Who Is Conning Whom?


It was great listening to the EBT Loyal choking on …

Comment on Who Is Conning Whom? by sannoffymesssoitizz.

It was great listening to the EBT Loyal choking on their succulent lamb last night. 21212121

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Who Is Conning Whom?
Abridged version of the (Neo) Rangers* statement: “Waehuvnaerraspondoolicks” 21212121

Who Is Conning Whom?
Rangers: Derek McInnes staying with Aberdeen is ’embarrassment’ to Ibrox

7 December 2017 http://www.bbc.co.uk/sport/football/42274847

Many observers assumed McInnes would be keen to take over at a club he played forRangers’ failed pursuit of Derek McInnes has left the club “embarrassed” and the Ibrox board looking “clueless”, says former midfielder Derek Ferguson.

The Aberdeen manager opted to stay at Pittodrie on Thursday after “weighing up” an approach from Rangers.

“I’m absolutely stunned. I thought it was a gimme once Rangers were pursuing him,” Ferguson told BBC Sportsound.

“It’s a bit embarrassing. For a club of Rangers’ stature to be six weeks without a manager is not good enough.”

Rangers sacked former manager Pedro Caixinha six weeks ago on 26 October, with caretaker boss Graeme Murty leading them to four wins and two defeats in the interim.

He is likely to remain in charge for Saturday’s home Premiership game against Ross County.

“Rangers have put their eggs in one basket,” Ferguson noted. “The directors don’t seem to have a Plan B. They just look clueless at the moment.

“Embarrassing? To me, and all those Rangers supporters. There has been no clarity.

“At the AGM the chairman Dave King said they were looking at certain people in employment. Well it has not worked out and it is not good enough. Is it going to take another six weeks?”

Ferguson, who played more than 100 games for Rangers, believes their failure to appoint a permanent successor has cost them further ground on Glasgow rivals Celtic. They are seven points behind in the Premiership, having played a game more.

“At times players look for excuses and they have got the biggest excuse of all, that they have not got a manager there to answer to,” he added.

“Graeme Murty has come in and done fantastically well, but I look at the other side of it. The two games Rangers lost, to Hamilton and Dundee – if a Derek McInnes was in as manager, I don’t think they would have lost those games.

“If they had won those games, they would be a bit closer to Celtic.”

Ferguson believes that McInnes, who spent five years at Ibrox as a player, was not convinced Rangers would give him the level of input into all aspects of the club he has at Aberdeen.

“I thought emotion would have played a huge part in it, looking at Derek being a Rangers supporter and having played for the club as well,” he added.

“There are some things that he has had a look at. The couple of days people are saying that he has spent time with his family, I think he has looked at all aspects.

“Would he have control of just the first team? Mark Allen, the director of football – would that relationship work?

“In my opinion Derek would have liked to have had a bit of input, certainly in the academy side.

“Looking at it from the outside, I think he has not got those assurances, and that is why there are huge question marks.”

Who Is Conning Whom?
upthehoops December 8, 2017 at 18:46

I can only listen to that show on catch up as I can’t be doing with all their adverts…. and it allows me to rewind to confirm the stupidity of the comments I just laughed out loud over!

No doubt their producer told Keevins and BFDJ to “MOVE ON”. Disgraceful though that is.

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It Is Better To Offer No Excuse Than A Bad One
On the subject of player valuations remember that:

It Is Better To Offer No Excuse Than A Bad One

Dave King is a man of the most appalling selfishness. When George Letham tried to stop him from buying more than 10% of the club’s shares, to stop from triggering the Takeover Panel case which now threatens to engulf him and Sevco, he ignored it and bought 14% of them instead.

He has consistently made statements which force other directors to put their hands in their pockets. He lies with a brazenness that is astonishing, and then retreats across the water and leaves others to deal with it in the aftermath.

But if, as some are reporting today, he has decided that he will appeal the Court of Session verdict which affirms the Takeover Panel’s demand that he make an offer for all of the club’s shares he is even more selfish than we were aware.

King knows this is going to catch up to him.

Appeals don’t operate on the basis that a particular party does not like a verdict; they have to be fought on a point of law. But the decision in this case was not like other legal cases; Lord Bannatyne made it clear that the hearing he presided over was not an effort to re-litigate the Takeover Panel’s own inquiry into King. That inquiry has already been held. That decision has been made. That decision has been finalised. It is written in stone.

King is not appealing against the Takeover Panel decision; he cannot. He is ignoring it. The Takeover Panel was merely asking the Court of Session for an enforcement order. They were asking that the court issue King an instruction he could not so readily dismiss.

But the media, and King himself, appear to have taken their decision to go to court in the first place as proof that the Takeover Panel is powerless and it never was. Even if King’s appeal succeeds and the judge’s order is rescinded, the Takeover Panel’s own verdict will stand.

And their own consequences will follow as night follows day.

These include, but are not limited to, the now notorious “cold shouldering” of King and the companies with which he does business. As the company at the centre of all this is Sevco it is sheer fantasy to believe that they will not be impacted by this.

The media’s failure to understand this simple thing is astonishing even to seasoned watchers of the Scottish press, well aware of their ignorance on any number of subjects.

For openers, Robertson was talking the other day about it not changing the club’s plans for a share issue next year. He knows that is arrant nonsense but he also knows the media is not going to challenge him on it. But any share issue has to be approved by the City. A broker has to be found. A nominated advisor needs to be appointed. Finally, an exchange has to agree to relist the shares. It is a self-evident fact that the Takeover Panel’s decision compels King to make an offer for those shares and that whilst this ruling applies – and remember, it is a final judgement from the City of London’s own regulator – no exchange anywhere will agree to do so.

King is compelled to make an offer, and sooner or later he will get instructed to do so by a court from which there is no appeal. Because the “second house” – the Outer House – of the Court of Session made this judgement there is an avenue to appeal to the Inner House. Beyond that the only other appeal is to the Supreme Court … but crucially, the Inner House has the power to refuse him leave and to say their own instructions stand.

Regardless, whether a court tells him to do it or whether they uphold the appeal it makes no difference at all. King stands to win nothing. The club stands to gain nothing. He knows that whether he complies at this point or fights tooth and nail the end result has already been decided. The Takeover Panel have judged him and as long as he is at Ibrox they will not allow that club to re-float on the stock market without his being in compliance.

His decision to resist this judgement, when the only conceivable end is that the Takeover Panel will be left with no choice but to impose its own sanctions, including cold shouldering, is appalling in its protection of his interests alone. The Ibrox board must be astounded by this and by the negative effects it will have on every single person around the boardroom table.

He is dragging them all down with him, and the club too. He has lost this battle, but is determined to resist the consequences of that defeat as long as possible. If they continue to tolerate his presence on their board they are shackling themselves to him and to whatever penalties the final outcome brings. I cannot believe they are so foolish. I cannot understand why they do not cut him loose, for their own good and the good of the club they claim to love.

It Is Better To Offer No Excuse Than A Bad One

Rangers chairman Dave King is to appeal against a Court of Session ruling ordering him to make a share offer totalling around £11m.

Lord Bannatyne ruled in favour of the Takeover Panel that King acted in concert with other shareholders when he bought a controlling stage in 2015.

King was ordered to offer investors 20p per share for the share capital not controlled by him and three partners.

He now intends to challenge that ruling, though.

The South African was ordered to submit an offer within 30 days after a written decision by Lord Bannatyne following an earlier hearing at the Court of Session in Edinburgh.

King owns around 15% of the Rangers International Football Club plc shares through his family trust, New Oasis Asset Limited, and the judge rejected his claim that he did not have control over its assets.

Lord Bannatyne also dismissed King’s argument that he could not afford to buy the shares and his assertion that the 20p share price set by the Takeover Panel was so far below the market price that shareholders would not accept it. Both arguments were deemed “irrelevant”.

Rangers managing director Stewart Robertson insisted the decision would not impact the club’s plans to hold a fresh share issue early next year.

He said on Friday: “It doesn’t impact the club and its day-to-day business. It will be business as usual for the club and the PLC so we will just continue with the plans we have got in place.”

It Is Better To Offer No Excuse Than A Bad One
Homunculus, December 23, 2017 at 09:52

I took the phrase “bowing out” to mean King disposing of his shares to (an)other RRM(s) – if he could find anyone daft enough to buy them at a premium?!  

Of course, to the uninformed, this would seem a way to avoid compliance with the Court of Session order, when in reality Lord Bannatyne has ruled that this would be irrelevant. 

It Is Better To Offer No Excuse Than A Bad One
Martin Hannan (Journalist) goes off message in today’s The National?http://www.thenational.scot/news/15790853.Martin_Hannan__Dave_King_needs_to_pull_another_rabbit_out_of_the_hat____but_will_he_want_to_/?ref=mrb&lp=4

THE future of the current ownership of Rangers will be decided in the next 30 days. In that period, unless he appeals the decision – and not a single legal expert last night was prepared to say he should – chairman Dave King has been ordered by the Court of Session to make an offer to the club’s shareholders to buy their stock at 20p per share.

Lord Bannatyne decided to ignore King’s protests that he personally doesn’t have the money – theoretically, it could cost him £11m – and accept the Takeover Panel’s evidence that King has control of two trusts which do have the cash.

The most damning piece of evidence as highlighted by Lord Bannatyne was that King’s ally George Letham had warned the South African-based Glaswegian businessman that buying more shares would trigger the Takeover Panel’s rules that he would have to offer to buy all the shares. The judge basically concluded that King knew what he was doing and must now make that share offer.

Another matter highlighted by the judge was that King said he did not even have the money up front to pay those who would organise the share offer – and Rangers are still without an official Nominated Adviser (Nomad) who could do that. That is a real problem.

King has proven a controversial figure since he took over the club more than two years ago. On the one hand he has played brilliantly to the Ibrox gallery, portraying himself as a fan who understands their desire to see their club back at the top of Scottish football and succeeding in Europe.

King has undoubtedly put some – emphasis on “some” – of his millions into Rangers, as have his allies on the board with soft loans that can be converted into shares. Yet the chairman is also a divisive figure because the vast sums he promised have been slow to appear and have been wasted on two under-achieving managers and a host of players who simply have not cut it in the Scottish Premiership.

King could say that it’s not his fault that Rangers have not been supreme on the pitch, but supporters do not see it that way – they want success and believe they are entitled to it because they have invested their hard-earned cash in the club.

That’s why there are growing doubts about King’s chairmanship among fans. The appointment of stand-in Graeme Murty as manager until the end of the season had supporters in uproar with many on social media saying it was a deflection tactic.

The betting is that Dave King will either pull another rabbit out of the hat, possibly from investors abroad, or try to delay the share offer. That could land him in contempt of court, for which he would be extradited from South Africa – the courts there have pummelled him before – and perhaps even land in jail. He has to ask himself if continuing with Rangers is worth the candle, or should he now bow out and let others have a go.

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