Originally Posted by
grunt
Alasdair Lamont tweets -
Bill Miller has unveiled plans for an #11.2million bid for Rangers which would create an "incubator" company that effectively works to radiate the toxicity of past administrations' sins out of the patient while the healthy heart is preserved
Bill Miller: "In order to preserve the club's history, records, championships and assets, I will put the heart of the club.....while Duff and Phelps bid to take the club out of administration through a CVA... and moves forward."
He has suspended his offer until Monday to allow other bidders to "put up or shut up".
Miller: Of the 3 qualified bidders, I'm the only 1 who refused to entertain offers from Ticketus or engage in discussions with Craig Whyte.
BM: It's difficult for me to see how any parties who were present when this awful situation was created can be a legitimate part of solution
BM After careful evaluation of a CVA, it's become apparent there are substantial roadblocks and risks associated with such an approach.
BM says as things stand, Ticketus could block CVA as the debt to them is greater than 25% of total amount owed
There is no way that Ticketus would agree to accept a "pence on the pound" settlement as has been suggested by others.
It is apparent that there will be several lawsuits that will emerge in relation to a potential CVA exit among the various creditors...and claimants (you pick them), which will need to be settled by the courts.