The Rangers soap opera goes on and on.

[Hagar the Horrible]

Brian Kennedy statement due soon in reponse

[Hagar the Horrible]

Ticketus V Whyte tomorrow.

 

Interesting, I wonder if they have security?

[RobNox]

Ticketus V Whyte tomorrow.

 

Have they missed a letter 'c' from the final word?

[Paolo]

Even if they do get liquidated, why should Sevco 2.0 (theoretically) be allowed to march straight back into an SPFL league set up. They should start clean down at the bottom of a non-league set up IMO.

That is what should have happened last time, like Gretna were forced to do.

Edited November 19, 2014 by Claudia

[Footballfirst]

This could be the reason that Whyte is reported to be willing to return to the UK.  If he does I assume he will be arrested before, during or after this hearing.

[Paolo]

Unless the rules have been changed, then it will be the same as last time.

 

A share in the leagues will become available for someone to apply for.

 

And then the clubs will vote on whether who applies come in at the same level or start at wherever the bottom is deemed.

The requirement for three years worth of accounts was conveniently forgotten.

[Footballfirst]

Grant Russell ?@STVGrant 4m4 minutes ago

Rangers football board chairman Sandy Easdale issues a statement through his PR man. "I have grown tired of Mr [Dave] King?s antics."

Easdale: "I can only conclude that Mr King?s phantom bid was designed as vehicle for self-promotion of some kind."

Easdale: "For a bid to be rejected it has to be received first."

[DETTY29]

 

Grant Russell ?@STVGrant 4m4 minutes ago

Rangers football board chairman Sandy Easdale issues a statement through his PR man. "I have grown tired of Mr [Dave] King?s antics."

Easdale: "I can only conclude that Mr King?s phantom bid was designed as vehicle for self-promotion of some kind."

Easdale: "For a bid to be rejected it has to be received first."

 

Now I'm not saying whether I believe King or Easdale however, if one party has recently been called a 'glib and shameless liar' by a judge it does make accusations of said person to be telling a porky , simpler.

 

Even if the accusation itself comes from a previously convicted fellon.

Edited November 19, 2014 by DETTY29

[iainmac]

 

Grant Russell ?@STVGrant 4m4 minutes ago

Rangers football board chairman Sandy Easdale issues a statement through his PR man. "I have grown tired of Mr [Dave] King?s antics."

Easdale: "I can only conclude that Mr King?s phantom bid was designed as vehicle for self-promotion of some kind."

Easdale: "For a bid to be rejected it has to be received first."

The South African Sideshow Dave?

[iainmac]

 

Grant Russell ?@STVGrant 4m4 minutes ago

Rangers football board chairman Sandy Easdale issues a statement through his PR man. "I have grown tired of Mr [Dave] King?s antics."

Easdale: "I can only conclude that Mr King?s phantom bid was designed as vehicle for self-promotion of some kind."

Easdale: "For a bid to be rejected it has to be received first."

The South African Sideshow Dave?

[Geoff Kilpatrick]

The South African Sideshow Dave?

Only if he wants to build a super new stadium beside the Clyde.

[Toxteth O'Grady]

I think he risks a possible "contempt of court" sentence if he doesn't show this time..

How many previous no shows in court does he have?

 

I seem to recall a couple in the case about his Castle

[Strachsuit]

Grant Russell ?@STVGrant 4m4 minutes ago

Rangers football board chairman Sandy Easdale issues a statement through his PR man. "I have grown tired of Mr [Dave] King?s antics."

Easdale: "I can only conclude that Mr King?s phantom bid was designed as vehicle for self-promotion of some kind."

Easdale: "For a bid to be rejected it has to be received first."

The thing I found quite funny about the Easdale statement tonight was the way it finished: "especially at such a sensitive time for the club". The admission that RFC are pretty much goosed, coming from the chairman of the football board. Although it's very obvious to all and sundry that RFC are goosed, it's still refreshing to finally hear it from someone at the club! (As opposed to Fat Salary discussing his signing targets of course).

[The Gasman]

Grant Russell ?@STVGrant 4m4 minutes ago

Rangers football board chairman Sandy Easdale issues a statement through his PR man. "I have grown tired of Mr [Dave] King?s antics."

Easdale: "I can only conclude that Mr King?s phantom bid was designed as vehicle for self-promotion of some kind."

Easdale: "For a bid to be rejected it has to be received first."

....and there's your answer FF..!

 

:smackdown:

[Footballfirst]

....and there's your answer FF..!

 

Not really considering that David Somers said that King had made a bid.

 

"Where (the King offer) fell down was really at stage one. When I said to all three of these people: "Would you show me proof of funds?", two showed me proof of funds. The consortium did not."

[Toxteth O'Grady]

The case where castle grant was repossessed certainly. But that was in a Scottish court tbh, this one is being held in London's chancery court. High Court judge Mr Justice Arnold has served a 28-day ?suspended committal order? ? a legal judgment ordering him to appear at this..

He would appear to be failing to act with the utmost good faith towards our legal systems.

Edited November 19, 2014 by Toxteth O'Grady

[Footballfirst]

keith jackson ?@tedermeatballs 4m4 minutes ago

Brian Kennedy statement details his loan offer to RFC board...

1. A ?3m facility for a period of 6 months from the date of drawdown.

2. 3% annual charge

3. Fixed security charge over Albion Car Park and Edmiston House

4. The board would endeavour in the future to extend this to security over Murray Park as they were unable to grant such at this time.

5. Ibrox to be protected in a trust or similar legal mechanism that would allow this asset to be used solely for RFC in whatever legal entity to play football in perpetuity. 6. Paul Murray to be appointed to the PLC main board for a period of 24 months.

7. A lightweight floating charge over all assets except Ibrox. 8. No qualifying floating charge to be granted to any other party.

9. In the event of administration the lender would have the right to appoint an administrator.

BK: I was informed by Mr Somers that the board had no objections to any of these terms.

BK: He later informed me that he had made the decision to go with Mr Ashley's offer.

 

------------------------------

 

#4 seems to be a questionable one. It would suggest a follow up question of Why?

#9 confirms that administration is a real possibility

Edited November 19, 2014 by Footballfirst

[trotter]

 

keith jackson ?@tedermeatballs 4m4 minutes ago

Brian Kennedy statement details his loan offer to RFC board...

1. A ?3m facility for a period of 6 months from the date of drawdown.

2. 3% annual charge

3. Fixed security charge over Albion Car Park and Edmiston House

4. The board would endeavour in the future to extend this to security over Murray Park as they were unable to grant such at this time.

5. Ibrox to be protected in a trust or similar legal mechanism that would allow this asset to be used solely for RFC in whatever legal entity to play football in perpetuity. 6. Paul Murray to be appointed to the PLC main board for a period of 24 months.

7. A lightweight floating charge over all assets except Ibrox. 8. No qualifying floating charge to be granted to any other party.

9. In the event of administration the lender would have the right to appoint an administrator.

BK: I was informed by Mr Somers that the board had no objections to any of these terms.

BK: He later informed me that he had made the decision to go with Mr Ashley's offer.

 

------------------------------

 

#4 seems to be a questionable one. It would suggest a follow up question of Why?

 

#9 confirms that administration is a real possibility

 

Isn't this the same sort of shenanigans that CW used to appoint D&P?

[Strachsuit]

keith jackson ?@tedermeatballs 4m4 minutes ago

Brian Kennedy statement details his loan offer to RFC board...

1. A ?3m facility for a period of 6 months from the date of drawdown.

2. 3% annual charge

3. Fixed security charge over Albion Car Park and Edmiston House

4. The board would endeavour in the future to extend this to security over Murray Park as they were unable to grant such at this time.

5. Ibrox to be protected in a trust or similar legal mechanism that would allow this asset to be used solely for RFC in whatever legal entity to play football in perpetuity. 6. Paul Murray to be appointed to the PLC main board for a period of 24 months.

7. A lightweight floating charge over all assets except Ibrox. 8. No qualifying floating charge to be granted to any other party.

9. In the event of administration the lender would have the right to appoint an administrator.

BK: I was informed by Mr Somers that the board had no objections to any of these terms.

BK: He later informed me that he had made the decision to go with Mr Ashley's offer.

 

------------------------------

 

#4 seems to be a questionable one. It would suggest a follow up question of Why?

#9 confirms that administration is a real possibility

Quite a revealing statement. As you say FF, why was the security over MP unable to be granted? It does suggest someone else already has it as a security against something else. But who and what??

[ivanhoe]

Here's the way forward.

 

Both sides pitch to Keith Jackson and he decides it.

 

Scotland's sports journalist of the year is clearly a business genius.

[Guest Bilel Mohsni]

Countdown to Jackson tweeting a vague wee comment promising massive and shocking revelations, only in the Daily Record... followed by a nothing story in the paper.

[Footballfirst]

Sports Scotland already have a charge on it.

The charge held by SS only amounts to ?505,000 and is due to expire in 2021.

 

It's existence, didn't stop Lloyds (Bank of Scotland) or Whyte from creating/holding securities over MP.

Edited November 19, 2014 by Footballfirst

[Strachsuit]

One good thing about these public spats over the offers and counter offers is that more will be revealed about the sorry state of affairs at ?1brox. Added to that we have the court hearings for more of RFC's dirty washing to be aired in public. The MSM can't hide these revelations any more!

[jamboz]

The SPFL should be asking for assurances and a deposit so that sevco can meet the rest of their obligations for the season.  As soon as it came out that they were less than 48 hours away from admin.  Again.

[tartofmidlothian]

Apologies if this is old news.This article from yesterday says police are looking at the Green takeover as well as the Whyte one.

 

http://www.heraldscotland.com/news/home-news/rangers-takeover-by-green-is-probed-by-police.25910886

[DETTY29]

Being a bit lazy and not looked back earlier posts but it was mentioned that a new line has been added to the creditors list by BDO for ?20m under 'directors claims'.

 

Interestingly, coincidence, but not as yet confirmed a direct link, Dave King's investment in to Rangers.

 

Now normally shares wouldn't be included as a creditor although the author of below post on TSFM alludes that King considers Murray's Rangers strategy impacted his investment. He/she also suggests this may still be subject to legal opinion and ultimately a court decision, but if Duff and Phelps had followed BDO strategy, this figure could have been included as an unsecured creditor and impacted the ultimate CVA result.

 

I see there is a Murray hits back at King banner on the Herald's front page today, but can't access the article yet.

 

Barely a short time passes without another twist or turn in this sorry tale.

-----------------------------------------

 

 

Barcabhoy says:

November 20, 2014 at 7:12 am

6 0 Rate This

 

The news that Dave King stands to potentially collect ?3 million from the liquidators seems to have taken a lot of people by surprise. It certainly had passed me by that he was a creditor.

 

From what i can see, his claim is not included in the Duff & Phelps report to creditors . In fact unless i have missed it , its not included in any of them . Initial, interim or final .

 

The claim though has now turned up I presume in the BDO report, I assume in the section that shows in excess of ?20 million is claimed by Directors.

 

Now a couple of things occur to me on reading this. Firstly , why is King any different to any other shareholder. Why should he be allowed to claim and Sammy the Mechanic not. At what point is the line drawn on claims. Normally equity is not protected in liquidations , at least as I understand it. Why then have BDO allowed Kings claim.

 

Or

 

Are they allowing it subject to a legal decision , and if so does that legal decision, if there is one , open the door for all shareholders to make a claim. King is claiming that he was not given full disclosure by Murray,and that Murray took decisions to benefit himself at the expense of other shareholders.

 

All of the above seems to be somewhat shrouded , however it seems to have touched a nerve with Murray who came out with a fairly routine denial today.

 

Secondly, and this is more interesting to those who believe King has been aiming at picking up the assets for next to nothing in another insolvency event.

Now based on the data in the final creditors report from Duff and Phelps the picture below is interetsing.

 

The unsecured creditors , who voted on the CVA were owed a collective total of ?55.415 Million. This amount did not include the big tax case. HMRC were owed a non contested ?14.372 Million . In percentage terms this equated to 25.93% , which was enough to reject the CVA.

 

However if Kings claim for ?20 million had been allowed by Duff & Phelps then the numbers are somewhat different . The amounts due to creditors would have been circa ?75.8 million with HMRC still having voting rights over ?14.372 million. This would have given them a percentage of under 19% , which wasn?t enough to cause the CVA to fail.

 

This raises a couple of questions . King is clearly a Rangers man. Why therefore did we hear no screaming and shouting about his claim not being allowed for CVA voting purposes.

 

If it had been allowed , he could have sided with almost everyone else, got the CVA accepted, no liquidation, no years in the wilderness, no journey from the very bottom of the Professional game in Scotland , and at worst only a one year European Ban ( i think )

 

Of course that would mean he wouldn?t be in control, and would have jeapordised his chances of picking up the assets at a later stage when the company was destined to fail due to revenues falling through the floor and costs not being addressed.

 

Did it suit King not to have a vote at the CVA with the opportunity to have his claim included later by liquidators. Could he have saved Rangers and chose not to do so, or was he denied any opportunity by Duff & Phelps and quietly ( unusually for him) and meekly accept this setback with good grace.

 

Now that he?s back to being garrulous maybe someone could ask him .

[DETTY29]

Link to the Herald article and Murray's response to King's claim.

 

http://www.heraldscotland.com/mobile/news/home-news/king-had-ample-opportunity-to-query-finances-claims-murray.25913874

[We_are_the_Hearts]

Link to the Herald article and Murray's response to King's claim.

 

http://www.heraldscotland.com/mobile/news/home-news/king-had-ample-opportunity-to-query-finances-claims-murray.25913874

Can you copy and paste it?

[Footballfirst]

Notwithstanding SDM's personal part in Rangers downfall, the Herald article shows up Dave King as yet another bottom feeding spiv.  His claim for ?20M was not lodged with D&P, but submitted later to BDO.

 

If I was BDO, I'd be looking to disallow the claim on the basis that he didn't invest the money in Rangers, but in Murray Sports, who then invested in a share offer in Rangers in  2000. If his claim is disallowed, it would increase the amount available to other creditors.  I think Murray Sports has already been wound up and I can't recall any specific debt as being shown in Rangers accounts.  SDM and King through Murray Sports would have held shares in Rangers but since Murray Sports has been wound up the shares it held would go to the government.

[Footballfirst]

Herald article

 

SIR David Murray has criticised former Rangers director Dave King over his bid to claw back all of the ?20 million he invested in the club 14 years ago.

 

Mr King stands to gain at least ?3m as one of the main unsecured creditors of the club's liquidated operating company.

 

The South Africa-based businessman says he intends to continue a legal challenge against the former Rangers owner over the investment. When Mr King ploughed the money into the club, a new share issue had been made to improve the playing squad and develop a strong youth policy through a new academy.

 

The claim comes amid allegations Mr King has made on the basis of non-disclosure by Sir David of Rangers' true financial position in 2000.

 

Sir David said: "I don't understand where he is coming from. There's no foundation at all to it whatsoever, there's been no financial information withheld from him. In all the times he was a director and I was chairman, he had every opportunity to participate in regular board meetings and when he wasn't there he could have phoned in.

 

"He had the chance to approve annual audited accounts. He received the board papers always in South Africa, and he had all the detailed financial commercial information.

 

"He had every opportunity to either attend the board meetings or phone in with any questions. On not one occasion did he ever question anything. In the period of time I was chairman, there would have been 32 or 33 board meetings, all minuted, all detailed - and not one note of a complaint."

 

Mr King's claim places him third on the list of the biggest unsecured creditors of the liquidated RFC 2012 plc.

 

He could end up having an even greater slicer of the creditors' cake if HMRC fail to convince courts that the oldco was liable for ?46.2m plus charges over the use of Employment Benefit Trust (EBT) loans to pay players and managers.

 

Liquidator BDO has confirmed that ?72m of the ?94.4m owed to Her Majesty's Revenue and Customs (HMRC) relies on the outcome of the long-running dispute over the so-called big tax case. Its failure to win that would cut the debts owed from around ?160m to ?96.8m.

 

The first payouts to creditors are expected in the first quarter of 2015 after BDO confirmed that they have banked ?24m after settling a claim against Collyer Bristow, the solicitors involved in the calamitous takeover of the club by Craig Whyte.

 

Mr King's share of the creditors' payout could rise to about ?5.7m if HMRC fail to overturn the previous big tax case rulings that the EBTs were legal.

 

The 14-year-old rights issue involved Murray Sports, which was controlled by Mr Murray, taking up rights through its RFC Investment Holdings subsidiary to the tune of ?32.3m.

 

Of that, ?20m was described as new money from Mr King, invested through his Ben Nevis Holdings. As part of the changes Mr King became a non-executive director at Ibrox. Some of the new cash 14 years ago went towards lowering the club's then ?40m debt.

 

Meanwhile, Mr King came under further fire yesterday from Sandy Easdale, chairman of Rangers International Football Club plc's subsidiary football board, over his failed ?16m takeover offer. Mr Easdale said it had been "designed as a vehicle for self-promotion of some kind".

 

Mr King had urged fans to boycott matches and stop buying official merchandise in a row with Rangers chairman David Somers over the bid's rejection. Mr Easdale said the bid was never properly received as Mr King did not satisfy Mr Somers' "reasonable and corporately responsible questions regarding proof of funds".

Edited November 20, 2014 by Footballfirst

[Tasavallan]

4. The board would endeavour in the future to extend this to security over Murray Park as they were unable to grant such at this time.

 

This is the interesting point for me.  If the Board were unable to extend the security over MP at this time then it would suggest that MP is already being used as surety.  For what I wonder?

[Footballfirst]

This is the interesting point for me.  If the Board were unable to extend the security over MP at this time then it would suggest that MP is already being used as surety.  For what I wonder?

Sport Scotland do have a charge over it, but that is the only one that exists.  Any other prospective claimant would have some difficulty proving that their claim was valid, as I understand that in Scots Law a charge is only valid if it has been lodged with the land registry.

 

The issue may be the contingent liability of the Sevco 5088 claim rather than another security.

Edited November 20, 2014 by Footballfirst

[Jambo-Jimbo]

This is the interesting point for me.  If the Board were unable to extend the security over MP at this time then it would suggest that MP is already being used as surety.  For what I wonder?

 

See post 67,426 on this page.

[Footballfirst]

Just for a historical slant on Dave King's status as a creditor.  He urged creditors to vote against a CVA, yet appears not to have had a vote himself.

 

http://www.bbc.co.uk/sport/0/football/18360427

 

 

Also an extract from RFC accounts in 2000

 

 

Our significant investment in players in recent years has cause borrowing levels to rise. Your Board wished to reduce the club?s reliance on short term borrowings and on 30 Match we raised ?38M by way of a 1 for 3 Rights issue principally subscribed by Murray Sports Ltd (?32.3M) but also supported by 3,552 smaller shareholders: my sincere thanks to all who contributed at that time.

 

In March 2000, in connection with the Rights Issue referred to above, Dave King, a Scots born businessman now based in South Africa, was invited to join the Board as a non-Executive Director.

Edited November 20, 2014 by Footballfirst

[Hagar the Horrible]

Well for SDM to comment from his ivory tower, on old pal King, shows a strength of feeling. King is the fans current champion, but Easedale is right to call him to put his money where his mouth is. Green clearly had the same problem, King exposed him but despite that once again failed to put his money where his mouth is. King like everybody else wants the club but will use the fans own money to buy it? This is where the orcs are extremely stupid, they could buy it themselves? there must be hun Ann Budge equivalent?

[Mysterion]

Sport Scotland do have a charge over it, but that is the only one that exists.  Any other prospective claimant would have some difficulty proving that their claim was valid, as I understand that in Scots Law a charge is only valid if it has been lodged with the land registry.

 

The issue may be the contingent liability of the Sevco 5088 claim rather than another security.

 

I am reliably informed that Sport Scotland have no intention on giving up any claim/charge over Murray Park.

[Unknown user]

Sport Scotland do have a charge over it, but that is the only one that exists. Any other prospective claimant would have some difficulty proving that their claim was valid, as I understand that in Scots Law a charge is only valid if it has been lodged with the land registry.

 

The issue may be the contingent liability of the Sevco 5088 claim rather than another security.

Former secured lender here. Correct re land registry, a charge has to be recorded here to be enforceable. The company I worked for wouldn't release funds until the charge was confirmed on the land registry.

 

The SS charge wouldn't prevent others from being granted per se.

Its like a credit card balance, if the property is worth 5 million and has 500k of charges, there is still the vast majority of equity available to borrow against.

The first charge would have priority though and it would prevent anyone else from getting it 100% as security

[Jammy T]

[iainmac]

SSN are reporting that Shooter has failed to show at the High Court. Arrest Warrant issued.

 

 

He's done a Vlad!

[Strachsuit]

SSN are reporting that Shooter has failed to show at the High Court. Arrest Warrant issued.

 

 

He's done a Vlad!

 

Brilliant.

[Guest Bilel Mohsni]

SSN are reporting that Shooter has failed to show at the High Court. Arrest Warrant issued.

 

 

He's done a Vlad!

He's gone "off the radar"?

 

[Geoff Kilpatrick]

Good luck Shooter!

[Feeno]

I await the "Catch Me if You Can" photoshops

[skinnybob72]

Where does the name Shooter come from?

[jambo89]

I will take a guess that it is in reference to shooter Mgavin in the Happy Gilmore movie. 

 

Could be talking out my hoop though

 

.http://fashionplaceface.com/shooter-mcgavin/

Edited November 20, 2014 by jambo89

[William H. Bonney]

I will take a guess that it is in reference to shooter Mgavern in the Happy Gilmore movie. 

 

Could be talking out my hoop though.

 

Its a reference to the 2007 film starring Mark Wahlberg. 

[tartofmidlothian]

He's gone "off the radar"?

 

 

 

A punchline three years in the making.

[tartofmidlothian]

I will take a guess that it is in reference to shooter Mgavin in the Happy Gilmore movie. 

 

Could be talking out my hoop though

 

.http://fashionplaceface.com/shooter-mcgavin/

 

That's the one. Ever seen them in the same room?

[Footballfirst]

Whyte will be banged up for 28 days on his return to these shores

 

http://www1.skysports.com/football/news/11788/9571000/scottish-football-a-judge-has-issued-an-arrest-warrant-for-craig-whyte

 

A High Court Judge has issued an arrest warrant for former Rangers owner Craig Whyte.

Neither Whyte, who bought the Glasgow club for ?1 from Sir David Murray in May 2011, nor his legal team were present at the hearing in London, the fourth such hearing Whyte has missed.

Mr Justice Newey has attached a custodial order of 28 days to the warrant, effectively meaning the Motherwell-born businessman faces arrest and the potential of up to four weeks in jail should he return to the United Kingdom.

This relates to a case involving finance firm Ticketus. Whyte lost that case and now owes more than ?20m.

This is separate to the ongoing Police Scotland investigation which is looking into the takeover of Rangers back in 2011.

[Zico]

So old Whyte changes the DVD from Happy Gilmore to Catch Me If You Can. Midnight Express up next with Chuck Green in the John Hurt role?