The Way it Works


Soros Fund Managers doesn’t just bear the name of George …

Comment on The Way it Works by ecobhoy.

Soros Fund Managers doesn’t just bear the name of George Soros – it was founded by him in 1969 and he remains chairman to this day.

According to Forbes, George Soros is ranked 35th on the list of the world’s richest people, with an estimated net worth of $14.2 billion.

Soros Fund Management – reported in 2010 as one of the most profitable firms in the hedge fund industry has been restructured and Soros Fund Management LLC is now a privately held American investment management firm currently structured as a family office according to wikipedia.

Worth defining ‘Family Office’:

A family office or single family office (SFO) is a private company that manages investments and trusts for a single family.[1] The company’s financial capital is the family’s own wealth, often accumulated over many family generations.

More recently the term “family office” or multi family office is used to refer primarily to financial services for relatively wealthy families.

So we have the old Charlie ploy of playing on words – Who is he dealing with? Is it Soros himself or the Soros family through their Family Office?

Charlie didn’t invest a single penny of hard cash in Rangers but it must be remembered he has a track-record of being a very very good AIM salesman in persuading others to invest their moneys in ‘projects’ he has been involved with.

None more so than Arif Naqvi who appears to have been involved with Blue Pitch Holdings – original investors in Sevco 5088 and then Sevco Scotland back in May 2012. See:

I have never ever underestimated Green’s ability at getting his hands on other people’s money and making money from it. So who knows where the truth lies 😆

But why of why has the SMSM not contacted Soros or his family office and asked if they are considering an investment in Rangers? And how exactly are they going to achieve that as the option of buying fresh shares isn’t open to them?

Does that mean that possibly the owners of the onerous contracts are about to ditch their current shareholdings? Of course if they do then no doubt they will keep their onerous contracts which seem to be draining the club of cash and are apparently unbreakable as far as the current Board appears to think.

ecobhoy Also Commented

The Way it Works
easyJambo says:
August 9, 2014 at 10:39 am
ecobhoy says:
August 9, 2014 at 9:40 am

I actually haven’t seen the UEFA rule book section dealing with the matter as I’ve been pretty busy last couple of days. But I would be surprised if there wasn’t some leeway allowed in the level of punishment dependant on how seriously any breach was viewed.
Thanks for that ej

The Way it Works
fara1968 says:
August 8, 2014 at 9:31 am

Would Celtic be allowed by stock market rules not to protest? In the interest of shareholders?
I’m no expert in stock market rules but hey not being an ‘expert’has never previously stopped me voicing an opinion.

Seems to me that this one is definitely a grey area in that obviously a Plc Board must act in the interests of its shareholders and on first-sight it seems obvious that potentially giving-up say £30+ million if we get beyond the group stages could never be contemplated by the Board.

The counter argument is that so many fans might become disenchanted by the decision that they no longer support the club and if this was widespread that the future of the club became problematic.

Personally I don’t think the counter-argument holds water but this may be an issue which is worth raising at the agm especially in terms of providing guidance for the Board as to what shareholders are thinking and I really mean in terms or ordinary shareholders.

At the end of the day if Celtic didn’t survive then the good work it does outwith the football arena would also cease so it’s not an easy decision on moral grounds.

On footballing and financial grounds – I will take the gift and hope we use it to help enhance the club and its charitable work by doing well financially in Europe.

We didn’t make the mistake and if positions were reversed then I have no doubt that Legia Warsaw would have said: ‘Ta very much. We feel sorry for celtic but that’s football.’

I will also take no heed of those in the Blue Camp on issues involving morality and integrity in view of their history on these issues. However I am heartened by the number of Bears who say they would accept the decision and take the money it potentially brings.

The Way it Works
nawlite says:
August 9, 2014 at 9:04 am

Folks, text of a letter and email I’m sending to UEFA today. Any thoughts on improvements before I do? I think I’ve accurately captured the ‘facts’ as I see them, but if anyone has any constructive criticism, I can amend. Cheers.
I would ensure that you ensure at least para spacing is used otherwise no one will read it in my experience and I say because I tend to over-write on occasion so a criticism that could be well applied to myself as well 😳

You state:

Because of your swift and strong actions in support of your rulebook on this issue affecting Scottish football, I cannot help but compare and contrast the actions of the Scottish Football authorities when dealing with a similar issue.

I actually haven’t seen the UEFA rule book section dealing with the matter as I’ve been pretty busy last couple of days. But I would be surprised if there wasn’t some leeway allowed in the level of punishment dependant on how seriously any breach was viewed.

I’m not saying that to negate your intentions in any way but I think it’s worth considering.

I also think you seriously deplete the chance of any response by asking UEFA to comment on internal matters of Scottish Football admin. I think it would be enough to state the bald facts as to what was decided in Scotland and note it’s a pity that there is no harmonisation of ALL rules from top to bottom and ask if there any any plans to bring this about in view of the discrepancies which occur.

There’s probably little chance of a reply no matter what is written but there’s just a possibility that would could easily be construed by UEFA as point-scoring is altered to a: ‘How can we improve football governance across the board in Europe’.

The approach I suggest would also have the effect of much reducing the size of the letter and again someone at UEFA might then actually read it. Even if they don’t reply or progress it in any way – information has been imparted. The dripping of water can have powerful results 😆

PS: Another way of keeping something down to a manageable ‘read’ is to use Appendices where the detailed arguments is contained so that the covering letter is much snappier and straight to the point.

Recent Comments by ecobhoy

Did Stewart Regan Ken Then Wit We Ken Noo?
jimmci says:
April 24, 2015 at 1:50 pm

And why did we not get the panel’s reasoning together with the decision last night?

Simples ❗ The Decision was the easy bit 😆 The explanation to sell it was the hard bit and despite a nightshift they appear to have fluffed their lines AGAIN 🙄

Did Stewart Regan Ken Then Wit We Ken Noo?
Allyjambo says:
April 24, 2015 at 2:18 pm

Might I suggest that SD’s main interest in this meeting was to put the RIFC board straight on some matters regarding the security over the IP and just how watertight it is, rather than to discuss funding or any ‘amicable’ discussion how best to move the club forward!
You might be right but would SD want the club suffering another Insolvency Event? Perhaps they were asking for the second loan tranche of £5 million which the new board apparently rejected on taking control.

I have undernoted a reply I made to parttimearab last night which may have been missed but may also be relevant.

3. Insolvency events

(i) The inability of the Company to pay its debts as they fall due within the meaning of section 123 of the Insolvency Act 1986 (the “Act”);
(ii) The issue of an application for an administration order or a notice of intention to appoint an administrator in relation to the Company;
(iii) The passing of a resolution or order for the Company’s winding-up, dissolution, administration or reorganisation;
(iv) The declaration of a moratorium in relation to any of the Company’s indebtedness;
(v) The making of any arrangement or any proposal for any arrangement with any of the Company’s creditors; and
(vi) The appointment of a liquidator, receiver, administrator, supervisor or other similar officer in respect of any of the Company’s assets.

Now I haven’t a clue whether that has anything to do with the SPFL Rule Change. But it’s clear that there could be various stages in an Insolvency Event and perhaps the rule change is to cover all eventualities which might not have been previously defined in the Rule Book.

In particular I look at:

(vi) The appointment of a liquidator, receiver, administrator, supervisor or other similar officer in respect of any of the Company’s assets.

And I think of the various charges which have been placed on Rangers assets wrt the £5 million loan. I have previously posted that the contracts wrt a Default Event could see the assets pass to SportsDirect without any court hearing and SD also already has the power to appoint a Receiver to deal with any of the assets that pass to it via a loan default event.

Now that might not ultimately lead to a full-blown Insolvency depending on what SD actually decide to do with Rangers. But looking at the above I wonder whether with the SPFL rule change that just taking control of the assets is enough to be classed as an Insolvency Event under SPFL Rules?

Perhaps the SPFL are thinking ahead ?

But does the rule take effect immediately or from the new season?

It seems that if it is immediate and Rangers suffers an Insolvency Event then that would be an automatic 25 points this season and 15 next season. Assuming it is able to survive death a second time.

Did Stewart Regan Ken Then Wit We Ken Noo?
Resin_lab_dog says:
April 24, 2015 at 12:10 pm
ecobhoy says:
April 24, 2015 at 12:00 pm
blu says:
April 24, 2015 at 11:40 am

From what I saw, all criticisms emanating from ICTFC was directed towards the SFA machinery and not towards CFC. Similarly, I have seen no evidence of any criticism of ICTFC being put forward by CFC. I see that fact as quite telling.

Celtic were quite entitled to make all the statements they made and had the boot been on the other foot, in the circumstances I am sure KC at ICTFC would have done likewise.

Similarly, had the situtaions been reversed w.r.t. the foul, I would have expected CFC to back their player robsutly in the same way that ICTFC did.

This is about governance of the sport, not internecine disagreements between member clubs – for which I am yet to see any cause advanced from either party.
Couldn’t agree more!

Did Stewart Regan Ken Then Wit We Ken Noo?
blu says:
April 24, 2015 at 11:40 am

My view is that Celtic played this one wrong (only in the public nature of it)and it was easy for media outlets to infer cause and effect in the Celtic/Compliance Officer actions.
There is some merit in your view IMO. However there’s a balancing act to be achieved which requires an answer to what the officials saw, didn’t see, or decided or didn’t decide on Sunday.

All I heard in the ground, leaving the ground, on the train, in the pub, was real anger and disbelief at the decision which worsened with the TV replays.

I do think Celtic fans were due an explanation and tbf to Celtic I doubt if they could have forseen what an absolute hash the SFA would make of it. Obviously the SMSM has ridden to the rescue of the SFA so what’s new about that?

But we’re still awaiting the answers requested. Will we get them? Not without keeping the pressure on the SFA on all fronts where Hampden’s dark secrets exist.

Did Stewart Regan Ken Then Wit We Ken Noo?
Gabby says:
April 24, 2015 at 10:18 am

If Celtic really, really felt they needed to send a letter, then this is the type of thing they should have sent…
I disagree as the letter you suggest goes way beyond the immediate point which is simply: ‘Please explain how the decision was arrived at’. I say decision because when Celic sent the letter it seemed there had been no decision reached but that the incident had been ‘missed’ by all officials.

Once the SFA provide that info then Celtic can make a decision as to if and how it should proceed with the matter.

My credo in a situation like this is not to give any leeway to a slippery character or room for manoeuvre. Ask the straight simple question and take it from there once the basic position is established.

Never jump fences too soon and never ever jump fences you don’t need to especially if you don’t know what lies in wait on the other side.

About the author