Duff and Phelps, are you sitting comfortably?

Mark Daly provides a fine report here frmo October 2012.


David Grier appears to be worried that the Duff and Phelps role in the takeover could be exposed further. A statement issued by Craig Whyte would be considered very helpful and take the heat away from D&P.

A statement was drafted, and as the BBC reported, sent by a Ted Smith to Craig Whyte.

From: Ted Smith <tedsmith18877@hotmail.co.uk>
Date: 1 June 2012
Subject: CW statement
To: Craig Whyte

I am happy to see that the CVA proposals put forward by the administrators are progressing and I hope creditors accept them and the club can exit administration.I want to make it clear again that I did not want to see Rangers fail in any way. There were serious financial problems at the club and if the club had to go into administration then it should be for as short a time as possible and the best way for the Club to move on from that is through CVA.

I am glad that the bid has been accepted offers good prospects for the Club to move forward and I always made clear that I would not stand in the way of a bid that was good for the club.

I am sorry to see all the controversy over the funding arrangements with Ticketus raked up again recently.

At the time, it seemed to be an appropriate way to proceed and would deliver cash to the Club and i acted with professional advice in making those arrangements. That advice did not come from MCR and no-one from that firm had knowledge of the full Ticketus arrangements at the time of the acquisition of the Club.

It would be in best interests of all at the Club if the CVA goes through and Rangers can move on. I wish the Club the best.

The statement was never released by Craig. It can be interpreted that the primary aim of the email was to protect the reputation of MCR, since swallowed up by Duff and Phelps.

Ted Smith is not a name known to Craig (or his aliases).

I've since reviewed this particular email. The header information, not visible by default in most email programs, highlights the origins of the sender.

X-Originating-IP: []
From: Ted Smith <tedsmith18877@hotmail.co.uk>

Performing a whois lookup for the IP address returns the following info:


Now for the shocking news:

What we appear to have uncovered is that Duff and Phelps, the Administrators of Rangers, sending via an unknown alias, a statement to be issued by Craig Whyte which has the primary purpose of backing Duff and Phelps role in the administration.

It all seems rather perverse and could be seen to reek of desperation.

Why did the Administrators feel the need to do this?

Have they compromised themselves in any way?

For the record, it is my absolute belief that David Grier and MCR knew the source of funding prior to the takeover. Duff and Phelps seek comfort in that there is no audit trail. Sadly this will return to haunt them and of course deliver the proverbial boot up the arse that they have always feared to be coming.

Perhaps BDO will add Duff and Phelps to the list of parties responsible for the losses incurred at RFC and raise a suitable action against them. For if they don't, then the shareholders and creditors should consider taking that action.

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