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Big Rangers Administration/Liquidation Thread - All chat here!


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Are you for real?

ETA: I think the part that Rangers are struggling with is solely the "paying it off" TBH.

No he's not for real, he's a multi , previously banned racist who swallows anything his racist Heros from the RST tell him , a bit like no marks , MyView, Jock001, Tenpot, Vanderlei, jigs elbow etc, etc, etc, oh wait ,that was him as well.
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Accepted.

No idea, but I would guess that lawyers are never cheap.

Are the costs shared between both parties, Ashley and the SFA?

Incidentally, how do you think the case will go?

I'd be interested to understand the process in place that allowed them to come to the conclusion that King is fit & proper.

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Oh I understood his point well enough, he has the dirt on King, so would rather we forget that there are a fair few successful untarnished businessmen actually running Rangers.

I don't know why snafu, waggy etc even bother. You are parody enough already. It's like a reverse Poe's law.

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Latest from John James :)

King’s Greenmail

“The following is taken from an STV article on the Court case which was later deleted by them on legal advice. Apparently the issue of who loaned King the money is sub judice and they were advised to wait until evidence is given in Court on the issue.
Here it is:

They make reference to his 41 convictions for contraventions of the Income Tax Act in South Africa. Mash further argue that the outstanding contempt of court case against King, which is due to call at court in London in December, also reflects upon the Rangers chairman’s suitablity. There is also mention of his conduct when he first came to power at Rangers.

It is claimed that upon becoming a director of Rangers International Football Club plc, King borrowed large amounts of money from third parties to then give the cash to The Rangers Football Club Limited. This was after Rangers had entered into a loan facility with Sports Direct.

Its the second paragraph which is interesting as it suggests that Ashley knows where King got the money from to fund his share purchase and all will be revealed. If shown in Court it will expose King as the liar he is and blow all his claims of wealth and kids inheritance out of the water. It will also expose his inability to transfer money out of South Africa due to Exchange Control regulations as a minimum and any other conditions imposed on him.
The bottom line is Rangers fans were about to be royally shafted and unless Rangers First and the RST have a change of heart on their position then so it will continue. The SFA are also in an invidious position and I would imagine Regan is looking for another job or contemplating how he can squirm out of this. There is so much happening here one can only guess at the final outcome. I do not for one minute believe that Douglas Parks re-appointment to the Board was for altruistic reasons. Rumours have abounded for at least 6 months regarding his dismay for King and Murray. Perhaps he has seen the light especially after todays Court case and he will make moves to throw King and Murray under the nearest bus. From there he can go to Ashley with a clean sheet and begin the process of negotiating with him as opposed to confronting him. I can see an out of Court settlement to resolve issues with the SFA piggy backing on to save their sorry faces.”

Chapeau to Moe Goe for the preceding text. Those of you who picked up the unexpurgated STV narrative, prior to their solicitors stepping in, will now know that King has lied to every Rangers fan. There is no place to hide for those who continue to say ‘let’s wait until January, or the close season.‘ Surely King is a Real Rangers Man? Surely he will do the right thing?

As I and those on the RSL have been shouting from the rooftops, King ‘s shares and the money attributed to him by way of his alleged £1.5m contribution in a soft loan, was borrowed. His pig-headed stupidity of thirteen years of evading tax and allegedly bribing a tax official, did not lead to a favourable result. The only upside for King was that he avoided prison, and that his co-defendant on racketeering charges, Greg Morris, allowed him to be a shadow director of their latest fraudulent corporate enterprise.

Every asset that King formerly owned went under the hammer. His houses have a £17m mortgage that is secured on the houses themselves and his preference shares in Micromega Holdings Group. There is no family inheritance as King spent all of it in £50m of legal fees. All that remains unknown now is the source of his loans. King could not borrow from anyone in South Africa. He cannot show his face in the golf clubs where those with appreciable wealth congregate. The money he borrowed probably came from George Taylor, George Letham or Douglas Park. He probably lied to them about his alleged wealth. They now know exactly what they are dealing with. King is engaging in greenmail.

Phil Mac broke the story that King attempted to sell his shares to Ashley on the day of the EGM in June. At that time, Bill McMurdo on the RSL, took the position that this was a malicious slur on the Rangers chairman that had no foundation in fact. This narrative now chimes true. The premise of greenmail is to acquire equity that others will have to pay a premium for to remove a hostile stakeholder. King was probably pitching his 14.57% at a figure north of £5m. That would have given him a profit of £2.5m for a few days work. Ashley did not bite, but knew immediately what he was dealing with.

It’s just a matter of time now for King. He can either go now or be publicly disgraced on December 9 and February 11. The word is out. Level 5 and their allies in the SMSM will do their utmost to put a lid on this. The STV however have let the cat out of the bag.

As for the SFA, they have approved a career criminal on the premise that he was wealthy. If they should continue with their arrogant position, Ashley will publicly humiliate them even if King has gone at that point.

King has never been an honourable man. Those who loaned him money to buy shares will not be repaid. He will find a way to line his pockets at their expense. As soon as they loaned him money he could not lose. They had broken concert party regulations. They had breached the 30%. If they took King on he could take them all down with him.

The AGM in 48 hours time is now a sham. Will Taylor, Park and Letham support the re-election of King to preclude the Financial Conduct Authority taking more than a passing interest in their underfunded hostile takeover.

There is also the position of the RST and RF to consider. When King goes, and it’s just a matter of time, are they prepared to loan Murray and Gilligan the soft loan that is required to keep the lights on?

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I do not for one minute believe that Douglas Parks re-appointment to the Board was for altruistic reasons. Rumours have abounded for at least 6 months regarding his dismay for King and Murray. Perhaps he has seen the light especially after todays Court case and he will make moves to throw King and Murray under the nearest bus

That would explain Tedi's fawning posts of late.

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Latest from Exposingtherhats

Phil MacGiollabhain November 2035: General Mikes tanks are menacingly advancing, apropos the Ibrox lawn Dear Reader they are approaching it. I sense the angry real billionaires end game is approaching

Its a fair assumption should Phil or any of the aliases or groupies who make up Philco be with us in 20 years theyll still be breathlessly pushing these military analogies of their rotund hero. Its confusing that these crusaders for social justice would hero worship the main proponent of zero hours contracts who forces his staff to work in Victorian like conditions. Thats Sevcoing for you though, a confusing phenomenon for all involved.

The hilarity of General Mikes stuttering military assault aside its undeniable the noise levels in the ongoing dispute between Rangers and Sports Direct have increased substantially in recent weeks. Understandably this has led to speculation as to what Ashleys motives actually are. Some think its simply personal and that Dave King has got under his skin, others think its related to the £5 million loan others still think he wants to regain control of Rangers in time for a return to the SPFL next season. None of these theories make sense given the investment of time and money from Ashley so far. His legal team are racking up fees at a rate of knots and his PR firm Keith Bishops Associates have assigned someone full time to monitor Scottish media and social media output in the hope of unearthing any material or leaks which could further Sports Directs litigious ambitions.

The actual reason for the urgency is the fast approaching criminal trial of Charles Green, should that result in a conviction then Dave Kings threat of ensuring Sports Direct are legally and financially held to account for their failings becomes very real. Sports Directs CEO is already awaiting trial for criminal charges relating to the insolvency of USC and the companys shambolic corporate governance has long been a bugbear of their shareholders and city analysts.

The nightmare scenario for Ashley would be a Green conviction, the full commercial relationship originally agreed by Messrs Green and Ashley being challenged by Rangers through the civil courts in a case worth potentially a 9 figure sum and the police re-opening the criminal investigation into the involvement of Sports Direct executives into the alleged fraud. Mike Ashleys thinking seems to be that right now Rangers dont need him or his money and are likely to do everything in their power to ensure this outcome. He believes if he gets rid of King then Rangers have a financial shortfall which he would be able to plug on condition his dubious contracts remain unchallenged and minimal co-operation is given to the police in relation to any criminal investigation.

This desperate and costly plan undeniably is having some impact on Rangers simply by costing them substantial sums in legal fees. The gagging order the board are subject to makes it difficult for them to communicate the exact nature of the situation with fans in the way they would like, this inevitably leads to speculation and an air of crisis. The reality is though that Ashleys campaign is destined to fail, even in the unlikely scenario he managed to have Kings F&P status revoked the Rangers Chairman is too heavily invested emotionally and financially to simply cut off funding and walk away. The other flaw in the thinking is that although King has very deliberately brought the media focus onto himself to relieve the pressure from others he is far from the only person involved with the means and desire to take Rangers forward. Our main strength just now is that the consortium of those involved now and who wish to be is large enough not to be dependant on one persons finances removing the huge risk attached attached to being reliant on a solitary David Murray type figure.

For these reasons General Mikes hesitant tanks are the military equivalent of a pair of Donnay Trainers, they are certainly loud but given time will fall apart at the seams. The various court cases will bring much excitement to the Sevcoers in need of their latest fix of Rangers porn but will make no material difference to the ringfenced budget set aside to ensure a strong SPFL title challenge next season.

These are the simple facts you wont find on any Philco blogs as they churn out the desperate guesswork of a man with 3 names, 2 jackets, 1 shirt and zero clue.

Thanks, Tedi. Interesting to see a blog from the slightly less obsessed side, for balance.

;)

Two things particularly struck me:

1. If you skim these sorts of things, ignoring the detail, it's not so easy to tell which side they're supporting. All the blogs lay it on with a threat-laden trowel and plenty of overstatement. I suppose none of them can "see themsels as ithers see them".

2. Even taking the tendency towards overstatement into account, the 9-figure sum mentioned is pretty out there.

'Tis the season to be litigating.

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"The nightmare scenario for Ashley would be a Green conviction, the full commercial relationship originally agreed by Messrs Green and Ashley being challenged by Rangers through the civil courts in a case worth potentially a 9 figure sum"

:lol: :lol: :lol: :lol:

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