Craig Whyte’s Belt & Braces

I have been engaged in showcasing some of the articles that are indicative of my work. I’m also engaged in open consultation with my readers on the best way to fund our site going forward. My detractors refer to me as ‘bheggar’ but this is inaccurate on several levels. I provide a service and seek a modicum of recompense so that one can continue to provide this service from a foreign shore. I am in exile as a consequence of credible death threats. This site, our site, stopped being a hobby some time ago.

As I solicited input on a paywall and price points, a thought occurred to me on a ‘lurker’ amnesty. If only 10% of everyone who read and value this site were to contribute £5 as a one-off subscription per annum one could kick the paywall into the long grass. This quantum would not last long but as it would be supplemented by our site’s more generous sponsors it might just be tenable. I open this offer to all readers. The future of our site is in your hands. Please mark your contribution as JJ amnesty on PayPal so that I can distinguish any take up from other donations of a similar quantum. Two groups of readers will emerge:

1. Readers who value the service and wish to fund its continuation.

2. Readers such as Salted Popcorn (who is no longer welcome on our site) who contend that the many hours I spend approving their comments should be provided free.

If the latter group wins the day and the take up is disappointing then a paywall on the first of July is inevitable.

I digress. Today’s blog is fresh off the press as it were and bang up to date. Craig Whyte’s acquittal was a real slap in the face to Police Scotland, COPFS, the SFA and the Establishment. One prominent member of the latter group, Sir Bribe & Lie Murray, was exposed as a mendacious charlatan who will lie under oath with impunity. However his bribes and lies are no impediment to his eligibility to attend  Bute house for a Tartan hoe-down. As I wish to avoid any discussion of the SNP I will leave it to others to decide whether SBL is the kind of entrepreneur that should be encouraged in an independent Scotland. SBL has already bet one bank and lost, so why not go for the double with The Independent Bank of Scotland? Why not just make him the chairman of IBOS to allow him unfettered access? How about a large swathe of George Street and Charlotte Square at his disposal when the inevitable fire sale ensues?

However pause for one moment to consider what would have played out had a jury of Whyte’s peers found him guilty? What would have happened had Dave King’s Charlotte Fakeovers narrative of criminal collusion held true? Charles Green’s acquisition of a basket of assets would be considered the proceeds of a criminal conspiracy and would revert to BDO. Allow me to throw an exclusive into the mix. The joint liquidators have no interest in the assets. They made this clear to the serial adulterer while guests at Ibrox.

Someone who has an interest in these assets is none other than Craig Whyte. Whyte is an experienced asset-stripper. He would not have put his neck on the block without a back up plan to his ‘shit or bust’ strategy. Step forward ‘the floating charge.’

One can understand why readers cannot get their heads around this construct which is both an asset and a financial instrument. Kevin Bridges has quipped that Celtic fans following the Ibrox meltdown have effectively engaged in an ONC in business studies. The floating charge is from the HND syllabus.

The Bank of Scotland, which regularly oversaw Rangers running up annual losses of £35m – £65m, secured their burgeoning debt mountain  in 1999 by means of a floating charge on all assets classes. The stadium, the legendary car park, Murray Park, the double-dealing contracted players and all income were all within the purview of the Bank of Scotland.

Sir Bribe & Lie had hawked the season ticket income to the bank that liked to say Yes to Rangers. Gavin Masterton received a new hand-made suit as a payment in kind for the bank’s largesse. The corruption was hard-wired.

Donald Muir, the Red Adair of the world of finance, was employed by SBL to get the Rangers Dodo off his back. He managed to reduce the debt to £18m and change. However the floating charge remained. The floating charge gave BOS what is known as paramountcy. They would be first in the queue of creditors after the fire.

It’s significant at this juncture to stress that Whyte has been suspended from exercising executive authority in any UK plc for the maximum term of 15 years. However one of his final acts as a director was to arrange a £25m security over the assets of Rangers Football Club plc, which was renamed as RFC 2012 prior to liquidation. Whyte was also assigned the Bank of Scotland’s floating charge on all assets and as this includes income it encompasses earnings from sales and disposals at any future date.

Whyte’s iron-clad hold on the assets has a belt and braces.

BDO are caught between a rock and a hard place. HMRC are poised to claim £84m yet after Law Financial Ltd has taken its pound of flesh there may be nothing let. Law Financial Ltd co-opted one of Whyte’s companies, including his belt and braces, onto their corporate board

HMRC and the creditors may be in a conflict akin to bald men fighting over a comb. At which point it gets interestng. With nothing but a pot to piss in BDO might be compelled by the disgruntled creditors to pursue a claim to set aside the sale of assets to Green with a view to selling these assets by way of recompense.

Stewart Robertson might well assert that things are looking brighter at Ibrox now that the SFA have ridden a horse and coaches through UEFA FFP regulations, but should a complaint be lodged by the defeated Luxembourg minnows Lite will be out of Europe faster than a verse of the proscribed ‘Billy Boys.’ Anti-Irish invective is fine by the brown brogues at Hampden, but not at Nyon. One anticipates a lengthy suspension and a punitive fine. The blue massif just cannot help themselves. They are hard-wired recidivists.

How bright will the future be if BDO go after the assets Mr.Robertson? Will the future be the bright image of a Tesco Hypermarket?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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57 thoughts on “Craig Whyte’s Belt & Braces”

  1. JJ – I’ve just donated £20 via paypal (Confirmation number: 28448246HC009952R), but using email dervillaoneill@gmail.com.
    I’ve been a reader and occasional contributor for a long time but have not contributed financially. I do admire your incisive analysis but I have found that at time you play to the lowest common denominator with some of the unnecessary epithets assigned to particular individuals. Your blogs don’t need it and in my opinion it blunts some of the razor sharp critcisim by allowing it be dismissed as ad hominem attacks. Having said that I have no problem with your political, social, or comedic articles even though I disagree with most of them. I do find them generally well structured arguments which are exactly what I need when I am coming from a polar opposite opinion. It helps me to see both sides of the argument. I wish you the very best for the coming year and I hope the threats made against you are merely ‘hot air’ but obviously that’s a risk that you cannot take. Slán go fóill!

    JJ: Thank you for your generous contribution. A warm welcome to the Sitonfence Speakeasy.

    1. JJ, thanks – if you get a chance you might just remove the email address from my response, you’d never know what loonies are out there, in fact, you do know.
      Thanks

  2. Agree with you, and I am an SNP supporter, not hard wired though, that SDm should be nowhere near and decent people of even those SNP high head yins.

  3. JJ, I have been reading your articles for a while now and have made no contributions. I would be happy to pay an annual subscription and access for only £5 would be an amazing bargain. Can’t say I read in depth all the articles as the political ones are of no interest as we will never reach the rabid nationalists or unionists. You should however publish what you choose as we are a broad church and everyone can choose to read on or not. Good luck and stay safe.

  4. Cheers JJ… I love the site and wish I had the cash for subscriptions… I paid £5 on paypal and hope you keep it up and going. Perhaps a ‘sister site’ of the “maddie mccann etal” articles, because they are timeless.. have a link to those for new readers to find easily and keep the main blog about the SFA and all its glorious corruption. You’re the best writer on the digital waves right now.

  5. jj amnesty on pay pal
    I am happy to go with what you think is best for you,as you can see i make small donations when i can.
    Your site is the first i visit every day and would not like to see it disapear after all the hard work you have put into it.

  6. Morning JJ, very interesting article. However no obstacle appears to be insurmountable to this Zombie club. I must admit to being slightly surprised that the TOP ruling hasn’t appeared to impact their ability to sell season tickets. When is the cold shoulder likely to take effect? Given that DK can’t appeal I thought the squeeze would’ve been applied before renewal time.

    The law seems to move at a snails pace, we’re still waiting on the final EBT rulings as well as Mike Ashley’s case re merchandising. Do you have any idea when any of the above are likely to come to pass?

  7. For anyone who wants some more info. https://www.scotcourts.gov.uk/search-judgments/judgment?id=152536a7-8980-69d2-b500-ff0000d74aa7

    And a tweet from David Low confirming the appointment of litigation investors coming on board. I’m guessing they don’t consider it to be a poor risk, if they’re wiling to take a punt.

    The three ring circus, just keeps on rolling.

  8. Why aren’t uefa stopping the licence the SFA have given lite, surely with no audited accounts the licence should go to hearts yet Ann budge is quiet on that front Scottish football is a total joke. Another donation made JJ hope it helps.

    JJ: Cheers.

    1. Jamie I have covered it a couple of times now.
      AB was at the same dinner at Bute House with Murray.
      Hearts will never rock any boats now!

    1. Clearly Ann Budge is no Rosa Parks – more “good old boy” than “idealistic new broom”.
      What could the SFA/SPFL offer as an inducement for such obvious and craven silence – home cup ties for evermore perhaps?

  9. Been reading the site almost since the very beginning and have contributed a few times over the last 6 months. May I suggest that a monthly subscription of 5 pounds to view the daily articles seems like the fairest way to encourage a higher readership of paying visitors. Those who value the site will no doubt continue to contribute at a higher rate. I just think you run the risk of alienating 90% of your readers if you go for 20quid. I would pay the 20 if that’s the decision you make and it’s your decision ultimately. I realise something has to give in order to continue the service you provide.
    Thanks for keeping us informed and entertained regardless.

  10. Another great article JJ.
    On donations, I think you are selling yourself short at £5 per annum. It should be at least £5 per month.
    Irrespective of the way you go, my monthly donation will not change.
    Keep up the brilliant work and stay safe.
    Ricky

  11. JJ,
    I have been reading your blog on a daily basis since its early days.

    I’ve just made a donation which,if my arithmetic is correct,takes my average monthly donation to all of £5,the price of a pint of beer in my part of the world,and somewhat miserly on reflection.I’d be prepared to pay £20 per month if a paywall was installed but feel that £10 would be more appropriate for the majority.

    Did I once read on here that on account of your Paypal commission it would be more beneficial to you than rather to make monthly donations to roll up the amount to longer staged payments?

    I have been enlightened by your articles on the McCanns,Ched Evans,and the Australian scandal and would wish to see such like continue.I have no problem with your political posts whether or not I agree.

    On none of the Hearts related forums,Jambos Kickback or the Scotmans Group newspapers,have I seen any comment upon The Rangers admission into the Europa League competition.Why?

    Keep up your good work.

  12. JJ.
    I have to disagree with you concerning the £5 PA payment which I find ridiculously low, you stated in a previous article that you were considering using a paywall and it would not be set as low as £5 per month. So why now are you agreeable to accepting £5 PA? As I’ve stated before I am a pensioner and if I can contribute the amount I do which only you and I know, then surely A sum of at least £50 PA should be the benchmark after all that is less than £1 per week. Just a thought.
    Frank.

    1. A number of individuals have written to me with some details of their personal circumstances. One fellow, paralysed from the neck down, uses voice recognition software to comment. With so little quality of life I could not find it in my heart to deprive him and others from the pleasure they derive from our site. That’s not to say that I won’t install a paywall and give him a pass, but if one engages a wider audience that is prepared to pull its weight then I for one will be pleased. I won’t get rich doing this, but if I make a difference and add value to a life it will be worthwhile.

      1. JJ,was going to contribute but am confused about payments situation eg amnesty,monthly payment,daily payments,book? Will you give concrete details soon,please?
        P.S.What is Ashley thinking of,doing a “deal”with GASL??

  13. BDO are sitting on a nice little cash wedge courtesy of Whyte’s Lawyers settling £22m or so in negligence (their insurers settlement?).

    Nobody wants trade Creditors, HMRC or Ticketus to get that. King wanted a slice and claimed £20m for his lost shares. Chancer!

    Craig getting it and divvying it up with RRM might appear a solution to some. Would SBL get some of it? Would CCK and RIFC PLC get some of it?

    Is the big spend at Ibrox this month in anticipation of the BDO Creditors pot cash?

    Will BDO offer a weak legal defense against a Law financial claim of £18m? Will, say, £4m end up with TRFC?

    Should creditors trust BDO to robustly protect their position?

    Join the dots.

  14. Monthly biscuit donation sent JJ. What ever way you decide to go payment wise, I will still be here. Stay safe.

    JJ: Cheers CN.

  15. You will recognise my nom de plume I’m sure. I contribute as and when I can. Sadly, as a pensioner it’s neither as much nor as often as I would like to. I would willingly pay your annual; amnesty fee of £5, or even £10, and putting in the occasional ‘top-up’ fee as whenever I can afford it.

    I enjoy your articles and would hope you will be able to find a way of ensuring that they achieve the widest possible currency.

  16. Pros Vs Spivs

    It would appear that Craig Whyte has convinced professionals that his Letter Before Action alleging the famous ”Green switcheroo” has merit after all.
    One might describe the likes of Henderson & Jones as hard-arsed, corporate hearse chasers but they describe themselves as:

    “A team of expert litigators and insolvency professionals
    Our combination of financial capital and in-house legal, insolvency, and investigatory expertise, means that we are well placed to robustly pursue litigation once a claim has been assigned to us. Because our business is dedicated to running a portfolio of legal claims, we streamline the litigation process, helping insolvency practitioners recover their costs, and enabling us to pass more money back to creditors.”

    And

    “We will buy claims for immediate money and/or a share of the proceeds. We will then litigate the claim ourselves, taking the expense and risk, and leaving the insolvency practitioner free to close the insolvency.
    We work with a range of insolvency practitioners and creditors to maximise recoveries from legal claims without them incurring the risk and cost involved in litigation.
    Litigation may not always be an attractive or viable option for many reasons, but that shouldn’t mean the claim has no value. And even when litigating the claim is feasible, selling it may be an attractive alternative.”

    Companies like H&J prefer quick out of court settlements – so much cheaper and more predictable than litigation – and also less public and prone to accusations of fraud – which can delay things for years and years. They sound like serious people, unlikely to be deterred by Scottish myths and legends and promises of imminent inward investment.

  17. JJ Amnesty contribution paid by PayPal at the suggested rate.

    My level of contribution and ability to pay is not reflective of the value I place on the quality, insight and incisiveness of your output as regards Scottish football.

    Keep shining the light in the dark places JJ.

    Regards, Chuckles Le Vert.

  18. amnesty payment made. keep doing what your doing. I don’t read the political posts. not interested in politics, its your site. do what “you” want” !!

  19. JJ

    More than happy to contribute in any way which is most beneficial for you.
    Please keep up the good work-your insights are too valuable and your admirers too numerous to consider giving up.

    Donation made to help keep belly from backbone

  20. Hi jj would like to send an other donation but do not know if you have received my previous two. I have requested proof of receipt but no joy. They were sent by c/c via PayPal. Please let me know and I can then send another donation. Sent from my iPad

    >

  21. A superb piece and bang on the money. Rangers have been bombarded by Bomber Brown, the Castlemilk Cad and the Belshill Bounder, not to mention Murray’s mountain of debt.

    Whyte is indeed on a mission. BOS have paramountcy and Whyte will go after the assets aggressively. As you correctly point out, the liquidators have NO interest in the assets. But CW does.

    He feels ‘duped’ by SDM and, I understand, is pursuing BDO.

    I remain abroad but will send funds via my usual source this week and a publisher will be in touch with you. He is a chum and now reads this site voraciously. I shall fund this if it works out for all of us.

    TM

  22. I really do feel as though I am in an alternative universe. Everything here points to Sevco disaster, from all sides. and it is well researched accurate reportage. Yet, 8 signings, a euro license, a DoF and now the SD deal renegotiated (which I imagine means no MA court case) as DK feels no effects whatsoever of the financial cold shoulder. In this universe crime pays handsomely or so it would seem.

  23. Just dropped a fiver under the JJ Amnesty rubric. As you know, I am a regular, if not frequent, payer – so happy to agree this proposal – although I would reserve the right to continue to pay in addition to the annual fiver – as I have done quite recently.

    I see what you’re trying to achieve here by obtaining a bulk modest individual payment from a huge readership. I’d like to think it would work – though as a person of pensionable age – I know how many freeloaders there are in this world – and I DO NOT mean the likes of your very fine reader stricken by paralysis – and others who have good reasons for an inability to pay.

    I would also point out that I am a 30-odd-year member of the SNP – so whilst I don’t agree at all with what you write about us – as a Left-libertarian pluralist – I’ve long since learned to value alternative views that enrich the dialectic – especially if that is the price of supporting wonderfully iconoclastic, hilariously funny and frequently hugely insightful, brilliant writing.

    More strength to your pen/keyboard.

    Keep safe.

  24. If Craig Whyte had been found guilty and marched off in handcuffs an immediate appeal would have been lodged and several sources of withheld evidence, including pen recordings, private investigator reports, proof SDM knew source of funds, etc…. would have surfaced.

    Nobody wanted him guilty and jailed but fans. The complete truth and nothing but the truth has not seen the light of day.

  25. JJ

    Maybe another funding option would be…

    1. Annual payment – minimum £10 (which is still ridiculously low) or
    2. Monthly recurring payment – minimum £1

    That would hopefully encourage a good proportion of the current freeloaders to stump up a little to help keep the site going. I’m sure existing subscribers will keep their higher payments going.

    The risk if you set the price too high is that you drastically reduce the number of visitors and the site becomes a bit of a niche.

    Anyway, I hope you find a workable solution going forward.

  26. Another Enhanced Deal at Ibrox

    You’d have to be particularly dim to think that Dave King got the better of Mike Ashley in the Rangers merchandise negotiations.

    Mike, “David, bonny lad, should I put your Rangers into administration and liquidation or would you like to sign a ‘substantially different’, ‘fresh start’, ‘transformed’ deal?”

    Dave, “I demand a ‘substantially different’, ‘fresh start’, ‘transformed’ deal and the right to tell fans highly selective details to make them think I’m a Business God.”

    Mike, “As ya like pet. Tell them whatever the contract allows – and remember last Christmas mind – do you like HMP turkey dinners? Now get off you useless, lazy arse and sell last year’s shirts before they go mouldy.”

    Dave, “Mike, what it is like being a real, proper billionaire?”

    Mike, “You’ll never know son – you’ve more chance of knowing what it’s like to be a real, proper Miss World.”

  27. As a lapsed jambo i’ve asked a few friend’s who are of the opinion that europe would be a distraction to a new squad and the new stand, fitba in July doesn’t seem appealing.

    On another point, I remember from eons ago the judge in big hands case to get rfc lite to pay his legal fees, it went against him but the judgement was reserved pending the criminal cases now that Craigy has walked can we expect to read it anytime soon ?

  28. It’s all about jointly milking the Gullible. Until today nobody was winning.

    Ashley gets paid dues owed (£5m) and they hatch a story he has this year’s contract only, ditto again next year, etc…but he ends up getting seven years in the small print. Gullible don’t get told he’s there for seven.

    King tells the Gullible to buy merchandise. They think Ashley is out but he secretly there for seven years.

    More kit sales more money to Ashley and King.

    King stated on tv he asked investors (3bears) to pony up! So that’s even more FFP busting loans going in to pay for euro challenge players they could not normally afford as an honest club.

    Ashley continues going forward as a 9% shareholder/ owner and loans them back his recently settled £5m with a charge over assets and interest. More FFP rules breaking excessive debt.

    Ashley had watertight unbeatable contracts.

  29. Cracking article JJ, one of many since you started. I plan to keep contributing at the current level of above the £20 threshold. Don’t agree with all your views (well independence specifically) but agree even less with those who attack you for holding them. Withdrawal of contributions by those who like your analysis of Scottish football but dislike your less frequent political offerings doesn’t make sense to me but I can respect their decision; your proposed paywall however would at least mean that they are either ‘all in’ or ‘all out’, no having your cake and eating it!

    I like the idea of the paywall albeit appreciate the complexities of setting the level for both monthly and per article access. Your offer to allocate free passes to the unwaged may be an admin nightmare but it’s a very good one, I admire your strong desire to keep a place for those who can’t afford to contribute. I also like the amnesty and good on those who have stepped forward so far, well done, I appeal to those lurkers who regularly access the site who are waged and have even a little spare (we all know plenty of today’s workforce are really struggling to keep heads above water) to step up.

    One of the earlier posters touched on something that resonated, given everything we’ve seen so far including the astonishing outcome of he contempt trial in London, could the fix be in re the cold shoulder ? It all seems to have gone very quiet. The speculation regarding the litigation investors adds intrigue upon intrigue in this never ending saga. Whatever happened to the roofs and the water supply bill, has the season ticket money funded the latter? Disappointed that the other clubs have stood bye while the European place has been allocated, its the usual p1sh from the MSM, shame on them. Maybe the other clubs are waiting for a complaint to UEFA from the continent should Lite win a tie, rather than stand up and be counted.

    It seems astonishing that the plates keep spinning, which can only be reflective of the sheer extent to which ‘the fix is in’, I felt sure that the cold shoulder would be the straw that broke the camels back but right now I have my doubts !

    Hope the funding solution you opt for has the desired effect, more than that keep yourself safe.

  30. Are CCK and CW related?

    They have the same keek-a-boo eyes.

    Was that Glib’s Glaswegian accent on telly today? He jetted in silently, clearly his signature is needed on player contracts.

    Will TRFC be starting next season totally outside SFA/ SPFL Financial Fair Play rules? Or don’t they have any? Do other Associations have any? The FA?

    Glib has admitted on TV they’ve just added more pony up debt prior to a UEFA tournament, to progress over other teams. Unbelievable.

    Fake hair dye by the way Dave, what else is fake?

    All this great feel good duping stuff prior to the Grand EBT legal ruling and stripped titles methinks.

  31. JJ can you let me know if my usual monthly donation which has been made this month already, is acceptable to you. It’s what I can afford.

  32. Hi JJ I have contributed from day 1 a small amount mind you, most of my pay goes on a mortgage happy to contribute the same amount going forward. Take care.

  33. Nothing surprises me about this saga and probable a lot of twists and turns left (for Oldco and Sevco). I’m happy paying as I do and I’d hope to be able, if acceptable, to continue this.

  34. JJ, do what you can for payment, you deserve it. I won’t sign up for a rolling subscription purely because of the employment situation I have found myself in recently. I am in a temp job just now and made what I thought was a reasonable contribution and will continue to do so whilst receiving a salary.

    More importantly; stay safe and thanks for your hard work.

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