Generic Sevco / Rangers meltdown thread

[CropleyWasGod]

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Excellent if true. Things warming up nicely.......

https://philmacgiollabhain.ie/2017/1...urn-to-lender/

Lovely as it sounds, I hae ma doots.

How would it be the "talk of the City", when the only people that would know about these letters (that arrived yesterday, he says) are the recipients and HMRC.

Not convinced by the story about the "financial advisers" bit either. As far as we've been led to believe, it was RFC that had that role.

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[HoboHarry]

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Lovely as it sounds, I hae ma doots.

How would it be the "talk of the City", when the only people that would know about these letters (that arrived yesterday, he says) are the recipients and HMRC.

Not convinced by the story about the "financial advisers" bit either. As far as we've been led to believe, it was RFC that had that role.

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Ferkin doom merchant. I'm more of a glass half full guy and so am wishing for nothing but disasters falling on their collective bigoted heads.....

[snedzuk]

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Excellent if true. Things warming up nicely.......

https://philmacgiollabhain.ie/2017/1...urn-to-lender/

Comment by 'JAMES' under the story hints at inside knowledge!

[Keith_M]

So, Hector wants his unpaid taxes forthwith from the EBT recipients.


Will that affect the new club?

[lapsedhibee]

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So, Hector wants his unpaid taxes forthwith from the EBT recipients.


Will that affect the new club?

It will if, to avoid any liability at all, the new club has to let it be known that it's a new club. Hilarious wouldn't even come close.

[CropleyWasGod]

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So, Hector wants his unpaid taxes forthwith from the EBT recipients.


Will that affect the new club?

It won't affect the company that currently owns the fitba club, if that's what you mean.

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[Keith_M]

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It won't affect the company that currently owns the fitba club, if that's what you mean.

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So no effect on the current entity playing at Ibrox and calling itself Rangers, then?

[CropleyWasGod]

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So no effect on the current entity playing at Ibrox and calling itself Rangers, then?

....is an acceptably diplomatic reply.

There was a time when it might have been possible for the company in liquidation to buy the fitba club, but that ship sailed with the tax case verdict.

Whilst I'm writing this, I'm trying to remember if Whittaker had an EBT... or was that before his time?

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[HoboHarry]

Panel on Takeovers are in front of Lord Tyre tomorrow at COS - could it be?

https://www.scotcourts.gov.uk/curren...0-ff0000d74aa7

[Deansy]

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Excellent if true. Things warming up nicely.......

https://philmacgiollabhain.ie/2017/1...urn-to-lender/

'I'm led to believe that several of the main actors in the administration of the EBT scam at a certain dead football club in Scotland'

This could be great, rats have no problem at all in saving themselves at the expense of their nearest & dearest - wouldn't it be lovely if it all eventually results in criminal-charges !

[Moulin Yarns]

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Panel on Takeovers are in front of Lord Tyre tomorrow at COS - could it be?

https://www.scotcourts.gov.uk/curren...0-ff0000d74aa7

Hope we aren't deflated by the verdict

[Saturday Boy]

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Hope we aren't deflated by the verdict

You never know, it could be a good year.

[grunt]

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Comment by 'JAMES' under the story hints at inside knowledge!

I don't think so.

[CropleyWasGod]

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You never know, it could be a good year.

Or a Kwik-fix.

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[greenlex]

Wishful thinking or truth?

[CropleyWasGod]

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Wishful thinking or truth?

The liquidator will want to get his hands on that.

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[ancient hibee]

£15000 each?

[Deansy]

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Wishful thinking or truth?

You're forgetting how it works -

Titles/Trophies/Medals etc, etc - they're the old club

Debts, Court-orders, bills etc, etc - they're the new club


Tch, tch, tch ..................

[CropleyWasGod]

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£15000 each?

It will be split between the clubs who were in the SPL at the time, on the basis of the agreement in place.

So £5.9m between Celtc and Oldco, and the remainder between the rest.

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[MrSmith]

Dave King in court today:

http://www.scotsman.com/sport/footba...ares-1-4584917

[Bostonhibby]

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Dave King in court today:

http://www.scotsman.com/sport/footba...ares-1-4584917

always baffled me, if its such a great business with great prospects, running itself compliantly and legally. no skeletons in the closet why wouldn't dodgy Dave want to hoover up all these shares? they're bound to rise in value.

Come on open the warchest, it's spare change surely.

[Brunswickbill]

https://www.google.co.uk/amp/s/videocelts.com/2017/10/blogs/latest-news/king-is-skint/amp/

[Deansy]

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https://www.google.co.uk/amp/s/video...-is-skint/amp/

Sorry but all I'm getting is 'Server not found' ??

[HoboHarry]

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Sorry but all I'm getting is 'Server not found' ??

Try this

https://videocelts.com/2017/10/blogs...king-is-skint/

[silverhibee]

COUGH UP DAVE Judge urged to force Rangers chair Dave King to make £11million offer for remaining club shares in unprecedented order
Advocate James McNeill QC told Lord Bannatyne that the Panel On Takeovers and Mergers believes the Ibrox boss hasn’t complied with the law - and should offer to buy the remaining shares.

A JUDGE has been urged to pass an unprecedented order which would force Rangers chairman Dave King to make an £11million offer for the remaining shares in the club.

Advocate James McNeill QC told Lord Bannatyne that the Panel On Takeovers and Mergers believes the Ibrox boss hasn’t complied with the law.

The lawyer told the judge how the 2006 Companies Act dictates that entrepreneurs who hold a 30 per cent stake in businesses are compelled to make and offer to buy remaining shares.

He said that financial investigators believe they have established that Mr King acted “in concert” with three wealthy fans who are nicknamed the “Three Bears”.

The silk said that Mr King teamed up with George Letham, George Taylor and Douglas Park to acquire more than 30 per cent of voting rights in Rangers in late 2014.

Mr McNeill told the Court of Session how financial investigators concluded that Mr King was in control of the shares and should be liable to make an offer for the remaining shares

However, the Court of Session heard how Mr King told the investigators that he didn’t act with the three other businessmen.

He told the financial investigators that 14 per cent of the shares were controlled a company called New Oasis Asset Management Limited which was registered in the British Virgin Islands.

Mr King allegedly told investigators that these shares were purchased using money from his family trust.

The businessman said the company was independent from him.

However, the court heard that financial investigators had obtained emails showing that Mr Letham had been in touch with him over the share purchase.

The investigators also concluded that Mr King controlled New Oasis Asset Management Limited shares and was therefore liable to follow company law and make an offer at 20 pence per share.

Urging Lord Bannatyne to pass the order, Mr McNeil said: “Mr King is in fact in control of the voting rights.

“The court should be satisfied that it can make an order seeking compliance under the legislation.”

Mr McNeill was speaking on the first day of a two day debate at the Court of Session.

The panel, which regulates deals in the UK, has stated that it had started proceedings in Edinburgh after Mr King ignored an order to make an offer for the remaining shares – this is despite the fact that the club is no longer listed.

Under UK rules, any group of shareholders that builds up a 30 per cent stake in a public company has to make a cash offer to buy the rest of the shares at the highest price they have paid over the past 12 months.

In Mr King’s case, this is 20 pence a share.

It is the first time since the panel was granted enforcement powers more than a decade ago that it has sought a court order.

On Thursday, Mr McNeil told Lord Bannatyne that on December 31 2014, the ‘three bears’ purchased 16.23 per cent of shares in Rangers.

The lawyer then said that Mr King contacted financial services firm Cantor Fitzgerald and instructed that 14.73 per cent of the shares in Rangers be purchased.

The court heard that the money used to buy the shares came from Mr King’s family trust. The shares were held by NOAML.

Mr McNeill said the four men acted “in concert” with each other. He said that evidence of this came from an email that had been sent from Mr Letham to Mr King.

The court heard that financial watchdogs had obtained a copy of this email. Mr McNeill said that in the email, Mr Letham reminded Mr King to “stay under” 30 per cent.

Mr McNeill added: “It was a concert party and this can be shown in the email which was sent to Mr King. It shows that the people were aware of the mandatory offer provision when the 30 per cent barrier was met.”

Mr McNeill said that Mr King told financial investigators that NOAML acted independently of him.

The lawyer also said that Mr Letham told financial investigators that he and his other bears didn’t act with Mr King.

Financial investigators then showed Mr Letham an email which showed contact between him and Mr King.

Mr McNeill said: “When shown this email, Mr Letham said ‘that’s really surprising me.’”

The court heard that financial investigators concluded that Mr King was in charge of the NOAML shares when he was able to remove members of the Rangers board in January 2015.

Mr McNeill also said that financial investigators established that Mr King was in charge of the NOAML shares at an extraordinary general meeting of the club in March 2015.

The lawyer said that NOAML hand’t responded to requests from financial investigators to explain the nature of the club and that Mr King also hadn’t provided information about the firm.

Mr McNeill added: “He didn’t provide any evidence that NOAML exercised any action independent of him.”

Mr McNeill said this entitled the panel to conclude that Mr King was in control of the 30 per cent shareholding stake and should make an offer to buy the remaining shares.

The court also heard that Rangers shares are currently worth around 27 pence and Mr King would be expected to make an offer at 20 pence.

The hearing, before Lord Bannatyne, continues.

[lapsedhibee]

“When shown this email, Mr Letham said ‘that’s really surprising me.’”

[HoboHarry]

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“When shown this email, Mr Letham said ‘that’s really surprising me.’”

He was surprised - that one of his goat molesting cabal had let it be out there.....

[Deansy]

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Try this

https://videocelts.com/2017/10/blogs...king-is-skint/

Cheers Mate !

King skint ?? Don't think he's ever had the famous 'Warchest' but neither do I believe he's skint - just another line to yet another court as he knows it would take ages to determine his actual financial position !



Still, he passed the 'Fit & Proper' test so we can just move on .........................

[HoboHarry]

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Cheers Mate !

King skint ?? Don't think he's ever had the famous 'Warchest' but neither do I believe he's skint - just another line to yet another court as he knows it would take ages to determine his actual financial position !



Still, he passed the 'Fit & Proper' test so we can just move on .........................

Oh I'm quite certain that SARS know precisely what he is worth and they will be watching him like a hawk. I doubt he is skint either but I also doubt he as is rich as the Sevco zombies think he is.....

[Hibs Class]

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Cheers Mate !

King skint ?? Don't think he's ever had the famous 'Warchest' but neither do I believe he's skint - just another line to yet another court as he knows it would take ages to determine his actual financial position !



Still, he passed the 'Fit & Proper' test so we can just move on .........................

Not skint, but morally bankrupt.