Good Evening.
As we ponder the historic vote to create a new Governing body to oversee Scottish League football, I cannot help but wonder what brilliant minds will be employed in the drawing up of its constitution, rules, memorandum and articles of association?
Clearly, Messrs Doncaster, Longmuir and even Mr Regan as the CEO of the SFA will be spending many hours with those dreaded folk known simply as “ The Lawyers” in an attempt to get the whole thing up and running and written down in the course of a few short weeks.
In truth, that scares me.
It scares me because legal documentation written up in a hurry or in a rush is seldom perfect and often needs amendment—especially when the errors start to show! The old adage of beware of the busy fool sadly applies.
It also scares me because the existing rules under which the game is governed are not, in my humble opinion, particularly well written and seem to differ in certain material respects from those of UEFA. Even then, adopting the wording and the approach of other bodies is not necessarily the way to go.
I am all in favour of some original thought– and that most precious and unusual of commodities known as common sense and plain English.
Further, the various licensing and compliance rules are clearly in need of an overhaul as they have of late produced what can only be best described as a lack of clarity when studied for the purposes of interpretation. Either that or those doing the studying and interpreting are afflicted with what might be described as tortuous or even tortured legal and administrative minds.
If it is not by now clear that the notion of self-certification on financial and other essential disclosure criteria necessary to obtain a footballing licence (whether European or domestic) is a total non-starter — then those in charge of the game are truly bonkers.
Whilst no governing body can wholly control the actions of a member club, or those who run a club, surely provisions can be inserted into any constitution or set of rules that allows and brings about greater vigilance and scrutiny than we have at present—all of course designed to do nothing other than alert the authorities as early as possible if matters are not being conducted properly or fairly.
However, the main change that would make a difference to most of the folk involved in the Scottish game – namely the fans— would be to have the new rules incorporate a measure which allowed football fans themselves to be represented on any executive or committee.
Clearly, this would be a somewhat revolutionary step and would be fought against tooth and nail by some for no reason other than that it has simply not been done before—especially as the league body is there to regulate the affairs of a number of limited companies all of whom have shareholders to account to and the clubs themselves would presumably be the shareholders in the new SPFL Ltd.
Then again to my knowledge Neil Doncaster is not a shareholder in The SPL ltd– is he?
I can hear the argument that a fan representative on a league body might not be impartial, might be unprofessional, might be biased, might lack knowledge or experience, and have their own agenda and so on—just like many chairmen and chief executive officers who already sit on the committees of the existing league bodies.
Remember too that the SFA until relatively recently had disciplinary committees made up almost exclusively of referees. I don’t think anyone would argue that the widening of the make up of that committee has been a backward step.
However, we already have fan representation at clubs like St Mirren and Motherwell, and of course there has been an established Tartan Army body for some time now. Clubs other than the two mentioned above have mechanisms whereby they communicate and consult with fans, although they stop short of full fan participation– very often for supposedly insurmountable legal reasons.
As often as not, the fans want a say in the running of their club, but also want to be able to make representations to the governing bodies via their club.
So why not include the fans directly in the new set up for governing the league?
Any fan representative could be someone proposed by a properly registered fan body such as through official supporters clubs, or could be seconded by the clubs acting in concert with their supporters clubs.
Perhaps a committee of fan representatives could be created, with such a committee having a representative on the various committees of the new league body.
In this way, there would be a fan who could report back to the fan committee and who could represent the interests of the ordinary fan in the street in any of the committees. Equally such a committee of fans could ensure that any behind the scenes discussions on any issue were properly reported, openly discussed, and made public with no fear of hidden agendas, secret meetings, and secret collusive agreements and so forth.
Is any of that unreasonable? Surely many companies consider the views of their biggest customer? This idea is no different.
Surely such a situation would go some way towards establishing some badly needed trust between the governing bodies and the fans themselves?
If necessary, I would not even object to the fan representatives being excluded from having a right to vote on certain matters—as long as they had a full right of audience and a full right of access to all discussions and relative papers which affect the running of the game.
In this way at least there would be openness and transparency.
In short, it would be a move towards what is quaintly referred to as Democracy.
Perhaps, those who run the game at present should consider the life and times of the late great Alexander Hamilton- one of the founding fathers of the United States of America and who played a significant role in helping write the constitution of that country.
Hamilton was a decent and brilliant man in many ways—but he was dead set against Democracy and the liberation of rights for the masses. In fact, he stated that the best that can be hoped for the mass populace is that they be properly armed with a gun and so able to protect themselves against injustice!
Sadly, Hamilton became embroiled in a bitter dispute with the then Vice President of the nation Aaron Burr in July 1804. Hamilton had used his influence and ensured that Burr lost the election to become Governor of New York and had made some withering attacks on the Vice President’s character.
When he refused to apologise, the Vice President took a whacky notion and challenged him to a duel! Even more whacky is the fact that Hamilton accepted the challenge and so the contest took place at Weehawken New Jersey on the morning of 11th July 1804.
The night before, Hamilton wrote a letter which heavily suggested that he would contrive to miss Burr with his shot, and indeed when the pistols fired Hamilton’s bullet struck a branch immediately above Burr’s head.
However, he did not follow the proper procedure for duelling which required a warning from the duellist that they are going to throw their shot away. Hamilton gave no such indication despite the terms of his letter and despite his shot clearly missing his opponent.
Burr however fired and hit Hamilton in the lower abdomen with the result that the former secretary to the treasury and founding father of the constitution died at 2pm on the twelfth of July.
The incident ruined Burr’s career (whilst duelling was still technically legal in New jersey, it had already been outlawed in various other states).
In any event, in Hamilton’s time full and open democracy in the United States of America would have met with many cries of outrage and bitter opposition. Yet, today, the descendants of slaves and everyone from all social standings, all ethnic minorities and every social background has the constitutional right to vote and seek entry to corridors of power.
In that light, is it really asking too much to allow football fans to have a say and a presence in the running of a game they pay so much to support?
newtz says:
July 9, 2013 at 9:31 pm
https://www.duedil.com/director/905250705/james-easdale/directorships
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Arranglen have cropped up somewhere else recently?
nevilleprat says:
July 9, 2013 at 3:43 pm
“What genie out of what bottle?”
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New Director Morgan’s association with the toxic Rafat Rivzi and the exit of Cenko’s may all tie in. No doubt newtz could paint a more detailed picture but is more apt to do a ‘join the dots’ outline.
@JohnClarke
Torn Curtain also memorable for the use of a spade and gas oven to off a baddie.
Quite graphic for the time.
End of the Hayes Office period IIRC
Phil MacGiollaBhain (@Pmacgiollabhain) says:
July 10, 2013 at 12:21 am
‘.Torn Curtain also memorable for the use of a spade and gas oven to off a baddie.
Quite graphic for the time.’
—–
Incredibly, that association of ideas escaped me at the time!
It is so obvious now that it was a reference to what had been happening only 22 years before!
When human beings, innocent of any crime, were killed in the gas ovens and buried in mass, pre-dug graves.
And the execution by spade and gas oven of the h*n baddie was a parallel.
And I am reminded of ‘The Odessa File’ of about the same time
And ‘ The boys from Brazil’
There has never in the whole course of human history been an evil so great, and so pervasive, as Nqzism.
It is regrettable that the techniques of the forever accursed Goebbels havebeen adopted by a (unfair?) section of the SMSM.
Strand Hanson’s Rory Murphy “is experienced across a broad spectrum of sectors and has advised on flotations, secondary fundraisings and merger and acquisition transactions.” according to their website.
I wonder whether his secondary fundraising experience will be relevant?
I found this quote about the challenge of secondary fundraising on a business advisory website, “If you thought that raising the initial capital to launch your business was hard, try returning to your original backers or seeking new ones to fund the growth you need to survive.”
Now, why would anyone at RIFC need to worry about raising more money?
john clarke says:
July 9, 2013 at 9:35 pm
9 4 Rate This
Not many of you will remember ( or even have heard of) ‘Torn Curtain’ ( 1966) , with Paul Newman as a mathematician spy for the U.S., in East Berlin to con a fellow mathematician into revealing the maths behind a secret formula.
I remember it for one sequence only, in which anti-commy East Berliners help western ‘spies’ to get out of East Berlin.
They run a bus, identical to the ordinary public service bus, but with the escapee hidden aboard and with genuine East Berliner passengers, a few minutes before the regular scheduled bus, and at the checkpoint, the driver and the other ‘passengers’ create a diversion by getting off their marks while the spy runs the few yards into into West Berlin.
A novel use for a bus!
Wonder if it would work with any other contraband?
( And, btw, the movie is now very, very dated. Not one of Newman’s best.)
What else might be ingeniously transported by bus, I wonder?
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Reminds me of a line from the untouchables
“Mr Ness, everyone knows where the booze is. The problem isnt finding it, the problem is who wants to cross Capone”
Just thinking about the fairly simple arithmetic that suggests the club from Ibrox may run out of money during the season. Is there a chance they are already discussing this situation with the SFA who will be preparing the ground to ensure a club from Ibrox survives? It appears to have happened before.
The tactic before was to keep A Rangers playing at Ibrox.
If things fall apart again, then that will be the same objective. To keep A Rangers playing at Ibrox.
I am not convinced things actually will totally fall apart again, if I were to bet just now then it would be on a sale to “Rangers men”. Whether that is a sale of the the PLC, a sale by the PLC of the Ltd company, or a sale of the Ltd Co but retention of the stadium and training ground by the PLC is difficult to say. That would really depened on the more long term strategy by the people who own the PLC. It is entirely possible that they are still keeping their options open, and may in fact be trying all three to say which can get the best payday for them.
Anyway, my point is that as before the objective for all of them will be to keep A Rangers playing at Ibrox. Given that they have seen the “Ibrox faithful” will accept this that must give them heart for the future. If “the club” can in their view survive liquidation then by definition it can survive anything, an indefinite number of times.
Whilst on cynicism. The season ticket renewal period is over and the public sale has started. At the same time two directors leave the board, the NOMAD is changed, and Mr Easdale takes his place. FFS even some of the people on follow follow see through that timing. Indeed some have even commented that had Easdale been given his spot before now they would not have renewed.
They are being manipulated and played for gullible, blindly loyal, fools. On that basis a further share issue (albeit on a smaller scale) would not surprise me one bit. The timing may be interesting.
In other, I’ve just thought of this whilst typing, considerations. What price Rangers Ltd being sold to Rangers men (by the PLC) and that itself floating on the stock exchange. With the right support (Walter and Ally), the new start feel good factor, proper timing and media support, that might just raise a few million.
The Bus.Reminds me of the Beatles film,Magical Mystery Tour.Lots of strange goings on and no-one has a clue where they’re headed next.
http://www.thescottishsun.co.uk/scotsol/homepage/sport/5005974/Fans-anger-at-Saturday-night-live-football-in-Scotland.html
Another own goal by Mr Doncaster?
Gaz says:
July 10, 2013 at 7:48 am
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I agree with the premise however there is one big issue and that is liquidity. Without either a major cash injection or a massive round of cuts, TRFC is unlikely to be able to continue to meet its debts as they fall due for the next 12 months.
That raises two questions:-
Who has the cash to inject (and is willing to do so)?
Would the severity of the cuts be such as to prejudice promotion in season 2013/14?
TRFC is a bottomless pit at the moment and no-one, not even Dave King, would be prepared to risk his honestly-earned cash in such a venture.
The status quo is not tenable, and I don’t see an answer to either of the above questions that would satisfy Rangers fans.
The truth is Rangers died last year and that should never be forgotten.
To paraphrase redlichtie, ‘Scottish football needs a strong memory’
Gaz says:
July 10, 2013 at 7:48 am
1 1 Rate This
The tactic before was to keep A Rangers playing at Ibrox.
If things fall apart again, then that will be the same objective. To keep A Rangers playing at Ibrox.
I am not convinced things actually will totally fall apart again, if I were to bet just now then it would be on a sale to “Rangers men”. Whether that is a sale of the the PLC, a sale by the PLC of the Ltd company, or a sale of the Ltd Co but retention of the stadium and training ground by the PLC is difficult to say. That would really depened on the more long term strategy by the people who own the PLC. It is entirely possible that they are still keeping their options open, and may in fact be trying all three to say which can get the best payday for them.
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Some good points. I don’t doubt that the “establishment” were, and still are, 100% committed to keeping a “Rangers” playing at Ibrox. Whether the current majority owners of RIFC share that vision is another matter entirely. My personal view is that they would flush TRFC down the pan in the blink of an eye if it produced a big pay day for them. They have zero emotional connection with “Rangers”. It is just their current means of making a fast buck.
Nothing that has been done at Ibrox over the last 12 months has been about keeping a “Rangers” playing there. Ally as manager on a stellar salary? People like Black recruited on half a million per annum to play in SFL3? Running costs totally out of control, and bearing no relation to football requirements, but just spent for the sake of it, or to show the world how hairy-chested they are? That is a recipe for disaster.
The main problem is that loads of people are on big long-term contracts which would be very expensive to renegotiate in the normal course of business. Any structured takeover of the PLC or TRFC will be faced with that problem. So instead of creating a sustainable business 12 months ago, a monster has been created that loses £12m a year, before a penny is spent on buying players. I can only think that the plan was to offload the football side quickly, so the real owners didn’t care about costs, they just wanted the properties. Against that theory is the fact that TRFC is still there and still burning cash at a phenomenal rate.
Is the idea just to let TRFC implode? As currently structured, only an idiot would take on TRFC. But a real adminstration could cut costs to the bone, leaving a viable business for the Knights to pick up, and float on AIM if they want. RIFC can pull the plug any time, leaving their investors with a nice property company. I can’t see any other endgame as things stand..Another administration is surely the only realistic way of getting TRFC onto a sustainable footing.
slimshady61 says:
July 10, 2013 at 8:54 am
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I don’t disagree with one word of that.
I was actually looking at it from the spiv’s point of view and their options. However you are absolutely correct, clearly their has to be a buyer in any sale / purchase scenario.
I suppose if the selling price of the limited company was £1, with the PLC keeping the properties then what the buyer would be looking for would be working capital. However it would then have to include rental payments in addition to the money already going out.
I think we are in agreement really, the “sugar bear” option is the only one really available. Unfortunately “sugar daddies” don’t really exist in football, never mind sugar bears.
One thing which is certain, if anyone is going to get shafted it is the support, again.
slimshady61 says:
July 10, 2013 at 8:54 am
“To paraphrase redlichtie, ‘Scottish football needs a strong memory’”
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54 (Topical quips) to 0 (ideas to get out of the mess).
Supporters and the MSM have been sufficiently softened up to accept the ‘franchise’ concept. The problem will arise when there is more than one version claiming the name/history of Oldco.
The support is fracturing along a variety of fault lines which will prove impossible to repair.
Mr Prior’s role as the wise fool is being met with hostility on RM.
“Time shall unfold what plaited cunning hides.”
– William Shakespeare, King Lear, 1.1.302
As promised yesterday, here is my latest email to the compliance people at AIM.
“Thank you for your email. Here is the relevant extract from your rule 18:
18. An AIM company must prepare a half-yearly report in respect of the six month period from
the end of the financial period for which financial information has been disclosed in its
admission document
This company (RIFC PLC) disclosed in its admission document financial information for the period to 31 August 2012. It is surely undeniable that under Rule 18, the company is required to prepare a half-yearly report to 28 February 2013. Or are you in fact denying that Rule 18 requires such a report? If so, please explain to me in simple terms how the very clear requirements of Rule 18 have been complied with in this case.
I am, of course aware that the company produced interim accounts for the period to 31 December 2012. Accounts to 31 December 2012 do not meet the requirements of Rule 18. A company can produce accounts monthly or even weekly if it so chooses. But this company can only comply with Rule 18 by preparing a report to 28 February 2013.
The whole point of Rule 18 is to ensure that investors receive reports at 6 monthly intervals, no longer. In this particular case, you seem relaxed about the company not submitting any report to shareholders for over 9 months, since the annual accounts to 30 June 2013 do not have to be published until 31 December. That is, I have to say, a completely unacceptable position.It cannot be open to a company listed on any regulated market just to determine its own timetable for publication, in clear contravention of the market’s published rules.
You are responsible for ensuring that companies listed on the AIM market comply with the rules of that market. I have highlighted a clear breach of those rules by a member company. I want to know what you propose doing to enforce the rules. In the event that I suffer financial loss as a result of this clear compliance failure, I can assure you that I will be seeking legal advice- and advising others affected to do likewise.
Yours faithfully”
To be fair I’m seeing a lot of comments about the SFA/SFL going out of their way to accomodate sevco. A part of me feels that this assistance is correct, but only insofar as it is the same level of support they should provide to any of the 42 senior teams falling on hard times – and that is not to infer bias against the junior teams either incidentally.
Where the issue becomes clouded is when the extreme circumstances kick in. One side argues going the extra mile for what I will summarily term “public order” issues, the other equally correctly cites that the extreme circumstances were entirely self inflicted (and carried a degree of reward that was consequently deprived to competitors). The powers that be have tried to settle somewhere in the middle (and to be clear my view is if the battle ground is the atlantic the middle they have gone for is somewhere around manhatten island but I digress). That they have also tried to achieve this in a cloak of secrecy, comfortable in the wall of silence from the MSM whilst flying a flag for supposed transparency is the reason that football in this country will never recover to levels once seen and borne high by us all.
neepheid says:
July 10, 2013 at 8:55 am
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That makes sense, and a proper administration would allow them to get rid of the highly paid players, management, staff etc. It would also allow them to divest themselves of unsustainable debt. What should have happened the last time really.
It is therefore worth considering who TRFC actually owe money to, is that in fact the PLC. If so then they have total control over any administration as it is them who would agree or reject a CVA proposal. Or if they had security keep what properties they wanted.
It really is difficult to make sense of what is happening between the two (PLC and Ltd Co) as any numbers they have released have treated them as if they were the same entity. Any reporting in the press has effectively treated the PLC (holding company) and Ltd Company (club) as being one and the same. This to my mind is a deliberate ploy, if for no other reason to mislead the fans into thinking they bought sharwes in their club, when in fact they bought shares in the PLC which in turn owns the Ltd company which is their club.
The degree of smoke and mirrors here puts David Murray to shame. A good trick for a plain speaking, big handed Yorkshireman who promised transparency.
Surely one problem of RIFC “getting rid” of TRFC now is that TRFC would not be in ANY WAY a viable business
Season tickets have just been renewed – I imagine this cash will be gobbled up by RIFC by way of “loan repayments”
Also, if RIFC have the property assets, then there is no balance sheet or indeed anything for an administrator to sell
So, you have the club, with a huge cost base of staff and a bigger burden in paying rent/maintaining ibrox
there is no cash in the kitty and all the season tickets have been sold
So, anyone buying TRFC would probably have to offer a token sum of £1 (i love that sum!) but have the administrator lay EVERYONE off and add teh fans to the creditor pile – voiding season tickets
the new owner would need to bankrole everything – probably to the tune of £15m per annum (by the time he pays rent and running costs, hires staff and infrastructure)
and the best they can hope to get in is about £10M from the fans
so over 3 seasons, that is a £15M loss
if they do get back to the top tier, then the expectation is they compete, how much would it cost to put a team on the park to compete for the SPL? £20M in fees plus another £10M in salary on top of your base £15M PA costs? £45M – with the prospect of maybe getting about £20-25M back?
simply enough, if they stay at ibrox (and it will be a condition of any sale) they are heading for the grubber again
they need to look at sharing Hampden for 5 years and rebuilding from the ground up – nothing else will work
Good morning.
will end up eating porridge.
Great to see in the land of sevconia the fairytales keep coming.
However not all fairy tales end up with everyone living happily ever after.
I predict this will end in tears for the bears and Greenilocks
I agree withGaz July 10, 2013 at 10:07 am when he says
“This to my mind is a deliberate ploy, if for no other reason to mislead the fans into thinking they bought sharwes in their club, when in fact they bought shares in the PLC which in turn owns the Ltd company which is their club.”
In addition it will be shares in a penniless shell if CW has any substance in his claims as the whole house of cards will have been built upon fraud.
NTHM
Thereins the rub for the current inhabitents of the marble stair case. Financially it’s a basket case (and again I find myself using the term self inflicted) but its winning and breaking world records left, right and centre. The spivs problem and well they know it is what response if the good bus RFC starts to falter in a footballing sense. On the plus side they can still play their ‘Tesco’ card and force another flotation, but on the down side it will confirm to the supposed Rangers men waiting in the wings that they will actually, god forbid, need to put in some of their dosh if they wish to regain the levels that many are expecting.
Hoopy7
I would be appalled if the Rangers men waiting in the wings (see above) didn’t give a flying symphony if both Green and Whte ended up at Her Majesty and most of D wing’s pleasure leaving the pieces of RFC available for a song. Its not like that was a plan from the start. No siree. Not on the SFA’s watch.
http://www.dailyrecord.co.uk/sport/football/football-news/rangers-investors-dismay-horror-over-2041630
Rangers investor Kieran Prior: I’m dismayed and horrified over the latest Ibrox boardroom reshuffle
10 Jul 2013 07:32
INVESTOR Kieran Prior bought 1.2 per cent of the club last month and has been taken aback by the latest power play in Govan.
RANGERS investor Kieran Prior has reacted with “dismay and horror” to the latest shake up in the Ibrox boardroom.
Bus company boss James Easdale was appointed a non-executive director yesterday.
And that came just hours after former chairman Malcolm Murray and Phil Cartmell, his fellow non-executive director, left the board.
Former City of London whizzkid Prior, who purchased 1.2 per cent of the club in a £400,000 deal last month, fears Murray resigned his position.
Former Goldman Sachs trader Prior is also deeply concerned at the departure of Cartmell, the placeman of brokers Cenkos, who have now been replaced by “boutique investment bank” Strand Hanson.
Prior said: “My reaction to the latest boardroom announcements are twofold – dismay and horror.
“Rangers have changed their broker of choice from Cenkos, an established and respected firm, to one which I have never heard of.
“Unassuming fans might think it a non-event but the presence of Cenkos would have assured investors both present and future.
“This is the brokerage that brought Rangers to market last year and provides us with a heritage and access to capital markets.
“I only hope Strand Hanson are not yes men. Charles Green has a lock-in period on his shares of two years. I would trust the new brokers would not move from that.
“James Easdale and his brother Sandy have a reported six per cent stake in Rangers, which I would dispute.
“I’m sure James is successful in terms of logistics and transport but I don’t see how someone with such a small percentage of shares should be rushed on to the board.
“Why not wait until the agm at the end of August? My fear is certain parties are trying to stack the deck in their favour ahead of the agm.”
Prior bought his stake in the club with a view to “looking under the bonnet”.
He said: “This has more twists and turns than a Dan Brown novel but I’ll continue to ask questions and be a pain in the a***.”
Meanwhile, Gers keeper Cammy Bell has survived a major injury scare in the final training session of the Highland Tour.
The summer signing from Kilmarnock suffered a knee injury during training but was cleared after treatment.
Rangers are also hoping to extend Bilel Mohsni’s trial and include him in Saturday’s friendly at Bristol City.
Exiled Celt says:
July 10, 2013 at 10:57 am
0 0 Rate This
http://www.dailyrecord.co.uk/sport/football/football-news/rangers-investors-dismay-horror-over-2041630
Rangers investor Kieran Prior: I’m dismayed and horrified over the latest Ibrox boardroom reshuffle
10 Jul 2013 07:32
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The fact that any of this comes as a big surprise to Prior is simply gobsmacking. Doesn’t he do any research whatsoever before parting with £400k? All of these shennanigans, board room battles, etc, have been all over the MSM, never mind the internet, for months now. I thought he had worked for Goldman Sachs on the investment side? I’m glad he isn’t looking after any of my money. Truly astounding.
Gaz says:
July 10, 2013 at 7:48 am
11 1 Rate This
The tactic before was to keep A Rangers playing at Ibrox.
If things fall apart again, then that will be the same objective. To keep A Rangers playing at Ibrox.
I am not convinced things actually will totally fall apart again, if I were to bet just now then it would be on a sale to “Rangers men”. Whether that is a sale of the the PLC, a sale by the PLC of the Ltd company, or a sale of the Ltd Co but retention of the stadium and training ground by the PLC is difficult to say. That would really depened on the more long term strategy by the people who own the PLC. It is entirely possible that they are still keeping their options open, and may in fact be trying all three to say which can get the best payday for them.
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Agree Gaz. Also, I don’t think an insolvency event will be risked with the attendant points deduction. If acquired as a going concern, the inevitable ‘cutting your cloth to suit’ is gonna make it very difficult to win SPFL2. Failure to do so would be unthinkable!!
My prediction is that a ‘switcheroo’ will be finagled, with ‘Real Rangers Men’ (I hate that term!!) deploying all the martial analogies they can dream up. They will ‘carry the banner’, ‘rally to the cause’ and commence upon a ‘march to our rightful’ ……. we all know the patter.
The plate will be passed around for a silent collection and the crusade will carry on. MSM cheerleaders will applaud these ‘gallant pioneers’, ignoring that they stood back and let their club be torn apart by spivs.
Sustainable? Remains to be seen. Current TRFC outstanding ‘soft loans’, future stadium leaseback, ruthless cost cutting, stratospheric expectations, all are major hurdles to be negotiated. That ‘assistance’ will be rendered by football authorities is a given, but how far will they go? Will anyone, SFA, SPFL, MSM ask the questions – Do we really need this? Do we really want this?
I hope Cammy Bell’s contract before his actual registration- (or its otherwise swift passage across Mr Bryson’s desk)- includes adequate medical & loss of earnings insurance as I’m not sure what TRFC have left in terms of medical & physiotherapy personnel.
He’s been bought and paid for now though, and if he risked a “major injury scare” before any prospect of actually playing in an SFA approved match for a few more months yet, well sorry but hell mend him.
Kieran with the world record IQ says….
“I only hope Strand Hanson are not yes men. Charles Green has a lock-in period on his shares of two years. I would trust the new brokers would not move from that.
but I (dumb as a rock) thought it was a lock in for 1 year…………
john clarke says:
July 10, 2013 at 1:56 am
10 6 Rate This
There has never in the whole course of human history been an evil so great, and so pervasive, as Nqzism.
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JC. Totally off-topic, but check out a novel, The Kindly Ones, by Jonathan Littell. If you can ignore the odd ‘dream sequence’ and occasional graphic sex (steady!!), a fascinating ‘insiders insight’ as to ‘justification’ of the above. Scary stuff.
The reports seem to be bit light on detail but with Club 9 Sports set to bid for Hearts I wonder if some of the Jambos on here could supply us with any details they might have. With talk of a move away from Tyncastle to a new stadium (building brand new stadiums is not cheap) and the near £5m offer, this all sounds a bit…. fanciful.
Are the supporters groups any closer to making a bid or will the club be passed from one foreign owner to another? Increased fan ownership of clubs has to be the way forward to maintain long term stability. As a student I lived in Edinburgh for years and love the place. I also had a few Hearts fans as friends and maintain a bit of a soft spot for them and Tyncastle, which can have a fantastic atmosphere for the big games.
Neepheid @ 09.44, that’s a stoater
SPFL confirm that Longmuir is no longer in a job……another out of contract signing for Sevco?
The theories and hypotheticals regarding the impending financial crisis at new Rangers are well documented but what would it actually take to trigger an insolvency event?
I seem to remember from the previous time around that it was only HMRC that chose to pull the plug, and that was down to the non payment of VAT, NIC, PAYE etc. And only months after those payments failed to come in.
Of the 10’s of millions owed to ordinary creditors previously none of them would, understandably, dare call in the debt.
Does the trigger need to be pulled by a creditor? Or can they concievably stagger on from the projected end of funds, around the end of the calendar year, to the next season ticket windfall. I understand that debts will be unpaid, but who is going to concievably call in the debt?
neepheid says:
July 10, 2013 at 9:44 am
“You are responsible for ensuring that companies listed on the AIM market comply with the rules of that market.”
—————————
I think your tenacity is admirable and thrust is pertinent but you may not be the constituency the AIM are looking to please. If the same e:mail was sent by a shareholder then I would expect AIM to be more forthcoming. Without a vested interest at stake I am suspicious that you will not receive the satisfactory response you crave.
Not The Huddle Malcontent says:
July 10, 2013 at 1:18 pm
SPFL confirm that Longmuir is no longer in a job……another out of contract signing for Sevco
=======================
One down, plenty to go.
symptomless says:
July 10, 2013 at 1:19 pm
————————–
i agree, i don’t see a small “creditor” doing it – face painter, paper shop that kinda thing. I also don’t see many of those types of businesses extending the new club such credit either – in fact, they may not actual owe many folk that much money as i doubt anyone is extending them a lot of credit – maybe GCC rates, the leccy bill etc
I doubt Hector will be slow this time – but it could be 2/3 months in arrears before that surfaces
I reckon the 1st sign will be players not getting their wages – either in full, or on time. No doubt we’ll see a series of short notice friendlies around November/december time to bring in some more cash.
Or, as is more likely, RIFC will pull the rug from under TRFC and simply put it up for sale.
December will be when it all kicks off – IPO and ST money runs out, shareholders lock is off, audited accounts are due, AGM is due
So, relax until december, enjoy the tales of friendship on their journey, enjoy the new bus and shady boardroom appointments. just relax, they have a plan/schedule and it will come to a head when the money is gone and they have to report what they have been up to.
incredibleadamspark says:
July 10, 2013 at 11:48 am
The Hearts administration appears to be getting carried out in a more appropriate manner than that of RFC with very few ‘leaks’ and only muted announcements to the press. There is, therefore, very little information available, and as we know, there’s no point in getting excited, or too downheartened, by anything printed by the media, so it’s no loss. What is known is that FOH have put in a bid and another consortium have approached them to prepare a joint bid, but FOH have turned them down. The Club 9 bid (stated as £5m) is interesting in that they were involved with bidding for both RFC and Sheffield Utd, but, as one poster on the jambos kickback site pointed out, Club 9 are only acting as agents, as they did previously, for an un-named US consortium. It would appear that this consortium has been pulled together by a Hearts supporting businessman, known to be genuine, so is, I imagine, totally different from the abortive bid to buy RFC. There is also a new company registered, HMFC Ltd, of which the Jambo businessman is sole director. Friday is the deadline for bids after which a preferred bidder will be named, so once we hear the announcement I’m sure they will be examined by the media, and, of course, the Internet Bampots 🙂
The upshot is, there’s not really much verified information out there, apart from the usual speculation.
Kieran Prior and his piece in the Record interests me on a couple of points: First the supposed 2-year-lock for Green and his shares and also the fact that Cartmell was the Cenkos placeman on the RIFC Plc Board.
The problem with Prior is that when he appeared on the scene he got a few things wrong which I was surprised at so I don’t know what to believe over the lock-in although I did point out 2/3 days ago that the directors and key personnel were actually subject to a potential lock-in of 18 months.
The last 6 months was agreed by these shareholders beyond the existing 12 months to provide orderly market trading conditions and meant that any sales in that period had to have the approval of the Nomad. That agreement will survive a change of Nomad but the imponderable is whether one Nomad’s interpretation of what constitutes ‘orderly market trading’ may well differ from another I would be inclined to suppose.
So I suppose it’s possible that Cenkos perhaps got Green to sign-up for 2 years lock-in but I find it hard to believe.
Cartmell has wanted away for some time and initially cited pressing business commitments overseas which obviously trumped the interests of Cenkos if Prior is correct. Of course being a RIFC Plc board member then Cartmell would be closer to seeing what was taking place and was also closely tied to Murray who apparently was responsible for assembling the Institutional Investors although I have no doubt we will see some rewriting of history quite soon in that regard.
Still Cenkos has made £1M from Rangers since the flotation so perhaps they are glad to be on their way but in view of the possibility of more shares being sold who is going to buy them and I doubt that institutions or savvy investors will be interested.
But Rangers already have put through a resolution quite some time ago to be able to sell up to I think it was 100 Million shares and as there is only approx 65 million sold at the moment then the sale of 35 million to an individual or group could trigger an offer event.
I suppose the possibility of that all depends on how low the share price falls and whether the stadium is part of a sale package or held by RIFC Plc and leased-back to the ‘new’ club owner. No matter what, in view of the serious cut-backs required for survival, I reckon Murray Park will be flogged as just too expensive.
The more I think of the fans I find it difficult to believe that they would raise more than £2/3 million as they are becoming disenchanted and I doubt if McCoist or even Smith could enthuse them that much.
However I don’t know why I have even written what I have because after the Record I read the Daily Mail and there are obviously no icebergs in the Blue Sea of Ibrox and HMS Dignity is sailing in placid seas 🙂
symptomless says:
July 10, 2013 at 1:19 pm
So long as they are paying their debts then they can continue doing what they are doing.
if they do not pay then a creditor can demand payment. If they still don’t pay then the creditor can move to wind the company up.
Think HMRC v Hearts on about 5 occassions over the last couple of season. If the company then pays the debt then the winding up seases. If they can’t then they would place themselves into administration.
It’s all down to cashflow and sympathetic creditors. I can pretty much guarantee that HMRC wouldn’t be one of those.
Castofthousands says:
July 10, 2013 at 1:35 pm
neepheid says:
July 10, 2013 at 9:44 am
“You are responsible for ensuring that companies listed on the AIM market comply with the rules of that market.”
—————————
I think your tenacity is admirable and thrust is pertinent but you may not be the constituency the AIM are looking to please. If the same e:mail was sent by a shareholder then I would expect AIM to be more forthcoming. Without a vested interest at stake I am suspicious that you will not receive the satisfactory response you crave.
======================================================
In some ways there is never a ‘satisfactory’ response from AIM Regulatory because of the confidential basis that applies. However, that is not to say that they don’t take all complaints seriously and even if they didn’t realise to begin with what a ‘hot potato’ Rangers would prove to be then they do now although I have no doubt they were aware from Day 1 of the position.
Since flotation they have been bombarded with complaints about Rangers – many of them easily rejected. But many have raised serious and complex issues and AIM for sure know that if this company goes to a watery grave then the publicity will be enormous and all the warnings will be revealed which will show AGAIN how weak and inadequate the AIM self-policing regulatory system is through the Nomads who are responsible for seeing the rules are followed but paid by and financially dependent on their client – the one who might be breaking the rules.
And complaints don’t need to come from an investor but a potential investor and I do have a funny feelings that there will have been quite a few serious complaints from some serious investors.
If I was in AIM Regulatory then I would be looking at the Boardroom and Nomad musical chairs – all in less than a year – and wonder what was looming just over the horizon and hiding under the surface.
Castofthousands says:
July 10, 2013 at 1:35 pm
3 0 Rate This
neepheid says:
July 10, 2013 at 9:44 am
“You are responsible for ensuring that companies listed on the AIM market comply with the rules of that market.”
—————————
I think your tenacity is admirable and thrust is pertinent but you may not be the constituency the AIM are looking to please. If the same e:mail was sent by a shareholder then I would expect AIM to be more forthcoming. Without a vested interest at stake I am suspicious that you will not receive the satisfactory response you crave.
+++++++++++++++++++++++++++=
It is really no business of AIM whether I am a shareholder or not. They haven’t asked, as it happens. As a potential investor 😆 I am entitled to know whether AIM is a properly regulated market, or some sort of spivs’ free-for-all, especially designed to extract money from chumps and carefully route it into the spivs’ pockets. Plus I am, of course, speaking out on behalf of all those poor bears who substituted a share certificate for baby bear’s long promised train set last Christmas.
Of course I won’t get a satisfactory response, and I’ll shortly be joining AIM regulation’s spam list, but at least it gives these incompetent box-tickers something to think about. What really happened here is clear- nobody in AIM regulation spotted that the reporting dates in the prospectus did not comply with AIM rule 18. Presumably a mess-up both by AIM Regulation and Cenkos, who drew up the listing document. I’ve seriously considered forwarding my email exchange to Mr Prior, who really does have an interest (£400k worth). He might be looking for some way of recovering his money at some point.
tom_watson @tom_watson 22h
Third arrest under Operation Fernbridge. Busy day. http://www.independent.co.uk/news/uk/crime/third-arrest-in-elm-guest-house-investigation-into-alleged-paedophile-ring-8697897.html …
JackIrvine JackIrvine @JackIrvine 22h
@tom_watson Won’t be long until there are arrests in the Falkirk/Labour fiasco. Maybe Tom will end up sharing a cell with a journalist.
Charlotte Fakeovers Charlotte Fakeovers @CharlotteFakes 15h
@JackIrvine @tom_watson Tom,let’s talk Cayman Banks and bent politicians.I’ll send Jack back into the shadows and spill Media House secrets.
Charlottes Faither @PJBruce 15h
@CharlotteFakes @StMiley @JackIrvine @tom_watson Tom In my opinion Take the deal from Charlotte! It’ll be a belter
Jason Gunn Jason Gunn @Gunny13 15h
@CharlotteFakes @StMiley @JackIrvine @tom_watson look cf has found some1 2 hero worship,he’ll follow him n hang off his everyword#pathetic
Lucas Hood Lucas Hood @Atomicpe 15h
@CharlotteFakes @JackIrvine @tom_watson Jack seems to have been struck dumb all of a sudden.
Who would push RIFC into insolvency ?
Does anyone know if Orlit Enterprises of Singapore reached agreement with RIFC over their £400K invoice. Having threatened a winding up order, Mr Green, CEO responded, “These people are demanding more than was agreed and I’m not going to pay it – never. I will not pay them anything other than what I’ve agreed to pay.”
Could Orlit be biding their time and be preparing a dish best served cold.
Chief National Police CENTURY special committee of Parliament
STEP – STEP Police ALREADY DOING IN ADDRESSING THE PROBLEM PT. CENTURY BANK, Tbk PEMULIAN EFFORTS RELATED ASSET (ASSET RECOVERY).
GENERAL POL. Bambang Hendarso EXPLAIN THAT EFFORT TO SEARCH AND RESCUE ASSETS PT. CENTURY.Tbk BANK COOPERATION AMONG RELATED AGENCIES REQUIRE THAT TARGET SAVING CURRENT ASSETS THAT ALLEGEDLY BEEN PLACED IN SOME COUNTRIES BY THE GOVERNMENT TO SUSPECT MAY DIKEMBAL1KAN Rl. EXPLANATION ABOUT OUR STEPS IN HANDLING PROBLEMS PT. CENTURY BANK, Tbk RESTORATION EFFORTS RELATED ASSET (ASSET RECOVERY), THE OUTLINE OF OUR FLAT WITHIN 5 (FIVE) SECTION, NAMELY:
1. Police ROLE IN CRIMINAL INVESTIGATION PROCESS THAT HAPPENED AT THE CENTURY BANK OF RECOMMENDATIONS CONCERNING Parliament Rl DATE MARCH 5 2010;
2. Police ROLE IN SEARCH AND RESCUE OF ANY ASSETS RESULTING FROM CRIME HAPPENED;
3. Police ROLE IN THE RESTORATION PROCESS ASSETS RESULTING FROM CRIME HAPPENED;
4. PROBLEMS FACED IN THE PROCESS OF SEARCH, RESCUE AND ASSET RETURNS;
5. CONCLUSION.
PROCESS OF INVESTIGATION AND INVESTIGATION THAT HAS BEEN DONE, police PROCESS HAVE FOUND SOME CRIME, CRIME MELIPUT1 BANKING, MONEY LAUNDERING AND CRIME CRIME GENERAL. HASH INVESTIGATION HAS BEEN CARRIED OUT UNTIL NOW BE NOTIFIED AS FOLLOWS:
1. CASE NUMBER REPORTED THAT CONSIST OF 10 (TEN) POLICE REPORT, AND HEREBY MADE filings totaled 28 (TWENTY EIGHT) CASE FILES, THE BREAKDOWN:
a. CRIME OF BANKING: THE CASE FILES 14;
b. CRIME GENERAL / AML: 14 CASE FILES.
2 NUMBER OF SUSPECTS INVOLVED: 35 SUSPECT, WITH A BREAKDOWN OF CRIMINAL SUSPECTS 20 BANKING AND 15 OF THE GENERAL CRIME SUSPECT / AML.
3. ESCAPE THE NUMBER OF SUSPECTS AND HAVE DETERMINED AS MUCH NOTICE DPO AND RED 6 (SIX) SUSPECT (35 ACTORS ARE INCLUDED IN THE ABOVE NUMBER 2), THE NAME:
a. Hesham AL Waraq, SHAREHOLDERS;
b. ALI Rafat Rizvi, SHAREHOLDERS;
c. THERESIA GODDESS Tantular, Head of CENTURY BANK BANK NOTE;
d. Aluwi tycoon, COMMISSIONER PT. Antaboga DELTA SECURITY;
e. HENDRO Wiyanto, DIRECTOR PT. Antaboga DELTA SECURITY;
f. ANTON Tantular, PIHAKTERAFILIASI CENTURY BANK.
Whereas 1 (ONE) FILE IN PROSECUTION PROCESS
b. CRIME GENERAL / AML:
a. CRIME OF BANKING: THE CASE FILES 2;
6. 11 (ELEVEN) CASE STILL UNDER INVESTIGATION STAGE, CONSIST OF
a. CRIME OF BANKING:
8 CASE, WITH THE DETAILS:
5 PROCEEDINGS IN THE PROCESS filing;
3 ESCAPE THE CASE WITH SUSPECT (DPO AND NOTICE HAS BEEN ISSUED RED)
b. CRIME GENERAL / AML: 3 CASE, WITH DETAILS:
3 ESCAPE THE CASE WITH SUSPECT (DPO AND NOTICE HAS BEEN ISSUED RED)
ADD Chief National Police, RELATING TO THE SECOND PART OF OUR DESCRIPTION OF ROLE IN SEARCH AND RESCUE Police OF ASSETS RESULTING FROM ANY CRIME THAT, AS IN RELATION INVESTIGATION PROCESS, HAS DESCRIBED IN THE FIRST PART ON, CAN CONVEY THAT WE HAVE BEEN DOING STEP Police – STEP INVESTIGATION AND INVESTIGATION ACTIVITIES AT ONCE TO OBTAIN DATA GATHERING INFORMATION ABOUT THE ASSETS THAT ARE SUSPECTED OF CRIMINAL AND BEYOND SAVING EFFORTS MADE BY confiscation AND BLOCKING OF SUCH ASSETS.
1. IDENTIFICATION OF ASSETS AND ACTION HAS BEEN TAKEN INCLUDE:
a. TROUBLES AND ASSETS IN DOMESTIC confiscation:
HAVE SUCCESSFULLY MADE OF TOTAL ASSETS confiscation RP. 295 037 140 826, – (SEMB1LAN TWO HUNDRED THIRTY-FIVE BILLION SEVEN HUNDRED FORTY JUT A CENTURY BANK SHARE, WHICH CURRENTLY HAS TAKEN OVER LPS;
(E) CASH:
(1) 5 ACCOUNT NAME PT. DELTA Antaboga CENTURY BANK SECURITIES IN WORTH RP.10.511.794, – (TEN MILLION FIVE HUNDRED ELEVEN THOUSAND SEVEN HUNDRED NINETY FOUR RUPEES);
(2) 2 ACCOUNT NAME PT. CENTURY CENTURY BANK MEGA INVESTINDO Dl RP. 9,651,282, – (NINE MILLION SIX HUNDRED FIFTY ONE THOUSAND TWO HUNDRED EIGHTY TWO RUPEES);
(3) 4 ACCOUNT ON BEHALF OF PT. BEAUTIFUL EARTH AT THE CENTRAL BANK CENTURY RP. 141 055 244, – (ONE MILLION ONE HUNDRED FORTY-FIVE THOUSAND FIVE HUNDRED FORTY-FOUR TWO RUPEES);
(4) 3 ACCOUNT NAME PT. MAGNUM Conso LIDATOR RP.384.921.960 CENTURY BANK INDONESIA Dl, – (THREE HUNDRED EIGHTY NINE MILLION FOUR HUNDRED TWENTY-ONE THOUSAND NINE HUNDRED SIXTY-RUPEES);
(5) 7 ACCOUNT IN THE NAME OF BANK CENTURY Tantular RP. 262 026 241, – (TWO MILLION TWO HUNDRED SIXTY-SIX THOUSAND TWO HUNDRED FORTY-ONE TWO RUPEES).
TOTAL: RP. 808 166 521, – (EIGHT HUNDRED ONE HUNDRED DELAPANJUTA AM EN EN AM TWENTY FIVE THOUSAND ONE HUNDRED TWENTY RUPEES) deposited FUNDS IN ESCROW ACCOUNT CENTURY BANK ACCOUNT.
3) RELATED CRIME OF MONEY LAUNDERING AND CUSTOMER-OWNED SHARES or embezzlement PT. SIGNATURE CAPITAL INDONESIA (SCI), HAS seized:
(A) CASH WORTH RP. 25.5 billion, – (TWENTY FIVE BILLION FIVE HUNDRED RUPEES JUT A);
(B) 3 (THREE) UNIT CAR (TOYOTA ALPHARD, KIJANG INNOVADAN SEDAN BMWX5);
(C) 4 (FOUR) CERTIFICATES OF LAND IN THE WHITE CEMPAKA RP.350.000.000 WORTH, – (THREE HUNDRED FIFTY MILLION RUPEES), Krendang THORNS WORTH NORTH RP.200.000.000, – (TWO HUNDRED MILLION RUPEES), cinere WORTH VILLAGE RP.500.000.000, – (FIVE HUNDRED MILLION RUPEES) AND Dl KEMANG, WORTH SOUTH JAKARTA RP. 1.600.000.000, – (ONE BILLION SIX HUNDRED MILLION RUPEES);
(D) 2 (TWO) UNIT APARTMENT IN FOUR SEASONS, South Jakarta JAKARTA CENTRAL AND ASSCOT.
b. FOREIGN ASSETS Dl (read at Raker SPECIAL CLOSED):
ACCOUNT OF THAT ARE SUCCESSFUL IN FOREIGN AND FOUND TO HAVE ASKED MLA BLOCKED, IS:
1) THE LAST OF FUNDS IN Dresner BANK OF SWITZERLAND IS USD 156,000,000.00 (ONE HUNDRED AND FIFTY SIX MILLION AMERICAN DOLLARS) AS SECURITY BANK SHAREHOLDERS AGREEMENT AT CENTURY AMA (ASSET MANAGEMENT AGREEMENT) BETWEEN THE CONTROLLING SHAREHOLDER MANAGEMENT BANK CENTURY. FUND OF THE PREVIOUS USD 220,000,000.00 (TWO HUNDRED TWENTY MILLION AMERICAN DOLLARS), BUT BEFORE TAKEN OVER BY CENTURY BANK LPS. BEEN DONE BY Telltop DISBURSEMENT OF USD 65,000.000.00 (USD 38 MILLION TRANSFERRED TO BANK CENTURY, AND OF USD 27 MILLION TO ARLINGTON ASSET INVESTMENT LIMITED).
2) Tantular OWNED ASSETS WORTH USD 19,250,000.00 (NINETEEN MILLION TWO HUNDRED FIFTY MILLION AMERICAN DOLLARS) OR EQUIVALENT WITH RP. 192 500 000 000, – (ONE HUNDRED NINETY TWO MILLION FIVE HUNDRED BILLION RUPEES), WITH DETAILS AS FOLLOWS:
a) UBS AG HONGKONG BANK WORTH USD 2,089,429.43 (TWO MILLION EIGHTY FOUR THOUSAND NINE HUNDRED TWENTY-NINE DOLLARS AND FORTY THREE CENTS AMERICAN};
b) TRUST STRUCTURE IN THE FINANCIAL SERVICES PROVIDER (CHD) IN JERSEY WORTH USD 16,500,000.00 (SIXTEEN MILLION FIVE HUNDRED THOUSAND AMERICAN DOLLARS);
3) ASSETS OWNED SUSPECT Hesham AL Warraq (DPO) AND ALI Rafat Rizvi (DPO) WITH DETAILS, AS FOLLOWS:
a) ACCOUNT WITH THE NAME OF BOTH
a. STANDARD CHARTERED BANK (SCB) BANK;
– IN THE FORM OF CASH AND SOME USD 5,942 USD 6,920
– IN THE FORM OF SECURITIES: NET POSITION OF MARKET VALUE USD 650 010 672
b. CITIBANK;
– SECURITIES WORTH USD 33,000,000
b) ACCOUNT NAME ALI Rafat Rizvi a. EFGBANK;
– CASH; USD 2,000,000
– SECURITIES; USD 77,000,000 b. ING BANK
– CASH; 3,157,796 USD, GBP 132 872, EUR 753 853
– SECURITIES; USD 65,138,979 c. SCBBANK
– CASH; AND SGD 3,361 USD 5,049
c) Hesham TALAAQ ACCOUNT ON BEHALF OF ING BANK AL Warraq; FORM OF SECURITIES WORTH USD 41,445,492
4) ACCOUNT NAME Aluwi a tycoon. UBS BANK; CASH USD 1,695,919 b. CREDIT SUISSE; SECURITIES USD 840,000
5) ACCOUNT ON BEHALF OF JAMAL SULTANALI HUSAYN ING BANK; USD 30,000,000 SECURITIES ACQUIRED UNDER THE LATEST INFORMATION FORM DATA TOTAL ASSETS CASH AND SECURITIES SUSPECT Hesham AL Warraq (DPO) AND ALI Rafat Rizvi (DPO) THAT ARE IN THE HONGKONG SAR IS OF USD 693,220,336.00 (SIX HUNDRED NINETY THREE MILLION TWO HUNDRED TWENTY THOUSAND THREE HUNDRED THIRTY-SIX AMERICAN DOLLARS)
UP DATE OBTAINED FROM HONG KONG POLICE FORCE DATE 23 DBS 2009, IS THE VALUE OF THE SECURITIES MARKET VALUE AND NET POSITION (IN SET-OFF AFTER THE LIABILITY IN BANKS)
UP Chief National Police, RELATING TO THE THIRD PART OF OUR DESCRIPTION OF ROLE IN THE PROCESS OF RETURN Police dtimbulkan ASSETS OF CRIME THAT WE CAN BE TWO GROUPS NAMELY FOR RETURNS AND RETURN OF STATE ASSETS ASSETS ABROAD.
1 DOMESTIC ASSET RETURNS
Police EFFORT HAS BEEN TO RETURN THE ASSETS IN THE STATE ARE ONLY ABLE TO DO when FILE – FILE ON THE CASE AS DESCRIBED IN PART TWO OF OUR DESCRIPTION, a permanent legal force REFORMS IN THE CRIMINAL JUSTICE OF THE COURT. NEXT COURT DECISION THAT IF ASSETS – PROPERTY HAS BEEN ASSOCIATED WITH seized by police CRIME THAT SUCH, RETURNED TO THE STATE, THE LEAST COST DAMAGES THAT CRIME CAN BE SAVED SOME TOTAL RP.295.037.140.826, – (TWO HUNDRED NINE THIRTY-FIVE BILLION SEVEN HUNDRED FORTY JUT A THOUSAND EIGHT HUNDRED TWENTY-EN AM RUPEES).
2. REFUND OF FOREIGN ASSETS
BASED ON THE RESULTS OF THE INVESTIGATION AND INVESTIGATIONS AND HAVE DONE DURING THIS INFORMATION OBTAINED FROM INTRAC HASH DATA CONCERNING CRIME OF THE CENTURY BANK ASSETS OR ALLEGEDLY BEEN IN ABROAD, police EFFORTS ARE ALREADY DOING:
a. ISSUE NUMBER R/2637/X/2009 LETTER DATED OCTOBER 5 2009 Fugitive EXTRADITION REQUEST ABOUT SHAREHOLDER PT. CENTURY BANK, Hesham Talaat TBK THE NAME MOHAMMED AL Warraq HEHAM BASHER ALIAS TO THE SAUDI ARABIA AND ALI Rafat Rizvi SUSPECT NAMED BRITAIN TO THE GOVERNMENT THROUGH PROCESS MLA (MUTUAL LEGAL ASSISTANCE IN CRIMINAL MATTER), coordinated by Kemenkum AND HUMAN Rl.
PETITION TO THE GOVERNMENT OF SAUDI ARABIA WITH ANSWERS WERE RESPONDING TO DOCUMENT REQUESTS EXTRADITION LAW VIOLATION WITH THE STATEMENT MADE WITH SPECIFIC VIOLATIONS OF THE LAW PASSED BY Hesham AL Warraq. While BRITISH GOVERNMENT RESPONSE TO NOT GIVE UP NOW OFFICIALLY.
CURRENT APPLICATION FOR EXTRADITION PROCESS THROUGH THE PREVIOUS MLA coordinated by MINISTRY OF FINANCE MINISTRY has been delegated to Rl LAW AND HUMAN RIGHTS, IN LINE WITH THE TERMINATION OF TASK TEAM HANDLING PROBLEMS WITH PT. INNUMERABLE CENTURY BANK OF DECEMBER 31, 2009.
b. BLOCKING LETTER TO APPLY 14 (FOURTEEN) THROUGH THE PROCESS MLA, AS FOLLOWS:
1) LETTER NUMBER: B/956/IV/2009 DATED 12 APRIL 2009 TO THE GOVERNMENT OF HONGKONG;
2) LETTER NUMBER: R/2084/VII/2009 DATED 27 JULY 2009 TO 11 COUNTRIES (SWISS, Luxemburg, JERSEY, SINGAPORE, BAHRAIN, AUSTRALIA, SAUDI ARABIA, UNITED ARAB EMIRATES, MAURITIUS, BAHAMA ISLANDS, BRITISH VIRGIN ISLAND AND GREUNSEY) ;
3) LETTER NUMBER: R/2446A/HI/2009 DATED 24 AUGUST 2009 TO THE GOVERNMENT OF BRITAIN.
LETTERS OF APPLICATION MADE ON THE ENTIRE PROPERTY FOUND IN THE PROCESS OF INVESTIGATION AND INVESTIGATIONS REGARDING THE UNEXPECTED 18 ACTORS AS MANY PEOPLE, ARE: Robert Tantular, LAURENCE KUSUMA, HERMANUS MUSLIM HASAN, ALI Rafat Rizvi, Hesham Al-Warraq, THERESIA GODDESS Tantular, LILA Gondokusumo, Siti Aminah, JULIUS Sjahbana, GANTORO, HENDRO Wiyanto, ANTON Tantular, wealthy Aluwi, BUDI PV Tanujaya, HARRY Sutomo Rahardjo, TARIQ KHAN, STELLA ANGELINA HIDAJAT, Eduard SITORUS OTTO, TO DO confiscation, FREEZING ASSETS, THE PREVENTION OF TRANSFER , ASK FOR PROOF OF INFORMATION AND DOCUMENT REQUEST AND AUTHORITY FINANCIAL STATEMENT OF WITNESS.
MLA OF ENTIRE APPLICATION HAS TO OFFER 14 (FOURTEEN) STATE NAMELY:
a.HONGKONG SAR;
b.SWISS;
c.INGGRIS RAYA;
d.LUXEMBURG;
e.SINGAPORE;
f. BAHRAIN;
g. AUSTRALIA;
h. SAUDI ARABIA;
i. UNI ARAB EM I RAT;
j. BAHAMA ISLANDS.
k. JERSEY
I. BRITISH VIRGIN ISLAND
m.MAURITIUS
n. GUERNSEY
FOURTEEN OF THE COUNTRY, WHICH HAS NOT RESPOND NO 4 (FOUR) STATE NAMELY:
1. JERSEY,
2. BRITISH VIRGIN ISLAND,
3. MAURITIUS, AND
4. SINGAPORE.
The RESPONSE IN DETAIL OF STATE – STATE IS SUCH AUTHORITY AND HUMAN Rl Kemenkum TO EXPLAIN THE CAPACITY AS A FUNCTION OF CENTRAL AUTHORITIES IN INTERNATIONAL LEGAL COOPERATION MECHANISMS IN THE EXTRADITION AND MUTUAL LEGAL ASSISTANCE.
CONFIRM Chief National Police, TO-FOUR PART OF OUR DESCRIPTION, NAMELY REGARDING PROBLEMS FACED IN THE PROCESS OF SEARCH, RESCUE AND ASSET RETURNS.
RESTORATION EFFORTS ARE EITHER ASSETS IN DOMESTIC OR FOREIGN IS IN EFFORTS THAT IS NOT EASY AND FAST BECAUSE SOME NEEDED TO PROCESS CONSISTENT, SYSTEMATIC AND CONTINUE, obstacles encountered SOME EFFORT TO RESTORE THE ASSETS ESPECIALLY IN RELATION TO THE OTHER ROLES Police :
1. ASSETS IN DOMESTIC
PROBLEMS IN THE TROUBLES AND confiscation ASSETS: BANKING IN CASE CRIME, CRIME OF MONEY LAUNDERING AND GENERAL CRIMINAL investigators GET OTHER BARRIERS BETWEEN:
1) PROCESS IN CRIME CRIME SUSPECTED BANK HAS BEEN IN EFFECT SINCE CENTURY OLD, SO THE HISTORY OF CRIME been obscured by ACTORS, NEW Police WHILE GETTING REPORTS OF BANK INDONESIA ON 25 NOVEMBER 2008;
2) lack of information GOOD DESCRIPTION OF THE WITNESSES AND DOCUMENTS THAT MAY BE OBTAINED FROM their cooperation AND NOT THE SUSPECT IN THE PROCESS OF INVESTIGATION, complicating the ASSET TRACING investigator in EXISTING;
3) MOST FUNDS AVAILABLE AT CENTURY BANK HAS BEEN MAINTAINED BY THE INCORRECT LISTING obscure CENTURY BANK OF DIFFERENT MODES WITH CRIMINAL BANKING whose funds are misused by DATA SO THE ACTORS FUND FLOWS RELATED ASSETS AND ALL OF WHICH CAN NOT BE Searchs;
4) confiscation ASSETS IN DOMESTIC EISA ONLY BE DONE BY THE ASSET Investigators – FORMAL ASSETS HELD BY THE SUSPECT. Whereas most FUNDS, HAS ALLEGEDLY rushed to OVERSEAS USING DIFFERENT MODES;
FOREIGN ASSETS Dl:
OBSTACLES IN SEARCH, AND RETURNS PENY1TAAN
ASSET:
BANKING IN CASE CRIME, CRIME OF MONEY LAUNDERING AND COMMERCIAL CRIME AMONG OTHER BARRIERS TO GET investigator:
a. TRAFFIC FLOW FINANCIAL TRANSACTION QUICKLY THROUGH THE BORDERS WITH SO BERS1NGGUNGAN OTOR1TAS FINANCIAL POLICY DIFFERENT;
b. THEIR COOPERATION – EACH STATE AND EVEN minimal TEND TO PROTECT THE FUNDS INTO FINANCE AUTHORITY;
c. TERMS OF OFFER BY EACH MLA – EACH STATE VERY TIGHT AND TEND complicate efforts ASSETS INCLUDING SURVEILLANCE EFFORTS AND BLOCKING confiscation;
d. EFFORTS IN ASSET RETURNS CAN NOT AUTOMATICALLY WHEN EXECUTED Rl GOVERNMENT AUTHORITIES REQUESTED NOT MEET THE REQUIREMENTS OF THE RECIPIENT MLA.
e. CRIME MLA HIS OFFER SAME-SAME SUBJECT TO THE SECOND STATE (CRIMINAL DUAL)
ADD AS CLOSING Chief National Police, let us RAISING EFFORTS IN ORDER TO RETURN CONCLUSION OWNED ASSETS PT. CENTURY BANK, INC, AS FOLLOWS:
FIRST: Police ROLE IN THE PROCESS THAT CRIME INVESTIGATIONS THAT HAVE OCCURRED IN THE CENTURY BANK ACTIVITIES CONDUCTED BY INQUIRY AND INVESTIGATION SINCE 2008 AND UNTIL THIS TIME STILL UNDERWAY;
SECOND: Police ROLE IN THAT SEARCH AND RESCUE PROPERTY IS PART OF THE PROCESS TO INVESTIGATION AND INVESTIGATIONS AND HAVE BEEN GETTING THE RESULTS YOU NEED FURTHER PROCESS followed up with;
THIRD: Police ROLE IN THAT PROCESS IS AN ASSET RETURNS PROCESS inseparable CRIMINAL JUSTICE SYSTEM NAMELY PROSECUTION AND THE COURT FURTHER COOPERATION WITH AND RELATED AGENCIES FOR DOING THE EFFORT MLA ASSETS THAT ARE ESPECIALLY IN OVERSEAS.
FOURTH: RESTORATION EFFORTS THAT CENTURY BANK OWNED PROPERTY NEEDED SOME ACTIVITIES CONSISTENT PROCESS, SYSTEMATIC AND GOING, SO NEED SOME OF INTEGRATED MANAGEMENT INSTITUTIONS IN ORDER FOR EFFORTS TO RETURN synergize ASSETS THAT ARE NOT IN FOREIGN AUTO EISA OTOR1TAS EXECUTED IF THE GOVERNMENT DOES NOT Rl MEET THE REQUIREMENTS OF THE RECEIVER REQUESTED MLA.
The management of Mutiara Bank management has sent additional documents to a Swiss court last month. The documents will be additions to archives related to the Century Bank asset seizure, “ We have met with the asset investigating team before being sent on February 28,” said Mutiara Bank Director, Maryono, yesterday.
The Swiss court has requested that the additional documents be sent on February 15 but Maryono did not offer any explanation for the delay. He only assured that it would not affect the civil lawsuit in Switzerland.
The Mutiara Bank is attempting to get back its Bank Century assets valued at US$ 156 million (Rp 1.4 trillion) together with Telltop Holding Limited, a company in British Virginia Island. Telltop is owned by Rafat Ali Rizvi, the former owner of Century Bank owner. The disputed assets are in the form of savings at Dresdner Bank (now LGT Bank) in Switzerland.
where is everybody ❓
:roll:hello…………hello……
Allyjambo says:
July 10, 2013 at 1:40 pm
_________________________________________________________________________________
Thanks Allyjambo and it’ll be interesting to see what happens come Friday. Why do the FOH want to bid alone and what are their chances of raising enough money to be successful? Worrying times for Hearts fans and I know they enjoyed the two cup wins and the second place but I’d view the whole Romanov era as a cautionary tale. My hope is that they will be bought by a supporters group.
Carfins Finest. says:
July 10, 2013 at 6:24 pm
2 0 Rate This
hello…………hello……
Is it me your looking for ??
dukinfisgusted says:
July 10, 2013 at 6:41 pm
‘ hello…………hello……
Is it me your looking for ??’
—–
There’s only thee and me and Carfin’s Finest?
Where is everybody? They canny a’ be oan the beach still, surely?
john clarke says:
July 10, 2013 at 6:47 pm
1 0 Rate This
dukinfisgusted says:
July 10, 2013 at 6:41 pm
‘ hello…………hello……
Is it me your looking for ??’
—–
There’s only thee and me and Carfin’s Finest.
Where is everybody? They canny a’ be oan the beach still, surely?
—————-
Maybe the beach at Brora is where it’s at man !!
Or is there a problem with one of the buses,we should be told
Shares now at 51.50,possibly break into the dreaded 40’s Prior to close of play Friday,pun intended.
spivco IPO share offer had reputable people on board to get funds [cash] to invest. Once the cash was all in spivco got rid off all the reputable types.
Quelle surprise from spivco
Oh hang on – didn’t the SFA approve spivcos business plan
Well yes they did didn’t they – & gave them a shiny new SFA conditional membership
– In a contractual agreement no less
Oh dear
Looks like the `venerable` SFA have been `shafted` by spivs
– What they going to do about it?
The SFA has NO excuse not to sort this mess out publicly – for everyone’s good
– Let’s give the SFA two weeks
Then if `nowt` on the go – The entire SFA Board plus Executive should – Resign
– Not fit for purpose
YOURHAVINGALAUGH says:
July 10, 2013 at 7:02 pm
Or is there a problem with one of the buses,we should be told
———
Or the good bus moderation in my case ….. hum de dum …
Cannot verify validity of tweets, but interesting if true.
David Low @Heavidor 5h
@ImGarry88 @JohnMcLean_HS67 What I’m hearing & I quote Cenkos refused to sanction MM’s departure & were replaced.This is only the beginning.
David Low @Heavidor 3h
I’m hearing proposals to put MM and pukka institutions procured by Cenkos back in control are a real prospect. No one in control.
David Low @Heavidor 3h
No one in control. No party or concert party can own or control more than 29.9% without making an offer to all.
Say what we will – but just cannot imagine Malcolm Murray doing anything not in Ibrox`s best interests – just not the type at all. So & Cenkos off too – and their guy on the board
Something very wrong going on over there
– Frankly, none of this can be remotely described as normal
If Lord Cardigan caught up in this – perhaps he should quickly get un-caught up
Can’t imagine how awful it must be for non-football staff at TRFC – with all this chaos and uncertainty.
Must be a terrible working atmosphere – but the spivs (plus Smith & McCoist) – probably don’t notice?
Maybe of interest…joan joan joan.
http://www.heraldscotland.com/news/transport-environment/crime-links-to-bus-tycoon-are-mere-gossip-and-conjecture-1.1038965
Also someone asked about contractors being payed,seems ECG the maintenance company who got
shafted by the old co put the new co on stop till payment was recieved.That was a few weeks ago I don’t know if the position has changed .
Any update on the alleged Rangers charity stooshi?
StevieBC says:
July 10, 2013 at 8:11 pm
‘..Must be a terrible working atmosphere – ‘
——
No, no, no, StevieBC.
Isn’t the caring HR lady who does the redundancy talks still there, bolstering morale?
Or has she been on the receiving end of an unrecorded discussion about where her future lay?
As a Clyde fan I’ve decided to keep track of football news in EK in recent months.
The text below is taken from the junior club’s fairly recent statement found here http://www.ekthistlefc.co.uk/
“This is something that all those who have worked hard to save this proud team would like to make clear. The financial situation at the club was dire. When Jimmy Stewart took over as Chairman, the company behind the club had significant debts and very little money. This is not an exaggeration and it is not a twisting of the truth. This is the reality. Things were serious.
There was a time when it was looking unlikely that the club would be in a position to fulfil its fixtures. Catastrophe was only avoided in January with the setting up of a new company to take control of the club, which was done with the blessing of the SJFA, an organisation who have been nothing but helpful throughout. We cannot stress enough just how serious the situation was. If it was not for drastic action taken in January, East Kilbride Thistle would have folded and our team would no longer exist.”
Is anyone aware of the situation where a company behind a club dissolves and another takes it’s place to remove debt? Is this normal in football now? It may well be a perfectly reasonable situation at EK Thistle but looks odd from the outside.
https://www.duedil.com/company/SC369599/east-kilbride-thistle-community-football-club
https://www.duedil.com/company/SC440525/east-kilbride-thistle-junior-football-club-limited
Bawsman says:
July 10, 2013 at 8:16 pm
Been wondering about that myself B, because IMO, this could turn out to be the biggest scandal of them al!
Charlotte Fakeovers @CharlotteFakes 22h
@JackIrvine @tom_watson Tom,let’s talk Cayman Banks and bent politicians. I’ll send Jack back into the shadows and spill Media House secrets.
___
😉
.
TSFM – is there a `heart` thingamajimingummy?
Is Charlotte about to get angry with Jack?
@TSFM
newtz says: July 10, 2013 at 7:34 pm …. In Moderation
Can you please hold in Moderation for now ….. Thks (newtz)
gsrx1 says:
July 10, 2013 at 8:40 pm
3 0 Rate This
Bawsman says:
July 10, 2013 at 8:16 pm
Been wondering about that myself B, because IMO, this could turn out to be the biggest scandal of them al!
==================
I believe Corsica1968/alzipratu is working on an update which should be around shortly, his/her reply from OSCR mentioned amongst other things, ‘public interest’ and ‘criminal investigations’
This is definitely one of the juicier bits of the whole sorry saga!
Tweets:
waitinfurrapolis @corsica1968 5 Jul
It’s late & I’m tired so full analysis needs to wait but just got OSCR email re #rangerscharitytheft. Info held back in public interest?Hmmm
waitinfurrapolis @corsica1968 6 Jul
@rodfather67 Possibly, although quick skim this afternoon made sense (“criminal investigation”). Need to digest properly.
Bawsman says:
July 10, 2013 at 8:16 pm
8 0 Rate This
Any update on the alleged Rangers charity stooshi?
=======
In relation to the AC Milan game?
AFAIK Corsicascharity confirmed that they were right to keep the money – as RFC were IA it would have been illegal (insolvency act?) to give any of the money away
If I read him/her right
newtz says:
July 10, 2013 at 9:03 pm
——————————–
Ok when you are TSFM … is there an issue ?
😮
Not The Huddle Malcontent says:
July 10, 2013 at 1:18 pm
SPFL confirm that Longmuir is no longer in a job……another out of contract signing for Sevco?
=================================
In the event of such a scenario I expect the following statement:
“…it is an absolute honour for me to be given this chance with the club myself and my family have supported all our lives. I will do everything I can to return this 140 year old institution to its rightful place at the very top of Scottish football”.
the taxman cometh says:
July 10, 2013 at 10:12 pm
0 2 Rate This
Bawsman says:
July 10, 2013 at 8:16 pm
8 0 Rate This
Any update on the alleged Rangers charity stooshi?
=======
In relation to the AC Milan game?
AFAIK Corsicascharity confirmed that they were right to keep the money – as RFC were IA it would have been illegal (insolvency act?) to give any of the money away
If I read him/her right
———
No, you didn’t, RFC(IA) took the money, are you :slamb: in disguise?
from:
http://alzipratu.wordpress.com/2013/06/15/conflicting-interests-3/
2. AC MILAN GLORIE
In January 2012, the Foundation announced plans to hold a glamour friendly at Ibrox between a team of Rangers Legends and a team of AC Milan legends on 30 March 2012. Tickets were to be priced at £10 for adults and £5 for concessions and children. All funds raised would be split between the Rangers Charity Foundation and the AC Milan Foundation.
Following The Rangers FC’s plunge into administration, it was announced by Rangers FC (NB: not the Foundation) that the friendly would still go ahead but at a higher price of £12 and £6 and crucially with “revenue from the match being split between the Club, the Rangers Charity Foundation and the AC Milan Foundation.” This latest announcement even went so far as to say that “Rangers Charity Foundation has offered to forego the majority of its share of the proceeds…and funds raised will help secure the future of the Rangers, which is vital at this time.”
Hope Corsica1968 doesn’t mind me pasting stuff from his blog! 😉
2yearsanddone says:
July 10, 2013 at 8:12 pm
“She lambasted “gossip-mongers and those who expect me to act on their chit-chat” for perpetrating what she regarded as unfounded allegations against Easdale, who was jailed for 27 months in 1997 for a £1.5 million VAT fraud. Referring to his entire family, she said: “I have no evidence that any of the Easdales are engaged in any criminal activities; no evidence of money laundering; no evidence of drug dealing, or of harassment, or of threatening public officials.” ”
——————————-
Damned with faint praise.
weebully says:
July 10, 2013 at 8:39 pm
“Is anyone aware of the situation where a company behind a club dissolves and another takes it’s place to remove debt? Is this normal in football now?”
—————————
There certainly seem to be parallels with the Rangers saga but I doubt the fallout from East Kilbride Thistle’s insolvency will cause much collateral damage. Looks like a good partnership for Clyde as it will help bed them into their new community.
ForresDee says:
July 10, 2013 at 10:49 pm
3 0 Rate This
the taxman cometh says:
July 10, 2013 at 10:12 pm
0 2 Rate This
Bawsman says:
July 10, 2013 at 8:16 pm
8 0 Rate This
Any update on the alleged Rangers charity stooshi?
=======
In relation to the AC Milan game?
AFAIK Corsicascharity confirmed that they were right to keep the money – as RFC were IA it would have been illegal (insolvency act?) to give any of the money away
If I read him/her right
———
No, you didn’t, RFC(IA) took the money, are you in disguise?
from:
http://alzipratu.wordpress.com/2013/06/15/conflicting-interests-3/
2. AC MILAN GLORIE
In January 2012, the Foundation announced plans to hold a glamour friendly at Ibrox between a team of Rangers Legends and a team of AC Milan legends on 30 March 2012. Tickets were to be priced at £10 for adults and £5 for concessions and children. All funds raised would be split between the Rangers Charity Foundation and the AC Milan Foundation.
Following The Rangers FC’s plunge into administration, it was announced by Rangers FC (NB: not the Foundation) that the friendly would still go ahead but at a higher price of £12 and £6 and crucially with “revenue from the match being split between the Club, the Rangers Charity Foundation and the AC Milan Foundation.” This latest announcement even went so far as to say that “Rangers Charity Foundation has offered to forego the majority of its share of the proceeds…and funds raised will help secure the future of the Rangers, which is vital at this time.”
Hope Corsica1968 doesn’t mind me pasting stuff from his blog!
=====
sorry then – I thought what Corsica meant was if RFC(IA) had given away the money to the charity then they, as they were in administration, would have been in breach of the insolvency act, and hence RFC(IA) had kept the money
Thanks for setting that straight
Apparently the salient points of an open letter from Malcolm Murray.
======================
In the open letter, released to Press Association Sport, Murray said: “I make this statement not for self-gratification or sour grapes but because so many fans have told me that dignified silence will be seen as a sign of disrespect.
“My previously criticised silence was observed in the best interests of Rangers.
“I was chairman of this great club for arguably the most difficult year in its long history.
“I was recommended for the role by the investment institutions because of my strong record of honesty, integrity and my successful stewardship, of a 25% shareholding in Manchester United from the bottom to the top but not least because I am a Rangers fan and everything I have done or do is for the club and not self-interest or financial gain.
“It has been a difficult shift and I’d like to thank you, the fans, for your support which I enjoyed as recently as Sunday when I drove over 600 miles to Brora.
“I would also like to thank my wife and daughter for their patience and endurance of great hardship – including no holiday for a year and harassment by journalists in their own garden.
“During the dark days of last summer I put a six-figure sum into the club to literally stop the lights going out at Ibrox at a time when we were in real danger.
“My family have given things up to help save Rangers in this difficult year. There aren’t many wives who would let their husband pay someone else’s significant electricity bill.
“You and I want a squeaky-clean club run by men of the highest integrity and global commercial ability and the highest level of transparency.
“The reason we went down the flotation route was to guarantee transparency, whereas ownership by mysterious individuals does not.
“Events of the last year have seen behaviour that would make the late, great Bill Struth spin in his grave.
“The loss of two men (Phil and myself) with such lengthy financial public company experience and a quality broker will undoubtedly raise questions amongst our institutional shareholders.
“Only time will tell how they will react. These investors and you are our future and you must be listened to and given transparency.
“We cannot go back to the depths of the last two years, we need to hold course. Corporate transparency is the norm and we should embrace it rather than change course when difficult questions are asked.”
The letter continued: “My family and I will always be fans and season ticket holders and I will remain a shareholder and use whatever influence I have to help the Rangers. I want the best for our club both on and off the pitch.
“I want our fans to be talking about football and the development of our rich history and culture. I hope to be the only chairman in our history to preside over a Third Division title!”
Malcolm Murray Statement.
“I want our fans to be talking about football and the development of our rich history and culture. I hope to be the only chairman in our history to preside over a Third Division title!”
==============================
Their “rich history” was bought for a Pound by Yorkie, and about £200 million from the rest of us.
Interesting choice of words in Record pic caption http://www.dailyrecord.co.uk/sport/football/football-news/former-rangers-chairman-malcolm-murray-2043898