01/11/2011 390 Comments
My last post seemed to cause a bit of confusion on the Interwebs. I guess that the big cheesy ironic grin on my face did not translate to these dull, grey pages. Some seemed to think that I was saying that Sir David Murray is poised to make a comeback in the lives of Rangers supporters. In fact, I was suggesting nothing more than he has the ability to selflessly act to help Rangers. I say selflessly because there is no path for Murray to return the £1 he received for his shares. For the avoidance of doubt (a phrase we will meet again), Sir David Murray’s only path back to Rangers is to buy his way back in. There is more chance of Neil Lennon wanting to own Rangers than Murray. That part of the club’s history is well and truly over. (Few seem to understand the extent to which Murray has lost control of MIH and its subsidiaries. It was Lloyds who wanted a deal with Whyte on these terms.) Before moving off this subject entirely, we will take a look at some of the other details of the contract that sold Rangers to Craig Whyte’s Wavetower.
A section of the Share Purchase Agreement (SPA) labelled 8. CONDUCT OF THE TAX CASE sheds light on how the (Big) Tax Case is being managed now and clarifies who is responsible for what. I will summarise this section below:
- The Seller (i.e. Murray MHL Limited) is responsible for negotiating with HMRC “and agreeing a full and final settlement of the Tax Case on behalf of the Company”
- Rangers shall not make any admission of liability regarding the Tax Case without the written permission of MHL.
- Rangers shall make no attempt to communicate directly with HMRC regarding the (Big) Tax Case
- MHL is paying for all of the legal costs of Rangers’ appeal and Rangers must use MHL’s chosen advisers / lawyer
- Rangers promised to not terminate the employment of Key Witnesses- one of whom is Martin Bain!
- Rangers still have the right to settle with HMRC on terms of its choosing (presumably communicated through MHL)
We can discuss the significance of these points (and its apparent contradictions) in the replies section of this blog).
After a seemingly coordinated attack on bloggers from the mainstream media this weekend, I was especially tickled to read that the SPA also states:
For the avoidance of doubt, the Seller shall not be required to make any payment on behalf of the Company in respect of the Tax Case.
This will doubtless be a revelation to the long line of print and radio hacks who reassured Rangers fans for months with tales that David Murray (personally or through the company that bears his name) would pay any tax liability. I have been keeping an electronic scrap-book where I maintain clippings of the articles and audio from these professional beacons of truth. It will make a fun coda to this project to post this material online once the dust has settled. This site can become a permanent monument to quite how wrong Tom English, James Traynor et al have been for so long. We will also be able to compare their writings of late to the early revelations of this blog. Interesting? Maybe not, but it will amuse me no end.