Those kind chaps at Duff & Phelps are scrupulous about fulfilling their duties, even where they have sold off all of the assets and business of Rangers Football Club PLC (In administration). Yesterday, with a non-existent fanfare, their latest Report was published, dealing with the six months (yes, it has only been six months) since they were appointed.
You can view the full Report here. Rangers – Progress Report – 24 August 2012
My plan is to do a couple of posts about it, but there is one issue which I have been going on and on and on and on about in my blog since February, I think!
The interests of the creditors.
It looks to me, as an outside observer, that there is no relation between the value of what Mr Green’s company acquired, and the price it paid. This is even more marked when the issue of money due to Rangers (in administration) is factored in, as these sums too were sold to Sevco.
As well as having a look again at “gratuitous alienations” I pose a quiz question regarding the value of the Rangers “history” which forms part of the goodwill, and the price paid by Mr Green for them. Continue reading