The Immortality Project

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Drew Peacock at 3:17pm: So are we to conclude that on …

Comment on The Immortality Project by nickmcguinness.

Drew Peacock at 3:17pm:

So are we to conclude that on top of the money paid to D&P for the stadium that Spivco also took on the £1.6million of payments to Close Leasing for refurbishments to catering facilities carried out before the club went into liquidation?
Would that not represent Preferential treatment of creditors?
After all, how could Close Leasing “own” the refurbishments?
This looks to me, as it’s always looked – that Richard Hughes, Ahmad and Stockbridge were called in to help their old pals at Close, Octopus and Ticketus get their cash back.
Today’s accounts are “Group” accounts, as they state that publishing individual company accounts would have been “meaningless”. When, in fact, they would have reavealed the full truth of the inter-company balance sheets and outright spivvery.
Tucked away on one line of the Accounts is a statement that the “Parent Company” suffered a loss of around £300,000 over this period.
Meaning, presumably, that almost all of the £14m loss has been suffered by RFC Ltd, while all of the IPO cash (or what is left of it) is with RIFC. A beautiful “switcheroo” if ever I saw one.
The Spivs now face a desperate battle to win the AGM votes so that no outsiders get on the board to take a forensic look at the true picture before the sucking dry of the RFC husk is completed, the sale and leaseback to RIFC is made official and an appeal is made to a new gang of numpties to “save” RFC Ltd via a sale of a “club” that will be unable to compete in any meaningful way with Celtic for a decade at least.
What a beautiful mess!

nickmcguinness Also Commented

The Immortality Project
Goldstein: “Something a lot of you overlooked more than once. Craig Whyte had his own receiver involved in the relevant transactions, as was his right in regards to his security. Let me advise some of you to pay better attention to the Law on floating charges and securities, I mentioned this before. I’m surprised nobody has ever looked into this, and I mean nobody.”

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With that comment our friend Goldstein….[Edit – abuse: TSFM]
The significance of the law change in relation to Floating Charges was discussed on RangersTaxCase, Kerrydalestreet and many other forums for months on end before even the A-Bomb hit Ibrox.
It has been well documented that Whyte’s biggest panic was over the prospect of HMRC being allowed by the court to appoint their own administrator rather than his chosen one, the Duff & Duffer duo who were colleagues of his bagman Grier.
If that’s the extent of your insight, Goldstein, do us all a favour and stop trying to insult our intelligence.
[Edited – abuse]


The Immortality Project
Doubts over the motivation of Charlotte Fakes have always meant that a hefty dose of the Salt of Scepticism has had to be added to her revelations before consumption.
It seemed to me that, especially in the last few weeks, the account was prone to manipulation by PR campaigners working on behalf of The Gallant Requisitioners.
However, the early releases of CF documents showed Whyte, Green, Ahmad, Grier and Rafat Ali Rizvi all working hand in hand to set up the Sevco 5088 switcheroo, even to the extent of proving that Whyte sent cash to Ahmad’s mum.
However, what was missing after that was any kind of communication between Whyte and Green concerning the process of “novation” that led to Sevco 5088 passing on its purchase rights to Sevco Scotland.
Charlotte’s later tweets appeared to show Whyte battling to establish a retrospective right to the assets via directorship documents that were submitted to Companies House many months late.
But there were no tapes of Whyte and Green discussing the the latter’s infamous Sevco-Sevco “novation” – something that, if true, would have surely reduced Whyte (not the most stable of personalities) to a frothing mass of eyeball-bulging rage.
No emails. No text messages. No board meeting reports.
Charlotte told us nothing about the most crucial hours and days in the Sevco saga.
So, to that extent, Goldstein may have a point (although his self-obsessed verbosity does rekindle memories of certain trolls long gone but never forgotten).
The possibility cannot be ruled out that Charlotte Fakes led us up to the top of the hill as regards Whyte and Green connivance (which may well have emerged in any case) then left us in the dark as to whether that partnership had continued. The Whyte-Green legal rumpus COULD be a sham. That is how spivs work.
But I am maintaining an open mind on all of this.
What we need are cold, hard facts. These are hard to come by.
However, Malcolm Cohen of BDO is on the case.
The end might come suddenly. And very, very unexpectedly.
This fascinating whodunnit has a few more twists, turns and red herrings to come yet.


The Immortality Project
Back to the £1.6m owed to Close Leasing:
Close Leasing were Secured Creditors, so they stood to be paid out of the £5.5m that the Spivs gave to Duff & Duffer.
In their August 2012 Progress Report (after the sale of “the club and certain assets”), D&P said:

Close Leasing Limited
13.8 The Joint Administrators are liaising with Close Leasing Limited in relation to the indebtedness and the property secured by the charges.

In their final report, published last October, D&P said the situation remained the same.
But now it appears that this “liaising” resulted in Spivco taking on another £1.6m of debts. How queer!
Was this mentioned in the IPO document?
What significance would this have for any other Secured Creditor, such as Liberty Capital or Ticketus?


Recent Comments by nickmcguinness

Two wrongs and a right
Dear JC,
Ya mug  (:-0)
It’s a Studio C spoof. Very funny, though.


SFM – The Next Steps
EasyJambo and tykebhoy,

Looks like Paul Murray has signed a form in May confirming that no security or floating charge can be granted over Murray Park without the prior consent of SportScotland . . .
Four months after the company gave Mike Ashley security over Murray Park, Edmiston House and the Albion Car Park.
I can see this getting nasty.
Welching on loans, a lying crook in charge, warnings that any investment is unlikely to make a profit.
Yup, I can just see the institutional investors queueing up to put more dosh into this car crash..
Now is the summer of their discontent (and discount tents).


A Sanity Clause for Xmas?
RE Ashley and Craig Whyte,

Their connection goes back to the founding and funding of the Sevco scam:

View post on imgur.com

Whyte and Jim Park did a deal with him that saw Ashley take almost 9% of the Sevco 5088/Scotland shares.
What kind of hard bargain did Ashley drive for that?
And if there is any type of “contingent liability” on the properties, he is in a very good position to find out exactly what it is . . . if he doesn’t already know.
Ashley was in from the start.
The Easdales represent the Blue Pitch/Margarita clan that were in from the start.
The people controlling the Rangers board have a vested interest in preventing any outsiders from having a look “under the bonnet” at what has happened at Ibrox over the last two and a half years.
All the Three Bears, King and others can do is threaten an EGM and hope they get 51% of the shares to vote them off.
If that looks likely, RIFC will go into administration/liquidation with ALL of its assets compromised.
What a mess!
The atmosphere at Ibrox tomorrow night could be quite nasty.


A Sanity Clause for Xmas?
Den,
That statement: ““The business strategy remains for the club to keep Ibrox Stadium and Murray Park free from any kind of security over bank debt” should ring a bell.
RIFC have boasted on many occasions that they don’t have any bank debt . . .
because no bank will give them credit.
So when they say that Ibrox and Murray Park WON’T be used as security over bank debt it does not take a huge leap of presumption to believe that Ibrox and Murray Park CAN’T be used for security.


A Sanity Clause for Xmas?
Also worth bearing in mind that Rangers FC Group Ltd, Craig Whyte’s “holding company” (previously Wavetower) had a Fixed and Floating Charge recorded on March 24, 2012, in favour of Liberty Corporate Ltd (director: Craig’s dad Thomas) “Over The Undertaking and All Property and Assets Present and Future, Including Goodwill, Bookdebts, Uncalled Capital, Buildings, Fixtures, Fixed Plant & Machinery”.
This was recorded before the Sevco deal was done.
Now, what “property and Assets” of RFC PLC RIP could Rangers FC Group lay claim to?


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