The Rangers soap opera goes on and on.

[milky_26]

Football questions is it Angry Sally? My first question would have been if The Rangers win tomorrow will they be able to pay the win bonus if the share issue fails.

mine would have been, how much of your warchest do you have remaining

[Footballfirst]

I wonder how long it will take Imran Ahmad to return to the Court of Session and ask again that he gets ?620K ring-fenced.

 

From 7th May hearing:

 

Former Rangers commercial director Imran Ahmad has been unsuccessful in his latest attempts to have ?620,000 frozen in the club's account.

Ahmad claims he is owed ?500,000 in unpaid bonuses.

 

But Lord Armstrong said: "There is some scope for concern about the financial position of the defender [Rangers].

"It cannot be said there is a real possibility of the defender being insolvent [in early 2015 when any potential liability would fall due]."

 

At the Court of Session, Ahmad's QC Mr McBrearty pointed out the possibility that this year's sales could be badly dented by ongoing problems between the board and fans.

 

However, key to Mr Summers' argument in defence of Rangers was that current institutional investors would provide further finance to stave off any prospect of an insolvency event, even if season ticket sales were to fall to a level that would cause financial difficulty.

Edited August 29, 2014 by Footballfirst

[Don Dan]

Massive cuts required all round. This share issue is IMO another bandaid over a festering puss filled boil that's infested with leaches sucking hard for all they can get. Bloated Fat Salary one of the chief leeches sucking the life out of the "club" he supposedly loves. If he really cared he work for free along with some of the other so called Rangers Men, but they won't.

 

What we need is a share sales watch, if such a thing is possible.

Edited August 29, 2014 by Dannie Boy

[Deevers]

 

I wonder how long it will take Imran Ahmad to return to the Court of Session and ask again that he gets ?620K ring-fenced.

 

From 7th May hearing:

 

Former Rangers commercial director Imran Ahmad has been unsuccessful in his latest attempts to have ?620,000 frozen in the club's account.

Ahmad claims he is owed ?500,000 in unpaid bonuses.

 

But Lord Armstrong said: "There is some scope for concern about the financial position of the defender [Rangers].

"It cannot be said there is a real possibility of the defender being insolvent [in early 2015 when any potential liability would fall due]."

 

At the Court of Session, Ahmad's QC Mr McBrearty pointed out the possibility that this year's sales could be badly dented by ongoing problems between the board and fans.

 

However, key to Mr Summers' argument in defence of Rangers was that current institutional investors would provide further finance to stave off any prospect of an insolvency event, even if season ticket sales were to fall to a level that would cause financial difficulty.

.

 

You would think the "statement" would now give him all the ammunition that he needs. I'd be very surprised if he doesn't.

[Walter Bishop]

The "Sports direct Arena" ???

 

[Guest oldcastlerock2012]

IMO I hope they go into admin 2, a proper admin this time, with all the high earners jettisoned and a team of kids fighting a relegation battle for the rest of the season.

 

A 25 point deduction should see that happen as, after all, they will claim to be the same club wont they?

 

 

If that happens it's totally possible that Hibs could miss out on promotion this season (haven't looked up for it so far) and find themselves in the Championship next year with Rangers again and a Dundee or Ross County or someone. Wonder if their fans are up for three years in the Championship?

[Rods]

If that happens it's totally possible that Hibs could miss out on promotion this season (haven't looked up for it so far) and find themselves in the Championship next year with Rangers again and a Dundee or Ross County or someone. Wonder if their fans are up for three years in the Championship?

 

I would rather Hibs came up with us tbh. Admin mk2 could be a bigger deal to them than it is to us as I feel we are capable of winning the league without the rangers admin scenario.

[Strachsuit]

Rangers fan on my Twitter timeline "I pray we don't sell MacLeod and Wallace to pay this ?4m".

 

?4m for Lee Wallace and Lewis MacLeod, are they for real?! Be lucky to get ?1.5m for Wallace and ?500k for MacLeod, especially seeing as everyone knows they are goosed financially. Laughable stuff.

 

A 25-point deduction beckons. Ideal.

[Deevers]

 

Rangers fan on my Twitter timeline "I pray we don't sell MacLeod and Wallace to pay this ?4m".

 

?4m for Lee Wallace and Lewis MacLeod, are they for real?! Be lucky to get ?1.5m for Wallace and ?500k for MacLeod, especially seeing as everyone knows they are goosed financially. Laughable stuff.

 

A 25-point deduction beckons. Ideal.

 

 

They've tried to raise Wallace's profile a couple of times recently through their press stooges by hinting that people were preparing bids for him. Nonsense of course but it gives an indication of their real financial position if they are looking to raise money through the sale of him and actively trying to tout for buyers.

[Strachsuit]

IMO I hope they go into admin 2, a proper admin this time, with all the high earners jettisoned and a team of kids fighting a relegation battle for the rest of the season.

 

A 25 point deduction should see that happen as, after all, they will claim to be the same club wont they?

 

 

It's irrelevant what their fans think/say. The SPFL rules state:

 

"Where a Club, whether owned and operated by the same or a different Member, suffers or is subject to an Insolvency Event which results in a deduction of points in terms of these Rules and within 5 years of the date of such Insolvency Event suffers or is subject to a further Insolvency Event which is not part of the same Insolvency Process as the Insolvency Event then suffered, the points deduction applicable in terms of Rules E1 in respect of that second or further Insolvency Event, shall be 25 points with the 15 points in Rules E2 and E3 being 25 Points."

 

Sevco own the old Rangers league share. Even though they didn't get the old SPL share, they still transferred the oldco Rangers into Sevco's ownership. Basically, it doesn't matter who the owners are, "Rangers" in their current football club form will be deducted 25 points.

[Strachsuit]

Their agents are prob faxing out their Cv's to prospective clubs now..

 

I would be astonished, seeing as they are most probably aware that the share issue will fail, if they were to reject anything around ?1m for Wallace. They simply can't afford to. It's all beginning to unravel and even if they make it through the season without heading into admin, there is no way they will be able to keep their squad intact or the morale of the team up.

Edited August 29, 2014 by Strachsuit

[HawkeyeTheGnu2.0]

Sevco own the old Rangers league share. Even though they didn't get the old SPL share, they still transferred the oldco Rangers into Sevco's ownership. Basically, it doesn't matter who the owners are, "Rangers" in their current football club form will be deducted 25 points.

 

The only downside is that der Hun will claim this proves they are not a new club.

Edited August 29, 2014 by HawkeyeTheGnu2.0

[Central Belt 1874]

I have always felt that rangers plan was to stutter to the end of this season and win the league while the spivs milk them for everything keeping them on the brink. I could be wrong but most of the high earning players contracts are up at the end of the season. This will allow them to clear the decks and get someone else in/ sell ibrox. I think they will scrape by and next summer will see new owners, players, management. Minus ibrox and murray park tho

[DiviMach]

http://sport.stv.tv/...offering-fails/

 

This is brilliant, Ally looks pissed off, comes into room and says he will only talk about football matters, first question is about the share issue.

 

That's made my day. Fantastic.

[Hagar the Horrible]

 

 

 

It's the perfect time to start those austerity measures & for their fans to face up to the reality of the situation if they want to save their club.

 

This ?4 million (if successful) only kicks the can further up the street. Fundamental issues of overspending & the cost of M.park need to be addressed or they will run out of cash again & the circus begins once more.

 

It's like Groundhog Day with Sevco ...

I recon it will buy them 2 months max, but it might clear the loan. WE have a 2 week wait to see IF this does work, if it doesn't then remember this is a vote of no confidence by the original spivs (greens consortium) and its game over. but if it is successful then all it does is prepare a path for sale/leaseback and further share issues to gorge again on more mugs cash. but we will find out soon enough? the thing is the MSM should be all over this and slaughter it as a fantasy. but instead we could lose all our best players if offers come in?

[Strachsuit]

It's the perfect time to start those austerity measures & for their fans to face up to the reality of the situation if they want to save their club.

 

This ?4 million (if successful) only kicks the can further up the street. Fundamental issues of overspending & the cost of M.park need to be addressed or they will run out of cash again & the circus begins once more.

 

It's like Groundhog Day with Sevco ...

 

Absolutely. If I've read this properly, the ?4m will only get them through to December! Then they require 'additional funding'. They looked doomed, rather pleasing!

[Hagar the Horrible]

 

 

 

They WILL get the ?4 million to keep the lights on though imo. But unless a credible business plan is put in place the circus will continue as if on a loop phase etc..

 

I'd guess M. Ashley is the one they want to stump up the cash. ?4 million is peanuts to him tbh.. It's what he wants as security on it that should worry fans of the tribute act though. Interesting times ahead at the "Sports Direct Arena"

the ?4m after costs and repaying the loan will only keep the lights on for a month or two, with the share issue not being underwritten if it falls short, then it is game over?

[doctor jambo]

They WILL get the ?4 million to keep the lights on though imo. But unless a credible business plan is put in place the circus will continue as if on a loop phase etc..

 

I'd guess M. Ashley is the one they want to stump up the cash. ?4 million is peanuts to him tbh.. It's what he wants as security on it that should worry fans of the tribute act though. Interesting times ahead at the "Sports Direct Arena"

 

The fans CANNOT save the club

They cannot buy the new shares

They cannot access the old shares forcibly

They cannot force anyone out

They cannot force their way in

They are totally hamstrung

[lewis2006]

 

What an unbelievable mess to get yerself in.

 

Imagine starting with not only a blank canvas, but ?20 million in the pot and a average gate of 40'000 and still managing to end up on the brink

 

All those idiots had to do was manoeuvre through a couple of seasons playing against posties and joiners

 

Ridiculous stuff.

[Hagar the Horrible]

 

 

 

This is where a credible business plan comes into the equation. They can be saved, but it requires drastic austerity measures. The cash drain simply cannot be allowed to continue like this much longer, & they cannot have share issues every time they need cash either.

 

City investors won't touch them, the fans are divided & the S.Ticket boycott is killing them. The board are being backed into a corner now..

 

If it goes ahead then at best it nets ?4m at worst ?3m, I think the 100% take up will achieve only 2 things? 1. to get them to December beyond the AGM? and 2. at the AGM the share issue will allow for enough voting rights to push through yet another share issue, and sale/leaseback of Ibrox????

[Strachsuit]

This is where a credible business plan comes into the equation. They can be saved, but it requires drastic austerity measures. The cash drain simply cannot be allowed to continue like this much longer, & they cannot have share issues every time they need cash either.

 

City investors won't touch them, the fans are divided & the S.Ticket boycott is killing them. The board are being backed into a corner now..

 

Seriously though farin, you're very confident that the SI will be achieved (mainly through Mike Ashley) but how are you so confident? Why would he plunge a further ?4m into an uninvestable/failing company? You probably know more on this one than me but I just don't see why any successful business person would take that risk. We all know what will happen if they default on the debt so it's an enormous risk and one that will lead to having to invest more good money after bad. Or am I missing something...

[Strachsuit]

Whytes claim on the assets prob stops any sale & leaseback, but it doesn't stop a re naming of it in return for capital etc..

 

This issue will only give them breathing space till Xmas that's correct. Another share dilution after this one seems pretty pointless unless there are buyers willing to purchase them imo..

 

Publishing the business plan at the next agm would tell us more about how they intend to dig themselves out of this whole..

 

But this cannot be written into the share issue as it would be against stock market rules so... Ashley would need to stump up ?4m for the share issue to get the loan sharks off their backs and then again in the new year plunge another six-figure sum to get the naming rights? So overall possibly upwards of ?6m to name a flailing Scottish Championship side's stadium? Not great value for money if you ask me!

[Victor Meldrew]

Seriously though farin, you're very confident that the SI will be achieved (mainly through Mike Ashley) but how are you so confident? Why would he plunge a further ?4m into an uninvestable/failing company? You probably know more on this one than me but I just don't see why any successful business person would take that risk. We all know what will happen if they default on the debt so it's an enormous risk and one that will lead to having to invest more good money after bad. Or am I missing something...

 

Ashley can't put the ?4m in with this share issue as it isn't a full rights issue. Each existing shareholder can decide to take the shares offered to him, but any that aren't taken up can't then be sold to a willing third party.

[Strachsuit]

Exactly, 43 millions shares on offer, the board can easily make sure there's enough unsold to reimburse Ashley with if he makes up the shortfall on take up of the offer.

 

They've now issued a correction notice.

 

Ok, think I'm with you. EDIT: Misread above when quoting. Still requires uptake of 15m out of 19.8m new shares.

Edited August 29, 2014 by Strachsuit

[Strachsuit]

Ordinary fans prob won't, the board will have too. It's the only way of getting something back in return for investing really. Gambling on share price rise next season if they are in the Spfl etc.

 

Looks to me like they are gambling on further investment well after the share issue too. Gambling on staving off admin before the end of the season. What a mess.

[Rods]

Yeh I am at a loss why ashley would plunge the money in especially when the union of fandans have came out and said they wont be pleased with the sale of ibroke.

[Pans Jambo]

 

What an unbelievable mess to get yerself in.

 

Imagine starting with not only a blank canvas, but ?20 million in the pot and a average gate of 40'000 and still managing to end up on the brink

 

All those idiots had to do was manoeuvre through a couple of seasons playing against posties and joiners

 

Ridiculous stuff.

 

That is a good post IMO. Clear and concise. What a bunch of muppets running that club......... Oh the rangers.

 

Still, I'm sure minus 25 points come January should assist our cause!

[Guest oldcastlerock2012]

 

What an unbelievable mess to get yerself in.

 

Imagine starting with not only a blank canvas, but ?20 million in the pot and a average gate of 40'000 and still managing to end up on the brink

 

All those idiots had to do was manoeuvre through a couple of seasons playing against posties and joiners

 

Ridiculous stuff.

 

Sums it up perfectly.

 

It doesn't reflect well on the media or SPFL/SFA either to be homest. They both gave Rangers a free pass when it was clear they were overspending their way into a mess again.

 

Not sure what the sFA could have done officially but aren't they supposed to be encouraging a climate of self-sustainability in scottish football these days?

Edited August 29, 2014 by oldcastlerock2012

[Rods]

Sums it up perfectly.

 

It doesn't reflect well on the media or SPFL/SFA either to be homest. They both gave Rangers a free pass when it was clear they were overspending their way into a mess again.

 

Not sure what the sFA could have done officially but aren't they supposed to be encouraging a climate of self-sustainability in scottish football these days?

 

I hope the Rangers situation has a domino effect and takes out doncaster/reagan aswell as they have basically put there money on Rangers being back and all being normally the greater good etc. This has failed and is doomed to failure time for a new broom and a complete shake up.

[Victor Meldrew]

Looking more closely at the offer document, if Ashley were to take up his full allocation, he (and any other shareholder in that position) could buy up any shares that haven't been bought by anyone else.

 

However, if Ashley is looking to do this, why hasn't he underwritten the offer as it is suggested Sevco wanted him to do?

Edited August 29, 2014 by Victor Meldrew

[Boris]

I hope the Rangers situation has a domino effect and takes out doncaster/reagan aswell as they have basically put there money on Rangers being back and all being normally the greater good etc. This has failed and is doomed to failure time for a new broom and a complete shake up.

 

Cue league reconstruction hastily rushed through for next season....

[The Mighty Thor]

Cue league reconstruction hastily rushed through for next season....

Doncaster sitting there straight faced telling us all that 3 leagues of 16 was the plan all along?

 

I might fire into Ladbrokes and see if they'll give me odds for league reconstruction ahead of the kick off of the 15-16 season.

[Ivan Drago]

As much as I'd rather win the league on our own merits, I would piss myself laughing if we done it due to a points deduction to newco. The seeth would be tremendous!

[tartofmidlothian]

As much as I'd rather win the league on our own merits, I would piss myself laughing if we done it due to a points deduction to newco. The seeth would be tremendous!

 

Me too. Although if they went into admin there's a very real chance we could get promoted and neither they nor Hibs would come up.

[Guest Bilel Mohsni]

That video of McCoist is brilliant. Respect? They're the media doing their job ya dick.

 

[Beverley]

oh coisty, that video... way too funny!

 

 

ps, i have no respect for you OR your ilk

[Footballfirst]

Just as an aside to today's announcement, a company called Worthington Group PLC had their suspension of trading lifted today with the issue of their accounts for the last 18 months.

 

http://www.iii.co.uk/research/LSE%3AWRN/news/item/1197667/final-results?context=LSE%3AWRN

 

Their share price opened at the suspension price of 3.25p and is currently sitting at 32p (up 882% on the day).

 

What has the above got to do with Rangers, you may ask?

 

Two things:

1) Worthington put up some of their pension fund cash into Craig Whyte's purchase of Rangers from SDM in May 2011 and is one of the companies with a claim outstanding against Whyte's lawyers, Collyer Bristow.

 

From Worthington's accounts

Legal proceedings are ongoing with regard to the Pension Fund's uncompleted secured loan of ?3m to Rangers Football Club. Our legal team are confident that the ?3m will be recovered, plus interest & costs.

 

2) Their accounts also reveal that they exercised an option to increase their stake in a company called Law Financial from 26% to 100%, making it a wholly owned subsidiary. It is Law Financial who claim ownership of Sevco 5088 as a subsidiary and have the claim against TRFC for the ownership of Ibrox and Murray Park.

 

From Worthington's accounts:

9. Acquisition

On 16^th April 2013 the Company acquired a 26% stake in Law Financial Limited ("LFL") for ?250,000 payable in unsecured convertible loan notes issued by the Company repayable in 2019. Law Financial Ltd is a recently incorporated company with a number of subsidiaries, one of which owns an ongoing legal claim against the assets of Rangers Football Club Limited. The Company was also granted an option to acquire the remaining share capital of LFL for ?750,000 which was exercised on 28^th October 2013.

 

The accounts also indicate that the book value of Law Financial's litigation is estimated at ?10M (value of Ibrox and Murray Park???)

 

Watch this space.

[graygo]

Just as an aside to today's announcement, a company called Worthington Group PLC had their suspension of trading lifted today with the issue of their accounts for the last 18 months.

 

http://www.iii.co.uk...context=LSE:WRN

 

Their share price opened at the suspension price of 3.25p and is currently sitting at 32p (up 882% on the day).

 

What has the above got to do with Rangers, you may ask?

 

Two things:

1) Worthington put up some of their pension fund cash into Craig Whyte's purchase of Rangers from SDM in May 2011 and is one of the companies with a claim outstanding against Whyte's lawyers, Collyer Bristow.

 

From Worthington's accounts

Legal proceedings are ongoing with regard to the Pension Fund's uncompleted secured loan of ?3m to Rangers Football Club. Our legal team are confident that the ?3m will be recovered, plus interest & costs.

 

2) Their accounts also reveal that they exercised an option to increase their stake in a company called Law Financial from 26% to 100%, making it a wholly owned subsidiary. It is Law Financial who claim ownership of Sevco 5088 as a subsidiary and have the claim against TRFC for the ownership of Ibrox and Murray Park.

 

From Worthington's accounts:

9. Acquisition

On 16^th April 2013 the Company acquired a 26% stake in Law Financial Limited ("LFL") for ?250,000 payable in unsecured convertible loan notes issued by the Company repayable in 2019. Law Financial Ltd is a recently incorporated company with a number of subsidiaries, one of which owns an ongoing legal claim against the assets of Rangers Football Club Limited. The Company was also granted an option to acquire the remaining share capital of LFL for ?750,000 which was exercised on 28^th October 2013.

 

The accounts also indicate that the book value of Law Financial's litigation is estimated at ?10M (value of Ibrox and Murray Park???)

 

Watch this space.

 

 

[Rods]

Just as an aside to today's announcement, a company called Worthington Group PLC had their suspension of trading lifted today with the issue of their accounts for the last 18 months.

 

http://www.iii.co.uk...context=LSE:WRN

 

Their share price opened at the suspension price of 3.25p and is currently sitting at 32p (up 882% on the day).

 

What has the above got to do with Rangers, you may ask?

 

Two things:

1) Worthington put up some of their pension fund cash into Craig Whyte's purchase of Rangers from SDM in May 2011 and is one of the companies with a claim outstanding against Whyte's lawyers, Collyer Bristow.

 

From Worthington's accounts

Legal proceedings are ongoing with regard to the Pension Fund's uncompleted secured loan of ?3m to Rangers Football Club. Our legal team are confident that the ?3m will be recovered, plus interest & costs.

 

2) Their accounts also reveal that they exercised an option to increase their stake in a company called Law Financial from 26% to 100%, making it a wholly owned subsidiary. It is Law Financial who claim ownership of Sevco 5088 as a subsidiary and have the claim against TRFC for the ownership of Ibrox and Murray Park.

 

From Worthington's accounts:

9. Acquisition

On 16^th April 2013 the Company acquired a 26% stake in Law Financial Limited ("LFL") for ?250,000 payable in unsecured convertible loan notes issued by the Company repayable in 2019. Law Financial Ltd is a recently incorporated company with a number of subsidiaries, one of which owns an ongoing legal claim against the assets of Rangers Football Club Limited. The Company was also granted an option to acquire the remaining share capital of LFL for ?750,000 which was exercised on 28^th October 2013.

 

The accounts also indicate that the book value of Law Financial's litigation is estimated at ?10M (value of Ibrox and Murray Park???)

 

Watch this space.

 

So basically they are getting their 3 million back from the current rangers in the guise of MP or Ibrox or both?

[Deevers]

 

 

 

So basically they are getting their 3 million back from the current rangers in the guise of MP or Ibrox or both?

.

 

If that is the case then Armaageddon has arrived for Sevco!

[Don Dan]

Just as an aside to today's announcement, a company called Worthington Group PLC had their suspension of trading lifted today with the issue of their accounts for the last 18 months.

 

http://www.iii.co.uk/research/LSE%3AWRN/news/item/1197667/final-results?context=LSE%3AWRN

 

Their share price opened at the suspension price of 3.25p and is currently sitting at 32p (up 882% on the day).

 

What has the above got to do with Rangers, you may ask?

 

Two things:

1) Worthington put up some of their pension fund cash into Craig Whyte's purchase of Rangers from SDM in May 2011 and is one of the companies with a claim outstanding against Whyte's lawyers, Collyer Bristow.

 

From Worthington's accounts

Legal proceedings are ongoing with regard to the Pension Fund's uncompleted secured loan of ?3m to Rangers Football Club. Our legal team are confident that the ?3m will be recovered, plus interest & costs.

 

2) Their accounts also reveal that they exercised an option to increase their stake in a company called Law Financial from 26% to 100%, making it a wholly owned subsidiary. It is Law Financial who claim ownership of Sevco 5088 as a subsidiary and have the claim against TRFC for the ownership of Ibrox and Murray Park.

 

From Worthington's accounts:

9. Acquisition

On 16^th April 2013 the Company acquired a 26% stake in Law Financial Limited ("LFL") for ?250,000 payable in unsecured convertible loan notes issued by the Company repayable in 2019. Law Financial Ltd is a recently incorporated company with a number of subsidiaries, one of which owns an ongoing legal claim against the assets of Rangers Football Club Limited. The Company was also granted an option to acquire the remaining share capital of LFL for ?750,000 which was exercised on 28^th October 2013.

 

The accounts also indicate that the book value of Law Financial's litigation is estimated at ?10M (value of Ibrox and Murray Park???)

 

Watch this space.

 

It's a sordid incestuous mess.

Edited August 29, 2014 by Dannie Boy

[Rods]

.

 

If that is the case then Armaageddon has arrived for Sevco!

 

Thats just my take on the situation I am just like Phil 3 names making assumptions from the goings on behind the scenes.

 

There was always I felt anyway going to be skeletons in the cupboard from the CW debacle. There is no way you can just scam folk like ticketus and this worthington crowd without having to pay up at some point. The Collier Bristow people will dodge duck and dive to not pay any money for years to come. It seems to me that worthington have taken a shortcut.

 

You always have to pay the piper as they say.

[The Mighty Thor]

 

[tartofmidlothian]

 

 

So who are they? Any connection to CW?

[Footballfirst]

So basically they are getting their 3 million back from the current rangers in the guise of MP or Ibrox or both?

 

No. There are two separate claims.

 

The ?3M claim is by Worthington's Pension Fund against Collyer Bristow - The case is due in court in Feb-Mar next year. There were some rumours of an out of court settlement a few weeks agao, but that appears not to be the case. HMRC and BDO are also involved in this claim.

 

The Law Financial claim relates to Whyte being shafted by Green over the Sevco 5088 / Sevco Scotland change. LF believe that they have a good case which has been presented to Rangers as a letter before claim i.e. that Sevco 5088 have rights over the property assets. This is the "contingent liability" which has been mentioned in RIFC/TRFC accounts and may be a factor in Ibrox and Murray Park not having been used as security for any loans to date.

[Footballfirst]

Even Bill McMurdo is having doubts now.

 

August 29, 2014 / billmcmurdo

 

Grim news out of Ibrox with the sticking plaster solution to Rangers? cash flow problems.

 

My understanding is that the monies raised ? hopefully, it has to be said ? from the rights issue will only take the club limping along till Christmas, when new funding will be desperately required.

 

It appears that the attempts by Charles Green to procure a different and vastly more lucrative funding option have either hit the buffers or been knocked back by the board.

The inside word I am hearing is that things are not good and that Admin 2 is a real possibility. This could be a fatal blow at worst or at least one that severely cripples the club for years to come.

[Rods]

No. There are two separate claims.

 

The ?3M claim is by Worthington's Pension Fund against Collyer Bristow - The case is due in court in Feb-Mar next year. There were some rumours of an out of court settlement a few weeks agao, but that appears not to be the case. HMRC and BDO are also involved in this claim.

 

The Law Financial claim relates to Whyte being shafted by Green over the Sevco 5088 / Sevco Scotland change. LF believe that they have a good case which has been presented to Rangers as a letter before claim i.e. that Sevco 5088 have rights over the property assets. This is the "contingent liability" which has been mentioned in RIFC/TRFC accounts and may be a factor in Ibrox and Murray Park not having been used as security for any loans to date.

 

But the post you made has said that Worthington now own LF so are they are CW company is that what I am missing here?

[indianajones]

King? Where are ye?

 

[livingstonjambo]

Ordinary fans prob won't, the board will have too. It's the only way of getting something back in return for investing really. Gambling on share price rise next season if they are in the Spfl etc.

I thought SFA rules prevented anyone from owning more than 10% of 2 clubs which would prevent Ashley from being able to underwrite the share issue

[Munch]

Dont forget its loan repayment time on Monday.