A Debt Heist

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.

 

 

 

 

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39 thoughts on “A Debt Heist”

  1. If Murray is even considered Scottish football won’t only be a laughing stock it will be finished as no fan will ever trust SFA again

    1. Brian, no one trusts them now.

      Personally I think it would be wonderful to see Regan squirming as he tried to make a fit and proper case for the knighted one.
      Give the man the benefit of the doubt, its not as if he’s murdered anyone.

      Ran Oldco into the ground after using the club as his business calling card.
      Mopped up the catering and security gigs plus any other ancillary business that turned a coin.
      Introduced two illegal tax scams which cheated HMRC of tens if millions of pounds.
      Used a lamb fed media to fool the gullibles into thinking that he was putting in his own money.
      Sold the club to someone with a less than stellar reputation, in full knowledge of what the end result would be.
      Stiffed HBOS for £700m, a mixture of cash and worthless equity.
      Left behind a hole in the MIM pension fund.
      Benefited from getting rid of Oldco by getting back part of his metals business as agreed with HBOS.
      Some of the more profitable parts of MIM have ended up back in the ownership of the extended Murray family.
      How dare you cast aspersions on this man’s character, he’s a feckin saint, soon to be confirmed by Regan and his mob as being exceptionally fit and proper as they desperately try to float Newco 2.

      1. Of course just as much fun will be the points penalty imposed following another admin event.
        Ten or twenty? I know where my money’s going.
        Stand by for some Brysonesque statement from the SFA that for matters unexplained then Newco for admin matters does not incur the 20 points double admin penalty……why, just because, move on.
        What about the titles and trophies?
        Oh stop being pedantic, same club all day long.
        Debt? Are you having a laugh, nothing to do with Newco thats down to Oldco!
        Just to reinforce matters a SFA/SPSL QC, not named of course, will be quoted as the source of advice to legitimise, in the eyes of our football authorities, the rape and pillage of our game by those very same people who are supposed to be guardians.
        It makes me sick to my stomach.

  2. JJ, this latest revelation is potentially your most explosive yet. The possibility that SB&L will return to front ‘Third Rangers’ beggars belief. Although nothing involving the SFA, SPFL & SMS should surprise me. I hope for your sake this pans out, as no doubt there are many out there looking to throw mud in your direction. Usual F&F donation just sent (ref 7006)

    JJ: Thank you.

  3. Are the glib one’s loans hidden from the SA authorities (maybe his Hong Kong pals)? I believe I have read his offshore investments would be pretty small.

  4. Sorry if I’ve missed something but if trfc and rifc are liquidated and Murray acquires the assets. Why and how would Rangers 3 have a place in the top tier? Surely they would have to start again in the lower leagues?

  5. JJ

    Surely if a Third Rangers were to appear, the decision on placing the club into the SPFL Premiership would again go down to the member clubs having to decide from hearing their supporters opinions , if all Supporters from each premiership club decide to boycott attending home and away games their clubs will have no other option but to say No to Third Rangers, it is only right that Third Rangers would have to start at the lowest possible league either Third Division or Lowland League and move up each season despite Regan and Doncaster’s preference of having them in the Premiership for the sake of the “Blue Pound” and “Stopping The 10”, If SB&L is allowed back into the game by Regan and Doncaster then Scottish Football is well and truly finished.

  6. The only trouble is JJ if SBL does buy the assets and take control he will be in the same state as Sevco just now having to put in all the money himself this time as who would be stupid to put any money into this moneypit for a third time after watching all those people who put money into two “Rangers” entities get shafted big style.

    As they say one bitten twice shy – unless it is just the assets SBL wants for his latest development opportunity.

  7. The issue is that if say RIFC is placed in administration, they can then sell their wholly owned company TRFC to whoever as a company. TRFC hold the football licence, employment contracts, grounds, and only the ownership of the shares changes. RIFC get a few million for it, pay say 25p in the £ to the creditors (SB&L) and then gets liquidated so all shareholders loose their stakes and the loan note holders only get a fraction of what they had “donated” back.

    So control of the creditors is key. That’s why HMRC waited until they became a blocking creditor (>25% of the creditors by amount) before they pulled the plug. They had been outvoted on all the previous football clubs admins because the amount owed to them was often relatively small compared to director and shareholder loans, other debts, mortgages etc (they nearly made it with Leeds Utd, but failed by a mysterious debt suddenly appearing at the last minute to give them 24.7%…). TRFC & RIFC actually has not too many other debtors other than the loan note holders.

    TRFC then continues as before, maybe with a 10point deficit (remember they’re a new company/club when it suits them). Whoever buys TRFC buys a ready made football club complete with players, licenses, ground, training facilties, you name it. There is no way anyone can make it start from the bottom again unless it really was liquidated and the assets sold off as a “basket” and the employees had to TUPE over. Setting up TRFC has effectively stopped that occurring.

    Of course TRFC would still be a loss making company needing shed loads of money to even stay afloat, but for someone with a large fortune ready to spend say £5MM year, cheap at the price and you own it all, no pesky shareholders to bother with.

    1. The players can walk on Administration if any articles of their contracts are broken. E.g. monthly wage reductions.

      When D&P hit the old RFC players with 40% wage reductions on Admin, they could legally all walk away from their contracts.

      On full LIQUIDATION they did walk away and not sign up with Green’s new Sevco in the bottom tier.

      Career Criminal will be ordered in court to stump up £11m for a share buy up. He won’t do it therefore a way out is required. Enter Bribe and Lie.

      I’m quite happy for the Sevco rust bucket cruiser to guzzle all their cash before sinking. Bribe and Lie would be setting himself up for losses and a great deal of public focus, scrutiny, criticism and humiliation.

    2. This seems like a reasonably accurate overview of where things stand.
      One thing though…the debt acquisition on which everything thereafter is predicated?
      Surely there’s a lot of assumptions around what would be offered vs what creditors would be prepared to accept?
      Every penny concession on the £ reflects on a sliding scale how much of a mug each is being taken for? Guys who rightly or wrongly have stepped up to the plate as and when required.
      It must sting like a bitch to know SB&L is the hovering vulture…especially for DK.
      You’d also think that with these rumours gathering pace anyone considering additional soft loans (Parks £1m?) would be instantly disabused of such a charitable disposition.
      Point being we may find that normal assumptions of commonsense may not apply initially…got to be some good popcorn moments on the horizon!

    3. In that case… The fact that a new company AND a new club (RIFC and TRFC) were formed in 2012 to create this ‘admin fireproofing’ arrangement must then indicate that they ARE a new club and not one with x years of history, titles and 5 dodgy stars on the badge that shouldn’t be there anyway.

      1. To anyone with even a merest hint of appreciation of company law you are correct and JJ has been stating the same for months if not years. The “history” was bought for £1 and graciously donated by the SFA, possible as part of the still mysterious final signed draft of the 5 way agreement.

        The thing the current loanees need to work out is whether to take the hit now, but leave with something or risk virtually nothing when the loans / donations finally stop as they appear to be doing.

  8. This is potentially your most exclusive yet. The Scottish journalists who read this site envy your quality of writing, they envy your sources and they envy your exclusives. Your ability to get to the core of corruption and collusion in Scottish football puts them to shame.

    If SDM does indeed take over and take on this basket case of a club, he will be garlanded down Edmiston Drive. Just like Dave King. And before that Craig Whyte. The SFA will embrace him with both hands as would the very gullible fans. The architect of that soon-to-be liquidated club returns as a hero. You couldn’t make it up.

    My source (who was SDM’s right hand man for a while but no longer) continues to express consternation that he would return. But then again, he is no longer part of the inner guard.

    Incidentally, I have mentioned to a couple of folks in Glasgow, Rangers fans, that King is finished, that King is facing serious charges in court and that ongoing debt levels are unsustainable. It was news to them as the carnage at Ibrox goes unreported.

    Chapeau.

  9. David Murray will be in it for the casino build , and hotel buisness and glasgow council will have to allow planing and be seen to show no bias,and now that he has the deposit money saved. up its all hands at the pumps for the new investor’s

  10. Surely FIFA, UEFA and the SFA have rules stopping a club being Liquidated, the assets sold and a new club formed to pretend its the old dead club? Thereafter the previous owner steps in to take new ownership debt free of the new club.

    Surely that’s the biggest, highest level swindle on Financial Fair Play ever conceived? Surely previous owners of Liquidated clubs are banned for life?

    Surely in some countries with passionate stakeholders in the game anyone trying that would possibly be assassinated? Or Administrators enabling it? Knowing such consequence nobody even tries it.

  11. This was always the plan. SDM was always going to take it back by hook or by crook from CW DK, or CG. He’s addicted to the adulation and you’ll note King, CW , CG, Paul Murray none of them have ever said a bad word against SDM. The one man that really deserves stringing up! RFC is finished. Just a matter of time as losing to Celtic year after year isn’t what fans want and no-one has the £50m needed to buy a new team to compete with Celtics squad which is probably worth nearer £100m.

    Any news on whats happening with Duff and Phelps and our corrupt Scottish Police force?

    1. Correction! King has heavily criticised SDM on several occasions.

      Astonishing that no media outlets are reporting that King is in court regarding the Takeover Panel decision. They covered it extensively back in April.

      There’s a huge public interest issue here and it’s big news for Scotland. BBC Scotland and STV consistently let the public down on all things Ibrox/Sevco/New T’Rangers reporting.

    2. It wouldn’t surprise me if Murray turned up with a gaggle of investors to front load the changing of the guard…….again!
      The bank that couldn’t say no has learned its lessons and the chances of the knighted one using his own money is laughable.
      Look how long it took him to find a patsy last time around. Those who have coughed up the soft loans to date must be getting very nervous about ever seeing their investment again.
      No doubt Murray would be carried down Edmiston Drive with the gullibles scattering roses in his path.
      Who better than the man who delivered 9 IAR to halt the Celtic juggernaut.
      It’s less than 5 years to 2022 and the 150th anniversary of Oldco, I doubt if there will be much to celebrate if Celtic is heading for 12 IAR.

  12. So the incorporated really was buried incorporated, no wiggle room DM carried the poster advertised his glory, the incorporated ship was altready down in his watch, to the tune of £160m and as per the dementia evidence at the High Court and SC findings, pay your taxes or face the wrath of the markets, no bank will touch this, this will be the final curtain a Fred the shred moment.
    Milne and Petrie will also lose face soon, happy days. Scotlands failure opens up the game and the jobs for the boys regime, Malky McKay gies piece a racist, male chauvinist role model.Goodye to the Sweet F*ck All hampdump factory.

  13. JJ,you called the new club r.ng.rs lite, what would you call the next lot if it materialises? keep it clean, on second thoughts, don’t….

  14. https://www.thescottishsun.co.uk/sport/football/864202/takeover-panel-has-initiated-court-proceedings-against-dave-king-after-ibrox-chairman-defied-watchdog-order-to-make-offer-for-all-remaining-rangers-shares/

    So he’s finally in court tomorrow and Friday and the SMSM are not reporting it. As they did in April.

    Why? Is it because it effects New Rangers but previously King told everyone it wouldn’t effect New Rangers?

    Will it get reported on STV news at 6pm? Don’t think so.

  15. If Club 1872 had any brains they would sell all shares to CCK for the 20p offer ordered by the court and get out of Rangers 2 with cash.

    On Administration, Club 1872 should buy the assets and own 100% of shares in Rangers 3.

    1. Good call. Club 1872 could be the new Charles Green. Own everything outright. Own the entire club.

      But it’s cleverly controlled by King Placemen.

  16. Why would the long suffering fans accept the return of SBL? An admin event would be a stick but what could the carrot be? Acquiring Rangers (IL) and cementing the continuation myth could be his coup de grâce, i.e. a back to the future Rangers I not Rangers III. Might explain why BDO have strung out the costly (especially to the debtors) liquidation process for so long.

    1. BDO are liable to the stung creditors and no way would be simply facilitating SDM while risking a law suit for breach of fiduciary duty. Pay dirt for the creditors would have come with a Supreme Court win that was worth a roll of the dice even if the result was unlikely. Pot odds in poker if you are familiar is a good comparison. At the minute though there’s an unresolved case from Craig Whyte and his cronies on the disposed of assets (stadium, players etc) that involves Rangers IL as the seller and recipient of cash.

  17. Don’t think rangers are going out the game .just having new owners ,that know how a launderette works and have the smsm working for them using a sharp pencil

  18. It’s the jail sir Davied Murray should get and his knighthood stripped from him for tax evasion and being the architect of the demise of glasgow rangers football club he let the club accumulate a mountain of debt which he knew was unmanageable and came out with the nonsense that he had been duped the only people who are being duped is same people he has been taken the piss out of is the rangers supporters I hope they waking up to this charlatan and tell him we’re to get of and football authorities do the proper thing and ban him completely what a indictment on Scotland police that they never brought any charges against Murray they were doped by him and charged a innocent man Craig White Murray pointed the finger at Craig White as his scapegoat which I believe was all part of his master plan don’t allow him anywhere near the club

  19. On the subject of JThe, I doubt he was colluding with SDM today at least, as he was at Hamilton Sheriff Court supporting his close friend who is currently on trial re stalking his son in law, retired professional Scottish soccer player. Possibly trying to control the narrative to his press buddies.

  20. When Sevco go into Administration will they claim to be an old club or a new club? Will they claim to be like Schrodinger’s cat? ie Both or neither. This will be 2012 redux. Surely we have learned this game and will not be duped again.

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