A consortium led by David Low has been in talks with Sir Tom Farmer seeking to purchase Hibernian Football Club. The story has been embargoed for a few weeks, but David agreed to speak to TSFM to give us an exclusive interview and provide us with information about his intentions for the Edinburgh club.
Highlights of the interview include the similarities and differences between the Hibs situation and the one he found at Celtic Pak in 1994; how Scottish Football’s “new level playing field” as Low calls it has created an opportunity for a club like Hibs to be the main challenger to Celtic for honours; the contrast of his consortium’s approach to that of the recent debacle at Ibrox; the role of the fans at every level of the club; the future of Allan Stubbs and Leanne Dempster; and the journey back to the Premiership.
Low is frank about his reputation as a well-known Celtic fan, but highlights his Hibbee credentials and his affection for the club, eschewing the “I was always a Hibbee” line taken by so many people seeking to ingratiate themselves with the locals at various clubs.
Certainly, the experience and finance rolling around Low’s consortium is something that any club could do with, but the fans are crucial to their involvement and interest.
He says he won’t go ahead with the purchase unless the fans are behind them.
“Fans have never been so powerful as they are today, especially with the advent of social media like TSFM”
“We have seen in recent years what a body of fans are capable of when they re together”
“We want to have that togetherness at Hibs, because the only way forward is to have trust between the boardroom and the fans, you only have to look at the levels of distrust between board and fans at Rangers to see that it is a recipe for disaster”
I wonder if Sports Direct’s move now to take full control of RR might in any way be linked to the risk of an arrestment today. As far as we understand,RR has money to which TRFC or RIFC has/had some entitlement but which was not readily accessible by them. Those funds would have been arrestable. Perhaps those funds cease to be due to TRFC/RIFC if SD “take over” RR fully (which would mean that they were no longer attestable).
Might not be this at all but the timing is interesting. Why now?
Campbellsmoney says:
September 5, 2014 at 8:53 am
I wonder if Sports Direct’s move now to take full control of RR might in any way be linked to the risk of an arrestment today.
=====================================================
I think you are spot on. Ashley is reproted to have “helped” keep the lights on last week – so he probably has a good grasp of the finances. He would probably have prefered to keep schtum about the naming deal for now, but his hand has been forced by circumstances. Logic would suggest that Imran will be successful today, but something tells me “benefit of the doubt” will prevail and prolong the panto. I guess Ashley has too much at stake to trust to luck.
Who actually owns the assets at RIFC.Have they been disposed of already?
Ibrox Park: Whyte?
Murray Park: ?
Edmiston House:Letham?
The Car Park: Easdales?
The Badge/Emblems: Green?
Rangers Retail: Ashley…….
Experience of Rangers and the courts/HMRC/LNS decisions being IMHO baffling beyond belief, however, can anyone see ANY reasons as to why Imran will not get his money ring-fenced? Even the Rangers trustees are stating (in public) they are on financial fumes requiring share options simply to keep the lights on.
Wow.
Been out of the office for 36 hours and I come back to this. Haven’t bothered looking to any other sources, just followed you guys’ lead and I’m fully up to speed again.
The branding stuff is incredible. Perhaps the biggest squirrel of all seems to have been Duff and Phelps. We were all looking for the ‘rangers edge’ when in fact it was just a good old fashioned stitch-up. Chapeaux Charles!
The bit that strikes me most today is how this massive pile-up now affects every street and town. My boy will go to his football tomorrow and (and I’ve always said this, that to their massive credit (oops – genuinely no pun intended 😳 )) there will be more than a few gers tops proudly worn by the little uns, probably outnumbering every other club which in my part of the world is incredible. (Its also part of the problem Campbell and Neil but that is a rant for another day).
Re Phil’s input and Rhaps’ view. Phil firstly is a big boy and doesn’t need me to fight his corner. Having said this, he could only report a story if it was there to be reported. I’ve said on here before but it is worth repeating. What first drew me to RTC was not the story itself. He/she consistently laid out facts a, b, c and d and left us to make up our own minds (or if your eco go and do tonnes more research :lol:). More importantly, they then continued to say something along the lines of “but this is how the press will report it. They will say that a/ wasn’t important, b/ we needn’t worry our tiny heads about, c/ never happened and probably most importantly they will not mention d/ at all, purely to give the impression that it never happened when they were quite clearly in a position to see that it had and the consequences it might have.” That was always the story for me. Rangers were mere by-standers, whether innocent or otherwise. I have similarly stuck with Phil because his info appears factual. As long as he never strays too far, too often into the mischievous – making hints that cause unnecessary problems (Charles of Normandy owning the badge for instance) then I will continue to stick with him.
Finally, I’ll continue the Knopfler theme of a couple of pages back. Rhaps, Ryan and co. You have to look at this as the light at the end of a very long and expensive tunnel (although whether or not its one of love depends on your standpoint I guess).
In the roar of dust and diesel
I stood and watched (them) walk away
I could have caught up with (them) easy enough
But something must have made me stay.
torrejohnbhoy(@johnbhoy1958) says:
September 5, 2014 at 10:11 am
http://www.telegraph.co.uk/sport/football/teams/rangers/8718573/Uefa-to-investigate-Maribor-complaint-over-Carlos-Bocanegra-eligibility-for-Rangers.html
Bawsman says:
September 5, 2014 at 10:13 am
Experience of Rangers and the courts/HMRC/LNS decisions being IMHO baffling beyond belief, however, can anyone see ANY reasons as to why Imran will not get his money ring-fenced? Even the Rangers trustees are stating (in public) they are on financial fumes requiring share options simply to keep the lights on.
=========================================================================
That’s a difficult one to answer until I hear what Rangers’ QC has to tell the court today.
He might turn-up with a signed affidavit from Ashley guaranteeing to underwrite the £4 million share Offer. In those circumstances the Judge might be persuaded that the Big Share Offer to follow might also be successful and in those circumstances Imran wouldn’t get his money ring-fenced.
We don’t have long to wait – couple of hours max and if Imran wins then we can all pontificate our hearts out on what it will mean for Rangers 😆
I was under the impression that can’t because of those pesky dual ownership rules. We’ll see, I suppose.
To be fair to Ashley, he appears to have given all the spivs a lesson in how the big boys do spivery. I suspect he will find some way of keeping things going as long as it proves so lucrative.
Whilst some callers to Clyde, and posters on RM, appear to believe that an Administration would represent a cleansing -http://sport.stv.tv/football/clubs/rangers/222257-ally-mccoist-wants-rangers-to-be-totally-cleansed-after-charles-green-exit/
That worked didn’t it?
Others believe that it will represent a clean break from the current board, onerous contracts, substantial debts and an underperforming overpaid playing staff.
The reality will be the same as it ever was: promises of unlimited war chests, a seat at the big boy’s table in Europe, domestic dominance and the crushing of their opponents.
The difference this time is that supporters having had rotten fruit off this barrow 3 times in three years, are beginning to realise that the objective has, in the past 30 years, to screw them for every penny they’re willingly able to part with.
These supporters have gourmet tastes on an hospital food budget.
Many supporters are turning away, some to watch other teams and some to pursue less expensive pastimes. Some of the disaffected will return but there has to be a realisation that the days of unlimited largesse from benevolent bankers are long gone.
Carfins Finest says:
September 5, 2014 at 9:46 am
Who actually owns the assets at RIFC.Have they been disposed of already?
Ibrox Park: Whyte?
Murray Park: ?
Edmiston House:Letham?
The Car Park: Easdales?
The Badge/Emblems: Green?
Rangers Retail: Ashley…….
===================================
The only one I really doubt is The Badge/Emblems. They are effectively tied-up by Rangers Retail which is controlled by SportsDirect and indeed SportsDirect – if Rangers in any way prove difficult – can buy-out the Rangers shareholding in Rangers Retail for a a song.
And the cost of that song might be no more than the £1 coin put in a comedy club jukebox as the Rangers AIM Prospectus spells it out as: ’50 per cent of the profits of Rangers Retail in the previous twelve months’.
And you don’t actually need to buy the emblems/badges as long as you have a worldwide exclusive licence to use them on ‘offishal’ Rangers kit and goods and RangersRetail already has all those exclusive licences.
But there’s a fly in that ointment which is revealed in the Rangers AIM Prospectus where it states that the worldwide licence is granted on payment of a ‘royalty’ from Rangers Retail to TRFCL and also on the basis that Rangers Retail produce ‘kit and branded products (at cost price plus 10 per cent.) (the “IP Licence Agreement”).’
However it strikes me that if SportsDirect control every aspect of the online and shop sales and also distribution of Rangers officially branded kit and goods then what would the point be of TRFCL buying goods at cost + 10% – how and where would they sell them? They are back in a JJB scenario but the big difference with that relationship was that JJB poured tens of millions into the Ibrox coffers.
Somehow I don’t think that’s what Ashley has in mind 🙄
y4rmy says:
September 5, 2014 at 10:43 am
He might turn-up with a signed affidavit from Ashley guaranteeing to underwrite the £4 million share Offer.
I was under the impression that can’t because of those pesky dual ownership rules. We’ll see, I suppose.
=====================================
You don’t actually need to purchase shares if you underwrite a share offer. You get paid a fee/commission for taking the risk that all the shares won’t be purchased by others leaving the underwriter to make-up the shortfall.
Pretzel Logic
Barry Ferguson shows why owners and directors at Ibrox must despair over the expectations of many fans and eventually regard them with disdain as spoiled children. Barry slags off Ashley for exploiting the situation by buying the naming rights for £1 saying he’ll never be forgiven, then threatens him if he dares exercise his legal right, then lectures him on the sacred nature of Ibrox, then welcomes Ashley to spend tens of millions to resurrect his beloved club. I wonder how long Ashley laughed at that petulant little outburst.
In Ashley’s position I’d be inclined to quote the venerable Andrew Mitchell MP (reportedly) to Barry; “Best you learn your f****g place”.
http://www.dailyrecord.co.uk/sport/football/football-news/barry-ferguson-biggest-mistake-mike-4167681
PS, Barry, I think Ashley has all he needs, a licence to print money from merchandise, he doesn’t need control of the club, responsibility for its spendaholic finances or the hassle of its delusional fans. All he needs if for some other mugs to keep the gravy train rolling and the bears buying the latest kit.
I have just realised that I have been very remiss in not drawing attention to a very onerous clause contained in the Rangers AIM Prospectus which means that the Rangers shareholding in Rangers Retail would be automatically transferred to SportsDirect where:
Deary Deary Me ❗ How onerous can things actually get down Ibrox Way ❓
So if anyone farts at Ibrox it would appear that Ashley scoops the chanty without much of a wrastle. Non-Weegies might not fully understand the last bit 😉
I especially love the one that even if Rangers legally manage to break the IP Agreement that they still lose. And that’s not only legal but was accepted by everyone at the time who invested money in the financial basket case.
Makes you wonder if any of these Institutional Investors or share tipsters actually read a company’s share prospectus never mind understand it.
mcfc,
So what Barry, guest writer (ha ha) for the Daily Record, needs is an Ashley versus some other mug contest for the right to stick money into the gravy train to keep it running which he of course will narrowly ‘lose’? Even better, what if its a fans favourite who wins? Boy that’ll sell the jerseys (pun most definitely intended).
Next you’ll be telling me that the ‘winner’ will stick in loads of dosh, but of course that dosh will not be his, but someone else’s.
Unbelievable.
More Than £1 This Time
Has it occurred to the bears that Ashley might have learned from his experience renaming St James’s Park? I’d guess he’s unlikely to rename Ibrox himself – too much hassle and possible backlash against his brand and revenue. When things cool down he’ll probably try to find a bank, airline, media company etc to pony up a few £mill as BT did at Murrayfield. He may even donate a little back to the clumpany to soften the blow or sign a “generous” shirt sponsorship deal.
ecobhoy says:
September 5, 2014 at 11:09 am
But there’s a fly in that ointment which is revealed in the Rangers AIM Prospectus where it states that the worldwide licence is granted on payment of a ‘royalty’ from Rangers Retail to TRFCL and also on the basis that Rangers Retail produce ‘kit and branded products (at cost price plus 10 per cent.) (the “IP Licence Agreement”).’
===========================================================
Those provisions only apply in the event that Sports Direct buy out the Rangers shares, leaving Rangers Retail as a 100% Sports Direct subsidiary. Currently, RR are sitting on worldwide licences for all the worthwhile intellectual property.
I never really understood the bit about RR supplying branded goods at cost plus 10%. That must be the cost to RR, who get all their stuff from Sports Direct, who can set the cost price anywhere they like. The whole agreement seems to be very bad for Rangers, and very good for Ashley.
It would be interesting to know the formula under which RR would pay royalties to TRFC in the event of Sports Direct taking over. I’ll bet Ashley’s lawyers ran rings round Green on that one too.
THE INDEPENDENT Friday 05 September 2014
http://www.independent.co.uk/news/business/news/sports-direct-stops-20000-staff-taking-other-work-by-using-zero-hour-contracts-9661746.html
At least this shouldn’t apply to the ex-Rangers Retail staff if they’re protected by Tupe. But presumably new starts will all be on zero hours contracts.
Maybe all football supporters should be picketing his shops to improve the plight of his employees who probably face being denied benefits if they walk-out on these draconian contracts.
From Twitter
BBCBMcLauchlin @BBCBMcLauchlin 17m
Imran Ahmed v Rangers FC case to get underway soon at Court of Session #bbcsportscot
QC Kenneth McBrearty acting on behalf of Imran Ahmed. QC Alan Summers for Rangers FC
Lord Stewart will be presiding over the case
Proceedings now underway #bbcsportscot
Amid all this doom and gloom engulfing Ibrox I thought I would check-out the State Aid Loons for a laugh.
And I wasn’t disappointed because they have decided to pin hopes of success for their cynical campaign to deflect Bears away from the real and present dangers facing their club – on UKIP:
If anyone in UKIP down south gets a sniff of this I’m quite sure it will be immediately nipped in the bud.
Never ceases to amaze me that the VB and Land Bears aren’t demanding answers from those in charge of their own club especially wrt who actually owns it; the identity of the mystery offshore investors who control it; and the details and beneficaries of the onerous contracts which are sucking the financial life-blood out of Ibrox and will eventually destroy Rangers.
Still we all know what the priorities of the State Aiders are and they are becoming more isolated and detached from reality by the day. At least if Rangers do go down the pan again these people and their agenda will become even more marginalised which is a boon for Scottish Football.
I hope any future Rangers formed and run by Bears – interested only in football and living within their means – having any time for the old baggage which the State Aiders represent.
Apologies if something like this has already been posted, but this is very relevant to the mission statement of this site:
‘Fans are well aware, however, that Ashley’s motives remain corporate and not sporting, something that was laid bare this week by rumours of an exclusive “cash-for-access” deal between the club and the Sun. First mooted last season after the banning of the local press, such a tie-up now looks — despite denials from both parties — to have entered its formative stages.
The Sun, points out George Caulkin of the Times, was the only national newspaper represented at the unveilings of Cabella, Jack Colback and Siem de Jong. The Mirror’s Simon Bird, meanwhile, drew attention to an article titled Why we should love Mike Ashley, featured in the Sun’s City pages last week, which seemed to hint at the possible future direction of coverage. (One of the reasons? “Newcastle Utd fans loathe him.”) The same edition carried the exclusive De Jong interview.
That this undermines the impartiality of sports media is precisely the point. It has long been suspected by journalists, fanzines, and match-going fans that Ashley seeks to suppress stories that might damage him personally, or, crucially, his brand. When other fans ask why most Newcastle fans are so strongly opposed to their owner, this is why: they feel that their club is no longer a club, but is instead a vassal of a discount clothing empire.’
http://www.wsc.co.uk/wsc-daily/1184-july-2014/11755-newcastle-reduced-to-vassal-for-mike-ashley-s-brand
QC Alan Summers for Rangers FC
——————————-
Now that does surprise me – I wonder if he’ll be able to provide any personal guarantees to the Court today as he nearly had a heart attack when asked that question by the judge last time 😆
Maybe there just wasn’t anyone else prepared to sit on the substitute’s bench.
Seriously, I wish our chairman had stipulated that Barry would have to give up his column when he became our manager. Last week’s, where he was calling out Ronnie Deila, was a bit rich coming from someone who has won 1 league game, and fresh off the back of an absolute tanking at Ibrox.
And this week’s effort….. when did it become appropriate for a member of staff of one club to comment at length on the failings of a member of staff at another?
I’m not angling for this, but isn’t that ‘Bringing the game into disrepute’ territory?
If we were absolutely flying, then I might not be so grudging, but it doesn’t look good when we’re misfiring, and our manager is taking time out to have ghost written swipes at other people in football
BBCBMcLauchlin @BBCBMcLauchlin · 1m
Two recent loans totalling £1.5million owed to shareholders have not been repaid but should be within ” next few weeks” #bbcsportscot
Replied to 0 times
BBCBMcLauchlin @BBCBMcLauchlin · 11m
“Plans for refinancing of Rangers have been in place for almost a year” says Rangers QC Alan Summers
Replied to 0 times
BBCBMcLauchlin @BBCBMcLauchlin · 14m
Alan Summers QC says “floodlights are back on at Ibrox” and that “turbulent financial period will soon be in the past” #bbcsportscot
No wonder Rangers have no money if the “floodlights are back on at Ibrox” before it gets dark which it soon will IMO 😎
BBCBMcLauchlin @BBCBMcLauchlin · 4m
Loans were secured against Edmiston House and Albion Car Park. Alan Aummers QC claims Rangers will soon be “debt free
——————————-
Ah but which Rangers are we talking about? TRFCL or RIFC
https://twitter.com/BBCBMcLauchlin
for updates
BBCBMcLauchlin @BBCBMcLauchlin · 22s
As of this morning Rangers have sold 23,361 season tickets #bbcsportscot
============================================
No sign of boycott collapsing and after recent news I don’t think it will. They’ll probably lose even more walk-up punters IMO
BBCBMcLauchlin @BBCBMcLauchlin · 23s
Claims shortfall in Rangers working capital equivalent of 6,000 season tickets as prices had risen by 15-20 percent#bbcsportscot
=============================================
It’s offishal – it’s all the fault of the boycotters 🙄
Alan Summers could win the Perrier Award with this routine.
ecobhoy says:
September 5, 2014 at 12:58 pm
BBCBMcLauchlin @BBCBMcLauchlin · 23s
Claims shortfall in Rangers working capital equivalent of 6,000 season tickets as prices had risen by 15-20 percent#bbcsportscot
=============================================
It’s offishal – it’s all the fault of the boycotters 🙄
======================================
But at £300 a ticket that’s only £1.8 million. Obviously no problem if that’s all the dosh they need. Oh Really ❓
ecobhoy says:
September 5, 2014 at 10:31 am
…………..
2 points on this..
First the open offer clearly states the offer is not underwritten…
Secondly if it is claimed it now is under written I believe it would require a re-issue of the offer…and if it is stated that it is Mr. Ashley then that would possibly take him over the FIFA stipulated ownership level for 2 clubs…
I would imagine the under writting if it is instigated will be from a hedge fund or the like linked to the same person.
Paulmac2 says:
September 5, 2014 at 1:04 pm
ecobhoy says:
September 5, 2014 at 10:31 am
…………..
2 points on this..
First the open offer clearly states the offer is not underwritten…
Secondly if it is claimed it now is under written I believe it would require a re-issue of the offer…and if it is stated that it is Mr. Ashley then that would possibly take him over the FIFA stipulated ownership level for 2 clubs…
I would imagine the under writting if it is instigated will be from a hedge fund or the like linked to the same person.
============================================
I think if you go back and read my initial comment you might recognise that it was very much tongue-in-cheek.
I really cannot see how the money will not get ring fenced unless the court is given false information.
representatives of the club and the open official offer document clearly states the fisacl abyss the club faces without a full uptake…without it under written…I cannot see how the court can find in favour of the club?
Does anyone else get the impression those at the club are looking for a get out that does not link it to them?
Has anyone mentioned that the only reason Rangers got through last season was the remainder of the IPO money? That is now long gone. Imran will surely know this.
BBCBMcLauchlin @BBCBMcLauchlin · 4s
Court breaks for lunch. Back at 1.45 pm #bbcsportscot
===========================================================
ecobhoy says:
September 5, 2014 at 12:56 pm
………….
200 of those tickets pay for Mr. Summers alone..
Maybe Sevco would be better represented by Ann Summers!
What about this for an outcome?
Temporary ring fencing until result of share issue is known at which time back to
court to either extend the order or remove it.
Just a thought.
beatipacificiscotia says:
September 5, 2014 at 1:12 pm
Has anyone mentioned that the only reason Rangers got through last season was the remainder of the IPO money? That is now long gone. Imran will surely know this.
============================================
I’m sure he will know that but more importantly he might well know where it has gone which is probably why if it comes to a full hearing in the New Year that i fully expect his old pal Greene to be supporting his claim.
But Imran’s move might not simply be the money – who knows what agendas are running in the background?
mungoboy says:
September 5, 2014 at 1:15 pm
What about this for an outcome?
Temporary ring fencing until result of share issue is known at which time back to
court to either extend the order or remove it.
=====================================================
Don’t know whether that’s an option. But a poster a couple of days ago said that if Ahmad gets a favourable decision it will take 60/90 days to be effective – I also don’t know if that’s the case.
Paulmac2 says:
September 5, 2014 at 1:10 pm
Does anyone else get the impression those at the club are looking for a get out that does not link it to them?
========================================
That’s a distinct possibility. But the problem as I see it is that different cliques on the Board have different agendas and aims.
I would imagine that the briefing for the Rangers QC will have come from the Board’s CEO and Chair and possibly Nash. So it will be interesting to see whether we can spot any arrows in the wind as to their intentions.
Although that kind of insight will only come from JC’s coverage and not from a Beeb sports reporter.
Looking at QC Alan Summers responses it’s impossible to tell if he is actually arguing against Imran’s council’s arguments for the arrestment or just flying kites. Taken in isolation it does seem to suggest all is in reasonable shape, but we know that that is not the case, because the defendants have already told us, officially, in their statement announcing the share offer. Perhaps once we hear from the official reporters, JC and others, rather than the less able churnalists of the SMSM, we’ll have a better idea of how the ‘battle’ is going. I’d be interested to know that once Summers completes his arguments whether or not Imran’s council can come back with his counter arguments.
It’s unfortunate that the Scottish press didn’t think to go along to hear Imran’s case the other day to report on what he had to say regarding the state of TRFC, but I suppose that would be a bit too professional for them – and might have upset the bulk of their readership even more!
Eco
Take the point. Re the 60/90 day waiting period. Surely that kinda defeats the purpose of going to court to freeze assets as an order becomes pointless if the company goes down the pan during such a waiting period.
Any legal eagles able to clarify?
In my opinion the judge will want to see and hear something more than best scenario aspirations.
They do not like having the wool pulled over their eyes and if the “All is rosy in the Garden” argument cannot be substantiated then the pursuer will be successful.
That being said if everything is a s good as they are putting forward where is the difficulty in setting some money aside to meet any potential liability.
I suspect aht by 4.00pm today all will be revealed
Paulmac2 says:
September 5, 2014 at 1:09 pm
I really cannot see how the money will not get ring fenced unless the court is given false information.
===============================
The Rangers QC obviously won’t knowingly advance false information and will ensure that anything he says in couched and prefaced with the term ‘Client instructions’.
And tbf if Wallace and Somers and possibly Nash have done the briefing then I doubt if false information will have intentionally been transmitted.
However QC’s earn their big bucks by routinely turning moth-eaten pigs’ ears into head-turning beautiful butterflies which flit through the courtroom and leave nothing as tangible as a silk purse behind when they depart.
It’s all a game I’m afraid but the actors are well versed in their roles and usually try to put on a good show for those sitting in the cheap seats at the back 😆
Hoopy 7 says:
September 5, 2014 at 1:38 pm
I suspect that by 4.00pm today all will be revealed
==========================================
Hoopy if you and I live to be 100 I reckon ‘all’ still won’t have been revealed 😉
mungoboy says:
September 5, 2014 at 1:33 pm
If the 60/90 day period is correct then I suspect the arrestment will go ahead (if granted) but, if there is an administration before the time period is up, then the arrestment will fail. This, I would imagine, is to prevent what we are seeing happen, an unscrupulous individual, heavily involved in a badly run company, making money from that company at the expense of it’s creditors, even though he (officially) left that company some time ago.
Why, in these circumstances, he’d go ahead with this, only he can answer, but the question would remain, why would the arrestment facility exist if there’s no value in it?
Allyjambo says:
September 5, 2014 at 1:30 pm
I’d be interested to know that once Summers completes his arguments whether or not Imran’s council can come back with his counter arguments.
======================================================
I am certain that’s the case and if it raises any new issues then Rangers’ QC will also be asked if he has any further observations.
After all Justice has to be seen to be done although whether it actually is or isn’t is another matter entirely.
Ally J
My point exactly re the arrestment facility being pointless.
Perhaps it means you get your order but you have to wait 60/90 days before you can access your cash.
Legal Eagles still required for clarification!
Allyjambo says:
September 5, 2014 at 1:44 pm
mungoboy says:
September 5, 2014 at 1:33 pm
why would the arrestment facility exist if there’s no value in it?
=======================================
Because although it might not have a value for the current Offer it could have for the later bigger Offer.
And then even if there isn’t a complex hidden agenda perhaps Imran is just piling the pressure on hoping that he’ll get a pay-off at some stage without having to go to court.
He probably knows more about the financial pitfalls that lie in wait at Ibrox than even Wallace so he might be able to judge how much time he has to get his loot out.
BBCBMcLauchlin @BBCBMcLauchlin · 2m
Alan Summers QC says talks are at “an advanced stage” with two potential investors #bbcsportscot
Replied to 0 times
BBCBMcLauchlin @BBCBMcLauchlin · 43s
Case of Imran Ahmed v Rangers FC underway again at Court of Session #bbcsportscot
====================================================
Ah well IIRC that’s a softening of the line from last time when the Institutional Investors were going to pick-up the slack.
Now we’re down to sugar daddies it would appear 🙄
mungoboy says:
September 5, 2014 at 1:50 pm
‘Perhaps it means you get your order but you have to wait 60/90 days before you can access your cash.’
_________________________
He still has to win his case before he gets any cash. His case isn’t due for quite a few months yet, he is merely trying to ensure there is cash around for him to win when the case returns to court.
BBCBMcLauchlin @BBCBMcLauchlin · 5m
Alan Summers QC says talks are at “an advanced stage” with two potential
Club has a single loan facility in Laxey Brothers says Rangers QC #bbcsportscot
BBCBMcLauchlin @BBCBMcLauchlin · 39s
Club has a single loan facility in Laxey Brothers says Rangers QC #bbcsportscot
====================================
Tell us more and is their any property required to back-it?
clever use of brothers or is that just too paranoid??
BBCBMcLauchlin @BBCBMcLauchlin · now
Part of cash raised from share offer would be used to repay some of £1.5million loan #bbcsportscot
===========================================
So Easdale isn’t wanting his £500K repaid at the moment which means £1 million to Letham and £2.8 million in ST shortfall plus the rest in offer exes and puff it’s all gone ❗
BBCBMcLauchlin @BBCBMcLauchlin · 9s
“Board and Mr Wallace do not wish to give pursuer (Imran Ahmed) any comfort” says Rangers QC #bbcsportscot
===================================
I don’t think Imran wants ‘comfort’ just cash 👿
Allyjambo says:
September 5, 2014 at 2:01 pm
mungoboy says:
September 5, 2014 at 1:50 pm
‘Perhaps it means you get your order but you have to wait 60/90 days before you can access your cash.’
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From insolvency information website.
“Where funds are arrested, they are automatically released by the arrestee to the creditor 14 weeks after the date the arrestment is carried out. The debtor can also choose to give written authority (called a ‘mandate’) for the arrestee to give arrested funds or goods to the creditor sooner.”
Which look as though they are arrested immediately and then paid out 14 weeks (98days) later?
I think someone’s having an actual comfort break.
Translation: “The SFA/SPFL have offered us the prize money up front for the Scottish Cup and League we are going to win.”
Does anyone know what the Laxey loan facility actually is and whether any of it has been drawn down. There is/was also a loan facility from SportsDirect through Rangers Retail which has either been forgotten or is no more.
BBCBMcLauchlin @BBCBMcLauchlin · 5m
Alan Summers QC says talks are at “an advanced stage” with two potential investors
Can’t decide if Summers’ has been reading the DR too much, or if Lord Stewart not enough!
Eco,
Was the sports direct credit line not what was used to ‘buy off’ Deloittes, but in doing so transferred the 2nd part (SD already holding the first) of RR to SD ?
Can’t keep up!
I wonder if a hitman has taken-out the Beeb reporter? Or has everyone run away?
Current Rangers share issue is not underwritten and high level of confidence it will be fully subscribed
Aye right!
Smugas says:
September 5, 2014 at 2:23 pm
Eco,
Was the sports direct credit line not what was used to ‘buy off’ Deloittes, but in doing so transferred the 2nd part (SD already holding the first) of RR to SD ?
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No I don’t think it was drawn-down because it was to be secured on Rangers Retail property and leases and I’ve never seen any notifications of that happening.
BBCBMcLauchlin @BBCBMcLauchlin · 29s
Current Rangers share issue is not underwritten and high level of confidence it will be fully subscribed #bbcsportscot
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If there was a strong level of confidence then it would cost buttons to underwrite. And as I showed above it’s gone as soon as it arrives even if fully subscribed.
Imran’s QC could argue that there would be no problem allowing the ring-fence then – loadsa dosh!
‘Alan Summers QC says talks are at “an advanced stage” with two potential investors’
Does this mean:
a) ‘We are trying to persuade two people to take up the share offer.’
b) ‘Two people we are talking to are close to saying no!’
c) ‘You believed us the last time, so it’s worth trying again!’
I wonder if the judge will ask Mr Summers if he, himself, has seen evidence of these talks? Though I suspect Summers has made it clear it is his clients words he is speaking, leaving it up to his lordship to decide if he should believe it.
Reading the live tweets it seems Alan Summers QC has been briefed by Charles Green anno 2012.
Financial position is more positive now than it was in February says Rangers QC Alan Summers
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Aye, positive that they are running out of cash fast
BBCBMcLauchlin @BBCBMcLauchlin · 34s
Financial position is more positive now than it was in February says Rangers QC Alan Summers #bbcsportscot
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I thought they were saying after the 127 Day review then there was no possibility of admin but last week they said it could all go tits-up?
BBCBMcLauchlin @BBCBMcLauchlin · 55s
Rangers will be seeking consent at AGM for a further issue of shares
BBCBMcLauchlin @BBCBMcLauchlin · 1m
Rangers will be seeking consent at AGM for a further issue of shares #bbcsportscot
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If it survives until then! If it gets 75% to pass vote!
BBCBMcLauchlin @BBCBMcLauchlin · 15s
Most of the quotes from Rangers QC Alan Summers are from sworn avidavit from Chief Executive Graham Wallace
BBCBMcLauchlin @BBCBMcLauchlin · 23s
Most of the quotes from Rangers QC Alan Summers are from sworn avidavit from Chief Executive Graham Wallace #bbcsportscot
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Ah Client Instructions just as I predicted – The QC is no fool 💡