SFM – The Next Steps

Avatar ByTrisidium

SFM – The Next Steps

As we all know, this site emerged from the ashes of RTC. The wish of the original administrator of the site, one which I wholeheartedly share, was to keep together the wonderful community RTC had built, in terms of both personnel and spirit. There are still many individuals around who were also part of RTC, and regrettably many who are no longer with us. The RTC spirit however, that of a cross-party football site where issues can be discussed in a respectful and insightful manner remains. The “wisdom of the crowd” phenomenon is also with us to perhaps an even greater extent than before, and consequently SFM’s credentials as a formidable alternative to the print media have grown.

In recent times, many contributors have expressed frustration that we are pretty much a talking shop and little else; characterised as “a lot of gum bashing and no teeth”. I think that is fair comment up to a point, but then again our aim – up to now – has been to simply present an alternative view – a view that has increasingly become the fan view as opposed to the industry view (the industry being made up of club officials, players, and press).

In fact the way I see it personally, SFM has evolved to a point where it has become the watchdog (monitor if you will) of an industry which is subject to very little oversight. The Rangers situation will eventually be done with (no laughing at the back please), and like everything else will be consigned to history (albeit more than one). The same self-interest and lack of regard for sporting integrity though will still remain, and the need for oversight will remain also.

Having arrived at those conclusions,  we have two alternatives; the first is to remain as we are (which is not a bad place to be), and the second is that SFM has to expand its role.

In recent weeks, the mods have met to discuss this, and we think that we ought to give the latter option a try. As to how we want to achieve that, and we have come up with a skeleton plan as follows;

1. We need to move into the area of gathering news content as well as commenting on what appears elsewhere;

2. We should act as a cross-club portal to get good fan site content from all clubs to a wider audience;

3. We need to highlight the positives in the game as well as the negatives;

4. We should become an actively campaigning body, aligning with fan groups to lobby for the changes we think important.

 In order to achieve these objectives, more time will need to be spent on communication like podcasts, adding news content, expanding membership and building links with other fan groups. Time will also need to be spent  setting up features, attending press conferences etc. Later in the year, one of the mods will have much more time on his hands to help achieve this.

Podcasts, premium content, labour, organisation and all of the above costs money, and ultimately a subscription based model backed by sponsorship seems to be our best way of achieving that. In order to give us a head start, we will in the next few months be putting together a business-plan and a pitch for Crowd Funding investment.

This is not to say that our existing model has been a failure. We have successfully managed to keep ourselves afloat through the ad-hoc generosity of people in our community, although the inability to keep the podcasts going has been a bit frustrating. Finding income streams which are more solid will allow us to respond to events more quickly (for example mounting an ad campaign to respond to some event or other, or buying new equipment), and hopefully achieve all of our objectives – and build a bigger audience base for our message.

Of course a move of this nature will require that, in the interests of transparency, anonymity of SFM will have to be set aside. That will not affect any of our contributors, and our practice of using (sometimes) imaginative names on the blog will remain. However, for crowd funding to be successful, we will require to have a board in place, and there is no hiding place from Companies House. The make up of the board is also crucial, and in addition to consideration of blog members for that role, we will be looking to have respected people from without.

I imagine there may be a consequent subtle effect on moderation policy to take into account.

The reason I have made this post is to keep the community up to speed with events. Although we have decided to move forward to see if we can get support for our business plan, that plan is by no means finished. As I said earlier, the “wisdom of crowds” has made our community unique and given it its credibility. There’s a lot more wisdom out there we hope to tap into before we go ahead with our initiative.

We already had someone in mind for chairman of the new board, but events have conspired tragically to rob us of that – and had the effect of postponing this announcement. However we would like to hear suggestions for suitable outside candidates for board and committee places.

We also want to hear from you if you have a suggestion to be added to our wish list of SFM function above – or even if you think it is a mistake to embark on this course.

This is a very big move for SFM, so we don’t want to rush into anything. We need to listen to what you folks have to say, because if the merging SFM is not considered a better SFM by our community there is very little point in looking to fund it.

About the author

Avatar

Trisidium administrator

Trisidium is a Dunblane businessman with a keen interest in Scottish Football. He is a Celtic fan, although the demands of modern-day parenting have seen him less at games and more as a taxi service for his kids.

3,023 Comments so far

Avatar

ziggydocPosted on3:54 pm - Jun 12, 2015


tayredtayred says:
Member: (127 comments)
June 12, 2015 at 12:01 pm
Ah, good old daily record living up to the reputation as stated by the judge yesterday. They offer up a poll to gauge todays EGM performance, so would you vote A, B or C folks???

What did you think of the board’s performance today?

A Completely happy with it – I’m buying a season book
B Did as well as they could, considering gagging orders
C Would loved for them to have given us more on manager
———————————————————————————-
Some poll that. A and B basically agree that the board is doing a fine job. C moves swiftly on to wondering who the manager is.
No option that is critical of the board.
Nothing like shaping a survey to match what results you want to show.

View Comment

Corrupt official

Corrupt officialPosted on4:10 pm - Jun 12, 2015


After yesterday’s outcome at the chancery, have any hacks asked of the SFA how it fits with their recently awarded FPP status of both men?

View Comment

Avatar

GoosyGoosyPosted on4:32 pm - Jun 12, 2015


Does refusal to repay the £5m loan provide Ashley with the right to write off the loan and take permanent ownership of the security?
Or even worse
Could he now embark on legal action that would cost TRFC £ms to defend?

View Comment

neepheid

neepheidPosted on5:01 pm - Jun 12, 2015


GoosyGoosy says:
Member: (414 comments)
June 12, 2015 at 4:32 pm
Does refusal to repay the £5m loan provide Ashley with the right to write off the loan and take permanent ownership of the security?
Or even worse
Could he now embark on legal action that would cost TRFC £ms to defend?
+++++++++++++++++++++++++++

We don’t know the precise terms of the loan, just that there was no set date for repayment. I’m sure that Ashley’s lawyers will have drawn up the paperwork, and the devil will lie in the detail, no doubt. The Rangers Retail arrangement was a clever piece of legal work, appearing to give TRFC 51%, but in fact leaving them as a powerless minority shareholder in terms of votes, so I don’t doubt that the loan agreement will be equally clever.

However, beside the loan issue, Ashley is saying that the new Board have acted to his detriment in losing listed status. Just on that issue, if Ashley really wants to teach them a lesson, he could keep them in court until their money runs out.

View Comment

Avatar

DeekbhoyPosted on5:02 pm - Jun 12, 2015


So that was the EGM!

Not sure what MA is up to with all this. Court appearances, serving injunctions at directors homes and a calling EGM’s then not sending anyone along (apart from the SD lorry).

Is he really just making a nuisance of himself just to pee them off just to get his £5m back? Seems a lot of trouble when there must be a easier way of calling in a loan.

Cannot see the point myself but perhaps I am missing something and that is why he is a ‘Billionaire’ and I am well lets say less well off!

View Comment

yourhavingalaugh

yourhavingalaughPosted on5:17 pm - Jun 12, 2015


Deekbhoy
Part one of three has just been completed,according to Phil,parts 2 & 3 could really be interesting,sit back and enjoy.

View Comment

Allyjambo

AllyjamboPosted on5:19 pm - Jun 12, 2015


Deekbhoy says:
Member: (7 comments)
June 12, 2015 at 5:02 pm

Cannot see the point myself but perhaps I am missing something and that is why he is a ‘Billionaire’ and I am well lets say less well off!
___________________

I guess you are missing the point. It is possible King and co are also missing the point along with most bears. One thing’s certain, there will be a point to everything Mike Ashley has done. It’s in his nature not to let the likes of us know in advance.

Something to remember, all the cost and trouble this is causing TRFC is nothing compared to the cost and trouble King caused them with his ST boycott! I doubt any of the current proceedings are causing Mike Ashley the least bit bother, and it’s all at RIFC/TRFC’s expense!

View Comment

Methilhill Stroller

Methilhill StrollerPosted on5:38 pm - Jun 12, 2015


Just seen the BBC report on the Gazebo meeting.

Comment from Paul Murray:

“We can’t comment why Sports Direct don’t want customers to know commercial arrangements,” Murray told the EGM. “Keeping fans in the dark is not something directors are comfortable with.”

No Money, no Plans, no Listing or NOMAD, no Manager, no Promotion and no promised Transparency – but despite all of that give us your season ticket money.

No comment [necessary].

View Comment

scapaflow

scapaflowPosted on6:05 pm - Jun 12, 2015


Deekbhoy says:
Member: (7 comments)
June 12, 2015 at 5:02 pm

If you look at it from Ashley’s perspective its both business & personal.

Ashley operates within the rules, such as they are. He has no issues with HMRC, pays the tax he is assessed for, obeys the letter of the law in his business.

Yet here he is, getting pelters from a chap with 40 odd convictions for tax evasion, to make matters worse, his business is attacked by a Scottish Press, who fawn all over the convicted felon, while treating him (Ashley) as some sort of criminal mastermind.

Its hardly surprising that the Daily Record got a starring role yesterday. If I were an award winning sports journalist, I’d be nervous, and making damn sure that there were no skeletons lurking in the closet.

This could all get a lot nastier

View Comment

Avatar

Resin_lab_dogPosted on6:23 pm - Jun 12, 2015


Methilhill Stroller says:
Member: (69 comments)
June 12, 2015 at 5:38 pm

Just seen the BBC report on the Gazebo meeting.

Comment from Paul Murray:

“We can’t comment why Sports Direct don’t want customers to know commercial arrangements,” Murray told the EGM. “Keeping fans in the dark is not something directors are comfortable with.”

No Money, no Plans, no Listing or NOMAD, no Manager, no Promotion and no promised Transparency – but despite all of that give us your season ticket money.

No comment [necessary].

___________________________________________________________

Worth reflecting on the 2 possible meanings of ‘transparent’ here.
Open and straightforward? Or just very easy to see right through! Hmmm…

View Comment

Allyjambo

AllyjamboPosted on6:26 pm - Jun 12, 2015


scapaflow says:
Member: (1225 comments)
June 12, 2015 at 6:05 pm

…This could all get a lot nastier
__________________________

Oh, I do hope so 🙂

View Comment

Allyjambo

AllyjamboPosted on6:33 pm - Jun 12, 2015


Methilhill Stroller says:
Member: (69 comments)
June 12, 2015 at 5:38 pm

Just seen the BBC report on the Gazebo meeting.

Comment from Paul Murray:

“We can’t comment why Sports Direct don’t want customers to know commercial arrangements,” Murray told the EGM. “Keeping fans in the dark is not something directors are comfortable with.”

No Money, no Plans, no Listing or NOMAD, no Manager, no Promotion and no promised Transparency – but despite all of that give us your season ticket money.

No comment [necessary].
_________________________

“We can’t comment why Sports Direct don’t want customers to know commercial arrangements,” Murray told the EGM. “Keeping fans in the dark is not something directors are comfortable with.”

In terms of hypocrisy, and lack of self awareness, that must rank alongside Regan’s snidey comments about the FAI! Again, he only gets away with it due to our sycophantic, TRFC supporting, press.

View Comment

Barcabhoy

BarcabhoyPosted on6:46 pm - Jun 12, 2015


This was King’s first General Meeting as Chairman .

Has there ever been a General Meeting where the Rangers Chairman was in absentia ( apologies for the Latin) . Even the highly criticised Somers showed up , as did all previous Chairman to the best of my knowledge. Not showing up when you are supposed to be chairing the meeting is extremely disrespectful to shareholders.

The claim of being in London on club business is both shallow and pathetic. Given it was made by the lightweight Paul Murray , that’s not a surprise. However it is no excuse. This meeting has been organised for weeks, and was clearly only going to last for a short time given the nature of the resolutions. King could easily have flown in from London first thing this morning and flown back to London before most people had completed lunch.

Given the spurious claims made about his wealth, it’s hard to imagine why he just didn’t jet in privately, attend the meeting whilst the jet was being refuelled and then jet back to London.

Which takes us back to the opening comment. Missing any General Meeting when you are Chairman is extremely disrespectful. Missing your first should have red flags flying all over the place. What was so crucial that it couldn’t have been delayed for 6 hours ? Can’t have been about appointing a manager.

Who shuns his shareholders to meet with someone looking for employment ?

Meeting with an ISDX connection ? Again this would be ludicrous given there is a going concern warning on the accounts and this is a red flag for entry to ISDX.

King came to power with claims of transparency and openness. That always looked highly unlikely given his complete lack of respect for fellow shareholders ( Evidence Speicialised Outsourcing who’s shareholders were shafted when King exited his shareholding in the dead of night) and his propensity to lie through his teeth ( as per a South African High Court Judge)

His absence today merely confirmed those views. Of all the disreputable characters with their hands on the levers of power ( tabloid speak for being in charge) at Rangers, King only really has competition from David Murray as being the most disreputable

View Comment

woodstein

woodsteinPosted on6:50 pm - Jun 12, 2015


http://www.philmacgiollabhain.ie/sevco-confidential/#more-6447

“Number 2 will be to move on the security regarding the January loan”

Is that what this is about?

ORDINARY RESOLUTIONS:
1. THAT, the shareholders support the principle that the Rangers Football Club Limited (the “Club”), a subsidiary of the Company, is released from the arrangements between the Club and SportsDirect.com Retail Limited (Sports Direct) pursuant to the Facility announced by the Company on 27 January 2015:
(a) including the release of security over (i) the Rangers’ brands owned by the Club; (ii) the Murray Park training ground; (iii) the Albion Street car park; and (iv) Edmiston House;
(b) including the release of the Club from the current restrictions preventing it from being able to provide security over the Ibrox stadium without the prior consent of Sports Direct; and (c) thereby resulting in the transfer back of a 26% interest in Rangers Retail Limited from Sports Direct to the Club , through the Directors of the Company resolving to procure the repayment in full of the loan of £5 million owed by the Club to Sports Direct as soon as possible after the passing of this Resolution.

By voting against it, a legal move can be made on the security ? (2 Above)

🙄

View Comment

Allyjambo

AllyjamboPosted on7:11 pm - Jun 12, 2015


Barcabhoy says:
Member: (173 comments)
June 12, 2015 at 6:46 pm

Very good point, Barca, and one obviously missed, or ignored, by the MSM. I’m sure, though, that Mike Ashley won’t have missed it, and will probably see it as a sign of weakness.

If, on one of his rare visits to these shores, he finds there is important club business he cannot rely on one of his fellow directors to attend to, to enable him to appear at, and address, an EGM, then there is something far wrong with his board of directors. How will they cope in the years ahead (ahem) in his lengthy absences?

There are, of course, rather serious matters that a man such as he are unable to get out of, such as discussions with lawyers and judges. I’ve no knowledge to base this thought on, but he has a history. His club also has a history, though short, that includes discussions with similar people. Now that would be good, and pressing, reasons to miss your first EGM as chairman – of a company on the brink of insolvency…perhaps!

View Comment

scapaflow

scapaflowPosted on7:27 pm - Jun 12, 2015


Allyjambo says:
Member: (1025 comments)

It could be as simple as King not liking being questioned in an uncontrolled environment, coupled with an understandable fear on the part of his advisers, that there may be issues around the engaging of the brain before the opening of the mouth, vis a vis matters subject to legal constraints…

View Comment

neepheid

neepheidPosted on7:33 pm - Jun 12, 2015


I was looking for the RIFC regulatory announcement relating to the January loan of £5m, and found to my shock and horror that all such announcements appear to have been removed from the company website. I would have thought that wee Stevie from IT was too busy scouting an entire team of Premiership players to bother with stuff like that right now, but there we have it. I managed to find what I hope is a true copy within a Telegraph article of 27/1/2015, so here it is for the record-

The Board of Rangers announces that Rangers Football Club Limited has entered in to agreements with SportsDirect.com Retail Limited and associated companies, to provide a long term on-going credit facility of up to £10m.
“The Company’s financial condition has been perilous for a number of months exacerbated by lower than expected match attendances. The Directors have implemented a cost cutting program with which they have made significant progress.
“There is however an immediate need for a substantial injection of capital, and the Directors have considered a number of options.
“The terms negotiated with SD (which are reversible in respect of the Facility) represent the optimum combination of quantum and duration of funding, allowing the Company time to arrange permanent capital which can be used for strengthening the playing squad.
“The Facility is structured in two separate interest free tranches. £5million will be available immediately for working capital purposes and for the repayment of the credit facilities with MASH Holdings Limited which was entered into on 27 October 2014.
“All rights and security associated with the MASH facility will be cancelled.
“The Club will transfer 26 per cent of the share capital in Rangers Retail Limited to SD for the duration of the Facility, which will be transferred back, at no cost, upon repayment of all outstanding sums owed by Rangers and its subsidiaries to SD. There is no specified repayment period for the first tranche of the Facility.
“The Facility is to be secured by (1) a floating charge over the Club’s assets and (2) fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club’s registered trademarks.
“None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security.
“SD will also have the right to nominate two directors to the board of Rangers for the duration of the Facility, any such nomination will be subject to regulatory consent pursuant to the AIM Rules and other regulatory bodies.
“If the entire sum drawn down is repaid, the Facility will be deemed to be terminated, all security will be released, the 26 per cent of RRL will revert to the Company and all rights of SD to nominate Directors to the Board of the Company will cease.
“The second tranche of £5million, which repayable five years after drawn down, will be used, if required, for working capital purposes and is subject to due diligence by SD prior to drawn down.

“The Company has also agreed that from the 2017/8 season, for the duration of the Facility, any future shirt sponsorship proceeds will be for the benefit of RRL.
“RRL will declare a dividend of a total of £1,610,000 prior to the Transfer.
“The Club will use the proceeds of its share of this dividend, inter alia, to repay sums owing to SD in respect of the cessation of onerous leases on unprofitable stores entered into by a previous Rangers management team.
“The Directors would like to thank all the Rangers Stakeholders who showed an interest in helping the Company.”
Chairman David Somers said: “The Board has sought for some time to establish a long term funding solution for the Company in order to create a platform of stability to build for the future.
“This Facility begins this process and we very much hope that it will be augmented with further permanent capital in due course.
“In addition, the executive team have made strides in addressing the cost base of the Company in order to improve our financial condition and working capital profile.
“We very much hope that we can now move away from having to seek short term funding solutions and can focus our efforts towards investing in the first team playing squad, a return to profitability and to re-establishing Rangers in the top league in Scottish Football and in due course, to European competition.
“The Board now calls upon all shareholders to rally together to achieve this goal.”

I believe there is a central archive of all RNS announcements on the web somewhere, I just couldn’t access it.

View Comment

Avatar

alexander276Posted on7:35 pm - Jun 12, 2015


I am not into betting but I understand Derek Macinnes was second favourite for the dream job. (ie the deluded were dreaming he would take it). The fact that Aberdeen website has announced contract extension to 2019 means some odds should shift quickly.

I must admit the confidence with which our journalists had him as a ‘candidate’ (sic) made me wonder if reason as I understood it had been confounded but No. Just more made up crap in Daily Mail.

What will the spin be when the last man standing is the only person we know who was ever interested?

View Comment

Avatar

GoosyGoosyPosted on7:40 pm - Jun 12, 2015


Barcabhoy says:
Member: (173 comments)
June 12, 2015 at 6:46 pm
Which takes us back to the opening comment. Missing any General Meeting when you are Chairman is extremely disrespectful. Missing your first should have red flags flying all over the place. What was so crucial that it couldn’t have been delayed for 6 hours ?
,,,,,,,,,,,,,,,,,,,,,,,,,,
Good post BB
It made me wonder
As we all know
The No1 priority for Spivs is getting hold of other peoples money and keeping it
So
Maybe these frequent trips to the UK are driven by some kind of business transaction that can only be done in person?

I mean
…..Think about it
Why would any self made millionaire go out of his way to visit the UK 6 or 7 times a year just to throw his own money down the Ibrox drain?
Its nonsense
I bet none of the 3Bs would have done it if they lived in the USA or SA
Surely there`s another angle somewhere ?
Like moving money around?

View Comment

Avatar

Bayview GoldPosted on7:53 pm - Jun 12, 2015


I would guess given the ramping up of hyperbole and positioning over the last few days/weeks, that the non-attendance of DCK and any significant MASH/SD rep are not entirely unrelated. I wouldn’t be surprised to find that at another location or conf-call there have been some pointed discussions. Don’t be surprised if there is a DCK/MA press release in the works. (but conversely don’t be surprised if there isn’t)

Ultimately DCK is bluffing re funding and MA knows it.

View Comment

neepheid

neepheidPosted on7:53 pm - Jun 12, 2015


Just a couple of points that struck me from the regulatory announcement that I just posted.

Firstly, no mention of any SD block on future securities over Ibrox. A strange omission, since that’s what the fans were howling for at the item- an absolute block on Ibrox ever being used as security under any circumstances.

And secondly, the bit about shirt sponsorship money going to SD for the duration of the facility. I must admit that I missed that first time round. I can’t find a value for that deal, but guess it substantially eases the pain for SD of the loan being interest free.

So why is Ashley asking for his £5m back? He has all bases covered, the deal seems structured in his favour, so why does he ask for it to be repaid? I can only conclude that he knows they can’t repay it, and he wants that fact out in the public domain.

View Comment

StevieBC

StevieBCPosted on7:54 pm - Jun 12, 2015


GoosyGoosy says:
Member: (415 comments)
June 12, 2015 at 7:40 pm

Surely there`s another angle somewhere ?
Like moving money around?
=============================================
That’s believable. Absolutely.

After King’s big promises pre the AGM, we have seen that he has apparently been reluctant to put his hand in his own pocket.

Now, King seems to be reluctant to spend his time at Ibrox.

You would think that with all the turmoil and uncertainty around Ibrox, that King would make at least a time commitment to guide Murray and TRFC onto a more stable footing.

As an absentee, stingy Chairman…what value is King adding ?

View Comment

Avatar

parttimearabPosted on7:59 pm - Jun 12, 2015


Deekbhoy says:
Member: (7 comments)
June 12, 2015 at 5:02 pm
So that was the EGM!

Not sure what MA is up to with all this. Court appearances, serving injunctions at directors homes and a calling EGM’s then not sending anyone along (apart from the SD lorry).

Is he really just making a nuisance of himself just to pee them off just to get his £5m back? Seems a lot of trouble when there must be a easier way of calling in a loan.

Cannot see the point myself but perhaps I am missing something and that is why he is a ‘Billionaire’ and I am well lets say less well off!
=============================
He’s certainly made at least one very odd decision if, as far as we know, he made a £5m loan with no term just before losing control at Ibrox.

I get the feeling he viewed King (if not the three bears) as a “serial tyre kicker” and unlikely to stump up for shares (maybe he’d been reading about him on here at the time 😈 ) and was blindsided when King actually parted with some cash.

And remember this is the guy who bought NUFC without due diligence and promptly discovered a black hole in the accounts.

The wonder world of fitba does funny things to the brains of normally careful/controlled businessmen.

View Comment

Avatar

parttimearabPosted on8:09 pm - Jun 12, 2015


And the headline of the day award goes to…

“Ashley the no-show in town as Rangers fans questions are left unanswered”

…the evening times for this triumph of unconscious irony.

http://www.eveningtimes.co.uk/mobile/rangers/ashley-the-no-show-in-town-as-rangers-fans-questions-are-left-210149n.128856324?

View Comment

Allyjambo

AllyjamboPosted on8:12 pm - Jun 12, 2015


StevieBC says:
Member: (721 comments)
June 12, 2015 at 7:54 pm

As an absentee, stingy Chairman…what value is King adding ?
____________________________________

That’s a good, to remain unasked by the MSM, question. I’m sure all he was ever going to add was the promise of pots of money. His only other qualification, after all, is that he’s a Real Rangers Man. Since his arrival, the only things on the up at Ibrox, are the debt, the quantum of moonbeams and the fibometer!

View Comment

gamesabogey

gamesabogeyPosted on8:14 pm - Jun 12, 2015


scapaflow on June 12, 2015 at 7:27 pm

While it is being referred to in our press as a ‘gagging order’, SD essentially proved to the satisfaction of a judge that without an interim interdict, the Directors of RIFC cannot be trusted to meet their contractual obligations with regard to confidentiality. It’s almost as if they believe that they can pick and choose which rules to follow.

This was then seemingly used as justification for not responding to the EGM resolution regarding the loss of the NOMAD at the time of the last EGM. ISDX must be so eager to have this company in its fold.

Scapa, if the reason you postulate for the break in protocol so clearly described by BB is even partly true it is yet another damning indictment of the new Chairman.

View Comment

Allyjambo

AllyjamboPosted on8:25 pm - Jun 12, 2015


parttimearab says:
Member: (356 comments)

June 12, 2015 at 8:09 pm

And the headline of the day award goes to…

“Ashley the no-show in town as Rangers fans questions are left unanswered”

…the evening times for this triumph of unconscious irony.

http://www.eveningtimes.co.uk/mobile/rangers/ashley-the-no-show-in-town-as-rangers-fans-questions-are-left-210149n.128856324?
_______________________________________________-

Now why on earth would any journalist (sic) write this, but not include what the answers were?

‘The questions Ashley posed were answered as Paul Murray addressed his queries over Rangers International Football Club plc’s removal from the AIM market and the loan deal struck with the Three Bears consortium.’

It’s a bit like saying, ‘at today’s match between Rangers and Cetic, there were some goals scored’, then leaving it without even telling us what the score was!

View Comment

Avatar

TheClumpanyPosted on8:28 pm - Jun 12, 2015


Barcabhoy says:
Member: (173 comments)
June 12, 2015 at 6:46 pm
This was King’s first General Meeting as Chairman .

Has there ever been a General Meeting where the Rangers Chairman was in absentia ( apologies for the Latin)
———————————-
Great point Barca.

For me, it’s yet another manifestation of King (and his regime) failing to show any serious leadership.

Even though he couldn’t taken up his directorship before approval from the Court of Session, there were various things he/they might have done to show leadership: that they were ‘in charge’ and determined to do things differently.

Like – for example – paying off the Sports Direct loan ASAP after the March EGM (assuming they had the funds…) What a signal that would have sent out about their commitment, money and willingness to effect change!

But no… It didn’t happen.

King and co might also have put an end to the grossly embarrassing spectacle of Ally remaining on the payroll (assuming they had the money…) Even if they had to pay him off in full, it would have been welcome decisive action.

Nor did King attend the crucial play-off tie against Motherwell – the most important game in the club’s short history.

Nor did he (or Murray) issue a reassuring statement about how ‘things would still be OK’ following the defeat by Motherwell.

Nor has he appeared to be on top of either the club’s financial/contractual position OR the details of the plan/finances they are going to deploy to build a bright future. The media engagements have been painful(ly funny) to watch, and King is lucky that Sevco doesn’t have a hostile press pack pursuing it otherwise it could have been a total car crash.

It all has been deeply unimpressive stuff.

The letter to the fans last night was yet another example of the substance-free bluster that is increasingly characterising the regime.

And as for today, it would indeed have been a basic courtesy to the shareholders (and show basic leadership to the ‘club’) to have chaired the meeting himself. After all, they have known about it for weeks.

What’s the point of being in a position of leadership if you aren’t going to lead?

View Comment

Avatar

TheClumpanyPosted on8:37 pm - Jun 12, 2015


Hello again!

Blimey! Two posts in quick succession…

In case of interest, here are some thoughts on the anniversary of *that* liquidation, the MSM, and today’s EGM.

https://theclumpany.wordpress.com/2015/06/12/happy-teacher-in-a-million-day/

View Comment

Allyjambo

AllyjamboPosted on8:45 pm - Jun 12, 2015


Has anyone read or heard what, if anything, was said in response to Ashley’s request for an explanation about the lack of a NOMAD, the delisting, and the terms of the 3bears’ loan? Was it, as I suspect, just glossed over?

View Comment

Avatar

Danish PastryPosted on9:01 pm - Jun 12, 2015


TheClumpany says:
Member: (62 comments)
June 12, 2015 at 8:37 pm

Hello again!

Blimey! Two posts in quick succession…

In case of interest, here are some thoughts on the anniversary of *that* liquidation, the MSM, and today’s EGM.

https://theclumpany.wordpress.com/2015/06/12/happy-teacher-in-a-million-day/
——–

I’ll see your ‘blimey’ and raise you a ‘cor blimey!’ Clumps, if I didn’t know better (and I don’t) I’d say you are working on a doctoral thesis in the field of advanced sevcology 🙂

Either that or a screenplay!

Bravo. Dedicated sevcological analysis (with hilarious photos) :mrgreen:

View Comment

ianagain

ianagainPosted on9:05 pm - Jun 12, 2015


GoosyGoosy says:
Member: (415 comments)

June 12, 2015 at 7:40 pm

Barcabhoy says:
Member: (173 comments)
June 12, 2015 at 6:46 pm
Which takes us back to the opening comment. Missing any General Meeting when you are Chairman is extremely disrespectful. Missing your first should have red flags flying all over the place. What was so crucial that it couldn’t have been delayed for 6 hours ?
,,,,,,,,,,,,,,,,,,,,,,,,,,
Good post BB
It made me wonder
As we all know
The No1 priority for Spivs is getting hold of other peoples money and keeping it
So
Maybe these frequent trips to the UK are driven by some kind of business transaction that can only be done in person?

I mean
…..Think about it
Why would any self made millionaire go out of his way to visit the UK 6 or 7 times a year just to throw his own money down the Ibrox drain?
Its nonsense
I bet none of the 3Bs would have done it if they lived in the USA or SA
Surely there`s another angle somewhere ?
Like moving money around?
==================================================

I do hope that appointment wasn’t anywhere in the vicinity of a Hatton garden empty steel box.
Might explain it.

View Comment

StevieBC

StevieBCPosted on9:06 pm - Jun 12, 2015


As we have speculated, mibbees King’s wealth is not held in SA alone ?

SA borders with Zimbabwe.

And if King does have any old Zimbabwe dollar bank accounts they could literally, be off the radar…for just a tenner, [sterling]… 🙄

“Zimbabwe’s central bank scraps old currency at the exchange rate of $1 for 35,000,000,000,000,000 old dollars…”

http://www.telegraph.co.uk/finance/11669652/Thatll-be-175-quadrillion-Zimbabwean-dollars-please.html

View Comment

Avatar

Bayview GoldPosted on9:42 pm - Jun 12, 2015


OT: The Black Panthers, now doing more to put scottish football on global TV than Doncaster or Regan.

http://www.scotsman.com/news/scotland/top-stories/angola-three-robert-king-dons-celtic-shirt-on-cnn-1-3800550 😆

View Comment

Avatar

SmugasPosted on9:45 pm - Jun 12, 2015


Goosey at 7.40pm

I thought Taylor of 3Bs fame was far-east based?

Re the Evening Times headline.

Again there’s a perfect example of a press headline that 5 years ago I would never have questioned – it is after all a summary of what effectively happened. I wouldn’t have felt the need to question it. Its only when you see the double meaning and question it that you query why indeed it was constructed as such.

And before anyone accuses me of paranoia show me the example(s) where any element of this story has been written in the same glib, poorly detailed but more importantly potentially misleading fashion whereby one might come to a more negative conclusion as to RFC’s chances.

View Comment

ianagain

ianagainPosted on10:23 pm - Jun 12, 2015


Just trawled the Rolls for Monday. No SD MASH or RFC action in Engurland at least.

View Comment

Avatar

TheClumpanyPosted on10:50 pm - Jun 12, 2015


Danish Pastry says:
Blog Writer: (1244 comments)
June 12, 2015 at 9:01 pm
TheClumpany says:
Member: (62 comments)
June 12, 2015 at 8:37 pm

——-
I’ll see your ‘blimey’ and raise you a ‘cor blimey!’ Clumps, if I didn’t know better (and I don’t) I’d say you are working on a doctoral thesis in the field of advanced sevcology 🙂

——-
Thank you Comrade Pastry. I am enjoying trying to write more than Twitter’s 140 characters

View Comment

Avatar

DonegaltimPosted on11:09 pm - Jun 12, 2015


“Dave King, Douglas Park and George Letham and George Taylor, if you count their share purchases, their investment in the business is over £8 million. That’s not a sum to be dismissed”.

This quote from Gilligan interested me. What the hell is Murrys contribution and what is his role. He has contributed hee haw and I assume is on the payroll. His wealth has been dissected on other forums and he was shown to be a man not of any considerable wealth. A leech or a parasite in other words.

View Comment

ianagain

ianagainPosted on11:29 pm - Jun 12, 2015


There is a limited release if you like podcast by the ‘well Podcast guys that encapsulates the feeling of having got there after a season of heartbreaks, and shit defending mostly.
Most of the guys put the final 2 games against them up there (almost)alongside the 91 Cup win.
So why?
Lets guess.
Its encapsulated in that letter from King today.
They are telling us we are nothing and he and his team deserve to be below him.

Never crowed before
But
6-1
Twist and Shout on that Dave 👿

View Comment

gamesabogey

gamesabogeyPosted on11:38 pm - Jun 12, 2015


Donegaltim on June 12, 2015 at 11:09 pm

DT, I think that, bizarrely, Murray is the acceptable face of the Board. I don’t think he’s parasitical, but he does appear to love all of the Rangersness of his role and is genuinely happy to do what is asked. Park, Letham, etc don’t want the attention and DCK wants a fall guy. He is the janitor.

View Comment

justshatered

justshateredPosted on11:42 pm - Jun 12, 2015


ianagain says:
June 12, 2015 at 10:23 pm

I don’t think there will be any court actions until the result of the vote.

It will also be interesting to see whether there needs to be another whip round or err “investment” in the next month or so.
The club/company has released 11 players and not brought in any but if they still cannot break even at that point what will happen when the “war chest” opens. It’s fine giving money to buy players but remember you have to pay them for the duration of their contracts.

If Phil is correct and, when the vote goes against MASH, a new round of litigation begins then this will start to come apart at the seams pretty quickly. MASH dragging the company/club back to court to ring fence season ticket money in lieu of debt looks like a done deal. It will cost the company/club more money to contest this case which they will have to do if finances are as bad as we think.

At the same time Ashley may call another EGM as none of his questions seem to have been answered which the company/club will have to pay to hold. More money out of the “war chest”.

As an aside and I don’t know if it has been mentioned here but I think the reason for Ashley asking for the details of the loans was because if, again a big word, security has been granted to the RRM over Ibrox that, according to recent reports, MASH have a veto over then that breaks the contract and will lead to yet more litigation of all and sundry.

Again, if Phil is correct, individual cases might be launched against the current board for share price manipulation. This may not affect the company/club directly but could ensure that the individuals involved are having to fight on two fronts against an all powerful, bottomless pockets, businessman. They will be fighting then not only for their own cash but their business reputations that have been built up over decades. The last thing on their minds at that point will be putting more money into the money pit.

If the above scenario does unfold then I expect a rather rapid collapse as people run for cover.

The deluded still think that MASH will re-negotiate the contracts in favour of the company/club. I would be utterly amazed if this was to happen between the two parties given the current working climate.

As for todays fiasco; where was Dave King. He is like a wraith showing up here and there only to evaporate at any given moment.
He really has to understand that now he has to be the guy that is front and centre re-assuring the fans. He is no longer the guy that hides in the background behind people like David Murray or Craig Whyte. HE IS IT but the way he is behaving is ringing alarm bells all over the place.

Prior to Dave King arriving there was talk of him being a Fergus McCann type figure that the fans could rally around and that would build a clear path to a, if not better, sustainable future. That was all blown away this week with “overinvestment” and “whatever it takes”. Fergus McCann never used words like this. He always spoke about “building” and “sustainability” and “long term” even when he was speaking to the fans never mind the investors.

The two phrases above used by Dave King this week have guaranteed there will be no money coming from external sources because it will be burned as soon as it comes in the door. Those two phrases are not what real investors want to hear.

Gaun yersel Dave yer playin’ a stormer!!

View Comment

Avatar

SmugasPosted on11:43 pm - Jun 12, 2015


Plus wee Stevie’s a bit tied up right now.

View Comment

ianagain

ianagainPosted on11:55 pm - Jun 12, 2015


Personally I do think action will be forthcoming both on the share price and the De-listing.
Why not both were guaranteed by one DKC

View Comment

ianagain

ianagainPosted on12:42 am - Jun 13, 2015


A bit mental but a wee taste of how the troops feel in Pretendygers land:

=============================================
12 Jun 2015 19:06:20
Like I have said over the last 24 hours. I don’t trust any of them.
“Neither Rangers chairman Dave King nor Mr Ashley or any of his representatives attended the 30-minute shareholders meeting in the Bill Struth Main Stand.
Where was King. Should the man who has been approved by SFA and recognised as senior man at least have shown up to show the supporters of his commitment? 45,000 st’s? Good luck. Here was an opportunity to state that Ashley (who also never showed) had used the legal process to hide what he (King) wanted to reveal. Wake up and start Recognising con men who are abusing supporters love for the club for their own agenda. When McCann took over Celtic he said 5 years and what he would achieve. He never said it would need ST sales and commitment. After 5 years he left with a huge profit but he achieved his plan and they may not be perfect but they are in a far better state than this lot. Hearts were taken over and the lady and her board were similarly astute and achieved the goal. Rangers are 3 years into the mess Murray made and other than on the field from bottom division exploits, no further forward. What does it take to waken up and see the mess this club is in? I am totally sickened and disgusted. Suffered the last three years but no more. I’m silly but I’m not stupid. Not one more penny until ai see commitments and a plan. I, like many others, want to see the owners name on the title deeds for starters. If it’s a group holding then names of the group. Jeez we might be supporting Isis for all I know. If I am missing something please correct me. Don’t just click disagree. That to me is a crappy response done through misunderstanding, drink or just plain blue tinted glasses who don’t like to hear negatives correct or otherwise.

View Comment

Avatar

Resin_lab_dogPosted on12:44 am - Jun 13, 2015


justshatered says:
Member: (134 comments)
June 12, 2015 at 11:42 pm

________________________________________

Right… playing the angles here.

Supposing Dave didn’t go to the EGM because he had arranged to vote by proxy IN FAVOUR of the Mash resolutions… Having worked out that the game was a bogey and this was his only possible escape route?

(Couldn’t vote by proxy and then attend in person, izzatso?)

Just floating that into the mix without prejudice.

View Comment

ianagain

ianagainPosted on12:59 am - Jun 13, 2015


Anyways to the main event Scotland.

I think again get in about them we will win.

Funnily enough I think Charlie Adam may be the guy to win it.

View Comment

Avatar

Resin_lab_dogPosted on1:08 am - Jun 13, 2015


ianagain says:
Member: (567 comments)
June 13, 2015 at 12:42 am

__________________________________________

Could be wrong but I think this guy might now be paying on a ‘walk up’ basis. With an option on the ‘walk away’ basis.
Can’t say I blame him.

I think this guy is on a painful journey to realisation of why Rangers aren’t able to do like Hearts did.
It will lead him to SDM I think.
McCoist is a clue. 😳 A symptom of the failure, not the cause.
Hearts callously sacked a manager that had done far more to secure their survival in near impossible circumstances than AMc ever did at Rangers. They did so with a heavy heart and without malice, because circumstances demanded it. Talk about a tough decision! Brutal in fact. A sore one for all concerned.
They march on.
TRFC
A near bankrupt entity spun out of a ridiculously corrupt bankrupt entity still paying more than one manager inflated salaries using other peoples money. For his bluff, bluster and Rangersness, they are prepared to look the other way over his ability to be comprehensively overtaken in his profession by better skilled, less well resourced adversaries.
The man should be sued for not resigning sooner, not rewarded for tending his vegetables.
Fans of TRFC: I know you are hurting. Look at Hearts. You can’t pay McCoist and not MASH.
You can’t use your credit card to pay off your overdraft.
People who tell you different are ‘trying to consolidate your debts into one easy payment’.
FFS stop now. Seek help.
It may be too late.
But if you are prepared to compromise, there’s a future.

The days of ‘no compromise’ for you guys are lost in another clubs history.

Some sort of Future, achieved by collective engagement and an equality and commonality with patrons of the sport you have hitherto selfishly undermined:
or consignment to history as a permanent laughing stock.

These are your options now.

Choose wisely.

View Comment

Avatar

castawayPosted on1:26 am - Jun 13, 2015


Resin_lab_dog says:
June 13, 2015 at 1:08 am
———————————–
That’s as dead on a summing up as you’ll get. Well said.
(An’ it’s efter midnight?)

View Comment

Avatar

DonegaltimPosted on1:33 am - Jun 13, 2015


Is the irony lost on the directors. With the statement that ‘the gardener’ has a contract and that contract has to be honoured……while trying to stiff Mike Ashley for his £5mill. Doesn’t he have a contract?

This looks as if it’s cannons against pea shooters. Let the fun begin.

View Comment

Avatar

Resin_lab_dogPosted on1:39 am - Jun 13, 2015


Message to Ryan: Hope you are still looking in!

I know alot of the stuff in here won’t have been fun to read in the position your club finds itself in.

But if your your club had 2000 like YOU then they’d be 10,000 not 2000, and they’d probably be running things themselves rather than selling out to spivs, and they’d probably actually call themselves ‘Hearts’ with pride and a sound legal basis to do so, not ‘Rangers’ with defiance and questionable legal legitimacy.

Ouch. If that hurt it was not meant to. I started with good polite intentions, and sort of strayed into harsh fact.

Todays farce was not news.
TRFC are not news.
“Rangers chairman’s warchest” (non existent)
Obsessed?
I resent having to read this crap!

I am going to ask for your indulgence here Ryan:
It really pisses me off that the celebrations of our club – an example of what to do – that scraped themselves up and did it the right way and the hard way – are continually knocked off the back pages in our well deserved hour of glory by the boring tribulations of your clubs (deliberate plural) embarassing inability to get its shit together, and despite the fact of being massively over privileged in terms of having finance and influence to the extent where blatant corruption is actually self evident, rather than being merely speculated, whilst at the same your club whinges at all and sundry, like some prima donna with a broken fingernail, who is therefore unable to manage the exertion of pulling a handle to flush away the turd they deposited!?

Sorry if that seems harsh.

But your chairman is a crook. His sidekick is a joke.
Fans such as you are a credit, a delight, and an affirmation to the game.

And by god and golly: It is apparent that you have been sold short.

But not by the rest of us.
(Work it out!)

View Comment

Avatar

Resin_lab_dogPosted on2:06 am - Jun 13, 2015


Earlier in the pub tonight was chatting to a few friends that I hadn’t seen since before the final.
(a) we all went (independently – and brought granny + her dog)
(b) Falkirk pwned us most of the 2nd half
(c) Last 10 minutes lasted an age.
(d) Hope Falkirk get promoted. Fans were immense.

I think that there was more commonality than rivalry between the supporters. God knows we didn’t want to lose, but i would not have begrudged the Falkirk fans or palyers it for a second.
It was like the league cup last year. If you pin a don to the floor, they will admit they got away with it.
Delighted. But got away with it.
Similarly Caley Falkirk.
An affirmative event for all concerned.
My takeaway from the cup final:
I Hope that: next year: Falkirk get promoted and that ICT avoid them in the cups.
Utterly decent sorts on every level imo.

And The point is:
This is not what happens when a parkhead club play a govan club.

So I’d rather they didn’t.
Why do our press obsess otherwise?

View Comment

The Cat NR1

The Cat NR1Posted on3:24 am - Jun 13, 2015


Resin_lab_dog says:
Member: (472 comments)
June 13, 2015 at 1:39 am

Message to Ryan: Hope you are still looking in!
========================================
It must be very hard for Ryan and the other Gers fans that post/lurk on here, as we do seem to have a very antipathetic attitude towards all things Ibrox.

View Comment

tcup 2012

tcup 2012Posted on6:59 am - Jun 13, 2015


This should carry a government health warning
As it could affect your sanity
The poor writer clearly has lost the plot 😥
He believes that there were Thousands at the EGM yesterday ❓

http://www.dailyrecord.co.uk/sport/football/football-news/rangers-fans-fume-questions-go-5872264

For those who can’t bear to read the mental anguish this man is falling into

Here is a small extract

Murray told the thousands of shareholders who had gathered at Ibrox that the directors had managed to resolve an issue which had been ‘concerning’ the club for the last few months.

View Comment

yourhavingalaugh

yourhavingalaughPosted on8:53 am - Jun 13, 2015


Ok Friday’s Gazebo meeting was a one forward two back end result.can we see what might have been suggested,alternative business plan,not that it seems there was one,anyway here goes for next week.
Monday. The board gets together and declares that enoughs ,enough ,they pay the loan off and get the assets back,later pledging 30 m between them ,either using the now returned assets or whatever as they are RRM.
Tuesday. Meet with sports Direct to thrash out a better deal
Wednesday. Propose to the fans to pledge two seasons ticket money with the second seasons’s ring fenced.
Thursday.Name the new Manger and roll out the budget plan with a ,we will take it as it comes outlook,a mixture of experience and youth to be brought in and developed,with expenditure to match the income stream.
Friday. Go to the City and sell the future of the New Club .
Might sound La La Land stuff but it is something better than nothing at the moment,anyone wanting to develop further.
.

View Comment

Tartanwulver

TartanwulverPosted on9:06 am - Jun 13, 2015


DonegaltimDonegaltim says:
June 12, 2015 at 11:09 pm

What the hell is Murrys contribution and what is his role.
—————————————————-
I recall reading that Paul Murray isn’t taking a salary for his work at TRFC, but may be wrong. He is often lambasted (as opposed to the lamb-basted supportive press) by Rangers supporters as ‘Potless Paul’, and held up for blame, ridicule and ineffectiveness by them, for being King’s poodle. And that appears to be his role, he’s allowed to sit at the big table on condition that he is a lightning conductor for K+3B, allowing King to spend his time as an absentee chairman, and the 3Bs to keep a low profile.

View Comment

Tartanwulver

TartanwulverPosted on9:20 am - Jun 13, 2015


The Cat NR1The Cat NR1 says:
June 13, 2015 at 3:24 am

It must be very hard for Ryan and the other Gers fans that post/lurk on here, as we do seem to have a very antipathetic attitude towards all things Ibrox,
——————————————-
Agreed, but much of that antipathy would disappear if Rangers had ‘done a Hearts’, just rolled up their sleeves and got on with it, and not claimed moral superiority from a position that reeked of the opposite. It still would, I would guess.

The reason now for the continuing antipathy I would suggest is the very real danger that King is trying to make a fool out of the Rangers fans, but wanting to make very sure that he is not allowed to extend that to the rest of the Scottish game.

As George Bush might have said, Fool me once, shame on you; fool me twice, shame on me; fool me three times, how bl**dy credulous must I be; fool me four times…!

View Comment

Avatar

y4rmyPosted on9:20 am - Jun 13, 2015


Just trawled the Rolls for Monday. No SD MASH or RFC action in Engurland at least.

The commenter on the RSL blog, Jack Irvi…cough…I mean John James keeps mentioning June 22nd as the next date at the CoS for RIFC (they’ve had more court action than Andy Murray). Something to do with it being 10 days after the EGM voted on Resolution 1. Since the result of the vote won’t be known until Monday, maybe that will be amended to June 25th. Who knows?

As Barcabhoy pointed out, it’s utterly bizarre that the Chairman didn’t turn up. Strangest EGM ever. The CEO was absent too (because he doesn’t exist) and the guys who called it didn’t appear either.

It’s almost as though Ashley called it simply so the board would have to go to the not-insignificant expense of arranging it. A bit like turning up for a 1 hour court appearance with a 5-a-side team of lawyers and then asking that their costs be paid.

View Comment

Avatar

Hoopy 7Posted on9:44 am - Jun 13, 2015


Good Morning
Reading the blog and notice how many people are wondering what Mike Ashley’s game is.
Without boring you with a lot of legaleese the following is, without seeing the actual documents, I hope, a simple but general explanation, as each particular Security can vary and other statutes also govern residential properties.
Apologies if it is a bit long winded, and for the purposes of the
He is merely complying with the procedures laid down by the Law. Firstly, by Statute (The Laws passed by Parliament) and secondly the interpretation of those Statutes as defined by Case Law (Matters decided by the Courts).
If anyone has a mortgage in Scotland, your Bank or Building Society will require you to sign a Standard Security in exchange for lending you the money.
The Law relating to Standard Securities is contained in the “Conveyancing and Feudal Reform (Scotland) Act 1970”.
Mike Ashley/Sports Direct will have a Standard Security granted in their favour by “The Rangers International Football Club”, and /or their subsidiary, “The Rangers Football Club” (formerly Sevco)
So the simple question is how does MA/SD get repayment of his money?
He must follow the exact same steps that the Bank or Building Society would have to take in the event of you being unable to pay your mortgage, whereby they would seek to take possession of your house in order to sell it.
Any creditor in a standard security must first serve a calling up notice if he wishes to require repayment of any of the debts or obligations secured.
Upon expiry of the unsatisfied calling up notice the creditor may exercise his remedies under the standard security.
The procedure was clarified in a case decided by the Supreme Court in 2010 (RBS v Wilson).
The Court decided that where a creditor requires repayment of any part of the debt secured by the security, it must proceed to issue a calling up notice in terms of section 19 of the Conveyancing and Feudal Reform (Scotland) Act 1970 (1970 Act), which allows the creditor to exercise its remedies under the standard security as a result of the debtor’s failure to repay as demanded.

The calling up notice will normally state that the debtor has two months to repay the debt in full (if the debtor agrees in writing to do so, this period can be dispensed with).
If the calling up notice has expired without payment the debtor will be in default. In those circumstances, the creditor is entitled to exercise any and all of the remedies under the security, including entering into lawful possession of the secured subjects, and exercising its power of sale.
In my opinion MA/SD will already have issued a calling up notice. If not then the vote at the EGM will be used as a belt and braces justification for doing so.
Either way, the clock is ticking and it is only a matter of time before King and co have to pay up or face the security being sold.
The action by Ashley against the 3 bears which I think is coming down the line is to address the issue of the diminution of his investment as they acted in concert to drive down the share price.
We live in interesting times

View Comment

Avatar

mcfcPosted on9:46 am - Jun 13, 2015


Boring, Boring, Boring

So the fun of the court action and EGM is over. But can I remind you that over THREE MONTHS after the previous EGM when the New Regime swept to power on promises of “rebuilding Rangers” there is still:

1. no CEO
2. no CFO
3. no share market listing – ISDX
4. no auditor to replace Deloitte
5. no business plan as promised – repeatedly
6. no “investment” by King
7. no certainty about cash to pay wages each month
8. no court action to overturn onerous/illegal contracts
9. no MASH directors on the board
10. no rebuilding of Ibrox
11. no permanent manager
12. no scouting system
13. no premiership level signings

That’s an awful lot of stuff not done – so what has been done?

What have King and the New Regime been doing with their time?

Both the court action and EGM were initiated by Ashley. So King and the New Regime can not even claim them as ticks on their To Do list.

RIFC seem to be frozen in inaction by King’s lack of leadership skills and inability to build, manage, guide and motive an effective board and management team. Injured lone wolf on an ego trip ? You decide!

View Comment

Avatar

whispererPosted on9:54 am - Jun 13, 2015


DAVE KING has again insisted he’ll do whatever it takes to ensure >>> Scotland <<< wins promotion to the Premiership.

View Comment

Giovanni

GiovanniPosted on10:08 am - Jun 13, 2015


There is much talk of a forthcoming share issue for RIFC. However, iirc, there are only about 18.5 million shares that can be issued at the moment and they must be offered pro-rata to existing shareholders viz. a rights issue.So that cannot be used to allow the 3 bears et al to use this as a debt for equity swap. Even at an optimistic 25p per share that only raises just over £4.5M.

So I assume this will mean the board will have to apply for the authority for the disapplication of pre-emption rights. This will require a special resolution which usually needs a 75% majority. The previous board failed miserably to achieve this and if I’m not mistaken the Easdale brothers can vote this down on their own.

Am I missing something? Or just havering?

View Comment

Avatar

Danish PastryPosted on10:13 am - Jun 13, 2015


mcfc says:
Member: (1376 comments)
June 13, 2015 at 9:46 am
————

That’s a long list. You’d think the SFA or SPFL were concerned.

There is the (unthinkable) alternative of acquiring an existing club & rebranding it. Something not too far from Glasgow. Jumping ship is a bit extreme, but it would offer a ‘clean’ start of sorts. On the other hand, disaffected Ibrox fans could just choose to support their local SPFL team. If King & Co turn out to be the empty-promise Blue Knights part II you could see a portion of fans simply chucking it for good.

@upthehoops, the new board must be aware of that orderly chain of events you describe unfolding. I still read here and there that the aim is a liquidation but I just don’t see any way the authorities will be able to magic a continuity club myth one more time. And would the support do the ‘journey’ again? A very hard sell.

View Comment

Cluster One

Cluster OnePosted on10:16 am - Jun 13, 2015


tcup 2012 says:
Member: (235 comments)

June 13, 2015 at 6:59 am
Murray told the thousands of shareholders who had gathered at Ibrox ….
——————–
Around 500 shareholders were there to see director Paul Murray chair proceedings at the front of the Bill Struth Main Stand as he stood in for club chairman Dave King, who is in London on “club business”.
———————
The poor writer clearly has lost the plot best get a new Hand Tally Counter 😯

View Comment

Avatar

mcfcPosted on10:20 am - Jun 13, 2015


Giovanni says:
Member: (25 comments)
June 13, 2015 at 10:08 am

Am I missing something? Or just havering?

====================================================

I think you’re missing that there may not be enough cash to pay the June wages if ST sales bomb – so arithmetic impossibilities beyond that seem like strategic planning at Ibrox 🙂

View Comment

Avatar

causaludendiPosted on10:35 am - Jun 13, 2015


jimlarkin says:
Member: (315 comments)
June 13, 2015 at 9:47 am
????????????????????????????????

I take it you are being deliberately obtuse by continually raising this? irrc Raisin gave a great, informative run-down of the extensive list of acceptable names officially sanctioned by the club on the website the last time you questioned it. All part of being an inclusive, community club I think he said.

Yes I agree. The post has been removed
Tris

View Comment

Avatar

mcfcPosted on10:45 am - Jun 13, 2015


Once the EGM vote results confirm that RIFC have no plans to repay Ashley’s £5mil loan, surely Ashley’s next step is to nominate Llambias and Leach as his two men on the RIFC board, a published term of the loan. This may not be palatable to King & Co – but after all L&L were investigated for crimes against the people and no chargers were brought. Surely King will recognise this as an amicable settlement of their innocence. Of course, if Ashley’s nominations are rejected for frivolous reasons, then RIFC will be in default – and no doubt onerous (and now secret) small print will require immediate repayment to Ashley and/or permanent transfer of secured assets to Ashley. There may even be court action if RIFC drag their feet.

Ashley’s grip on RIFC reminds me of amanita phalloides (death cap mushroom). The initial symptoms are of severe food poisoning that pass in about three days. But the patient’s recovery and relief are usually brief – followed by liver failure within a day or so that is usually fatal over a painful week or so. Apparently they are really quite pleasant to eat, so there is no warning of what is to come for the unwary.

View Comment

valentinesclown

valentinesclownPosted on10:45 am - Jun 13, 2015


Mr Ashley wants his £5 million. There is a growing section of fans from Govan agree to give him it and then have the securities returned, which includes a more profitable deal concerning the merchandise. Basically it makes sense. £5 million surely Mr King and the rest of the directors can raise this (or have this amount). So why not pay it, what or who is going to gain by delaying this payment. What am I not understanding here.
They cannot afford going into administration (penalty points will be one aspect to hinder promotion) and liquidation is the end (for their fans ) IMO. I would say these 2 events would embarrass most clubs and fans but then again…Even the smsm could not keep the guff going concerning RRM and these scenarios occurring, could they? What would the SFA come up with to ensure there is a strong Govan club playing at Ibrox ensuring the survival of OUR game (in their opinion only) . Really what depth would they stoop to?
Really looking forward to Scotland game tonight.

View Comment

Corrupt official

Corrupt officialPosted on10:59 am - Jun 13, 2015


View Comment

mcfc mcfc says:
Member: (1377 comments)

June 13, 2015 at 9:46 am
What have King and the New Regime been doing with their time?
=====================================================
MCFC.
I am surprised you left the lack of any form of Nomad off the list, and ask readers just to pause and reflect on that for a second, and dwell on the fact that :mrgreen: easily sourced 3.
There also appears to be a sudden disappearance of a staple once so abundant around their rocky shores…..Lawyers ! Where have they all buggered off to at such a critical juncture?
Only one low level brief willing to engage in your own fair country at the chancery, and no appearance at all at Edinburgh’s CoS.
I think the services of a good legal firm as important, (if not more) than that of a manager in the immediate future.

View Comment

Avatar

parttimearabPosted on11:02 am - Jun 13, 2015


Hoopy 7 says:
Member: (65 comments)
June 13, 2015 at 9:44 am
=========================
Thanks for that Hoopy but, for clarification, are you suggesting that there has been a default or, given that there was no term, the loan could be called in at any time ❓

View Comment

Tartanwulver

TartanwulverPosted on11:04 am - Jun 13, 2015


It will be interesting to see if Mark Warburton gets the TRFC manager job, he seems to be the fan choice (from a limited pool), with many resigned to getting Stuart McCall back as the cheap choice. A bit unfair on him, perhaps, and if they do end up with McCall, they’ve just wasted the last couple of weeks when he could have been driving some team-building forwards. (Although maybe that’s the point, to have as long as possible without player salaries.)

Much is often made about Warburton’s background in finance, and even if he was just a trader rather than big company CEO, he must be able to read between the lines of the Ibroxian finances to see that the potential for boosting his reputation has to be set against the risk of being dragged down by a lack of funding and general financial mess.

View Comment

Avatar

parttimearabPosted on11:13 am - Jun 13, 2015


valentinesclown says:
Member: (168 comments)

£5 million surely Mr King and the rest of the directors can raise this (or have this amount)
====================================
I suspect that they could, but don’t want to.

My guess is that their plan is for their next investment to be through a rights issue which would force other shareholders to put money in or see their shareholding diluted (which IMO would suit them either way).

Their problem I think is that paying off the SD loan and (depending on ST sales) having to advance more loans of their own to cover running costs would leave them with insufficient capital to underwrite a further share issue.

I wonder if DK is desperately trying to find someone else to come on board hence his absence yesterday ❓

View Comment

RyanGosling

RyanGoslingPosted on11:17 am - Jun 13, 2015


Resin_lab_dog (and others),

It is a farce. We have been sold short / screwed over many times by many people who have lined their pockets very nicely. I’m sure I’m on record here previously saying I supported the move to get the board out in March, because if you look back at attendances etc. I believe the whole game would have been up very soon and the “three bears” / King represented nothing more than one last throw of the dice. I didn’t have a lot of hope at that point and I’ve got virtually zero now.

I know the names King is called in here, but the recent thing I find truly appalling is that he issued a big statement putting ticket prices up and asking 45,000 of us to trust him with our money, despite having put forward no business plan whatsoever in those three months, and then DIDN’T SHOW UP TO THE MEETING. If he had any credibility with me previously (he didn’t) he’d have lost it with that move.

I still don’t see the difficulty. Get in in March on a promise of transparency, examine the books and the contracts then either present a business plan to resolve the situation or publicly say that the game is up and give explanations. That’s what a “real” Rangers man would have done. What they don’t seem to realise is that we’ve heard all the stuff they’re soouting before, and while I’m sure there will be many fans who’ll stump up for their season tickets there will be many more who won’t, precisely because there has been no end game presented and we’re just throwing good money after bad, being set up to get fleeced yet again – probably getting asked to pay for King’s seat on the board through some kind of share issue, if it even gets that far (it doesn’t look like it will). Rangers fans have had a lot of stick on here for historically not having contributed as well as might have been hoped to share issues, but mark my words, if there is one forthcoming fans will not participate to any decent level and it’s because we’re fed up trying to put it into the “club” when it simply ends up in the pockets of crooks who never put in any of their own. They won’t get a penny from me, as their conduct so far has demonstrated quite clearly that they have no plan and no finance. If I did my job like this I’d have been rightly sacked, and yet they are asking for financial endorsement of their performance by us? Erm, how do I put this Dave…”No”.

View Comment

Avatar

jimlarkinPosted on11:22 am - Jun 13, 2015


Causaludendi and Resin_lab_dog

…apologies are offered to you both…

Just had a look at ICTFC online and it says this

…”Inverness Caledonian Thistle – great name, but how did it come about?
Caley, Thistle, CaleyJags or Something Else?
The club’s official name is Inverness Caledonian Thistle and we are very proud of that name. However it is a bit of a mouthful for most commentators and fans so the official name is frequently shortened.

Given the club’s history some fans will call the team “Caley” some will call us “Thistle” or “The Jags” and others will call us Caley Thistle or the “CaleyJags”. No-one is wrong, they are all acceptable as is “ICT”, Inverness CT, or just Inverness … It is your team as much as ours so call it by the name you are most comfortable with.”

……………..

I was going on the basis that I actually know some ‘Thistle’ supporters and they get riled when they hear ICT being referred to as ‘Caley’, so I guess they (as Thistle fans) have no ‘right’ to grumble !!??

View Comment

scapaflow

scapaflowPosted on11:29 am - Jun 13, 2015


Hoopy 7 says:
Member: (65 comments)
June 13, 2015 at 9:44 am

Hoopy, I think you are quite correct. Whatever, one might think of Ashley, his track record is that of someone who follows the process. he will have worked out his potential end games, and his legal team will have worked out the best routes through the system. For a bit of extra hilarity, because he will follow the processes, RIFC, will end up paying Ashley’s costs, while Ashley, as my American friends put it, screws them with their pants on.

Ryan

Believe it or not, I do sympathise. There are no good solutions left for Rangers’ fans when it comes to RIFC. I’m afraid, starting again, is probably the only option, I really believe, that its only a matter of when and not if, and how much of the supporters cash is burned in the meantime.

View Comment

Avatar

easyJamboPosted on11:32 am - Jun 13, 2015


jimlarkin says: June 13, 2015 at 11:22 am
——————————————
Oddly, the company that “owns the club” 😈 doesn’t use the accepted precedence of Caledonian before Thistle, but does use the opposite.

SC149117 – INVERNESS THISTLE AND CALEDONIAN F.C. LIMITED

View Comment

Comments are closed.