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?