The Immortality Project

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The Immortality Project

The Immortality Project – or – Death and Denial – Guest Post by Humble Pie

Death has a tendency to put everything else into perspective.

My family recently suffered a bereavement. It wasn’t a sudden death but it was still far too quick and far too soon for any of us to get our heads around. As our loved one’s illness progressed, each of us, in our own way, began to prepare for the inevitable. In the end, whilst it was not unexpected, it was nevertheless very traumatic, for everyone concerned.

Grief is a strange and often debilitating set of emotions. Even now, a few months on, when the intense sadness and tears have given way (mostly) to disbelief, we still find it hard to fully comprehend what has happened. We might never completely ‘come to terms’ with that fact, however, we do accept that it DID happen, much as we all wish that it hadn’t.

Many of you will be familiar with the Kubler-Ross model of the five stages of grief; Denial, Anger, Bargaining, Depression and Acceptance. Well, I am aware of having experienced each of these stages over the last year, as well as a couple of others which I wasn’t prepared for (a lot of personal reflection, a little guilt and a not insignificant amount of pain).

It seems to me that the Rangers supporters have been purposefully ensnared in an interminable cycle of the first two stages of KR; alternating between the denial of the death of Rangers and anger at what they feel has been done to their beloved club then back again to denial. This, as any first year psychology student will tell you, is a very unhealthy state of mind which, if not addressed, can quickly lead to physiological and behavioural problems.

At its lowest level, for example, people throughout the ages have continued to set places at the dinner table for their long-dead loved ones. They know in their hearts that the person has died but are comforted by the familiarity of doing the same things that they have always done. However, in extreme cases people have even kept and maintained the actual cadavers of the deceased, dressed them, talked to them and watched TV with them, in a state of absolute denial.

In archaeology, accepting and recognising the inevitability of death through conducting ceremonial burial services is considered to be one of the very first signs of a civilised people. You see, grief is a uniquely human and cathartic process i.e. it can produce ‘a feeling of being cleansed emotionally, spiritually, or psychologically as a result of an intense emotional experience’.

In short, grief is ultimately a good thing which leads you through a series of natural psychological steps towards acknowledgement of an unalterable situation, allowing you to take stock, re-evaluate and start to move on with your own life in a positive way.

That is what should have happened with the fans of the old Rangers.

Instead, this ‘never-ending cycle of the undead’ was positively encouraged by those many unscrupulous individuals who saw a way of making a fast buck from maintaining the ‘Then, Now and Forever’ illusion. Worse still, this resurrection fantasy is being facilitated by the very people whom we have entrusted to stop this kind of thing from happening in the first place. If only the SFA or the MSM had told them the truth, they might have had a chance to actually face up to the situation.

Unfortunately, these two bodies were so complicit in Rangers demise, so right up to their necks in the brown smelly stuff, that they were too afraid to face the inevitable anger which would have rightly come their way. So, they made up grim fairy tales to feed to the bereaved souls about non-existent ‘holding companies’, the ethereal ‘club’ which transcends death and by suggesting that it is ‘all a matter of opinion’.

Ernest Becker, in his 1973 Pulitzer Prize winning book ‘The Denial of Death’, posits that “human civilization is no more than an elaborate, symbolic defence mechanism against the knowledge of our own mortality”. This fear of death acts as an emotional and intellectual response to our basic survival instincts.

‘By embarking on what Becker refers to as an ‘immortality project’, in which a person creates or becomes part of something which they feel will last forever, the person feels they too have become part of something eternal; something that will never die, compared to their physical body that will die one day’. When this ‘immortality project’ is threatened it leads inevitably to fear, depression, loss of identity and sense of purpose.

In that case, the initial reaction of the fans to the imminent demise of Rangers was entirely predictable and understandable. “No way, this can’t happen to us, we are the people”. However, as soon as the full realisation of their club’s inexorable slide into liquidation began to sink in, came the expected anger. But towards whom should their righteous wrath be directed?

“Who did this to us, who are these people?” they cried. “Not I”, said Sir Murray of the Mint, “for I was duped”, “Nor I”, said President Ogilvie, “for it was never my role”. “Nor I”, said Mr Smith, “for I never knew nothing or nothing”. “Not us”, squealed the media monkeys in unison, “for that’s what we were told”, “Nor us”, said the SPL “it was nothing to do with us”.

“Who then?, we demand to know who these people are”, howled the horrified hordes. “T’was the Whyte knight”, they all concurred, “he alone caused this calamity”. “And the bampots”, sneered the slimy slug. “And the taxman”, puffed the pundits. “And the unseen hand of Mr Lawwell”, whispered the bilious bears from the safety of their den.

There were even those who tried to warn them, not least Hugh Adam, Phil Mac and RTC but they didn’t want to know. Even when their very own Messrs Green and Traynor spelt out, in no uncertain terms, that liquidation meant the death of their club, still they chose wilful ignorance. The MSM, with access to the same information, encouraged them to keep their heads firmly ensconced, ostrich stylee, on the banks of that ironically blue and white river in Egypt. Which just goes to show ‘you can lead a lamb to knowledge but you can’t make it think’

The point though is that the Rangers fans have heard the truth and once you have heard something you cannot unhear it. Even if you reject it, even if you deny it, it gnaws away at the back of your mind, infecting your subconscious.

Almost a year ago, I posted the following on TSFM. http://theinternetbampot.wordpress.com/2012/09/ in which I postulated that the SFA were too frightened to say anything which might imply that The Rangers were a new club.

Looking back at that post, I am amazed at how little the landscape has changed.

A year on and it has become apparent that the corporate cancer that destroyed Rangers has continued to metastasize in its new host. Charlotte’s revelations may have shown us that the rabbit hole goes much deeper than we first suspected. However, in my humble opinion, the information provided has only succeeded in ‘poisoning the well’ and deflecting attention from the main culprits in this disaster. Layer upon layer of complexity has been added to an already opaque story and the majority of her utterances appear designed to engage the more enquiring minds on this forum and consume their excess mental energy.

I know that some people are bored with this ‘debate’ but, to my mind, the single most important step for the redemption of Scottish football is the fan’s acceptance that The Rangers, who currently ply their trade in the SPFL First Division, are a new club. Once they have accepted that then everything else that they perceive has happened to them will begin to make sense. They will see that rather than everyone having a fly kick at them when they were down, most were actually trying to help them. It will also dawn on them that the very people who have been telling them that there is an anti-Rangers conspiracy against them are actually the same ones who are screwing them over.

Rangers were not relegated to div 3, The Rangers applied as a new club and were granted entry into the bottom tier of Scottish football. They are not banned from European competition, merely ineligible as a new club without the requisite financial ‘history’. Any reference to ‘rulings’ from ECA, ASA, the BBC Trust and any internal or so-called ‘independent’ enquiries are completely irrelevant, as none of these bodies are the final arbiter in this case. Scots Law is clear that there is no distinction between club and company after incorporation, when the company dies the club dies with it. That is not a matter of opinion, it is a matter of fact.

Sooner or later The Rangers fans are going to realise this fact and when they do, there will be hell to pay. Until they do, their new club can never become truly cleansed. Only then can they move on and only then can they join together with fans of other clubs to root out the real cancer at the heart of Scottish football.  That’s why the MSM and the SFA are still petrified to say anything. In the meantime the real creators of this disaster are sneakily positioning themselves further and further away from the scene of the crime.

I am sure the majority of us would happily accept a new Rangers, cleansed of its financial, emotional and supremacist baggage. A club that all decent Rangers fans could support without feeling any guilt about Rangers downfall or that they were being taken for mugs. The prospect of a new dawn in Scottish football, where sporting integrity took primacy and clubs lived within their means was very real. However, as usual the SFA couldn’t miss an opportunity to miss an opportunity.

The truth is that Scottish football is in the state it is in, not because Rangers died but because those with the power and mandate to effect the prognosis sat back and did nothing. I am sure that they believe that ‘time heals all wounds’ and that the longer this injustice is allowed to stand the more likely it will be accepted by the man in the street. No doubt the authorities feel it is in the national interest to ‘let sleeping dogs lie’. However I cannot accept this. I believe that it is vital that we are able to face up to reality so we can move on for the benefit of all football supporters.

Scottish football is at a crossroads right now, I think we all feel it. Rampant corruption has become so mainstream that many of our fellow supporters have began to accept this as the norm. However, it just doesn’t sit right with me and I suspect that many regular contributors and readers of this blog feel likewise.

We have quite lost our way and we live in a society which spends vast amounts of money paying people like Jack Irvine to ensure that we stay lost. The mainstream media treat us like little imbeciles and demand that we conform to their assumed ‘professional superiority’. The PR machine plays up to our stereotypes and feeds our fantasies while the poorest people pay to swallow their poisonous propaganda and relentless trivia.

So what can we do ? Clearly, battering out a few blog posts and strongly worded letters to the various authorities involved has been rewarded by the square root of FA.

How can we make this an opportunity for growth rather than contributing to the destruction of Scottish football ? It is not good enough to tear down a system unless we have a better system to replace it. However, I believe that it is not the system itself which is broken. It is that those charged with administering the system are hopelessly corrupted, hugely conflicted and unable to apply their rules without fear or favour.

By their incapacity and inaction (wilful or otherwise) the SFA have facilitated a motley crew of various spivs, chancers and con-artists to glean the last few meagre pickings from the bones of the emaciated loyal supporters of this new club purporting to be the once mighty Rangers. They have permitted these ne’er-do-wells to collectively appropriate many tens of millions of pounds from the Rangers fans, the creditors and the public purse. They have already allowed this corporate malignancy to spread to a new host, ‘The Rangers’, and the absence of ‘moral hazard’ makes it more likely that the disease will continue to spread.

Benjamin Franklin once said, “‘Nothing can be said to be certain, except death and taxes.”

Someone else once said, “The wages of sin are death, but by the time taxes are taken out, it’s just sort of a tired feeling.”

I sense that we are all beginning to get tired of this. It is time to stand together, all football fans, face the facts and direct our anger against the officers of the SFA who have allowed this sham to develop into a catastrophe.

I have no doubt that my humble opinions expressed here will raise the ire of many deluded souls. However, I am comfortable in the knowledge that the only people who get mad at you for speaking the truth are those that are living a lie.

RIP Big Man.

 

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3,959 Comments so far

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Exiled CeltPosted on6:22 am - Oct 3, 2013


Ian Fraser ‏@Ian_Fraser 5h
If you want to find out about #Lloyds, #HBOS & the state of British banking, this is worth a read http://www.publications.parliament.uk/pa/jt201314/jtselect/jtpcbs/27/27v_we45.htm … @lawrencelnt

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Tartawulver

TartawulverPosted on6:41 am - Oct 3, 2013


SouthernExile says:
October 3, 2013 at 12:45 am

Although he is regarded as a complete tit, I think Mr Graham is onto something here.
By Chris Graham | Contributor
——————————
However he comes across on Twitter (really not well, in my opinion), and however it may primarily be driven by inter-faction fighting, his article is thoughtful, to the point, and well written. I wish Rangers supporters had been querying things in such a way since a long time back, because his article shows what added power a reasoned, critical voice from within the ranks of Rangers followers could bring, or, more accurately perhaps, could have brought. I hope, even at this stage, Rangers supporters more widely get a taste for following up these trails and not letting them go.

Trying not to sound patronising, I welcome Chris Graham’s analysis of the latest situation, the wide boys only stand to lose if matters start to get investigated seriously from within the Rangers ranks, because it may finally give the green light to some in the MSM to follow up too.

To my mind, the importance of the Rangers story is the insight it gives us into the rot at the heart of the football setup, not only at that club/company (as you will), or even Scottish football, but across the global game, from Singapore and Australia to the European game. What would have once seemed to me to be lunatic ravings about endemic wider links to the financial industry, judiciary, gambling industry etc now seem all too credible.

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tic6709Posted on7:03 am - Oct 3, 2013


Charlotte has gone again.

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fara1968Posted on7:03 am - Oct 3, 2013


stevensanph on October 3, 2013 at 5:32 am
2 0 Rate This

On 14 June 2012, Sevco 5088 Limited entered into agreements for no consideration to legally reassign its beneficial interest in funding placing letters
held and to novate the trade and assets purchase agreement with RFC 2012 plc (in administration), to Sevco Scotland Limited (now The Rangers Football
Club Ltd).
+++++++++++

The Scottish Sun ran with that story when the Whyte link first came out. And here it is now in the published accounts. The Sun bit is below :-

Whyte’s claims of his buy-out involvement with Green will stun Rangers fans.
They centre on Sevco 5088 — where Green was a director — which paid £5.5million to buy Gers from liquidation in June last year.
Whyte will argue that he and Aidan Earley were the moneymen behind the move. Green transferred the assets — including Murray Park and Ibrox — to new company Sevco Scotland just days after sealing the deal. Whyte claims the assets were transferred ILLEGALLY because Green did not have the permission of Sevco 5088’s backers — himself and Earley. Sevco Scotland Ltd later changed its name to The Rangers Football Club Ltd.

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upthehoopsPosted on7:24 am - Oct 3, 2013


TW says:
October 3, 2013 at 6:41 am

To my mind, the importance of the Rangers story is the insight it gives us into the rot at the heart of the football setup, not only at that club/company (as you will), or even Scottish football, but across the global game, from Singapore and Australia to the European game. What would have once seemed to me to be lunatic ravings about endemic wider links to the financial industry, judiciary, gambling industry etc now seem all too credible.
=========================================
I’m happy to admit as a Celtic fan I’m biased, but I grew up honestly believing Rangers were the subject of preferential treatment from the authorities (both football and Government) and the media. There was too much evidence there for it all to be paranoia. I used to dream what if some explosive information became available that could expose all this, because the media couldn’t ignore it, and finally we could move towards a more level playing field. I still ask myself every day how I could have been so wrong most of my life.

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Danish PastryPosted on7:28 am - Oct 3, 2013


Nice use of the word ‘vexatious’ by Malcom Murray in this article:

http://www.scotsman.com/sport/football/spfl-lower-divisions/rangers-murray-denies-executive-salaries-claim-1-3123399

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CarucalPosted on7:35 am - Oct 3, 2013


With CF off-air again here are ‘her’ tweets from last night compiled into a more normal format.

Suspension lifted. Let’s get to the bottom of who has most to hide. No punches pulled.

Despite Charles having ownership of over 5 million shares at 1p each, not 1 had been paid for until a forced deduction from final salary. Why did the board sanction a £600k pay off and not go down the misconduct route despite privately sharing so many reasons to do so?

At the Pinsent Masons meeting on 29 April 2013, directors wanted to follow the money regarding the purchase of Green’s property in France. Tom Stocker advised that this was not part of the investigation and that they should stick to matters relating to Craig Whyte. On that very same date Pinsent Masons stated that they would be unlikely to give a clean bill of health to Green/Ahmad as regards dealings which they/5088 may have had with Craig Whyte. 17/5/2013 Messrs Green, Ahmad Whyte, Earley and others were invited to provide information to the Investigation but have not yet done so. PM were instructed to conclude the report despite the lack of co-operation by all the main players. How can the accounts give comfort?

Despite a request by the SFO to review the report, this was denied on the basis of legal privilege. RIFC do not consider that there are any events which should be reported to the SFO. This was despite the fact that Pinsent Masons were now about to move on to stage 2. AIM and the SFA also asked to see the report. On the 31 May it was made clear that the current RIFC boards way of thinking was to deny giving the SFA a copy of the report in any format. Indeed the main cause of concern between lawyers was the difficulties it may cause if AIM are permitted to view but the SFA are still denied. Legal Privilege was used as the excuse. Well worth checking up if the SFA ever received a hard copy. It is plainly clear that as at the end of May 2013, the SFA were to be denied access by the board.

So the primary basis of all comfort from the fact that CW had no rights to the assets appears to have been delivered by FFW. Despite being the company lawyer, several of the board wanted to report Christine/FFW so that the companies activities could be investigated

I shall come back to some of the other payments under investigation later. The existing board cannot be permitted to continue the cover up.

A nomad should act with the utmost of integrity. However the most recent of requisitions was engineered by Cenkos on their day of departure. Rather than facilitate a smooth handover, Cenkos took the lead role in the recently aborted coup which has crippled the board. A signal was given to them by another director to engage 15 others inc McColl, King, Artemis, Hargreave Hale and Miton, to name but a few. Cenkos turned against their very own client and were given the blessing to proceed if they could gather the support. Very cloak and dagger.

During one of the numerous AIM investigations into RIFC, Cenkos were able to confirm that as a result of terminations, leaks should cease. Also it was stated to the regulators that the email server, hosted by a third party, had been breached. *This is news to me. Had such a (sic) an intrusion taken place, I would have heard about it. I would therefore urge all to ask RIFC for further clarification and implications.

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andygraham.66Posted on7:49 am - Oct 3, 2013


From Carl le Fong on the comments page of the Scotsman

Ally McCoist is the next biggest ‘snout in the trough’ – why can’t the fans see that he is taking with both hands ‘while the going is good’?

He also continues his inane ramblings “I just signed contract and did not know what the salary was” – does he think that all our ‘heads button up the back?”

Then two days before the disastrous figures are released, he tells the ‘laptop loyal’ that he is taking a pay-cut – not one even asked – how much and when.

McCoist is not a ‘cheekie chappy’ – he is a shrewd and ruthless manipulator, who appeals to the lowest common denominator, aided and abetted by his media pals.

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Danish PastryPosted on8:25 am - Oct 3, 2013


Carucal says:
October 3, 2013 at 7:35 am
10 0 Rate This
————–

Thanks for that @Carucal.

If CF is a gunuine threat to certain people, a lot of clever tricks may be used to try to reveal her identity. It’s not beyond the realms of possibility that (if she or her source has been sussed out) she is being drip fed a mixture of fact and fiction.

I’ll get my cloak and …

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Danish PastryPosted on8:40 am - Oct 3, 2013


Those of you who have the stomach for SSB there were a few interesting calls last night. Starting just before the 24min mark on the podcast a caller, Mark, gets a fair crack of the whip and in return gets a bit of stick from Gary Ralston, of all people. Davie is the next caller. Kieran Pryor also makes an appearence. Interesting to hear him, pretty upbeat, which surprised me.

(Btw, just before the 24min mark there was a wonderfully well-spoken woman giving her take on the previous evening’s CL match. High-class caller.)

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ecobhoyPosted on8:50 am - Oct 3, 2013


A long post that I put up what a coupole of weeks ago – which sets the scene on what went on between the two Sevcos.

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

Charles Green departed Ibrox not to the triumphal strains of Zadoc the Priest but to the more mournful tolling of the plague bell. Now the doors of the dead are about to be opened in a bid to cleanse and expose the shocking but hitherto hidden and mouldering secrets lurking in an empty warchest.

The key to unlocking many puzzling mysteries and ‘Bringing out the Deid’ into the cold light of day will be the publication of the Annual Returns for both Sevco 5088 and Sevco Scotland both of which are well overdue and Companies House are duty bound to employ their sanitation hit squad asap.

I have previously dealt in detail with various issues concerning Sevco 5088 and Sevco Scotland but I feel it is worth going back to basics to try and understand the conflicting information distorted by smoke and mirrors. Hopefully others with statutory investigative powers will cut through the fog and set the record straight. In this piece, as previously, I will try to use official documents and recorded sources and keep speculation to a minimum although I have no doubt others will fill in the blanks.

Some Rangers posters appear to think that my last article on the companies didn’t fully explain the Rangers’ position so let me attempt to rectify that by going to the departed but not forgotten Dear Leader Green’s words and, in particular, his thoughts as broadcast on 13 April 2013 by STV at: http://sport.stv.tv/football/clubs/rangers/221242-extended-video-of-rangers-ceo-charles-greens-interview-with-stv/

Green clearly states that he was the first and only director and shareholder in Sevco 5088, an off-the-shelf company formed by Field Fisher Waterhouse (FFW) for the purpose of acquiring Rangers, and denied that Craig Whyte and Aidan Earley had any role in the company.

Green then explained that ‘as the model unfolded’ and the process changed Sevco Scotland acquired Rangers and not Sevco 5088 and stated: ‘The company that was originally formed wasn’t required and was handed back to Craig Whyte’ and added: ‘That company was never used for anything and it became a dormant company and was subsequently struck-off’.

Lets have a closer look at Green’s statements and see how they accord with the public record and might affect the contents of the overdue Annual Returns. Let’s get a small point out of the way to begin with: FFW didn’t ‘form’ Sevco 5088 although they may well have instructed the actual Cardiff-based formation company 7Side Ltd to do so.

Green wasn’t the first director and shareholder of Sevco 5088 Ltd who are listed respectively by Companies House as the formation agent Samuel lloyd and 7Side Secretarial Ltd. Indeed Green has never been listed as a Sevco 5088 shareholder at Companies House which still lists the sole shareholder as 7Side Secretarial Ltd.

The Rangers AIM flotation document for the December 2012 IPO states Green was the sole Sevco 5088 shareholder but failed to state his directorship in the company nor that it was a subsidiary of RIFC Plc.

Following intense media speculation the official Rangers website on 5 April 2013 quoted Green: “… I had signed a resignation letter and a stock transfer form because it was decided that a Scottish company should buy a Scottish institution. Sevco 5088 wasn’t required.’

On 12 April 2013 the official website stated: “Mr Green was the sole director of Sevco 5088 until he resigned and became the founder director of Sevco Scotland.’

These two statements confirm the Rangers AIM Prospectus information that Mr Green wasn’t a Sevco 5088 director in December 2012 and ceased to be so sometime between 29 May 2012 when Sevco Scotland was incorporated and 14 June 2012 when the same company bought the assets and business of Rangers from D&P.

However Green didn’t advise Companies House of his resignation from Sevco 5088 at the time and still hasn’t done so even though he wrote a resignation letter and signed a stock transfer form transferring ‘stock’ presumably from Sevco 5088 to Sevco Scotland. But what ‘stock’ was switched and was Green legally allowed to transfer it? According to Companies House there is only a £1 share in Sevco 5088 – not held by Green. So was the ‘stock’ transferred the millions of share options held by the ‘original placees’ who had invested the money to secure and purchase the Rangers assets from D&P through Sevco 5088? The closest we get to an answer is the vague ramble of Green that the ‘model unfolded’ and the process changed whatever that might mean.

A rather curious episode then took place on 27 December 2012 when Green signed a request for the voluntary striking-off of Sevco 5088 which was sent to Companies House by FFW and arrived on 7 January 2013 with the requisite notice posted in the London Gazette a week later. Curiously, Green stated on the form he was the sole director and yet he has stated and the official Rangers website has confirmed that he had ceased to be a director of Sevco 5088 at least 6 months earlier. There is another issue in that a striking-off application must be signed by more than one director unless he is the sole company director.

Things were quiet until a media bombshell dropped on 12 April 2013 that Companies House had received notification that Craig Whyte and Aidan Earley were appointed directors of Sevco 5088 on 9 May 2012 and their appointment forms had apparently been countersigned by Green.

The revelation that Green had apparently been secretly involved with Whyte in the company that had the exclusive right to acquire the assets and business of Rangers blew the already somewhat dodgy roofs off Ibrox Stadium as the Bears quite rightly erupted. In a desperate bid to regain the initiative Green appeared on STV in which became his Ratner moment as he attempted to prevent his gold turning into hoss-sh*t. He should never have taken the PR advice as he hung himself and possibly RIFC Plc out to dry condemned by his own words. However it is up to each individual to view the facts and reach their own conclusions.

Within days director termination forms, countersigned by Green, were submitted to Companies House by FFW in respect of Whyte & Earley which again seems curious if they weren’t directors as claimed by Green. Why not just report the director submissions as fraudulent to the relevant authorities and even stranger why did Green date the director termination forms for the duo from 9 May 2012 the date they were shown as being appointed on the forms previously submitted and countersigned in his name.

The big problem for Green about 9 May 2012 IMO is that it is prior to the earliest date he could have resigned as a director of Sevco 5088 according to his words and the official statements of Rangers Football Club which means that if Whyte and Earley were actually directors on that date and Green had signed their directorship forms then he was in grave difficulty. The Ibrox masses lapped-up ‘clever’ Charlie when he spun tales about how he conned Whyte and strung him along assisted by Imran Ahmad to rescue their beloved Rangers. However it is one thing to make verbal promises with no intention of keeping them and quite another to be a co-director with Whyte in a company exclusively purchasing Rangers.

Green walked away from Ibrox on 19 April 2013 and three days later RIFC announced on AIM that Sevco 5088 was a subsidiary of RIFC on 7 December 2012 when the company’s AIM admission document was presented. It was also announced that their departed CEO had failed to disclose his directorship of Sevco 5088 to AIM. However it again left the question unanswered as to if and when Green had resigned from Sevco 5088.

However, two days later on 24 April 2013 as media speculation continued unabated, RIFC Plc again issued an AIM statement describing Sevco 5088 as an inactive subsidiary which was and is defunct and non-trading. The statement avoided dealing with the thorny problem that their ex-CEO said he had handed Sevco 5088 back to Craig Whyte and resigned as adirector of the company prior to 14 June 2012.

Events moved on and Whyte and Earley contested their removal from office and following an investigation were reinstated as directors of Sevco 5088 and the director termination forms, signed by Green, were ordered to be removed from the Public Register of Companies House. so as far as Companies House is concerned Whyte & Earley are directors of Sevco 5088 and have been since 9 May 2012.

Returning to his 13 April 2013 STV appearance Green made the curious statement on camera that as Sevco 5088 was no longer required it was ‘handed back to Craig Whyte’. But if Green was the sole shareholder and director of Sevco 5088 as he claimed and Whyte had no role in that company why would he hand the company back to Whyte who had nothing to do with it according to Green. I can only draw one conclusion but I will leave readers to draw their own.

Green’s claim during the STV interview that Sevco 5088 had been struck-off is incorrect and Companies House records the true position that the striking-off application, signed by Green on 27 December 2012, had been received on 7 January 2013 but it had not been struck-off. One might consider why Green had any involvement in the striking-off application when he said he had handed the company back to Whyte in May-June 2012.

And it’s worth pondering his statement that Sevco 5088 ‘was never used for anything’. The minutes of the TRFCL Board meeting on 31 October 2012 states that Sevco 5088 paid a £200k exclusivity fee to D&P to be the sole acquiring party for the assets and business of Rangers. We also know that the company had received substantial investment funds and share placing letters concerning ‘original placee’ investors were issued predicated on Sevco 5088 being the acquiring company of Rangers. And we also know that Sevco 5088’s written permission was required to allow the switcheroo that allowed Sevco Scotland to subsequently become the acquiring party. Many claim that millions of pounds raised by original Sevco 5088 investors were also paid to D&P prior to Sevco Scotland becoming the acquiring party. I don’t inhabit Green’s world of high finance wheeler-dealing so perhaps Sevco 5088 was just a Cinderella who got nothing – it might be worth remembering how that story ended of course.

The TRFCL minute continually refers to ‘directors’ of Sevco 5088 in the plural which sits uneasily with the claims that Green was the only director and is of particular importance when considering that there is apparently no written authorisation for switching Sevco 5088 share placement letters to Sevco Scotland as the authority given by the ‘original placees’ is described as oral given to un-named Sevco 5088 ‘directors’ who remain a mystery.

RIFC Plc has stated to AIM that the directorship applications of Whyte and Earley were ‘falsely’ filed with Companies House. But if Whyte & Earley were directors of Sevco 5088 and were fully aware of the switcheroo why would they agree to it or was it the ‘mystery’ directors who did it and have since faded even further into anonymity. To echo a favourite son of Ibrox: ‘We demand the names’ and others may well be making the same request a little more forcefully quite soon.

So I believe I understand why RIFC Plc might have difficulty in providing Companies House with the Annual Return for Sevco 5088 – perhaps like the rest of us they have been left with a puzzle and unsure where the truth lies. There is a fine line between what is legally acceptable between taking someone for a pre-IPO ride like Whyte and a public company making official statements to AIM and Companies House. Still I’m sure Green will assist them in their predicament.

As to the overdue Annual Return of Sevco Scotland I was going to deal with that here but even as I type further information is emerging and I will deal with that separately although there are obvious links with the Sevco 5088 situation. I will also attempt to deal with the Worthington aspect of Sevco 5088 in a separate post as well as the offshore shareholders who also don’t appear on Companies House records.

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ecobhoyPosted on8:59 am - Oct 3, 2013


And the heart of the matter I posted about on 9 September where curiously enough I used the phrase . . . join the dots …. now where have I heard that before 😆

My full post is at: http://scotslawthoughts.wordpress.com/2013/09/09/mystery-directors-and-the-rangers-sevco-5088-switcheroo-by-ecojon/

But the guts of it is undernoted:

The critical TRFCL Board meeting of 31 October 2012 – whose minute was publicly released to the internet by CF – was attended by: Malcolm Murray (seemingly cast as ‘Daniel); Charles Green and Imran Ahmad in person and Brian Stockbridge by conference call.

The Board noted that Sevco 5088 had entered into a binding offer letter with D&P on 12 May 2012 to purchase Rangers by a CVA or failing that to acquire the assets and business of Rangers by an Asset Purchase Agreement (APA) and on 14 June 2012 the APA was completed after the HMRC ruled-out a CVA. Prior to completion of the APA various ‘original placees’ had invested cash in Sevco 5088 and were to be issued placing shares in that company because their investment was conditional on Sevco 5088 completing the APA as the ‘purchasing entity’. I don’t have written proof if any of this placing cash was remitted to D&P prior to 14 June and wonder if anyone can assist on this point.

The Board noted that prior to 14 June 2012 these ‘original placees’ had given oral consent to the ‘directors of Sevco 5088 to switch their cash and placing letters to Sevco Scotland. The directors aren’t named; no written agreement appears to exist; and the ‘switch’ dates aren’t given. The ‘original placees’ and shares held were: Margarita Trust (2.6 million); Norne Anstalt (1.2 million); Putney Holdings Ltd (700K); Elias Kaisar (100k); Jean T Haddad (250k); Blue Pitch Holdings (4 million); Glenmuir Ltd (1 million); Ian Hart (290k).

The Board noted that a few days prior to 14 June ‘the directors’ of Sevco 5088 apparently decided to set up Sevco Scotland Ltd (the predecessor company to TRFCL) to acquire Rangers and the TRFCL Board meeting of 31.10/2012 minutes that Sevco Scotland entered into the APA and acquired Rangers (with Sevco 5088 and D&P parties to the APA in addition to Sevco Scotland ‘to provide written consent to the change of acquiring entity’.

So we have repeated references to ‘the directors’ of Sevco 5088 and yet there was only the one director – viz Charles Green – shown in Companies House records up until April 2013 when Earley and Whyte went public. But they weren’t publicly notified as directors at the time of the Board meeting on 31 October 2012 and indeed in a statement to AIM on 24 April 2013 RIFC described the Earley and Whyte directorships as ‘false claims’. So who are these mystery Sevco 5088 directors repeatedly mentioned in the TRFCL Board minute?

And why if Earley and Whyte had falsely claimed to be directors with effect from 9 May 2012 did Charles Green issue termination notices of their directorships and state the start date for them was 9 May 2012? Surely the correct step would have been to state there was no start date because they weren’t legally directors and I am surprised that FFW appears to have let this go.

The TRFCL Board minute of 31/10/2012 said ‘the directors’ of Sevco 5088 had agreed the Board structure and shareholding of Sevco Scotland would be the same as Sevco 5088. In terms of public notification that appeared to be the case from 29 May 2012 until 28 June 2012 when Green was the sole director of Sevco Scotland and also publicly appeared to be the sole director of Sevco 5088. But on 29 June 2012: Murray, Ahmad and Stockbridge all became directors of Sevco Scotland but this wasn’t replicated in Sevco 5088 unless there were three other directors who hadn’t been made public.

A curious reference to Founder Shares is noted in the TRFCL 31/10/2012 minute that 2,199,900 shares were allotted to Charles Green in Sevco Scotland but that shareholding isn’t publicly replicated in Sevco 5088 so where is the ‘mirroring’ of shareholding in the two companies?

Is there any trace of the mystery Sevco 5088 directors? CF has provided documentation that purports to show that a Board Meeting of Sevco 5088 took place in London on 9 May 2012 which saw Earley and Whyte installed as directors of the company from that date and that Green would resign his directorship at a date chosen by Whyte and Earley.

Serious questions remain uncover the real reasons behind the ‘switcheroo’ and its legality which will only be established IMO when all the veils are removed.

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exfallhoose2012Posted on9:06 am - Oct 3, 2013


Re Company House – I see from Private Eye this week that CH is indeed taking a closer look at Cowboys Conmen (alledgedly) and Coventry. Perhaps they will examine Scotland’s favourite team next?

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ecobhoyPosted on9:07 am - Oct 3, 2013


Danish Pastry says:
October 3, 2013 at 7:28 am

Nice use of the word ‘vexatious’ by Malcom Murray in this article:

http://www.scotsman.com/sport/football/spfl-lower-divisions/rangers-murray-denies-executive-salaries-claim-1-3123399
===============================================================
I have previously noted that Mather seems to have memory or accurate recollection problems – noticed another interesting one of his yesterday and will knock a post together on it.

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Danish PastryPosted on9:14 am - Oct 3, 2013


ecobhoy says:
October 3, 2013 at 9:07 am
2 0 Rate This

Danish Pastry says:
October 3, 2013 at 7:28 am

Nice use of the word ‘vexatious’ by Malcom Murray in this article:

http://www.scotsman.com/sport/football/spfl-lower-divisions/rangers-murray-denies-executive-salaries-claim-1-3123399
===============================================================
I have previously noted that Mather seems to have memory or accurate recollection problems – noticed another interesting one of his yesterday and will knock a post together on it.
———–

He seems to be the last fall-back, the acceptable face of spivery. Hasn’t he already got his money back via the wad of 1p shares he was given? I suppose whatever he earns now will be his slice of the cake?

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ianagain

ianagainPosted on9:15 am - Oct 3, 2013


Re CF and veracity even Stockbridge recognises documents are real.

http://m.gulfnews.com/sport/football/battle-for-control-of-glasgow-rangers-set-to-hot-up-1.1238199

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BartinMainPosted on9:21 am - Oct 3, 2013


Goldstein

Your theory has a definite ring of truth for me. I had always thought the floating charge was still a factor. Didn’t Craig Whyte move it into his father’s name at some point in 2012?

I had thought your statement about Charlotte having been around for 14 months was an error. Your response was very interesting. I can think of only one guy with big hands that fits the bill, in terms of the timescale you state.

You may well have an agenda of your own but I believe in my own ability to cut through that and find the truth in what you say.

Please ignore the detractors. Keep posting- you’re a very interesting chap, and intrigue is a big part in what this is all about.

Bartin.

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SouthernExilePosted on9:31 am - Oct 3, 2013


stevensanph says:
October 3, 2013 at 5:05 am

So, crude calculation of 19m income, plus 29m in fundraising (this is on page 13 in the accounts – IPO and initial investment activity would make this about right from reported figures).

From this take away what was spent (33m recurring and 4.5m non recurring) and we get, 10.5m, just about what the balance sheet states. This tells me they did receive hard money for the shares… obviously the fees to get it there were a bit more than expected though.
————————————
I think there are a few other items.

Cash in 35m gross fundraising plus 19m income plus 8m deferred income (on BS) equals 62 m. 62m!

Cash out 34 m opex plus 6m fundraising fees plus 4m non-recurring plus 5m property equals 49m.

So on the above, cash in minus cash out equals 13m. Give or take the odd non-cash item, more or less the 11m in the accounts.
———————-
Also worth comparing with the half year.

Cash in hand at 31 Dec 21m, at 30 Jun 11m. So 10m burnt in six months with no distortion from start-up costs etc etc.

It’s a going concern, Jim, but not as we know it.

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Bawsman

BawsmanPosted on9:33 am - Oct 3, 2013


stevensanph says:
October 3, 2013 at 5:05 am
—————————————————–

Respecting your efforts mate, well done.

Question for you if you don’t mind? The 7 cup games? Is the proceeds not split with the opposition?

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stevensanphPosted on9:40 am - Oct 3, 2013


Bawsman says:
October 3, 2013 at 9:33 am

Not sure it’s 50/50 as cost would have to be deducted first, but yes, you are right… that would account for the extra 500k!

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ecobhoyPosted on9:44 am - Oct 3, 2013


ecobhoy says:
October 3, 2013 at 8:59 am

Following intense media speculation the official Rangers website on 5 April 2013 quoted Green: “… I had signed a resignation letter and a stock transfer form because it was decided that a Scottish company should buy a Scottish institution. Sevco 5088 wasn’t required.’
============================================================
It’s funny how easy it is to get lost in the woods and miss the smoking guns although I believe Bears are even more prone to this than I am 😉

Re-reading the stuff I re-posted this morning I suddenly realised what the ‘resignation letter’ might well have been and if I surmise correctly it is the smoking gun that will finish Green IMO.

Let’s step back to the CF documentation showing a Sevco 5088 Board Meeting taking place in London on 9 May 2012 which saw Earley and Whyte installed as Sevco 5088 Ltd directors on that date and that Green would resign his directorship at a date chosen by Whyte and Earley.

How silly can I get ❓ The Resignation Letter signed by Green that is confirmed on the Offishal Rangers website must have been signed at the Sevco 5088 Board Meeting in London on 9 May 2012. The effective date of resignation probably wasn’t filled-in but that meeting would be taped and Green’s signature on the resignation letter would make it impossible for him to deny it so he attempts to deflect its importance with smoke and mirrors.

And the Stock Transfer form would have been signed at the same time transferring the Subscriber share in Sevco 5088 to Whyte/Earley. This actually makes sense of the mystery that despite all the official statements on AIM and elsewhere that Green was the sole shareholder of Sevco 5088 Ltd that is not how the Companies House Record shows it.

The subscribing and only shareholderin Sevco 5088 according to public records is 7Side Secretarial Ltd.

I have to acknowledge HP’s contribution to restarting my brain with his good spot and comments yesterday in the Accounts and the shifting of ordure onto Green.

Key to Green walking away was that Sevco 5088 Ltd was struck-off and as such never needed to file an Annual Return. It hasn’t and as I have been banging on for ages one of the keys to the whole afair is completed Annual Returns for the two Sevcos.

OK they could be incorrectly completed but anyone who knowingly enters false information walks themself into the Lion’s Den of the SFO – and surely no one would be stupid enough to do that – would they ❓

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SmugasPosted on9:44 am - Oct 3, 2013


nawlite says:
October 2, 2013 at 10:05 pm

Oh and Goldstein, the way you write doesn’t come over at all well – I was thinking of asking Smugas to give up his blogname to make it available to you!

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

I’m novatin’ nu’hin! 😆

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BartinMainPosted on9:49 am - Oct 3, 2013


In light of Goldstein’s appearance, I think it might be worth re-visiting a very interesting post I have kept a hold of, from a West Ham forum of all places. Ignore the part about title stripping- that didn’t happen. But the rest appears to fit in with Goldstein’s theory. The post below was made over a year ago
———

Re: Rangers in administration (Non WHU)
by Wembley1966 on Thu Sep 13, 2012 5:17 pm
dub wrote:As for that lad Green, I still think he is up to something and would not be at all shocked to see the new club go tits up too.

Of course he is – he’s all part of the master plan concocted by Murray over the last 3+ years after his share subscription offer flopped and there was no more cash available from the banks. The original plan was to liquidate Rangers and start afresh in the SPL with no debts. Murray sold Rangers to Whyte for £1 and paid off the £18m debt to Lloyds (who were demanding the debt to be repaid and who had a charge over Ibrox and the Murray Park training ground). Murray or his associates didn’t want to pay the £18m and not get it back if Rangers liquidated, so they invested in Ticketus who bought 4 years of season tickets in return for giving Whyte’s Rangers £20+m. Whyte also sold off the future catering revenues to Close Brothers in return for a few £m that provided some of the working capital they needed for last season. The plan was to see through last season, quickly liquidate the club and their friends in the SFA/SPL would just transfer the SPL licence to the new club who would start with no debts. The plan went wrong when they didn’t make it past the very first preliminary match in the Champions League (nor the resulting Europa League preliminary) and with no European revenues they resorted to not paying income tax and VAT to provide them the cashflow they needed. As a result HMRC forced them into administration and they’ve been on the back foot ever since.

Duff & Phelps were appointed by Craig Whyte – they had previously advised Rangers on the sale to Whyte, so they are possibly complicit in the scam to sell everything to Green for £5m. Green is creating a siege mentality and the notion that everyone is out to get Rangers. He needs to get the Rangers support on his side and to create the ‘hard done by’ feeling amongst them all. As a result of this he’s managed to get them to buy season tickets and turn up for matches – but where’s that money going – Ticketus are still involved and want their money back, Close Brothers want their money back and Craig Whyte wants paying for all his troubles.

Although there was a court hearing and the resulting judgement that said under Scottish law the Ticketus agreement could be deemed invalid, this is no longer the case as the agreement was willingly transferred from old Rangers to Sevco 5088 Ltd, an English company who had bought all the old Rangers assets. So now the agreement is between 2 English companies where it is valid. Sevco 5088 Ltd then transferred some of the assets (but not the Ticketus agreement) to Sevco Scotland Ltd (a Scottish company) who are the new Rangers. There has to be a Scottish company as license holders to play in Scotland – but they now owe Sevco 5088 Ltd for the Ticketus money. That’s why Rangers were briefly known as Sevco 5088 Ltd rather than the sale being directly to Sevco Scotland Ltd.

So how are they going to pay these people off and still try to run a club whose expenditure still outstrips their income. A share offer! Who’s going to buy the shares – the supporters? What are they going to buy shares in – the Club or the Company (unfortunately the Company, so if that goes bust they’ve lost their money again). How’s Green going to persuade them to invest – increase the siege mentality. He knows the titles will be stripped – but stir enough sh!t about them and declare that you’ll never take away our titles and the supporters think he’s even more of a hero. If the share offer fails, he’ll walk away and they’ll liquidate the company – he’ll say he tried his best but the SFA/SPL had it in for him – it was their fault not his. They’ll eventually sell Ibrox to someone so Ticketus and Close Brothers get their money back – it’s worth more if it can be sold to a football club that will play there, which could be another new incarnation of Rangers or someone buys Cowdenbeath Rangers and relocates them to Ibrox, changes the strip and drops the ‘Cowdenbeath’.

And Whyte – well his dad still holds the floating charge over the Murray Park training ground which is worth a few bob.

http://www.kumb.com/forum/viewtopic.php?f=2&t=138488&start=1340

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Barcabhoy

BarcabhoyPosted on9:53 am - Oct 3, 2013


Here’s a little insight into how a no name , no reputation “investment professional” manages to get on the front pages of a tabloid that doesn’t have a business editor, or even a business section.

1 Claim to have an IQ of 220. Now it wasn’t difficult to fool the brainpower of journalists and editor at The Record, given their collective IQ’s may not reach 220. However even they stopped repeating this claim after a while when they were told this would make Pryor the most intelligent individual who ever lived. They may also have read this quote from Stephen Hawking ” – “I don’t know what my IQ is. People who gloat about their IQ’s are losers”

2 Throw out a big number and throw in a highly credible financial institution. So something like ” I managed £100 million for Goldman Sachs” The only problem with that is that places you just above Tea Boy at Goldmans. Serious and capable investment managers wouldn’t brag about that number, they would seek anonymity to avoid ridicule

3 Throw in a world famous name , and sound like you might even know them personally, and how they operate. The only problem with this is Bill Gates never ran Microsoft. He hired Steve Ballmer to do that.

4 Having now “Duped” the readership set phasers to full BS mode ( That could equally stand for Brian Stockbridge, but in this case it’s for Bull Sh*t)

5 Throw out some big claims now you have that glazed look in the eyes of Journo’s and readers

6 Claim #1 Rangers “This club is naturally six or seven times bigger than it is right now.” Really !! 6 or 7 times larger than its current £19 million turnover. So between £114 million and £133 million ! Note, not potentially but naturally. The only problem with that is the Oldco never got the turnover above £65 million, and the last audited accounts of Oldco showed turnover of £56 million with European CL Football and an SPL title winning season. Note : BS deflectors need to be on Max any time this guy talks

Claim #2 He added: “There is no danger, in my opinion as a professional investor, of Rangers going under.” Followed a few lines later by this “If we’re still struggling financially next year, then we can act.”
Now i don’t think you need an IQ of 220 ( even a kiddy on made up one) to see the idiocy and contradiction in these 2 statements. Receiving financial advice comes with a warning, when it comes from this guy you should also be wearing a Hazmat suit and a blindfold and noise canceling headphones

Claim #3 “One-off debts such as certain legal fees, oldco football debts, acquisition and IPO costs and pay-offs to individuals such as Charles Green amount to several million and won’t be recurring.” Now this is even more amateurish than the previous nonsense. You do know Kieron that the £14 million loss DID NOT INCLUDE ANY NON RECURRING ITEMS ? Surely you know that ? After all you are an Investment Professional.

Just when you think there are no more ridiculous characters to populate this story, another pops up to continue the fine old Ibrox tradition of spouting nonsense.

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Tif FinnPosted on9:54 am - Oct 3, 2013


The good people on follow follow are now discussing how costs can be cut in order for the business to move forward.

Unfortunately there are still quite a few who really don’t get the gravity of the situation. For example.

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

“If you a bit of basic maths (and I know its basic, and there are other elements) we lost £14.4m. Included in that were IPO costs and acquirement costs which total about £11.5m or so. Add in the fee paid for Templeton (we have no transfer fees this year) and we are less than £2m loss. If we’ve cut costs (players coming in are on less than those that left), that figure this year could be halved or so.

It has also been claimed we have cut security costs around the place, and that media revenue etc this year should be more, so it is possible we could not lose any money this year.”

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

So there you have it, things really aren’t that bad. Real trading loss was more like £2m, not the £14m – £15m people were thinking.

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Tif FinnPosted on9:57 am - Oct 3, 2013


Barcabhoy says:
October 3, 2013 at 9:53 am

See my (coincidental) last.

It seems the message got across.

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Barcabhoy

BarcabhoyPosted on10:03 am - Oct 3, 2013


Tif Finn says:
October 3, 2013 at 9:57 am

——————–

Indeed. Whatever you think about Jack, he knows his audience. The actions of a huge section of the Rangers support reminds me of the Kevin Bridges story about the guy in Glasgow who was 15 p short on his busfare, but still felt he could offer financial advice to Steve Zuckerberg that facebook should be “£1 a go “

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AuldheidPosted on10:05 am - Oct 3, 2013


Now that is very interesting from Chris Graham on a number of levels and hopefully is a sign of awakening that will spread across the culture he was dreaming in.

A bit long but the relevant parts are obvious.

http://www.inspirationpeak.com/library/awakening.html

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ecobhoyPosted on10:05 am - Oct 3, 2013


ianagain says:
October 3, 2013 at 9:15 am

Re CF and veracity even Stockbridge recognises documents are real.
http://m.gulfnews.com/sport/football/battle-for-control-of-glasgow-rangers-set-to-hot-up-1.1238199
==================================================
The Gulf News has always been fairly pro-Green probably because of the mystery investots out there.

Amazingly Stockbridge confirms CF docs are genuine – and still the SMSM doesn’t act. What a disgrace to journalism our churnalists actually are.

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100BJDPosted on10:11 am - Oct 3, 2013


ecobhoy says:

October 3, 2013 at 8:50 am

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A long post that I put up what a coupole of weeks ago – which sets the scene on what went on between the two Sevcos.

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

Charles Green departed Ibrox not to the triumphal strains of Zadoc the Priest but to the more mournful tolling of the plague bell
—————————————————————————————————————————————-
Econ,
As I am sure you know I completely agree with you in relation to the Sevco Scotland / Sevco 5088 scenario. There is supposed to be a document trail here so hopefully the truth will out. This documentation is basic and real and needs to be focussed on despite all the rest of the smoke and mirrors. Interesting that our new boy Goldstein seems a bit cool on what I believe is the fault line of the whole transaction.

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Tif FinnPosted on10:12 am - Oct 3, 2013


Barcabhoy says:
October 3, 2013 at 10:03 am

The bit that impresses me is the creation of this character in the first place. Boy genius, who sits quietly in the background doing and saying nothing. However always available to be brought out when required to tell the loyal everything is OK.

Fortunately they are obsequious enough to take the word of one of their betters at times like this. Even when all of the evidence is to the contrary

I’m sure you have researched this chap a bit more, I certainly did when he came on the scene. His credentials are less than impressive. Basically a man of straw, one wonders who is the actual owner of the shares he is said to have bought.

The bottom line here is that there is an ongoing deficit of well over £10m with no obvious way to fill the gap. I have tried to see how they can make it into a break even business and it simply doesn’t work without a massive re-structuring.

Perhaps that would be the one reason for administration. To break all of the contracts without having to pay them off. Shrink the business dramatically and make it viable going forward, albeit on a much smaller more realistic scale. It’s so mad it just might … nah, you would need someone who actually wants to run a football club in charge.

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BartinMainPosted on10:18 am - Oct 3, 2013


Goldstein

I haven’t sat around the TSFM table in quite a while. Although I do pop by on occasion to earwig. Less of an armchair researcher, more of an armchair conspiracy theorist, if you will- and not afraid to admit it.

You, though, have brought me back to the table, the main reason being your mention of the potential ongoing validity of the floating charge.

As I said, you appear to be a rather interesting chap.

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andydfcPosted on10:20 am - Oct 3, 2013


Tif Finn says:

October 3, 2013 at 10:12 am
Perhaps that would be the one reason for administration. To break all of the contracts without having to pay them off. Shrink the business dramatically and make it viable going forward, albeit on a much smaller more realistic scale. It’s so mad it just might … nah, you would need someone who actually wants to run a football club in charge.
——————————————————————————
No, as football debt, these would still have to be repaid post admin

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Tif FinnPosted on10:25 am - Oct 3, 2013


andydfc says:
October 3, 2013 at 10:20 am

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

Why would that be.

As I understand it if a proper administrator goes into a football club one of the first things they often do is decimate the staff, including the football players. Presumably they do that to minimise costs.

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ecobhoyPosted on10:28 am - Oct 3, 2013


Goldstein says:
October 3, 2013 at 9:59 am

And here was me thinking yesterday you were another one of Imran’s screen names.

As to the Rangers fan website accounts you appear to refer to they are known about but according to information published on the Darkside these accounts existed prior to any of the later spivs arriving and possibly pre-Whyte but were linked to Ibrox.

However you appear to think that all posters on here have a common purpose or even interest, Personally I have always taken the view that Rangers fans will end-up with the club they deserve and that is a matter for them.

My interest is more on the affect that Rangers have had on Scottish Football and, in particular, its governing bodies. I also have a wider interest in the role played by the Establishment in all its forms and the wider issues of how sectarianism can be tackled. The woeful lack of political leadership from any party and the SMSM also looms large in the mix for me.

Other posters quite simply want to see Rangers destroyed as their main priority. That is their choice and might even bring about some of the things I hope for but it is not the road I have chosen to go.

So we are a diverse bunch with all sorts of reasons as to why we post and what we seek and some even have no interest in anything to do with Rangers because the remit of the Blog is wide in certain areas.

Most of us also have other interests and have to earn a living – we are not paid to be here and since this began most active sites where fans converse like this one have been the subject of PR forays to steer the direction of discussion.

New posters are always in a sense ‘tested’. Some survive and become valued and trusted because of what they write not because of what they promise. Others are outed as trolls or PR plants and eventually ignored or kept as a tame figure of fun to be prodded every now and again and others drift-off for a variety of reasons.

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tic6709Posted on10:33 am - Oct 3, 2013


v
Auldheid says:

October 3, 2013 at 10:05 am

Now that is very interesting from Chris Graham on a number of levels and hopefully is a sign of awakening that will spread across the culture he was dreaming in.
=======================
Do you honestly think that Graham wants anything other than a return to the “good ol’ days”.
The fact that he has Finally woke up to the real financial mess that Sevco find themselves in.
He is without doubt one of the most bigoted of the Sevco Klan.(c)
It’s thanks partly to people like him that the real truth of what has been happening at Ibrox has been hidden from the fans. He spreads the lies,and the fans lap it up because that’s what they want to hear.
The truth has been a stranger at Ibrox for many years,I see no signs that it will be welcome anytime soon.

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Galling fiverPosted on10:38 am - Oct 3, 2013


Beat me to it tiff, the players can walk as before, and the rest have to renegotiate or ask for permission to sign elsewhere like before. They have declared already no signings in January which would be a football debt if any outstanding fees to other clubs are involved. Probably the reason CG fought so hard to avoid that one before, it’s money up front for transfer fees or free transfers for the foreseeable. As they didn’t and won’t avoid that again. Footballing debts having to be honoured keeps a lid on the spending power if the plan is for admin2, although poaching players with the promise of wages they cannot afford is just as bad IMHO.

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ecobhoyPosted on10:38 am - Oct 3, 2013


BartinMain says:
October 3, 2013 at 10:18 am

Goldstein

I haven’t sat around the TSFM table in quite a while. Although I do pop by on occasion to earwig. Less of an armchair researcher, more of an armchair conspiracy theorist, if you will- and not afraid to admit it.

You, though, have brought me back to the table, the main reason being your mention of the potential ongoing validity of the floating charge. As I said, you appear to be a rather interesting chap.
=====================================================================
Well once we get the details of the ‘ potential ongoing validity of the floating charge’ then we can all get involved in the discussion as there are some on here quite expert in that particular field.

Btw the West Ham post you mentioned states CW’s dad holds the floating charge over Murray Park – afaik there isn’t any charges over Murray Park other than the one by the Sports Council. So that seems unlikely.

Most of the other info in the post has been discussed in dozens of different places right from the very start of this affair so I’m not sure why the West Ham post is that different. I’m possibly missing something as I often do.

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spanishceltPosted on10:40 am - Oct 3, 2013


briggsbhoy says:
October 2, 2013 at 11:31 pm
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I’m entertaining the residents at Erskine home shortly, second time within a year. I must ask if any of them were abseiling down the stands at the weekend On a more serious note (I am entertaining at Erskine) but I think these are the guys that should be getting an invite to their favourite club whatever it is and no need for the fanfare
//////////////////////////////////////////////////////////////////////////////////////////////////////
My old dad spent the last few months of his life there and I must say the satff and his treatment were exceptional.
However, after serving his country for many years, including fighting and being badly injured during ww2 he had to pay 700 pounds a week for his 20 week stay. (14.000)
And this goes for a lot of the servicmen at Erskine so maybe if a certain football club paid their taxes then establishments like Erskine could be properly funded to help look after the servicemen the ibrox fans claim to respect so much.

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Galling fiverPosted on10:47 am - Oct 3, 2013


After reading my last post, I realise I have compared liquidation to administration with regards to players, and immediately had this nightmare vision entitled duff and fud 11. Surely that can’t happen again, the most helpful admin in history repeated, someone tell me that can’t be the case please.

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ecobhoyPosted on10:49 am - Oct 3, 2013


For those who might want to look at my thoughts in November 2012 long before CF scattered crumbs on the TSFM table check the post:

Who was Spartacus when Duff & Phelps sold Rangers Football Club?

http://scotslawthoughts.wordpress.com/2012/11/05/who-was-spartacus-when-duff-phelps-sold-rangers-football-club-by-ecojon/

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AuldheidPosted on10:49 am - Oct 3, 2013


TIF FINN

Motherwell used administration as I recall to offload players and Fraser Wishart spent a lot of time trying to get contracts honoured. I think settlement was reached when even football realised you cannot get blood out of a stone.

So yes Administration,especially if points deduction is meaningless in order to cut the wage bill is a possibility. However the balance between football and non football operating costs is puzzling.

The big bonuses and manager’s wages not only have to go but should be recovered although that would have to be voluntarily. Player wage reduction has to be a factor in that only highest earners need to go to get real savings.

But that puts the rise to the top tier at risk. That can be reduced by running the organisation as a proper football club where the finding and development of talent is the managerial mind set. Not buying the best from the rest. But then old habits die hard amongst both support and current football management.

However it is either go in the direction that all competitors have had to or depend on money you cannot earn.

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ecobhoyPosted on10:54 am - Oct 3, 2013


100BJD says:
October 3, 2013 at 10:11 am
ecobhoy says:
October 3, 2013 at 8:50 am

A long post that I put up what a couple of weeks ago – which sets the scene on what went on between the two Sevcos.

=====================================================
Charles Green departed Ibrox not to the triumphal strains of Zadoc the Priest but to the more mournful tolling of the plague bell
—————————————————————————————————————————————-
Econ,
As I am sure you know I completely agree with you in relation to the Sevco Scotland / Sevco 5088 scenario. There is supposed to be a document trail here so hopefully the truth will out. This documentation is basic and real and needs to be focussed on despite all the rest of the smoke and mirrors. Interesting that our new boy Goldstein seems a bit cool on what I believe is the fault line of the whole transaction.
=================================================

Go for it 100BJD – spell out the fault line ❗

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Tif FinnPosted on10:57 am - Oct 3, 2013


Galling fiver says:
October 3, 2013 at 10:38 am

With regard footballing debts, they are no different from any other debts in administration.

If people have a security then they get a preference. After that a CVA can be attempted.

Though to be fair with Rangers it seems unlikely that there will be much in the way of creditors anyway, well over and above the holding company.

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andydfcPosted on11:08 am - Oct 3, 2013


When a CVA is agreed, player’s contracts are still viewed as having to be repaid in full. Most clubs manage to reach agreement with the players, but generally at a level significantly above that of other creditors. I understand Dundee have recently finished paying players made redundant in the last Admin

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Galling fiverPosted on11:09 am - Oct 3, 2013


On another note, mr prior was put on that radio show last night to give his expert view and proclaim there will be no admin2, he also called them the new club, referenced dead club and a host of other lines that would have had the panel shouting him down normally. But they had to put up with him as he was lined up as a bearer of good news. Can a PC literate person link it please, it was funny, they must have been itching to correct the financial genius.

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Tif FinnPosted on11:11 am - Oct 3, 2013


andydfc says:
October 3, 2013 at 11:08 am

If a CVA is agreed and the player is still there then fair enough.

However I was talking about the administrator simply breaking the contract and letting the player go.

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andydfcPosted on11:12 am - Oct 3, 2013


no, these are players/staff who were paid off, including Billy EBT Dodds

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ecobhoyPosted on11:30 am - Oct 3, 2013


neepheid says:
October 3, 2013 at 12:28 am
neepheid says:
October 3, 2013 at 12:04 am

This is from note 28 of the recent accounts:

“On 14 June 2012, Sevco 5088 Limited entered into agreements for no consideration to legally reassign its beneficial interest in funding placing letters held and to novate the trade and assets purchase agreement with RFC 2012 plc (in administration), to Sevco Scotland Limited (now The Rangers Football Club Ltd).”

Have the auditors got it wrong?
================================================================
Very good question Neepheid! Not just on the point of the ‘novation’ but on the ‘placing letters’. Because the TRFCL Board Minute of 31 October 2012 states:

The Company entered into the APA and acquired Rangers (with Sevco 5088 and the Administrators of RFC 2012 plc being parties to the APA in addition to the Company to provide written consent to the change of acquiring entity).

Prior to completion of the APA various ‘original placees’ had invested cash in Sevco 5088 and were to be issued placing shares in that company because their investment was conditional on Sevco 5088 completing the APA as the ‘purchasing entity’.

The TRFCL Board also noted on 31 October 2012 that prior to 14 June 2012 these ‘original placees’ had given oral consent to the ‘directors of Sevco 5088 to switch their cash and placing letters to Sevco Scotland. The directors aren’t named; no written agreement appears to exist; and the ‘switch’ dates aren’t given. The ‘original placees’ and shares held were: Margarita Trust (2.6 million); Norne Anstalt (1.2 million); Putney Holdings Ltd (700K); Elias Kaisar (100k); Jean T Haddad (250k); Blue Pitch Holdings (4 million); Glenmuir Ltd (1 million); Ian Hart (290k).

So how did Deloitte find it possible to state in the Accounts that alleged oral conversations between mystery directors and original investors on unspecified dates prior to 14 June 2012 legally empowered Sevco 5088 to ‘legally reassign its beneficial interest in funding placing letters’ for no payment.

And how can Deloitte state in the Accounts that Sevco 5088 ‘novated’ its exclusive purchase agreement for the Rangers Business and Assets to Sevco Scotland for no payment and yet Sevco 5088 has paid at least £200k for their exclusivity.

I would hope that Deloitte have seen a copy of the alleged Sevco Scotland ‘novation’ agreement and have checked it against the D&P and Sevco 5088 copies.

I would also hope that there is some kind of written agreement covering the transfer of the original investor funding placing letters as surely Deloitte would not just go on oral conversations on unknown dates with mystery directors – Or would they?

Especially as the Rangers AIM Prospectus tells another different story – but then that;s another story 😆

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wottpiPosted on11:36 am - Oct 3, 2013


It seems that it is not only Malcolm Murray who is vexed as a bit of tit-for-tat has englufed our wee bampot world over the last few days..

For me I can’t see what the problem is.
For long enough many on here and RTC have wondered if Whyte was always in the drivng seat.
Those ‘old timers’ still looking in will remember goosy’s long and complicated theories of how everything revolved around the floating charges held by Whyte.

As far as I can see there has always been a number of possibilities-
SDM was in cahoots with Whyte
SDM was in cahoots with Whyte but Whyte duped him
Whyte had nowt to do with SDM and got in Green as a front
Whyte was behind Green/Amhed etc but they duped him
Mather was in cahoots with Green/Amhed
Mather was in cahoots with Green/Amhed but they scarpered leaving him holding the baby.
Green/Ahmed/Mather have set up the Easdales to be left with the stinky nappy.

The fact is, despite what others may say, the only people who know the truth are the main players.
IMHO everything else is all just a puff piece.
Some people, like Phil Mac, have appeared to have an inside track to some information but it has really been quiet for a long time.

While it is entertaining there have been countless ‘I know better than you’ type posts over the length of this saga but still nobody has pressed the ‘nuclear’ button. There is always an excuse – it someone else’s story, just you wait and see etc etc yawn yawn yawn.

If you are against the zombie club and want to expose it and at the same time the inadequacy of the footballing authorities (and others) then just put the story out there.
If you are for the zombie club and have information they are being shafted then just put the story out there.
If you are working for the spivs then why bother engaging on blogs and forums. You are doing such a great job of duping us all why boast about it like a B Movie Super Villan?

Otherwise what we are doing here is debating the various possibilites and questioning matters when new information or disinformation surfaces, along with questioning why certain authorities are sitting on their bottoms doing hee haw.

At the end of the day it will all come down to the money.
At some point in the future there will be a revelation of where money etc has ended up.
I have no doubt the latest Blue Knghts are trying to gain power to see exactly where the trail leads.
The current board seem keen to avoid scrutiny.

The question is really will the revelation come before or after the zombie club heads for admin2 or gets the cash injection it obviously needs from this weeks accounts?

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SmugasPosted on11:38 am - Oct 3, 2013


Eco

Re the switch

How can Deloitte state……..?

A/ Because they know the true owner of Sevco 5088 has been/will be bought off
B/ ref their corrective note to the accounts (sorry don’t have copy here) along lines of we cannot guarantee CW’s claims won’t come to anything
C/ some combination of A and B (in that order!)

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Danish PastryPosted on11:39 am - Oct 3, 2013


It’s here @Galling fiver. The interesting calls start at about 24min in. You can wind forward.

http://www.clyde1.com/on-air/superscoreboard/listen-again/

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ecobhoyPosted on11:48 am - Oct 3, 2013


Oh dear I see in Sevconia that BBC Scotland has kippered the complaints against Jim Spence quite neatly by using the BBC Trust decision 😎

That has obviously caused a great deal of bafflement 🙄

Don’t have a link to BBC decision and have no wish to post an RM link.

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Tif FinnPosted on11:53 am - Oct 3, 2013


Smugas says:
October 3, 2013 at 11:38 am

“The ultimate outcome of this matter cannot presently be determined, and accordingly no adjustments have been made to these financial statements as a result of this matter.”

They also note however.

“The Company commissioned an independent investigation (‘the Investigation’) to investigate the first letter before claim, which was concluded on 17 May 2013. On 30 May 2013, following the receipt of a second letter before claim, the Company announced that the Investigation had been concluded.

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Robert Coyle

Robert CoylePosted on11:59 am - Oct 3, 2013


Charlottes tweets,took from Carucal’s post,

A nomad should act with the utmost of integrity. However the most recent of requisitions was engineered by Cenkos on their day of departure. Rather than facilitate a smooth handover, Cenkos took the lead role in the recently aborted coup which has crippled the board. A signal was given to them by another director to engage 15 others inc McColl, King, Artemis, Hargreave Hale and Miton, to name but a few. Cenkos turned against their very own client and were given the blessing to proceed if they could gather the support. Very cloak and dagger.

From Malcolm Murray statement,
Murray claims that, while he was chairman, the club’s nominated adviser and broker had backed him in his bid to reduce the salary payments.

“Cenkos and I tried again to lower them at IPO but found severe resistance,” he claimed.

http://www.bbc.co.uk/sport/0/football/24376563?utm_source=twitterfeed&utm_medium=twitter
————————————————————————————
Looks like Cenkos may have interfered more than once with the politics at sevco.

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john clarkePosted on11:59 am - Oct 3, 2013


stevensanph says:
October 3, 2013 at 5:32 am

“….Hang on… so Sevco 5088 DID have the assets and gave them to Sevco Scotland for 0.”
——-
I think that that statement in the accounts is actually an untruth.
Consider,
SEVCO 5088 was incorporated on 29/03/2012. as a one-man band , CG being that man.
CW did not become a director of it until 12/04/2013.
The May 12th 2012 letter of offer from SEVCO 5088 to the Administrators was an offer from Sevco 5088.

D&P and CG contracted for the Sale and Purchase Agreement OSTENSIBLY to SEVCO 5088 ( the name mentioned in the offer letter from SEVCO 5088) but actually to SEVCO Scotland ( which is the name on the Sale and Purchase Agreement.)
CG diddled CW.
Since CG’s Consortium (SEVCO Scotland) was the contracting party, the goodies were the property of CG.
So, no novation involving the other contracting party (D&P) was required.
CG simply was able to transfer the goodies on his own say so.

CW was hung out to dry, because he was not part of Sevco Scotland, and he could argue till he was blue in the face that Sevco 5088 was the rightful contracting party, but hasn’t a leg to stand on in view of the fact that it is SEVCO Scotland’s name that is on the SPA.
The original conspiracy, of course, was that Whyte would be kept out of any obvious connection with the purchase-hence he was not a member of SEVCO 5088- on the understanding that he WOULD be a director of SEVCO Scotland when the goodies were assigned to that.
He was well and truly shafted first by Green, and now, formally by RIFC plc in their denial that SEVCO has any place in the scheme of things.
I believe this version of events to be accurate.
Can’t prove it, of course.
But I’m sure BDO will come to the same conclusion.
Not, as I say, that I’m too bothered.

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Bawsman

BawsmanPosted on12:14 pm - Oct 3, 2013


Rangers share price performance?

Did not flinch on the day (or day after) a terrible set of accounts were published.

Down a couple of pence today when most of the transactions are ‘buys’??????

No mention of Green walking away?

Beyond the scope of my lens is that.

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HirsutePursuitPosted on12:15 pm - Oct 3, 2013


john clarke says:
October 3, 2013 at 11:59 am
===============================

Following the extensive marketing of the Company and the extensive sale process, an offer was made by Sevco 5088 Limited (―Sevco‖) to make a loan on certain terms (explained below) in conjunction with the purchase by Sevco of the Group Shares.

4.18 Having considered the offer from Sevco and compared it to other offers received for the Company / business and assets, the Joint Administrators determined that the Sevco offer was preferable because it:secures the best available return to creditors of the Company; and proposes a CVA in respect of the Company, the benefits of which are outlined in paragraph 2.10.

4.19 Consequently, on 12 May 2012, the Joint Administrators agreed and signed an offer letter with Sevco (―the Offer Letter‖) and granted Sevco exclusivity to complete a takeover of the Company or a purchase of the Company‘s business and assets by 30 July 2012. Sevco made a payment of £200,000 to the Company for such exclusivity.

http://www.scribd.com/doc/152313313/Rangers-Cva-Proposal
Simply for the avoidance of doubt. The contracting party with D&P was Sevco 5088 Ltd.

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john clarkePosted on12:16 pm - Oct 3, 2013


Incidentally, every time I click on to ” The Immortality Project” my mind thinks “Immorality”. Nearer the truth when it comes to “The Charlotte project(s) ” of Akers and Ellis!

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andygraham.66Posted on12:27 pm - Oct 3, 2013


Dunfermline home next week cancelled due to intentional call ups

😉

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Bawsman

BawsmanPosted on12:35 pm - Oct 3, 2013


andygraham.66 says:
October 3, 2013 at 12:27 pm

Dunfermline home next week cancelled due to intentional call ups
=============================
That means NO home fixtures in October, that’ll sting. 😯

BUT

NO pre-AGM anti board protest at Ibrox.

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Lord WobblyPosted on12:38 pm - Oct 3, 2013


Bawsman says:
October 3, 2013 at 12:35 pm
0 0 Rate This
andygraham.66 says:
October 3, 2013 at 12:27 pm
Dunfermline home next week cancelled due to intentional call ups
That means NO home fixtures in October, that’ll sting.
BUT
NO pre-AGM anti board protest at Ibrox.
~~~~~~~~~~~~~
Or match day income

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ecobhoyPosted on12:39 pm - Oct 3, 2013


Craig Mather seems to be having memory lapses about his role in Rangers and was quoted yesterday in the Daily Telegraph stating: ‘The club was bought by the Green consortium and I wasn’t part of it at that juncture. Monies were paid in good faith for those trading assets, full stop.”

Well as he says he wasn’t involved at the time so I will reserve judgement on how accurate Mr Mather’s comments are that money was paid in ‘good faith’ for the Rangers trading assets because I have no idea what the motivation of some of the original investors was although I can make an educated guess.

However let’s return to Mr Mather, who is in danger of earning a Teflon subriquet, and look at his involvement as far as has been publicy recorded.

On 18 July 2012 – just one month after the Rangers assets had been purchased – Craig appeared on the scene from Nottingham although he still remembered the obligatory visit to Rangers as a boy and as with others who have come to grace the Blue Room he never forgot the ‘goosepimple’ experience. I suggest that he might never forget his later experiences at Ibrox either including some of the roars from fans to get outa Dodge.

He was said to have invested £1 million to own 10% of the Ibrox club and that he would be assisting the club’s youth development at Murray Park. Craig did provide some details as to how he joined the Green consortium by recalling: ‘I met Charles Green a while ago and we have a few common contacts. He put the idea to me, and I’ve always been a lover of football.

“I’ve been to a number of the Old Firm clashes and I remember going there as a younger boy and having goosebumps listening to the roar, and I couldn’t imagine that it would never happen again. That was how it started. I had various meeting with Charles and the team and had a look at the facilities at Murray Park – and it went from there.”

Taking his comments at face value it seems to me that Mather was actively involved with Green and his consortium before they purchased the trading assets and indeed if his £1 million bought 10% of Sevco Scotland then he was hot on the heels of the original investors in joining-up.

The announcement of Craig’s investment came at a very fortuitous time for the Green consortium as pressure mounted to reveal the mystery offshore investors in the club. The SFA had requested additional information about the people behind the newco’s finances with visceral fears that Rizvi was involved. Its ‘fit and proper person’ test for investors had to be satisfied and Craig certainly was an ideal ‘poster boy’ for that purpose.

Back in July 2012 Craig was at great pains publicly to point out that his role at the new club wouldn’t be in the day to day running of the business affairs but on youth development at Murray Park.

He added: ‘My forte and future role with Rangers will be based on youth development side. So, spending more time at Murray Park rather than the Ibrox side of the business. From discussions we’ve had to date, there is an intent for me to have a seat on the footballing board, looking at that side of things. I’ll be working with the staff there.’

Then on 17 October Rangers announced that Craig Mather has been appointed as director of sports development.

Well we all know what happened and unravelled from the flotation onwards and wasn’t it oh so fortunate that Craig met Charlie all that time ago and agreed to become an investor otherwise he wouldn’t have been there on the spot to walk away from his first love of developing young players and step into the CEO hot seat – quickly becoming known as Old Sparky down Ibrox Way. Well as they say Cometh the Hour Cometh the Man!

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john clarkePosted on12:40 pm - Oct 3, 2013


HirsutePursuit says:
October 3, 2013 at 12:15 pm
” —-Simply for the avoidance of doubt. The contracting party with D&P was Sevco 5088 Ltd.”
——-
Thank you for that, HP.
But -and if you have a copy of the actual Sale and Purchase Agreement ( I haven’t) could you check that it was SEVCO 5088 that was the actual contracting party?
I seem to remember seeing ‘Sevco Scotland” in that document.( Where I saw it, other than a Charlotte leak which I did not copy, I can’t think).
I might be wholly wrong, but I feel that that was when the dirty deed was done to cut Whyte out of the proceedings, and to fool by legal sleight of hand using a very very similar company name to the one in the offer letter, any outsider looking in ( the insiders all being party to the deed).
It is by no means unheard of for there to be such a thing as crooked lawyers and crooked clients.
Not that I would suggest anything other than a hypothetical case, to try to understand why Whyte would have felt aggrieved.
But, of course, I defer to your greater,and more intelligent and objective , understanding of these matters.
And it’s all such fun, knowing that there are men quietly sweating and hoping that BDO’s investigations will lead nowhere!

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Lord WobblyPosted on12:40 pm - Oct 3, 2013


Sorry Bawsman. You said that.

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TorquemadaPosted on12:40 pm - Oct 3, 2013


ecobhoy on October 3, 2013 at 11:48 am 2 0 Rate ThisOh dear I see in Sevconia that BBC Scotland has kippered the complaints against Jim Spence quite neatly by using the BBC Trust decisionThat has obviously caused a great deal of bafflementDon’t have a link to BBC decision and have no wish to post an RM link.

I’m sure this makes sense to many on here but not to me. 😳

Can you translate, EB, for the hard of jargoning? Thanks.

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100BJDPosted on12:41 pm - Oct 3, 2013


100BJD says:
October 3, 2013 at 10:11 am
ecobhoy says:
October 3, 2013 at 8:50 am

A long post that I put up what a couple of weeks ago – which sets the scene on what went on between the two Sevcos.

=====================================================
Charles Green departed Ibrox not to the triumphal strains of Zadoc the Priest but to the more mournful tolling of the plague bell
—————————————————————————————————————————————-
Econ,
As I am sure you know I completely agree with you in relation to the Sevco Scotland / Sevco 5088 scenario. There is supposed to be a document trail here so hopefully the truth will out. This documentation is basic and real and needs to be focussed on despite all the rest of the smoke and mirrors. Interesting that our new boy Goldstein seems a bit cool on what I believe is the fault line of the whole transaction.
=================================================

Go for it 100BJD – spell out the fault line ❗
—————————————————————————————————————————————–
The fault line in my eyes regarding the deal transaction is that Charliebhoy and Imran needed to control Craigiebhoys shares in the Old Club as the shares were absolutely neccessary for an administration solution. I remember writng on RTC that I was at Roganos when the admin situation happened and regaled punters of how “pre pack” admins really worked. The shares were an essential part of this process. As a point of interest Charliebhoy covered his purchase offer for Rangers to include the administration position and a liquidated position. That made sense as any decent businessman would need to cover both bases. We then see a report that Charliebhoy has purchased Craigiebhoys shares for £2……really does anyone seriously believe this? Craighiebhoy in my opinion cut a deal with Charliebhoy that exchanged the shares for an equity position in Sevco 5088. Craigie would, like Charles have covered both contingencies in his deal ie the arrangement in Sevco 5088 is covered by both administration or liquidation. Whatever deal was struck between 5088 and Craigiebhoy was covered. You would cover both ways or you would be a fool.
Sevco 5088 probably had the original promissory notes of the investors, and from memory paid the Duffers some money. The point here is that the company existed and crucially was the benefactor of a binding agreement with the administrators of Rangers. Sevco 5088 was the vehicle and will have some documented history…which is why Charliebhoy wants to strike it off. The Duffers then transact a deal with Sevco Scotland. Now I am no fan of the Duffers although I am positive that they would not reassign the original binding agreement to Sevco Scotland without a proper legal novation from Sevco 5088. They could not make a mistake with this or the shareholders of 5088….wouldn’t we like to know…would be suing the Duffers. The Duffers are not being sued…they are being quiet…so they are satisfied that the novation paperwork is in order, which leaves us with what exactly was the novation document, who signed it and what authority did the signee have? I think this document is the fault line. I think Charliebhoy and his pal Imran got a wee bit greedy and cut Craigiebhoy out the action. We have also seen many explanations from Rangers in relation to their standing with 5088 including subsidiary, related party and more recently “it was a big boy (Charliebhoy) that did it and ran away.The recent shocking annual accounts actually quote the fabled novation on note 28 and indeed there were comments on some earlier CF sourced board meeting minutes that mentioned “mirroring” Sevco 5088 and Sevco Scotland. There is too much history here to simply make it go away. Craigiebhoy has been fighting for his share ever since and I certainly thought he was using CF to pressurise Charliebhoy into settling him up. The latest CF stuff I feel is very different from her previous information and seems to be pandering to a different adgenda. The fault line therefore Eco, in my opinion is the relationship between Sevco 5088, Sevco Scotland and a novation document between the two plus the documentation of the history and indeed the shareholders paperwork trail. Craigbhoy probably, for the first time has a case here, wich explains why someone of the undoubted quality of Joe Dwek is running a no win no fee case for him although he is going to have to go for Charlie and his mate personally as I suspect there is not a lot left in the Rangers kitty. Again as ever I feel sorry for the decent supporters out there. What a mess!

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Danish PastryPosted on12:41 pm - Oct 3, 2013


Meanwhile, the joy of being Charles Green 😎

http://www.heraldscotland.com/news/home-news/charles-green-my-normandy-castle-and-my-passion-for-horses.1380795401

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BartinMainPosted on12:44 pm - Oct 3, 2013


I suppose the Dunfermline call- off will put paid to any protests that Rangers fans might have had planned. I’m sure Mather & Co will not be disappointed by that in the slightest.

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SouthoftheborderPosted on12:46 pm - Oct 3, 2013


ecobhoy says:
October 3, 2013 at 10:38 am

Most of the other info in the post has been discussed in dozens of different places right from the very start of this affair so I’m not sure why the West Ham post is that different. I’m possibly missing something as I often do.

———————————-

Correct – it was a viewpoint taken from information gleaned from RTC, SLT and other places for the benefit of others that hadn’t been following so closely. 😉

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ecobhoyPosted on12:47 pm - Oct 3, 2013


john clarke says:
October 3, 2013 at 11:59 am

SEVCO 5088 was incorporated on 29/03/2012. as a one-man band , CG being that man.
CW did not become a director of it until 12/04/2013.
========================================
Small point but very important. Companies House have accepted that CW and AE became directors of Sevco 5088 Ltd on 9 May 2012. This followed an investigation by them after they received director termination forms for CW and AE signed by Green approx mid April which Companies House not only rejected but ordered removed from the Public Register.

Green started to realise the game was up or at least the gates to his French chateau were starting to close.

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john clarkePosted on12:50 pm - Oct 3, 2013


andygraham.66 says:
October 3, 2013 at 12:27 pm
”..Dunfermline home next week cancelled due to intentional call ups’
——–
Can a club in financial trouble not reasonably refuse to allow a player to be called up for international duty?
The fact that the game has been been postponed (rather than cancelled?) , with receipt of the monies that it would bring being deferred to a later date, suggests indeed that the Board wished to avoid an opportunity for perhaps even more mass-protests.

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BartinMainPosted on12:54 pm - Oct 3, 2013


Goldstein

I’ve taken a step back from the picture, and I’ve had a wee think about your earlier posts.

Charlotte Fakes. You’re suggesting it’s Imran’s maw’s son?

Bartin

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Danish PastryPosted on12:59 pm - Oct 3, 2013


ecobhoy says:
October 3, 2013 at 12:47 pm
2 0 Rate This
————

So CG saw a storm coming and actually engineered an exit? And the nomad changes were merely to speed the departure with share cash in hand?

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john clarkePosted on1:00 pm - Oct 3, 2013


ecobhoy says:
October 3, 2013 at 12:47 pm
“…Companies House have accepted that CW and AE became directors of Sevco 5088 Ltd on 9 May 2012. ..”
——–
Thank you, eco. I had not been aware of that. Can’t think how i missed it!
It is an extremely important point.
Can you point me in the direction of the CH documentation: my latest print-out of the CH Sevco 5088 entry doesn’t refer to that at all. Presumably it is recorded somewhere else.

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