Our First podcast features a general discussion involving our own Big Pink and Auldheid.
Since it is the first podcast there is no particular agenda save for a general chat about TSFM, the state of Scottish Football, and some few reminiscences. The chat covers a lot of ground, but establishes the ethos of the blog pretty well.
Topics discussed include FPP, Leadership, Interdependence, Scotland’s self-regard, Coaching and Nurturing of Talent, Redistribution of Income, Rangers, Forgiveness, domestic strife 🙂
The interview was conducted a couple of days before the latest round of Armageddon, when Big Pink and Auldheid felt safe and well 🙂
The link below is to the iTunes store page for our Podcasts. If you go there, you can subscribe to the podcast (on your PC or iPhone) and new episodes will automatically be sent to you.
Since we have just been approved for a spot on iTunes, the iTunes search side of things may not work properly for a day or so.
justshatered says:
February 23, 2014 at 1:47 pm
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I think people are over estimating how long the £1.5M will last.
‘The Rangers’ are currently losing just over £700K a month but that is not what they are paying out.
They may already be paying out over £500K a month but losing a further £700K on top of that.
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If it was used to fund day to day running… it’ll be gone in an instance.
If is was used to fund savage cost cutting, then – if followed up with higher income form ST renewals and fans buying in to the various fund raising schemes (memebrship, share offering) then it could last longer.
won’t have to wait long to find out.
Giovanni says:
February 23, 2014 at 5:44 pm
TRFC A/cs due for submitting to Companies House on Friday 28th February.
Paulmac2 says:
February 23, 2014 at 4:22 pm
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It was not the tweet in question that had WATP attached, but some people screen grabbed some of his other tweets before he closed his account and it was there. In terms of doing anything wrong I agree there is no evidence he has, but I do believe he has behaved in a manner unbecoming of a match official by using such a term on a public forum. He should be publicly censured as players and managers sometimes are for tweets that receive complaints.
limshady61 says:
February 23, 2014 at 7:06 pm
12 1 Rate This
Angus1983 says:
February 23, 2014 at 5:07 pm
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That’s nonsense Angus. Clark didn’t play a single cup match during his long run – they were all League Division 1 games.
You can only compare like with like and whether you like it
or not, and you clearly don’t, Forster has beaten the record for league games without conceding a goal.
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A glance at when Clark set his record shows a very good keeper playing for a very good team, who ran an immense Celtic team very close for the title. However, some the misty eyed nonsense about the standard of the old first division then ignores the number of meaningless games that existed in a 18 team league with a number of part time clubs. The fact that Bobby Clark set the record then which has only just been beaten shows how difficult it is to do. Fraser Forster’s detractors (and there are many) should consider if it’s so easy to do in Scotland, why does it rarely happen, no matter the standard of the league.
twopanda says:
February 23, 2014 at 5:02 pm
Sevco5088 application for striking off? Any news on that from 18 Feb?
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Yea looks as though Green filed a fresh Annual Return on 19 February – I’ll download tomorrow and see how it compares to the one that CW and AE filed on 14 November 2013.
I see accounts are overdue from 29 December 2013 and if my memory serves me correctly if the company is struck off they will probably never be filed.
Remember that Green’s first attempt to wind up Sevco 5088 was announced early January last year but it was early April before CW and AE popped-up as fellow directors and it was May 2013 before the strike-off was suspended and after more shenanigans this was again confirmed in August 2013.
So we could have a while to wait and see whether CW and AE come back as direc tors and oppose the winding-up. If they don’t then I reckon they’ve received a bag of swag. Would £1.5 million be enough or could that be £1.5 million a month in perpetuity 😆
Firstly
Q: Who benefits from a press release about a potential loan of £1.5m that keeps TRFC afloat for a few more weeks?
A: Any Creditor who believes TRFC is about to miss an upcoming payment date and is contemplating taking legal action
Q Who might be worried about an upcoming payment date being missed?
A: HMRC, TRFC Employees, Craig Whyte, RIFC Overseas Creditors
Q: Who else might benefit from a press release about a potential loan of £1.5m that keeps TRFC afloat for a few more weeks?
A: Any organisation who are concerned that TRFC may not be able to meet a future contract and intend to find an alternative to TRFC if they go into Administration
Q Which organisations fit the bill?
A: Upcoming customers of Ibrox like SFA, SPFL and Commonwealth Games Committee
Meaning
SFA, SPFL and / or CGC may have deliberately challenged the Spivs by putting a “No Administration” clause into the contract to hold events at Ibrox
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
and
Why is the above important?
Well
Q: When does a press release about £1.5m loan negotiations = a loan?
A: When it is unambiguously confirmed in a subsequent press release
And
Q: When does a press release about a loan possibly being repaid in shares = A loan repaid in shares?
A: When a subsequent press release unambiguously confirms that the loan will be repaid in shares and describes the terms
We are still waiting on that unambiguous press release
Having watched Bobby Clark plenty in my formative years I can’t believe he managed 1115 consecutive minutes without conceding a goal.
He wasn’t keen on diving was our Bobby.
Well done to Forster for setting the new non consecutive record which will hopefully be ended on Tueday night 😀
Re GW … Where is poster m.c.f.c. ?
Maybe he could give us some insight to the CEO ?
Bill1903 says:
February 23, 2014 at 8:11 pm
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I was only a youngster Bill but my recollection is he was a very good keeper. In the 1976 league cup final second half he kept Celtic at bay almost single handedly.
upthehoops says:
February 23, 2014 at 8:17 pm
I was only a youngster Bill but my recollection is he was a very good keeper. In the 1976 league cup final second half he kept Celtic at bay almost single handedly.
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I was at the game and that was when Willie Miller came of age.
Clark did have a good game though.
Bobby Clark was a great goalie and lang may his lum reek. His erstwhile record included league games in which Aberdeen played several diddy teams and, as has been pointed out, he had no Scottish Cup games to negotiate.
In addition, Aberdeen played no league cup games that autumn, having been soundly gubbed by Hibs in the section games, including a 4-0 at Easter Road. Hibs had a great team then, too, of course. Plus, there were no European distractions because Aberdeen had already made history by being the first team to go out on penalties after parallel 3-1 results against Honved. I don’t think Bobby saved any of the Honved penalties.
I remember well the open top bus parade down Union Street Clarkie got.
I’ve just read the last blog on the Scottish Fans For Change website and it reminded me that, when this site was started, it was discussed how we the fans could make a statement within the grounds which would send a message that we are not happy with the way our game is being run.
Since fans are often described as ‘the twelfth man’ could all of the fans stand up, fall completely silent, and turn their backs on the pitch during the twelfth minute of each half. At the same time banners could be unfurled demanding the resignation of the gang of three.
No club would be financially damaged but this display would also send a message to each individual club of the strength of feeling within each support. A specific weekend could be picked and co-ordinated between fan groups or the live TV games could be constantly picked to highlight to a national audience that all is not well here.
justshatered says:
February 23, 2014 at 8:57 pm
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Just had a deja vu moment as Mr7Brodie suggested something like this this only hours ago. And, no before you say it, ‘justshatered’ isn’t Mr7Brodie 🙄
Great idea justshatered.
I’ve just read on another forum that there is a meeting this coming Friday to discuss Resolution 12 which was shelved at the Celtic AGM, regarding the 2011 Rangers Euro Licence. Auldheid gets a mention.
upthehoops says:
February 23, 2014 at 9:21 pm
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Furryboots?
Broadswordcallingdannybhoy says:
February 23, 2014 at 9:37 pm
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upthehoops says:
February 23, 2014 at 9:21 pm
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Furryboots?
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It didn’t say, but the poster claimed to have been speaking to Auldheid.
upthehoops says:
February 23, 2014 at 9:42 pm
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Sorry UTH – I meant where was the info about the meeting posted?
goosy, I just sent you a PM
upthehoops says:
February 23, 2014 at 7:41 pm
&&&&&&&&
One of the other major difference then & now was that there is no ‘pass back’ allowed. This has drastically increased the pace of the game and requires keepers to play the ball with their feet.
That said, you can only do what you can, the fact is that both Clark & Foster’s achievements deserve credit in their own right. If it was easy everyone would be doing it!!
Hmm… Language was getting a bit ‘scorchio’ over on channel ‘Boutros Boutros Gali’ it seems…
http://www.bbc.co.uk/news/uk-scotland-26313500
jean7brodie says:
February 23, 2014 at 9:11 pm
Just had a deja vu moment as Mr7Brodie suggested something like this this only hours ago. And, no before you say it, ‘justshatered’ isn’t Mr7Brodie
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Are you sure????
Have you ever seen the two of us in the same room at the same time!!!!!!!!!!!!!!!!!
davythelotion says:
February 23, 2014 at 10:08 pm
One of the other major difference then & now was that there is no ‘pass back’ allowed. This has drastically increased the pace of the game and requires keepers to play the ball with their feet.
That said, you can only do what you can, the fact is that both Clark & Foster’s achievements deserve credit in their own right. If it was easy everyone would be doing it!!
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Bobby Clark also played at centre-half on several occasions when the Dons were stuck. Maybe one of the few ‘keepers who would have been comfortable with the no-pass back rule 🙂
Latest Podcast is awaiting our guest’s approval of the edit before publishing. Nothing untoward – just a courtesy we like to extend.
Also there is a new blog on the way about an initiative Auldheid has on the go on behalf of our community. That should be published in a day or so.
All in all then it will be a busy week for content …
… and there’s the UTT revving up …
Are we nearly there yet……the incessant cry from the back seat children.
I keep checking in to see if we have arrived at Admin 2, Switcheroo 2 and Duplicity 2.
Are we nearly there yet????
Castofthousands says:
February 23, 2014 at 12:15 pm
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I think there is something in the human instinct that delights in putting one over on some trusting soul.
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It’s not in the human instinct but people behave in that way because of the economic conditions they live under. In many societies and in common everyday interaction we don’t seek to cheat each other.
Esteban says:
February 23, 2014 at 8:42 pm
Bobby Clark was a great goalie and lang may his lum reek. His erstwhile record included league games in which Aberdeen played several diddy teams and, as has been pointed out, he had no Scottish Cup games to negotiate.
In addition, Aberdeen played no league cup games that autumn, having been soundly gubbed by Hibs in the section games, including a 4-0 at Easter Road. Hibs had a great team then, too, of course. Plus, there were no European distractions because Aberdeen had already made history by being the first team to go out on penalties after parallel 3-1 results against Honved. I don’t think Bobby saved any of the Honved penalties.
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Bobby Clarks record is better than Fraz Fosters and I can say this with confidence because Aberdeen are a Diddy team.
The £1.5M is just enough to get TRFC to the end of April and to win League 1 and then Admin will follow.
The SPFL/SFA don’t want another mid- season crash. It is their worst nightmare.
upthehoops says:
February 23, 2014 at 9:42 pm
Broadswordcallingdannybhoy says:
February 23, 2014 at 9:37 pm
upthehoops says:
February 23, 2014 at 9:21 pm
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Furryboots?
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It didn’t say, but the poster claimed to have been speaking to Auldheid.
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The reference (see below) was to the CQNTen night in March but it has been posted a few times on CQN that a meeting of the requisitioners was scheduled for the end of February and it will take place on Friday.
Embramike @embramike · 6h
@Morrissey23rd @hen1rik @Jimskiv92 Maybe hear something about Res 12 at CQteN ? Make it an even better night !
Morrisseythe23rd @Morrissey23rd · 6h
@embramike @hen1rik @Jimskiv92 Well @BroganRoganTrev and @Auldheid are both going. 😉
I keep seeing ‘admin 2’ being spoken about. Who is this club facing a second administration? Hearts, I believe, have yet to exit administration so it can’t be them. Are Dunfermline in financial difficulties?
Off the top of my head those are the only two high profile clubs recently to have successfully exited administration in order to experience a second such event? More than happy to stand corrected though.
Scream a lie long enough and loud enough…
TSFM says:
February 24, 2014 at 12:14 am
… and there’s the UTT revving up …
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I’m guessing we’ll need to come on here for updates. Can’t see any being carried by the MSM!
@BBCDouglasF
Pretty much a ‘PAYDAY LOAN’ 😉 good luck getting it back 😉
“The terms are fair and reasonable”
I guess that’s in the same sense that Regan stated he would deal with Rangers (now in LIQUIDATION) without “fear or favour”.
At times isn’t Karma a wonderful thing!
A Payday loan right enough. Could they not have sold some or all of their HISTORY, I’m sure a team located somewhere in World would have bought it.
Just thinking if you can buy it then you can sell it so would that not be the quickest and easiest way to start a new team debt free 🙂
The sevconians heave a sigh of relief, come on fans buy ST don’t worry about your bills or food for your weans give us the money so we can get our big wages and play ‘wee teams’ and get back in the big league where the peepil belong……. How far is this farce going to go ❓ GW bet you’re glad you made the move…Not
Is this the start of the great property swindle ❓ 😯
Laxey facility charged at 15% repayable no later than 1st September this year. By my back of the fag packet calculations that is the equivalent of 60 times base rate. Not literally Wonga but still utterly desperate.
No charge for Easdale facility of £500,000 but Easdale and Laxey facility both secured against Albion Car Park and Edmiston House. Hmmmmmmm. Also suggests neither Edmiston House or Albion Car Park worth £1.5 million in its own right.
Edit – thanks to GoosyGoosy at 8:56 am. ‘Fee and interest free’ does not mean fee free and interest free which was my initial reading! It just gets funnier and funnier.
So the interest payment is £150,000 for a 6 month loan of £1million? What is the APR on that? Approaching 30% surely? Desperate stuff.
David Beckham should jump in and buy the HISTORY when it all goes belly up. He could call his new team The Glasgow Miami Rangers 😈 I mean with the Worldwide fan base being bigger outside of Glasgow and Scotland it makes sense does it not ?
I think it is significant that these loans are secured against the only properties which everyone accepts they have good title to, having been bought for cash with the IPO money in January 2013.
neepheid 8:34 -was thinking the same, although could it simply be the case that the stadium & training complex are clearly worth well in excess of £1.5 million while that is not an entirely unreasonable valuation of Edmiston House and the car park?
neepheid says:
February 24, 2014 at 8:34 am
Bryce Curdy says:
February 24, 2014 at 8:43 am
Is it because these properties are owned directly by RIFC and not TRFC? I presume that is who the loan is being made to.
neepheid says:
February 24, 2014 at 8:25 am
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So the interest payment is £150,000 for a 6 month loan of £1million? What is the APR on that? Approaching 30% surely? Desperate stuff.
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I’m not sure how many of next year’s season tickets will cover the interest, but it’ll take quite a few to cover the loan.
I take it when it says ordinary shares of 1p each, it doesn’t actually mean the infamous “1p” shares (McCoist, Green, and others) does it?
So what’s the odds on them picking up shares contra the £150,000?
Dumfoonert 8:46 am – could be. The loan certainly appears to be to RIFC rather than TRFC.
Bryce Curdy says:
February 24, 2014 at 8:24 am
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Laxey facility charged at 15% repayable no later than 1st September this year. By my back of the fag packet calculations that is the equivalent of 60 times base rate. Not literally Wonga but still utterly desperate.
No charge for Easdale facility of £500,000
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It says
Alexander Easdale will make available to the Company up to £500,000 on a fee and interest free basis (the “Easdale Facility”).
Which means
The cost of the Easdale loan is fixed irrespective of whether it is taken up or how much is taken up
If it is calculated on a similar basis to the loan made by Imran Ahmad (who got £50k for a 2month loan of £200k) then the Easdale fee will be well in excess of £100k
GoosyGoosy – the penny dropped a couple of minutes ago but you had already posted. Very clever wording. ‘Fee and interest free’ rather than ‘fee free and interest free’.
Some say I should just ignore the lies peddled by self-appointed Bear Land ‘Experts’ but I believe that not exposing the lies means that any neutral observer could quite justifiably reach the conclusion that the silence reveals there is no credible defence to the false claims.
And if we are here to ask the questions the media don’t or won’t ask then surely we should also create a true and objective record.
As usual the truth can be found in the history. I have previously provided historical records showing coal was mined on Westthorn for approximately 100 years circa mid-18th to mid-19th Centuries and that Westthorn Colliery existed as a distinct entity and was known by that name.
The Bear land ‘Experts’ have got into a right fuddle with their claims that coal mining didn’t take place on Westthorn Estate. One ‘expert’ produced a map claiming Westthorn Colliery was located at Parkhead – he should have looked more closely at the map which identifies it as Springbank Pit which had no connection with Westthorn and operated long after after Westthorn closed. Another ‘expert’ places Westthorn mine in totally the opposite direction at Corbett Street, Tollcross.
Tollcross had several pits but never any on Corbett Street (formerly Dunlop Street). Indeed if the ‘expert’ checks the Coal Authority website he will see that, unluckily for him, the coal bearing strata parts – a bit like the Red Sea – under Corbett Street meaning there was little or no coal/coal mining there and no known shafts 😳
Let’s get back to the history and Court of Session case No 232 heard on 26 November 1824 involving Thomas Harvey v David Wardrop. This is the same Harvey I mentioned previously who erected Harvey’s Dyke preventing public access to the banks of the Clyde for approximately one mile. His Westthorn estate was sandwiched between Belvidere Estate to the West – where Belvidere Hospital was eventually built – and Dalbeth to the East. London Road is the northen boundary and the meandering Clyde set the southern limits.
The Court of Session record notes: ‘Harvey, the proprietor of Westthorn, on which he had a coalwork, presented a petition to the Sheriff of Lanarkshire, stating that his lands were bounded by those of Belvidere, belonging to Wardrop’.
It added that Wardrop and his tenants were determined to extract coal right up to the boundary between Belvidere and Westthorn and Harvey feared this would cause water to flood the Westthorn underground workings which were at a lower level than the Belvidere coal seams and he wanted Wardrop to stop mining 10 fathoms away from the joint boundary. Wardrop refused and told Harvey if he was worried about water ingress then he should leave a 10 fathom buffer zone of coal on the Westthorn side of the boundary.
The Sheriff of Lanarkshire appointed a civil engineer to investigate both collieries and report back and it was his opinion that Scottish proprietors could extract coal up to their boundary but where coal was being worked on both sides of the line the adjoining proprietors usually reached a mutual and legally binding agreement protecting their joint interests. The Court of Session rejected Harvey’s appeal to overturn the lower court’s decision dismissing his case.
So we have the highest civil court in Scotland clearly discussing coal mining operations on Westthorn right up against the Belvidere boundary but the Bear Land ‘Experts’ know better 😆
I’ll throw in another few facts like the Coal Authority website identifies at least 12 pit shafts on the Westthorn Estate and states the whole estate is classed by the Coal Authority as a ‘Development High Risk Area’ defined as containing:
John Thomson’s Lanarkshire map of 1822 (Top Section) clearly shows a marked ‘Coal Pit’ very close to Westthorn House: http://maps.nls.uk/view/74400128. And the earlier William Forrest 1816 map again identifies the Westthorn coal mine and previous owner at that time – Glasgow merchant James Sword Jnr.
And yet the Bear Land ‘Experts’ proudly trumpet: ‘There are claims that there was coal mining on Celtic’s purchased Westhorn/Westthorn land. This a lie.’ I would observe that perhaps ‘Trumpet’ is an appropriate word for them.
There also seems to be a feeling among the ‘Experts’ that the owners of these estates and big houses along the Clyde wouldn’t have wanted anything like mining operations spoiling their view. They really ought to study the economic history of the time to understand these Gods of the Industrial Revolution – which almost overnight made Glasgow the Second City of the Empire – viewed having coal on their estate as equivalent to winning the Euromillions Lottery after a few roll-over weeks.
Coal not only underpinned the Glasgow economy but powered the new machinery which created enormous expansion and wealth eagerly embraced by the men who drove the industrial changes at break-neck speed.
For those who appreciate the little snippets of Glasgow history that I sometimes unearth: What’s the connection with the last witch tried in Scotland and Westthorn Colliery?
At the High Court in Edinburgh, on 22 June 1818, Mary Hutchison was tried for witchcraft and sorcery after obtaining money under false pretences using incantations, enchantments and telling fortunes in the house of the Westthorn Colliery Manager John Macdougall in Glasgow’s Barony Parish. Just think, if the Bear land ‘Experts’ had been around they could have appeared for the defence to testify that Westthorn Colliery didn’t exist – and probably ended-up in the dock with her or been carted off to the lunatic asylum.
Right enough I reckon Wallace could be doing with Mary’s money extracting techniques right now although Laxeys seem to have already signed her up 😎
GoosyGoosy says:
February 24, 2014 at 8:56 am
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Don’t remember reading the conditions attached to the previous £2.5m credit facility.
Anyone know who actually put that money up? If it’s gone … £2.5 + £1.5 = £4m debt to be added to next season’s bills. That can’t be right, surely?
Bryce Curdy says:
February 24, 2014 at 9:05 am
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GoosyGoosy – the penny dropped a couple of minutes ago but you had already posted. Very clever wording. ‘Fee and interest free’ rather than ‘fee free and interest free’.
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Surely if there was to be any fee payable to Easdale, the announcement would have had to set out the terms of that fee clearly? I am struggling to read the announcement in any sense other than there is no fee payable.
Danish Pastry @9:09
Don’t forget the £1m draw-down facility from SportsDirect – £5m in Debt? How many Season tickets will be required to cover all of this ❓
neepheid 9:13 – except when the loan is from a thoroughly respectable, esteemed and upstanding business man about whom their is absolutely no innuendo of criminality.
neepheid says:
February 24, 2014 at 9:13 am
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Bryce Curdy says:
February 24, 2014 at 9:05 am
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GoosyGoosy – the penny dropped a couple of minutes ago but you had already posted. Very clever wording. ‘Fee and interest free’ rather than ‘fee free and interest free’.
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Surely if there was to be any fee payable to Easdale, the announcement would have had to set out the terms of that fee clearly? I am struggling to read the announcement in any sense other than there is no fee payable.
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I agree – it’s “fee free”.
http://www.eveningtimes.co.uk/news/u/rangers-have-struck-15m-loan-deal.1393232037
I see that the Evening Times are already rewriting history. They report the following:
“But now Easdale has stepped in to offer up a £500,000 sum on a no-fee and no-interest basis”
Yet in the same article they quote the RIFC plc statement:
“Alexander Easdale will make available to the company up to £500,000 on a fee and interest free basis (the ‘Easdale Facility’).”
As one would expect from an organ like the Evening Times the name of the ‘journalist’ who has written this rubbish has been kept a secret.
neepheid says:
February 24, 2014 at 8:34 am
I think it is significant that these loans are secured against the only properties which everyone accepts they have good title to, having been bought for cash with the IPO money in January 2013.
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I take your point but I really wonder how much Edmiston House is really worth in ite present condition – probably need £1 million spent on it to create the new SportsDirect superstore to be built on the site. Probably cheaper to demolish and do a new build.
But another issue arises with the £1 million from SportsDirect shown in the accounts which may be part of the £1.5 million loan facility agreed in the IPO. Any loan under the facility was to be secured on Rangers property and I had always thought that would probably be the Albion carpark and Edmiston House.
But who knows?
Sevco loans.
Aye,well there’s loan sharks and there’s loan sharks.
helpmaboab says:
February 24, 2014 at 9:51 am
Sevco loans.
Aye,well there’s loan sharks and there’s loan sharks.
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Never mind next month’s £1.5 million will be from Wonga
There are now more than 100 posts on the RM thread concerning the £1.5 million loan. Dozens of those posts are devoted to whether Dave King will or won’t arrive on his white horse to save the day. To say that they still don’t get it is a gross understatement.
I agree with the ‘quick-read’ version – no fee and interest free basis. If they were pulling the contrived version – a loan for a fee – it would be ass staggeringly blatant.
Think of the current MO’s of each party. The Easdales need to be the good guys, the guys left standing when all around them the spivs lie sniggering. They could get £100,000 out on any number of ‘consultancy initiatives’ at the moment in any case. Meanwhile the Laxey Partners don’t care. They are faceless hence the 30% terms. If anything they need to distance themselves from forecast glories – “If you want cash to live your dream its going to cost you” is the message I get from the Laxey facility.
What I can’t decide though is the next step. That they’ve taken security is both worrying and telling I would say (Its also the quiskest standard security I’ve ever heard of). This variety of repayment sources.
1/ ST’s doesn’t work, just kicks the can – if anything will convince more to go monthly DD which is the last thing they want.
2/ Dave King type – again that they’ve taken security speaks volumes as to the level of trust and optimism
3/ Further fan flotation – there’s that ass staggering complacency creeping in again.
Someone asked the question a day or so back whether a security granted shortly before an insolvency would be valid/enforceable in that insolvency. The short answer is yes. The longer answer is it depends.
A security securing new debt will be valid. A security securing old debt will be challengeable as an unfair preference.
These appear to be securities securing only “new” debt.
The fact that the lenders (including a director) have required these very short term loans to be secured indicates to me that they must appreciate that there is some risk that the borrower will be unable to pay them back.
is there a consensus view on:-
(i) who the borrower is – RIFC or TRFC?
(ii) which of TRFC or RIFC owns Edmiston House and Albion Car Park?
Its just about impossible to be clear on the basic facts in this “group”.
ecobhoy says:
February 24, 2014 at 9:41 am
But another issue arises with the £1 million from SportsDirect shown in the accounts which may be part of the £1.5 million loan facility agreed in the IPO. Any loan under the facility was to be secured on Rangers property and I had always thought that would probably be the Albion carpark and Edmiston House.
But who knows?
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Certainly I’m in the dark! Surely any charge against the properties would have appeared on the Land Registry records by now? So I’m sure we would have heard if any charges had been registered by Sports Direct..
Alternative Evening Times Artricle
So as the UTT kicks off it would appear that CW claims to own half of Ibrox and Murray Park with CG/IA claiming the other half. Laxey/Easdales now ‘own’ the other two assets and the blatant phoenix operation is left with a tiny amount of cash and precious little else, all of which will go out on a salary run on Thursday prior to the UTT finishing on Friday.
In other news the mayor of Pompeii has asked for calm following the purchase of a large sink plug.
I suppose one should ask what RIFC are planning to do with their “windfall”.
Will they loan it on to TRFC and if so,at what rate?.
Maybe they could use it to fund an administration.Those costs haven’t gone away and if some players had contracts like Sandanza,then pay rises are in the pipeline for next season.
If reports are true and borrowings using the £2.5m facility plus this £1.5m plus costs for both will be payable in September then STs would need to increase by around 65-70% just to stand still.that’s not allowing for the “various sources”.
Have we included the cost of an EGM to get the necessary permission for the Laxey Loan to go ahead.Did Mather not put the cost at circa £80k?.
WRT the Laxey Loan,can RIFC get access to the £1m before an EGM?.
If not,how would this affect current cashflow?.
ecobhoy says:
February 24, 2014 at 9:41 am
I take your point but I really wonder how much Edmiston House is really worth in ite present condition – probably need £1 million spent on it to create the new SportsDirect superstore to be built on the site. Probably cheaper to demolish and do a new build.
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I agree, I do not see any value in that building at all, if there was something major would have been done with it by now. I cannot see an outside party wishing to purchase it or the land it sits on.
This is all being played out very publicly, isn’t it? First we had the carefully leaked press story, then the announcement that the loan was under negotiation. Now, we have a full statement to AIM, giving us quite an insight into the terms.
It seems to me very like the illusionist bringing a member of the audience onto the stage. They’re anxious that this particular phase of the operation can’t be said to have been done behind closed doors.
It’s almost as if such ambiguity is contrived (perish the thought). Why not just say ‘on a no fee and interest-free basis’ to remove any doubt?
Anyway, will this kind of Quantative Easdaling become an annual event in the absence of more conventional credit facilities?
briggsbhoy says:
February 24, 2014 at 10:28 am
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ecobhoy says:
February 24, 2014 at 9:41 am
I take your point but I really wonder how much Edmiston House is really worth in ite present condition – probably need £1 million spent on it to create the new SportsDirect superstore to be built on the site. Probably cheaper to demolish and do a new build.
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I agree, I do not see any value in that building at all, if there was something major would have been done with it by now. I cannot see an outside party wishing to purchase it or the land it sits on.
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Bus Terminus?.
neepheid says:
February 24, 2014 at 10:21 am
Certainly I’m in the dark! Surely any charge against the properties would have appeared on the Land Registry records by now? So I’m sure we would have heard if any charges had been registered by Sports Direct..
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A charge over land by a Scottish company can take many months to appear on the Land Register. Once it has been registered in the Land Register, it must be notified to Companies House within 21 days (or its not valid in an insolvency – effectively worthless).
RIFC has no mortgage entries at Companies House.
TRFC has one entry (from July 2012) relating to the acquisition of property already subject to a charge.
So nothing there that relates to Sports Direct I think.
Re latest RNS
Some desperate Creditors are supposed to feel relieved that overdue bills will get paid
If one of them is owed a lot of wonga he will see this RNS as a means of paying his invoice
However all trust will have vanished so he will also be assessing the chances of Administration happening before he actually gets paid
No doubt he will now advise TRFC that all overdue debt must be repaid pronto otherwise a winding up order will be sought. Cash with Order is also likely to be enforced for all future trading
Regarding the security, both Laxey’s and Alexander Easdale must have seen this as an essential safeguard. Neither can have complete confidence in how ST sales will go even with an Ally McCoist-led PR blitz.
Great insight into Westthorn ecobhoy,I’ll let your nemesis pzj know about it.
Talking of pzj I noticed some young bears at Ibrox on Saturday with his initials on their new tops and the bears have ordered banners which read “we are all pzj”.
Maybe in years to come a new saying will emerge into the Glasgow vocabulary when someone is seen as being economical with the truth “ach gies piece yer talking pzj”
Smugas 10.05
1/ ST’s doesn’t work, just kicks the can – if anything will convince more to go monthly DD which is the last thing they want.
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I understood that monthly DD payers paid a Finance Company who had advanced the full price to the club at time of contract. Thus it would make no difference.
However I am open to correction.
torrejohnbhoy(@johnbhoy1958) says:
February 24, 2014 at 10:34 am
briggsbhoy says:
February 24, 2014 at 10:28 am
ecobhoy says:
February 24, 2014 at 9:41 am
I take your point but I really wonder how much Edmiston House is really worth in ite present condition – probably need £1 million spent on it to create the new SportsDirect superstore to be built on the site. Probably cheaper to demolish and do a new build.
++++++++++++++++++++++++++++++++++++++
I agree, I do not see any value in that building at all, if there was something major would have been done with it by now. I cannot see an outside party wishing to purchase it or the land it sits on.
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Bus Terminus?
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I reckon the Albion will be the Bus terminus. Edmiston in some ways has always been linked in my mind with the London Road School – both slowly rotting and not really suitable for conversion into a modern facility except at inordinate cost.
I reckon Edmiston will end-up demolished and the Murray Empire will have won another watch out of Ibrox.
Is there a TSFM presence at the UTTT Appeal today?
chancer67 says:
February 24, 2014 at 10:47 am
Great insight into Westthorn ecobhoy,I’ll let your nemesis pzj know about it.
Talking of pzj I noticed some young bears at Ibrox on Saturday with his initials on their new tops and the bears have ordered banners which read “we are all pzj”.
Maybe in years to come a new saying will emerge into the Glasgow vocabulary when someone is seen as being economical with the truth “ach gies piece yer talking pzj”
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I trust I am not being guilty of ‘hubris’ but I rather see myself as Nemesis rather than pzj 😉
As to Glesga Patter the old ones are always the best such as: ‘Ye kin fool awra Bears awra time. Easy Peasy’.
Just a pity that they are so addicted to Sugar Daddies 😆
Famous song says:
February 24, 2014 at 10:31 am
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This is all being played out very publicly, isn’t it? First we had the carefully leaked press story, then the announcement that the loan was under negotiation. Now, we have a full statement to AIM, giving us quite an insight into the terms.
It seems to me very like the illusionist bringing a member of the audience onto the stage. They’re anxious that this particular phase of the operation can’t be said to have been done behind closed doors.
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My thoughts exactly. I’ve probably just missed an explanation but there are 3 bits around why this had to be so public that I still don’t get.
1. Why all this about, let’s face it, a measly £1.5m. Laugh at Sevco we may but it’s still at least a 20-30m p.a. business.
2. Easdales 500k is repayable by Sep 2014, no shares involved. Even given the security he has been given I see no reason why any notification is required for this kind of loan?
3. Even the fact that the Laxey deal has an option for them to be paid back in shares this is “subject to the Company obtaining authority from its shareholders at a general meeting of the Company.” So again, is there a requirement for notification?
I agree with Famous song; they are trying very hard to make this low key transaction public and squeaky clean, very interesting times.
Perhaps someone with more knowledge than me, plenty of scope there, can explain?