which has long since ceased to be merely a phone in the sense of the Alexander Graham Bell device where you dial a number and speak to someone at the other end of the line.

    Today, a phone can do all sorts of things including record a conversation if innocently left on a table top. Whatsmore if you really want to be James Bond you can now openly buy specialist phones– they look like phones, perform like phones , but also have that extra capability to record any sound in any room in which they are left in, are voice activated, and can even transmit the conversation automatically to another device under the control of the person who deployed the “spy phone” in the first place.

    However, most people– those sitting on the bus or the train– don’t deploy spyphones or record other people’s conversations– they use the “phone ” for much more mundane reasons. They watch video, read a paper online, send a text or two, place a bet, tweet, facebook,do their shopping and– god forbid— post the odd blog comment!!

    However, many many people do something else– something totally odd perhaps, but something that has become an accepted part of everyday life and society, so much so it is an activity that is to be found in the majority of newspapers, has had its own slot on TV, has made many specialists bundles of money. Yet it is an activity that passes many by without a second thought– as it is not unusual, suspicious,criminal,offensive or anything else— but is undoubtedly slightly………odd! Yet it is carried out on the train in full public gaze— every single day!

    What is this activity?

    It is that habitual checking of your horoscope!!!

    Yes— Millions of us consult whatever paper or magazine is to hand and decide to check out those few column inches which may just reveal what the day or the week or the month holds for us. Many, as I have said above, carry out the same process by use of the “Phone”— off we go, on line, via satellites in the sky– we consult the stars!!!

    Now, stop and think about this process. Whilst we may well read what all the Russell Grants of this world have to say, the Very same Russell Grants have to consult the stars and the signs and whatever else, decipher what is being said in the heavens and then write it all down, get it to their editor and have it published all in advance of the morning train or bus ride.

    And of course— the few lines concerned will tell you what is going to happen in the future– or what you should do in the future– or how you should act in accordance with their prediction of the future. That is what reading the horoscope is all about— interpreting the future, reacting to it, and maybe even possibly influencing it!

    I have no idea whether Craig Whyte consults his horoscope on a daily basis, and given his nomadic Date of Birth on Company House forms, I have no way of knowing if he consults one horoscope or two? Nor do I know if he believes that in Chinese Horoscopology he was born in the year of the dog or the monkey or the… whatever!

    What I do know, is that anyone who, as they are going out the door of a morning, grabs a recording device with the intention of using it in a covert fashion to record a conversation of a sensitive nature, is intent on potentially influencing the future in some way. They are not intent on preserving something for posterity by way of a memento. They are intent on preserving certain information so that they can use it should the need arise……. at some time in the future!

    So with that in mind, why would wee Craigy tape a conversation in a restaurant many many months ago, keep it up his conjurer’s sleeve for a period and decide to release it to the BBC– yes the very same BBC that he spent money on threatening with legal action as a result of the same reporter’s panorama programme— at this point in time?

    Perhaps it is because the future– or part of it at least– has arrived and now is the time to influence the possible alignment of the stars.

    As a matter of practice, Duff & Phelps have to prepare a report on the company that is under and has been under Administration. Such a report is bog standard practice. The terms of reference for such a report are also bog standard– and it includes as standard The Administrators report on the conduct of the Directors of the company prior to its going into Administration.

    If the Administrator concludes that the Director or Directors have been naughty boys and girls then the powers that be can send them to the naughty step and prevent them from being Directors in the future– either permanently or for a period. Craigy boy has been on this naughty step before you will recall.

    However, if the Directors have been very naughty indeed, then a period on the naughty step may well be far too mild a punishment, and a far more draconian sanction may be the order of the day. It may be that– to use an old fashioned school boy type analogy— rather than a period on the naughty step, the naughty director may just be introduced to the old fashioned school punishment that was made famous by the town of Lochgelly in Fife.

    However, if the naughty schoolboy can persuade the teacher with the Lochgelly in hand that the prefect who was charged with overseeing him and who has now reported him for all sorts of poor behaviour– was actually involved in and participated in the naughty activity concerned– then this deflects and undermines the quality and reliability of the reporting prefect– and indeed may well move the teacher on to consider an even greater breach of trust— leaving the naughty schoolboy with a lesser wrath to face.

    Earlier this week, a newspaper report confirmed that D&P had completed and submitted their report into the conduct and the affairs of Rangers PLC and its directors for the 3 years prior to the date of Administration.

    That report will have gone to the DTI and in this case possibly to the Court of Session where we know that Paddy (Lord) Hodge has taken a keen interest in these affairs and indeed the abilities of, and potential conflicts surrounding, D&P.

    Well, wouldn’t you know it— just about the same time, The Monaco based recluse just happens to pop up in a BBC interview and waves about a secretly taped conversation with one of the prefects which shows,he claims, that the big boys did it and really did run away!

    I hate to say it but was that just not written in the stars?

    There was a well known Glasgow solicitor I used to know in the days when some solicitors were real characters, He is long since dead alas, however, he used to have a big wooden sign on his desk which all of his clients couldn’t help see when they entered his office.

    It read: ” Never trust your own clients!”.

    Craig Whyte knows where the bodies are buried– but he also knows who committed the murder, who drove the car, who dug the grave, handed out the shovels and helped cover it up. He undoubtedly skirts round the truth, but also mixes his deceptions with the actual truth or slivers of the truth— that is the nature of the beast.

    Now, he is attempting– by fair means or foul– to play the roll of the honourable schoolboy to use a John le Carre title as an analogy. He has consulted his horoscope, seen what the future possibly holds, decided he didn’t like it much and decided to start playing those cards which may shape that future to his best advantage and to try and ensure that the naughty step is as far as it goes for him.

    The problem with Le Carre’s honourable schoolboy is that he made too many mistakes and too many enemies along the way– and he dies in the end.

    Of course another feature of Le Carre’s account of this world of secret tapes, clandestine meetings and attempted deceptions is the constant presence of……. well George (Hector) Smiley—- The G man, The HMRC man, the man who is used to and who anticipates many a move by those who seek to further their own ends at the expense of…….. the Government.

    George…. Hector….. lurks constantly in the background shadows……. watching….. watching…….. watching— and he continues to do so to this day!

    • Superb if painful analogy…. being of an age to remember the export of J. Dick, Lochgelly well !

    • 67Steph

      BRT&H

      That was an extremely irresponsible post. You seem to be advocating breakfast BEFORE brushing your teeth, which flies in the face of all good dental advice. This kind of behavour leads to the kind of decay that inevitably causes empty mouthed sufferers to look like they should be wrapped in a sevco shirt. Think bwefore you post next time. Apart from that, a most entertaining post. HH

  42. tambo

    I think you are wrong random thoughts.

    Should it be proven to Lord Hodges acceptance and satisfaction that not only did Duff and Phelps act under a conflict of interest but that they KNOWINGLY did so, exercising themselves in the process to keep that hidden, then ALL documents and contracts and agreements signed and “completed” during the Administration process by Duff and Phelps becomes utterly worthless.

    At that point Duff and Phelps will have been shown to have acted deliberately unprofessionally and above all, unlawfully.

  43. Night Terror

    Even if Mr Whyte only ever recorded one conversation, so long as he doesn’t confirm or deny it, everyone who has ever had a chat with him must be getting very worried right now, especially if they were thinking of not following through on any agreements they may have made with him.

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