FinnesTON
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Posts posted by FinnesTON
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smoke and mirrors v openness and transparency
There can only be one winner,
only you can decide
Fight !!
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The nomad stuff is an interesting development.
I won't pretend to know what sort of material impact it might have, but from reading the views of others with some knowledge, it would appear to be not a lot.
However, the psychological effect does look significant. We seem to have a situation where King's claim to have had a nomad lined up, looks dubious. We also may have a situation where no great effort to secure a nomad was made, because not having one was always King's preferred option.
Either way, it's surely not good for Rangers. Transparency is lacking and I'd be anxious about the desire of someone like King, to operate in a less regulated environment.
The 'good guys' have explaining to do.
As you said it allows King to make decisions without public disclosure, say he loans them some money until the end of the season he could secure it against the stadium without divulging it. So for the gullible readers you'd have to rely on a whistleblower but if you were a publicly traded Co. those details would be announced. Not being on the AIM leaves you open to the very thing that triggered the requisiters. Then honest Dave is a RRM and not like you'll need the money.
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We don't know how creative the accountants were when they did any audit for Sevco since it's inception. So far they have managed to balance or cook the books enough to make it look better than things really are.
I did chuckle at the interim numbers at first and thought that's definitely not correct and did some number crunching of my own. They must be close to what is projected because Tedi the master accountant hasn't posted "pish and made up shite" yet.
I see others have nor and JJJS have mirrored what I have said in the past and no doubt its an almost universal opinion Sevconian delusion.
But just to show that what we are talking about you only have to look at their nearest rivals Celtic were a mess financially when the Bunnet took over but he explained everything he was going to do, to get you back on an even keel, new stadium but you will know more than me about the details but it was a pragmatic response and the supporters dutifully bought into it , that model is still prevalent, although the actions at Rangers were the for every £5 we'll spend a £10 therein lays the rub McCann would only spend a £5 if he had it and was an investment where Minty spent somone else's £10 just to GIRUY sort of thing.
This is the model they crave not the sensibilities of McCann but that of the Moonbeams, the reincarnation Chuckie had a less than glorious reputation and 'leopards don't change their spots' ( that saying should be inscribed on the marble staircase of the Big Hoose because everyone who has walked through that door has acted to type) Sheffield United supports were emphatic about him, sadly they to were 'the enemy' 'timmy' or 'diddy team.'
(Better include Ann Budge at Hearts or Stewart Milne at the Dons of doing equally good jobs ………. don't want to be accused and a silent'h' suddenly appearing in any replies to my posts.)
I expect PM and DK will use the same tactics of paranoia and conspiracy against the Establishment club they already have and are now rewriting history but LLamblas was right in his parting shot who is the Nomad and where is the money MrKing ? And would one not follow the other the city like money,they nurture it, watch it grow, they like people who make it grow, the faster and bigger the money tree grows the more they like it and persons responsible. So if DK had the money they'd be still in there. Unlike Sevco the city is not about the past but present and future.
What other business thinks reliant on its customer base to make money is good ? They continually talk about new markets, about growth potential, profile of the business, investment from other sources. So given those figures I believe they are right and highlights where the £70m went on an operation that is frankly too big, too expensive and too entrenched to change. We can blame the 'spivs' but they are subject to change the real problem appears to be the expectation of the business customer base.
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All the numbers I put in that post are accurate except where I state I speculate.
If it weren't for the share issue and Commonwealth money they'd be £4.1 million worse in the interim.
Just putting the numbers and figures that matter into perspective and omitting the bull.
It was looking at their interim results with £13m thats a fair hefty make up given as I said if they see a few more faces they'll be expecting another Tore Andre Flo type signing. Given they have become a closed community in terms of investment better hope DK is just a G & S to his kids when he tells them he's invested their trust fund in Sevco.
Great news, the delisting will allow the good guys to exercise their fondness of cheap replicas by solely funding the journey. Lets hear it for the saviours of Sevco who have allowed them to operate without those London types peeking over honest Dave's shoulder at every turn.
Who needs openness and transparency
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Now that's what I'm talking about!
HB is indeed back in the house.
If those are anywhere near accurate even with 40k ST they still be fooked as they would demand the big signings. Only hope is sell those numbers and reduce costs but austerity orcs is not in their thought process.
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Just confirms that the old regime left the toxic shite.
As drip fed by PM previously not exactly credible evidence but then credibility seems a concept you struggle with.
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The DD was two fold, the current board passed the 'fit and proper test' DD failed on reputational and / or historical issues with the profile and nature of the Company, none of this can be attributed to the new regime, just the old.
we admire your indefataGULLIBLITY sir.
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Apparently Easdale being interviewed on SSN
"We've been misled"
"Previous board made it public the club could suffer delisting if the spivs with nae cash went ahead, especially with Dave heading it up"
"Was ok till WH Ireland resigned"
"King said he had a NOMAD and was fit and proper"
"Want to make legal claim against individuals not the Clumpany"
Edit: It's been paraphrased somewhat ...
So after much bluster from the good guys about onerous contracts and so forth the first threat of legal action is against them.
Whats the next deadline statement for PM to blame the 'spivs'.
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Rangers fans came on willing to discuss the delisting and the usual suspects show their usual lack of class.
I understand the clamour to get back to football matters but since Sevco fans have a desire to rid themselves of the Diddy Team tag but the greater the desperation to return to the bigotfest and hoovering up other clubs talent the quicker you appear to be heading for disaster.
You can't honestly believe that statement, its grade A, pishing down your back while offering you an umbrella. You might not be concerned about the share price falling but if another share issue is the source of funding then you have to contemplate that some way to restore trust in the good guys will have to occur before you all pony up yet again.
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The Spivs did it !! How can anyone swallow that excuse they were listed had an appointed Advisor in WH Ireland who resigned as they wouldn't work with King and DK had stated he had no intention of retaining them as he had A N Other to replace the Nomad. Even if the figures were horse piss at least it looked as if they were competent by reducing the loses, given the boycott to position the 'good guys' into the hot seat.
More circling the wagons , what is the next tactic burning effigies of MA in the centre circle.
Dignity
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ISDX has a limit on the their float capitalisation of £10 million. Since Sevco were already floated on the AIM exchange with around a £22 million capitalisation then I'm not sure it's as easy as pitching up and saying "let us in" ...
They also have their equivalent of a NOMAD.
But hey ... you could be right. Always a first time.
There are a few ways of looking at that
1 The fans won't have to stump up as much, so the amount they are being fleeced has reduced. 'good guys'
If they needed between £14-20m (their figures) thats between 4 and 10million to the good guys. So when are the plans for that money being invested will that be before after the floatation on Gumtree.
Then how long will that last ?
I know the cut off date for the Nomad was today but is there a cut off date when the 'good guys' are responsible and the spivs ( does this include Sir Walter of Cardigan? as I distinguished the 'spivs' but apaprently they were all the same spivs since 2012 so that obviously includes a few RRM amongst them) get finally relinquished from any more blame, onerous contracts and such things.
Would ask them but they seem a tad touchy on the subject.
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It's supporters of other clubs such as yourself that continually drag up this Shite, why?? Don't think any of the few Bears that post on here are interested in all that !! We just want a team that's playing some decent stuff on the park, with those running the club, having its best interests at heart. Isn't that simply what every other fan wants irrespective of who they choose to follow?
Refer back to PM the Monkey asking a question about returning to traditional values and Kinky's answer. You only have to go back to the recent appointment of CG as fans representative and see the evidence. OK not all supporters but its hardly one rogue supporter either and with PM statement does that not pander to that mentality if you want to escape being tarred with that brush and this goes for the other mob then change.
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Rangers fans never wanted a NOMAD nor did they ever say they did. Any posts to the contrary are fake.
They have displayed a high level of openness and transparency in their desire to walk away from the AIM.
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I think the AIM has confirmed its 6pm tomorrow... What was it TEDI said again? Something about being confident a NOMAD wiil be in place well before the 30 days! LOL. Oh well thats what happens when you believe racist bigoted blazer chasing bloggers like CG.
Thanks read conflicting reports in various newspapers an for a brief notion I thought it was within their remit to discover the actual events but then remembered its the sports journo's.
I get the 'i don't care what the share price is I didn't buy them to sell them' mentality but wouldn't it make at the very least a share issue difficult ? Then there is those who purchased shares in support of the 'good guys' but if this was the plan to delist is it not disingenuous to have groups of supporters purchasing shares on a campaign of openness and tranparency when they could have token gestured purchases and bought more after a possible delisting.
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Haven't really been following this shower of shite lately, when is the nomad deadline?
Like all things Sevco related there seems to be some dispute on the date but it should be concluded by tomorrow as no trading takes place on happy crucifixion Friday , although officially the deadline is Saturday. Would seem fairly reasonable to suggest that if you aren't going to get it done by tomorrow the chances of gaining extra good will by interrupting someones holiday seems slim but you never know.
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And why is Paul stating "their intention to resign" ... It's my intention to shag Jennifer Aniston next month ... it's doesn't mean it's going to happen.
He doesn't state they resigned then or specify the date they officially quit ... why is that?
Tut !! auw… I was intending to shag her …..but not after your intended sloppy seconds
Right lets enter the land of Sevconia for the moment say all this is 'true' and the spivs have been doing their worst the question remains if they are so bad why not buy Ashley out , his money seems conveniently ok at some points giving the loan of favourable terms yet every action his minions have taken was to the detriment of the clumpany. It seems a rather convenient narrative 'good guys' taken in by the evil invaders it's almost like they were reading off of a predetermined script penned by the famous fictional writer Minty.
Where are the onerous contracts ? the loanees if we take this as true then £1k a week for each seems again overly generous the £500k bonus rewards success, Newcastle may have been the only club they could deal with and afford given the boycott, and the other inconsistency of outraged is in their previous entity they had Weiss on loan and paid £500k, so even in Sevconia these situations have occurred .
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A textbook example of the fabled whataboutery.
Care to explain ?
Murray regimewas the source of your original clubs problems sold for the princely sum of a £1 to another who apparently took you all in or that you repelled any notion of scepticism, you then were humanly put to sleep
The yearly accounts were audited properly in November. Paul Murray asked the auditors to check over the interims only to be told they had resigned and had informed the board that they were going to resign last year.
Deloittle had already audited the accounts, the new board had no way of knowing that they had resigned and no reason to suspect otherwise, the old regime even voted to re-appoint them at the AGM in December but obviously this was just a ruse, as they had no intentions of coming back, the old board hid this fact.
So your saying that the old board have intentionally acted in a way that obviously breaks some rules with regard to the AIM by deliberately hiding the resignation. Thats an accusation is it not.
I am on the point of repeating myself for the 3rd time if and when the new board PM found out about Deloitte's resignation or walking away would it not have been more professional and indeed prudent to employ A N Other with an announcement of the delay due to this occurence than the actions they took. Given they were supported and voted in on a transparency ticket that there is a question mark over that.
If the previous board were so maleficent then there should be no issue with the good guys securing a Nomad, but the bigger question is if Murray and co have discovered this surely they would want to ensure they have a clear picture of the financial stability and would obtain the service of an auditor.
So PM will be reporting said actions of those directors to companies house as you don't want the spivs to get away with it ?
The other interesting thing about the accounts considering the 'spivs' were up to no good but the accounts display a reduction in the losses ? So again either they were doing a job of reducing the losses or they have obfuscated the figures and again we go back to why you wouldn't employ a proper auditor on the discovery of Deloitte's 'resignation'.
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A textbook example of the fabled whataboutery.
Oh look benny's replied.
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The yearly accounts were audited...as I stated.
No if they had the time to discover that deloittle had resigned at what point and then passed them to JH LLP was there not time with a delay to have them audited properly given this was the new boards first chance to assess the business ?
So DK is hunting for a nomad but you haven't contacted Deloittle to do the accounts and PM has Keith Jackson on speed dial with all sorts of exclusives but doesn't know the auditor has resigned ? Come on Tedi either they are really incompetent or they are not telling the truth none of which helps the plight of the business.
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What the MA whose company gave workers 15 minutes notice? the MA whose treatment of workers was labelled as "despicable" and "appalling" by MP`s? the MA who is up in front of a parliamentary committee?
Phone call and a handshake aye? Money talks I guess.
Sadly Tedi it does, you may be aware of the phenomena from a previous incumbent of your previous club Sir Murray of the Succulent Lamb, he used similar tactics to Ashley but he was lauded and he sunk your original club. It was also prevalent when that said entity went defunct and the blazers and some chairman tried to shoe horn you back in as if nothing had occurred, again money was the concern.
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It reads to me that they did not know, as far as Paul Murray was concerned they were still the existing auditors, after all the board did vote to 're-appoint' them at the last AGM, strange as Deloitte had already resigned.
It looks like they gave intention to resign last year, carried out their duties which included auditing the accounts in November 2014 then left, the board despite knowing this did nothing to replace them, nor did they inform anybody.
"I wish to draw shareholders' attention to the fact that these interim results have been reviewed by Jeffreys Henry LLP. I have been informed by Deloitte, the existing auditor, that they informed the previous Board of their intention to resign following the June 2014 audit.
"The previous board chose not to announce this nor did they find a replacement for Deloitte.
"With limited time to have these results reviewed the board asked Jeffreys Henry to perform the exercise as independent reporting accountants, not auditors."
It does seem odd that they came across the mysterious illness of one of the loanees and drip fed other details of that which on the face of it in a purely business sense seems trivial compared to having no auditor, given that DK was actively looking for a replacement Nomad would these not be intereested in the present accounts to assertain the health of the business.
So they have enough time to discover this and give them to Jeffrey's Henry LLP but not to arrange for another auditor ? I would have thought that the first thing you would do is have the accounts looked over especially if they were to be released in the near future, even if you believe they are good guys it appears incompetent and another a big boy did it and ran away.
Anyone know if this would impact on a Nomad taking them on as I'd have thought audited accounts would be at the very least a minimum requirement to the AIM ?
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I reckon today's convulsion makes questions about the long term a little more ... interesting.
Ashley has his mitts into a business that he thinks can make him large money. Whether that lasts will be a question for Mike and a Rangers board that might look very different from the one we see today.
Thats why I think the 'good guys' using their £ on shares, Ashley was tactically trying to stranglehold the business by means of another secured loan. It doesn't matter if it goes belly up again he is the main creditor and would have a say in the appointing of an administrator and we know from CW the independence of them can be somewhat questionable.
When Sevco phoenixed the warnings of having no banking facility was ignored as they had raised money from the share issue so the bullish bravado of we don't need it but that is only true if that entity is prudent. The thing is MA would have done the same to any other club if that opportunity was open to him. Personally I understand MA motivation I don't condone it but this stems from Minty and everything thats followed on since that, I don't believe there is a working model this clumpany can adhere to without a drastic change in either finding some Sultan of Brunei type figure or that savings and expectations are tempered.
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Aye well, we are not all sit-on-the-fence shite-breeks like you. There is not one thing objectionable about my post.
Football is an entertainment it has nothing to do with imaginary deities of any kind anyway aren't you the equivalent of the Judian Popular Front of some Abrahamic religion offshoot ? You can't hold morality from a book packed with genocide and land grabbing or are you more on the guy and the end bit he wasn't to keen on tax collectors that .
The reformation brought forward education the ability to read and write and with that greater understanding, critical awareness something that is sadly lacking in the Sevconian mindset. You seemed to have missed the Scottish enlightenment, Voltaire will be spinning in his coffin at how some of us have regressed.
As for sitting on the fence you do know the term is in reference to those not willing to offer an opinion. I said that somethings are best unsaid when it is either offensive, as in the Chris Graham debacle or makes you look like a nutter as it this case.
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Big Mike, DhenBhoy? I have no idea if 'investment' is on his radar. I expect he's the kind of man who likes to make money, not chuck it down a black hole. If, as has been reported here, he's got the merchandising to the Proddy Franchise tied up, why would he get pulled into the games played by mediocrities and assassins of Oldco like King and Murray?
I agree Dr K MA makes money, no sentimentality, he was afforded an easy in by people requiring his money on the short term he used that to broker the merchandising deal and when that created some grumblings has insured that deal stays in place by other loans that are now secured against the assets. He is using Sevco but the question remains of do the new regime have the cash to buy him out or will they have to wait until the contracts expire. How detrimental are they to Sevco finances obviously the clumpany in control of its own merchandise would be more profitable for the business that is obvious.
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Big Rangers Administration/Liquidation Thread - All chat here!
in Celtic v Rangers, Rangers v Celtic
Posted
Sometime in May but Dhensboy showed something yesterday in a post about 12 months audited accounts and finances for the year ahead and they'd have to get a Nomad and there is a limitation on how much you can raise through a share issue. So and to use an unfortunate coin of phrase there would be plenty of hoops to jump through before that became a reality.