Willy Wonka (which might not be his real name) offered us a comment on the last post which says it all about the present state of internecine squabbling at Ibrox.
A commenter on Paul McConville’s Blog gets a bit carried away
Referring to the return of Mr Irvine and Media House, he wrote:-
“Irvine … has been rehired by Mather and co to spread pro-board stories prior to the AGM/EGM/ whateverM.
He, like the rest of them will be out on his arse shortly.”
So the Board (made up of some of those who “saved” Rangers last year, and of others with significant investment made at or before the IPO) are castigated because they hire a PR expert to represent their interests. On the other hand we have the Rangers Rebels who, it appears, hardly have more shares in Rangers than me!
So, I thought it might be useful to give a quick guide to who is in and who is out at Rangers, and who has been in and out there too. Continue reading
A busy day for Stock Exchange announcements from our favourite source of news!
After the return of Mr Green, there was still time for a further announcement. Continue reading
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
In which I look at what Sir David Murray thought was needed to give a CVA a reasonable chance of success and what this might mean for Mr Green’s efforts to make a profit out of his proposed investment.
As we await the formal revelation of the details of the CVA, which has already resulted in Duff & Phelps being on the receiving end of some less than complimentary comments, I wondered if any financial experts had offered their opinions on what would be needed to give a CVA a reasonable chance of being accepted.
I then saw that Sir David Murray had been asked this very question by Jeff Randall of Sky News on March 16. The full transcript of the interview is here. I recommend it as a good read.
However, and with thanks to Sky News, I reproduce the following part of the discussion.
“Jeff Randall – How much, in your view, would he (Paul Murray and the Blue Knights) need to raise?
Sir David Murray – It’s guess work because it’s interesting, we’re meeting today, the day that bids are going in for the club but I would have thought, probably, if it’s a debt free club, probably £20-25 million to then put into CVA to have a reasonable chance of paying a reasonable payment in the pound, I would have thought.” Continue reading
In which I look at D&P’s view of the appeal, their comments about Brian Kennedy and Mr Kennedy’s creative structuring of the deal, the appearance that the Blue Knights deal can be criticised for doing exactly what Craig Whyte was castigated for, and that the Blue Knights business plan seems to be founded on the failed strategy which led Rangers to where it is now, the never ending bidder story, and I pose a quiz question.
Yesterday D&P released a statement. It dealt with the SFA judgement, the state of the bidding and the Blue Knights complaints.
As before, I though a wee look through it might be helpful.
And we can start with a quiz question. Can the reader guess what word does not appear in the statement? This, as I am sure you will recall, is a statement issued by the administrators of Rangers Football Club PLC (In administration) who are obliged to act at all times in the interests of the creditors. No prizes for guessing…
Anyway, on with the article, and my comments are in bold. Continue reading