caledonia Posted May 3, 2012 Report Posted May 3, 2012 jesus fuck how long is this shit going to last before we come to a conclusion Did we have all this crap with Dundee or Motherwell i think not so just stick the fuckers in the 3rd division until they either pay what they owe or let them die Quote
glasgow sheep Posted May 4, 2012 Report Posted May 4, 2012 jesus fuck how long is this shit going to last before we come to a conclusion Did we have all this crap with Dundee or Motherwell i think not so just stick the fuckers in the 3rd division until they either pay what they owe or let them die Motherwell: Entered admin: 24th April 2002 Exited admin: 20th April 2004 Dundee: Entered admin: 25th November 2003 Exited admin: 6th August 2004 Dundee(2) Entered admin: 14th October 2010 Exited admin: 12th May 2011 Still plenty of time to go yet. And Funster the scale or duration of their mismanagement is irrelevant. If they get a cva and are found not guilty of double contracts they can't be punished further. I can't see both of these being achieved however, though it will take some time to find that out. Quote
BigAl Posted May 5, 2012 Report Posted May 5, 2012 Anyone asked fans of Sheffield Wednesday or Tranmere Rovers what they think of Mr Miller Quote
jmo Posted May 5, 2012 Report Posted May 5, 2012 I've been far too lazy to pay attention to all the ins and outs of what's going on, and far too uneducated on the subject to understand it anyway, but judging by the outrage on twitter and facebook the last few days Rangers are just getting away with everything? Quote
Nellie The Don Posted May 5, 2012 Report Posted May 5, 2012 I don't understand how it can possibly be legal to transfer valuable assets to a new company rather than selling them off to service the hundreds of millions of debt owed. Surely any such attempt would be challenged by HMRC, who should be claiming ownership of Ibrox, Murray park and all the player registrations for starters. Can anyone with more legal knowledge provide insight? Quote
scotfree Posted May 6, 2012 Report Posted May 6, 2012 I'm fucking over this now. Don't care any more. I know i will be pissed off what ever happens. Quote
BigAl Posted May 6, 2012 Report Posted May 6, 2012 Can't be ersed checking back sixty one pages on this subject matter, but has anyone actually highlighted Bill Miller's two previous attempts to purchase a British football club. This man has history.......agreed deals on seperate occassions to purchase Sheffield Wednesday and Tranmere Rovers previously and at last minute walked away when it came to handing over the cash. This guy could yet, and very probably will leave Der Hun well and truely up shot creak without a paddle Quote
TENEMENTFUNSTER Posted May 6, 2012 Report Posted May 6, 2012 He's supposedly fronted 11 mill. Washers in the context of their debt and cash required just for running costs. He simply hasn't got the dough to make them "work". Quote
BigAl Posted May 6, 2012 Report Posted May 6, 2012 He's supposedly fronted 11 mill. Washers in the context of their debt and cash required just for running costs. He simply hasn't got the dough to make them "work". The £11m is refundable though if he chooses not to proceeed. He can still walk away from this witohut any financial loss, other than any costs incurred in seeking expert advice to formulate his planned structure. Quote
BigAl Posted May 6, 2012 Report Posted May 6, 2012 PUTTING aside issues of SPL membership and transfer embargoes, Bill Miller's prospective takeover and rehabilitation of Rangers still faces numerous hurdles, according to experts. The first could come when the American entrepreneur completes the exclusivity period granted by Duff & Phelps and formally proceeds with his £11.2m bid. At that point, the administrators would have to apply in court to sell the assets of Rangers to the new incubator company Miller plans to form. Professor David Hillier, vice dean at Strathclyde University Business School, believes Craig Whyte could mount a legal challenge at that point. He said: "Given that Craig Whyte is a floating charge holder, he may apply to block that asset sale if he feels the newco has been harmful or unfair to his interests. It is a grey area as much of Scots law is set by precedent. "Paragraph 68 of the Insolvency Act states when an administrator sells assets covered by a floating charge effectively they can do it as if there is no floating charge. But paragraph 74 states if it is felt this sale is detrimental the floating charge holders can apply to the court to block it." If the new company is formed, Miller's cash bid will be the only remaining asset in the old company. Even before considering the position of HMRC and the outcome of the first tier tax tribunal, any plan to propose a company voluntary arrangement (CVA) to creditors within the old company appears doomed. It would take a minimum of six weeks to complete a CVA, during which time Duff & Phelps would continue to pick up hefty fees, which would eat into the sum available to creditors. Professor Hillier said: "In that situation, liquidation is better for the creditors." However, even if the CVA is able to clean up the balance sheet of the old company, the process of merging it with the new Rangers is difficult. Shareholders of the new and old companies could agree to dilute their shareholdings. Alternatively, the new company could offer to buy the shares from the old company. In both scenarios, Craig Whyte would have to co-operate and could receive some form of pay off. One insolvency expert said Miller's plan makes little business sense. "Why have this convoluted structure? If you are going to do a newco and transfer the assets, why bother with the CVA? "I understand he wants to preserve what he sees as the history and traditions, but I think people are making too much of that. The reality is if you transfer the assets, the Rangers brand name and everything else, to another company and that company trades within the SPL, what does it matter if it is a different trading entity?" According to data from the Nasdaq stock exchange, Miller has significantly reduced his personal holding in Miller Industries from 679,619 shares to 305,401 in the past year. He owns less than 3% of the issued share capital. Quote
Nellie The Don Posted May 6, 2012 Report Posted May 6, 2012 The first could come when the American entrepreneur completes the exclusivity period granted by Duff & Phelps and formally proceeds with his £11.2m bid. At that point, the administrators would have to apply in court to sell the assets of Rangers to the new incubator company Miller plans to form. Professor David Hillier, vice dean at Strathclyde University Business School, believes Craig Whyte could mount a legal challenge at that point. If the new company is formed, Miller's cash bid will be the only remaining asset in the old company. Surely the creditors would be able to mount a legal challenge to this? Rangers actual assets (player registraions and, scanky though it may be, the part of Govan on which their ground lies) must be worth more than £11.2M, in terms of a fund to repay the debts. Quote
glasgow sheep Posted May 7, 2012 Report Posted May 7, 2012 I think the SPL move to an extent is irrelevant. Until a newco is put in front of them no decision will be made about whether to let it in or not, they were never going to be able to pass a rule saying that was an absolute non starter. Once rangers have been liquidated and the newco is applying presumably their vote goes so it will be a lot easier to pass any vote. In anycase I'm still not sure Miller will go ahead with his bid and then we'll be back to more posturing but little action from the Blue Knights while Sandy Jardine calls for a jihad against American tow trucks. The players wages go back up to their original value in a few weeks. They have played their last home game of the season and have no income and will be losing £1M+ every month. We still don't have a result in the BTC or the SPL double contract enquiry. The clock is ticking. There is only so much more fannying about rangers can do before the opportunity of setting up a newco which is ready to play in the SPL at the beginning of August has slipped by. And whatever clubs might want they couldn't possibly change once the season has started. It could well be that when the seasons fixtures are released in June that rangers won't be in a position to guarantee they can play these games. Quote
tom_widdows Posted May 8, 2012 Report Posted May 8, 2012 BBC reporting Bill Miller has just withdrawn his bid Quote
BrownyBrown Posted May 8, 2012 Report Posted May 8, 2012 Smoke and mirrors. The baw is burst. End them, just end them NOW! Quote
frewdon Posted May 8, 2012 Report Posted May 8, 2012 From www.bbc.co.uk/Sport Bill Miller withdraws bid for Rangers Bill Miller, the preferred bidder to buy Rangers, has withdrawn his bid for the club, the American businessman has confirmed. More to follow. Quote
dandy Posted May 8, 2012 Report Posted May 8, 2012 Rangers Media and Follow Follow going into meltdown. Miller cites fan opposition (Yanks go home banners on Saturday) as 1 reason for pulling out. More information on their financial position also a reason. They are fuked!! Quote
Kowalski Posted May 8, 2012 Report Posted May 8, 2012 "As soon as I was announced as preferred bidder for Rangers, my team began to press ahead with our due diligence," said Miller in a statement. "Until then, information had been limited to what was made available in the internet data room and questions addressed to the administrators and their staff. "In addition, I had preliminary discussions with the Scottish footballing authorities and limited discussions with Ally McCoist. "Upon being named preferred bidder, discussions with Rangers staff started and discussions with all interested parties intensified. "We continued to work through the holiday weekend in order to meet a very compressed schedule. "By late Monday night, it became clear to me that preliminary information, discussions and analysis were, unfortunately, more optimistic than reality." Miller had yet to visit Scotland following his bid for the club but turned in his statement to the reaction from some Rangers fans. "Having no intention of negatively affecting the potential outcome of the club's future and after hearing the message from Rangers supporters and fans loud and clear ("Yank go home!"), I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward," he added. "I am deeply disappointed as I had considered the opportunity to bid for one of the most historic football clubs in the world, an honour and a privilege. "I wish Rangers fans, supporters and employees my very best. I hope all your dreams and wishes come true. You certainly deserve it. "I am most disappointed that I won't have the opportunity to walk into Ibrox Stadium on the day of an Old Firm match as my friends tell me the hair on my arm will stand up and I will never witness such passion and spirit at any sporting event. "God Speed, Rangers!" Quote
glasgow sheep Posted May 8, 2012 Report Posted May 8, 2012 3 new bids on the table I think the SPL decision to do fuck all is fully justified. They will hang themselves Quote
tlg1903 Posted May 8, 2012 Report Posted May 8, 2012 I think the SPL decision to do fuck all is fully justified. They will hang themselves SURELY d+p have to start looking at selling assets soon, their duty is to the creditors after all Quote
Jute Posted May 8, 2012 Report Posted May 8, 2012 As someone has already said this really is the gift that keeps on giving. Quote
frewdon Posted May 8, 2012 Report Posted May 8, 2012 Rangers Media and Follow Follow going into meltdown. Miller cites fan opposition (Yanks go home banners on Saturday) as 1 reason for pulling out. More information on their financial position also a reason. They are fuked!! Aye! they really want their club to survive. Hun logic!!!!!!! Quote
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