Past the Event Horizon

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For those who are interested in such matters, the RIFC …

Comment on Past the Event Horizon by blu.

For those who are interested in such matters, the RIFC share price has dipped to 39.99p

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Past the Event Horizon

blackjacque says: (11)
December 23, 2013 at 2:23 pm
200000 shares bought today at £0.335. Someone obviously has not read your comments on this blog Neepheid.

60,000 of those bought by the Honourable Norman at a cost of £20,400. I wonder if his NED payment would cover that?


Past the Event Horizon
All this doom and gloom from Mr Wallace and the Murrays had me pondering on what the outlook might be for Rangers should the club suffer an insolvency event. I asked the SFPL about this and have had some clarification.

Hi,
I wonder if you could help me clarify a matter in relation to the SPFL rules on insolvency events for clubs and point deductions? Am I right in thinking that if my club went into administration three years ago and secured a CVA two years ago, they would be subject to a 15 points deduction rather than 25 points should we be unfortunate enough to go into administration again this season? Is there a general provision for continuity of these matters, disciplinary matters etc. from the SPL/SFL or did all all clubs start with a clean slate on these matters with the formation of the SPFL?
I think Section E of the SPFL Rules apply?
Many thanks,
XX
E5 Where a Club, whether owned and operated by the same or a different Member, suffers or is subject to an Insolvency Event which results in a deduction of points in terms of these Rules and within 5 years of the date of such Insolvency Event suffers or is subject to a further Insolvency Event which is not part of the same Insolvency Process as the Insolvency Event then suffered, the points deduction applicable in terms of Rules E1 in respect of that second or further Insolvency Event, shall be 25 points with the 15 points in Rules E2 and E3 being 25 Points.

Dear XX
I believe that you have misconstrued the provision in the SPFL regulations. The regulations do not say “an Insolvency Event which resulted in a deduction of points in terms of these Rules” they say “an Insolvency Event which results in a deduction of points in terms of these Rules”. The question is whether an Insolvency Event occurred in the last 5 years of a type which results in a deduction of points in terms of these Rules. If the answer is yes, e.g. if the owner of the Club had administrators appointed within the last 5 years, then the points penalty is 25.
I trust that this clarification it of assistance.
Best wishes
Iain Blair | Company Secretary & Director of Operations

I guess that, should his worst fears come to fruition, Mr Wallace would be bidding for the higher points deduction, what might the consequences of that be?


Past the Event Horizon

Matteo Galy says: (47)
December 17, 2013 at 9:10 am

LUGOSI99 says: (2)
December 17, 2013 at 8:34 am
Why not ask a Championship Chairman about a lower league team who wear the same strip as a team he was on the Board of in the last century?
————————————————————————————————————————————-
Because it has nothing whatsoever to do with him?
I’d imagine the fans of Cowdenbeath wouldn’t be too enamoured with their own chairman talking about another club.
Will the BBC be asking any other chairmen of SPFL clubs their views on the goings on at Sevco?
Surely a better candidate would have been David Longmuir, who was an RFC fan and is now unemployed!

Findlay is good copy for space fillers. His considerable ego means that he’ll usually be prepared to give a quote, it’s no more or less than that. What he did say will have no impact on any votes or decisions made at the RIFC AGM on Thursday.

There have been too many chippy reactions to press coverage re McGowan and Findlay over the last 24 hours. These are side issues.


Recent Comments by blu

It Is Better To Offer No Excuse Than A Bad One
I seem to recall that part of Dave King’s settlement with the South African Revenue Service was a  requirement that Mr King’s family repatriate business assets held overseas into South Africa. Has anyone any insight into how this sits with NOAL being BVI-based?


It Is Better To Offer No Excuse Than A Bad One
easyJamboDecember 20, 2017 at 12:44
EJ, I’ve no cause to doubt you or Hearts directors or the company auditors. It’s a fact though that people will speculate on these matters, often getting things completely wrong, intentionally or simply through ignorance.


It Is Better To Offer No Excuse Than A Bad One

easyJamboDecember 20, 2017 at 11:23

blu December 20, 2017 at 11:16 There is an element of truth in Tangoed’s assertion about the need for transparency though – I’m sure there’s plenty speculation on Jambos Kickback as to the identity of the mysterious benefactors. ===================== There is indeed plenty speculation on Jambos Kickback about the benefactor(s).
A couple of well informed posters have all but confirmed that the money has come from partners in an Edinburgh investment company.

EJ,
I’m sure that you and others closer to the club will have a very good idea who these people are but as long as the club is asked to keep their identities private there will be speculation and aspersions cast from the east of Edinburgh and further afield.


It Is Better To Offer No Excuse Than A Bad One

HomunculusDecember 20, 2017 at 10:57
I’ll decline from commenting further, the majority of members here seem to think it is acceptable to conjecture that Hearts are being funded by the proceeds of crime.

For the avoidance of doubt Homunculus, I agree with your challenge to Tangoed – his subsequent response confirms it is simple speculation, possibly mischievous. My question was more focused on what might be considered as money laundering, tangential and less important than your challenge.
There is an element of truth in Tangoed’s assertion about the need for transparency though – I’m sure there’s plenty speculation on Jambos Kickback as to the identity of the mysterious benefactors.
 


It Is Better To Offer No Excuse Than A Bad One
Homunculus, I don’t think that money laundering was referred to by Tangoed, no doubt they’ll respond to fully explain.


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