£21m for Duff and Phelps

The deadline didn't matter - Duff and Phelps had already done the deal with Green mate. Nothing was changing that.

We will find out in due course, naturally, because BDO are suing D&P for circa £25m so that dosh might not stay in their accounts for too long (yes, I know if BDO win it will be D&P insurance that pays out).
I don’t doubt that they had already done the deal however missing the deadline was very important as it gave them a reason to knock it back. If the deadline had been met and they had still rejected the bid then they would without doubt have been acting improperly. The Blue Knights missed the deadline and that effectively gave Charles Green a fear home run.
 
It’s the system that’s at fault, the same system that allowed an obviously disreputable crook like Whyte to get his claws into us in the first place.

Thereafter it was evident that we were trapped in between the margins of the legal permissibility of what rats like he and these two shysters can get away with.

The helplessness felt at that time, and even still now when news like this resurfaces, absolutely boils my piss.
 
When I saw the thread title I thought we'd found some money for another couple of players.
 
I know how this look to our club that we all love however I do believe it is the Police and PF that need to be taken to task on this. Consider:

1. The 2 Administrators have been falsely accused of fraud and other offences.
2. They have had their reputations in tatters since 2012 for no reason - it has been proven that they were only doing their job
3. The Police have admitted that they were wrong not only in their accusations but how they have pursued them.
4. Their case has been heard in court twice.- once when they are the defendants and once when they are the pursuers and they have won both times

Fom where I am sitting it looks like they have had a terrible time of it and deserve to be compensated - should this to be the sum of £10m each I am not so sure.
It was a total stitch up from the start, and I think the issue is far from finished. Whyte, Green and the Administrators were all in it together, until Green stabbed Whyte in the back.


Liquidator of Oldco Rangers launch £29m court case against administrators over refusal to sell Ibrox​


By
Craig Robertson
  • 04:30, 12 DEC 2020

Glasgow-based BDO – which was appointed liquidator of the football club’s old company – will claim Duff & Phelps failed in their responsibility.

The liquidator of Oldco Rangers has launched a £29million court case against administrators Duff & Phelps over their refusal to sell Ibrox stadium.

BDO says the stadium – and the club’s training complex, corporate brand and players – should have been cashed in and the money put towards the multi-million pound mountain of debt.


The case is to be heard in Scotland’s highest civil court in May next year and will point back to February 14, 2012, when Duff & Phelps were appointed administrators of the club after it fell into financial ruin during the ownership of Craig Whyte.

Glasgow-based BDO – which was appointed liquidator of the football club’s old company in October 2012 – will claim Duff & Phelps failed in their responsibility as administrators by not selling assets.

It’s understood they believe an asset sale would have raised £28.9million and want the Court of Session in Edinburgh to make Duff & Phelps liable for the money instead.

Last night, the club’s former joint administrators, Paul Clark and David Whitehouse of Duff & Phelps, vowed to defend the action when it goes to court.

A spokesman said: “We stand by the work that we undertook and the claim is being defended.”

BDO’s court action emerged in its latest report, which was sent to creditors in the past few days.

The action poses no threat or liability to Rangers’ current owners, the stadium or any of its assets.
 
I don’t doubt that they had already done the deal however missing the deadline was very important as it gave them a reason to knock it back. If the deadline had been met and they had still rejected the bid then they would without doubt have been acting improperly. The Blue Knights missed the deadline and that effectively gave Charles Green a fear home run.
Reading back, the late bid actually came from Walter Smith & Co, including Park and McColl. D&P basically blanked them.

"I would like to clarify the background to the offer of £6m for the assets of the club which I announced on Thursday," read a statement from Smith.

"The offer was made to the administrators before the Charles Green consortium had concluded their transaction to acquire the assets.

"We felt it necessary to have a fall-back position to secure the club's future. We have since made the same offer of £6m to the Green consortium through Zeus Capital.

"Our offer has been rejected and they have made a counter-offer inviting us to join their consortium.

"However, the current business plan is not in accord with our understanding of the present circumstances of the club and the way forward, but we would prefer to leave them to proceed in their own way and we wish them good luck in their endeavours.

Rangers: Walter Smith group drops bid for club - BBC Sport
 
Simon Jordon on talksport often talks about the fees that “Administrator’s ” take from any club that is struggling financially. Ridiculous!!
 
Reading back, the late bid actually came from Walter Smith & Co, including Park and McColl. D&P basically blanked them.

"I would like to clarify the background to the offer of £6m for the assets of the club which I announced on Thursday," read a statement from Smith.

"The offer was made to the administrators before the Charles Green consortium had concluded their transaction to acquire the assets.

"We felt it necessary to have a fall-back position to secure the club's future. We have since made the same offer of £6m to the Green consortium through Zeus Capital.

"Our offer has been rejected and they have made a counter-offer inviting us to join their consortium.

"However, the current business plan is not in accord with our understanding of the present circumstances of the club and the way forward, but we would prefer to leave them to proceed in their own way and we wish them good luck in their endeavours.

Rangers: Walter Smith group drops bid for club - BBC Sport
So it was however if it was within the deadline then the outcome would have been different imo
 
Disgusting.

Nothing will ever convince me that these two charlatans and big ol Yorkshire hands weren’t in cahoots with Shyte from day one.

Absolutely botched by police and PF sheer incompetence. As others have said, this is one that should properly have been investigated by city watchdogs and specialist stock market fraud investigators.

The fact that nobody will ever be done for the rape of our club will forever leave a bad taste in my mouth, to say the least.
To me this lot know the absurdity of corporate law and what to me and you looks dodgy as anything but to them they knew they'd get away with just about anything they did.
 
Someone should be sacked for this

Taxpayer having to fund £24m inc legal costs

We all know there was dodgy deals done but yet more incompetence from COPFS and Lord Advocate allowed this to happen

Also add in the forthcoming compensation payments to

Imran Ahmad
Charles Green
Craig Whyte

They will also be claiming compensation too

It’s a farce and heads should roll for this phuck up
Paranoia maybe but all the people investigating what happened to us what school/religion do they belong to because this as sure as phuck wasn't done properly.
 
So it was however if it was within the deadline then the outcome would have been different imo
The quote indicates that it was. Suggests to me it was after the CVA rejection but before any conclusion of the Green deal.

BDO will have them in Court in due course - unless they settle before then.
 
The only party to blame for this outrage is Police Scotland and the Procurator Fiscal's office. Duff and Phelps were part of the criminal conspiracy along with the rest of the vermin who benefited from the situation at our club. Even this gang of parasitic scum couldnt have dreamt of the Police / PFS ineptitude and incompetence over the charges.
 
The quote indicates that it was. Suggests to me it was after the CVA rejection but before any conclusion of the Green deal.

BDO will have them in Court in due course - unless they settle before then.

BDO’s claim is essentially that the club should have been broken up and the assets sold on individually as I understand it. Suggestion is more would have been obtained for creditors that way.

It’s possible that’s true, but I find it a bit difficult to blame D&P for not selling off Ibrox!
 
BDO’s claim is essentially that the club should have been broken up and the assets sold on individually as I understand it. Suggestion is more would have been obtained for creditors that way.

It’s possible that’s true, but I find it a bit difficult to blame D&P for not selling off Ibrox!
Thanks @Marty101 Refresh my memory if you can, what was their reason for rejecting the late bid from Walter & Co? I've a vague recollection of a photo of Walter, bid in hand, standing outside the room where the CVA vote took place but that's about all I can remember.
 
Thanks @Marty101 Refresh my memory if you can, what was their reason for rejecting the late bid from Walter & Co? I've a vague recollection of a photo of Walter, bid in hand, standing outside the room where the CVA vote took place but that's about all I can remember.

Would have to go through things again to remind myself to be sure, but I believe Green had made a CVA offer, which failing an asset purchase offer as a combined approach and that had been accepted prior to the bid Walter Smith was fronting.

The CVA offer from Green was higher than any of the other CVA offers made ahead of the final deadline. The alternative asset purchase offer of Green was also higher than any of the asset purchase offers made ahead of the final deadline.

(The guy Ng, or whatever his name was had put in an asset purchase offer which was about £500k less than Green’s.)

I don’t think there’s any real doubt that Green’s offer was the best one at the time of the final round of offers.

I can’t remember the exact details, but there had also been ongoing funding provided by Green to allow the club to operate during the CVA period. I think he’d guaranteed something like £480k, although I don’t know that all of it was used up.

Walter’s consortium came in after the deadline and offered about £500k more than Green’s asset purchase offer, if I remember right.

I believe BDO’s argument is not so much Walter’s offer should have been accepted but rather that more could have been achieved than Green’s offer had the assets just been sold for the benefit of creditors.

BDO undoubtedly know what they’re doing, so there maybe something in that, but if that is the argument I’m hesitant to consider D&P crooks for keeping the club together...
 
Would have to go through things again to remind myself to be sure, but I believe Green had made a CVA offer, which failing an asset purchase offer as a combined approach and that had been accepted prior to the bid Walter Smith was fronting.

The CVA offer from Green was higher than any of the other CVA offers made ahead of the final deadline. The alternative asset purchase offer was also higher than any of the asset purchase offers made ahead of the final deadline.

(The guy Ng, or whatever his name was had put in an asset purchase offer which was about £500k less than Green’s.)

I can’t remember the exact details, but there had also been ongoing funding provided by Green to allow the club to operate during the CVA period. I think he’d guaranteed something like £480k, although I don’t know that all of it was used up.

Walter’s consortium came in after the deadline and offered about £500k more than Green’s asset purchase offer, if I remember right.
Thanks mate, sounds about right. I stand corrected. So much going on at that time and difficult to recall all those bad memories.
 
The only party to blame for this outrage is Police Scotland and the Procurator Fiscal's office. Duff and Phelps were part of the criminal conspiracy along with the rest of the vermin who benefited from the situation at our club. Even this gang of parasitic scum couldnt have dreamt of the Police / PFS ineptitude and incompetence over the charges.
I'm not so sure the PF and Police Scotland were incompetent. Malicious, certainly. Perhaps their attacks on the administrators were part of another agenda.
I had no idea BDO were suing D&P for refusing to sell Ibrox and the training ground. Now I wouldn't rule out D&P trying to carry out a legit administration while our enemies in Scotland abused their own powers trying to wipe us off the face of the earth.
 
I know how this look to our club that we all love however I do believe it is the Police and PF that need to be taken to task on this. Consider:

1. The 2 Administrators have been falsely accused of fraud and other offences.
2. They have had their reputations in tatters since 2012 for no reason - it has been proven that they were only doing their job
3. The Police have admitted that they were wrong not only in their accusations but how they have pursued them.
4. Their case has been heard in court twice.- once when they are the defendants and once when they are the pursuers and they have won both times

Fom where I am sitting it looks like they have had a terrible time of it and deserve to be compensated - should this to be the sum of £10m each I am not so sure.
Throw in Green and Whyte and the costs of the court cases plus compensation, one wonders what the final costs will end up at. From my point of view the court cases were simple enough with fraud convictions throughout but the police and the PF messed up badly. Surely somebody has to be held to account with the so-called justice minister making a statement on how £40 million (?) was wasted.
 
Throw in Green and Whyte and the costs of the court cases plus compensation, one wonders what the final costs will end up at. From my point of view the court cases were simple enough with fraud convictions throughout but the police and the PF messed up badly. Surely somebody has to be held to account with the so-called justice minister making a statement on how £40 million (?) was wasted.
If the prosecutions were as you say easy then they would have been so. The fact that not only was it thrown out of court but also the the prosecution was malicious shows that there was actually no fraud on the part of the 2 administrators.

i agree that someone needs to be made to account for the mess. It is a scandal and there should be an independent inquiry into it all.
 
The Crown Office deliberately issued invalid legal documentation for Police Scotland searches, to ensure they all escaped justice and instead become victims of malicious prosecution. Legal documentation for such serious cases is triple checked before leaving the Crown Office. It is inconceivable that Police Scotland would be given the wrong documents by " accident ".
 
The Crown Office deliberately issued invalid legal documentation for Police Scotland searches, to ensure they all escaped justice and instead become victims of malicious prosecution. Legal documentation for such serious cases is triple checked before leaving the Crown Office. It is inconceivable that Police Scotland would be given the wrong documents by " accident ".
I’m not convinced, even in the currently corrupt state we live in, that the Crown Office would deliberately issue legally invalid search warrants given the high profile drug and other cases they’ve dealt with over the years.

As I’ve said previously, I think they were legally out their depth with the type of fraud and the clamour to back up previous opinions and decisions in this whole sorry case. I think it was incompetence and arrogance of the wrong type of people, possibly appointed because of an allegiance rather than ability, that resulted in the shambles that unfolde.

Any deliberately issued legal documents that are invalid would be easily proven in any subsequent enquiry.

Police Scotland should have had a good knowledge of their parameters when searching, they clearly didn’t and, again, that shows the arrogance and ineptitude of some of their senior detectives.
 
I’m not convinced, even in the currently corrupt state we live in, that the Crown Office would deliberately issue legally invalid search warrants given the high profile drug and other cases they’ve dealt with over the years.

As I’ve said previously, I think they were legally out their depth with the type of fraud and the clamour to back up previous opinions and decisions in this whole sorry case. I think it was incompetence and arrogance of the wrong type of people, possibly appointed because of an allegiance rather than ability, that resulted in the shambles that unfolde.

Any deliberately issued legal documents that are invalid would be easily proven in any subsequent enquiry.

Police Scotland should have had a good knowledge of their parameters when searching, they clearly didn’t and, again, that shows the arrogance and ineptitude of some of their senior detectives.

Mate, the reason that the cases collapsed was due to the " wrong " legal documentation and search warrants issued by the Crown Office to Police Scotland.
 
I'm sure there were several agendas at play here and it isn't for me to cast doubt on the probity of the people involved.

Settling out of court for such large numbers means that someone has fecked up big time and this is the hush money to cover it all up. We can think that it was done deliberately, done out of sheer incompetence or a mix of the two. However, without a full and independent inquiry we shall never know and we aren't going to get one of those because that could lead to significant embarrassment and to further law suits.
 
I’m not convinced, even in the currently corrupt state we live in, that the Crown Office would deliberately issue legally invalid search warrants given the high profile drug and other cases they’ve dealt with over the years.

As I’ve said previously, I think they were legally out their depth with the type of fraud and the clamour to back up previous opinions and decisions in this whole sorry case. I think it was incompetence and arrogance of the wrong type of people, possibly appointed because of an allegiance rather than ability, that resulted in the shambles that unfolde.

Any deliberately issued legal documents that are invalid would be easily proven in any subsequent enquiry.

Police Scotland should have had a good knowledge of their parameters when searching, they clearly didn’t and, again, that shows the arrogance and ineptitude of some of their senior detectives.
As I recall the Police were given a warrant, and accompanied by someone from COPFS I believe, when they went to search Collier Bristow offices. They seized documents and information that they should not have taken and consequently breached client confidentiality during that search. As a consequence everything the obtained, so the story goes, was rendered inadmissible in Court - even if it was actually evidence of wrongdoing in the Rangers case.
 
Mate, the reason that the cases collapsed was due to the " wrong " legal documentation and search warrants issued by the Crown Office to Police Scotland.
I know that was the reason the case collapsed, my reply was to your absolute certainty that the documentation was deliberately wrong. Knowing a bit about the case from people directly involved was one of my reasons for wanting the investigation carried out by a Police force competent in dealing with major and high profile fraud. The Crown Office nor Police Scotland have that competence.
 
I know that was the reason the case collapsed, my reply was to your absolute certainty that the documentation was deliberately wrong. Knowing a bit about the case from people directly involved was one of my reasons for wanting the investigation carried out by a Police force competent in dealing with major and high profile fraud. The Crown Office nor Police Scotland have that competence.

Experienced Police Scotland officers would have been told, even in writing, of the totality of their legal remit. These search warrants would have been forensically analysed, every word and every paragraph by the Crown Office, before being issued to ensure no legal wriggle room for those being indicted or served. Police Scotland only did what was asked of them by the Crown Office. In my belief,Police Scotland were sent on a wild goose chase.
 
Disgraceful carry-on that these shysters profit in such a way.

THE two administrators of Rangers FC who were the victims of malicious prosecution by the Crown have been paid more than £20m, according to an insider.

David Whitehouse and Paul Clark won an admission in court by the Lord Advocate, James Wolffe QC, that they had been maliciously prosecuted over their involvement in the administration of the then incarnation of Rangers which was eventually liquidated.

They had previously been awarded interim payments and had settled out of court with Police Scotland for six figure sums.

The Crown Office and Procurator Fiscal Service (COPFS) is thought to have accepted the two men’s evidence as to the damage done to their reputation and standing.

The National can reveal that the Lord Advocate is to address the Scottish Parliament on the matter, and there is concern in Scottish Government circles as to where the money will be found to pay the compensation which sources close to Whitehouse and Clark say was £21m in total, plus a further £3m in legal expenses.

“The money is in their bank accounts,” said the insider. “All they want now is a proper public apology.”

Further admitted cases of malicious prosecution are still to be resolved with Charles Green, former chief executive of Rangers, and former commercial director Imran Ahmad both set to receive compensation likely to run into eight figures in total.

Former justice secretary Kenny MacAskill last year called last year for an inquiry into the malicious prosecutions “scandal”. Told by The National of the figures already paid he asked where the money would come from “in these times of crisis”.

MacAskill stated: “This has caused consternation, and even anger, both within the service and in the police where rumour has it that it’s a position strongly disagreed with.

“The cost to the public purse will be massive but the reputational damage to the Crown Office is incalculable.”

Asked to confirm the payments, COPFS said: “The cases are still before the court and in order to respect the processes underway we will not comment at this time. The Lord Advocate has made clear that he will support appropriate public accountability and intends to make a statement to the Scottish Parliament in due course.”

A Scottish Government spokesperson said: “It would not be appropriate for the Scottish Ministers to comment.”

Said it before....don’t know how the more dubious Rangers supporting people / organisations let these folk and your Greens /Ahmeds etc away with it.
Wee phone call would at least have them sh1ting it every time they ventured out for frauds they committed
 
I know that was the reason the case collapsed, my reply was to your absolute certainty that the documentation was deliberately wrong. Knowing a bit about the case from people directly involved was one of my reasons for wanting the investigation carried out by a Police force competent in dealing with major and high profile fraud. The Crown Office nor Police Scotland have that competence.

Speaking as a former auditor (now retired) and having been involved as a juror in a couple of cases of financial fraud, it is my opinion that most police forces don't have the competence or the training to deal with complex financial fraud and especially where the perpetrators know what they are doing.
 
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