Ally McCoist was delighted with his side's 5-0 hammering of Dundee United but admits he is struggling with Rangers' financial machinations.
Rangers' administrator is considering two rival bids for the Glasgow club.
"I've listened to the potential outcome of a newco, which they say isn't liquidation," said manager McCoist.
"And I've also looked and listened to the route of a CVA and I'm lost. I'm no expert, but I would have to say that liquidation is still a possibility."
Sale Sharks Rugby Club owner Brian Kennedy has now joined forces with former Rangers director Paul Murray's Blue Knights consortium, who are vying for control with American tow-truck millionaire Bill Miller.
Kennedy was not only in the Ibrox stand to watch Rangers take United apart but he and Murray are believed to be in talks with owner Craig Whyte in an attempt to negotiate a transfer of shares.
McCoist pointed out that Whyte was crucial should the solution be found through a company voluntary arrangement.
Miller intends to place part of Rangers in an incubator company while using a CVA to deal with the debt left behind.
McCoist thinks all three scenarios - the other being liquidation - are still possible, but he was heartened by continuing talks between administrator Duff & Phelps and those involved in the two rival bids.
"I know there was activity tonight in terms of the administrators," McCoist told BBC Scotland.
"I know Brian Kennedy was at the game today and I also know that the administrators have been in constant contact with Bill Miller over in the States.
"But again, I'm really hopeful and optimistic that, in the foreseable future, we can give preferred bidder status to somebody."
The financial problems tempered McCoist's joy at the win over United, who arrived three days after Rangers were left disappointed by a 3-0 defeat by Celtic in the Old Firm derby.
"I think circumstances involving the club have far outweighed any performances overall throughout the season," said the manager.
"The players and the staff are far bigger issues than the performances, but tonight was absolutely excellent from start to finish and, to a man, they were great.
"They needed to give one another a wee boost tonight and, indeed, give the fans a boost as well and I thought they were absolutely terrific."
McCoist praised the four goalscorers - Sone Aluko scored twice.
"Steven Whittaker's finish is outstanding with his left foot," he said, describing Aluko and Alejandro Bedoya's acceleration over 10 yards as "absolutely electric".
"Jamie Ness, for an hour, his goal capped a fine performance.
"He's had a tough time in terms of injury, but that was really encouraging as well."