Statement O’Clock

Christmas is a time for parties. Whether it be balls in Vienna or an Eggnog Fancy with Mark Dingwall in drag at Delmonicas, it’s a good time to shake your tail feather. Will Dave King be leading a conga through his basement this evening? Will he be skirting round Ladina, a pulchritudinous vision in lycra, wearing a party hat while making a good fist of the ‘Sash’ on his kazoo? Or to be quite frank will he give a flying fuck for Bannatyne’s decision.

Those who will care include the Magnificently Maned Adulterer as his power base and 560,000 shares in a SIPP are underpinned by his partner in hacking crime. The reputational damage to Lite, the most hated club this side of Christendom, is as nothing compared to what’s coming down the pike if King does not step down from the PLC. MMA has an edge as he’s dating a clairvoyant. One can but hope that she can give Slim Shady a steer. I’m sure the rumours that her knickers drop faster than a hooker’s during Fleet Week are wide of the mark. Perish the very thought.

As I write Slim Shady is preparing two drafts along the lines of the following:

1. Today’s judgment by Lord Bannatyne is an aberration. How can anyone in the Freemason’s State of Caledonia turn his back on a fellow mason?  I will consult with Club 1872 and RIFC Consigliere James Blair with a view to an appeal. Our esteemed Chairman is penniless. The BVI trust is in the gift of his family, and as he and Ladina are not on speaking terms Mr. King is on to plums.

2. Justice has been seen to be done. I would like to thank Baron of Glen Clova for being on the square and swinging the lead with gusto. I’m so elated that I’m on my way to Delmonica’s for the fancy dress Xmas party in my Divine costume.

You think you’re a man but you’re only a boy
You think you’re a man, you are only a toy
You think you’re a man but you just couldn’t see
You weren’t man enough to safisfy me…

 

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26 thoughts on “Statement O’Clock”

  1. Surely the “perfect” timing of this judgement and it’s highly convenient chronological alignment with matters at TRIFC tell us all we need to know about how it’s going to go.
    AGM out of the way, share issue in the pipeline, boardroom shuffle ref persons of significance etc
    One would be entitled to believe that m’lud and TRUFC were acting in concert.
    Rest assured DK (despite being bang to rights) will get the softest possible ruling. You can take that to the bank.
    In a way I’d prefer it if he won and it had to go to SC for appeal. Justice only seems to be served on anything blue when it goes outside Scotland.

  2. The Glib one and family business (Joyeaux NOAL) doing the Vuvuzela conga through the SFA and Scottish football governance.

    Hard to believe the Gullibillies take the word of the board and cohorts without question.

    – CL revenue ffs! Should start shooting for a good run the the League cup competition before the big cup..

    – Selling on players for big money! I doubt they will get into seven figure sale for a player asset this decade.

    Sevco trying to run before the young pup of a club can run…

    A Handsome Christmas to all.

    1. Oh dear.
      How sad.
      Never mind.

      Congratulations for calling this right from way back. Expecting major deflection & squirreling from the not-so-RRM in SMSM. Let no-one be under mis-apprehension, this is a hammer blow to Club/Company.

  3. JJ. Will glib and shameless not just step down from RIFC? With Alasdair Johnston taking over?

    For me id be more worried if my name was Latham, Taylor, Park or Campbell Dallas as they all seem to have been duped by G&S and his promise of investment. Should the dodgy one resign his position but still maintain influence then could the take over panel broaden that cold shoulder to RIFC?

    One way or another they have to face reality, and try and get through to the next donation of Season Book money….

    More loans from RRM? Where are the real Rangers men? Hello hello is there anybody out there? Just shout if you can hear me, is there anyone at home?

    All the best for the festive period to you and herself.

    Hail hail

  4. JJ, Would you have any idea where we should look out for this news as there is no point in expecting it to be on the likes of STV or BBC ?
    I am truly sorry that funds have dried up all round at this time as every penny is a prisoner and the weans get bigger not just in size but in expectation as well.
    I really hope you are well and have a lovely Xmas along with all your family, friends and all of your contributors over the last year.

    1. The Daily Record have confirmed that Bannatyne upheld the TPE petition. King must offer 20p per share to those held outwith his concert party’s control or be in contempt of court. Those who have read ’21 shades’ will know that the rogue board asserted that the equity carve up would proceed irrespective of the decision. They were lying. This puts an enormous spoke in the wheel. The Cold Shoulder is now a racing certainty. Blog tomorrow.

      1. Irrespective of the current share price, any ‘mug punters’ may be well advised to cash in at 20p. After all 20p is better than zilch in the event of another administration/liquidation clusterf*ck.

  5. Now we have it officially !
    The takeover was indeed illegal it was hostile and as we all know as an aside completely underfunded … and has seriously damaged that football club and probably deprived others of prize money etc.
    All orchestrated by a renowned criminal in full view of the football and civil authorities and the media
    Each of those groups and the ‘browshirts’ within the Rangers support who helped engineer it should yet again be ashamed of themselves.

    The irony of course is every time they think they make smart illegal manoeuvres ,or in the media and authorities cases cover up things , they just make the gap to CFC even wider.
    The list of crimes emanating from Ibrox just grows and grows and for all we know we have just seen the tip of the iceberg from the past 30 years.

    This judgment again highlights the issue of Kings role .How the SFA allow King to act as a very public shadow director /Chairman of Rangers and not subject to him to FPP tests has been an absolute scandal . This judgment must force a fix to that although the point may be moot as King may be off shortly anyway

    I guess we all know what will happen now ie as with all the previous major crimes the poisonous Rangers supporting cohort at Hampden and the lickspittle club chairs , Budge Milne Petrie etc will just stare at their shoes and let this yet again blow over thus allowing Rangers to continue to do what they like ,how they like ,where they like ,when the like without fear of consequences
    BTW as we all know had all or any of these crimes been perpetrated by others the retribution from the SFA media courts etc would have been merciless.

    This is actually one of those rare cathartic moments where there is a real chance for all the guilty parties to completely reset and try to get some inconvenient truths out there ,address the past properly and let Rangers clean up and reconstruct properly going forward

    That however needs real high quality leadership and none of the current players at the SFA or Rangers sadly have that attribute.

    I suspect therefore the same old same old will prevail and they will all blunder on in their current state of corrupt mediocrity.

  6. Lord Bannatyne has granted the order the panel sought. Presumably DCK now has 30 days to make a 20p offer. That will be around 21 January. Let’s assume no offer is made. Presumably the panel opt to apply the Cold Shoulder from around that date. What happens next? People’s take on the Cold Shoulder seem to range from the apocalyptic (no bank account, cash only, directors unable to run their other businesses) to the benign ‘(it only affects DCK).

  7. So the judgment is in.

    Interesting read. Basically the Judge, to my surprise – but hey I’m not a lawyer – said the court did have the ability o make no order, but this would have to be in “very rare cases” and need “very exceptional circumstances”.

    However on the second main point – Impecuniosity – He basically said it was irrelevant as was the share price or any other of the points raised by Kings counsel.

    Given that this judgment will set a precedent for future cases, this probably satisfies the TOP as it still gives then the legal backing to their pronouncements and stops the “I’m Skint” defense in its tracks.

    So DCK presumably ignores it, then contempt of court proceedings so he face potential arrest and imprisonment any time after 20th Jan.

    Whether he sells his shares, resigns from RIFC, he still has to make the offer or suffer the consequences.

    This cold shoulder thing is so rarely applied it is very difficult to grasp what it really means. In theory it is only about share dealing as far as I can tell, but the real impact may well be much wider and is the equivalent of several CCJs on your credit score so you can’t even get a mobile phone contract…. I can’t see Armageddon arriving on RIFC, but DCK will want someone to at least give him his money back or he’s taking everyone down with him. Now that’s a lot of cash for no real benefit to anyone.

  8. The timing of this judgement a few days before Christmas when it could have been delivered weeks ago is ominous.
    The judiciary is not amused with Sevco, King and their Spiv disregard for business governance.
    I have followed all Scottish courts cases regarding RFC/ TRFC and the court have got them bang to rights at every juncture.
    There should be no reservation of taking this lot to Judicial Review on the same club and titles nor cheating titles. There is no Brothers act at the court of session. Justice Prevails.
    The cold shoulder and other sanctions will crush Sevco. A rogue chairman. No manager would join. Murty the patsy caught in the headlights.

  9. Surely Lite fans need to start demonstrations outside Ibrox or sit back…..again……and watch them slowly die.

    SFA fully endorsed Dave K so surely they must be questioned on their decision making.

  10. The reality is going to hit home within 30 days.

    The share offer from proposal 11 is proceeding and will be posted at the Companies House on or about Dec 24. It’s already been filed, but apparently it takes 5 days to be ‘processesed’. Someone needs to feed the gerbils in the Companies House server room – 5 days for processing is ridiculous!

    Once the dilution is complete, the market value per share will be well below the 20p offer price mandated by the court.

    King will see significant uptake on the offer if he actually complies with the order. I think it’s more likely he sells out entirely and exits stage left, and never returns to the U.K. again. He’s facing contempt of court for failing to issue an offer, regardless of whether he sells out at this juncture. He would be arrested upon entering the country if the takeover panel continue to press for compliance and seek a contempt order.

    Lastly, at the most recent share price when Ashley dumped his shares, the Enterprise Value of RIFC is approx £22m in total. That’s 81m shares at 27.5p each. Assuming that £22m is still a reliable figure, the market price per share will be determined by the number of shares in circulation after the upcoming dilution. Easy algebra for those with a 3nd grade education.

  11. How many shareholders, including a certain magnate of a sportswear company, will now be able to sue either King, TRFC or any other corporation King is involved with, and put a lien on all things ‘owned’ by the Ibrox entity?

  12. Surely with this Judgement against the rogue concert party unlawful takeover Mssrs Somers, Llambias and Leach have the right of legal action for job loss, income loss and loss of reputation. As do others.

    Glib and his concert party took over the club unlawfully and there’s clearly financial knock on effects to their victims.

    Where are the SFA now? There is guilt on the unlawful takeover of The Rangers FC by King and his concert party. Where are the footballing governance penalties from the SFA? Where is UEFA?

    1. The SFA found King a fit and proper person although he was an SDM Director who operated illegal tax evasion EBTs. He was director for several years of bent players documentation to the SFA on registration. He was a director with Craig Whyte as it went down the drain.

      Fit and proper to be chairman with 42 serious criminal convictions.

      Now he is guilty of an unlawful takeover of TRFC, A Scottish Association football club, What will the SFA do? Is he still fit and proper? He lied to the SFA regarding his intended investment.

      How can JP Jenkins, or anyone, issue shares with this legal judgement and cold shoulder?

  13. Has Mr Letham thrown Mr King under the bus by giving THE PANEL ON TAKEOVERS AND MERGERS access to his PC.
    “In expanding on this point he argued that: before the respondent proceeded to
    conclude negotiations to purchase the number of shares that took him over the 30% stake in
    Rangers, the respondent was warned by Mr Letham in the following terms:
    “Dave just a reminder that after we buy Laxey today we will hold 19.7%. We really
    only want to buy Artemis 10% if it (sic) the intention to stay under 30% otherwise we
    will have to make a mandatory offer…” (Email of 08:03 on 31 December 2014)
    However, despite this warning the respondent went ahead and bought not merely 10%
    but 14.57% of Rangers shares on 2 January 2015.”

    Was king on some ‘Ego’ trip, that he wanted it to be known he was the highest controlling shareholder of RIFC ot did he just have a ‘Brain Fart’ and it was such and such, a fact that he is a miserly GREEDY BASA. It appeared he is most certainly striving for ‘Alpha Male’ against some middle-aged middle of the road directors or businessman. He has no Shame and the quicker he is jettisoned from Scottish Football the better.

    The SFA were able to brush off The Offshore Game Report and and by not putting ‘Finding of Fact’ as paramount.
    THE PANEL ON TAKEOVERS AND MERGERS who I feel have a bone in their mouth and they aren’t ready to relinquish to Mr King’s satisfaction.

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