My exclusive on the return of Sir Bribe & Lie to the Blue Room has grown arms and legs and is now swimming in the sectarian cesspools that pass for social media in Govania. The last balanced, measured and informed site, the RSL, closed its doors two years ago. Many thought that it would be business as usual on this site but I am of a different stripe. My mission statement is to publish the truth and highlight the corruption and injustice. I not only lobby, I act, as is evidenced by my correspondence with The Takeover Panel Executive. I risked being sent down for my detailed coverage and forensic analysis of the Craig Whyte trial. When introduced to Charles Green, one of my many sources, he could not fathom how I could be so well informed.
However there is more to this site, our site, than exclusives. I am the proud curator of The Sitonfence Speakeasy. My most popular pieces are read by up to 40,000 individuals on any given day. Forty thousand readers can challenge my facts and opinions at their leisure. If my articles provoke thought and debate, then our speakeasy will thrive. The opinions of my informed and eloquent readers are in high demand.
Some challenge my grasp of the facts on Twitter. David Low, who has followed me on Twitter, @sitonfence, for some time, made the following comment about yesterday’s piece, The Anatomy of a Putsch:
“Correct overview, wrong numbers. King finished. RIFC shares worthless. Buy the debt. Action starts pre Christmas.”
Those who don’t know who David Low is probably lurk on Follow Follow, where the blue pound is delivered in a pink purse. The Celtic fans know who he is. Mr. Low lobbied Fergus McCann to save Celtic. David, a financial advisor, is the unsung hero of the Celtic renascence.
I picked up his gauntlet, accessed my archive, and reverted to the figures. Let’s look at the known knowns:
1. Prior to June 30, 2015, the loan quantum was £3.75m.
1.1: £1.5m from King, repayable on demand.
1.2: £750,000 (£250,000 each) of directors’ loans from Park, Bennet & Murray, repayable on demand.
1.3 : £1.5m shareholders loans (Taylor, Letham, Ross, Scott, Murdoch et al) repayable on demand.
2. Prior to June 30, 2016, the loan quantum was £6,275,000. Repayable December 2017. This was purported to be the quantum to pay off Ashley & Sports Direct.
2.1: £2.2m from King (another £800k was available to be drawn down)
2.2: £1.7m from the directors above
2.3: £2.375,000 from shareholders above
An additional £2.9m was borrowed in October 2016.
It is anticipated that a minimum of the 2016 addendum will be required in 2017/2018. As for TRFC, the investment in subsidiaries classification was introduced in 2016. Cross party debt is currently estimated at just north of £26m.
The total of outstanding loans to RIFC is currently £12,925,000.
These loans are not secured on the assets. This is Sir Bribe & Lie’s ‘in.’ SB&L never does things by the book. He acquired Lawrence Marlborough’s equity with a $1m cash bribe. We have his number.
Sir Bribe & Lie will almost certainly acquire sufficient loan debt to be a strategic creditor. A creditor to stymie any post-Administration CVA. RIFC and its subsidiary TRFC would be liquidated. SB&L then acquires the assets from the administrator and hey presto:
Rangers III with a retained place in the Scottish Premiership, and 100% of the equity in Murray’s greedy mits.
Will Slim Shady Traynor be briefing for or against Murray using his alias at Follow Follow? That will depend on much SB&L is prepared to spend on the PR whore. The SMSM is spreading rose petals in the path of Murray. Are there still those who believe that Murray was duped by Craig Whyte? He was just biding his time. When the barber’s model, who allegedly has a penchant for riding the salon’s floor, turned up at his door with a begging bowl, the countdown to SB&L’s return had commenced.
The blue touchpaper will be lit tomorrow at The Court of Session. Retreat to a safe distance and enjoy the fireworks.