Generic Sevco / Rangers meltdown thread

[portycabbage]

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Yep, it does, makes you wonder why the "the rangers men" never put it up if they had it - they'll have to at some point unless they find a way to get the authorities to ignore King's past.

I think it's not that the "the rangers men" (I assume this is the King/3 bears lot) didn't put the money up, it's just that the current board went with Ashley's offer. And whether the authorities allow King to be on the board or not, the club will still owe the money to Ashley, which means Ashley is still entitled to 2 directors on the board.

I'm not sure on the legalities of King refusing to pay the debt, or somehow removing Ashley's men despite it being part of the £10m loan conditions. What takes precedence - the loan contract, or the shareholder vote to remove them and put King's lot in?

[Bostonhibby]

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I think it's not that the "the rangers men" (I assume this is the King/3 bears lot) didn't put the money up, it's just that the current board went with Ashley's offer. And whether the authorities allow King to be on the board or not, the club will still owe the money to Ashley, which means Ashley is still entitled to 2 directors on the board.

I'm not sure on the legalities of King refusing to pay the debt, or somehow removing Ashley's men despite it being part of the £10m loan conditions. What takes precedence - the loan contract, or the shareholder vote to remove them and put King's lot in?

I think you're right about how the loan came to be made. I just think that it needn't have got that far if the current "good guys" put their money where their mouths were earlier. Not going to miss a chance to kick them

Would be amazed if the loan terms didn't make it repayable regardless. Might be able to avoid it if they liquidated the club again?

[portycabbage]

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Would be amazed if the loan terms didn't make it repayable regardless. Might be able to avoid it if they liquidated the club again?

I think Ashley has that sewn up - IIRC he gets to appoint an administrator and has the securities over various sevco assets.

King seems to have said that the loan may be legally challenged -

"The concern I have is that there are strong allegations that the commercial arrangements are very much in favour of Sports Direct and to the detriment of Rangers. If that was the case, it would be something we would look at.

"If Mike Ashley put £10m into Rangers, I'd expect there to be some cash in the bank, that would be quite pleasant. Would we pay him immediately? I don't think so. There needs to be a forensic investigation.

"If there's some form of malfeasance, the club would have a claim against Sports Direct, in which case I would rather his money was in the club and I would attach the money in lieu of a claim and not pay him back.

"Our intention is in the interests of transparency. If people have acted improperly, it can't be swept under the carpet. It's not going to be a witch hunt."
http://www.bbc.co.uk/sport/0/football/31139420

The bit that I wonder about though is whether he can challenge the terms of the loan, specifically Ashley having the right to pick 2 directors. If the vote goes against Llambias and Leach - do they get left where they are, put straight back in again, or are sevco in breach of the loan contract by voting them off?

[Bostonhibby]

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I think Ashley has that sewn up - IIRC he gets to appoint an administrator and has the securities over various sevco assets.

King seems to have said that the loan may be legally challenged -

"The concern I have is that there are strong allegations that the commercial arrangements are very much in favour of Sports Direct and to the detriment of Rangers. If that was the case, it would be something we would look at.

"If Mike Ashley put £10m into Rangers, I'd expect there to be some cash in the bank, that would be quite pleasant. Would we pay him immediately? I don't think so. There needs to be a forensic investigation.

"If there's some form of malfeasance, the club would have a claim against Sports Direct, in which case I would rather his money was in the club and I would attach the money in lieu of a claim and not pay him back.

"Our intention is in the interests of transparency. If people have acted improperly, it can't be swept under the carpet. It's not going to be a witch hunt."
http://www.bbc.co.uk/sport/0/football/31139420

The bit that I wonder about though is whether he can challenge the terms of the loan, specifically Ashley having the right to pick 2 directors. If the vote goes against Llambias and Leach - do they get left where they are, put straight back in again, or are sevco in breach of the loan contract by voting them off?

Sorry, sarcasm on my part - we need a sarcy smiley! - he certainly has a secured charge over the assets and cops the lot in the event of a liquidation.

As far as King's legal remedies are concerned, he seems to be interpreting UK law in much the same way as when he recently declared himself the winner in his South African tax case.

The Ashley loan to the rangers wasn't a case of there being any doubt about the terms of the loan or anyone being unable to understand it - commercial loan to a commercial entity - I wonder what was illegal about it, I guess that will be one for King to fight with Ashley in court about if the board changes come about in the way he wants.

[Eyrie]

Murray couldn't give Huns RIP away until Whyte came along.

When Huns RIP were liquidated, Green made the only serious offer to acquire the assets for Sevco Huns.

So where were the Three Bears and their money when all this was happening? At least King has a decent excuse - he was on trial for massive tax evasion and didn't know how much it would cost to buy his way out of a lengthy prison sentence.

[greenginger]

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I think you're right about how the loan came to be made. I just think that it needn't have got that far if the current "good guys" put their money where their mouths were earlier. Not going to miss a chance to kick them

Would be amazed if the loan terms didn't make it repayable regardless. Might be able to avoid it if they liquidated the club again?

http://www.londonstockexchange.com/e.../12227853.html

I don't think there will be anything in the Ibrox kitty come their meeting.

The £ 10 million facility was in two parts. the first £ 5 million was used to repay the £ 3 million already due to Mash Holdings and remaining £ 2 million will be eaten up with Jan. and Feb. wages and running costs. The second £ 5 million would be available after Ashley's guys do due diligence ie is he still in charge.

If King wins he will inherit an empty kitty , a stack of bills, March wages and a bill for the meeting he called. The incoming board better have deep pockets.

[ACLeith]

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"Our intention is in the interests of transparency. If people have acted improperly, it can't be swept under the carpet."

Did Dave King really say that? Wow, that must be one of the quotes of 2015

[brog]

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Its a real shame that its not going to be at the Millennium as they have a great big foyer area at reception where they could easily have got wee wullie blue nose set up with his organ to pipe in the faithful.

True story about the Millennium Hotel. Bruce Springsteen was staying there about 10 years ago & he wandered round the corner to nearby pub, I forget the name, for a pint. Next thing he's up on stage doing karaoke. Chaos of course ensued with people arriving from everywhere, imagine it now in age of Twitter! Genuinely true, I've been in pub & seen the pix. Bet they're upset to lose the custom of hundreds of rancid bears!

[portycabbage]

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Did Dave King really say that? Wow, that must be one of the quotes of 2015

I know, the convicted fraudster turned would-be protector of truth and propriety!

[Bostonhibby]

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True story about the Millennium Hotel. Bruce Springsteen was staying there about 10 years ago & he wandered round the corner to nearby pub, I forget the name, for a pint. Next thing he's up on stage doing karaoke. Chaos of course ensued with people arriving from everywhere, imagine it now in age of Twitter! Genuinely true, I've been in pub & seen the pix. Bet they're upset to lose the custom of hundreds of rancid bears!

And they could have had pictures of wee wullie up next to the Boss as well, they have missed a real opportunity for the heart of London to get the Manchester treatment.These are the queens most loyal subjects as well, maybe they could hold it somewhere down Pall Mall way?

[number9dream]

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http://www.londonstockexchange.com/e.../12227853.html

I don't think there will be anything in the Ibrox kitty come their meeting.

The £ 10 million facility was in two parts. the first £ 5 million was used to repay the £ 3 million already due to Mash Holdings and remaining £ 2 million will be eaten up with Jan. and Feb. wages and running costs. The second £ 5 million would be available after Ashley's guys do due diligence ie is he still in charge.

If King wins he will inherit an empty kitty , a stack of bills, March wages and a bill for the meeting he called. The incoming board better have deep pockets.

'SD will also have the right to nominate two directors to the board of Rangers for the duration of the Facility...'

If that means Ashley's men stay on the board until he gets his £10m back, then King is only going to get rid of half the board if his motion is passed.

[PatHead]

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And they could have had pictures of wee wullie up next to the Boss as well, they have missed a real opportunity for the heart of London to get the Manchester treatment.These are the queens most loyal subjects as well, maybe they could hold it somewhere down Pall Mall way?

Should hold it at Stamford Bridge because it was all their fans that caused the trouble in Manchester remember. It wasn't supporters of RIP Rangers

[Bostonhibby]

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Should hold it at Stamford Bridge because it was all their fans that caused the trouble in Manchester remember. It wasn't supporters of RIP Rangers

Theres nae chance a load of drunken fans of the team formerly known as Glasgow rangers would have gone down south for a major European final and behaved the same as they normally do, they have no form after all

The bizarre thing about their Chelski "connection" is the new boys seem to court it as Chelski are a big team and they play in blue but Chelski's recent surge has meant that other than a few numpties I really don't think they are comfortable aligning themselves with the latest version of newhun.

I have been to Stamford Bridge as a neutral with 3 die hard old style chelski men 7 or 8 times. Firstly, you rarely see a Union Jack there and certainly not on the scale you do at the SD arena, Secondly they have very few songs (one man went to mow and Celery, Celery) never mind all the Huns wee ditties, and thirdly, the 3 guys I go with have adopted Hibs and are up quite a bit, including pre season friendlies.

[ancient hibee]

Only King a convicted criminal in a multi million pound fraud would have the audacity to cast aspersions at a guy who whatever else he is has never been cast as dishonest.What the bigot numpties don't seem to latch on to is that the "Rangers Men"could have bought the business from Murray or failing that for £6million when it went belly up.They chose not to do so -I wonder why?

[CropleyWasGod]

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Only King a convicted criminal in a multi million pound fraud would have the audacity to cast aspersions at a guy who whatever else he is has never been cast as dishonest.What the bigot numpties don't seem to latch on to is that the "Rangers Men"could have bought the business from Murray or failing that for £6million when it went belly up.They chose not to do so -I wonder why?

They didn't actually have the chance.

If you remember, the CVA had a clause in it that said that, if it failed, the assets would be sold to Sevco for £5.5m. Sevco couldn't have been outbid.

[Jack]

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They didn't actually have the chance.

If you remember, the CVA had a clause in it that said that, if it failed, the assets would be sold to Sevco for £5.5m. Sevco couldn't have been outbid.

They could have bought it from SDM for a pound and a penny!

[CropleyWasGod]

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They could have bought it from SDM for a pound and a penny!

Give or take £18m

[portycabbage]

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Give or take £18m

What's your thoughts on the situation with the Ashley loan condition that he gets 2 directors for the duration of the loan, given that the GM may vote them off? Can they be voted off without the loan being repaid? It seems to me that most of the votes on boardroom changes at the GM are a bit pointless, given the situation with Paul Murray and King's hurdles, as well as the difficulties ousting Llambias and Leach.

[CropleyWasGod]

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What's your thoughts on the situation with the Ashley loan condition that he gets 2 directors for the duration of the loan, given that the GM may vote them off? Can they be voted off without the loan being repaid? It seems to me that most of the votes on boardroom changes at the GM are a bit pointless, given the situation with Paul Murray and King's hurdles, as well as the difficulties ousting Llambias and Leach.

I wouldn't trust DK tbh.

I can't see him moving into the Boardroom one day, and then paying the loan off the next. As someone mentioned earlier, he's already hinted that he wouldn't.

I'm sure he has his strategy for the funding of the club, but I can see him stringing MA out for a while on the money....even if it goes to Court.

[portycabbage]

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I wouldn't trust DK tbh.

I can't see him moving into the Boardroom one day, and then paying the loan off the next. As someone mentioned earlier, he's already hinted that he wouldn't.

I'm sure he has his strategy for the funding of the club, but I can see him stringing MA out for a while on the money....even if it goes to Court.

Think that may have been me!

King also hinted that he would work with Ashley - does that mean he knows that he and other shareholders can't vote Llambias and Leach off?

[CropleyWasGod]

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Think that may have been me!

King also hinted that he would work with Ashley - does that mean he knows that he and other shareholders can't vote Llambias and Leach off?

I think they can. And they will, even although that might trigger the loan repayment. I don't see the point of the GM otherwise.

Having said that, it's such a mucky story that I could see a deal being done with MA before the GM..... and there are any number of possible scenarios in that event.

[jacomo]

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Theres nae chance a load of drunken fans of the team formerly known as Glasgow rangers would have gone down south for a major European final and behaved the same as they normally do, they have no form after all

The bizarre thing about their Chelski "connection" is the new boys seem to court it as Chelski are a big team and they play in blue but Chelski's recent surge has meant that other than a few numpties I really don't think they are comfortable aligning themselves with the latest version of newhun.

I have been to Stamford Bridge as a neutral with 3 die hard old style chelski men 7 or 8 times. Firstly, you rarely see a Union Jack there and certainly not on the scale you do at the SD arena, Secondly they have very few songs (one man went to mow and Celery, Celery) never mind all the Huns wee ditties, and thirdly, the 3 guys I go with have adopted Hibs and are up quite a bit, including pre season friendlies.

Last time I went to Stamford Bridge (a few years ago, admittedly) they were having a good old **** the IRA singalong in the pubs.

[Spike Mandela]

Praise for the Daily Record ehhhhhhhh, in the Daily Record, from the diplomat of our times.......

http://www.dailyrecord.co.uk/sport/f...issues-5148681

......and the video of Keith Jackson et al is toe curling. These guys call themselves journalists.

[Bostonhibby]

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Last time I went to Stamford Bridge (a few years ago, admittedly) they were having a good old **** the IRA singalong in the pubs.

They will do, and still do, every club has them - Chelsea probably have quite a few proportionately who don't like the IRA and also like the odd Hun tune as well I am sure. As we know from followers of the now defunct Glasgow Rangers they don't always know the facts behind what they are singing about, or are incapable of researching and understanding the facts and the irrelevance of it in the modern world.

[jacomo]

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Praise for the Daily Record ehhhhhhhh, in the Daily Record, from the diplomat of our times.......

http://www.dailyrecord.co.uk/sport/f...issues-5148681

......and the video of Keith Jackson et al is toe curling. These guys call themselves journalists.

Sounds like it will be feisty on Friday. Take care everybody.

[Phil D. Rolls]

Bit of respect everybody, bit of respect.

[AndyM_1875]

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Bleacher Report? Pure click bait, no more.

'Off the radar' is copyright Keith Jackson, in his EXCLUSIVE story revealing the man behind the legend called Craig Whyte. Rangers were in full melt down by this point, with the bank running the board and Murray almost forced to sell as his own empire collapsed.

Sorry, but I don't quite trust your reading of the media landscape.

and what media landscape is that? The MSM and the New media?

I probably trust the MSM less than you (Jackson's re-positioning of himself is quite remarkable) and I'll make no apologies for dismissing the dull witterings of loonball bloggers who seem to shoot themselves in the foot at every opportunity as they manage to get every big result surrounding this story wrong as they're too wrapped up in their own wee cycle of bitterness to form a coherent and objective opinion.

[jacomo]

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and what media landscape is that? The MSM and the New media?

I probably trust the MSM less than you (Jackson's re-positioning of himself is quite remarkable) and I'll make no apologies for dismissing the dull witterings of loonball bloggers who seem to shoot themselves in the foot at every opportunity as they manage to get every big result surrounding this story wrong as they're too wrapped up in their own wee cycle of bitterness to form a coherent and objective opinion.

The MSM dropped the ball massively with The Rangers debacle, as we all know. And the mainstream media is often complacent, insular and in favour of the status quo.

However, at least long-established titles employ actual reporters who are at least familiar with the concept of journalistic rigour. They still do the odd investigation at times, too.

Replace this with click-bait junk like The Bleacher Report (who serve no one except their shareholders) and we really will be sunk.

[AndyM_1875]

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The MSM dropped the ball massively with The Rangers debacle, as we all know. And the mainstream media is often complacent, insular and in favour of the status quo.

However, at least long-established titles employ actual reporters who are at least familiar with the concept of journalistic rigour. They still do the odd investigation at times, too.

Replace this with click-bait junk like The Bleacher Report (who serve no one except their shareholders) and we really will be sunk.

Agree with you on the long established titles but I think we're sunk already as most of the so called new media is just bitter agenda peddling bollocks written by zoomers and fruitcakes based on nothing more than ill founded rumours and the personal fantasies of questionable individuals.

[jacomo]

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Agree with you on the long established titles but I think we're sunk already as most of the so called new media is just bitter agenda peddling bollocks written by zoomers and fruitcakes based on nothing more than ill founded rumours and the personal fantasies of questionable individuals.