Generic Sevco / Rangers meltdown thread

[Radium]

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I was thinking the same earlier that is there any way MA could refuse to accept the repayment. If there is I think he would go down that route as GASL has peed him off big style. We can but hope.

Tweet/ quote below from AGM quoting that they will endeavour to pay back the loan - does suggest it may not be plain sailing. [next quote/ tweet was the 'we raised the money in an hour' rhetoric]


Alasdair Lamont ‏@BBCAlLamont 6h6 hours ago
DK - Last night, board made decision to reverse position on SD loan. We will endeavour to repay loan as long as we can raise money.

[jacomo]

Credit to King, he's got a brass neck and talks a good game.

I imagine the hordes will respond well to his show of defiance and do what they can to shuffle as much cash as possible into the club.

God knows what the people who've stumped up this latest £5m really think, but they seem happy enough to swear allegiance to the King.

[bingo70]

When King first came in did he not make a by deal by saying Ashley's contracts were bull **** and wouldn't be honoured (obviously not in those words). I seem to remember him saying he'd be challenging them as he didn't think they were valid.

If he is now saying they're going to pay him back the £5m is that not a pretty significant climb down?

[CropleyWasGod]

http://sport.stv.tv/football/clubs/r...-meeting-2015/

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[Aldo]

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According to the Twattersphere, via STV, the £5m has been put up by DK, the 3 Bears and John Bennett (who he?). It's also being suggested, I think mischievously, that MA has the right to refuse the repayment, as RFC are already in breach of its terms.

Your last part CWG would be superb if it happened!

[CropleyWasGod]

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Your last part CWG would be superb if it happened!

I'm sure MA has done the sums already to see if it's commercially sensible

[Ronniekirk]

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I'm sure MA has done the sums already to see if it's commercially sensible

According to google Bennett joined the Board back in March and has 25 years experience as European equities fund manager Said he came from Hendersons if that means anything to you

[Baldy Foghorn]

SPFL have been told by Derhun that title stripping isn't an option......Well we know who runs our game now

[Baldy Foghorn]

Also thinking of a Woman being on the board.....Hope it's the Budgie

[HoboHarry]

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I'm sure MA has done the sums already to see if it's commercially sensible

What's the chances that MA built in penalty clauses for late payment?

[Baldy Foghorn]

Q:Has the board had any meetings with the SPFL with regards to title stripping?

Stewart Robertson: There have been very firm conversations with the SPFL. They have been left in no doubt with what our view is on that. I can't really add to that but trust me, we're fighting the fight.

Dave King: I would be happy to say that I think there is absolutely no chance of that ever happening.


Is that from your courtesy meeting the other day Lying King?

[greenginger]

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According to google Bennett joined the Board back in March and has 25 years experience as European equities fund manager Said he came from Hendersons if that means anything to you

Yep, Henderson Asset Management and Henderson Global Fund Managers.

Just checking my portfolio to make sure I ain't got anything with them, before they start over-investing in Sevco.

[CropleyWasGod]

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Yep, Henderson Asset Management and Henderson Global Fund Managers.

Just checking my portfolio to make sure I ain't got anything with them, before they start over-investing in Sevco.

Hendersons Restaurant, Shirley?

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[CropleyWasGod]

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What's the chances that MA built in penalty clauses for late payment?

The Huns don't get penalties against them.

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[greenginger]

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Hendersons Restaurant, Shirley?

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https://www.henderson.com/ukpi/expert/124/john-bennett

Does that look like the turkey !

[CropleyWasGod]

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https://www.henderson.com/ukpi/expert/124/john-bennett

Does that look like the turkey !

Looks a bit of a gobbler, right enough.

However, Hendersons is veggie....

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[GreenOnions]

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Q:Has the board had any meetings with the SPFL with regards to title stripping?

Stewart Robertson: There have been very firm conversations with the SPFL. They have been left in no doubt with what our view is on that. I can't really add to that but trust me, we're fighting the fight.

Dave King: I would be happy to say that I think there is absolutely no chance of that ever happening


Is that from your courtesy meeting the other day Lying King?

Yes Mr King - but are you actually able to say it or not?

[greenginger]

Mark Warburton now 2nd favorite for the Fulham manager gig.


http://www.oddschecker.com/football/...manent-manager

[cabbageandribs1875]

King said Rangers are recovering from "all manner of malicious attacks" but are now irreversibly on the road to recovery.
"It was our collective belief that kept Rangers alive despite the crimes, the punishment, the abuse, the lies and sometimes the hatred the club has endured," he added.



you would think he is actually describing the vile institution that is sevco...and it's fans

[Smartie]

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Mark Warburton now 2nd favorite for the Fulham manager gig.


http://www.oddschecker.com/football/...manent-manager

That would be hilarious…..

[cabbageandribs1875]

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Mark Warburton now 2nd favorite for the Fulham manager gig.


http://www.oddschecker.com/football/...manent-manager

if the breadman wants to move on to a bigger club then i'm sure the huns wont stand in his way

[CropleyWasGod]

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King said Rangers are recovering from "all manner of malicious attacks" but are now irreversibly on the road to recovery.
"It was our collective belief that kept Rangers alive despite the crimes, the punishment, the abuse, the lies and sometimes the hatred the club has endured," he added.



you would think he is actually describing the vile institution that is sevco...and it's fans

A decent journalist would ask him to expand on those accusations, and provide examples.

[O'Rourke3]

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King said Rangers are recovering from "all manner of malicious attacks" but are now irreversibly on the road to recovery.
"It was our collective belief that kept Rangers alive despite the crimes, the punishment, the abuse, the lies and sometimes the hatred the club has endured," he added.



you would think he is actually describing the vile institution that is sevco...and it's fans

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A decent journalist would ask him to expand on those accusations, and provide examples.

Even a useless one might think about asking that question.

[Dashing Bob S]

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King said Rangers are recovering from "all manner of malicious attacks" but are now irreversibly on the road to recovery.
"It was our collective greed that kept Rangers alive despite the crimes, the punishment, the abuse, the lies and the hatred the club has perpetrated," he added.



you would think he is actually describing the vile institution that is sevco...and it's fans

Fixed that one for the audacious windbag.

[Velma Dinkley]

Dave King seems very keen to not to honour the contracts the club has agreed to. Would he not have known about them before trying to get the club on the cheap? Would he not understand that contracts need to be honoured?

[Brunswickbill]

Links to the video and text of The King’s speech are given below

https://www.youtube.com/watch?v=dHwtfrsN_f4

Link to text

http://rangers.co.uk/news/headlines/...gs-agm-speech/

I particularly like this bit in the text, “There were individuals on previous Boards who actively contributed to the problems that continue to impact negatively on the business. Thankfully it now appears that justice will be done and those responsible called to account.” He must empathise.

The written statement has no reference to the repayment of the SD loan. The statement by DK s on this issue starts in the video about 8:30. He says:-
“With the ongoing circumstances with Sports Direct the decision was made at the board meeting last night that we should, in fact, endeavour to pay the loan as long as we could raise the funds to do so and I am delighted to say once again the commitment that investors are giving this club it just took me one hour this morning to make phone calls and myself, Douglas Park, George Letham, George Taylor, Paul Murray, and a new investor, John Bennett. It just took me one hour, we’ve got the commitment to the £5M and we’ll be advising SD today that we will repay the loan and start to take control of the retail operations.” Cue applause

The points that spring to my mind are:-
1. The loan from SD and its repayment is one of the biggest issues facing Sevco and has hung over the Sevco board and club for most of this year. It’s an issue that one would have expected to have been considered in detail for some time and for a considered statement to be made at the AGM. Instead we get the written text of King’s speech which contains no reference whatsoever and have King presenting the decision to repay the SD loan in a low key way as if it was a minor peripheral matter. It seems a bit strange that from King’s account the Board would have a chat about this matter on the previous evening and make a total U turn. Also the fact that King had to phone around on the morning of the AGM to get “commitment” to fund the repayment from board members and major shareholders with whom he must surely be in regular touch. Cast in another light one might construe this last minute change of mind and phone calling as a panic measure.

2. I note there is a “commitment” to the payment, we still have to see the cash and the conditions attached. If King has the money that he claims to have why doesn’t he just stump up the cash.

3. Is the last minute decision to repay the loan in any way linked to the impending court case on 9 December, Ashley V King - Contempt of Court for breaching gagging order which is to be heard in the Chancery Court London. I can hear a line of defence “M’lud this is all water under the bridge, the loan has been repaid and the conditions attached to it are therefore a matter of history.”

[jacomo]

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Q:Has the board had any meetings with the SPFL with regards to title stripping?

Stewart Robertson: There have been very firm conversations with the SPFL. They have been left in no doubt with what our view is on that. I can't really add to that but trust me, we're fighting the fight.

Dave King: I would be happy to say that I think there is absolutely no chance of that ever happening.


Is that from your courtesy meeting the other day Lying King?

What is their view on that?

That gaining an unfair advantage is ok?

[O'Rourke3]

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Dave King seems very keen to not to honour the contracts the club has agreed to. Would he not have known about them before trying to get the club on the cheap? Would he not understand that contracts need to be honoured?

Probably confused by all the old new new old and thought all debts could be attributed to Oldco including the ones racked up by newco, Title and name seemed to work the other way.....

[Deansy]

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Grant Russell ‏@STVGrant 2m2 minutes ago
King: Once SD loan paid off, we will be one of strongest clubs in world with regards to financial position.



Journos spotted taking huge doses of salt straight after King said this.

To achieve that would cost millions - an MA will give all that up for a mere £5m ??

[lapsedhibee]

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What is their view on that?

Probably the same as Fat Sally's earlier view on the prospect of getting demoted - basically, 'We arra gers and we're no standin for it'.

Let's hope His Glibship is just as disappointed as Fat Sally was when in the end they got demoted.