Johnstone has hit out at administrators Duff and Phelps after it emerged they are set to bank over £5million from their work with the Glasgow giants.
That huge fee leaves just the same amount to pay creditors, who are owed over £55 million, if the CVA put forward this week is accepted on June 14.
European Cup Winners' Cup hero DJ has also questioned the motives of owner-in-waiting Charles Green and his takeover consortium in getting involved with Rangers.
Johnstone urged Light Blues fans to give Green time in his SportTimes column just after the former Sheffield United chief executive emerged as a potential buyer.
However, today he has accused Green and his associates of trying to gain control of the crisis-hit Light Blues simply to make "a few bob".
Elsewhere, on the day the Rangers players' wages revert to their original terms, he has criticised Duff and Phelps for agreeing to insert get-out clauses in contracts, with many Ibrox stars now able to leave for a fraction of their market value.
He said: "Nobody has been happy with Duff and Phelps all the way through this process.
"They are now looking to walk away with £5m for their efforts.
"The only people guaranteed to get all the money due to them out of the Rangers crisis are Duff and Phelps. The worst thing to happen to the club is these people coming into it.
"Charles Green and his consortium, who nobody had heard of, have been brought in out of the blue.
"It has now emerged that Green and his consortium will be wanting back all the money they are prepared to put in further down the line.
"We knew exactly what the Blue Knights were going to do. They were very successful businessmen who were supporters, who had the best interests of the club at heart. The money they were putting in wasn't, like the Green consortium, a loan.
"I appreciate that Duff and Phelps have to get the best deal for the creditors, look after those who are owed.
"But I think they should have looked at the bigger picture.
"Have Charles Green and his cronies got the club at heart?
"You have to ask Charles Green and his associates: 'Why Rangers? What is your long-term plan? Are you here for the long-term?'
"I doubt it myself. I think they are here for the short term in order to make a few bob."
Johnstone added: "A condition of players agreeing to take pay cuts was that get-out clauses were put in their contracts. The players' agents have engineered a loophole they can now exploit.
"The players are going to make a lot of money out of this, more than they would have made if they had been sold in ordinary circumstances.
"I am surprised that Duff and Phelps went for it, to be honest. At the end of the day, it is the club that will suffer.
"When Motherwell went into administration 18 or 19 players were made redundant within three or four days. I find it very strange that Rangers weren't doing the same thing."
Last night Duff and Phelps failed to respond to requests for a comment on DJ's remarks.
Meanwhile Duff and Phelps have hit back at the BBC after it published emails between the firm and Whyte just days before the club went into administration.
They claim the story, which states they were to cap their fee at £500,000, is "wholly misleading".
A statement said: "For the BBC to use this information in such a distorted manner is absurd."