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
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
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
Mark Daly’s latest on Duff & Phelps will have the New York office of that esteemed company hopping mad.
After the New York MD, Marty Dauer, responded to yesterday’s episode by saying that they did not comment on things out of context, today’s Reporting Scotland stated that Mr Whyte recorded a two-hour conversation between himself and Mr Grier of D&P. The implication is that this whole conversation is in the hands of the BBC.
That is a lot of “context” for D&P to consider!
Tonight’s allegation is that Mr Grier wanted Mr Whyte to make a statement confirming that D&P and its predecessor MCR had not been involved in the Ticketus deal, thus removing issues of conflict of interest. Mr Whyte seemed to be going along with this, suggesting that a story could be issued via Media House, the renowned PR company. Continue reading
On 22nd June Lord Hodge dealt with a hearing into the administration process of Rangers Football Club PLC (as it then was).
The BBC reported the outcome as follows:-
The issue over any possible conflict of interest was raised by Lord Hodge at a hearing about the administration process on Friday. The judge said he took no view about what the BBC had said, but wanted to know whether Duff and Phelps had obtained and acted on legal advice on the question of conflict of interest. Lord Hodge said he had done nothing until now because he did not want to hinder the process of Rangers seeking a creditors voluntary agreement (CVA).
But, he told the accountants’ lawyers: “There is considerable public interest in this jurisdiction in relation to the administration.”
Lord Hodge added: “I do not want the administration to come to an end without having received that report.”
The report demanded by Lord Hodge is expected to be ready in three weeks and a further court hearing is likely to be arranged after that.
(As a side issue, I will point out that “CVA” is not accurately described above by the BBC, but actually stands for Company Voluntary Arrangement.)
Since June, apart from the declarations at the time by D&P that they welcomed the investigation as being a chance to clear their name (I paraphrase) not much seems to have happened. Continue reading