I've said continually that Green's purchase was immoral and probably illegal. Here is when I first mentioned this on my blog. I also mentioned this on newspaper forums and was blasted by people saying that Green was the only bidder. It was easy for him to be the only bidder, however, as nobody else got a chance. The entire episode was just another item in the Ibrox catalogue of shame.
The whole job of administrators is not to work for the benefit of the company, or for one individual, but for the benefit of the creditors. Duff and Phelps certainly did not work in this way. In fact, they had no right to sell off the assets at all. The task of the administrator is to find a buyer for the company as a going concern. If this fails then the company goes into liquidation. The liquidators come in and, as their name suggests, liquidate the assets, either together or separately, to gain the maximum return for creditors. This is not what happened at Ibrox; and it was all swept under the carpet - until now.
Amid all the sudden hatred for Green, Keith Jackson has decided to start lambasting the erstwhile 'saviour of Rangers.' In yesterday's Daily Record he said what I have been saying, and most people have been thinking, for over a year about Duff and Phelps's deal with Green:
"All these months on, something still stinks about the deal which was set in stone with a £5.5million price tag even before Green failed to save the Oldco from liquidation through a CVA.
How was it even possible for this knock-down price to be exclusively agreed with Green’s group in advance of the old company being liquidated?
After all, it is the administrator’s duty to maximise the total in the creditors’ pot."
Surprisingly, many on Rangers blogs appear to agree with this assessment, although they would have been ready to lynch anyone that suggested such a thing up until recently. This, however, is a dangerous path to go down and one that, if the liquidators, BDO, were to take seriously, could come back and bite them on their collective arse.
If it were to be proven that Green's purchase of the assets from Duff and Phelps was illegal, then everything that happened as a consequence is also illegal and, effectively, null and void. The SFA licence, the allowing of Ersatz Rangers into the league and the share issue could all be negated and the assets sold off properly. That would mean that Green's Rangers never properly existed. What happens to the 'same club' myth then?
All the duplicity that's gone on, with Green supposedly swindling Whyte, suggests to me that maybe all the behind-closed-doors wheeling and dealing goes much deeper. Loony Leggat constantly harps on about Green being merely a front-man for Imran Ahmad but it is entirely possible that Green was actually a front-man for somebody else. Could it be that the 'Real Rangers Men,' who nobody in their right mind would have trusted a year ago, put Green up as a front? Perhaps Auld Hughie was then meant to move over but is refusing to play ball! That would explain the smear campaign against him. If, as he says, he managed to hoodwink Whyte then doing the same to the 'Real Rangers Men' would be a doddle!
So what happens now? Well, we'll have to wait and see. This whole thing has been like Dallas or Dynasty, with everyone involved ready to stab their erstwhile friends in the back. Mr Dignity got the knife into Malcolm Murray, while they all lined up to do the same to Green. Now the 'Real Rangers Men' are back, trying to stick the blade into Stockbridge's spine and have persuaded the support to do the same to Green. Green, meanwhile, wants to turn it all into Big Brother, where the public can decide who to evict. Or maybe they should make it like Britain's Got Talent and see who can sing The Sash the best to prove their credentials!
'Ah'm the Real Rangers Man!'
'Ah'm the Real Rangers Man!'
'Naw, Ah'm the Real Rangers Man!'
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