Your second reason could be right. Ranger's shares are worth nothing as an investment. I think the main reason, however, is simply he's an arrogant c*nt who has always done as he pleases and has no respect for the law. It's an ego thing. He's stringing this out in the hope (belief?) that it will go away. I think he is very much mistaken. As with the Sports Direct legal cases, none of this benefits Rangers - everything is just to suit King as an individual. Certainly re SD, his actions are harming Rangers financially - legal costs, executive time and, in particular, depressing the flow of cash from shirt etc sales into the club. ETA I'd be surprised in Rangers weren't footing the bill for the legal costs in the takeover panel court hearings.