Rangers Rumours 12422

09 Apr 2012 22:05:09
Just as a bit of perspective while we wait for the week to reveal the pb, SDM has a personal wealth of £110m, his company MIH has debts of £600m. I am not a mathematician but in the real world would that not make him one of the poorest men in Scotland. Or is this just another example of what is wrong with the country at the moment. God only knows what CWs balance sheet looks like. Captain Bob maxwell looks like the Archbishop of Canterbury in contrast to these cowboys. When (or if) Rangers come back we all must say NEVER again

No it doesn't make him poor , his personal wealth and the companies wealth are two separate things , a company is a seperate legal personality in law therefore both separate entities.

I think that is what the poster meant mate. The fact that murray personally, is worth over £100million, yet the companies he owns are £600million in the red, but, at the end of the day, if the companies go bust - he is left with his £100million

It means he's drawn massive wages while his companies have lost millions but he knows they can't touch his personal fortune when MIH go burst ! Just like he's done to rangers !

I believe the highest offer under a CVA will be 25 million or so, assuming CW has 30 million secured, I work out HMRC and the other creditors get zero. If there is no security then I can not see both HMRC and Ticketus agreeing to approx 15p in the pound. At least one would pursue other legal options against the trading company.

These are not the figures that someone made up earlier

Debts are one thing, assets are another. MHI has assets and value and is made up of a number of companies. Also, this debt is also due mainly to the credit crunch, prior to this, they were successful companies. This also relates to the timing of the bank putting pressure on Rangers.

He's worse than that:
His £100m IS money that he has extracted for himself when the going was good.
But the £600m debts?
A large part of that is owed to Lloyds who are 46% Tax payer owned. So as well as stiffing honest taxpayers at Rangers through EBTs, he's run us up debts of £250m+.
And its gets better. he's currently defending hos own EBT tax avoidance from MIH, and we don't know what the assessed liability is yet, but it could put rangers £75m in the shade.
And becase this EBT debt would sit in MIH... it would become Lloyd's problem... which is 46% taxpayer owned.

This guy has could cheated tax, and left the taxpayer to pick up their own penalties.

Piece of work, this soon not to be Sir David Murray!

And I am sure his assets easily exceed his 600m debts. I used to believe wealthy people had more money than they owed, that decent people paid their debts and that good business men looked ahead and put money aside for a recession. Not really having a go at SDM but more of a point about the spivs running football and business. Also why our club should try something different, large fan based ownership, youth investment, style of football, charity affiliations, take the best bits of ajax, barca and other clubs, rather than more barra boys paying 30k a week to overrated europeans

By the way, the -£600m is net book value.
They are effectively valueless, but will continue to trade as long as the cash flow can be maintained, sucking value from the shareholders like a boat that leaks!

His personal wealth was much larger few years back

MIH accounts say they took £4m in player sales profit in the final 10 months of tenure of RFC before CW.

Made £4m the year before as well.

Makes you really scratch your head how we can run up so much debt in the past year to reach £55m. Did we actually pay anyone (appreciate Ticketus is half debt, but even excluding that, with player sales and income, it beggers belief).

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