Generic Sevco / Rangers meltdown thread

[Lucius Apuleius]

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Green, Ahmad and T'Sevco International, take note:



Worthington Group Plc

24th April 2013

FOR IMMEDIATE RELEASE

Worthington Group Plc (the "Company") - Conditional Fee Agreement


Conditional Fee Agreement

The Company is pleased to announce that Law Financial Ltd ("Law Financial"), its 26% owned associate, has now entered into a Conditional Fee Agreement in relation to claims that Law Financial, through its subsidiary Sevco 5088 Ltd and separately, has to all of the business and assets of The Rangers Football Club ("Rangers") which were purchased from the Administrators of RFC 2012 Plc by Sevco 5088 Limited, or Sevco Scotland Ltd, in June of 2012.

The principle terms of the Conditional Fee Agreement are as follows:

Solicitors and Leading Counsel acting for Law Financial will share 7.5% of the recently issued and to be issued unsecured convertible loan stock and up to 18.5% of any successful claim in relation to the business and assets of Rangers.

The Company notes the announcement made on 22 April 2013 by Rangers International Football Club Plc ("RIFC") in which, contrary to other recent public announcements and statements by Mr Green and RIFC, RIFC now, five months after the publication of the Admission Document published for its flotation, claim to own Sevco 5088 Ltd.

We also note today's announcement by RIFC, and would like to confirm that solicitors, acting for the Company and Law Financial, are in a position to provide compelling evidence that Messrs Green and Ahmad received a letter before claim in December 2012, having received previous correspondence, and chose to ignore it.

In the light of recent public admissions by Mr Green, including his admission that he and Mr Ahmad deceived Mr Whyte, a fresh letter before claim is being prepared against, inter alios, The Rangers Football Club Ltd and Messrs Green and Ahmad. This letter will include additional or alternative causes of action to those already particularised in the December 2012 letter.

The shares in RIFC purportedly owned by Messrs Green and Ahmad will also be the subject of this claim.

During the course of the Company's due diligence process, relating to its purchase of a stake in Law Financial, information has been discovered relating to the conduct of Mr Charles Green and Mr Imran Ahmad, this has today been reported to the Serious Fraud Office.
Enquiries:

Douglas Ware, CEO Worthington Group Plc: [email protected]

Anne Alesbury, PD Cosec Limited,

Company Secretary, Worthington Group Plc on 0208 940 0963


This information is provided by RNS
The company news service from the London Stock Exchange

***** if I know what it means but sure sounds good.

[Just Alf]

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***** if I know what it means but sure sounds good.

Agreed!

Wish I could do that duck thing on my phone!

[Lucius Apuleius]

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Agreed!

Wish I could do that duck thing on my phone!

Yeuchhh, messy.

[JeMeSouviens]

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***** if I know what it means but sure sounds good.

It means Whyte isn't going anywhere, is claiming ownership of all the NewHuns business and assets (ie. not just Ibrox and Murray Park, the team as well) and has called the cops.

[Just Alf]

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Yeuchhh, messy.

Heck! .... I KNEW the barmaid was looking at me funny.... Now I know why! :-(

[PatHead]

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It means Whyte isn't going anywhere, is claiming ownership of all the NewHuns business and assets (ie. not just Ibrox and Murray Park, the team as well) and has called the cops.

The bit I don't understand is that Whyte knew he was not allowed to be involved. These bad boys Green and Ahmed did the dirty on him but he calls the police telling them that he has been "robbed" of something he should never have had in the first place. Surely he will be "done" as well or have I missed something?

[CropleyWasGod]

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The bit I don't understand is that Whyte knew he was not allowed to be involved. These bad boys Green and Ahmed did the dirty on him but he calls the police telling them that he has been "robbed" of something he should never have had in the first place. Surely he will be "done" as well or have I missed something?

It's all about the ownership of the property, IMO.

Neither CW nor CG are particularly bothered about being "fit and proper" in the eyes of the SFA. That is a sideshow for them, and an annoying irrelevance. What they are bothered about, of course, is cash.... and, in CW's case, the feeling that he has been stitched up. It's even more important to him since the Ticketus case went against him.

Yeah, there are inconsistencies and half-truths all over the place here, but I find the whole story both nauseating and entertaining at the same time. Just when we thought it was all clear... that CW was going to get done by the polis for fraud... this all pops up. Brilliant stuff.

[Seveno]

I see that they have appointed Craig Mather as 'temporary' Chief Executive. I expect that he is in to do a hatchet job - cutting costs, including getting rid of Coisty and Durranty. He'll take the flak and then disappear back into obscurity.

[PatHead]

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It's all about the ownership of the property, IMO.

Neither CW nor CG are particularly bothered about being "fit and proper" in the eyes of the SFA. That is a sideshow for them, and an annoying irrelevance. What they are bothered about, of course, is cash.... and, in CW's case, the feeling that he has been stitched up. It's even more important to him since the Ticketus case went against him.

Yeah, there are inconsistencies and half-truths all over the place here, but I find the whole story both nauseating and entertaining at the same time. Just when we thought it was all clear... that CW was going to get done by the polis for fraud... this all pops up. Brilliant stuff.

So CW has "possibly" committed fraud? (Due to being involved in the purchase of his failed company's assets) Are Green and Ahmed by working with Whyte on this scam possibly guilty of fraud as well?

[CropleyWasGod]

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So CW has "possibly" committed fraud? (Due to being involved in the purchase of his failed company's assets) Are Green and Ahmed by working with Whyte on this scam possibly guilty of fraud as well?

We are all Spartacus.

***tifano, TBH. It's all "he said..." "she said".... "naw ah didny" at the moment. No certainties at all in my book, except for the fact that a lot of lawyers are rubbing their hands.

[PatHead]

Honour amongst thieves eh!

[CropleyWasGod]

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Honour amongst thieves eh!

Indeed. One can take comfort out of this knowing that one, or both, of the two protagonists are going to get rooked by their lawyers.

[PatHead]

Think you better be dusting down your books again and take another 6 month break from work as this may become interesting again.

[CropleyWasGod]

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Think you better be dusting down your books again and take another 6 month break from work as this may become interesting again.

As it happens, I'm off on holiday next weekend. I could miss so much.... Craig v Chuckie, HMFC v everybody, the annual "Cup final ticket moan" thread.

[s.a.m]

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As it happens, I'm off on holiday next weekend. I could miss so much.... Craig v Chuckie, HMFC v everybody, the annual "Cup final ticket moan" thread.

[s.a.m]

I hope you and CG checked the rota first.....

[Hibby70]

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As it happens, I'm off on holiday next weekend. I could miss so much.... Craig v Chuckie, HMFC v everybody, the annual "Cup final ticket moan" thread.

You're no allowed to go unless you check in once a day.

[Spike Mandela]

http://scotslawthoughts.wordpress.co...ice/#more-3571

[CropleyWasGod]

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http://scotslawthoughts.wordpress.co...ice/#more-3571

Nice to know that I am not the only one who is scoobied.

A couple of things caught my eye, though:-

Per RFC, "Sevco 5088 was not the acquisition vehicle which purchased the assets of Rangers." According to the media at the time, it bloody well was. They were then transferred to the present company. So, either they were lying then or they are lying now.

Also, about Sevco 5088 "false claims of directorships ...been filed recently at Companies House." Presumably, this is about whether or not CW was a director of 5088 (see here, about 3 pages back). It would help CW if he was, obviously, which is why RFC are saying the CH information is wrong. It's actually quite easy to file wrong information at CH, if you know how. This could be a very important issue in the months to come.

He's spot-on with most things, though. It's all tub-thumping until the police, and then perhaps the Courts, find their way through it.

[green glory]

Incredibly, this Cro-Magnon throwback was the only one anywhere near Ibroke that asked the one question that needed to be asked.

image-2159886389.jpg


WHAUR'S RA DEEDS???

[JeMeSouviens]

Interesting claims that Imran Ahmad has been using HunMedia as a propaganda tool:

http://www.therangersstandard.co.uk/...ive-ibrox-leak

[Caversham Green]

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Nice to know that I am not the only one who is scoobied.

A couple of things caught my eye, though:-

Per RFC, "Sevco 5088 was not the acquisition vehicle which purchased the assets of Rangers." According to the media at the time, it bloody well was. They were then transferred to the present company. So, either they were lying then or they are lying now.

Also, about Sevco 5088 "false claims of directorships ...been filed recently at Companies House." Presumably, this is about whether or not CW was a director of 5088 (see here, about 3 pages back). It would help CW if he was, obviously, which is why RFC are saying the CH information is wrong. It's actually quite easy to file wrong information at CH, if you know how. This could be a very important issue in the months to come.

He's spot-on with most things, though. It's all tub-thumping until the police, and then perhaps the Courts, find their way through it.

It wasn't just the media that were saying Sevco 5088 bought the assets - both Duff & Phelps and Rangers themselves have said it and, according to the CVA document 5088 had exclusive rights to buy. (BTW that Rangers statement is so clumsy it must have been written by James Traynor).

The document appointing Craig Whyte as a director is an old-style paper form with the entries hand-written - highly unusual for appointments on this scale, but it carries what looks very like Charles Green's signatue. The document removing Aidan Earley on the same date is an electronic one and is not signed by anyone. Both were submitted 11 months after the events they document. I didn't get Earley's appointment or Whyte's removal 'cos I'm looking after the pennies, but no doubt they're on the same forms.

[LeighLoyal]

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Interesting claims that Imran Ahmad has been using HunMedia as a propaganda tool:

http://www.therangersstandard.co.uk/...ive-ibrox-leak

And Orcs swallowing it whole as per usual. A painful dose of reality is going to hit these zombies soon enough.

[green glory]

I'm now seriously thinking Sevco won't be playing anywhere next season.

A 3 way battle for the assets between the current board, Craig Whyte and BDO, with police investigations and litigation galore.

STILL no season tickets on sale

The recent share issue possibly selling shares in the wrong company, with the money raised long gone.

This isn't going to be sorted out quickly, and with the club burning over a million a month, not to mention the rumours of a lot of unpaid bills.

They have been buried and risen from the grave, but I think the Ferryman's about to take them across the Styx.

They probably don't even have the fare for that though.

[CropleyWasGod]

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It wasn't just the media that were saying Sevco 5088 bought the assets - both Duff & Phelps and Rangers themselves have said it and, according to the CVA document 5088 had exclusive rights to buy. (BTW that Rangers statement is so clumsy it must have been written by James Traynor).

The document appointing Craig Whyte as a director is an old-style paper form with the entries hand-written - highly unusual for appointments on this scale, but it carries what looks very like Charles Green's signatue. The document removing Aidan Earley on the same date is an electronic one and is not signed by anyone. Both were submitted 11 months after the events they document. I didn't get Earley's appointment or Whyte's removal 'cos I'm looking after the pennies, but no doubt they're on the same forms.

Ta for confirming that. I thought i had misremembered ...but your version is the same as mine. OldHun to 5088 to Scotland.

On the CH forms, it looks like it will be straight argument over whether that signature is genuine. It is so easy to put false info into CH .

[green glory]

Can't vouch for the accuracy of this, but doesn't seem too far fetched.

@corsica1968: Hearing (direct from Blue Knight) it's civil war @ Ibrox. Cardigan & Fat Sally briefing furiously against DCK & CG camps to save themselves.

@corsica1968: @corsica1968 Of course, this could mean the blue knight is also briefing (its not PM) tho I can't think why as he knows he's well out of it.

@corsica1968: Told DCK less than impressed with Fat Sally & Cardigan football styles & personal animosity with Cardigan from past. Vowed to "cleanse" club

@corsica1968: Also told Shiels was asked about manager position in January which pissed off Calderwood who was hovering "like a fly on a ****".

@corsica1968: Finally told they all know going to go bust again. Options: Murray or Mather find short-term finance quick, DCK comes back, or death.

@corsica1968: @EdgarBlamm Oh yes, & appears lot of rich bears with dignity are doing walking away; "sickened & not interested" "Murray has killed club"

[Caversham Green]

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Ta for confirming that. I thought i had misremembered ...but your version is the same as mine. OldHun to 5088 to Scotland.

On the CH forms, it looks like it will be straight argument over whether that signature is genuine. It is so easy to put false info into CH .

I'll tell you what I think has happened.

I reckon Charlie conned Craigie into thinking he was still involved by giving him those signed appointment forms back in May but telling him not to submit them at the time as he (Craigie) was banned from involvement in the football club. Then Charlie has moved the assets from 5088 to Scotland while he was the only registered director leaving Craigie as an unregistered director of an empty company - I think Craigie himself would call it the old switcheroo. Craigie has been chasing Charlie privately, using a bit of blackmail to get what he thinks is due and has now brought it out in the open, forcing Charlie to resign.

Nice people.

[MrSmith]

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I'll tell you what I think has happened.

I reckon Charlie conned Craigie into thinking he was still involved by giving him those signed appointment forms back in May but telling him not to submit them at the time as he (Craigie) was banned from involvement in the football club. Then Charlie has moved the assets from 5088 to Scotland while he was the only registered director leaving Craigie as an unregistered director of an empty company - I think Craigie himself would call it the old switcheroo. Craigie has been chasing Charlie privately, using a bit of blackmail to get what he thinks is due and has now brought it out in the open, forcing Charlie to resign.

Nice people.

Aint that the Rangers way!

[JimBHibees]

Who is DCK?

[Caversham Green]

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Who is DCK?

I believe Jim Traynor is a DCKHD.