[El Car]

Makes no difference in most ways, SCO. It doesn't matter who the owner was, the company couldn't pay creditors so went into administration. The assets were sold to a third party, and those have since subsequently been sold to thousands of shareholders in RIFC. At best the transfer of shares to Whyte would be declared a void contract and they would revert to the Murray Group, but they would still be shares in a company in liquidation no matter who owns them. I'm not even sure that could happen unless Whyte didn't pay Murray his £1. Who was the fraud perpetrated against? Best answer I can come up with is Ticketus, who were fully aware of and complicit in the deception of the Rangers board and fans, but had false representations made to them by Whyte and co.