I am taking it from the initial creditors report. I haven't had a chance to even skim read the CVA proposal yet bud.
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.
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.
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.
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.
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!
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![]()
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
Think secured only getting 7500 so not much really. Or maybe 75000
I dont understand that amount as Whyte alone has apparently got a secured bond over the club.
I am only seeing £2million as player transfers also. Strange how it has changed from £3.8million from the creditor report as I copy & pasted from earlier.