Emerald’s Dilemma


I mentioned Suicide by Cop in a recent blogpost because it seems to me that D&P are actively trying to provoke some other party to bring on the liquidation event. They would prefer to be able to blame the SPL or SFA or UEFA or FIFA or HMRC or SVDP or anybody at all for kicking the ladder away from under them just as they were supposedly on the point of delivering the Holy Grail of a successful CVA outcome. The fact that they hadn’t a hope in hell of getting 75% in favour of their derisory CVA proposal would be neither here nor there if they could paint some other party as the baddies who had thwarted their rescue strategy just at the point when it was coming to fruition.

That, however, leaves Emerald Green with a slight problem because he apparently, for reasons which I can’t fathom, had given an undertaking to spend millions of pounds which he does not have – where have we heard that before? – to acquire the mortal remains of the deceased club.  There is a possibility that at some point he had some kind of vague plan to present a regenerated, viable NewClub for future sale.  Or at least to make it look as if that’s what he intended to do.  His get-out clause is that he can’t be held to this commitment if Rangers or Frankenstein’s Rangers are disqualified from any of the domestic competitions. (We must presume that European competitions were not involved in the conditions.)

It looks as if it is now a matter of urgency for Rangers (in administration) to:

a) get themselves disqualified/suspended/expelled/ejected from at least one domestic competition.
The Scottish Cup would do for this purpose, hence the stories before the original SFA Disciplinary Hearing that Rangers (in administration) had sounded out the beaks with a view to intimating that a fine and “ejection” from the Scottish Cup would be acceptable to the Dignified Ones.

b) be seen to have been forced into liquidation by an unseen Fenian hand (including the papists of Her Majesty’s Revenue & Customs or the Vatican puppets at FIFA or the Opus Dei-infiltrated SFA).

c) achieve both of these objectives, preferably in that order from Emerald Green’s point of view, before the risible CVA proposal is exposed as the crock of horseshit that it undoubtedly is and firmly rejected by the creditors.

I suspect that the members of both the original tribunal and the subsequent Appellate Tribunal were well aware of this and that’s why they tried to improvise a punishment which didn’t quite put Rangers out of business but nevertheless left them facing a formidable challenge in the unlikely event that they’ll still be around to limp onto the starting line for next season’s campaign.  Unable to prevent their seasoned professionals from stampeding out of the club during the close season and unable to register experienced replacements in their place, Rangers would be in very poor shape.

It was an elegant attempt to inflict a painful punishment on the wrongdoers without playing into the hands of any of the miscreants.  Alas, it has been foiled, for the time being, by the ruling of Lord Glennie in the Court of Session that the tribunal was obliged to order a punishment à la carte, as it were.  The tribunal must select one of the punishments already on the menu and no Chef’s Specials are permitted.  However, that is not the victory that it might have appeared to be if, as I suspect will be the case, the tribunal take their time to fins a space in their diaries when they can all get together again.  They could delay this for weeks and that does not suit Rangers at the present moment.

The D&P gravy-train is nearing the end of the line.  All of those delicious millions of pounds which Clark and Whitehouse have been hoovering up over the last four months are nearly finished.  The pesky footballers are once again expecting to be paid the wages which they agreed to when they signed for the club.  D&P want out now and quickly.  A meeting with the creditors has been called for the 14th June.  It is apparently to be a very short meeting with only one item on the agenda.  Might this be the latest possible moment when the court-appointed administration team can fulfil their obligation to inform the hapless creditors that the jig is up and the padlocks are going onto the gates?

If it is, then the need to provoke someone else to cause the liquidation event is now desperate.   One of the last things that Duff & Phelps want to have to do is take full responsibility for having made a complete James Hunt of the administration over the course of the last four months.  (The very last thing that they want to do is walk away without an obscene profit at the expense of the creditors and employees but they have already taken good care of that priority.)

Every party which has had a chance to fire the fatal headshot has held back.  HMRC, the SFA and the SPL have tiptoed all around the houses for months.  That may yet prove to have been not such a bad thing, frustrating though it has been.   It is better that Duff & Phelps should be forced to fall upon their own swords, not least because their professional regulator, the Insolvency Practitioners Association, is currently licking its lips and sharpening its knives in readiness for a forensic examination of the conduct of this bizarre administration process.

Charles Greed is a psychopathic predator who may have originally spotted an opportunity to make a dishonourable fast buck if things had all gone his way but he was wily enough to build in enough conditions to every one of his commitments to make it possible for him to find a way to wriggle free if events took an awkward turn.  And they have become very awkward.  It has become apparent that the mood of the general Scottish football-supporting public is firmly opposed to allowing any form of Rangers to carry on more or less as before.  That is a game-changer in every sense.  Green may have initially believed that the combined forces of the laptop loyal, a short attention span amongst many supporters, SFA President Campbell Ogilvie, the SPL’s spineless Neil Doncaster, various brown brogue-wearing chairmen of other SPL clubs and the scapegoating of Craig Whyte was capable of enabling the switcheroo to proceed, relatively unopposed.  That has proved to be a false expectation.

I think of Greed in terms of the looters who appear in the aftermath of a natural disaster such as an earthquake or a devastating hurricane.  Where all around is chaos, carnage and confusion, furtive figures dart in and out of shops and warehouses, grabbing whatever is available or slipping back into the shadows to avoid being caught in the act.  Chaz saw a scene of chaos and carnage and fancied his chances of bagging a few sackfuls of designer trainers but it’s becoming harder and harder for him to smuggle his stash through the cordons and back to his base. The Feds have got an eye on him so he’s pretending to tie his shoelaces while he chooses the best escape route.  In this case, he badly needs Rangers to be ruled out of at least one of next season’s competitions as soon as possible.  It’s just possible that the Tribunal may feel that there’s no point in reconvening to discuss punishments for a club which no longer exists after the L-bomb drops.  That detonation may now be just over a week away.  That is how long Emerald has to weasel his way out of having to make a multi-million pound offer for a business basket case.

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Posted on June 7, 2012, in Uncategorized and tagged , , , , , , , , , , , , , , . Bookmark the permalink. 12 Comments.

  1. TheBlackKnight TBK

    Lol Henry. I can see a new double act emerging with you and Paul McConville 😉

    Legal & Lars(on) 🙂

  2. Superb stuff. Succinct as always. The only thing that has been kicked into the long grass (probably conveniently for now) is the documents outlining the chronology of events leading up to Whyte’s sham of a take-over with Murray’s blessings.

    Murray has continued to remain under the radar (different radar to Whyte’s wealth radarometer) thus far. Can’t be long now until he is completely exposed.

  3. Splendid article and I so love the reference to the good old “switcheroo” a la Roald Dahl.

  4. That ‘Vatican puppets at FIFA’ line got me thinking how much of a great episode of Spitting Image this sorry saga would make. Keep shooting from that hip of yours.

  5. Well written and also true. D&P have been looking to liquidate from the minute they walked in the door. I can see them being in big trouble when the Insolvency Practitioners have a look over how they have conducted this mal administration

  6. I posted something similar a few weeks back on RTC Henry, but I must admit not as eloquently as your good self.

    Being puzzled as to Duff & Phelps weird behaviour, I came to the conclusion that the whole situation was back to front.

    Normally, you would think, the footballing authorities would be looking at the seriousness of the offences committed by Rangers and applying stiff penalties, and Duff & Phelps would behave responsibly to try and get the good ship Rangers off the rocks.

    But the SFA/SPL have tried to impose what can only be described as risable punishments apparently trying to make sure Rangers stay in business, while Duff & Phelps seem to be doing everything in their power to goad the SFA/SPL, TicketUs and HMRC.

    This point of view is stranger than fiction.

    Incredulous…but…

  7. Brill stuff Henry ,right between the eyes kpow!!!!!
    My birthday next week ,what a present that would be,with a little jelly n ice-cream for afters mmmmm .Keep up the good work big chap

  8. Excellent blog again, Henry.

  9. buckfastswallier

    Thanks for the blog Henry.

  10. Really good read HC. Your point about the original and Appellate tribunals rulings is interesting. Based on many years past experience of the SFA I was surprised by the robust decisions taken. They demonstrated the independence of the individuals involved in a novel and welcome way. That in itself was heartening for me.

    Had to laugh at your attempt to put some blame on SVDP though !

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