The Rangers Saga and Fallout Thread

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Well had you skim read the CVA proposal you would see that 3m in CVA costs roughly will be deducted from the 4.9m left over.

Dont see that at all Mark

Estimated Outcome Statement as at 28 May 2012
The Rangers Football Club P.L.C.
In Administration Notes CVA NEW LIQUIDATION
COMPANY
£ £ £
CVA FUNDING
Exclusivity Payment 1 200,000 200,000 200,000
Loan Funding 2 8,300,000 N/A N/A
FIXED CHARGE ASSETS
Intellectual Property Rights / Goodwill
Player Contracts 3 N/A 5,300,000 Nil
Stock
Freehold Property 4 N/A N/A 4,590,214
Less:
Scottish Sports Council 5 Nil (650,000) (650,000)
8,500,000 4,850,000 4,140,214
SURPLUS AFTER CHARGEHOLDER INDEBTEDNESS
Surplus Assets b/d 6 8,500,000 4,850,000 4,140,214
Proceeds of Litigation 7 TBD TBD TBD
Player Transfer Fees (factored) 8 2,000,280 2,000,280 2,000,280
Cash at Bank 3,403,762 3,403,762 3,403,762
Administration Trading Shortfall 9 (3,632,458) (3,632,458) (3,632,458)
Debtors and Other Realisations 10 264,000 550,000 550,000
10,535,584 7,171,584 6,461,798
ESTIMATED COSTS OF REALISATIONS
Joint Administrators' Remuneration 11 (3,000,000) (3,000,000) (3,000,000)
Joint Nominees' and Supervisors' Fees 12 (500,000) (150,000) (150,000)
Joint Liquidators' Remuneration 13 N/A (1,000,000) (1,000,000)
Legal Fees (including Counsel) 14 (1,800,000) (1,800,000) (1,800,000)
Other Professional Fees 15 (61,000) (61,000) (61,000)
Other Expenses 16 (200,000) (200,000) (200,000)
(5,561,000) (6,211,000) (6,211,000)
Estimated Surplus / (Shortfall) 4,974,584 960,584 250,798
Distribution to Preferential Creditors 17 (7,300) (7,300) (250,798)
Estimated Funds Available for Unsecured Creditors 4,967,284 953,284 Nil Important bit

You are basically saying they will deduct there fee before and then deduct it again. sorry Mark but that Bs

So much for keeping formatting.
 
Well had you skim read the CVA proposal you would see that 3m in CVA costs roughly will be deducted from the 4.9m left over.

No, they are deducted from the initial £8.3 million.

Leaving £4.967million in the pot, as well as the additional £3.8million from incoming transfer money as has been pointed out to you.

Bet still stands!
 
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Where are you seeing additional 3.8 million though Steve I see 2 million or so for transfers. Unless theres missing transfer fee's due in I only skimmed the document as I'm at work.

This is from the initial creditors report. Will see if I can find the corresponding info on the CVA proposal this evening:

9.37 As at the Appointment Date, the Company was owed £3.8m from other football clubs in respect of deferred transfer fees which will fall due over a period of time up to 31 May 2014. The Joint Administrators may seek to accelerate receipt of these monies. There are further fees potentially receivable however these are contingent and dependent on former players making further appearances or being sold by their current clubs.
 
Dont see that at all Mark

Estimated Outcome Statement as at 28 May 2012
The Rangers Football Club P.L.C.
In Administration Notes CVA NEW LIQUIDATION
COMPANY
£ £ £
CVA FUNDING
Exclusivity Payment 1 200,000 200,000 200,000
Loan Funding 2 8,300,000 N/A N/A
FIXED CHARGE ASSETS
Intellectual Property Rights / Goodwill
Player Contracts 3 N/A 5,300,000 Nil
Stock
Freehold Property 4 N/A N/A 4,590,214
Less:
Scottish Sports Council 5 Nil (650,000) (650,000)
8,500,000 4,850,000 4,140,214
SURPLUS AFTER CHARGEHOLDER INDEBTEDNESS
Surplus Assets b/d 6 8,500,000 4,850,000 4,140,214
Proceeds of Litigation 7 TBD TBD TBD
Player Transfer Fees (factored) 8 2,000,280 2,000,280 2,000,280
Cash at Bank 3,403,762 3,403,762 3,403,762
Administration Trading Shortfall 9 (3,632,458) (3,632,458) (3,632,458)
Debtors and Other Realisations 10 264,000 550,000 550,000
10,535,584 7,171,584 6,461,798
ESTIMATED COSTS OF REALISATIONS
Joint Administrators' Remuneration 11 (3,000,000) (3,000,000) (3,000,000)
Joint Nominees' and Supervisors' Fees 12 (500,000) (150,000) (150,000)
Joint Liquidators' Remuneration 13 N/A (1,000,000) (1,000,000)
Legal Fees (including Counsel) 14 (1,800,000) (1,800,000) (1,800,000)
Other Professional Fees 15 (61,000) (61,000) (61,000)
Other Expenses 16 (200,000) (200,000) (200,000)
(5,561,000) (6,211,000) (6,211,000)
Estimated Surplus / (Shortfall) 4,974,584 960,584 250,798
Distribution to Preferential Creditors 17 (7,300) (7,300) (250,798)
Estimated Funds Available for Unsecured Creditors 4,967,284 953,284 Nil Important bit

You are basically saying they will deduct there fee before and then deduct it again. sorry Mark but that Bs

So much for keeping formatting.

You are confusing admin fees and CVA running costs.
 
No, they are deducted from the initial £8.3 million.

Leaving £4.967million in the pot, as well as the additional £3.8million from incoming transfer money as has been pointed out to you.

Bet still stands!

The player transfer fees on the books is 2m.

8.5m cva
2m player fees
3.4m cash in bank
administration trading shortfall (-3.63m)
265k debtors
= £10.535,584

Costs

Administrators fees - £3m
Nominees and supervisors fees - £500k
Legal fees - £1.8m
Other fees 61k
other expenses - 200k

estimated surplus - 4.974584

less 3m cva costs = 1.97m
 
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You are confusing admin fees and CVA running costs.

So you are saying they are telling porkies regarding the Sums available for unsecured creditors then??

Even Radio Clyde gets it that thasta 4.9 million for creditors.

Perhaps you shoudl cut back on the Pie and bovril :)
 
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So you are saying they are telling porkies regarding the Sums available for unsecured creditors then??

Even Radio Clyde gets it that thasta 4.9 million for creditors.

Perhaps you shoudl cut back on the Pie and bovril :)

Not seeing the 3 million cost of CVA Mark care to post the page you are taking that from??

Already posted it.

5.12 The SPL season has finished and as a result, the Company‘s trading revenue has dropped sharply. The Company must still continue to trade, and in particular it must continue to pay its players, to remain as a going concern. As such, the Company will incur the CVA Trading Costs. It is unclear at the date of this Proposal the period over which the CVA Trading Costs will be incurred and therefore a definitive figure cannot be provided at present. It is estimated that, if the loan is drawn down on or around mid July 2012, the CVA Trading Costs may be in the region of £3,000,000
 
Already posted it.

5.12 The SPL season has finished and as a result, the Company‘s trading revenue has dropped sharply. The Company must still continue to trade, and in particular it must continue to pay its players, to remain as a going concern. As such, the Company will incur the CVA Trading Costs. It is unclear at the date of this Proposal the period over which the CVA Trading Costs will be incurred and therefore a definitive figure cannot be provided at present. It is estimated that, if the loan is drawn down on or around mid July 2012, the CVA Trading Costs may be in the region of £3,000,000

Yeah see it now but then why leave out

5.15

In accordance with the Offer Letter, any monies received in respect of paragraphs 5.14.2 and 5.14.3 will be paid into a bank account (―the Account‖) held by the Joint Administrators‘ solicitors and it is intended that the monies in the Account will be an Excluded Asset as provided in paragraph 5.11 above. However, in the event that the Company‘s trading revenue is insufficient to meet the CVA Trading Costs, and subject to the appointment of Charles Green being made in accordance with paragraph 4.21, the Joint Administrators may request Sevco to consent (such consent not to be unreasonably withheld) to the use of monies in the Account to meet the CVA Trading Costs, as is anticipated.

So the 3 million most likely wont come from the CVA pot afterall.
 
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Guess we all really just have to sit and wait and see how it pans out, there are secured creditors too (like Whyte) who would get free reign at the pot prior to everyone else, so whether its 2m, or 5m, its liable to be almost nothing by the time they have finished picking over the bones.
 
"Close Leasing is a secured creditor under the administration after it provided new equipment for Ibrox kitchen upgrades in a deal Mr Whyte secured against income from the catering contract at the stadium.

In the report, Duff and Phelps said "indebtedness to Close Leasing Limited was approximately £1.6m, subject to accruing interest and charges" and discussions are continuing over repayment of this."
 
The Scottish Sports Council £505,000
Premier Property Group Limited £103,000 (if their whole debt is secured)
Close Leasing Limited £1,560,000

With these three off it would leave about 2.8m in the pot prior to any potential CVA fees and further admin costs, or 5p in the pound if no further fees and big tax case is won.
 
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