The latest bid for Rangers, from Brian Kennedy and Paul Murray, is worth just £5m to ordinary creditors!
Yesterday’s highly publicised final bid hasn’t been commented on by Duff and Phelps who also have a bid on the table from Chicago based trucking magnate Bill Miller.
The Murray/Kennedy bid is aimed at pleasing Rangers supporters with Kennedy firing out a blunt warning about the consequences of accepting the offer from Miller.
Duff and Phelps are obliged to accept the largest offer but with both options stacked with conditions ranging from the transfer of shares from Craig Whyte to non-punishment by the SFA neither bid is likely to be acceptable.
Kennedy’s new bid would see £8m set aside to pay off debenture holders leaving just £5m available for a CVA assuming that Whyte transfers his shares for a nominal sum.
Warning about the dangers of accepting the Miller offer Kennedy told the Daily Record: “This is a critical moment for Rangers. A sequence of events is about to unfold which could be enormously damaging to the club.
“I’m not trying to bully or scare anybody – I’m just pleading for the people involved to think this through properly.
“This is not as simple as £11m versus £5m. If I am right and the American bid does not hold up then it could become zero versus £5m.
“And by then the club’s position will have become even more perilous and the situation could well be completely irretrievable.”
Hibs fan Kennedy added: ““I have told them (Duff and Phelps) they have to consider which one of these two bids truly stacks up- and which one could prove to be an unmitigated disaster for the club.
“Miller plans to have a newco, Rangers 2012, playing in the SPL next season while the oldco – the Rangers which means so much to so many – is sitting on a shelf somewhere gathering dust and cobwebs, perhaps never to be seen again.
“It was because of the possibility of this very scenario that I got involved in the bidding in the first place.
“Together with Paul Murray and the Blue Knights we are trying to do everything in our power to protect the club and its emotional heritage.
“Yes, if Craig Whyte doesn’t co-operate in our attempts to keep Rangers alive then we might have to go down a route like the one Miller is proposing. But only as a last resort.
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I believe the key to all this is who owns Ibrox. I think Whyte may have put the ownership of Ibrox and Murray park into the hands of a different company other than Rangers FC.
This way when Rangers are liquidated, he still owns the major assets, (Ibrox and Murray Park), as they would not be Rangers FC assets, therefore wouldn’t be able to be sold off to recompense the creditors. Whyte could then create a Newco with the major assets in tact, incredibly becoming a hero of the Rangers fans into the bargain!
The only snag with this plan is it is probably illegal and the creditors would no doubt challenge Whyte in the courts.
It could go on for years.
This scenario could not happen. Whyte is not “a fit and proper person” and has been banned from ever holding office within a Scottish football club.
This begs a question to all Rangers fans and the SFA/SPL. If Whyte were NEVER to sell his shares in Rangers could they continue in the league?
Me thinks not. Comment invited. BooRoo
it will go on for years Thai Tim and thats good news for us because by the time they do wake up again, we will be that far out of site, they will not welcome the chase 😉
THEY DESERVE EVERYTHING COMING THEIR WAY
A long lingering death – it’s all duff and duffer. HMRC hold the key and so far they are silent. Message to PL and the board” keep your powder dry”
They´ve all lost touch with reality.Prats
nice little earner for duff (surely a tim wi that name)and flops tho… not one moment of sympathy for them.
half a pence in the pound lol yeah i can see them going for that. it was fun while it lasted bye bye smelly huns you wont be missed. hail hail
I’m not trying to bully or scare anyone! yeah right that’s what Rankers have done for decades but finally people are standing up to them.
?
Two weeks ago Duff & Duffer said that no “conditional” or “qualified” bids could or would be entertained.
So what’s this all about…??
Both bids are “conditional”..Therefore….??
I must be missing something….but wait…
Oh aye…£600 per.hour…silly me.
I also heard it is £5 million but only £1.5 m up front hard cash lol total joke of a bid if that’s all they have a hope they get in hail hail
Whyte – “I’ll spend a quid – you come in and make millions when we go intae administration – then wull do 50/50 oan the takings”
Duff & Phelps = ” Sounds like a plan!”