Generic Sevco / Rangers meltdown thread

[Ozyhibby]

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Not disagreeing but every hun I know think it is a celtc paper

They think it's still the same club.


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[Spike Mandela]

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Amusing little exchange on Twitter. Greenslade in the Guardian reported on the Daily Record here
http://www.theguardian.com/media/gre...record-rangers


Asked for his comment, Keith Jackson replied

When the 'journalist' becomes the story it's all over. Nobody surely takes Keith Jackson seriously any more?

His twitter feed is hilarious. Claims he has redeemed himself since his puff piece and that he is only guilty of trusting his editor are the signs of a desperately delusional man.

Anyone still daft enough to read the Record for indepth analysis from back to front page deserve all the misinformation they get.

[Ozyhibby]

https://johnjamessite.wordpress.com/...-of-interests/


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[grunt]

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https://johnjamessite.wordpress.com/...-of-interests/


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His posts become more bizarre with each passing day. Would there really be a conflict of interests through a PR agency handling a football club and a betting organisation who wasn't the football club's sponsors? Really? And as for his thoughts on accounting policies ...

[CropleyWasGod]

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His posts become more bizarre with each passing day. Would there really be a conflict of interests through a PR agency handling a football club and a betting organisation who wasn't the football club's sponsors? Really? And as for his thoughts on accounting policies ...

Are you able to challenge him ?

Every time I try, my posts disappear.



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[grunt]

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Are you able to challenge him ?
Every time I try, my posts disappear.

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No I just come on here and criticise from the relative safety of hibs.net.

[greenginger]

Philmac back with a new piece,


http://www.philmacgiollabhain.ie/a-thwarted-emissary/

According to Phil they've been down to Ashley HQ with the begging bowl, but got told to do one .

[Brunswickbill]

Wings over Scotland getting in on the act. http://wingsoverscotland.com/the-mis...ph/#more-77565

[brog]

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His posts become more bizarre with each passing day. Would there really be a conflict of interests through a PR agency handling a football club and a betting organisation who wasn't the football club's sponsors? Really? And as for his thoughts on accounting policies ...

It's not specifically a conflict of interest but I can see where he's coming from. I'm assuming Sevco were Level 5's biggest client until now & 32 Red may be stepping in to that role. It's possible 32 Red would not have entered into the contract with Level 5 if that company's biggest client was still promoting a rival organisation. Why anyone would pay Traynor good money is however beyond my comprehension regardless of any competing interests!
PS, Level 5's website is interesting though sparse. Their main achievement seems to be boasting about how luxurious their offices are & filling the website with pix of chairs & more chairs! I would not have thought that the best way to convince clients to part with their hard-earned!

[CropleyWasGod]

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Philmac back with a new piece,


http://www.philmacgiollabhain.ie/a-thwarted-emissary/

According to Phil they've been down to Ashley HQ with the begging bowl, but got told to do one .

It must be easy to spot the main players in all of this. They are surrounded by bloggers and their stringers :)

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[Keith_M]

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https://johnjamessite.wordpress.com/...se-and-desist/


If this is true , will Hibs have to lend them a set of strips on Sunday ?

"Mr Lewis is without peer in sports tort litigation."

What's a 'sports tort'?

[CropleyWasGod]

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"Mr Lewis is without peer in sports tort litigation."

What's a 'sports tort'?

It's like a game pie, but sweeter.

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[Scorrie]

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It's like a game pie, but sweeter.

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😂😂

[Ozyhibby]

This is the intellectual property that Ashley owns. If, as alleged, he stops them using it, it's going to be hilarious watching them try to keep the same club nonsense going when they have a new name and new badge.


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[grunt]

Statement by Rangers FC on funding http://rangers.co.uk/news/headlines/update-on-funding/

After careful consideration the Board has determined that it is not appropriate to proceed with a share issue and listing on the ISDX market until the criminal proceedings being brought against Charles Green, Imran Ahmed, Craig Whyte and others are concluded.

The Board is satisfied that from a financial perspective there is no short term requirement for the funding that would have flowed from a share issue and that any funds that may be required for the Group will be made available as and when required from the existing shareholder / lenders.

Dave King, Douglas Park, George Letham and George Taylor have reaffirmed their commitment to making further loan facilities available to Rangers International Football Club PLC (RIFC) on the same no fees and no interest basis as the existing loan facilities and have also confirmed the continuation of the existing facilities which they are providing to RIFC on the same basis.

The facilities to be made available more than cover the projected shortfall for this Season and beyond. The Board further understand that additional facilities can be made available as and when required for investment in the team. Any such investment will be reviewed on a case by case basis in accordance with prior statements.

The Group’s accounts will be circulated to shareholders for approval in the next few days.

The lenders have indicated that, at an appropriate juncture, they would be prepared to convert their loans into share capital. To facilitate this, a resolution will be presented to the AGM to permit shares to be issued by RIFC on a non pre-emptive basis. The Board would like to see this resolution passed but this is not a condition of funding being made available. The resolution will be a special resolution and would require the support of 75% of those shareholders voting at the AGM. The Board recognises that funding of the sort being provided by its shareholder / lenders would more naturally be made available as an equity investment and believes it would be in the best interests of RIFC’s shareholders if the loans could be converted.

[CropleyWasGod]

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Statement by Rangers FC on funding http://rangers.co.uk/news/headlines/update-on-funding/

My guess would be that this (both the new loans, and the subsequent statement) have been prompted by the auditors. Without the finance, and the public commitment to it, the auditors might have been forced into qualifying the accounts.

That said, the accounts themselves will be interesting.

[Jim44]

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Statement by Rangers FC on funding http://rangers.co.uk/news/headlines/update-on-funding/

I wonder how johnjames and philmagobin will argue away that information. It pains me to say it but they don't sound like a club about to go into administration to me. In fact, they announced earlier today that they will sign five new players in January.

[grunt]

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In fact, they announced earlier today that they will sign five new players in January.

Thought it was "no more than two".

[HoboHarry]

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I wonder how johnjames and philmagobin will argue away that information. It pains me to say it but they don't sound like a club about to go into administration to me. In fact, they announced earlier today that they will sign five new players in January.

Wouldn't read too much into that. They could also be planning on letting 5 go but they wouldn't announce that at this stage.

[HoboHarry]

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My guess would be that this (both the new loans, and the subsequent statement) have been prompted by the auditors. Without the finance, and the public commitment to it, the auditors might have been forced into qualifying the accounts.

That said, the accounts themselves will be interesting.

Out of curiosity, if they did manage to land a wad of cash would Charlie boy not be justified in asking for it to be ring fenced for his court case?

[Jim44]

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Thought it was "no more than two".

King says five but the breadman says fewer.

[grunt]

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King says five but the breadman says fewer.

Ah, ok.

[Haymaker]

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I wonder how johnjames and philmagobin will argue away that information. It pains me to say it but they don't sound like a club about to go into administration to me. In fact, they announced earlier today that they will sign five new players in January.

Didn't they sign some old boy like 2days before the old club died?

[CropleyWasGod]

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Out of curiosity, if they did manage to land a wad of cash would Charlie boy not be justified in asking for it to be ring fenced for his court case?

He would be daft not to :)

That's what Ahmad tried to do.

I think it's also possible that, when the case is heard, there is no decision, ie the case is deferred to a later date. In that event, the judge/sheriff might order that £x is set aside in an account pending the outcome of the case.

[HoboHarry]

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He would be daft not to :)

That's what Ahmad tried to do.

I think it's also possible that, when the case is heard, there is no decision, ie the case is deferred to a later date. In that event, the judge/sheriff might order that £x is set aside in an account pending the outcome of the case.

What do make of the first paragraph of the Rangers statement. If they are waiting until the court cases are concluded then that could be years away no?

[CropleyWasGod]

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What do make of the first paragraph of the Rangers statement. If they are waiting until the court cases are concluded then that could be years away no?

I'm reading that in conjunction with the later paragraphs.

To me, it says that.... actually... they realise that they have no chance of raising finance externally, so they're as well doing it internally. (The Court cases, whilst relevant, are a convenient excuse.) That funding will be converted to shares if they get their way. In other words, it sounds like a complete change of plan.

That might get them through this season, but not sure how it will play out in the medium term. They might have to consider... gasp.... restricting spending to the amount of their income.

[PatHead]

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Em, I'm pretty sure PatHead was being gently ironic with his comments about the MSM. As we know most Scottish reporters would struggle to find their own erchie in a darkened room never mind actually investigate Sevco!

[Jack]

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My guess would be that this (both the new loans, and the subsequent statement) have been prompted by the auditors. Without the finance, and the public commitment to it, the auditors might have been forced into qualifying the accounts.

That said, the accounts themselves will be interesting.

Would it be upto the auditors to ensure that any such statement was backed up with actual funding or would it be enough to take it on face value? Baring in mind the Lying King does have previous for financial shenanigans.

In a devastating judgment, the court said King "has no respect for the truth and does not hesitate to lie ... if he thinks it will be to his advantage.

"He is a mendacious witness whose evidence should not be accepted on any issue unless it is supported by objective evidence.

"In our assessment he is a glib and shameless liar."

[Ozyhibby]

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Would it be upto the auditors to ensure that any such statement was backed up with actual funding or would it be enough to take it on face value? Baring in mind the Lying King does have previous for financial shenanigans.

In a devastating judgment, the court said King "has no respect for the truth and does not hesitate to lie ... if he thinks it will be to his advantage.

"He is a mendacious witness whose evidence should not be accepted on any issue unless it is supported by objective evidence.

"In our assessment he is a glib and shameless liar."

That was my first thought. Statement leaves more questions than answers.



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[CropleyWasGod]

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Would it be upto the auditors to ensure that any such statement was backed up with actual funding or would it be enough to take it on face value? Baring in mind the Lying King does have previous for financial shenanigans.

In a devastating judgment, the court said King "has no respect for the truth and does not hesitate to lie ... if he thinks it will be to his advantage.

"He is a mendacious witness whose evidence should not be accepted on any issue unless it is supported by objective evidence.

"In our assessment he is a glib and shameless liar."

The auditors need to be satisfied that there is sufficient funding to enable the company to continue as a going concern for 12 months.

They will be aware of King's record, and should be sceptical of statements that aren't backed up by solid evidence.

They would need to see evidence of that funding.... such as forecasts, and signed undertakings from the people mentioned. The fact that they also put out a public statement... making it a bit more difficult to back out...will help.