The Existence of Laws

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If there is something like £8m left in the bank …

Comment on The Existence of Laws by chipm0nk.

If there is something like £8m left in the bank (at either RIFC or TRFC) and that is being used on running costs, I take it the plans, as outlined in the IPO have been abandoned. The vast majority of the money having been spent on running costs (or just about to be spent on them). If the company is spending £20m a year or more I just don’t see where the income to cover that is going to come from. Particularly with ticket prices being frozen.So cash in the bank will continue to be spent.

42,000 @ £350 = £14.7m. Minus VAT = £12.25m income from tickets. Add in merchandising, sponsorships media etc and I think the business still struggles to break even

So as I said, what is going to happen to the other plans. Where is the money coming from. I really believe the reality is that not only did they not let the market know that there was a threat to the asset ownership, but they also misled it in what the plans for the future were. Of course it was actually a failure if I remember correctly. The target was something like £27m and they were well short of that if memory serves.

Click to access rifc-prospectus.pdf

The Company plans to use the money raised from the Placing to improve the
infrastructure of the Club. In particular, the Directors have identified:

upgrades to Ibrox stadium (approximately £5.5 million);

acquisition of land assets adjacent to the stadium (£4.5 million);

other identified projects which could result in additional revenue
generating activities (approximately £3.0 million); and

general working capital purposes.

In addition, should the Company receive funds from the Offer, the Directors have
identified other potential investments that would go beyond the Group’s strategy
in the next 12 months, but which could further enhance revenue opportunities.
In particular, the Directors have identified:

further upgrades to Ibrox Stadium (approximately £3.5 million); and

other identified projects which could result in additional review
generating activities (approximately £2.0 million).
Additionally, cash could also be used to provide the Directors with additional
flexibility to opportunistically consider appropriate investment opportunities
as and when they arise

chipm0nk Also Commented

The Existence of Laws
Jack Irvine talking about bribing South African SARS agents to obtain “secret Government files” about Dave King’s tax case.


The Existence of Laws
resin_lab_dog says:
Saturday, June 8, 2013 at 21:37

That’s the thing.

A pre-pack would have saved the business, if not the Ltd company. However the plan all along seems to have been to save the business, to have A Rangers in the SPL debt free.

No need for a CVA, still in the SPL etc. Everything else could have been achieved.

Hence my confusion.

The Existence of Laws
ecobhoy says:
Saturday, June 8, 2013 at 21:11

Fair points, he does come across as something of a sociopath. Maybe we shouldn’t look for rational explanations all of the time.

He may also have gotten caught up in moments like this and forgotten that there was no proper business model in place without cheating and stealing.

Recent Comments by chipm0nk

Scottish Football and the case for a Bismarck!
Given the context, and the mention of the Blue Knights, then immediately speaking to Brian the most obvious assumption is that it is BK.

That would be a real Wow Just Wow moment.

CG, CW and BK meeting.

Scottish Football and the case for a Bismarck!
john clarke says:
Monday, May 13, 2013 at 19:53


Which part don’t they understand.

The team which won SFL3 would not enhance the SPL in any way, shape or form.

The team they want in the SPL does not exist any more, the majority of the players walked away, for nothing. The new club can’t just replace that team, where would the money come from to buy those players and to pay their wages.

The old club couldn’t afford them, by about £10m a year, what makes these morons think the new one will be able to.

Scottish Football and the case for a Bismarck!
Charlotte Fakeovers (@CharlotteFakes) says:
Monday, May 13, 2013 at 18:29

D’artgnan on RangerMedia – my goodness, what a waste of energy and of course a massive deflection from what really upset them all.


I also find it quite amusing when people try to write a certain way and it comes across entirely differently.

“There is a growing feeling that HMRC’s continued refusal to comment on this matter, thus preventing shareholders from seeking legal redress, is tantamount to an attempt to perverse the course of justice.”

Spell checks don’t cover everything old chap.

Scottish Football and the case for a Bismarck!
Presumably Mr Irvine was then responsible for “deleting” Craig Whyte from the interweb.

Hence the MSM not being able to establish that he was a fraudster and a liar.

Scottish Football and the case for a Bismarck!
twopanda says:
Monday, May 13, 2013 at 00:14


Where have I said liquidation wasn`t inevitable? – Course it was inevitable

If you feel who the administrator was is irrelevant – that`s fine – that`s your view – certainly not mine!


So, in your view liquidation was inevitable.

Then we are agreed.

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