A Guest blog by redlichtie for TSFM
From what I can see Mike Ashley is likely to be the only game in town for RIFC/TRFC fans unless they want to see another of their clubs go through administration/liquidation.
That particular scenario potentially allows for a phoenix to arise from the ashes but on past evidence it is probably going to be an underfunded operation with overly grandiose pretensions taking them right back into the vicious circle they seem condemned to repeat ad nauseam.
Ashley has the muscle to strongarm the various spivs to give up or greatly dilute their onerous contracts and I suspect that is what has been happening behind the scenes.
From Ashley’s point of view I believe that what is being sought is a stable, self-financing operation that he can then sell on whilst retaining income streams of importance to SD.
I also suspect that he will come to some arrangement with the SFA to dispose of his interest once he has stabilised the club.
The problem for RIFC/TRFC fans is that Ashley is not going to fund some mythical “return to where they belong”, though that is beginning to appear to be the second division of the SPFL where they are heading to have a regular gig.
Like at Newcastle, Ashley will cut their coat according to their cloth. This will mean, again like at Newcastle, a mid-table team with good runs every so often. If the finances can be fixed then they will have an advantage over most other Scottish clubs but in the main we will be back to actual footballing skills and good management being what is important (pace “honest mistakes”).
With recent results and footballing style clearly those are issues that will require attention and McCoist seems likely to present RIFC/TRFC with an early opportunity to address at least one aspect of that if he continues with his current “I’m a good guy” press campaign. It may take just one unguarded comment or action and he will be out.
But will the Bears go for Ashley’s plan? So far they seem antagonistic and still cling to their belief that the world owes them a top football club regardless of cost.
If the fans don’t get behind the current entity I can see Ashley deciding the game’s not worth it and cashing in his chips. Some ‘Rangers Men’ will probably turn up and create a new entity for The People to believe in and Ashley will continue to draw in income from shirt sales and, most likely, charging fans at the world famous Albion car park which he will then own.
The upcoming AGM is crucial and from what we have seen of Ashley so far he gets what he wants.
The crushing reality about to descend on The People is that there really is no Santa Claus. A Sanity Clause, perhaps but no Santa Claus.
neepheid says:
December 31, 2014 at 3:14 pm
In that scenario the whole thing screams of the soft loans model ala Dave King until you can get some stability and sustainability organised.
However as some one pointed out the other day Mike Ashley works his magic at Newcastle because the Toon Army comes out to watch their team regardless of whether or not (and it has been not) trophies are in the cabinet.
There will need to be a big shift in the superiority complex amongst the bears to get a good five or so seasons of a jammed backed full of 40k season ticket holder plus walk-ins watching but gaining no or limited success to give the thing a chance to work.
Like any addict you have to hit rock bottom or have a trigger point that makes you change your ways.
Maybe the three bears move is the last of the last hopes the fans have to perhaps get realistic about what the future holds.
easyJambo says:
December 31, 2014 at 3:10 pm
…
The cost of Laxey’s investment.
…
Total Invested – 13,299,415 @ 35.7p (average) = £4,746,440
The realisation of Laxey’s investment
31 Dec 2014 13,299,415 @ 20p = £2,659,833
Loss on investment £2,086,557
==============================
Thanks for posting that eJ.
Presumably Laxey will be able to offset this loss elsewhere.
But a c.-44% return on their investment is still a sore one… 🙄
Andy Newport@AndyNewportPA
On PA wires: Laxey partners chairman Colin Kingsnorth confirms he has sold his 16% stake to the Three Bears: “I sold because a fans-based group were hopefully going to be the best placed to take on Ashley’s power. After Ashley removed Norman Crighton, Ashley’s most vocal critic, it was obvious David Somers was just a wet fish agreeing anything Ashley wanted. I am sure the Three Bears are an upgrade on us for fans and hopefully this is the start of the ownership being in the right hands.”
“David Somers was just a wet fish” – I’m sure a lot of Bears will agree with him
GoosyGoosy says:
December 31, 2014 at 12:57 pm
So
The 3 Bears have bought out Laxey
It can only mean one thing
Ashley is getting out and Administration is looming
The Bears are positioning themselves to stop Liquidation and are proxies for a CVA consortium
========================================
Skimming through the interesting and speculative posts on yet another twist in the ongoing saga, I stopped at this one.
A takeover is – on the face of it anyway 🙄 – unlikely – one would think.
A ‘Rangersmen’ involvement at this late stage could be to avoid liquidation, and keep the TRFC show on the road/journey, but with a possible delay in getting to their destination.
…but I”m getting confused again with all this ! 😉
The other thing about the Three Bears being in league with Ashley in terms of Rangers’ continuation is that if there was shown to be for sake of argument a 25% Blue Knight holding in Rangers then the SFA could allow Ashley to have the same.
It could be a dream ticket with over 51% of the shareholding but not a concert party and the SFA would be able to argue with some credibility it is the best solution for Scottish Football.
So they would go ahead with egm get the disapplication motion passed and do their shareholding to get operating capital – what they would raise I haven’t a clue.
But all the while Llambias would be shredding costs – could easily mean another year without promotion but I’m sure the Bears would wear that considering how ground down they have been recently.
And with Real rangers Men back on the Board and I’m sure DK will have some kind of cameo performance then it might just work and buy enough time to keep the punters on-board until the shambles is at least semi-sorted.
Kingsworth: The Jose Mourinho of Investment. Deflecting his own teams F*ck up by trying to dictate the narrative onto something else
Correct wottpi
To which I would only add that if the 3 bears consortium fund the club to infinity (and beyond) that Mike Ashley, holding all the retail aces, will be gutted, just gutted.
Noting sells jerseys like success!
easyJambo says:
December 31, 2014 at 3:41 pm
Andy Newport@AndyNewportPA
On PA wires: Laxey partners chairman Colin Kingsnorth confirms he has sold his 16% stake to the Three Bears: “I sold because a fans-based group were hopefully going to be the best placed to take on Ashley’s power. After Ashley removed Norman Crighton, Ashley’s most vocal critic, it was obvious David Somers was just a wet fish agreeing anything Ashley wanted. I am sure the Three Bears are an upgrade on us for fans and hopefully this is the start of the ownership being in the right hands.”
“David Somers was just a wet fish” – I’m sure a lot of Bears will agree with him
=============================================================
Bejayzus – that’s the funniest thing yet in this whole sage 😆
Still, explains why he was sending-out begging emails at 4am. I doubt there were any takers and soon he will be sleeping with the fishes 🙄
easyJambo says:
December 31, 2014 at 3:41 pm
Andy Newport@AndyNewportPA
On PA wires: Laxey partners chairman Colin Kingsnorth confirms:
“…it was obvious David Somers was just a wet fish agreeing anything Ashley wanted…”
====================================================================
Assuming the quote is correct…
Is that not a wee bit personal and unprofessional ?
And a wee bit defamatory ? Somers doesn’t add value to a Board ?
[Well it’s probably true, but I presume Somers wants to continue his other board positions – and possibly gain new ones in future ?]
Somers threatens to sue, and Laxey apologise ?
andygraham.66 says:
December 31, 2014 at 3:46 pm
0 0 Rate This
Kingsworth: The Jose Mourinho of Investment. Deflecting his own teams F*ck up by trying to dictate the narrative onto something else
————————-
Agreed. The Investment community is choc full of arrogant clowns. Bottom line here is Laxey made a complete and utter mess of this investment.
Their so called investment expertise failed to recognise what thousands of Bampots knew . Investing in RIFC was never going to bring the return promised by Green, and anyone believing that was unprofessional, lazy, emotionally invested and gullible.
Kingsnorth made a complete and utter mess of this, his ego won’t allow him to say so publicly
Regarding the 30% threshold, could the three bears not just be listed as three individual shareholders and thus be nowhere near the 30% mark?
rougvielovesthejungle says:
December 31, 2014 at 4:02 pm
I think they have already, quite publicly, shown themselves to form a consortium. They might try anything, though, and we can’t be certain how the AIM regulators might view it. But any reasonable person will see it as a consortium. Add to that that the shares were all bought, from the same vendor, within minutes of each other, in concert, if you like, not easy to miss the connection…
Could it be that the 3bears have friends lurking in the woods, with back-up funds, necessary for the continued operation of the club/company, but which will only be provided when their friends are in control, and the spivs sidelined?
The sticky part, will be the overcoming of the onerous contracts
Barcabhoy says:
December 31, 2014 at 3:58 pm
‘.. Bottom line here is Laxey made a complete and utter mess of this investment…’
——-
Indeed. I have emailed them to say as much, and to let them know that I do not think an awful lot of their investment judgment, and that I will not be seeking their advice any time soon. 🙂
pau1mart1n says:
December 31, 2014 at 2:06 pm
26 0 Rate This
maybe there was a laxey tiff ??
———-
I saw that Paul 🙂
And why wouldn’t Ashley be happy to see the current club welcome Rangersitis back at Ibrox? As someone mentioned above, it’ll probably be a good earner for him now he’s got his contracts set in stone, while someone else picks up the repair bills, the wage bill, pays the Contracts of O, and whatever else comes along. Strikes me as a complete and utter waste of money, though, on what is, essentially, Sevco 5088 or Scotland.
OFOG’s review of one mental year in Scottish football …
http://www.onfieldsofgreen.com/a-brief-history-of-2014/
IMO
The SFA were aware of the 3 Bears intentions today and answered their significant concerns favourably
The name of the game is still liquidation after getting EGM approval to issue zillions of shares
The main difference is that this time the 3 Bears are in control They reckon they can muster enough votes to get a 75% majority and disapply pre -emption rights for existing shareholders They would buy off enough shareholder groups with freebie shares to get support for the resolution. Buying out Laxey would not have been done without taking soundings from other significant groups .They will probably have peeled off just enough of the Onerous Spivs to get over 75% at an EGM Whether this was a promise to buy out their holding plus their onerous contracts remains to be seen
If the above is more or less correct
It looks like the 3 Bears reckon Ashley and the Onerous Spivs can`t muster 25% and Ashley is more interested in cutting his losses
If it is close I would expect an appeal for a unified vote by the ordinary Bears deceived by Green into investing in the IPO
Dilution followed by Liquidation will break the onerous contracts It may also force renegotiation of the RR agreement
The downside is loss of promotion this year and 3 yrs out of Europe
I would expect LLambias to walk as soon as Ashley is confident his £1m loan will be repaid
Fight for Rangers
Mr Ashley/Mr Park/David Somers
Jack Irvine responds on behalf of the Easdales:
Andy Newport @AndyNewportPA
On PA wires: Sandy & James Easdale welcome news of Three Bears purchase of Laxey shares.Their spokesman Jack Irvine said: “If the reports are accurate, Sandy and James are delighted that Mr Park and his friends have bought the Laxey shares and they hope they will further invest in the club. As we said yesterday the Easdales and Messrs Park, Taylor and Letham have a common goal – the re-emergence of Rangers as a footballing power.”
As a shareholder would you want to hold onto shares if an admin event was looming? they might have lost the best part of 2 million pounds with the drop in share value since the IPO…however…better to lose 2 million than 4…
If MA triggers the admin before they can acquire anymore then they will have pi&&ed 2 million into thin air…
GoosyGoosy says:
December 31, 2014 at 4:55 pm
2 0 Rate This
IMO
The SFA were aware of the 3 Bears intentions today and answered their significant concerns favourably
The name of the game is still liquidation after getting EGM approval to issue zillions of shares
The main difference is that this time the 3 Bears are in control They reckon they can muster enough votes to get a 75% majority and disapply pre -emption rights for existing shareholders They would buy off enough shareholder groups with freebie shares to get support for the resolution. Buying out Laxey would not have been done without taking soundings from other significant groups .They will probably have peeled off just enough of the Onerous Spivs to get over 75% at an EGM Whether this was a promise to buy out their holding plus their onerous contracts remains to be seen
If the above is more or less correct
It looks like the 3 Bears reckon Ashley and the Onerous Spivs can`t muster 25% and Ashley is more interested in cutting his losses
If it is close I would expect an appeal for a unified vote by the ordinary Bears deceived by Green into investing in the IPO
Dilution followed by Liquidation will break the onerous contracts It may also force renegotiation of the RR agreement
The downside is loss of promotion this year and 3 yrs out of Europe
I would expect LLambias to walk as soon as Ashley is confident his £1m loan will be repaid
………………………………..
Yes, but the confusing thing is what it is exactly that they are buying or buying into.
RIFC Plc not TRFC Ltd
and
The money for the shares is going to Laxey Ptnrs not RIFC Plc
RIFC Plc have a loss making subsidiary
TRFC Ltd – and is it not TRFC which would enter administration
and NOT RIFC Plc ????
What/who could trigger admin at this moment in time?
Who would benefit?
Did SFA block Ashley as they may have been aware of the 3 bears?
easyJambo says:
December 31, 2014 at 5:01 pm
Jack Irvine responds on behalf of the Easdales:
Andy Newport @AndyNewportPA
On PA wires: Sandy & James Easdale welcome news of Three Bears purchase of Laxey shares.Their spokesman Jack Irvine said: “If the reports are accurate, Sandy and James are delighted that Mr Park and his friends have bought the Laxey shares and they hope they will further invest in the club. As we said yesterday the Easdales and Messrs Park, Taylor and Letham have a common goal – the re-emergence of Rangers as a footballing power.”
============================================================
Mouth Music from Jack 😆
Yes I bet his clients would be happy if the Three Bears invested in the club. But they have yet to invest a penny in the club and they ain’t stoopit so before they do so they will demand certain things. And that’s where the problems will become apparent IMO.
y4rmy says:
December 31, 2014 at 11:40 am
“Anyway, Laxey are out: anyone got the arithmetic on how their overall investment performed?”
——————————
They bought about half of their shares at around £0.42 (assuming market price was paid at the time). There was a change in shareholding around September 2014 that seen Laxey’s holding go from 12.60% to 16.32% but I haven’t a record of this transaction so can’t say what the price was.
So for 7.5M of the holding just sold, Laxey paid just over £3m. These were sold for £1.5. I’d imagine the hit would have been less severe on the other 5m shares acquired more recently.
If the Easdales still have a proxy of over 25% they can block any attempt on dis application of preemption rights
Equally if the motion is passed , the board decide who is offered new shares. Based on current board make up , not a chance it will be the 3 Bears.
Power still firmly with Ashley and Easdale group
Castofthousands says: December 31, 2014 at 5:46 pm
——————————
@CoT – the numbers are in my earlier post
http://www.tsfm.scot/a-sanity-clause-for-xmas/comment-page-13/#comment-40381
Pete Lambie says:
December 31, 2014 at 12:59 pm
“This will allow the 3 bears to buy shares which will only be made available to existing shareholders then right?”
——————————–
That’s my understanding. The Three Bears have bought into the original IPO issue effectively. Talk of a further share issue is now restricted to an allocation between current shareholders, at least initially, following the failure at the AGM to agree to a wider share issue. So the Three Bears could opt to invest in any further share issue.
I think a more accurate view might be that the 3bears had better still stump 6.5m for the new shares or else a whole load of bears will be disappointed, again!
And this gets them to June, at a push assuming they get the bums on seats they’re looking for.
Come on Ryan, what are we missing.
The wresting of control from one block of spivs that delighted you earlier I absolutely get. It’s the next bit we’re struggling with!
Is the end of Dec a due date for HMRC payments?
easyJambo says:
December 31, 2014 at 5:54 pm
“@CoT – the numbers are in my earlier post”
—————————-
I’m often caught in a bind between commenting as I go along or waiting till I’ve caught up then commenting on what’s stuck in my mind. I chose the former alternative on this occasion in full knowledge that you might have popped up with an accurate rendition at a later stage; which you have and which I appreciate.
So it’s all sorted then 😉
In a tweet earlier @STVGrant said “Laxey Partners, we understand, see the group as one which will stand up to Mike Ashley”
My question is, what do the 3 porridge munchers expect to achieve with their 16.32% that Laxey couldn’t with their 16.32%?
rhapsodyinblue says:
December 31, 2014 at 3:00 pm
“A long way in this saga to go -But ‘ delighted ‘ is word not used with Rangers for a while.”
———————————-
I started off today’s reading with a view that I might find myself in agreement with you but TSFM doesn’t half bring you back down to earth.
It seemed plausible that at an hour of dire need the club’s influential supporters would stand up to be counted and that this would augur well for the future. The TSFM ‘Christmas present’ icy wind blew into the room.
The Three Bears investment doesn’t go to the club but to Laxey. This now gives the Three Bears an interest in a company that Laxey’s seem to have given up on. There are still fundamental structural problems with the club’s finances that will need to be addressed in part with cash to tide them over. As Hirsuitpursuite and neepheid lay out above, the long term outlook is every bit as chilly as Christmas present.
We all love a happy ending but such is the Shakespearean tragedy of events of recent years that the outcome could easily be a scene littered with corpses, regret and lessons to be learned.
jimlarkin says:
December 31, 2014 at 5:14 pm
Yes, but the confusing thing is what it is exactly that they are buying or buying into. RIFC Plc not TRFC Ltd and The money for the shares is going to Laxey Ptnrs not RIFC Plc
RIFC Plc have a loss making subsidiary TRFC Ltd – and is it not TRFC which would enter administration and NOT RIFC Plc ????
=============================================================
The money paid to Laxeys for their shares gives the Three Bears a foothold in RIFC Plc and they will be looking for a Board presence to have some influence.
If RIFC Plc have a fresh share offer – whether disapplication applies or not – then the money raised remains with RIFC Plc. If RIFC Plc then calls in its loan from TRFCL then the subsidiary will be insolvent.
I have no expertise in insolvency but it seems to me that RIFC Plc could retain the proceeds of the share issue and TRFCL would go to the wall. As TRFCL is the football licence holder then it would suffers an insolvency event and the relevant points penalty would be applied.
But strikes me RIFC Plc would want to prevent someone else buying the assets and business of TRFCL and it seems a Company Voluntary Administration (CVA) is the mechanism of choice for this.
I vaguely get how CVAs work but I don’t really understand how it can be used wrt TRFCL because it isn’t a viable business and that seems to be the main reason for using a CVA which is meant to ensure creditors get more out of it than through insolvency or admin
Of course it all hinges on who the TRFCL’s creditors are and how much is owed. It has always been assumed that RIFC Plc is the biggest creditor and currently owed approximately £17 million by TRFCL IIRC.
Creditors in a CVA process can be paid out of future profits, from a controlled disposal of company assets or via an injection of funds from a third party.
As I’ve already said future profits is a bit iffy. A controlled disposal of assets? Well it’s crunch time – are there any assets? It really is show us the deeds time for Ibrox and Murray Park and the world famous Albion carpark and the haunted Edmimston House are already tied-up methinks.
Possibly an injection of cash from RIFC Plc accrued from the proposed share offer – so the share money goes to pay-off the £17 million owed to RIFC Plc by TRFCL or a portion of it plus the other debts owed to third parties.
So how much of the proceeds of the share offer will be left after all this? Will there be enough to get to the end of the season?
Another interesting aspect of a CVA is that the TRFCL directors would remain in control throughout the process. I wonder if Mr Easdale is happy about that – isn’t he also chairman of the TRFCL Board?
Don’t know about that but the poor auditors will have to start on the interim accounts now. 🙂 They will be so looking forward to that.
I noticed the following on the SoS facebook page yesterday and didn’t give it much thought. Perhaps I made a mistake 💡
easyJambo says:
December 31, 2014 at 3:41 pm
Andy Newport@AndyNewportPA
On PA wires: Laxey partners chairman Colin Kingsnorth confirms:
“…it was obvious David Somers was just a wet fish agreeing anything Ashley wanted…”
————————————————-
Oh man. Not the fish comments again. Then again, the ones on here a few months back at least made sense.
Allyjambo says:
December 31, 2014 at 4:09 pm
21
0
Rate This
rougvielovesthejungle says:
December 31, 2014 at 4:02 pm
…we can’t be certain how the AIM regulators might view it. But any reasonable person will see it as a consortium.
____________________________________
Any ‘reasonable person’ would also see it that:
EBTs were Tax evasion, which is illegal.
Rangers FC was liquidated.
Side letters were not disclosed to the SFA and so players were not properly registered during the time various titles were won.
The Administration of Wavetower/Rangers 2012 was not run in the best interests of its creditors, which is improper.
Assets were sold to Green’s consortium at undervalue, shortchanging the creditors, which is improper.
Sevco Scotland appear to be trading as a pheonix entity, which is illegal.
‘Rangers’ minded people often see things differently from us lower life forms, don’t forget!
This is probably just me being thick but here goes.
Ashley is owed £3m by TRFC.
RIFC are owed £18m by TRFC.
If TRFC go into administration Ashley is not the major creditor. As a 10% shareholder in RIFC he has a say in how RIFC votes but surely not enough to ‘control’ the process.
As a creditor on his own he could not control any CVA.
What am I missing?
At the risk of interrupting the story of the Three Bears, could someone settle an argument?
Out for a few pints last night and discussion got around to BBC’s Hogmanay offerings and how poor they were. “Only an Excuse” was getting pelters, when one of our number asked if we thought that, given the current circumstances, Jonathon Watson could possibly continue to avoid lampooning Ally McCoist, claiming that he had never featured in any of the programmes to date. We all rounded on simultaneously, doubtful of the accuracy of the statement. After several minutes quiet reflection, however, none of us could come up with a concrete example of a sketch ridiculing McCoist in his time as “Rangers” manager with the same ferocity that Martin O’Neil, Gordon Strachan, Neil Lennon, Tony Mowbray, Craig Brown, Jimmy Calderwood and other managers had been portrayed.
Can anyone remember a sketch featuring Ally McCoist, Rangers Manager, or is my pal not as paranoid as we accused him of being?
(He was also prepared to take bets that Ronnie Deila would get the treatment tonight, while McCoist would again escape ridicule.)
The Rangers nil? Who missed the penalty? says:
December 31, 2014 at 7:29 pm
At the risk of interrupting the story of the Three Bears, could someone settle an argument?…
====================
Can’t say I remember any outstanding sketch involving ‘Coisty’ – but then again not a lot has been worth remembering about that show for a long, long, long time… 🙄
You would think there could at least be a tame, ‘Beechgrove Garden’ type sketch about the sleekit one tonight ? 😉
Joethebookie says:
December 31, 2014 at 7:25 pm
2
0
Rate This
_____________________________________
Ashley has security for his £3m
RIFC are TRFCs biggest creditor.
RIFC can control the administration.
Ashley can effectively control RIFC.
RIFC could block a CVA for TRFC, liquidate the assets, and hoover up the proceeds.
I suppose it would be churlish to suggest that the last three and a half years of Ally McCoist, Rangers manager, have been comedy sketch enough?
The Rangers nil? Who missed the penalty? says:
December 31, 2014 at 7:29 pm
5
1
Rate This
_____________________________________________
I would venture to suggest that perhaps we don’t see clowns doing comedic parodies of Ally McCoist’s as a football manager, for much the same reason as we don’t usually see impressionists impersonating Rory Bremner…
I’ve always been a wee bit afraid to ask and show my ignorance ( read: fundamental uninterest ), but who actually writes the cheques, and on which bank account, to meet the everyday bills of TRFC? Is it the RIFC plc finance clerk? (Does TRFC have a separate bank account into which RIFC plc pours the borrowed cash?) Which entity writes the cheques for Income Tax and NI?
And so 2014 draws to a close with the tangled web becoming ever more tangled.
The Three Bears blow a third of their £6.5M on buying shares where the money doesn’t go to the club/company.
Sure they get access to the board but do they really get to control the situation?
Ashley is still owed £3M or he takes two properties, one of them important for attendances.
It is in no one’s interest for the club/company to go belly up.
The SFA don’t want it.
The Three Bears don’t want it.
Mike Ashley doesn’t want it.
Meanwhile the wheels of Scottish justice trundle into reverse moving away from the truth.
The media will ply everyone with tales of war chests and largesse to come, while undermining the confidence of every other team in the league and indeed the league itself.
Meanwhile in the real world;
Congratulations to all the clubs who have managed to gain control of their finances.
Congratulations to Hearts for a tremendous unbeaten run in ‘the hardest league in the universe’!
Congratulations to Aberdeen for emerging from the shadows.
Congratulations to St. Johnstone for winning a major trophy.
Congratulations to the TSFM for analysing and asking the real questions surrounding our sport.
2015 promises to be another eventful year. It is up to us to keep asking those awkward questions.
scottc says:
December 31, 2014 at 7:40 pm
7 0 Rate This
The Rangers nil? Who missed the penalty? says:
December 31, 2014 at 7:29 pm
Can anyone remember a sketch featuring Ally McCoist, Rangers Manager, or is my pal not as paranoid as we accused him of being?
I suppose it would be churlish to suggest that the last three and a half years of Ally McCoist, Rangers manager, have been comedy sketch enough?
———–
The out-takes look pretty funny. There’s what Roy Keane (avec huge beard) really thinks of Sir Alex. And something called ‘Brechin Bad’ 🙂
valentinesclown says:
December 31, 2014 at 5:26 pm
11
0
Rate This
What/who could trigger admin at this moment in time?
Who would benefit?
Did SFA block Ashley as they may have been aware of the 3 bears?
____________________________________________________
Are you suggesting that the ‘conflicted’ one may have actually helped out some friends in Govan by agreeing NOT to ignore, tear up and then rewrite the rule book?
Unprecedented!
Truly – proof he IS the worlds greatest football administrator :irony:
Tartanwulver says:
December 31, 2014 at 7:15 pm
Oh man. Not the fish comments again.
=====================================
Quite right sir, no plaice for these on here*
[*yes, drink has been taken 😀 ]
Heard a little of % Live while in car. They were talking about NUFC, Pardew and Ashley. Presenter and North East correspondant posed the question re Pardew leaving as Ashley maybe advised him he was selling his holding and he might want to get out now, rather than take his chances with a new owner.
justshatered says:
December 31, 2014 at 8:13 pm
5
0
Rate This
_________________________________________________
A Happy New Co. to those in Govan.
And a Happy New Year to everyone else.
Right,its new years eve/please bear(no pun) with me.
RIFC(dont know,dont care)sell their best player(according to the Worlds Press.(A player who is the next worlds most sublime talent next to Messi)For HOW>>>EFFING MUCH.
Are they that desperate?
Happy New Year to all, when it comes, and all the best for 2015 😀
A Happy New Year to all on here and I hope that 2015 is good year for TSFM. 🙂
Well,about to have my annual bath in preparation for the new year, and, I hope, a Skype from Oz in a wee while when the grandweans get up, and then a quiet moment of contemplation before I down a wee goldie and wait for the other bells.
Happy New Year a’body! I look forward to enjoying your wit, wisdom, and humour, and I thank TSFM and the mods for the gift of this blog.Lang may their respective lums reek!
Happy New Year everyone. Hope it’s a good one. Speak to you all in 2015
John Clark says:
December 31, 2014 at 8:07 pm
4 0 Rate This
I’ve always been a wee bit afraid to ask and show my ignorance ( read: fundamental uninterest ), but who actually writes the cheques, and on which bank account, to meet the everyday bills of TRFC? Is it the RIFC plc finance clerk? (Does TRFC have a separate bank account into which RIFC plc pours the borrowed cash?) Which entity writes the cheques for Income Tax and NI?
=======================
All that stuff is handled by TRFC, so far as we know from the accounts. RIFC hands over any money it gets from shareholders to TRFC by way of loans, currently over £16m. All operational stuff is done by TRFC on its own account, such as paying wages, taxes, bills, etc.
Before the drink flows…
Happy New Year from a baltic NYC to fellow Bampots and all the best in 2015.
And thanks again to all those who manage TSFM in the background and keep it a daily ‘must visit’ site.
…and we probably should thank the club in Govan – without which our OCD tendencies would have to be directed to rearranging towel racks, cleaning or something else…mibbes… 😆
Have a good one.
Assuming Laxey voted on all resolutions at last weeks AGM, then the voting power now residing with the 3 Bears would only have been able to have affected the vote to retain Somers as Chairman.
Given todays deflectory statement from Laxey, it would be reasonable to assume that if they voted on Somers it would have been against him, and therefore the 3 Bears will not be in a position to change a single resolution outcome.
If Laxey did not vote on any of the resolutions ( which would be highly unusual for a 16.9% shareholder) then the 3 Bears only have enough power now to remove Somers.
Every other resolution would remain as last weeks outcome.
Therefore regardless of the change in ownership today , the power balance has not changed. The board is currently Somers, James Easdale and Llambias. Ashley has the right to appoint another director , and no doubt the 3 bears will demand a director as well, however given that there shareholding is split 3 ways thats not a given.
Assuming though that they do get a seat and Ashley takes up his entitlement. The board , based on previous track record will be 4-1 in favour of the Ashley / Easdales group.
It’s unclear to me what influence the 3 Bears will be able to exert. They , as it stands just now , wont be able to vote out any existing Directors. They therefore will be as powerless on the board as previously were Crighton, Wallace, Nash, Cartmel , Malcolm Murray & Co.
Remember the way Malcolm Murray was rag dolled by Imran Ahmad ! That’s only possible when one party holds all the cards.
The only way for the 3 bears to get board control is to buy out all of the other shareholders. The cost of that would seem to be beyond them. If you doubt that have a look at Douglas Parks holding company accounts. This is a profitable business that is asset rich and cash poor. Cash impoverished would be a much better term.
This isn’t 2001 where a complacent bank will lend against assets for the purpose of speculating ( blowing it ) on a football club. Those days are gone. It needs real cash , real liquidity . Thats not to denigrate Parks business. It pays a dividiend of between £4M and £5M a year to Park and his family, but it’s not remotely in Ashleys league, and as the business itself is so short of cash , with a very large overhead to support, then it’s not an obvious place to go looking for the very significant sums required to buy out existing shareholders and then fund the business with working capital.
There have been many many false saviours in this saga. Walter Smith as Chairman was greeted with joy for example. If the 3 Bears are to offer a proper solution , then they will have to have much deeper pockets than appears to be the case so far.
It’s been an incredible year in Scottish football . Never a dull moment. 2015 is still quite a number of hours off for me , given my awkward time zone this holiday season.
Enjoy it wherever you are, whenever it comes or if it’s already here.
comeongetaff says:
December 31, 2014 at 8:37 pm
0 0 Rate This
=================================================
The desperate you get when insolvency is only weeks away.
Roddy’s take on today’s manoeuvres….
were Laxey really Ashley’s allies ❓
“Mike Ashley has lost the ally whose support was crucial to his boardroom coup at Rangers.”
“Without Laxey, Ashley could not have removed Graham Wallace, the former chief executive, and Philip Nash”
“It also raises questions about representation on the board because Laxey had one director, while Ashley – with a little more than half the equity of the Three Bears – has two.”
http://www.telegraph.co.uk/sport/football/teams/rangers/11319782/Rangers-power-struggle-takes-new-twist-after-Mike-Ashley-loses-key-ally-in-his-quest-for-Ibrox-boardroom-coup.html
comeongetaff says:
December 31, 2014 at 8:37 pm
6
0
Rate This
Right,its new years eve/please bear(no pun) with me.
RIFC(dont know,dont care)sell their best player(according to the Worlds Press.(A player who is the next worlds most sublime talent next to Messi)For HOW>>>EFFING MUCH.
Are they that desperate?
_____________________________________
Erm… Aye. (keep up! 🙂 )
So that’ll be one player getting some wages in January.
Wait and see for the others, I guess.
Boardroom Balance?
Real Rangers Men
Three Bears… 19.48%
Artemis……. 9.95%
River & Mercantile 7.06%
Miton……… 4.98%
Total……… 41.47%
Spivs
Mash……….. 8.92%
S Easdale….. 5.21%
S Easdale proxies 20.94%
James Easdale… 0.7%
Total………. 35.77%
I think Laxey was in the Spiv camp re the decision to get rid of Nash & Wallace (over 50%), so the balance has changed, but not enough for a radical change of direction unless there is something in it for the Spivs.
The numbers could change quite a bit with the next share issue though.
StevieBC says:
December 31, 2014 at 9:04 pm
__________________________________________
Only spent one week in NY and stayed in Fitzpatrick Grand Central Hotel, 42nd Street and loved it!!! 😀
Lucky you weather or not! Enjoy.
neepheid says:
December 31, 2014 at 3:14 pm
“This is simply not making any sense to me”
Nothing has ever made sense in all things down Govan way
jean7brodie says:
December 31, 2014 at 10:25 pm
2 1 Rate This
StevieBC says:
December 31, 2014 at 9:04 pm
__________________________________________
Only spent one week in NY and stayed in Fitzpatrick Grand Central Hotel, 42nd Street and loved it!!! 😀
Lucky you weather or not! Enjoy
==================================
OT.
I know Fitzpatrick’s well: it’s near my office and my wife and I go there every so often to have a refreshment in the decked garden at the rear – which is open all year round but with gas heaters on full blast just now.
Enjoy your evening too… 😉
HAPPY NEW YEAR EVERYONE 😀
All the best girls and boys.
I hope that 2015 is the year of the internet bampots!
happy & prosperous New Year to All lurkers included on TSFM. I would hope for those fans of all things Ibrox that there isn’t a prosperous New year for the Spivs.
A guid New Year tae wan an aw’
Happy New Year to all on this site and to football fans eveywhere.
A happy and prosperous 2015 to all!
Haapy New Year. Especially to those addicts who can’t resist a wee peak at the site just in case they think they missed anything 😛
Happy New Year to all our readers. Unless I blinked and missed it, Super wasn’t even mentioned on Only an Excuse. Who’d a thunk it.
To TSFM’ers one and all; posters, lurkers, stenographers and even those of you in governance (Stewart, Darryl and even you RCO though it pains me slightly to say it!)
May aw your lums’ reek lang!
Here’s tae us, wha’s like us!