Cold Justice For King

With the Scotland v Slovakia game and its thrilling denouement providing the usual rollercoaster, few would have taken pause to check today’s listings at The Court of Session. However when it comes to career criminal Dave King being brought to book,  The Sitonfence Speakeasy will never rest:

 

THE COURT OF SESSION

FRIDAY 6th OCTOBER

LORD TYRE

 PETITION DEPARTMENT

UNSTARRED MOTIONS

P341/17 Pet: The Panel on Takeovers & Mergers for Orders Sec955
Lindsays

&

LORD BANNATYNE

Thursday 12th October

(2 days)
At 10.00am

P341/17 Pet: The Panel on Takeovers and Mergers for orders sec955
Maclay Murray & Spens LLP
Lindsays

 

 

Those of my readers who follow the court’s listings as assiduously as I do will note that this petition has already been rubber stamped by Lady Wolffe on 6th June. It’s good to go.

Today’s unstarred preamble will merely get ducks in a row.

The Takeover Takedown (jj passim) will move up a gear on Thursday of next week.

Let’s be clear about this. King has pissed off a lot of people in the City. He’s an uncouth, uneducated career criminal who has made his way in the world by lying and cheating. He has engaged in bribery and witness intimidation. When being passed ‘fit & proper‘ by Regan’s nodding dogs he was bound by a suspended sentence of three months for being in contempt of court.

King confuses being ‘ gallusly wide‘ with business acumen. He had the audacity to state that he had no executive authority over NOAL despite using this corporate vehicle to call an EGM and oust the former board. If Lite were in the frying pan under David Somers and The Easdales – the last professional board – then they are now in the fire.

King knows he’s going down. He will be ordered to make an offer of 20p for all shares that are not within his concert party’s gift. He will be ordered to do so within a specified time period. I anticipate one month, possibly two, in the highly unlikely event that he issues a prospectus. Let’s call this prospectus ‘The Flying Pig.’

King will not comply. He will expound on a narrative that South Africa’s exchange controls tie his hands. They did not tie his hands when he was decimating the share price and picking up his equity for a song. Who could ever forget dear Charlotte Fakeovers. Paul Murray and Slim Shady Traynor should also be brought to book.

King will be stripped of holding any executive position in a UK plc when he is in contempt of court. If the board don’t keep King at arm’s length, the Sevco project that is already taking on water, will go under.

I’m hearing rumours of a Rangers III and an old face making a grab for the distressed assets. There is nothing more incorrigible than a Real Rangers Man.

I also noticed that SFA Lickspittle  Stewart ‘Move On‘ Milne’s group is also engaged in litigation. One can but hope that his nose is put out of joint.

In other Rangers news BDO are continuing to pursue Duff & Phelps on behalf of the club’s creditors. The Rangers’ liquidators have spent so much of the pot on litigation that only  3.91p in the pound is currently on offer. Any additional payment will be predicated on taking Duff & Phelps to task.

The Continuation Jihadists would have us believe that Rangers still exist. They only exist as a file in Canary Wharf. Once this file is archived Rangers will be as finished as King.

 

 

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22 thoughts on “Cold Justice For King”

  1. Regular donation PP 9F243610RB6365xxxx
    Keep following the money. Greed, corruption, secrecy, religion, politics: it all boils down to money and power.

    JJ: Thank you.

  2. “The Wheels of Justice turn slowly but exceedingly fine.”
    Congratulations JJ for identifying this issue and regularly updating us over many months. One suspects that CCK will be crushed as the financial & business establishments take the opportunity to make an example of a glib & shameless liar. Dangerous times ahead for the club/company which continues to leak money and is under-performing on the pitch. They may find themselves shackled to a corpse whose hubris will drag them down.

    Administration is a real threat but at least they can rely on their gerrymandering friends in the governing bodies to avoid the ignominy in starting again in the Lowland League (imagine that journey!) or Division 2.

  3. I’m confused. He failed to comply with the order to offer 20p a share earlier this year . Why would there be a further order? If all the Court of Session does is re-confirm the TOP order why would anyone ever comply with the TOP ruling? Better to buy nine months by simply ignoring the TOP.

    If the ‘Cold Shoulder’ was going to happen wouldn’t we have seen signs by now? They still appear to gave banking facilities, auditors etc. The wheels seem firmly attached to the caravan.

    1. Metro Bank, no overdraft. He did not comply. Most individuals do so. He is looking down the barrel of a prison sentence. Once they have the court order the TPE will go to town.

      1. Is it possible that Metro bank might even be compelled to withdraw their meagre banking services?
        Will TRIFC then need to pay players in brown envelopes?
        Would anyone be allowed to sell them brown envelopes without incurring the wrath of TAB ?

  4. Two days with Lord Bannatyne and that incorporates a Friday 13th. You couldn’t make this up. Will judgement be reserved or issued on the same day?

  5. The supremacist mindset of operating Rangers I and Rangers II (Sevco) at a financial spend well above income to chase glory destroyed both clubs.

    This flawed mindset needs to leave the room for Rangers III. There’s a possibility of a third club surviving if it operates within its means. Like the other clubs in Scotland.

    If a Real Rangers Man gets his hands on it you can write it off. The pathological need to deliver Supreme first above all others will necessitate overspend again.

    RRM are hard wired for football failure in 21st century Association football.

    But the asset purchase circus will be fun. Will up pop the Kennedy/Souness distraction with a Paul Murray penniless Blue Knighties show?

    Will Regan and Doncaster unlawfully declare it the same club again with all historical titles? Why haven’t they been jailed for this cash con already? I suppose it was needed for Green to sell shares. Kick backs all round?

    It’s time for Park to call in his debts, put it into Admin, sell the players to realise cash and execute his security over assets.

    Rangers III will have few and far between supporters in Canada, USA and Australia. There’s no easy money to milk there. Rangers II didn’t get much at all.

    Rangers III is up shit creek before it starts. What kind of mug buys shares for a third time?

  6. Two days with Lord Bannatyne is all that’s required to deliver destruction of the LNS Commission Report, declare Sevco a new club with zero titles and have old dead RFC 1872 stripped of 17 cheated EBT won titles.

    Why isn’t someone doing it?

  7. I love this stuff.

    Picking through the bones and getting nuggets of marrow.

    The Fast and Furious franchise has more credibility than ‘The Daft and Furious’ at Rangers.

  8. When considering any possible future options and insolvency events (including administration) the massive difference between now and 2012 is that the “football” element, which is believed to own Ibrox etc and has player registrations etc is a separate limited company (TRFC) with its own board etc, which is wholly owned by the PLC (RIFC).

    If, as we are led to believe, the two are separate entities, it leaves open the possibility that the PLC could sell the football company to a bidder and then collapse under the weight of loans it can’t repay with no real assets left.

    The football company would / should get a 10 points reduction due to a related company insolvency of the holding company, but would otherwise survive as is, with all registrations, players, titles etc intact.

    Unless the whole shooting match (RIFC & TRFC) went into liquidation then you would be back into a sale of assets and the circus starts again, but this would generate much less you would hope than a sale of an operating company, even one which loses money. Getting as much money for creditors should be the primary role of the administrators. How D&P got away with selling the assets as a block for £6MM compared to selling the stadium, the land and transfer fees for players is just beyond me and has never been fully explained. They might not get away with it a second time….

    1. Was there not a “report” issued earlier this week or last that mentioned either HMRC or BDO were after D&P for that very thing? I ‘m sure I read it over my morning cuppa. It has always seemed strange that they were allowed to progress (no laughing at the back please) with the sale as they did.

    2. TRFC LTD borrows the salaries and costs of running THE CLUB from RIFC PLC.

      TRFC LTD is wholly owned by the shareholders of RIFC PLC. Trfc is heavily indebted to RIFC.

      RIFC PLC owns the Assets; Brands, Murray Park and Ibrox.

      What happens to TRFC LTD depends on a shareholder vote of RIFC PLC or the actions of an administrator.

      To avoid a fan say with their votes, the Board could go into Admin with done deals with a friendly Administrator. Thereafter its creditors that count not shareholders.

      Is that the plan?

      1. Surely Club 1872 have two independent fan Directors on the board of RIFC PLC?

        Surely any number of shareholders including Easdales should be asking the Board piercing questions and holding them accountable.

  9. Is it not the case that after the 1st liquidation of Rangers, that instead of ‘Shoring Up’ the ability of Clubs dumping debt, the SFA have made it easier and have also created a rule that allows them , the SFA not the clubs ‘Final Say’ in which league the new Club will start over in.

    1. The SPFL will have final say by select committee

      Plans are already in place for a Park junior led Rangers III once King has been jettisoned with no pay off. The problem is that this minor ego massage does not meet with the approval of Park senior and the bean counters.

      They will also face a Sale Sharks Kennedy Souness bin fight whom are the preferred option of the star struck footballing authorities of Scotland whom they believe will add gravitas and “bling” to their sponsorship negotiating portfolio.

      Another dirty fight will ensue to get grubby mitts in the cash cow that is the initial milking of the most gullible fools on the planet.

      The harsh reality is living within ones means and operating with smaller turnover than your alleged rivals.

  10. Won’t King simply appeal when he loses? When he loses the appeal in Scotland he will appeal o the Supreme Court in England. When he loses there he will appeal to European Court He could delay this for 3-5 years by simply appealing everything and wearing the TOP down.

    He did the same with SARs. He’ll do the same here. Blue Pitch Holdings and Margarita Holdings must be sellers. About 7m shares I reckon. Thats £1.4m Dave King will fork out to fellow career criminal Rafat Rizvi just there which won’t please him 🙂

    1. Surely SDM should be banned from being a Director and doing business in Scotland and the UK?

      The collapse of Murray Group was an incompetent disgrace. Hanging employees and shareholders out to dry.

      The destruction of Rangers FC in debt and social tax unlawful scams should result in charges.

      Additionally, the crimes against football should automatically ban him from any involvement in Association football world wide.

      Regan blames Whyte regardless of his proven innocence to pave the way for guilty liar SDM.

      He should be sued by Liquidators BDO as the highly paid EBT tax advisor to RFC.

    2. Jj I think that was plan A until hector spoiled it , CVA not accepted scuppered the white knight Sir bribe ‘s rescue plan once the clubs debt was laundered

  11. SDM was the orchestrator of the liquidation the previous club of the same name. He introduced an illegal tax evasion scheme and charged the club an exhorbitant annual fee to administer said scheme. He facillitated multiple 3rd party contracts whereby his own companies acting as middle men obtained considerable income from management fees and commisions. He made considerable millions through personal share buy backs having manipulated the share price in a way CCK himself would be proud. All in all SDM trousered approx £120Million from the previous club whilst all the while, despite the statements of BFDJ, never investing a penny of his own money.
    For SDM to purchase theis young growing club the SFA and the SPFl would have to tear up the rule book and throw away any vestige of integrity and legality. So its probabaly odds on then!!

  12. This old chestnut is doing the rounds on social media:

    https://syndication.bleacherreport.com/amp/1300528-scottish-football-association-the-rangers-football-club-already-making-trouble.amp.html

    I’d like to correct one issue, Charles green’s consortium did not buy the Albion car park from Duff and Phelps with Ibrox and Murray Park.

    D&P said they sold all three at the time and the SMSM reported it.

    There was then later backtracking and after the share issue when Green was £22m cash rich, was it revealed he paid sdm £1.5m for the Albion car park using share money.

    It was not in the share prospectus that he would use money to do this. Everyone thought they already owned the Albion car park as reported in the media.

    Sdm got an extra £1.5m out of the new club for the Albion. A nice wee early ride on Rangers 2.

    It now sounds as though he thinks there’s a ride on a Rangers 3.

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