Jump to content

The Rangers soap opera goes on and on.


Sergio Garcia

Recommended Posts

Jambo-Jimbo

Unfortunately none of us know the terms of the Ashley loan, the small print I mean, however I think Ashley is playing a game here, a game he can't lose.

 

He calls an EGM and puts forward a resolution for the shareholders to vote on whether to pay him his ?5m back or not.

The board are recommending that the shareholders vote against the resolution, well that seems to me a bit like the scene out of Ghostbusters were Dan Aykroyd chooses the form of the destructor.

If Ashley loses the vote, he then can say the board & their supporters within the shareholders are refusing to pay him his loan back and he then, either has the right to call the loan in, or take over the assets, as he can clearly demonstrate that Rangers are refusing to pay the loan back.

In this scenario it wouldn't matter what the terms of the loan were as Rangers are refusing to honor any terms.

 

On the other hand if he wins the vote then King & co will need to settle the ?5m smartly and if they don't and keep saying they won't pay, then they are in breach of a shareholder vote and resolution.

Either way Ashley will get his ?5m back or the assets and will probably embarrass King & co in the process.

Link to comment
Share on other sites

Spellczech

I think this too, plus I think he's likely to move to get his two board members and if anyone moans about it, he can say 'well, I just gave you a chance to get out of the loan, so you can hardly complain about me holding you to the terms of the deal now you've decided to keep it'!

if MA was genuinely focused on getting his loan repaid first and foremost, he would have written to shareholders or circulated via media a response to the board's recommendation. Fact that he hasn't indicates that it is more important to get the information out there re AIM than to get his cash. Ashley has two types of investment in Sevco. The working capital loan which is secured and protects his retail interests, and the equity 9% which has undoubtedly lost value since the delist, and this also where his less wealthy buddies the Easedales have lost out... King and his mates came in on a promise of transparency and this thread alone with all its necessary speculation proves that so far, and partly due to the delist itself, there has been no transparency at all...
Link to comment
Share on other sites

JamboHeriot

Management teams and squads can be assembled very quickly though. George Burley was appointed Hearts manager on the 30th June for example.

 

Not that I'm comparing the position of Hearts 2005 to Rangers 2015 and obviously your opening gambit will play a huge part in determining whether the bookies are indeed right, I just feel people are jumping the gun a bit in regards to how they currently sit.

 

They'll improve their coaching structure and whilst the players they bring in may not be earning that of those who have left, they will start the season with a team at the very least capable of challenging for the title and a team fitter and better prepared than they were for this season, IMO.

Remember bookie's odds are there to effectively maximise the bookie's profit. A lot of Rangers fans will jump at that price and will stake a higher amount because of a lower return. Then even if Rangers do win the league, the bookie has lost a relatively small amount.

If this was us in the situation Rangers find themselves, I'd certainly be nervous. They're in a much deeper hole than Hibs were at the start of this season - look how Hibs begun. My money would be on Hibs, from a purely objective point of view.

Link to comment
Share on other sites

maroonlegions

New NEWCO  song choices.

 

 

The NEWCO F.C. official album;

1. Borrow borrow (we will borrow millions)

2. God pay the queen

3. The cry was no reminders

4. The cash my father owed

5. Penny blockade

6. Simply in debt

7. (Bonus remix) Simply the bust

Link to comment
Share on other sites

Rudolf's Mate

New NEWCO song choices.

 

The NEWCO F.C. official album;

1. Borrow borrow (we will borrow millions)

2. God pay the queen

 

3. The cry was no reminders

4. The cash my father owed

5. Penny blockade

6. Simply in debt

7. (Bonus remix) Simply the bust

:rofl:

Link to comment
Share on other sites

Hagar the Horrible

Just to show just how succulent lamb the Sunday Mail is, small article on back and inside back page, about Rangers going to announce soon their new failure, sorry manager, it then states that Ashley has called a GM to ask the shareholders not to repay back his loan, that's the way it reads?????/

 

Mike has called the GM to force King to come clean about being ditched from the stock exchange, because King being voted onto the board was in clear breach over the securities in Rule 1. Mike has used the loan as leverage clearly, but King with a weak hand played the only bit in his power and get the wording of the summons to hold a GM to favour the boards additional resolution.

 

Been out of this for a bit, but when is the GM? and the location, just like the last AGM they held it in a backroom in a top London hotel to stop fans getting in? this time they should hold it somewhere where Mike or his cohorts wont be welcome? St James Park?

 

Just to ask again when/where is the GM?

Link to comment
Share on other sites

Angus Young

The Huns could have had Ashley's investment cash, but they & the Sfa trusted King's rhetoric instead.

 

https://rangerssupportersloyal.wordpress.com/2015/06/05/the-sound-of-silence/comment-page-1/#comment-1381

 

interesting comments from this fan on kings deception & his take on how things could pan out.. [emoji6]

 

 

I Agree with what this guy is saying King is another Craigy Boy we wants to be the big Man in charge but wil not pony up simply because he has no money  i can see Admin 2 coming along very soon.

Link to comment
Share on other sites

Spellczech

The Huns could have had Ashley's investment cash, but they & the Sfa trusted King's rhetoric instead. https://rangerssupportersloyal.wordpress.com/2015/06/05/the-sound-of-silence/comment-page-1/#comment-1381

interesting comments from this fan on kings deception & his take on how things could pan out.. [emoji6]

lol that is even more gloomy about Sevco's prospects than we are on here...
Link to comment
Share on other sites

Without wishing to sound like CJGJ (perish the thought!), it's far from clear that MA has any right to call in the loan. His EGM proposal is basically him saying to the directors that if they don't like the terms of the loan, they can fork out the ?5m to him and he'll hand over the securities, etc, straight away. He's basically just saying to them to put their money where their mouths are. The board have said in reply that at the moment, they have higher priorities for spending ?5m. The vote will be little more than symbolic. If it goes MA's way, it doesn't actually oblige the board to hand their cash over to MA, it'll just embarrass King & co. If it goes the board's way, it makes no real difference either.

 

However the vote goes, I don't think King & co will pay MA off, and I suspect he'll move to appoint his two board members shortly afterwards!

It's not so bad on the dark side  :tiny:

 

Of course like all posters on here we do not know the real terms of the loan but you can bet your bottom dollar had any of the clauses not been met and the board had defaulted Ashley would have moved in for the kill..he has not and from that it;s pretty clear the board have kept to the agreement up to this point in time.

Link to comment
Share on other sites

It's not so bad on the dark side :tiny:

 

Of course like all posters on here we do not know the real terms of the loan but you can bet your bottom dollar had any of the clauses not been met and the board had defaulted Ashley would have moved in for the kill..he has not and from that it;s pretty clear the board have kept to the agreement up to this point in time.

So you don't know the terms of the loan but it's clear that TRIFC have not broken those terms...good yin [emoji106]
Link to comment
Share on other sites

FarmerTweedy

Unfortunately none of us know the terms of the Ashley loan, the small print I mean, however I think Ashley is playing a game here, a game he can't lose.

 

He calls an EGM and puts forward a resolution for the shareholders to vote on whether to pay him his ?5m back or not.

The board are recommending that the shareholders vote against the resolution, well that seems to me a bit like the scene out of Ghostbusters were Dan Aykroyd chooses the form of the destructor.

If Ashley loses the vote, he then can say the board & their supporters within the shareholders are refusing to pay him his loan back and he then, either has the right to call the loan in, or take over the assets, as he can clearly demonstrate that Rangers are refusing to pay the loan back.

In this scenario it wouldn't matter what the terms of the loan were as Rangers are refusing to honor any terms.

 

On the other hand if he wins the vote then King & co will need to settle the ?5m smartly and if they don't and keep saying they won't pay, then they are in breach of a shareholder vote and resolution.

Either way Ashley will get his ?5m back or the assets and will probably embarrass King & co in the process.

That bit's just wrong! How can sevco be refusing to honour any terms if the terms don't allow MA to call the loan in just now? As you say, nobody on here knows for sure what the loan terms are, and if there isn't a provision for MA to call it in when he wants, and sevco haven't breached any terms that do allow him to call it in, if the vote goes against MA, the loan will just carry on.

Link to comment
Share on other sites

It's not so bad on the dark side  :tiny:

 

Of course like all posters on here we do not know the real terms of the loan but you can bet your bottom dollar had any of the clauses not been met and the board had defaulted Ashley would have moved in for the kill..he has not and from that it;s pretty clear the board have kept to the agreement up to this point in time.

 

What's your take on this group of Bears ?  https://rangerssupportersloyal.wordpress.com/2015/06/05/the-sound-of-silence/comment-page-1/#comment-1381

 

They seem to be slightly less supportive of King than yourself.

Its a strange world when a Hearts fan is more optimistic for Rangers than Rangers fans are themselves.

Link to comment
Share on other sites

So you don't know the terms of the loan but it's clear that TRIFC have not broken those terms...good yin [emoji106]

Equally you know then that the terms and conditions have been broken ?

 

'good yin' as you put it. 

Link to comment
Share on other sites

What's your take on this group of Bears ?  https://rangerssupportersloyal.wordpress.com/2015/06/05/the-sound-of-silence/comment-page-1/#comment-1381

 

They seem to be slightly less supportive of King than yourself.

Its a strange world when a Hearts fan is more optimistic for Rangers than Rangers fans are themselves.

To try and get things straight this is not about being supportive of King. It is about trying to make some on here think a bit more as it seems they are so blinded by their feelings they just do not consider any other point of view

 

This is about opinion and mine differs from many on here. Now we will see in the next few months just what way this goes but at this moment despite claims made no one can be sure of the end game.

What I want to happen re Rangers may differ from what I think will happen and some of the posts on here are hopes and dreams with little basis in reality.

Link to comment
Share on other sites

 

The Huns could have had Ashley's investment cash, but they & the Sfa trusted King's rhetoric instead.

 

https://rangerssupportersloyal.wordpress.com/2015/06/05/the-sound-of-silence/comment-page-1/#comment-1381

 

interesting comments from this fan on kings deception & his take on how things could pan out.. [emoji6]

Bang on the cash.

 

Ashleys place men have been the only ones who looked like implementing any sort of austerity measures to introduce some sustainability.

 

Admittedly things were heavily weighted in Ashleys favour but in reality that was going to be the price for bringing about some meaningful, long term, effective stability to the good ship Sevco.

 

But for the hordes, media, Sfa, and Gasl that wasn't good enough. No long term plan involving mediocrity and austerity for them. No learning from past mistakes. It's all about quick fixes and spending more money, just not sure whose.

 

They are more worried about getting back to competing with Celtic asap so they don't run away with titles and cups not how they get there. Just listen to Gasl in his interviews.

 

I hope they drown in their own pish!

Link to comment
Share on other sites

eddiepolio

To try and get things straight this is not about being supportive of King. It is about trying to make some on here think a bit more as it seems they are so blinded by their feelings they just do not consider any other point of view

 

This is about opinion and mine differs from many on here. Now we will see in the next few months just what way this goes but at this moment despite claims made no one can be sure of the end game.

What I want to happen re Rangers may differ from what I think will happen and some of the posts on here are hopes and dreams with little basis in reality.

What do you want to happen to Rangers?

Link to comment
Share on other sites

Stuart Lyon

ITK - excellent! Sadly it is not only tis three that the comic strip relates to; the 2 Election threads in the Shed come to mind.

Link to comment
Share on other sites

Unknown user

ITK - excellent! Sadly it is not only tis three that the comic strip relates to; the 2 Election threads in the Shed come to mind.

Yep! Unfortunately Dick seems to have multiple usernames :(
Link to comment
Share on other sites

Equally you know then that the terms and conditions have been broken ?

 

'good yin' as you put it.

Ha ha, I've asked 4 times if anyone knows the terms so far! The "good yin" bit is for you slagging people for speculation and rumour yet you speculate without a hint of irony. Good yin [emoji1]

 

 

Sent from my iPhone using Tapatalk

Link to comment
Share on other sites

What's your take on this group of Bears ? https://rangerssupportersloyal.wordpress.com/2015/06/05/the-sound-of-silence/comment-page-1/#comment-1381

 

They seem to be slightly less supportive of King than yourself.

Its a strange world when a Hearts fan is more optimistic for Rangers than Rangers fans are themselves.

Isn't that McMurdo Jnrs site?

 

Always felt as with Mac Ghoilla Bhan, Jack Irvine was feeding them both.

 

I find it hard to believe King has got this far without a pot to pee in and his investors not cash rich either.

 

I just can't see another admin event although maybe King and his crew do need to scale down significantly. But why an up and coming Warburton instead of sticking with McCall?

 

What a mess.

Edited by DETTY29
Link to comment
Share on other sites

Walter Bishop

King press conference this afternoon to outline his plans and launch season tickets. 

 

Warburton now 1/5 on at some bookies to be named manager. 

Link to comment
Share on other sites

The Gasman

Isn't that McMurdo Jnrs site?

 

Always felt as with Mac Ghoilla Bhan, Jack Irvine was feeding them both.

 

I find it hard to believe King has got this far without a pot to pee in and his investors not cash rich either.

 

I just can't see another admin event although maybe King and his crew do need to scale down significantly. But why an up and coming Warburton instead of sticking with McCall?

 

What a mess.

Right now Rangers are still haemorrhaging cash, and King and Co. seem to have done little or nothing to stop that. Going through a second insolvency event may well enable Rangers to wriggle out from under some (many? / all?) the onerous contracts which are currently bleeding them dry.

 

No doubt it would be a hell of a gamble, but it might just be one that King sees as worth the (relatively) short term pain, for the (relatively) medium term gain.

Link to comment
Share on other sites

Unknown user

Right now Rangers are still haemorrhaging cash, and King and Co. seem to have done little or nothing to stop that. Going through a second insolvency event may well enable Rangers to wriggle out from under some (many? / all?) the onerous contracts which are currently bleeding them dry.

 

No doubt it would be a hell of a gamble, but it might just be one that King sees as worth the (relatively) short term pain, for the (relatively) medium term gain.

It's hard, the silence is deafening and although we don't know the details, everyone knows there's some ugly stuff in those books.

 

Tell you what though, I'm soooo glad it's not us, I doubt I'd be able to sleep at night

Link to comment
Share on other sites

Spellczech

To try and get things straight this is not about being supportive of King. It is about trying to make some on here think a bit more as it seems they are so blinded by their feelings they just do not consider any other point of view

 

This is about opinion and mine differs from many on here. Now we will see in the next few months just what way this goes but at this moment despite claims made no one can be sure of the end game.

What I want to happen re Rangers may differ from what I think will happen and some of the posts on here are hopes and dreams with little basis in reality.

but in order to make people think you have to give them something to think about. Adopting the "head in the sand - King is rich, he's promised money" attitude that most of the Bears Den takes, isn't food for thought it is just adherence to propaganda. Actions speak louder than words and King has done absolutely nothing so far...never mind though we have a press conference later to discuss, where I believe their fans are to be asked to invest(again)
Link to comment
Share on other sites

Geoff Kilpatrick

but in order to make people think you have to give them something to think about. Adopting the "head in the sand - King is rich, he's promised money" attitude that most of the Bears Den takes, isn't food for thought it is just adherence to propaganda. Actions speak louder than words and King has done absolutely nothing so far...never mind though we have a press conference later to discuss, where I believe their fans are to be asked to invest(again)

Equally, there are those who are concocting scenarios of administration and worse because King hasn't splashed the cash.

 

When that spat was going on the other day, it was enjoyable watching people going head to head over which form of warped speculation was "correct".

Link to comment
Share on other sites

Spellczech

Equally, there are those who are concocting scenarios of administration and worse because King hasn't splashed the cash.

 

When that spat was going on the other day, it was enjoyable watching people going head to head over which form of warped speculation was "correct".

haha true. But what is beyond dispute is that somebody will have to put a significant sum of money into Sevco, and it now doesn't look like being Mike Ashley. Maybe it will be King and his buddies, but tbh it is looking more and more like it will be the fans again...
Link to comment
Share on other sites

Right now Rangers are still haemorrhaging cash, and King and Co. seem to have done little or nothing to stop that. Going through a second insolvency event may well enable Rangers to wriggle out from under some (many? / all?) the onerous contracts which are currently bleeding them dry.

 

No doubt it would be a hell of a gamble, but it might just be one that King sees as worth the (relatively) short term pain, for the (relatively) medium term gain.

Going into administration is a big risk though. King doesnt have control of the debt or the shares. There may be other people who are prepared to offer more than he is to buy the assets out - perhaps someone who ia on the side of Mike Ashley.

Link to comment
Share on other sites

Going into administration is a big risk though. King doesnt have control of the debt or the shares. There may be other people who are prepared to offer more than he is to buy the assets out - perhaps someone who ia on the side of Mike Ashley.

The main debt is to the parent company, the one King and the others own shares in and are directors of.

Link to comment
Share on other sites

I was under the impression even after an admin avent the onerous contracts would remain. I cant see that happening tbh.

 

The other question is why does King not just offer ashley money for the Mash holdings shares and have him out completely.

Link to comment
Share on other sites

Unknown user

The main debt is to the parent company, the one King and the others own shares in and are directors of.

But as we know from our own experience, related parties wouldn't be able to vote in a CVA

Link to comment
Share on other sites

Spellczech

I was under the impression even after an admin avent the onerous contracts would remain. I cant see that happening tbh.

 

The other question is why does King not just offer ashley money for the Mash holdings shares and have him out completely.

I think there is a formula for the price he'd have to offer, and it would be higher than the price on delist. Would be an expensive way to get just another 9%. And other shareholders might squeal, as it was King who called for fans to not buy STs, then took control of the board which resulted in the delist.

 

We may have something new to discuss by 3pm or on Friday after the EGM...

Link to comment
Share on other sites

I was under the impression even after an admin avent the onerous contracts would remain. I cant see that happening tbh.

 

The other question is why does King not just offer ashley money for the Mash holdings shares and have him out completely.

 

I assume that paying back the 5 Mil loan is not a major issue, although people will say that King has no money.

 

I think the main issue is King will have to buy out or get rid of the commercial deal with sports direct to get rid of Ashley completely. 

 

I sometimes think the only reason Ashely lent the 5 Million was to protect his lucrative commercial deal. 

Link to comment
Share on other sites

The Gasman

I was under the impression even after an admin avent the onerous contracts would remain. I cant see that happening tbh.

.

Liquidation kills the company, and so all commercial contracts - onerous or not - die with it.

 

Administration is not as black and white, but an administrator can apply to have contracts put aside, or rewritten, if their presence would threaten the business's ability to continue as a going concern.

 

As I said, it would certainly be one hell of a risk, but if all the "onerous contracts" might be preventing the Club from being "sorted", it might be a gamble that King (with backing) may just be ruthless enough to consider taking.... :unsure:

Edited by The Gasman
Link to comment
Share on other sites

I was under the impression even after an admin avent the onerous contracts would remain. I cant see that happening tbh.

 

The other question is why does King not just offer ashley money for the Mash holdings shares and have him out completely.

 

I think this would take him over the 30% bracket (certainly in conjunction with the other directors) and therefore he'd have to bid for the whole company.

Link to comment
Share on other sites

Jamboelite

To try and get things straight this is not about being supportive of King. It is about trying to make some on here think a bit more as it seems they are so blinded by their feelings they just do not consider any other point of view

 

This is about opinion and mine differs from many on here. Now we will see in the next few months just what way this goes but at this moment despite claims made no one can be sure of the end game.

What I want to happen re Rangers may differ from what I think will happen and some of the posts on here are hopes and dreams with little basis in reality.

And that is absolutely fine and healthy from a debate perspective.

 

What people dont like is the fact you are extremely derogatory to their views when in fact they are just as valid as yours.

 

You have used the excuse that people are blinded by their feelings when there are posters who have clearly asked questions in debate of your points. You at times chose to play the martyr card without noting that their views may still be valid because you see your view as far more educated than theirs, when really you are guessing also.

Edited by Jamboelite
Link to comment
Share on other sites

The main debt is to the parent company, the one King and the others own shares in and are directors of.

I know that, but thwy don't control the company.

Link to comment
Share on other sites

Equally, there are those who are concocting scenarios of administration and worse because King hasn't splashed the cash.

 

When that spat was going on the other day, it was enjoyable watching people going head to head over which form of warped speculation was "correct".

:spoton:

Link to comment
Share on other sites

Equally, there are those who are concocting scenarios of administration and worse because King hasn't splashed the cash.

 

When that spat was going on the other day, it was enjoyable watching people going head to head over which form of warped speculation was "correct".

true but the facts are that the vast majority of football fans across Scotland want only what is worst for rangers, and that is reflected on here. The problem most people have with CJGJ's posts is that he comes across as knowing what is going on and is very argumentative and condescending to those who oppose his views. He has the right to post whatever he wants, within reason, but I get the feeling he is just saying black to most others white

Link to comment
Share on other sites

Geoff Kilpatrick

true but the facts are that the vast majority of football fans across Scotland want only what is worst for rangers, and that is reflected on here. The problem most people have with CJGJ's posts is that he comes across as knowing what is going on and is very argumentative and condescending to those who oppose his views. He has the right to post whatever he wants, within reason, but I get the feeling he is just saying black to most others white

That may be true of the posters in question but both claiming they were right with no evidence to back either up was even more tragic.
Link to comment
Share on other sites

Independence

true but the facts are that the vast majority of football fans across Scotland want only what is worst for rangers, and that is reflected on here. The problem most people have with CJGJ's posts is that he comes across as knowing what is going on and is very argumentative and condescending to those who oppose his views. He has the right to post whatever he wants, within reason, but I get the feeling he is just saying black to most others white

Spot on !!! The Rankers sympathisers won't agree though!

Link to comment
Share on other sites

  • Maple Leaf locked this topic
Guest
This topic is now closed to further replies.
×
×
  • Create New...