New Rangers bid worth just £5m for CVA
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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