Comment on The Causes of Crime by scottc.
WEEJOEOCTOBER 18, 2016 at 12:10 Reading about the status of the ownership of the ‘basket of assets ‘ I had a wee jog of my 67 year old memory. There is a memory false or otherwise whereby Craig White had moved Ibrox and MP to a second subsidiary of Wavetower who’s sole director was Tom White. I understood that these assets were therefore not contained in the ‘basket’. Any of you clever guys remember this or has my old memory let me down again?
I think he moved the floating charge over ALL the assets (but no specific asset) to the other company. Had he been clever it would have been a fixed charge over particular assets but that would have limited his maximum take.
The last set of management accounts that were on the internet showed an annual budget of £114K
Might be coincidence, but assuming this figure is correct, two years of this would be £228k, which is exactly a factor of 10 lower than the figure quoted by JJ. Is it possible that someone has misread the number?
The Causes of Crime
I just can’t believe this water thing is real. I mean, if TRFC/RIFC were going to steal water, surely they would not be stealing holy water?
EASYJAMBOOCTOBER 18, 2016 at 14:33
In March 2016, a claim by the old Wavetower (TRFCG) for £18M against BDO was “sisted” by the judge until the criminal case was concluded. BDO subsequently reported that the claim had been withdrawn in April 2016, but were expecting a new claim for £3M to be forthcoming. As at 7 June, no claim had been received.
It is not clear if the Worthington / Law Financial / Sevco 5088 claim in respect of the oldco assets is the same one or a new one. I would guess that this one was related to the letter of claim that the Newco received two or three years ago.
I would have thought they were different claims, EJ. The £18m claim was related to the floating charge that was transferred to Wavetower on the original Whyte purchase. The Law Financial claim is surely related to the sale to SS rather than S5088?
DECEMBER 23, 2017 at 15:51
ALLYJAMBODECEMBER 23, 2017 at 13:28============================
If 50% of the people have to take up the offer then how does that defend the position of small shareholders, which is the point of the rule as I understand it.
It’s not 50% of the people. It’s enough shares to take the concert parties holding to 50%+1. If they already have 35.5% or thereabouts, it’s less than 15% of all shares; about 24% of the shares out there that they don’t already hold. He will undoubtedly try to stiff Margarita/Blue whatsisname etc by trying to claim they can’t trade their shares, so that could end up in court again
Enough is enough
I’d like to see statistics regarding the ground covered by the various players last night. I lost count of the number of relatively tight TV shots where 3 or fewer Celtic players were ‘covered’ by 8 or more outfield Bayern players. They were everywhere
OCTOBER 15, 2017 at 09:37
I wonder how DK’s legals satisfied themselves that they would get their fees? Is it the practice for QCs to ask for money up front? Or will King be able to claim on the ‘directors’ liability’ insurance cover?
John, I think PMG has blogged that he asked the RIFC board to cover his legal expenses and they said no. As for Director’s liability, I’m not sure it would cover this
OCTOBER 13, 2017 at 10:28
Alisdair Lamont not at court today
Hopefully someone else will live tweet it. If I had known I might have gone down there myself, being unexpectedly at home
OCTOBER 12, 2017 at 22:28
Other people’s money I should think, EJ. Did someone on here not once say that he had borrowed from one of the 3 bears or some such thing.Anyway great posts tonight. Thanks also to JC for keeping us updated.