Letter sent to David Whitehouse of Duff and Phelps by David Hinchcliffe a partner at Walker Morris. Brian Kennedy has asked me to share this with you and you are more than welcome to print it/read it out/broadcast it.
This email completely condemns the Administrators and we are asking WHY are they doing this?

Dave Swanton on behalf of Brian Kennedy
Twitter @swannymediaman

David I note you have not yet replied as promised in your email below please respond as soon as you can.
Regarding your recent press announcement ..".you were advised there was not agreement within the consortium about the funding of the bid" ....please let me know who apparently advised you of this as this is wholly inaccurate and on no occasion has anyone contacted either myself or Brian to state this is a worry.
Further to state that amounts were included in the offer for playing in europe next season when it can't be achieved is completely inaccurate as the actual offer is for increasing the consideration in seasons 2 and 3 if they played in europe .
Further to state that the offer should be reduced by 3.5 m because these are debts due to the company is also misleading as 2.4 million of this sum is payable in the next few weeks as per Brians earlier email and will be used as cashflow for the trading losses of the club.
You completely fail to state our client had agreed to fund the huge trading losses post June 1st and picked up liabilities for 3.6 m of football creditors ... tupe liabilities ...debenture holders etc making a cash payable of 9.1m. plus trading losses prior to completion and European add ons together with other liabilities. You seem to be continually comparing the quantum of my clients bid against bids such as the Miller bid which are not real .
As you know I have vast experience of people making bids for insolvent football clubs ....I cannot see how any of these new parties can be making real bids when they have done no real due diligence ....proof of funds may have been provided but it does not make sense to me why investors would invest in Rangers without full due diligence by them and I would strongly recommend that full due diligence is carried out by you on these parties as there is no time to have another Miller situation .
Finally regarding your comment that Brian wanted to be the last man standing. In mine and Brians view he is as we don't believe the other bidders will complete
If you want to talk to find a way to save this great club Brian has said his phone will be on this evening otherwise I fear it will be too late David



David Hinchliffe
Partner

Reply · Report Post