Home > Uncategorized > If they go to . . .

If they go to . . .

So the Rangers saga moves into yet another phase, and we have a second preferred bidder. I’ve just watched Mr Charles Green’s interview with BBC Scotland. He seemed to say all the right things, he praised all the right people, and he spoke quietly and positively. Maybe he is the real deal. He’ll have to be, if his quoted claim to have bought Craig Whyte’s shares in Rangers PLC is correct, for that would make him already the de facto owner of the business, and its debt.

We know who Mr Green is, and his business CV is on the record. It’s not great, and his previous venture into the football business did not end all that well. Let’s accept that he has learned from that experience, but even then, we don’t know anything about his backers, the sources of the money he’s fronting for, the £8.5m that will be offered to creditors (after Duff & Phelps, the administrators have had their whack). Who are they, and what if any personal and business baggage do they carry? We’re told they’re from the UK, China, Indonesia, Singapore, and the Middle East, but so far no names have been put forward. That being the case, how can the new regime hope to pass Scottish football’s ‘fit and proper person’ test, the one that Mr Craig Whyte failed, about a year too late?

Then there’s the Creditors Voluntary Agreement itself, the legal device under which all those owed money are offered a hatful of cash and agree to divvy it up in a p in the £ settlement, leaving the debtor entity to carry on with its slate wiped clean. The target for acceptance in June 6, three weeks away, but forgive me, folks, how can any date be set before the Mills of God Tax Tribunal delivers its verdict on Rangers alleged misuse of employee benefits trusts and the tax consequences that will flow from it? If HMRC wins it will control the outcome of any CVA, and if my sums are correct, the money available to the other creditors will  be more or less halved. We are told that a decision is ‘imminent’, as it has been for the last six months. If it’s suddenly spat out now, to suit the HMRC timetable, it will spark serious doubts about the Tribunal’s impartiality. The administrators say this doesn’t matter. They say that if the CVA fails,  the deal with the Green consortium obliges it to go down a newco route instead. So, why not end the whole soap opera by going straight to that option?

Is it all over bar the shouting? I doubt it; if I was Ally I’d be taking my mobile with me on holiday.

Finally, has anyone yet commented on the ultimate irony, the prospect of Rangers  being chaired by a man named Green?

Categories: Uncategorized
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: