Wednesday, May 30, 2012

Wednesday Rangers Update: Looking To Leave Administration...

((HT: BBC Scotland))

There are a couple of items that are of concern in the Glasgow Rangers...

First the courts have agreed with the administrators and the franchise that the lockdown on signing players older than 18 was harsh punishment for a franchise looking to move forward.

From the Rangers website...

Paul Clark, Joint Administrator said: "We welcome the decision by Lord Glennie today that vindicates the Club's position that the original SFA judicial panel tribunal and the appellate tribunal acted beyond their powers in imposing a transfer embargo on the Club.

"The costs for this legal action have been awarded against the SFA and it is our position it is very regrettable that court action was required.

"Both we, and the SFA, will have to study the full ramifications of the judgment when it is published and either side has 21 days in which to decide the next course of action or whether they wish to appeal."

Charles Green, the new bidder at the top of the pecking order to take over for Rangers, wants creditors to accept the terms of the Company Voluntary Agreement (CVA) without having looked at the terms of it. A 75-percent majority have to decide if they want something without knowing what exactly that "something" may be in percentage...

Duff and Phelps, who hold secure creditor status, have legal fees of over £5.5-million which has to be paid while the outcome of a tax tribunal could send the club's debt above £134-million... thanks to Craig Whyte's shenanigans.

The CVA is being sent to approximately 400 trade creditors, over 6,000 fans holding debentures and all shareholders within the club.

If the plan is approved at the June meeting, another 28-day cooling-off period would be involved before Rangers could come out of administration.

If the CVA is not agreed to, Green plans to push through a newco purchase of the assets. Green, though, may have to fight the SPL's new rules against newco franchises... which would be a big problem...

Here's the BBCSI investigation on the past year of Craig Whyte's mismanagement

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