Tag Archives: Duff & Phelps

Charles Green on How the Big Tax Case Harmed Rangers – and Why He is Wrong

Mr Green, who seemed unusually quiet for a couple of days, but was no doubt involved meeting fund managers and investors for his share issue and compiling the Share Prospectus which he told Rangers fans would be out by the middle of November, has spoken out on the official Rangers website about the Big Tax Case outcome.

You can find the whole piece here.

As the article is written on the official site by Lindsay Herron it is safe to assume, I suggest, that the commentary and narrative around Mr Green’s quotes can also be taken as the “Rangers position”.

My comments on parts of the piece are in bold below the relevant section. It is fair to say that I do not think Mr Green is correct in much of what he had to say (although I am sure that would not concern him one iota).

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CHARLES GREEN has expressed his anger and dismay at the timing of the verdict of the First Tier Tax Tribunal as it has massively affected the current status of Rangers.

Despite a concerted campaign from certain quarters, which was often hateful, that decided that Rangers were guilty of “cheating” it has been proved that is not the case. Continue reading

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Filed under Charles Green, HMRC v Rangers, Rangers

Who was Spartacus when Duff & Phelps sold Rangers Football Club? by Ecojon

Craig Whyte’s declaration he was the catalyst behind the Rangers sale to Charles Green shook Ibrox to its foundation and fired my memory into gear. However before dissecting my lonely grey cells let me jog your memory as there are a few twists and turns along the road to liquidation.

Rangers entered administration on 14 February 2012 and after various bidders dropped by the wayside American tycoon Bill Miller  was declared ‘preferred bidder’ for the failed club on 3 May by Rangers administrators Duff & Phelps who were reportedly left ‘stunned’ just five days later when Miller walked away from Ibrox.

Commenting on the withdrawal at the time, administrator David Whitehouse said: ‘Given the fact that Mr Miller did not enter into an exclusivity agreement, we informed all other known potential bidders at the time the door was not closed.

‘As a consequence of Mr Miller’s bid being accepted, three other bidders have come forward to express their interest in buying the club and these offers are being evaluated with the utmost urgency’. I am unclear whether the Sevco offer is included in the trio but the Sevco bid was accepted by the administrator on 14 May. Continue reading

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Filed under Administration, Charles Green, Rangers

The Tweeted Report by @mdkster on This Morning’s #Rangers Hearing

I’m not in the CoS afternoon I’m afraid. It seems that Collyer Bristow are challenging D&P’s application to end the admin and appoint BDO.

CB’s lawyer hasn’t spoken yet, but it seems that they want nothing further to happen on the admin until the ‘MCR’ issue has been clarified.

Ticketus emailed D&P that, “for entirely commercial reasons”, they don’t currently intend to challenge D&P’s decision to reject their claim>

<but Ticketus reserve all rights (e.g. to press their claim against the liquidators). Ticketus voted against D&P fees, but vote was ignored. Continue reading

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Filed under Administration, Guest Posts, Rangers

Not a Live Blog of the Oldco #Rangers Liquidation Hearing

Some additional thoughts arising from the reports so far from this morning’s case at the Court of Session before Lord Hodge.

As long as no one wonders about the sound of the laptop coming from the cupboard in the courtroom, I hope to keep the updates going this afternoon. I would ask any of the counsel appearing in the case to ensure they speak up, as the cupboard door makes it difficult sometimes to hear.

Counsel for Duff + Phelps told the court that there were £1.7 million of cash and “other assets” to be handed over by the administrators to the liquidators.

Bearing in mind that Sevco paid £5.5 million for all of the assets, how is the balance so reduced? Continue reading

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Filed under Administration, Courts, Insolvency Act 1986, Rangers

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 – Continue reading

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Filed under Administration, Insolvency, Rangers