It Is Better To Offer No Excuse Than A Bad One

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Https://philmacgiollabhain.ie/2017/12/22/sevco-prepares-for-a-post-king-scenario/ …

Comment on It Is Better To Offer No Excuse Than A Bad One by sannoffymesssoitizz.

https://philmacgiollabhain.ie/2017/12/22/sevco-prepares-for-a-post-king-scenario/

sannoffymesssoitizz Also Commented

It Is Better To Offer No Excuse Than A Bad One
On the subject of player valuations remember that:
https://www.youtube.com/watch?v=70ZLll5VEGQ


It Is Better To Offer No Excuse Than A Bad One
https://thecelticblog.com/2017/12/blogs/if-king-has-appealed-the-court-of-session-takeover-panel-judgement-it-will-leave-his-club-in-limbo/

Dave King is a man of the most appalling selfishness. When George Letham tried to stop him from buying more than 10% of the club’s shares, to stop from triggering the Takeover Panel case which now threatens to engulf him and Sevco, he ignored it and bought 14% of them instead.

He has consistently made statements which force other directors to put their hands in their pockets. He lies with a brazenness that is astonishing, and then retreats across the water and leaves others to deal with it in the aftermath.

But if, as some are reporting today, he has decided that he will appeal the Court of Session verdict which affirms the Takeover Panel’s demand that he make an offer for all of the club’s shares he is even more selfish than we were aware.

King knows this is going to catch up to him.

Appeals don’t operate on the basis that a particular party does not like a verdict; they have to be fought on a point of law. But the decision in this case was not like other legal cases; Lord Bannatyne made it clear that the hearing he presided over was not an effort to re-litigate the Takeover Panel’s own inquiry into King. That inquiry has already been held. That decision has been made. That decision has been finalised. It is written in stone.

King is not appealing against the Takeover Panel decision; he cannot. He is ignoring it. The Takeover Panel was merely asking the Court of Session for an enforcement order. They were asking that the court issue King an instruction he could not so readily dismiss.

But the media, and King himself, appear to have taken their decision to go to court in the first place as proof that the Takeover Panel is powerless and it never was. Even if King’s appeal succeeds and the judge’s order is rescinded, the Takeover Panel’s own verdict will stand.

And their own consequences will follow as night follows day.

These include, but are not limited to, the now notorious “cold shouldering” of King and the companies with which he does business. As the company at the centre of all this is Sevco it is sheer fantasy to believe that they will not be impacted by this.

The media’s failure to understand this simple thing is astonishing even to seasoned watchers of the Scottish press, well aware of their ignorance on any number of subjects.

For openers, Robertson was talking the other day about it not changing the club’s plans for a share issue next year. He knows that is arrant nonsense but he also knows the media is not going to challenge him on it. But any share issue has to be approved by the City. A broker has to be found. A nominated advisor needs to be appointed. Finally, an exchange has to agree to relist the shares. It is a self-evident fact that the Takeover Panel’s decision compels King to make an offer for those shares and that whilst this ruling applies – and remember, it is a final judgement from the City of London’s own regulator – no exchange anywhere will agree to do so.

King is compelled to make an offer, and sooner or later he will get instructed to do so by a court from which there is no appeal. Because the “second house” – the Outer House – of the Court of Session made this judgement there is an avenue to appeal to the Inner House. Beyond that the only other appeal is to the Supreme Court … but crucially, the Inner House has the power to refuse him leave and to say their own instructions stand.

Regardless, whether a court tells him to do it or whether they uphold the appeal it makes no difference at all. King stands to win nothing. The club stands to gain nothing. He knows that whether he complies at this point or fights tooth and nail the end result has already been decided. The Takeover Panel have judged him and as long as he is at Ibrox they will not allow that club to re-float on the stock market without his being in compliance.

His decision to resist this judgement, when the only conceivable end is that the Takeover Panel will be left with no choice but to impose its own sanctions, including cold shouldering, is appalling in its protection of his interests alone. The Ibrox board must be astounded by this and by the negative effects it will have on every single person around the boardroom table.

He is dragging them all down with him, and the club too. He has lost this battle, but is determined to resist the consequences of that defeat as long as possible. If they continue to tolerate his presence on their board they are shackling themselves to him and to whatever penalties the final outcome brings. I cannot believe they are so foolish. I cannot understand why they do not cut him loose, for their own good and the good of the club they claim to love.


It Is Better To Offer No Excuse Than A Bad One
http://www.bbc.co.uk/sport/football/42469305

Rangers chairman Dave King is to appeal against a Court of Session ruling ordering him to make a share offer totalling around £11m.

Lord Bannatyne ruled in favour of the Takeover Panel that King acted in concert with other shareholders when he bought a controlling stage in 2015.

King was ordered to offer investors 20p per share for the share capital not controlled by him and three partners.

He now intends to challenge that ruling, though.

The South African was ordered to submit an offer within 30 days after a written decision by Lord Bannatyne following an earlier hearing at the Court of Session in Edinburgh.

King owns around 15% of the Rangers International Football Club plc shares through his family trust, New Oasis Asset Limited, and the judge rejected his claim that he did not have control over its assets.

Lord Bannatyne also dismissed King’s argument that he could not afford to buy the shares and his assertion that the 20p share price set by the Takeover Panel was so far below the market price that shareholders would not accept it. Both arguments were deemed “irrelevant”.

Rangers managing director Stewart Robertson insisted the decision would not impact the club’s plans to hold a fresh share issue early next year.

He said on Friday: “It doesn’t impact the club and its day-to-day business. It will be business as usual for the club and the PLC so we will just continue with the plans we have got in place.”


Recent Comments by sannoffymesssoitizz

Fans for Judicial Review – Counsel Opinion
Much has been said about Scottish clubs’ lack of success in UEFA competitions in the last 3 seasons as compared to results in earlier years.

This criticism was prominent again in some of our sports writers’ and pundits’ comments in Celtic’s home loss to Anderlecht.

In my humble opinion their analysis of our clubs’ ability to compete with European super clubs wrongly ignored the exponential increase in TV money and external funding that has arisen in this period in the 4 largest leagues.

The following article shows the extent of these changes in the EPL and how they are likely to continue in the foreseeable future.

 http://www.bbc.co.uk/sport/football/42278119


Fans for Judicial Review – Counsel Opinion
Allyjambo December 8, 2017 at 22:28

Of course Tom English knows fine well the name(s) of the source of the incessant media briefings is either the “Registered Intermediary(ies)” [Agent(s)] – See my links to the relevant SFA website pages on the previous blog post – or the PR lickspittles of Neo-Gers.

Is it because of Scotland’s shame of religious sectarian bullying that he feels too scared to divulge the cause of the recent stench that has polluted our national sport? 

Would that we had campaigning journalist(s) or politicians who could hold our corrupt sporting institutions to account for allowing these immoral behaviours to continue.


Fans for Judicial Review – Counsel Opinion
With apologies to Stanley Baxter here’s my take on an abridged version of the (Neo) Rangers* Statement:

“Delldidnaegeezzablethurrkuzzwaehivnaerraspondoolicksfurrratt” 21


Who Is Conning Whom?
Abridged version of the (Neo) Rangers* statement: “Waehuvnaerraspondoolicks” 21212121


Fans for Judicial Review – Counsel Opinion
‘Let’s get back to winning’ – McInnes Posted at 19:24

 Aberdeen manager Derek McInnes:

“There was an official approach on Tuesday and we came to a conclusion on Thursday.

“When there is an official approach, it is normal practice. In any walk of life, you take time to consider it.

“There was more than one reason, but underpinning it all was strong relationships I have here and not tarnishing that.

“I have a real affinity with the club. It was not a decision I took lighlty and those 48 hours were very important.

“I hold Rangers in high regard and I can’t deny that and I feel I have handled this fine.

“Hopefully, after tonight, we can start talking about football and our performances of late have not been what we wanted.

“Normal practice for us is winning games.

“I am very confident manager and I believe in myself and my team and, if I keep doing that, there might be opportunities in the future.

“I have been quite relaxed about it and I am trying to keep the focus on the game.

“I have made the players aware of their responsibility for the lack of results. No more excuses.”

Asked about the Statement from (Neo) Rangers* McInnes said “No comment. That’s other peoples’ business.”

In the commentary box Willie Miller was adamant that (Neo) Rangers* had not spoken to McInnes as they had not paid the fee specified in his contract.

Stephen Thompson commended McInnes for the dignity he showed in his answer to the question about the  (Neo) Rangers* statement.


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