Big Rangers Administration/Liquidation Thread - All chat here!

[Florentine_Pogen]

Not at all, I'm suspicious Dave King wants to recuperate the 20m he lost previously.

And therefore where does the trust fund holding for season ticket money fit into this, if it does?

Come on Snuffy. It's known that Dodgy Dave Mk. 2 got his money back (less an admin. fee of £2m) after it passed through the Dodgy Dave Mk. 1 laundromat.

"King's tax assessment is made up, among other things, of a R4,8m tax bill on his Sandhurst house, R101,44m on a Falcon 900, R188,47m on a Talacar shareholders loan account, R2,1m on a Ferrari, R17,24m for living expenses and - his largest single tax claim - R200m income from Rangers Football Club, as well as R281,28m in penalties and R20m in taxes on income from the Amazulu Football Club, which King insists he bought for R1 in return for paying outstanding salaries and financial obligations for the club."

http://www.bdlive.co.za/articles/2008/11/11/king-s-tax-assessment-valid---sars;jsessionid=D94247E2C4B995285D8D676FA23047AB.present2.bdfm

King did not invest 20m into OldcoRangers and "lose it all".

[GreenockRover]

Snuffles... King is EXACTLY the type of w****r you DONT want at your club fella! Lol.... yeah, we all know you want his money to buy you your next success 'fix' but ffs man isn't it time you lot got off the drugs !?

Gangster's and Fraudsters' dough is better than a long term, sustainable and secure planning ?

Really ?

[GreenockRover]

And Minty would never use King's money as leverage to seek further loans from the bank......oh no no no no no no........

Honestly, SevCo fans need to fuckin wake up !!

Edited February 28, 2014 by GreenockRover

[bennett]

20m ?

He didn't recoup any of that?

Here's a snippet from todays record

"King can quite legitimately point to the £20millon he previously pumped into Rangers as hard evidence of the colour of his own money. There has been a whispering campaign about this in recent weeks with shadowy suggestions that King quietly recouped around £18m worth of that investment.

For the record this has been denied to me not just by King himself but also by Sir David Murray. The two men, incidentally, are no longer on speaking terms and have not been for a considerable time. Apparently, for 20 million different reasons."

Aofjays or A...bud posted a link the other day to an article which showed that he may have earned around £12m.

A lot of uncertainty still surrounds this.

[~~~]

Let's just remember Dave King sat on the board under Murray while the club was imploding due to the finances

He also sat on the board when the club went into liquidation under Whyte

And yet for some reason Sevco fans want him back on board, this time as a owner/chairman

[Jacksgranda]

Let's just remember Dave King sat on the board under Murray while the club was imploding due to the finances

He also sat on the board when the club went into liquidation under Whyte

And yet for some reason Sevco fans want him back on board, this time as a owner/chairman

Third time lucky?

[Florentine_Pogen]

Here's a snippet from todays record

"King can quite legitimately point to the £20millon he previously pumped into Rangers as hard evidence of the colour of his own money. There has been a whispering campaign about this in recent weeks with shadowy suggestions that King quietly recouped around £18m worth of that investment.

For the record this has been denied to me not just by King himself but also by Sir David Murray. The two men, incidentally, are no longer on speaking terms and have not been for a considerable time. Apparently, for 20 million different reasons."

The Daily Retard. 'Nuff said regarding the quality and balance of your info. That "snippet" is culled from a piece by Keef Jackson and is basically the start of his offensive to be Boaby-Sucker-In-Chief should King succeed in duping these gullible poodles convince the faithful to pony up for his Season Book Trust scam.

[bennett]

Let's just remember Dave King sat on the board under Murray while the club was imploding due to the finances

He also sat on the board when the club went into liquidation under Whyte

And yet for some reason Sevco fans want him back on board, this time as a owner/chairman

Cheers Rico, i never knew that and thought he'd just appeared from out of nowhere.

[WhiteRoseKillie]

An Orcs summary

I'm warming to this King chappy ...

The bit that should really make the berrz smell something fishy is this:

• King that was on the oldco board that spunked millions and then sold us on for a pound to googly eyes"
• - Why didn't he jump in then, when the whole shooting match was up for grabs for absolute peanuts, relatively speaking?
• He's sat back, dog-whistling on the sidelines, while Wattie, Sally, Craigie, Charlie and god knows how many others have raped the corpse.
• If he's such a great businessman, would he have passed up the chance to get in there and guzzle his share?

I have no answers, no insight into anyone's plan for the future of the rangers and/or whatever the third incarnation will be called. But fúck me, they're keeping us entertained, are they not?

"Here, stick yer ST cash into this Trust, and we'll...eh... we'll...er, WATP!"

[Florentine_Pogen]

Cheers Rico, i never knew that and thought he'd just appeared from out of nowhere.

Yup, that was your understanding until you got someone to read The Daily R****d to you.

Edited February 28, 2014 by Florentine_Pogen

[bennett]

Florentine i'd edit one word in that post before someone sticks you in.

[AberdeenBud]

Loved one of the comments about DK on RM ...

http://www.scotzine.com/2014/02/is-dave-kings-scaremongering-part-of-a-long-term-plan-to-buy-club-on-cheap/

[bennett]

http://www.scotzine.com/2014/02/is-dave-kings-scaremongering-part-of-a-long-term-plan-to-buy-club-on-cheap/

Whats Andrew saying now?

[Florentine_Pogen]

Florentine i'd edit one word in that post before someone sticks you in.

Cheers Benny. Can't be too PC these days. My apologies to anyone who may have been offended by my previous post.

BTW, "sticks you in" - what does this mean ?

[bennett]

Cheers Benny. Can't be too PC these days. My apologies to anyone who may have been offended by my previous post.

BTW, "sticks you in" - what does this mean ?

Should have put 'reports you' instead but ....

[MikeyWellFan]

I have serious question.

Do any berrz see some fans splitting away to form a new club ?

[Florentine_Pogen]

Why King agreed to R718m for a new start

Sep 1, 2013 | Jana Marais

Controversial businessman Dave King finally settles 11-year case by agreeing to pay R706.7m to SARS and nearly R12m to National Prosecuting Authority

CONTROVERSIAL businessman Dave King, who famously arrived in South Africa in 1976 with R170 in his pocket and ended up in a decade-long war with the South African Revenue Service (SARS), says he is now looking forward to “an exciting couple of years” building Micromega, the JSE-listed services company he founded.

This week, Mr King finally settled the 11-year case by agreeing to pay R706.7m to SARS and nearly R12m to the National Prosecuting Authority (NPA) to settle his tax affairs and clear him of any criminal charges.

Micromega, which has seen its share price fall 5% over the past year partly due to the uncertainty concerning Mr King, is expected to be the largest beneficiary of this week’s settlement.

SARS attached Mr King’s shares in Micromega, which has operations in information technology, financial, occupational health and safety, and labour supply services. Its action raised uncertainty over ownership and weighed on the share price.

“I don’t think people were sceptical about doing business with me (while this was hanging over my head); they downright wouldn’t do business with me,” he told Business Times on Friday.

“All the energy I’ve spent on the SARS matter, which has been quite considerable, can now go into Micromega. We have some exciting projects in the pipeline, and hopefully shareholders will be rewarded for their patience,” he said.

This appeared evident from the fact that after the settlement was announced on Thursday, Micromega’s share price shot up 27%.

As his outstanding debt of about R306m will be paid from cash held by an offshore trust, the family will keep the mansion in Sandhurst, estimated to be worth R85m, and holiday homes in Plettenberg Bay and Fancourt, the luxury golf estate near George.

SARS has already received about R400m through the sale of other King assets, including Quoin Rock wine farm near Stellenbosch for R85m and a Falcon jet for about R100m.

Last year, SARS won a court order allowing it to sell Mr King’s assets to pay his tax bill of R2.7bn, including penalties of 200% and interest.

“SARS had to take into consideration the recoverability of outstanding taxes from assets in South Africa and overseas that are currently available and measure that against the settlement offer of R706.7m,” said SARS spokesman Adrian Lackay.

The often ugly and public battle with SARS did not affect his day-to-day lifestyle “in terms of paying the bills”, though the freezing of his international assets, particularly his private jet, was an “inconvenience”, Mr King said.

In 2011, he asked a court in Guernsey, where his assets were frozen in line with a request from SARS, for a monthly stipend of R2.2m, including R1m for legal expenses in South Africa, R800,000 for debts on his homes in Sandhurst, Plett and Fancourt, R200,000 for expenses on these homes, R23000 for gardeners and R40,000 for horticultural services.

Mr King’s troubles with SARS began in 2001, when SARS investigator Charles Chipps wondered how Mr King, with a declared income of only R60,000 a year, could afford to pay R1.76m for an Irma Stern painting after reading about the purchase in a magazine. Mr Chipps pursued the King matter doggedly and worked for SARS until his death last year aged 83.

Mr King made more than R1bn in profit when he sold his shares in the now defunct Specialised Outsourcing. The share tanked when his sale became public knowledge, causing other investors huge losses. This led to accusations that he defrauded investors and lied to the JSE.

In 2009, a R636m settlement agreement between SARS and Mr King fell through after the NPA refused to approve it. At the time, the NPA was still hoping to get a criminal conviction against Mr King, who was facing 322 charges including fraud, money laundering, racketeering and tax evasion.

The NPA also pursued 37 charges of fraud and racketeering against him related to the Specialised Outsourcing case.

Finally brought to court last year, the Specialised Outsourcing case turned out to be hugely embarrassing for the NPA, which called only five of 71 expert witnesses. The judge acquitted Mr King and slammed the NPA for failing to put up a case.

• This article was first published in Sunday Times: Business Times

__________________________________________________________________________________

A senior Sars investigator, reading a business magazine, noticed an Irma Stern painting hanging in King’s Hyde Park mansion, north of Johannesburg.

King, who reportedly stated that he earned R80 000 a year in his tax returns, had snapped up the painting for record R1.76-million at an auction.

Realising that King had also applied to be deregistered as a taxpayer, investigator Charles Chipps, wrote to King asking him, among other questions, why it was that with only R80 000 a year “declared income”, he had bought the Irma Stern painting and wine farms in the Western Cape.

"They call me Mister Chipps"

Edited February 28, 2014 by Florentine_Pogen

[Florentine_Pogen]

Phil McUnpronounceablename latest :-

http://www.philmacgiollabhain.ie/dave-king-makes-his-move/#more-4414

According to this, Sevco will commence administration next week.

Edited February 28, 2014 by Florentine_Pogen

[Fife Saint]

So, what is the position regarding being fit and proper? I seem to remember dangerous Dave's last visit back to Scotland where he intimated he had a nod and a wink from the SFA but Regan then contradicted that when he was chinned about it on Sportsound.

[The_Kincardine]

Kinky !, I seriously do not believe someone who appears to be as intelligent as you can't even tell the difference from,

A, The SPL paying a Law Lord a wedge of cash to parrot out that the SFA are acting within their own rules and regulations and that the SFA had put into their rules & regulations what the SFA define as a club to them and them alone after the club has been legally liquidated into the annals of history by the law itself.

&

B, A Law Lord sitting in a real court of law quoting legally that they "them" were liquidated and acting within the confines of the law when Lord Tyre said this.

Either that or you have stolen Benny's orc to intelligent English phrases translator and would explain why you can appear so fucking stupid sometimes.

Unlike you I don't have to wait on what KDS or CQN says to form my own opinion. I am perfectly happy to reach my own views and to voice them and am happy that others may disagree. Nor need I fret over what one law lord said versus a quote from another law lord as posted on a forum.

That our continuing existence is true should be no surprise nor even a point worth contending. That football clubs have a life that is not coterminus with their associated company is, again, beyond contention.

We all, in every day life away from football, accept that brands/clubs/legal entities/incorporations are loosley coupled and can go through legal change without the product/brand being affected. I mentioned Horlicks yesterday who are a good example of that. Rolls Royce (the company that makes cars rather than the Rolls Royce of football which is Rangers) is another. The company went tits-up in 1971 and had to be rescued by the government. Not even a fool would have said thereafter that a car made in the same factory by the same workers and using the same components was anything other that a Rolls Royce. Mind you, I wouldn't put it past a BRALT wag to say something like, "Rolls Royce? They even came out with a car called a Phantom and another called a Wraith. This proves they're deid. Zombie cars for a Zombie company"

This is a logic that we live with every day. Sadly, though, the Ps&Ds have replaced logic with schadenfreude, much to the detriment of their ability to cogitate..