Generic Sevco / Rangers meltdown thread

[Future17]

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Is that you Gibbs?

[hibees 7062]

[Stax]

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[jonty]

Rangers board to ignore Mike Ashley loan demand
http://www.scotsman.com/sport/footba...mand-1-3792217

How is that even possible?

[matty_f]

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Rangers board to ignore Mike Ashley loan demand
http://www.scotsman.com/sport/footba...mand-1-3792217

How is that even possible?

Fingers in the ears, shut the eyes, and shout "la la la la la la la la" until the big bad boy goes away?

[CraigHibee]

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Rangers board to ignore Mike Ashley loan demand
http://www.scotsman.com/sport/footba...mand-1-3792217

How is that even possible?

totally, its got me confused too, surely if he loaned them money and has asked for it back they can't just say "up yours, your not getting it" maybe they don't have the money to pay back? (which is more than likely), i thought dave king was supposed to be their "knight in shining armour" more like the conman wrapped in the tin foil found in a junkie's govan garden!

[Newry Hibs]

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totally, its got me confused too, surely if he loaned them money and has asked for it back they can't just say "up yours, your not getting it" maybe they don't have the money to pay back? (which is more than likely), i thought dave king was supposed to be their "knight in shining armour" more like the conman wrapped in the tin foil found in a junkie's govan garden!

Unless there was a clause that MASH lent (or made available) the money for a long term and is now just saying 'can I have it back now', so TRFC can say 'not yet'.

[Bostonhibby]

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Rangers board to ignore Mike Ashley loan demand
http://www.scotsman.com/sport/footba...mand-1-3792217

How is that even possible?

Maybe they are going to treat him like the tax man and all those other unfortunate creditors that their predecessors the now defunct Glasgow rangers ignored because they thought they were something above the law?

Their problem this time will be that the net will close much quicker - at the end of the day this was a commercial loan - business to business and there is no way the new boys will be able to argue they are not bound by the loan so long as its terms are not actually illegal.

If they exist they owe the money - they took it quick enough, same with the players that they never thought twice about playing when they were fit.

If King has all the assets the media have hyped for him then its a drop in the ocean - he wanted the club, he got it via popular support on the back of expectation of money being thrown at it and problems solved. It's time to show der hun the money or the natives might just get a bit restless.

[Ozyhibby]

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Unless there was a clause that MASH lent (or made available) the money for a long term and is now just saying 'can I have it back now', so TRFC can say 'not yet'.

Aren't they in breach of the term of the loan though by not letting Mash have two directors?

[southern hibby]

Maybe just maybe we are going to get our close season football fix via these two heavyweights and the media.
Not sure how this will pan out but saying your no getting yet 5 mill and we want to renegotiate our contract reference merchandise instead is going to really be top of Ashley's agenda to get addressed
One thing I do know the longer this goes on the more disorganised the newest club in Scotland will be starting the season.
GGTTH

[Keith_M]

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Aren't they in breach of the term of the loan though by not letting Mash have two directors?

I think that only applied if they took the second 5 mill.

[CropleyWasGod]

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Rangers board to ignore Mike Ashley loan demand
http://www.scotsman.com/sport/footba...mand-1-3792217

How is that even possible?

It's what real businesses do.

It'll end in legal action.

[hibees 7062]

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Rangers board to ignore Mike Ashley loan demand
http://www.scotsman.com/sport/footba...mand-1-3792217

How is that even possible?

Ask hertz

[Onion]

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Maybe just maybe we are going to get our close season football fix via these two heavyweights and the media.
Not sure how this will pan out but saying your no getting yet 5 mill and we want to renegotiate our contract reference merchandise instead is going to really be top of Ashley's agenda to get addressed
One thing I do know the longer this goes on the more disorganised the newest club in Scotland will be starting the season.
GGTTH

Difference to 2012 is they are dealing with a guy who really doesn't care, has massive amounts of cash to fight them, holds valuable security over their assets and won't be intimidated by their usual fan threats.

[Keith_M]

I've just prepared a letter to the bank, based on the The Rangers official statement.


"The [members of my family] do not consider that, at this time, the repayment of [the mortgage] to [the bank] is the best use of the [household]'s resources."
....
"The [members] accordingly recommend voting Against [ever paying it back]."



Feel free to try it out for yourselves, but I refuse to accept any responsibility for the consequences

[Andy74]

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I've just prepared a letter to the bank, based on the The Rangers official statement.


"The [members of my family] do not consider that, at this time, the repayment of [the mortgage] to [the bank] is the best use of the [household]'s resources."
....
"The [members] accordingly recommend voting Against [ever paying it back]."



Feel free to try it out for yourselves, but I refuse to accept any responsibility for the consequences

Its not really the same though is it?

Its more like the bank writing to you and asking for you, despite your mortgage agreement, to pay them back all the money they loaned you immediately.

I think you would probably be looking at your agreement and saying no if you could as well.

[Prof. Shaggy]

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It's what real businesses do.

It'll end in legal action.

...followed by Administration?

[Oscar T Grouch]

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Its not really the same though is it?

Its more like the bank writing to you and asking for you, despite your mortgage agreement, to pay them back all the money they loaned you immediately.

I think you would probably be looking at your agreement and saying no if you could as well.

Maybe MASH want their cash back because they've removed MASH's reps from the board, which I believe was part of the loan agreement? Might be wrong though.

[brog]

[QUOTE=Andy74;4391804]Its not really the same though is it?

Its more like the bank writing to you and asking for you, despite your mortgage agreement, to pay them back all the money they loaned you immediately.

which is what happens to thousands of people each year, usually resulting in repossession!

[PatHead]

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Maybe MASH want their cash back because they've removed MASH's reps from the board, which I believe was part of the loan agreement? Might be wrong though.

Fair point. Ashley is a hard nosed businessman and no fool. He will know exactly what he is doing.

[tanfield]

Unless you know the actual terms of the loan and what constitutes a "default" then we don't know if the demand is valid or not.

If the demand is valid and the monies remain outstanding then Ashley will be able to enforce his (MASH) security.


Interesting stuff.

[Andy74]

[QUOTE=brog;4391826]

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Its not really the same though is it?

Its more like the bank writing to you and asking for you, despite your mortgage agreement, to pay them back all the money they loaned you immediately.

which is what happens to thousands of people each year, usually resulting in repossession!

It is generally as a result of a default though which doesn't seem to be the case here.

As others have noted, the agreement will provide for whether the loan can be terminated at the request of the provider or not. If he is asking for a general meeting instead of just using the terms of the agreement I suspect not.

[jacomo]

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Maybe just maybe we are going to get our close season football fix via these two heavyweights and the media.
Not sure how this will pan out but saying your no getting yet 5 mill and we want to renegotiate our contract reference merchandise instead is going to really be top of Ashley's agenda to get addressed
One thing I do know the longer this goes on the more disorganised the newest club in Scotland will be starting the season.
GGTTH

Just like when he urged fans to boycott season tickets (or pay the money into a separate fund instead), King seems to be encouraging fans to shun the merch in an effort to force Ashley to renegotiate the contracts.

High stakes.

[Jim44]

With all these references to MASH, the words of the theme song from the TV programme, MASH, are very appropriate and prophetic. -

Through early morning fog I see
visions of the things to be
the pains that are withheld for me
I realize and I can see...
[REFRAIN]:
that suicide is painless
it brings on many changes
and I can take or leave it if I please.
I try to find a way to make
all our little joys relate
without that ever-present hate
but now I know that it's too late, and...
[REFRAIN]
The game of life is hard to play
I'm gonna lose it anyway
The losing card I'll someday lay
so this is all I have to say.
[REFRAIN]
The only way to win is cheat
And lay it down before I'm beat
and to another give my seat
for that's the only painless feat.
[REFRAIN]
The sword of time will pierce our skins
It doesn't hurt when it begins
But as it works its way on in
The pain grows stronger...watch it grin, but...
[REFRAIN]
A brave man once requested me
to answer questions that are key
is it to be or not to be
and I replied 'oh why ask me?'
[REFRAIN]
'Cause suicide is painless
it brings on many changes
and I can take or leave it if I please.
...and you can do the same thing if you please.

[Keith_M]

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Its not really the same though is it?

Its more like the bank writing to you and asking for you, despite your mortgage agreement, to pay them back all the money they loaned you immediately.

I think you would probably be looking at your agreement and saying no if you could as well.

I bet you're a great laugh at Parties.

[Cropley10]

[QUOTE=Andy74;4391841]

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It is generally as a result of a default though which doesn't seem to be the case here.

As others have noted, the agreement will provide for whether the loan can be terminated at the request of the provider or not. If he is asking for a general meeting instead of just using the terms of the agreement I suspect not.

My understanding is that MA believes the Clumpany has breached the terms of the Loan, materially and allowing the Company de-list is one aspect of this.

I know for a fact that MA has got some expert legal representation here in Scotland, and would offer that he and they know precisely what they're doing; he's lent them money to keep them alive and King thinks he can stick two fingers up at him...

[Ozyhibby]

I very much doubt that Mike Ashley will be out manoeuvred here. It is hard to judge what he is exactly up too most of the time but I doubt he will be beat by King.

[KeithTheHibby]

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I bet you're a great laugh at Parties.

[Andy74]

[QUOTE=Cropley10;4391866]

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My understanding is that MA believes the Clumpany has breached the terms of the Loan, materially and allowing the Company de-list is one aspect of this.

I know for a fact that MA has got some expert legal representation here in Scotland, and would offer that he and they know precisely what they're doing; he's lent them money to keep them alive and King thinks he can stick two fingers up at him...

You would think if he felt there had been a default he could comfortably use the agreement itself to withdraw the facility or request repayment and go down the legal route if it is not paid as requested. I don't get why he has to go down the GM route in that circumstance?

[Radium]

http://www.sfm.scot/sfm-the-next-ste...-25/?cid=56311

Seems a a reasonable assessment and if nothing else suggests that King is a very wealthy individual [suggests a net worth of £26M], but not on the scale that TRFC need. Others with better financial knowledge may be able to comment.

I realise that the author may not be absolutely impartial