Good Evening,
Whilst it is understandable that the continuing events at Ibrox remain a hot topic among all Scottish Football Fans — especially given the views of some sections of the press on such events– the never ending rush down the marble staircase is certainly not the only show in town.
The other morning we were treated to the “scoop” that Alistair Johnstone is afraid that Craig Whyte– the once proclaimed Multi Billionaire from Motherwell- may well still be pulling all the strings at Ibrox! This is a fear which is shared by those who walk the corridors of Hampden Park as they, too, are terrified of the prospect of Whyte returning in some shape or form and coming back to haunt them, especially as he has been deemed unfit and proper, banned sine die, and generally ridiculed for his past actions.
However, the Hampden jackets know fine well that their realm only stretches so far and that if by means of the proper application of company law, contract or some other piece of paper Whyte controls the shareholding of the self proclaimed “parent company” to the football club then they are in a fix. In fact, I will wager that they just would not know how to deal with such a situation as after all RIFC PLC neither holds a licence to play football nor is a member of the SFA and so, on the face of it, who owns it has nothing to do with them.
At this juncture, no one in authority knows who Blue Pitch Holdings are and, strangely, no one in authority knows who Margarita Holdings are either! Yet these two “holdings” whoever they may be, may well hold all the power down Govan way…… with the SFA completely powerless to find out who they are let alone get into any dialogue with them. All the SFA can do is talk to the appointed Directors and officers of The Rangers Football Club Ltd.
This, is a most unsatisfactory state of affairs.
Meanwhile, they will have no difficulty in finding out who the new shareholders of Dunfermline Athletic are. Those shareholders will come from the fanbase and will be clearly registered at Companies House, with the result that ultimately those fans/shareholders will appoint Directors who will then attend meetings and speak and opine on their behalf and in essence be the ” Voice of Dunfermline” at Hampden.
Perhaps, similar will follow from Heart of Midlothian?
However, those at Hampden — if they have any sense at all– will be most wary of events happening in the east end of Glasgow come November.
In the middle of the month, Celtic PLC will hold its AGM and amidst the items on the agenda is the fan driven notion that the Club— through its Directors—- should go further in holding the SFA to account and enquire into the granting of club licences, and in particular how it granted Rangers a club licence that allowed entry to the Champions League in 2011 when the small tax case was outstanding.
The Celtic board have deemed this motion as “Unnecessary” and in support of that contention have released documentation showing that they raised this very issue with the SFA on behalf of the shareholders and fans. Further– and here is the rub— The Directors reveal that they were not satisfied with the SFA response and have disclosed that they took the matter further and wrote to UEFA.
Ultimately, UEFA also provided a reply, which backed the SFA approach and which Celtic had little option but to accept in the absence of admissible contradicting evidence..
It is on this basis, that Peter Lawell and Co say the AGM motion is not necessary. Note that saying that the motion is not necessary, is not at all the same thing as saying that what the motion seeks to achieve is not necessary or does not have the support of the board!
There will be those at Hampden who severely hope that the Celtic Board are successful in voting this measure down as obviously they deem their original reply sufficient and would like to end the discussion there.
However, my own view, is that whether the motion is successful or not, there are those within the SFA who will recognise there is trouble staring them in the face here. Real Trouble!
Let’s recap for a moment and draw some threads together.
Celtic’s past Chairman, Dr John Reid, said only a couple of years ago that the SFA was clearly not fit for purpose. He did so in the context of events surrounding Neil Lennon and other matters, but was unshakably robust in his condemnation of an institutionalised uselessness which he saw pervaded the Hampden ranks.
Prior to that, Henry McLeish produced a report which stated that he too had concerns about the Governance of Scottish Football and called for openness and transparency.
In the intervening period, we have seen Mr David Longmuir, former Chief Executive of the Scottish Football League, find himelf without a position following reconstruction– and this partly as a result of club chairmen being apparently kept in the dark about his payment, bonuses and expenes. I understand that there was considerable anger from some at the way in which they had been treated by Mr Longmuir.
Then there is Mr Campbell Ogilvie, El Presidente, who himself benefited from a Rangers EBT and who held sway at Ibrox during a period of time when Rangers– by their own admission— made unlawful and illegal payments to three high profile players in breach of tax laws and SFA/SPL rules. It is these breaches and the consequent Wee Tax Bill which has caused all the angst among Celtic fans and has lead to the highly regulated legal step of tabling a motion at the club’s AGM.
Basically, the position seems to be, that as at the due date when the appropriate documents and declarations were made for a Euro Licence by Rangers for 2011, the wee tax bill was outstanding and due. If it was overdue, then the SFA could not and should not have granted them a licence……. and potentially Celtic should then have been put forward as Scotland’s representatives in the Champion’s League.
However, that did not happen, and Ranger’s were granted a licence– something that the Celtic Directors clearly felt was not correct.
They may have disagreed with the awarding of the licence because there were those at Rangers at the time who declared that a payment to account had been made to the tax office– allegedly £500,000– and that they had entered into an agreement to make payment of the balance by instalments. Had that been so, then all would have been hunky dory and no more would have been said.
Alas, however, no such payment appears to have been made at all, and no such agreement was entered into and so, on that basis, the tax bill was overdue and outstanding as at 30th June in terms of Article 66 and as such no Euro Licence should have been granted.
However, the argument does not end there.
Auldheid, has posted frequently on these pages about the ins and outs of the licensing provisions and the mechanism and so I will leave that detail to him as he is far more expert in these areas than me.
Now, one of the SFA functions is to have an auditor– someone who can check books, contracts, paper work and so on, and it is part of the SFA licensing function to be satisfied that all the paperwork is of course correct and in proper fashion before they issue any licence.
In this case, it is alleged that the SFA did not perform their function properly.
In relation to the wee tax case, it is said that either they did not make sufficient enquiry of Rangers re the payment to account or the agreement which they were told was in place. At the time it was mooted in the press that no such agreement was in place as at the relevant date ( June 30th ) and a simple check with the revenue would have shown the truth of the matter.
Yet, for whatever reason, no such check appears to have been made, and if you recall a Radio Scotland interview with Alistair Johnstone, Rangers submitted the forms, the SFA replied with one or two enquiries about the BIG tax case which were answered, and thereafter the Licence appears to have simply dropped through the letter box without further ado.
You will also recall that the existence of the wee tax case became known BEFORE Craig Whyte bought David Murray’s shareholding in May 2011. In fact it was the subject of News Paper headlines weeks before the deal was completed, and so the fact that there was a wee tax bill was well and truly in the public domain.
When it came to filling in the appropriate forms,either, the SFA were mislead by those then at Rangers with regard to that tax bill, OR, they simply failed to do the requisite checks and make reasonable enquiries before they issued the licence.
However, the uncomfortable fact also remains, that one of the chaps who must have been in the know re the admittedly unlawful and offending side letters, contracts and payments to the three players concerned was Campbell Ogilivie who was on the Rangers Board at the relevant time when the contracts and irregular payments were made under the Discount Options Scheme from 1999 to 2002/3. Indeed he may even have initiated the first payment to Craig Moore in 1999. I reiterate that no one has ever contested that this was an unlawful scheme, and the irregular payments and paperwork are not denied in relation to that scheme.
There are Celtic shareholders who believe, rightly or wrongly, that when it came to the granting of the Euro Licence, the SFA did not play them fair on this occasion and that the wheels within Hampden were oiled in such a way that Rangers were favoured and Celtic were disadvantaged. It is a point that looks to have already been considered by the Celtic Directors in 2011, with the result that they concluded that they should formally write to the SFA and seek clarification.
However, we now have the prospect of those same directors having to go back to Hampden and say ” Sorry, but I am forced to bring this up by my shareholders. I have a legal duty to them to enquire further”. Even if the motion is refused, the point has been made– there are shareholders who are demanding answers– just as shareholders of other clubs demand answers about the ever so secret 5 way agreement and other matters which have hitherto been not for public consumption.
The SFA have nothing to fear of course as they can simply repeat their previous answers,demonstrate that all was above board, and rest easy in their beds.
Except that answer did not satisfy the Celtic Directors on a previous occasion as they decided to take the matter to UEFA, and it would appear that some Celtic shareholders remain dissatisfied with the known stance of the SFA and so they want the Directors of the club to delve further. Without wishing to point out the obvious, if it turns out that the 2011 Licensing process was somehow fudged and not conducted rigorously or that those at Hampden were in any way economical with the truth or omitted certain details from the previous explanation, or covered up a failure in procedures—- well such omissions have a habit of becoming public these days whether that be through the internet or otherwise.
The point here is that the actions of Hampden officials are coming under organised, legal and planned corporate scrutiny over which they have no control. The Blazer and club mentality that was once so widespread within the governing bodies is under increasing attack and is being rendered a thing of the past.
In short, the move by Celtic shareholders, is making it plain that they will demand proper corporate governance from their club in ensuring that any alleged failure in corporate governance by the SFA or SPFL is properly investigated and reported on.
Of course, if it turns out that the 2011 Licensing process was somehow fudged and not conducted properly for whatever reason, then it could be argued that Celtic were disadvantaged in monetary terms along with other clubs who may have been awarded Europa League licences, then the consequences could be cataclysmic. Hence a tendency to circle the wagons rather than admit to failures in the process that need addressing.
It is this reluctance to come out and accept that the licensing process appears to have failed, say at what point the process failed and what needs to be done to address those failures that in many ways has driven the resolution. It is clear to all that something is amiss but the SFA will not admit it, probably from fear of the consequences of doing so? Perhaps some form of indemnity, a lessons learned enquiry with no prejudice might help?
It would come as no surprise to me at all if there were those at Hampden who live in dreaded fear of admitting that their processes were flawed and that a grave mistake was made. Under these circumstances, there may well be those at Hampden who simply wish that Celtic and their fans would just go away!
When I waken On Saturday morning it will be Friday evening in Scotland and the BDO report will have sunk The Rangers. But on the other hand in Scotland the spivs will always triumph. They will perform another Houdini act and the establishment will bend over and leave an escape route for another month. Cash however is King. They will run out of cash before Christmas.
Re the Tristan Loughrey bid, a spokesman in Govan for ‘Club 16-90’ said “Everybody knows that Timmy doesn’t do white chargers. FACT! So there!” 😛
Fisiani 7.38am.
They have just realised that Cash Is King …but,King is not Cash.
Forgive me please for taking the wee wee from TRFC above as there is a lot of people out there that have been shafted big time by this.
If I was owed money and read about a sensible bid being ignored, God knows how angry I would feel.
Maybe some day we will see some justice here, the implications are NUCLEAR really.
Tales from the tabs
http://www.heraldscotland.com/sport/football/charles-green-im-vindicated-by-craig-whyte-inquiry.1370076342
http://www.scotsman.com/sport/football/spfl-lower-divisions/green-vindicated-as-probe-finds-no-whyte-links-1-2951206
http://www.bbc.co.uk/sport/0/football/22658309
http://www.telegraph.co.uk/sport/football/teams/rangers/10183586/Charles-Greens-controversial-Rangers-takeover-cleared-by-SFA.html
Suppose they could ask Roy for a few words? – nah
Made up jack quizzes ally will do today – Aye right ready mugs
Whilst jack has effectively neutered RM, he continues to blow smoke via Keith & co. Anyone doing business on the south side would be well advised to demand cash up front!!!
yakutsuki says: (130)
November 15, 2013 at 7:29 am
Maybe I am being a bit stupid here but how many Tristan Loughrey’s are there in the London business world?
http://companycheck.co.uk/director/916612783
The combined cash at bank value for all of Tristan’s current businesses is £0, with a combined assets value of £0 and liabilities of £0. Roles associated with Tristan Loughrey within the recorded businesses include: Director
Squirrels ??
Joburgbhoy says: (17)
November 15, 2013 at 8:24 am
————————————————————-
Joburgbhoy, If I read the Alex Thomson article right, TL proved to him that he had access to a load of funding.
D+P never even bothered to check. Weren’t even interested! It was all a big stitch up really.
I’m not sure about the squirrels you imply?
On the subject of MSM and inability to get simple facts straight, reports on here yesterday gave STV as having Mr C. Gardiner turning down TRFC/RIFC job offer. Sky Sports News had it that Dundee FC refused to let Mr Gardiner go. Which is correct? I think I’d put my couple of bob on STV in this case.
yakutsuki says: (131)
November 15, 2013 at 8:44 am
TL may have proven to AT he had access to major funds but didn’t CW basically do the same? Although not to AT.
The squirrel I was referring to was the timing of this info – deflection possibly? from what, I do not know.
If you think I was referring to you as a squirrel, my apologies, I was not
Loughrey made a belated expression of interest, not a bid.
Corsica on RTC referred to a bid (from a ?Manchester-based group?) well before May 2012 which the tame “Administrators” chose to ignore, eventually rhereafter opting for the spiv bid at a fraction of the value of the blanked bid.
My memory of the TL bid was that it was too little (info) too late. Very similar in fact to the Walter/Souness Bid – we’re here to buy so we are, so what if we don’t have the money, check the brogues. Remember at or around this time the Sevco exclusivity appeared literally out of the blue (or was it whyte, or green…). One should possibly not be overly surprised then if a large rumoured offer started to be thrown around, if only to try at that time as well as now, to show up the sevco scam for what it was. Now who’s been shouting loudest recently about the inapproporiate bidding process and how BDO are going to act? Think Raincoat.
Just saying.
Around Feb 14th 2012, CW went to MP to speak to the players. No press were allowed.
Afterwards, however, someone who was at that meeting, I can’t remember who, was interviewed on TV.
He said that CW had told the players in the meeting, that as long as D&P were the administrators,
then he, CW, was still running the show.
CW & D&P had a plan, and other bidders weren’t part of it.
Stitch up ?
Singers couldn’t have done a better job.
Arnold Layne says: (9) November 14, 2013 at 7:43 pm
jockybhoy says: (258)
November 14, 2013 at 3:35 pm
56 2 Rate This
If HMRC/BDO/ScotPlod aren’t here regularly, they are misusing their resources…
_______________________________________________________________________
Do you seriously believe this?
If anybody has any hard evidence of wrong doing they should present it to the relevant authorities.
If HMRC/BDO/ScotPlod are here regularly, they are misusing their resources.
Sure. And here’s why. I think very few cases, certainly financial ones, are ever solved by the proverbial “smoking gun”. It’s about building a volume of evidence, showing a pattern of behaviour that is designed to circumvent, or outright break, the law.
The content of my original post was that we have hundreds of smart people asking and answering questions, finding and discopunting blind alleys, going back over original premises in detail, postulating potential outcomes etc. I really don’t think HMRC/BDO/ScotPlod have the resources to explore all these things but when things are thrown up (diverting charity money, dodgy paperwork, dodgier directors) so they could use this site to distill the mass of information into actual potential lines of enquiry. I am not for a minute suggesting they base a prosecution on the musings of bampots but that maybe they do their own investigations into some of the serious questions raised on here. After all you get programs like “Crimewatch” asking the viewing public to comment on crimes of a more serious nature, isn’t this in a similar vein?
Do I think they do? Nah. 🙄
discopunting blind alleys 😯
Joburgbhoy says: (18)
yakutsuki says: (130)
November 15, 2013 at 7:29 am
Maybe I am being a bit stupid here but how many Tristan Loughrey’s are there in the London business world?
—————————————————————————————————————————————–
I have pasted below the Companies House directorship position regarding Mr Loughrey. The clue here is that you need to change name details, address details and birthdates to avoid interested parties doing appropriate due diligence on you. A certain Mr Craig Thomas Why(i)te with indeterminate birthdays did exactly the same-:
LOUGHREY, TRISTAN,MR
01/12/1973 BUCKS SL0 UNITED KINGDOM
LOUGHREY, TRISTAN,MR 01/12/1973 IVER SL0 UNITED KINGDOM
LOUGHREY, TRISTAN
01/12/1970 IVER SL0 UNITED KINGDOM
LOUGHREY, TRISTAN,MR
01/12/1973 IVER SL0 UNITED KINGDOM
LOUGHREY, TRISTAN
IVER SL0
LOUGHREY, TRISTAN,MR
01/12/1973 LONDON W1H UNITED KINGDOM
LOUGHREY, TRISTAN,MR
01/12/1973 LONDON W1H4 UNITED KINGDOM
LOUGHREY, TRISTAN SEBASTIAN,MR
01/12/1973 LONDON SW1X UNITED KINGDOM
Also pleased that my “smoking gun” theory relative to the novation issue between Sevco 5088 and Sevco Scotland is getting some airplay.Definitely a key point of the transaction.
Hi
The annual return for Sevco 5088 is available to the public
we know the directors – the shareholders are / were
Korissa Capital 5m ord 0.01 shares, transferred 13 March 2013
Willow International 5m ord 0.01 shares, transferred 10 May 2012
Liberty Capital Markets had one lot of the 5m above but transferred on 13 March 2013
New shareholder of 10m ord shares is Law Financial – they got the shares on 13 March 2013 from Liberty and Korissa
Welcome back CW, what’s next – the share transactions indicate that it is not a dormant subsidiary, the novated transactions as per TRFC audited accounts show that there are transactions, the accounts will make for interesting reading
When yet another whitewash report is published and you are just fed up with Scotland have a week gander at this
http://www.youtube.com/watch?v=5hYX9432NIQ&feature=youtu.be
David Low @Heavidor 1m
Law Financial Limited is now the purported owner of Sevco 5088. Check link for Worthington connection. http://www.investegate.co.uk
TheTributeAct says: (2)
November 14, 2013 at 8:39 pm
Tif Finn says: (834)
November 14, 2013 at 4:37 pm
________________________
Good find Tif. As many on here have pointed out before, novation can only have occurred with the tri-lateral agreement of Sevco 5088, Sevco Scotland, and Duph & Phelps. The novation agreement is the key to entire shambles.
If our good friend Charlotte can come up with the novation agreement, I’d say her work was done and it would be up to the bampot community at large to press home the issue with the SFA.
The SFA – naturally- will not want to see anything that links Whyte to newco (either one).
They will try the excuse that Whyte was involved with Sevco 5088, but not with Sevco Scotland. Therefore, it would be wrong to punish Sevco Scotland now.
==========================================================
The key to the heart of conspiracy has always rested with the switch from Sevco 5088 to Sevco Scotland and there should be legal paperwork for it and indeed I think the tripartite agreement is mentioned in the TRFCL minute from October 2012 in a form which suggests that an agreement was signed assigning Sevco 5088’s exclusivity to purchase the Rangers assets to Sevco Scotland.
What is often forgotten is that Sevco 5088 paid £200k to D&P to ‘purchase’ this exclusivity. Another important aspect is that all the initial mystery investor consortium who funded the purchase price for the Rangers assets had only advanced the money on the basis that Sevco 5088 Ltd was the company which would purchase the Rangers assets.
But in the same TRFCL minute of October 2012 it is noted that verbal agreement was reached between the ‘directors’ of Sevco 5088 and the individual consortium members to allow the purchase guarantee that Sevco 5088 had to be transferred to Sevco Scotland.
There is no date for these meetings with the original shareholders and also it appears that the switched guarantees weren’t put in writing and I find that impossible to swallow. Another problem is that the TRFCL October minute talks about ‘directors’ of Sevco 5088.
Back in October 2012 there was only one publicly known director of Sevco 5088 and that was Green. We learnt in April this year that CW and Earley had in fact been directors of Sevco 5088 since May 2012 but their director appointment forms hadn’t been submitted to Companies House until April.
So does the TRFCL minute in October 2012 when it refers to Sevco 5088 ‘directors’ refer to Green, CW and Earley wrt getting the investors to switch their investment? And if it does then the argument that CW and Earley were duped by Green collapses as they would have known about the investment switcharoo to Sevco Scotland.
But if CW and Earley didn’t know about the switcheroo back in May 2012 and they were directors of Sevco 5088 and this is looking IMO increasingly likely then they truly were duped and there could well be grounds for civil and possibly criminal action against the Sevco 5088 ‘directors’ who persuaded the original investors to switch their cash from Sevco 5088 to Sevco Scotland.
This whole affair balances on the transfer of the investment cash which purchased the Rangers assets and who exactly arranged and was aware of the switcheroo especially if CW and Earley were kept in the dark.
i reccomend you read statement on aim by Worthington plc of 17/4/13. also note their suspension.
A brief return to post some documents.
Here is a link to the Sevco AR01 that was submitted to Companies House yesterday. It shows Whyte and Earley as Directors, and Korissa Capital, Willow International and Liberty Capital Markets as former shareholders. The current (as at 29-03-13) shareholding is held by Law Financial, a subsidiary of Worthington Group
http://www.scribd.com/doc/184401452/2013-03-29-CH-Sevco-5088-AR01
Here is a link to the TM01 Director termination for Charles Green. Despite it only being submitted yesterday, the effective date of the resignation is 15/06/2012 (The day after the CVA was rejected).
http://www.scribd.com/doc/184401454/2013-11-14-CH-Secvo-TM01-Green-15-06-12
100BJD says: (95)
November 15, 2013 at 10:05 am
Also pleased that my “smoking gun” theory relative to the novation issue between Sevco 5088 and Sevco Scotland is getting some airplay.Definitely a key point of the transaction.
=================================================================
It has taken a lot of time, digging and perseverance but slowly the matter is crystalising around the key point of how the original investment capital to buy the Rangers assets ‘moved’ from Sevco 5088 with its exclusive purchase contract to Sevco Scotland.
And was it done legally ❓
Here are a couple of leaked CF documents that show a link between Korissa and their intended funding of the CVA or Asset Purchase in May 2012.
According to CF, “Richard Barrington” was an alias used by Craig Whyte.
http://www.scribd.com/doc/184403269/CF-Placement-Letter-Korrisa-Capital
http://www.scribd.com/doc/184403252/CF-Placement-Letter-Korissa-Blue-Pitch
easyJambo says: (562)
November 15, 2013 at 10:43 am
Here is a link to the TM01 Director termination for Charles Green. Despite it only being submitted yesterday, the effective date of the resignation is 15/06/2012 (The day after the CVA was rejected).
http://www.scribd.co…-Green-15-06-12
========================================================
I couldn’t get the link up but interesting to know who submitted the resignation form for Green.
The reason for that is of course that Green at the end of December 2012 through FFW submitted a dissolution request for Sevco 5088 Ltd to Companies House and signed by him. But how could he do that if he hadn’t been a director of Sevco 5088 since June 2012 and did the lawyers FFW not know when they sent the dissolution request to Companies House that Green shouldn’t have signed it as he wasn’t a direcor of the company.
Another problem directly linked to RIFC Plc is how can that company make a statement to AIM in April 2013 that Sevco 5088 is one of its subsidiaries when Green hasn’t been a director since June 2012. There appears to be no basis for RIFC Plc to claim Sevco 5088 as a subsidiary and I wonder what AIM Regulation will make of the very misleading statement released to AIM by RIFC Plc.
Oh what a tangled we we weave 😉
Here’s what I think(for what it’s worth).
Green is still in cahoots with Whyte/Earley.
Whyte/Earley have had months to challenge the novation and haven’t done so.
Now they’ve stripped the clumpany to the bone it’s time to take the only thing remaining,ie.the properties.
They claim to have a legal team willing to work on a No-win,no-fee basis.
Can RIFC/TRFC afford a costly legal action?.Almost certainly not.This was deliberately planned.Cash was stripped to leave the clumpany defenceless.
I see 2 choices.
1.Sevco5088 will reclaim the assets,knowing that TRFC will have no option but to rent them back,or
2.Someone,somewhere pays the spivs to go away,and this will be costly.
A quick liquidation of RIFC meaning no AGM,accounts queries etc.
Job done.
Unless BDO or someone throws a spanner in the works.
ecobhoy says: (2043) November 15, 2013 at 10:53 am
I’ve edited the links so they should work now.
The TM01 was submitted electronically thus has no signature, but it needs to have come from an “authorised” source.
StevieBC says:
November 14, 2013 at 9:57 pm
I meant it was a spectacular PR own goal for TRFC.
Of course, anyone who knows their value would have turned the role down easily, [unless there was a huge ‘golden hello’ involved, which didn’t apply here.
The role shouldn’t have been offered – and rejected – in such a public manner in the first place, IMO. Deflection / distraction perhaps, but it just doesn’t look good for TRFC – again !
——————————-
willmacufree says:
November 15, 2013 at 8:53 am
On the subject of MSM and inability to get simple facts straight, reports on here yesterday gave STV as having Mr C. Gardiner turning down TRFC/RIFC job offer. Sky Sports News had it that Dundee FC refused to let Mr Gardiner go. Which is correct? I think I’d put my couple of bob on STV in this case.
===============================
StevieBC – Your looking at it from the wrong angle, when it comes to sky sources at Dens there is only one, Gardiner himself, this whole story is just the Spoofer positioning himself to take over after the next ‘financial event’. I doubt sevco had anything to do with this ‘own goal’
willmacufree – As above, if you consider that no move was made for Gardiner and its was all made up in his head, then it all becomes superfluous.
My opinion is that the Gardiner story is purely the Spoofer getting ready to take the reigns at Third Rangers, he has rangeritis and would have gone in a flash had any offer been made. I suspect (well, hope) that he will take Bomber with him as well.
ecobhoy says: (2043)
November 15, 2013 at 10:32 am
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TheTributeAct says: (2)
November 14, 2013 at 8:39 pm
Tif Finn says: (834)
November 14, 2013 at 4:37 pm
________________________
Good find Tif. As many on here have pointed out before, novation can only have occurred with the tri-lateral agreement of Sevco 5088, Sevco Scotland, and Duph & Phelps. The novation agreement is the key to entire shambles.
If our good friend Charlotte can come up with the novation agreement, I’d say her work was done and it would be up to the bampot community at large to press home the issue with the SFA.
The SFA – naturally- will not want to see anything that links Whyte to newco (either one).
They will try the excuse that Whyte was involved with Sevco 5088, but not with Sevco Scotland. Therefore, it would be wrong to punish Sevco Scotland now.
==========================================================
The key to the heart of conspiracy has always rested with the switch from Sevco 5088 to Sevco Scotland and there should be legal paperwork for it and indeed I think the tripartite agreement is mentioned in the TRFCL minute from October 2012 in a form which suggests that an agreement was signed assigning Sevco 5088′s exclusivity to purchase the Rangers assets
—————————————————————————————————————————————-
Eco,
Totally agree, as you know. This is the smoking gun IMHO.
Celtic AGM today.
I imagine the big issue today will be why Neil Lennon has not been able to attract a proven goalscorer and creative midfield player.
Oh and maybe the vote on whether or not Celtic should report the SFA to UEFA over the Rangers farrago. It will be interesting to see how that goes.
easyJambo says: (563)
November 15, 2013 at 10:48 am
Here are a couple of leaked CF documents that show a link between Korissa and their intended funding of the CVA or Asset Purchase in May 2012. According to CF, “Richard Barrington” was an alias used by Craig Whyte.
http://www.scribd.com/doc/184403269/CF-Placement-Letter-Korrisa-Capital
http://www.scribd.com/doc/184403252/CF-Placement-Letter-Korissa-Blue-Pitch
======================================================================
It’s funny when you look back that you see things that were missed first time round.
It’s important to note that these placing letters weren’t conditional on a CVA being granted but covered the situation that eventually took place wrt the sale of the Rangers assets by D&P.
Both letters purport to have been signed by Green and appear to have passed through FFW which further legitimises them IMO and Green’s signature unless they are a grand forgery.
But interestingly the Blue Pitch placing letter has none of the associated email chit chat associated with the Korissa placing letter. I would suggest that was a deliberate move by CF to hide the identity of whoever was behind Blue Pitch because all we have is the Grand Cayman company which presumably set-up or administrates Blue Pitch.
Of course we don’t know whether the investment cash was actually transferred to Sevco 5088 by either Korissa or Blue Pitch back in May 2012. From memory I don’t think Korissa appears in any of the listed Sevco 5088/Scotland or TRFCL shareholders although Blue Pitch is there and can be traced from Sevco 5088 to Sevco Scotland to TRFCL to RIFC Plc.
That is why it is so important to know who actually owns Blue Pitch and some of the other original mystery consortium shareholders and it may well be Whyte – we just don’t know and it may well be that there is no one left at RIFC Plc with Green’s departure who does although there is a possibility that Stockbridge might.
Of course we are unable to check the Annual Return for TRFCL which should include all the shareholding details back to May 2012 and include those of Sevco Scotland as well. But when Rangers filed the TRFCL Annual Return it didn’t comply with its legal obligation to furnish ALL shareholder info and Companies House remain curiously silent on why it isn’t pursuing this although there is the possibility IMO that they are working with other agencies in this regard.
Now we need to know what the full shareholding details of Sevco 5088 are especially in the period from incorporation in 2012 until the formation of Sevco Scotland in May of that year.
There has been so much effort not to supply this info that I believe it must be of great importance to someone to keep it secret and I am sure that BDO won’t miss the significance.
ecobhoy says: (2043)
November 15, 2013 at 10:53 am
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easyJambo says: (562)
November 15, 2013 at 10:43 am
Here is a link to the TM01 Director termination for Charles Green. Despite it only being submitted yesterday, the effective date of the resignation is 15/06/2012 (The day after the CVA was rejected).
http://www.scribd.co…-Green-15-06-12
========================================================
I couldn’t get the link up but interesting to know who submitted the resignation form for Green.
The reason for that is of course that Green at the end of December 2012 through FFW submitted a dissolution request for Sevco 5088 Ltd to Companies House and signed by him. But how could he do that if he hadn’t been a director of Sevco 5088 since June 2012 and did the lawyers FFW not know when they sent the dissolution request to Companies House that Green shouldn’t have signed it as he wasn’t a direcor of the company.
Another problem directly linked to RIFC Plc is how can that company make a statement to AIM in April 2013 that Sevco 5088 is one of its subsidiaries when Green hasn’t been a director since June 2012. There appears to be no basis for RIFC Plc to claim Sevco 5088 as a subsidiary and I wonder what AIM Regulation will make of the very misleading statement released to AIM by RIFC Plc.
Oh what a tangled we we weave 😉
—————————————————————————————————————————————
Indemnity insurance policies are surely being closely examined by some of these players. The bampots could be right again!
Those theorising that the AGM will not happen (and I suspect they are on the money) will find out one way or t’other next midweek. AGM Notices should be with shareholders 20 clear working days before meeting. Not long to go in this stage of the scam I suspect. 😯
andypandimonium says:
=============================
Would this “action” against Sevco Scotland (The Rangers FC Ltd) be an excuse for not having the AGM. On the basis that if there was a realistic prospect of that company losing it’s major assets then they could not reasonably have an AGM, or contemplate changes to the board.
http://www.celticfc.tv/freeview
Ian bankier and peter Lawwell interview today
andypandimonium says: (7)
November 15, 2013 at 11:41 am
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Those theorising that the AGM will not happen (and I suspect they are on the money) will find out one way or t’other next midweek. AGM Notices should be with shareholders 20 clear working days before meeting. Not long to go in this stage of the scam I suspect.
==============================
Is there anything that stops them sending out the notices and cancelling the AGM at the last minute? If not then why alert the bears just now, better to get another few weeks breathing space.
It is being reported that Rangers have a new CEO
Please note this is the Sun, so almost certainly a Jack Irvine press release.
==================================
RANGERS’ new chief exec is a former bigwig at English Premier League giants Manchester City, The Scottish Sun can reveal.
Graham Wallace was chief operating officer at the 2012 champions until March.
City sources said the 52-year-old Scot, will be unveiled by Gers next week after shaking hands on the deal with chairman David Somers last Wednesday. A source said: “There was a huge response to the advert for a chief executive but Wallace’s credentials blew away all the competition.”
Chartered accountant Wallace, from Dumfries, saw off rivals including Dundee chief exec Scot Gardiner, who was also interviewed. He held top finance posts at a string of entertainment giants including MTV Networks Europe, Viacom, Nickelodeon, and IMG Media.
Wallace, who lives in Buckinghamshire, was chief financial officer at Man City from 2009 to November 2010, then chief operating officer.
He stepped down after the arrival of new chief executive Ferran Soriano, and has been doing consultancy work in the City of London since. The City source said: “He was waiting for the next top job and this is it. His skills and experience will help build Rangers’ global reach.”
Wallace’s appointment is part of the current Ibrox regime’s attempt to shore up the board before a shareholders vote on who runs the club at Rangers’ AGM next month.
Investment banker Norman Crighton, 47, was announced as a director yesterday.
Anybody got the recording of Whyte and Green when Green says “You are Sevco, that’s what we are saying”
I’d love to listen to it again. In fact I’d love to listen to them all again. 🙂
From the Sun article:
“Chartered accountant Wallace, from Dumfries, saw off rivals”
Saw off rivals? You mean for the position that others have been walking away from and that at least one other refused to bite at this week?
If Wallace is the catch, I’d hate to see the so-called rivals who were thrown back.
100BJD says: (97)
November 15, 2013 at 11:36 am
ecobhoy says: (2043)
November 15, 2013 at 10:53 am
easyJambo says: (562)
November 15, 2013 at 10:43 am
Here is a link to the TM01 Director termination for Charles Green. Despite it only being submitted yesterday, the effective date of the resignation is 15/06/2012 (The day after the CVA was rejected).
http://www.scribd.co…-Green-15-06-12
========================================================
I couldn’t get the link up but interesting to know who submitted the resignation form for Green.
The reason for that is of course that Green at the end of December 2012 through FFW submitted a dissolution request for Sevco 5088 Ltd to Companies House and signed by him. But how could he do that if he hadn’t been a director of Sevco 5088 since June 2012 and did the lawyers FFW not know when they sent the dissolution request to Companies House that Green shouldn’t have signed it as he wasn’t a direcor of the company.
Another problem directly linked to RIFC Plc is how can that company make a statement to AIM in April 2013 that Sevco 5088 is one of its subsidiaries when Green hasn’t been a director since June 2012. There appears to be no basis for RIFC Plc to claim Sevco 5088 as a subsidiary and I wonder what AIM Regulation will make of the very misleading statement released to AIM by RIFC Plc.
Oh what a tangled we we weave 😉
—————————————————————————————————————————————
Indemnity insurance policies are surely being closely examined by some of these players. The bampots could be right again!
———————————————————————–
Corsicas tweets from yesterday:
1/2 I’ve spoken today to FFW partner who reaffirms CG was not instructing FFW nor was “anyone publicly associated with newco”. Hmmm…
2/2 Told the question to ask is: are the insurers on stand-by?
What is the significance of – the insurers ?
Ex CEO of Man City?.
What sort of salaries do these people command?.
Far more than RIFC can afford I’d bet.
Another squirrel.
Sets a timeline though.Appointed next week sometime.We’ll see.
>>jimlarkin says: (622)
>>November 15, 2013 at 12:19 pm
>>What is the significance of – the insurers ?
If someone at a FFW or whomever should have caught an obvious fake (eg. instruction that was patently not from whom it purported to be) then they (FFW or whomever) will be professionally liable for any loss due to their negligence/incompetence… now good practice suggests that one should have sufficient indemnity cover with an insurer… or of course the loss will be borne by the negligent party.
Beware the angry shareholders-
More like Beware the back handed moves of the board – No vote!
The news from Ibrox is always entertaining.
Hearing it always makes me sit up, listen and smile.
Right from the central camp at Spivco.
Every fan can rejoice at Wallace coming aboard to join Crighton.
Even if one or both is/are pals of the bad asset strippers.
Three newcomers, all newsworthy for the pr fed hacks.
Unusually well run company this.
Far and away a shining example to the rest of us, is the Rangers football club.
This is how well run businesses should be run.
I’m impressed.
Each will have a role to play in the next few weeks.
Somers in particular is already playing a blinder for his pals.
ecobhoy says: (2043)
November 15, 2013 at 10:32 am
==========================================================
The key to the heart of conspiracy has always rested with the switch from Sevco 5088 to Sevco Scotland and there should be legal paperwork for it and indeed I think the tripartite agreement is mentioned in the TRFCL minute from October 2012 in a form which suggests that an agreement was signed assigning Sevco 5088′s exclusivity to purchase the Rangers assets
————————————————-
@eco
RIFC Accounts Note 28
On 14 June 2012, Sevco 5088 Limited entered into agreements for no consideration to legally reassign its beneficial interest in funding placing letters held and to novate the trade and assets purchase agreement with RFC 2012 plc (in administration), to Sevco Scotland Limited (now The Rangers Football Club Ltd).
——————————————————
On a plain reading of the above note to the accounts, it was the APA itself that was novated (after 5088 entered in to it) rather than an assignment of 5088’s exclusivity rights. Maybe this kept D&P’s hands cleaner – although not much!
ForresDee says: (122)
November 15, 2013 at 12:29 pm
Very silly move, will simply stoke the discontent, and fuel the impression that some people have something to hide
If you want a real jaw dropping moment watch this video, to get the real effect you need to listen to it as well, with the whole crescendo thing going on.
It’s the video from the Buy Rangers site, I just think it epitomises a certain way of looking at things.
http://www.youtube.com/watch?v=Y6tjFBbmlY4#t=134
Celtic Football Club @celticfc 32m
Shareholder referred to the media reporting of a new club as an old club, Celtic CEO, said: ‘Rory Bremner can pretend to be Tony Blair…’.
Now if Corsica1968 tweets are correct and there may be a claim against lawyers for negligence that allowed the 5088/SS switcheroo to happen and add Torrejohnbhoy assertion that Green & Whyte are still in cahoots then this is top class spivery.
You buy company and pay off the debt using a loan secured on future revenue of that company, ditch that contract by administration. Buy the assets again at knockdown price from helpful administrator & conduct a change of company that “stiffs” your mate to create a future negligence payout from lawyers’ insurers. Meanwhile you float via an IPO, trouser the cash raised through fees, expenses & paying back initial investors before selling assets at market value or create a longer term revenue stream through renting it to some naïve, success hungry, history buying bears.
If that is the play & through enough dodgy handshakes and threats of mob violence you avoid jail time too then it is one of the most brazen, shameless acts of corporate asset stripping to be seen on these islands.
It’s almost worthy of a round of applause.
tomtom says: (492)
November 15, 2013 at 11:49 am
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andypandimonium says: (7)
November 15, 2013 at 11:41 am
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Those theorising that the AGM will not happen (and I suspect they are on the money) will find out one way or t’other next midweek. AGM Notices should be with shareholders 20 clear working days before meeting. Not long to go in this stage of the scam I suspect.
==============================
Is there anything that stops them sending out the notices and cancelling the AGM at the last minute? If not then why alert the bears just now, better to get another few weeks breathing space.
==============================================================
If they cease to be a publicly quoted company they can avoid the requirement for an AGM – insolvency event perhaps? Other than that they can get away with not holding the meeting if they change their accounting reference date, but they need to act soon if they are to do that – would potentially get them through until the end of the season by my estimation. This should all be clearer next week though.
Correct me if I’m wrong (and it has been known 😆 ) but if Whyte has been involved in any way shape or form since the SFA were assured he was not and therefore granted the licence 😕 surely the licence must be withdrawn and sevco disbanded and their third division title stripped ❓ or would that only apply to the teams in the SPFL that are treated without ‘fear or favour’ this farce gets more ridiculous by the day 😐
ecobhoy says:
November 15, 2013 at 11:32 am
Of course we don’t know whether the investment cash was actually transferred to Sevco 5088 by either Korissa or Blue Pitch back in May 2012. From memory I don’t think Korissa appears in any of the listed Sevco 5088/Scotland or TRFCL shareholders although Blue Pitch is there and can be traced from Sevco 5088 to Sevco Scotland to TRFCL to RIFC Plc.
———
Korissa is listed as one of the original shareholders in Sevco 5088 (see easyjambo@10:43), but, unlike Blue Pitch, it does not appear on the list of pre-IPO shareholders of TRFCL thst was leaked recently (showing AMcC holding cert no 1).
Conversely, it appears that Blue Pitch was never a shareholder of Sevco 5088.
Why was Korissa’s placement in Sevco 5088 not transferred to Sevco Scotland?
If ‘Richard Barrington’ of Korissa is really CW, perhaps he never actually put up the money.
Or was he simply deliberately cut out (‘shafted’) by CG?
Brenda says:
==============================
Brenda, I think any reasonable person, objectively looking at the available evidence, can see that Craig Whyte was involved all along and that Charles Green not only knew it but was also fronting for him when he gave the assurances that Whyte wasn’t.
We have read the material, we have heard the audio we have seen the opinion of a firm of Solicitors supported by both Senior and Junior Counsel .
Nothing will happen to Rangers FC Ltd (Sevco Scotland). They will come up with as many excuses as they want to justify it, but nothing will happen to the company which was at the centre of deliberate systematic fraud.
They will say that the fans are the victims, but that is irrelevant. At the end of the day the fans are just customers. The Ltd Company is the shareholders and it’s board. The actions of the board are the actions of the company. The board are it’s mind and hand.
Bottom line, the new Rangers came into being in the best traditions of the old … lying cheating and stealing.
You advise the creditors you are doing a deal with A and then do it with B without telling anyone. The only get out from a failure notice not being required was if Sevco 5088 was replaced by a successor company as per clause 6.1.6 of the CVA proposal document.
So either Sevco Scotland is the successor , which would mean the shareholders of 5088 should have either been compensated ( which they weren’t ), or a failure notice should have been issued (which it wasn’t).
The only other plausible explanation is a fraud was committed by Green and Ahmad against Whyte.
Duff and Phelps were either complicit or they were duped by Green.
Finally, the presentation by Green , which I have a copy of ( the we are rangers one, shown to potential city investors) makes it clear on a number of occasions that Sevco 5088 are the beneficial owner of the contract to purchase Rangers , either via CVA or liquidated assets.
Think on the impact of that. Green is trying to raise money for Sevco 5088. Green has admitted Sevco 5088 was a Whyte company.
All of this in the full knowledge that a guarantee was given very shortly afterwards to the SFA of no Whyte involvement
john clarke says: (1360)
November 14, 2013 at 7:43 pm
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Bill1903 says: (20)
November 14, 2013 at 6:41 pm
‘..Chic Young and Keith Jackson on with Jim Spence tonight
Radio to make your ears bleed.’
——
What do you think Jackson was on about when he told Kenny Miller that , as a journalist , he had frequently been aware that it was obvious that some players wore the jersey but didn’t really commit to the Scotland team,and if he could see that as an outsider, Miller and others in the dressing room must have been aware of it as well?
It sounded as if he wanted Miller to grass up his fellow players, for no good reason other than to angle for a ‘red top’ malicious story.
I was actually quite surprised at how well and diplomatically Miller spoke throughout the programme, and in response to that question.
But my view of Jackson as a snake-in-the-grass, low-level ‘journalist’, only marginally higher up the evolutionary tree than JI, was confirmed.
A decidely nasty piece of goods in intent, but fortunately not terribly effective.
——————————————————-
The irony here is that a certain club very close to Mr Jackson’s heart have a track record of players refusing to play for their country due to basically not liking the manager or after taking the huff at not being picked, or for “not being in the right frame of mind” etc etc
Brenda says: (705)
November 15, 2013 at 1:29 pm
My take is, whilst what you say is technically correct, and conveniently ignoring the fact that without Whyte in his sevco 5088 disguise there would be no TRFCL to receive the go ahead to play against Brechin and all the other lucky souls priveleged with a visit thereafter, that it would take positive identification of Whyte as either Blue pitch or Margarita to raise a case to challenge the 5WA (which lets not forget no-one has seen and there also appeared to be side letters floating around in case the plan went off-track). Even then I’m guessing the defence would be that he was only a lowly shareholder and therefore had no direct ‘involvement per se.’ A bit like me having a 1p share in Al Quaeda Be nice to see them squirm nonetheless. Can you imagine the Chick Young exclusive – explaining how being a shareholder doesn’t really matter anyway and how it wasn’t RFC’s fault and that that was not what they meant when they categorically said the last time that he wasn’t involved.
Sugar Daddy says: (143)
November 15, 2013 at 1:16 pm
——————————————————————————————————–
nice summary. you certainly wouldn’t put any of it past them. It’s interesting to see some of this information becoming public for a change.
The potential for money laundering in these type of deals absoutely astounds me. With so many companies being registered abroad i highly doubt the money laundering checks that happen in this country will have happened.
v
Tif Finn says: (842)
November 15, 2013 at 12:54 pm
If you want a real jaw dropping moment watch this video, to get the real effect you need to listen to it as well, with the whole crescendo thing going on.
It’s the video from the Buy Rangers site, I just think it epitomises a certain way of looking at things.
=========================
So the message is buy Sevco, can anyone loan me a £1.
Barcabhoy says: (275)
November 15, 2013 at 1:40 pm
So either Sevco Scotland is the successor , which would mean the shareholders of 5088 should have either been compensated ( which they weren’t ), or a failure notice should have been issued (which it wasn’t).
=======================
Key point Barca – presumably either the shareholders of 5088 should have been compensated, or presumably have given their agreement to the successor notice, or a failure notice to be issued. What is required to approve that successor notice (with no compensation) (is that an APA btw?) a sole director’s say so? a majority shareholder’s say so? or a unanimous shareholder say so? I’m keeping Eco’s point in mind that Green technically resigned as a director the day after the CVA failed (despite him trying to act as one 6 months later).
Tif Finn @ 12:54pm
This is what we’re up against. Complete and utter delusion. All the mince about pioneers,old guard,chest beating hypocracy.It really does beggar belief. I suppose cheats are like that.Self obsessed,triumphalist attitudes,interested in nothing but themselves.The fact that they didn’t pay their dues like the rest of society seems to have escaped their notice. FFS,somebody put a stop to this eh? It’s not even funny anymore.
This is coming to the boil nicely. Craigy has brought together the right ingredients and is controlling the heat like a Scotch Jamie Oliver.
I still can’t see a role for the Easdales yet. I hope they haven’t been duped.
The video is obviously produced by Disney.
Disney tell the truth
Disney tell the fans they’re being ripped off.
Disney tell them that the clumpany is being run by spivs.
Disney tell them that that their shares will soon be worthless.
Disney tell them that there is no hope of survival.
Apart from that I thought the music was quite good.
GeronimosCadillac says:
====================================
I think their role is really quite simple.
Who exactly is going to argue with them.
It’s about as subtle as Andrew Ellis walking to Ibrox with Barry Hughes.
The lady’s awake
MalkieMouth @MalkieMouth 18m
Say Hello and Wave Goodbye
1. http://i.imgur.com/rTM7r4X.jpg
2. http://i.imgur.com/i5Qe8tb.jpg
A “statement” from the delusional camp. Unbelievable. 🙄
Friday, 15 November 2013 15:00
Today’s Daily Record
Re Daily Record (Friday, 15 November 2013) – “Powerless – Gardiner says no to Gers top job as Ibrox board refuse to let him run club his way”
For the avoidance of doubt the club would like to clarify the following:-
Mr Gardiner never made demands about having the power to hire and fire directors. Any journalist with a modicum of business understanding would know that would be a preposterous demand.
Mr Gardiner made no comments whatsoever about the “Rangers PR machine.” Indeed he had many constructive and friendly face to face meetings and phone calls with our PR adviser.
We are satisfied that Mr Gardiner’s views are not reflected in The Record which raises the question – did he actually speak to the paper?
The Rangers board continue to be dismayed at the standards of journalism from The Daily Record and can only assume that the paper is riddled from top to bottom with an anti-Rangers bias.
Re Charlotte (Malkie)
Before anyone gets excited as I did, its just Alex Salmond saying welcome to Walter (with an interesting post script right enough essentially slagging the outgoing chair) and Jack saying goodbye and that he’s really not bothered that he’s been fired as its for the greater good and that they can rely on him, nudge nudge.
Smugas says:
===============================
No it isn’t, it’s on the official headed paper and is signed appropriately.
It is the first Minister of Scotland congratulating “Walter” and saying how pleased he is to have him “at the helm”.
If CW duped sDM surely since CG may have duped CW, D&P, AIM, the SFA and the fans …
he must be a super-duper.
Startled that the Scottish Prime Minister has the time to write to Walter , whilst hopelessly mis-judging Walter’s ability to do the job. Symptomatic of the back-scratching rubbish in the Scottish goldfish bowl ….
Tif Finn says: (844)
November 15, 2013 at 3:35 pm
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Smugas says:
===============================
No it isn’t, it’s on the official headed paper and is signed appropriately.
It is the first Minister of Scotland congratulating “Walter” and saying how pleased he is to have him “at the helm”.
+++++++++++++++++++++++++++
I have to agree with the FMs’ sentiment. I was also pleased to see Walter at the helm. I think most of us here thought it was a real gift. It certainly gave me more than a little fun.
Tif,
The 1st Minister is not going to write to the new chairman of RFC and say I was amazed you got the job I thought you were a p!sh manager, yer never a PLC chairman and thanks for walking out on us before the world cup!
I’m guessing you’re thinking is that he would have been better not writing at all, but then that is how modern politics works. If you want me to draw any conclusion here it would be that that nice cardigan man has passed on some private correspondence from Alex knowing full well it would stoke the flames, but that’s his problem.
Mind you, maybe I’m wrong, maybe he meant as an avowed hearts fan he was over the moon that a complete novice at business had been appointed Chairman, in which case I completely agree!
By the way, it’s normal practice in the civil service for juniors in the ministerial private office to spend their time reading the newspapers and drafting letters of congratulation to this person or that, and dropping them in the in-tray of the minister. It’s the normal Yes Minister stuff.
redetin says: (250)
November 15, 2013 at 3:47 pm
It’s the normal Yes Minister stuff.
++++++++++++++++++++++++++
p.s. I drafted a letter once for the Rt Hon Member for South Down, about sh+t on Newcastle beach. I was never convinced that Enoch actually gave a toss.
Sugar Daddy – I think spot on the money – one other point about the potential litigation from the lawyers. Remember that the lawyers promised CW to do it for a few thousand etc for a quick CVA – and walked away with over 5 million if I recall correctly. So the plan changed once it became apparent in March that HRMC were not folding their hand and coming to the table – so a stash of money was also made by the lawyers to pay the litigation out of court and keep a chunk for themselves – and would all fit within your summary as well – meaning no one anywhere really lost out in the spivs group.
I have always been torn for 18 months here in watching them “stumble” from one precipice to another – are these brilliant spivs or idiots just winging it.
If indeed it is the former – albeit aided by the best lawyers ensuring their clients staying onside of the worst company laws that always seem to favour the “investors” rather the customers – I would have to admit they were indeed worthy of a round of applause.
And all the politicians and governing bodies who allowed this kind of asset stripping to be legal in UK and enabled this lot to do it to a so called “Scottish institution” (albeit willing duped victims) should all hang their heads in shame.