Two wrongs and a right

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PMGB’s latest, suggesting some payments still outstanding to NA/SD in …

Comment on Two wrongs and a right by Allyjambo.

PMGB’s latest, suggesting some payments still outstanding to NA/SD in respect of the unsold stock and outlet closures.

http://www.philmacgiollabhain.ie/the-guts-of-another-million/#more-7263

I’m not sure if that should have shown up in the accounts, maybe hidden/included within total liabilities, but even if they were, it’s not good news, if accurate, as MA can be a vengeful creditor, one suspects! Could he be about to start chasing this now his loan has been repaid?

Question for those with expertise in the area; would it be possible that this might have been kept out of the accounts as ‘disputed’, invoices lost, thought it had been settled by previous regime…?

Allyjambo Also Commented

Two wrongs and a right
easyJambo 25th January 2016 at 4:48 pm # Attachment
 Allyjambo 25th January 2016 at 3:07 pm # =========================== I was somewhat surprised to see Phil’s latest claim re unsold stock and onerous leases.
If you go back to the terms of the £5M SD loan, then it made specific provision for payment of the onerous leases.http://www.investegate.co.uk/rangers-int-f-c–plc–rfc-/rns/-10m-credit-facility—associated-26–rrl-transfer/201501270701132133D/
RRL will declare a dividend of a total of GBP 1,610,000 prior to the Transfer. The Club will use the proceeds of its share of this dividend, inter alia, to repay sums owing to SD in respect of the cessation of onerous leases on unprofitable stores entered into by a previous Rangers management team.The 2015 Accounts also state:
Other costs incurred Cost of store closures paid by Rangers Football Club ………………….   (620)…….and in Note 19 to the accounts – see the attachment which shows that both the unsold stock and onerous leases were paid off in the last financial year, leaving a zero balance on the provisions as at 30 June 2015.
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Thanks for the information, EJ.

I can only deduce that PMGB’s information must be wrong, otherwise it might mean that the club published untruths in their annual accounts, some sort of offence, I’d imagine. I genuinely can’t believe that even they would be that stupid.

The only way that both Phil’s information and the annual accounts could both be right is if the arrangement was ongoing (despite the belief that it was otherwise), or something triggered (default on loan?) it’s return.


Two wrongs and a right
redlichtie 25th January 2016 at 1:36 pm # Allyjambo 25th January 2016 at 1:07 pm #Saw this on twitter and it would appear the bears are moving from a ‘buy our way to success’ model to one of ‘WATP so we will win the SPL with whatever journeymen we sign’!“8m8 minutes ago Why are the media so desperate for Rangers to overspend. Are they worried we sign a team of English bargains and cruise the SPL next year?” ——————————————————-AJ,
The first question that popped into my (cynical) head was who authored this tweet? Could it be a Level 5 or similar softening up of the bears for the realisation that no-one has been or can be signed?
Unfortunately so untrusting have I become that ulterior motives are sought in almost anything Govan-related.
Scottish Football needs a strong Arbroath.
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It would appear that the tweeter is just an ordinary bear, RL, so I don’t think it right to post his name (it appears to be his real name). Some of his tweets today suggest the one I posted here was the peak of his enlightenment. Apparently we are all in for a rude awakening when TRFC hit the top!

I have to admit, though, that reading his tweets again (as a result of your cynicism) is making me think you could be correct with the level of your thinking, the following being typical:

“Well & truly feels like we have our club back. Positive news is becoming a daily occurrence again at Scotland’s biggest club.”

He’s not appeared on my timeline before, with Bartin Main retweeting him today, but it does look like he’s indulging a scattergun approach to catch the eye of any dithering bears14 The above tweet seems just a bit over happy, especially after failing to sign a player with what even Jackson couldn’t make sound like real money!


Two wrongs and a right
Saw this on twitter and it would appear the bears are moving from a ‘buy our way to success’ model to one of ‘WATP so we will win the SPL with whatever journeymen we sign’!

“8m8 minutes ago Why are the media so desperate for Rangers to overspend. Are they worried we sign a team of English bargains and cruise the SPL next year?”

While there’s nothing wrong with (should they achieve it) not spending money they don’t have, they continue to change their tune without ever acknowledging the fact that the old (figurative) tune was a very bad one. As reality begins to be harder to hide, even from the very gullible, they seem incapable of realising that the model they will be forced to follow is the one they should have been prepared to accept from the outset.

Though, as the years go by, they may well be able to attract young, hungry players, keen to experience playing in front of large crowds with the added value of constant bumming up by a compliant media, and so be capable of winning the odd honour or two, they seem oblivious to the fact that this will take time, and any manager (Warburton?) capable of doing the building, will be off rather quickly to the EPL/Championship. They will also face the lesson from history that tells us the bears don’t hang around for long when the penalties are missed and the points stop accruing.

But I suppose that tweet is a sign of some sort of progress.


Recent Comments by Allyjambo

It Is Better To Offer No Excuse Than A Bad One
Big PinkJanuary 2, 2018 at 13:54 
AJI suspect the TDs are not from SFM folk (remember the ratings are available to all manner of trolls). It is a disgusting world-view if made in earnest. A shocking way to score a point if not.
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I didn’t, for a moment, suspect they were from anyone who posts here, even the more prolific troll posters are better than that, I am sure. 

For some time now I have had the feeling that there is someone, or some people, coming on here and just TDing a number of posts without bothering to read their content, either out of malice or as some sort of concerted effort on behalf of people with reason to dislike our message. It really is quite strange how, suddenly, a number of posts receive one, two or occasionally three thumbs down in very short order, and often posts like uth’s, that could offend no one, receive these petty TDs as a result. 

I can honestly say that I have never read anything from our regular, or occasional, posters that might suggest they would TD anything relating to that terrible day. I include, of course, all supporters of Celtic and RFC/TRFC who have, over the years, made their arguments on SFM. My experience of Celtic supporters talking of that day is one that leaves me certain in the knowledge that only the basest of their support (and we all have them) were not badly effected by the disaster and in full sympathy with the deceased, their families and the wider Rangers support. 

I can still remember that night, sitting in the Queens Arms in Edinburgh, watching the death count rising on the TV, waiting for one of our mates we knew was at the game, getting more and more nervous until he appeared. It had a lasting effect on me.


It Is Better To Offer No Excuse Than A Bad One
upthehoopsJanuary 2, 2018 at 08:52 29 2
Rate This
On this day in 1971, the Ibrox disaster happened during a Rangers v Celtic game at Ibrox. 66 fans died in a crush. Some of us remember that day, some of us may even have been there, while some of us would not even be on this earth at the time. We are all football fans. Nobody should go to a football match and never return home. Rest in Peace.
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Wow! I know we are not meant to put much store on the thumbs up or down, but two people have given thumbs down to this post! Who on earth could find fault with a post respecting the dead from the Ibrox disaster?

It kind of confirms my belief that there are people coming onto this site who don’t read the posts, but are assigned with the task of creating the appearance that there is some disagreement with posts that mostly criticise Rangers(IL) and TRFC and hit the TD button without thought.

Alternatively, of course, it could just be that others, like myself, have difficulty hitting the correct symbol on tablets or mobile phones, I certainly hope that is the case here.

Thanks to Upthehoops for reminding us of that sad day, something we should do every year as a mark of respect for those who died on Scottish football’s worst day.


It Is Better To Offer No Excuse Than A Bad One
DarkbeforedawnJanuary 2, 2018 at 03:48 
Stevie BC, the issue with declaring himself bankrupt is it stops him holding any director role in a company in the UK and possibly South Africa. I can’t see him doing that “for the sake of the club”. I think like Murray before him he likes the limelight. He knows very well the best option for the club would be resign as any acting party in the club and still provide the soft loans. It would take all scrutiny away from the club and could leave the chairman role to someone more respected such as Alistair Johnston. That would stop the risk of the TOP ruling having such a huge impact on the club. It’s the selfless and obvious choice to make and he could still be seen as the saviour from abroad saving the club through loans, but he wouldn’t get the same exposure he so much craves. His defiance is what will lead to his downfall and his selfishness could lead lead to the downfall of the club.
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DBD, though I used your above post to highlight the impossibility of separating club from company, I have to agree, to some extent, with the thrust of the post. While I am not sure that by declaring himself bankrupt that King could escape the wrath of the TOP and CoS, he isn’t going to do anything for the benefit of your club if it doesn’t benefit him, or save him, at the same time.

That said, however, King’s ‘ownership’ of the NOAL Trust was established in court to the judge’s satisfaction, and I doubt that he would get away with making further loans to RIFC plc through it or any other hidden avenue, once declared bankrupt. Indeed, despite my limited knowledge of bankruptcy laws, I am certain that King (or anyone else) can’t just announce bankruptcy and clear themselves of all fiscal responsibilities, they have to prove they have no money to meet their debts, and as far as we know, King doesn’t have any – and if he had, the court would make sure the funds in his NOAL Trust would be used to meet them, as far as possible, with, I am sure, an investigation into what other (disguised)investments he holds. One thing’s for sure, he would not be allowed to ‘lend’ any money to RIFC/TRFC, and, if he does, indeed, have substantial debts, his creditors might well force the return of his existing RIFC loans to meet his debts.

One thing’s for sure, the law will not allow someone to avoid the consequences of breaking the laws and regulations of the land by availing one’s self of the laws of bankruptcy! While a little tax cheating scrote like Barry Ferguson might get away with transferring his assets to his wife, just prior to receiving his tax bill, King and his money are already on the court’s radar and I doubt that even his Masonic connections would be enough to let him get away with further fraudulent behaviour.

Something I am sure of, and has to be considered before wondering if bankruptcy is a way out for both/either King or RIFC, and that is – you have to have debts that you demonstrably can’t meet before you can petition for bankruptcy. Unless King has very substantial debts, that outweigh, at least, the funds held in the NOAL Trust, then he has no grounds to declare himself bankrupt.


It Is Better To Offer No Excuse Than A Bad One
DarkbeforedawnJanuary 2, 2018 at 03:48 
Stevie BC, the issue with declaring himself bankrupt is it stops him holding any director role in a company in the UK and possibly South Africa. I can’t see him doing that “for the sake of the club”. I think like Murray before him he likes the limelight. He knows very well the best option for the club would be resign as any acting party in the club and still provide the soft loans. It would take all scrutiny away from the club and could leave the chairman role to someone more respected such as Alistair Johnston. That would stop the risk of the TOP ruling having such a huge impact on the club. It’s the selfless and obvious choice to make and he could still be seen as the saviour from abroad saving the club through loans, but he wouldn’t get the same exposure he so much craves. His defiance is what will lead to his downfall and his selfishness could lead lead to the downfall of the club.
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Hi, DBD, and a Happy New Year to you.

While your recent posts have been pretty good, showing a realistic approach to what’s happening at your club, might I ask how it could be that the chairman of RIFC’s selfishness, and I presume you include his dishonesty in that, could lead to your club’s downfall, if, as you’ve previously claimed, the club is separate from the company? Surely, in your belief structure, it would only be the company, TRFC Ltd, that would ‘fall down’, and the club would just sit around, responsible for none of the inherent financial chicanery of the ‘overspend our way to success’ ethos that permeates at Ibrox, until some new ‘football company’ is set up to carry the can again!

I know it’s a bit early in the year to reintroduce the OC/NC debate, but I am wondering if you’ve, perhaps, come to realise that the idea that a football club can, for some skewed reason, escape the consequences of it’s own greed, is pretty ludicrous?


It Is Better To Offer No Excuse Than A Bad One
ODDJOBJANUARY 1, 2018 at 13:42
Allyjambo,Thanks.I also suspect that the assignation of ” ra deeds” would provoke an angry response in some quarters
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And I suspect that the assignation of ‘ra deeds’, should it ever come to pass, might well be the last throw of the dice! What’s more, once any assets are used as security, it reduces the amount the current lenders are likely to get in the event of liquidation. It may well be that the directors, who are now refusing to give more loans, have, rather than reached the end of their free funds, decided that the lending has reached a level greater than, or close to, the total value of the group’s assets.

It’s one thing lending without security when in a position to ensure there is enough in the pot to, more or less, cover the amount of the loans, it’s an altogether different thing once someone else gets that security!

Whatever the accounts give as a value for the fixed and current assets, the directors will all have a very good idea of the realisable value of those assets (particularly the heritable asset value), and should total creditors begin to outstrip that value, they may well begin to wonder if it’s time to call in the administrators. Granting security over some of the heritable assets would only hasten the moment for unpleasant decisions.

If PMGB is correct in saying King is looking out for loans secured on the club’s heritable assets, then I am certain that the rest of the directors would carry out proper due diligence on the potential lenders before granting any security. Not that they have any dodgy characters in their midst, or anything, just that they are canny businessmen.


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