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RE: RIFC - Trusevich - 03-09-2015
Nope. Don't listen to the doom-merchants who are desperately trying to paint this as 'bad thing' for Rangers. The only people worried right now are those on police charges. It'll be them getting sued by BDO (if they're convicted of course - which probably worries them more).
I've read all sorts of bull-shit about how the original sale to Whyte will be voided and all the club's assets returned to SDM, about how the Whyte to Green sale will be voided and the assets will be sold off to the BDO creditors, about how player contracts will revert to BDO and as such we won't have a SFA licence to play in Scottish football, how the IPO will be declared fraudulent and all the shares returned to Craig Whyte (wtf?) leaving King potless, etc., etc., etc.
It's ALL nothing but bull-shit, dreamt up by people who are ignorant or simply wishing to cause F.U.D.
RE: RIFC - supercooper - 03-09-2015
Just be glad when it's done and dusted, and we return to football matters only.
RE: RIFC - Larry-AV - 03-09-2015
(03-09-2015, 16:55)Trusevich Wrote: I've read all sorts of bull-shit about how the original sale to Whyte will be voided and all the club's assets returned to SDM
I have wondered about the Murray-Whyte sale myself, Trus, posting about this on RM last year {2014} :
Thread (not started by me) : If debts were settled can oldco and newco merge?
Me :
I asked this question too, based on three events :
1} Oldco wins the 'Big Tax' Case - that has happened, with the dismissal of HMRC's appeal.
2} Oldco gets damages from Collyer Bristow - the damages have been awarded.
3} Following the above, Oldco becomes solvent and is finally able to repay the genuine creditors, including the Bondholders.
There would be no need for the Oldco to be liquidated, so there are various options.
The easiest would be for the Oldco to become another subsidiary of RIFC, like the Newco.
Something else I wondered about was if the sale of the Oldco was proved to be fraudulent, then the sale would be void and its shares would revert to their previous owner(s) ?
Those owners being Sir David Murray and others, not Whyte (or Charles Green ?).
Other RM Member :
That may be true but I think for it to happen SDM would have to actively seek the voiding of the sale through the courts. Do you think he would be likely to do that?
Me :
I have no idea, but if as a businessman SDM believes he has suffered financial loss through fraud, he might.
RE: RIFC - struth - 03-09-2015
I would think that as likely to happen as Celtic winning the Champions league. Nobody knows where this is eventually going to lead apart from perhaps the officers involved in the case. As Murray was happy to sell for a quid and got his money then I doubt he can say or do much, even if he wanted to; and I doubt he does.(he has his own worries)
RE: RIFC - TheWorthinGer - 03-09-2015
Murray got substantially more than £1 - his liability for many millions of debt was removed. The £1 was to satisfy the law - he'd have given the club away if he could have.
I'm not so sure about what will happen if fraud is proved over the asset sale, I really don't. If you are defrauded of your belongings and the fraud is proved you have the right to ask for them back I'm sure - equally you could sue whoever defrauded you.
I think there is more money for BDO in suing the administrators - just as they did that law firm,
RE: RIFC - El Car - 03-09-2015
I don't think anyone really knows what exactly the nature of the charges is. The current company and its assets aren't going to be unwound either way though. Considering both Green and Whyte have been charged it seems likely it's to do with Whyte being invited to Green's consortium under the radar, and D&P maybe had knowledge of were just up to something in their dealings with Green.
RE: RIFC - TheWorthinGer - 03-09-2015
I'm not a corporate lawyer but would suggest that if Green and Whyte were in cahoots to buy the assets of a company that Whyte had placed in administration, and for less than the market value - thereby reducing value to both shareholders and creditors - that would be fraud and when the administrators are just as involved it becomes organised crime.
Here's hoping they arrest Ashley next.
RE: RIFC - El Car - 03-09-2015
It might not even have been about money. From what I recall Green made an arrangement with Whyte to obtain his shares if the CVA had been approved, but Whyte wasn't allowed to be involved in the purchase of the company (from himself effectively). At that point the waters get muddier with money transferring from Whyte to Green's consortium, but depending on which of them you believe Whyte was either an owner of Sevco 5088 and part of the purchasing group or he was frozen out by Green and D&P when, irrespective of Whyte's involvement with 5088, the club was sold to Sevco Scotland.
But all of that's just based on what's already known. There might be far more to this than what's already out there. Mind you, Whyte might yet come to feel pretty xxxx stupid for leaking all the above to the press if he ends up convicted because of it.
RE: RIFC - struth - 03-09-2015
Think its a case of, I'm going down and I am taking you all with me...... for a lower sentence hopefully
RE: RIFC - TheWorthinGer - 03-09-2015
Thought they were beyond the law - especially Whyte who had been buying and burying companies for years prior to Rangers.
I really do hope that they all get time in Scottish nicks - if only for the fear they will feel.