Generic Sevco / Rangers meltdown thread

[ancient hibee]

However what they’re also implying is that Celtic need that money to maintain the gap.If they don’t have it then things would be more equal.(they hope)

[Smartie]

I've thought for a while that if we get results right on the park that we could finish them off.

It is ridiculous that a club in their position should be staking so much on something that could quite conceivably not happen.

Why do "certain clubs" have such a problem with the concept of living within your means?

It's not a popular opinion but I genuinely consider them to be the same club. You would think they'd take the second chance they've been given a bit more seriously and heed warnings, given what happened before.

[Moulin Yarns]

Breaking news on Twitter

A judge has ordered @RangersFC chairman Dave King to make an £11 million offer to the club's remaining shareholders.

More news

http://www.bbc.co.uk/sport/football/42454416

[Tornadoes70]

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Breaking news on Twitter

A judge has ordered @RangersFC chairman Dave King to make an £11 million offer to the club's remaining shareholders.

More news

http://www.bbc.co.uk/sport/football/42454416

The Judgement's not been published yet on their website however both parties may well have been emailed both the Interlocuters and Written Judgements and they've been leaked to the press first. Lovely news if it is the outcome.

[Tornadoes70]

https://www.scotcourts.gov.uk/docs/d...6.pdf?sfvrsn=0

Here it is. Going to read over it.

[Hibernia&Alba]

What if dodgy Dave doesn't have £11 million to make said offer?

[John_R_Corbett]

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What if dodgy Dave doesn't have £11 million to make said offer?

He'll scam somebody to get it?

[grunt]

Also this. Murty to stay on as manager.

https://twitter.com/ScotlandSky/status/944178675007852544

[Ozyhibby]

Means they can’t have a share issue now until Dave offers everyone else a chance to get out, which they would be mad not to take as they are about to devalue all existing shares with the issue of new shares.


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[Tornadoes70]

At first glance Lord Bannatyne decided there were two main issues raised in the case.

1, The issue of whether Lord Bannatyne had discretionary power not to automatically rule in favor of the Panel.

Lord Bannatyne found in favor of the Respondents (King) that he did indeed have discretionary power not to.

2, Whether or not to find for the Panel and grant the order sought by the Panel that was to make good on the share offer.

Lord Bannatyne found in favor of the Panel and granted the order be made against King to make good on the share offer.

[Ozyhibby]

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Also this. Murty to stay on as manager.

https://twitter.com/ScotlandSky/status/944178675007852544

Disgusting decision.
Murty seems like a likeable chap and that is not what Sevco are for. Dereliction of duty from the Sevco board there.


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[Ozyhibby]

This court order today should also be a matter for the compliance officer but of course it won’t be.


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[Firestarter]

They are skint as.

[CropleyWasGod]

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What if dodgy Dave doesn't have £11 million to make said offer?

1. he'll be in contempt of Court if he (his company/trust, in reality) doesn't make the offer.

2. if he makes the offer, but can't/won't pay, the sellers will sue and we'll be back in Court again.

The wider issue is that any short-term loans that RFC were expecting from him have just disappeared over the horizon.

[Moulin Yarns]

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1. he'll be in contempt of Court if he (his company, in reality) doesn't make the offer.

2. if he makes the offer, but can't/won't pay, the sellers will sue and we'll be back in Court again.

The wider issue is that any short-term loans that RFC were expecting from him have just disappeared over the horizon.

Ah, CWG, always the bearer of good news

[Billy Whizz]

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1. he'll be in contempt of Court if he (his company, in reality) doesn't make the offer.

2. if he makes the offer, but can't/won't pay, the sellers will sue and we'll be back in Court again.

The wider issue is that any short-term loans that RFC were expecting from him have just disappeared over the horizon.

Crops, who’s paying for all these court fees

[John_R_Corbett]

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1. he'll be in contempt of Court if he (his company/trust, in reality) doesn't make the offer.

2. if he makes the offer, but can't/won't pay, the sellers will sue and we'll be back in Court again.

The wider issue is that any short-term loans that RFC were expecting from him have just disappeared over the horizon.

That in itself is great news, well played the judge

[Firestarter]

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1. he'll be in contempt of Court if he (his company/trust, in reality) doesn't make the offer.

2. if he makes the offer, but can't/won't pay, the sellers will sue and we'll be back in Court again.

The wider issue is that any short-term loans that RFC were expecting from him have just disappeared over the horizon.

Appoint Hamster Puss as the manager until the end of the season and fall down the league, will that devalue shares?

[CropleyWasGod]

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Crops, who’s paying for all these court fees

Good question.

It shouldn't be RFC, as it's not their fight. It should be DK/NOLA on one side, and the taxpayer on the other. Whether DK will get RFC to pay his share, one can only guess ...... but I'm not sure if orders can be made for the Takeover Panel's costs to be made against DK. One would hope so.

[CropleyWasGod]

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Appoint Hamster Puss as the manager until the end of the season and fall down the league, will that devalue shares?

IIRC, they have to offer 20p per share.

At the moment, that would be a bad deal for the shareholders. In the scenario you suggest, 20p might be attractive. But, as Ozy says, the new share issue might devalue them anyway... and this judgement will, for sure, as their stability is back in question.

[Tornadoes70]

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Good question.

It shouldn't be RFC, as it's not their fight. It should be DK/NOLA on one side, and the taxpayer on the other. Whether DK will get RFC to pay his share, one can only guess ...... but I'm not sure if orders can be made for the Takeover Panel's costs to be made against DK. One would hope so.

The costs have been reserved for now. Its normally the losing party who pays both sides costs albeit again the Lords have discretionary powers not to award costs against the losing party.

Hopefully the TP will at a later date seek a hearing for King to be held liable for their costs as it will run into many thousands of pounds.

[jacomo]

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What if dodgy Dave doesn't have £11 million to make said offer?

I've seen his wine cellar on TV.

Just needs to sell that, plus any other property he owns, and see how much that raises.

[HoboHarry]

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I've seen his wine cellar on TV.

Just needs to sell that, plus any other property he owns, and see how much that raises.

He lost his wine cellar not long after he was daft enough to show it off. SARS (I think) took it off of him.....

[Firestarter]

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IIRC, they have to offer 20p per share.

At the moment, that would be a bad deal for the shareholders. In the scenario you suggest, 20p might be attractive. But, as Ozy says, the new share issue might devalue them anyway... and this judgement will, for sure, as their stability is back in question.

Thanks Cropley.

[HoboHarry]

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1. he'll be in contempt of Court if he (his company/trust, in reality) doesn't make the offer.

2. if he makes the offer, but can't/won't pay, the sellers will sue and we'll be back in Court again.

The wider issue is that any short-term loans that RFC were expecting from him have just disappeared over the horizon.

Astonishingly cheery post from you . When does he have to make the offer by?

[CropleyWasGod]

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I've seen his wine cellar on TV.

Just needs to sell that, plus any other property he owns, and see how much that raises.

Just to be clear, though, it's the family trust that has to make the offer. At the moment, his own personal assets shouldn't be in play.

[Tornadoes70]

The emails between Letham and King were damning evidence of them being fully aware of the 30 per cent trigger. They knew what they were about yet chose to leave a trail of evidence. I can't understand for the life of me why they would knowingly seek to bypass the rules yet do it so openly leaving them bang to rights. Total amateurs who deserved to be caught out and to be served up the consequences.

Cropleywasgod was correct on here a few months ago when surmising Kings defence of claiming poverty was irrelevant. Lord Bannatyne made that very point in his Judgement.

This is great news. King is an out and out liar and conman. He's been caught with his pants down so to speak and I hope he's contemplating exiting Scottish Football right now.

GGTTH

[Ozyhibby]

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The emails between Letham and King were damning evidence of them being fully aware of the 30 per cent trigger. They knew what they were about yet chose to leave a trail of evidence. I can't understand for the life of me why they would knowingly seek to bypass the rules yet do it so openly leaving them bang to rights. Total amateurs who deserved to be caught out and to be served up the consequences.

Cropleywasgod was correct on here a few months ago when surmising Kings defence of claiming poverty was irrelevant. Lord Bannatyne made that very point in his Judgement.

This is great news. King is an out and out liar and conman. He's been caught with his pants down so to speak and I hope he's contemplating exiting Scottish Football right now.

GGTTH

It shouldn’t be in his gift to just leave. He has just been called out for lying ina Scottish court and mounting an illegal takeover of a Scottish football club. The SFA should be acting today. Will they though?


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[Tornadoes70]

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It shouldn’t be in his gift to just leave. He has just been called out for lying ina Scottish court and mounting an illegal takeover of a Scottish football club. The SFA should be acting today. Will they though?


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Great points.

All parties concerned may just be very glad to see the back of him though and to leave it at that. We don't know its without precedent. If he remains it will be enforced no doubt about that or face the consequences if not.

[SouthsideHarp_Bhoy]

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It shouldn’t be in his gift to just leave. He has just been called out for lying ina Scottish court and mounting an illegal takeover of a Scottish football club. The SFA should be acting today. Will they though?


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Ha ha ha, i think we all know the answer to that one mate!