Oldco #Rangers Liquidation Petition Heading for Extra Time?

 

Some info regarding the progress of the Rangers liquidation hearing before Lord Hodge today.

As with everything in this saga, it is not straightforward.

Three of the issues so far –

Collyer Bristow, lawyers for oldco under Craig Whyte and also defendants in court actions raised for millions of pounds by Duff & Phelps as administrators, have opposed the ending of administration. Tactically this may be designed to help them with the court actions, but the grounds for objecting are not yet clear.

Lord Hodge has asked for a transcript of the Craig Whyte tape, as heard on the BBC recently. It appears that it might be necessary for a court order to be granted before the transcript would be handed over.

There is a challenge to Duff & Phelps’ claimed remuneration of in excess of £3 million.

If Lord Hodge needs the transcript to finalise administration, then there will be a delay. Whether or not his Lordship was satisfied by the earlier report given to the court by D&P, the alleged conversation between Mr Grier and Mr Whyte clearly has raised concerns in the judge’s mind, as is understandable.

D&P, as their response to the BBC, said they did not comment on matters taken out of context. The whole transcript would put matters very much into context.

Hopefully that would not show up any inconsistencies with the report already lodged with the court!

The matter is adjourned for lunch.

Posted by Paul McConville

 

 

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16 Comments

Filed under Administration, Insolvency, Rangers

16 responses to “Oldco #Rangers Liquidation Petition Heading for Extra Time?

  1. ecojon

    @ Paul

    I assume that a transcript of what appeared ‘live’ on TV has been supplied to LH and what he wants is the stuf on the tape which hasn’t yet been broadcast.

    I can see why D&P in the US would love to hear what was on that as it will determine whether they just shut D&P down or try and find a way iout of it.

  2. JohnBhoy

    Lord Hodge has got Duff & Phelps by the short and curlies.

  3. mcfc

    With apologies to King James and his bible (Cambridge Ed.)

    When I was a Bear. I spake as a Bear, I understood as a Bear, I thought as a Bear: but when I stood before the law, I put away Bearish things.

    • JohnBhoy

      Or…

      When I was old co, I spake as old co, I understood as old co, I thought as old co: but when I stood before the man, I got put away.

      • COYBIG

        Or…

        When I was Rangers Owner, I spake as someone full of shite, I understood the MSM kissed my arse, I thought I would get away with it: but when I stand before the man, I won’t have a leg to stand on.

  4. Martin Carroll

    Why is nothing easy with this case? One would imagine that there is a significantly sharp needle somewhere in this big Haystack?

  5. ecojon
    I would imagine Marty @ D&P in the US might be struggling to be on top of this due to the disruption caused by Superstorm Sandy. It could get very interesting if the UK end are on their own for a while.

  6. Asgard's teasure

    Paul does the judge have power to set aside the sale of assets to green’s consortium ?

  7. @Paul

    “Hopefully that would not show up any inconsistencies with the report already lodged with the court!”

    You don’t really mean that, do you? 😉

  8. ecojon

    @ TallBoy Poppy

    Good point – I would think that would mean they did nothing in case it was the wrong thing. Tbh though I reckon there is a US Head Honco already in residence at D&P Fawlty Towers in London – they will be going through UK reocrds with a fine-tooth comb looking for ‘evidence’ of what was really going on.

  9. Seriously, £1.7m in cash, was it £3m due from SPL to oldco?, £80m in property assets, plus all those players rated @ £5m+ by the MSM, all bought with £5.5m of other people’s money. What could possibly go wrong?

    Chapeau Monsieur Le Verte, chapeau.

  10. Mick

    lOrd hodge must be thinking to himself what a bunch of crooks lol in suits of course ,great we news report on it Paul it’s down to the nitty gritty now and sevco and all involved will have well sweaty hands wondering were its going to end up and finsh

  11. charlie o hare

    Lord Hodge______”There may be a good answer to these allegations, but allegations are being ventilated which call into question the probity of proceedings.”

  12. josephmcgrath112001809

    I see this post is number 8 in the Top ten posts on WordPress. Away yersel’ Paul!

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