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May 5, 2012

Rangers Tax Case

After the Scottish media’s highly successful enquiries into Craig Whyte last year thwarted a disaster for a Scottish institution, Bill Miller’s elevation to ‘preferred bidder’ in the two-horse race to become Rangers’ next owner merits a closer look. On the theory that companies reflect the personalities of their founders, I thought that a check on Miller Industries Inc. might be instructive. A quick analysis of their regulatory filings makes for dull reading. That lack of interesting material alone should be a cause for celebration within the blue sections of Glasgow. In the mundane and orderly details of an unexciting business like towing equipment, there could not be a more stark contrast between Miller and Whyte.

Only last night was I told that Miller only owns 3.35% of Miller Industries, Inc.’s outstanding stock- a stake worth US$5.8m. That is not a lot of money and it fueled my curiosity. However…

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