Failing The Ideal

Those of my informed readers who apprised themselves of my detailed précis of  Lord Bannatyne’s 30 page opinion will be in no doubt that Dave King has no grounds whatsoever for appeal. One of the many 32nd Degree Freemasons in The Speculative Society, Baron of Glen Clova, tried on a number of contentious arguments that took sophistry to a new paradigm.

He posited that King was penniless. He contended that the share price was too low. He argued that King did not have ready access to the British Virgin Islands trust funds. Simultaneously King is assuring Campbell Davis that he has £7.2m to assuage their concerns that RIFC is trading whilst insolvent. Lord Bannatyne took the view that these arguments were irrelevant. His court was not one of appeal. It was in the public’s best interests that King’s flagrant abuse of The Companies Act of 2006 would be taken to task by the City watchdog. If Bannatyne had not added legal redress to the TPE edicts they would be reduced to the status of an advisory body. No more than paper tigers. Failure to act would have given other two-bit spivs a green light to transgress concert party regulations.

There is incontrovertible proof that King has access to an eight figure sum. Prior to stepping down as the Chairman of his boiler shop he divested MMI of their trading division for a quantum north of £10m. This division was the most susceptible to The Cold Shoulder. King knows full well what is coming down the pike. This snake oil salesman is breaking bad.

One day after Bannatyne’s opinion was published, Andy Newport of The Scottish Sun published an article which quoted a source ‘close to the club‘ thus:

The court has been notified of the chairman’s intention to seek leave to appeal. That is likely to be granted and Dave’s advisers believe he will win that appeal.”

The source is of course either Jim Traynor or fellow cheerleader Je Suis Graham. An appeal will only be granted if Bannatyne erred on a point of law. I have been through his opinion with a fine tooth comb. There are no errors. Only a fool would argue that their client would win an appeal on the most specious of arguments.

King’s affidavit was a farrago of lies. He should be charged with perjury. Contempt of Court does not go far enough for this concert party criminal. Any way you slice it King is finished. A warrant will be issued for his arrest. His days of watching Chelsea play and hobnobbing with the great and the good – who at that time did not know who he was – are over. He is now a marked man.

My source, singular, close to the club informs me that the other directors are frantically attempting to, and I quote verbatim, ‘ Get King to fuck.’ They have been advised that any association with this pariah who duped them to part with their hard-earned wealth could have devastating consequences. George Taylor is, and again I quote verbatim ‘Shitting bricks.’  My source is not prone to overstatement. He tends to be measured in his correspondence. He has the pulse of the board. The very thought of King continuing as a shadow director as per the arch criminal’s suggestion causes this pulse to skip a beat.

Irresponsible and ill-advised PR puffery is not the exclusive preserve of the tabloids. The failing organ that is The Herald, whose year-on-year sales are dropping like a stone  – down 10.2% to an average  28,872 sales per day – is pursuing a Sevco love-in strategy to its detriment. This title is audited annually. There can be little doubt that their decline will continue, with less readers than The Sitonfence Speakeasy becoming the norm. They are fast becoming as irrelevant as their Newsquest stable-mate The National which can barely muster 8,000 daily sales. One if not both of these faltering titles are on borrowed time.

The Herald’s sports reportage is clearly leading the charge off the cliff. Martin Williams, who will go down in history (hopefully very soon) for his obsequious pandering to the Continuation Jihadists with his Engine Room Subsidiary metaphor, is prone to plagiarising my pieces. His added blue rinse is not fooling anyone. I somehow doubt that he will be quick off the mark to cut and paste from this article. I have reproduced his latest blue do in full:

The taxman has not received a single penny of the £72 million in unpaid tax and interest believed to be owed by the liquidated company that owned Rangers FC.

While payments are being made to creditors, no money has yet been paid into the bank accounts of HMRC – six months on from a landmark legal victory over the Ibrox club’s use of loans to pay staff in a tax avoidance scheme.

According to the latest liquidation update, law firms acting for various parties in the tax dispute have been paid around £9.2million, while the rolling bill for BDO, the club’s liquidators, stands at £3.4million.

It has also emerged that BDO has set aside nearly £3 million in case they lose an on-off claim over the shrinking insolvency funds of the former Rangers company, now known as RFC 2012 plc and commonly dubbed ‘Oldco’.

BDO have agreed to pay an interim dividend of nearly 4p in the pound to unsecured creditors, distributing more than £1.3 million, but it has emerged that has not included any payment to cover the amount owed to the taxman after HMRC’s winning the so-called Big Tax Case over the club’s use of Employee Benefit Trusts (EBT) to pay players and staff.

More than £47 million was paid to Rangers players, managers and directors in the EBT scheme between 2001 and 2010 in tax-free loans.

 

Liquidators had previously indicated that £72m of the £94.4m owed to HRMC relied on the taxman’s claim that Rangers Oldco was liable for its use of EBTs.

But it is understood that BDO has noted nearly half of the HMRC claim relates to interest and penalties accrued over the years.

BDO is now to enter into discussions with the taxman over the amount of the claim being made, it is understood, with a view to having it reduced.

Meanwhile, it is understood that Rangers FC Group – the company formerly known as Wavetower that was founded by former owner Craig Whyte – which aimed to secure a £14 million liquidation pot has decided to make a £2.8 million claim.

On December 15, the latest stage of the claim emerged. It is understood BDO successfully moved to get litigants to have to post £25,000 to cover any costs that might go against them.

It is understood the amount of the claim now relates to the difference between the amount raised by Mr Whyte’s deal to sell off rights to three years of future season tickets to investment firm Ticketus to help buy the club and the sum used to repay the club’s debt with Lloyds.

The collapse of the Rangers business left thousands of unsecured creditors out of pocket including more than 6000 loyal fans who bought £7.7m worth of debenture seats at Ibrox.

If BDO lose the case, the FC Group claim would rank ahead of unsecured creditors and reduce the amount they get back.”

There was no liquidated holding group that owned Rangers. 85.3% of its equity was the preserve of Murray Sports Ltd. This equity was transferred to Craig Whyte’s Wavetower for £1. Despite the best efforts of Octopus and petitions to courts in The East Indies to wind it up, Wavetower is still extant as I write. Murray Sports collapsed long after Rangers FC Plc, renamed Rangers 2012 Ltd, was subject to liquidation proceeding by order of Lord Hodge in October 2012.

Rangers (1A) Ltd incorporated in 1899 became Rangers FC Plc and in its final iteration this entity, with the same Companies House number since 1899, became Rangers 2012 Ltd.

Rangers, the club, is no longer with us. The holding group squirrel is for the birds. The Blue Tits if you will. When called out on his obsequious mendacity by The Clumpany, the imbiber of Buckie & Bleach cocktails was called ‘obsessed.’

This is evidently the stock fall back of a hack caught with his pants down. His WATP boxer shorts barely conceal his bare-arsed lies.

When the Rangers Tax Case blogger first lifted the lid on the EBT ‘nitrous oxide’ being deployed by the Rangers charabanc, the odious Rangers-facing press called him paranoid. Individuals like Williams are as cheap as his newsprint. The ‘internet bampots’ that are more widely read than the dwindling quantum who read Williams are not obsessed. They are informed. If it smells like shite and has flies on it, people like Williams are its source. Plagiarise that PR puppet-boy.

Advertisements

Published by

sitonfence

FANS' CHOICE BEST NEW FOOTBALL BLOG 2016

16 thoughts on “Failing The Ideal”

  1. Wonderful truly wonderful.

    Sevco, the SMSM and the SFA and SPFL are on the same club, it was a company liquidation, unlawful lie. No one else is, least of all the Judiciary.

    It’s a lie on a daily basis.

    It’s a Con on Fans and sponsors’ customers to milk them.

    It will not stand up forever.

    I’m guessing SDM and other EBT beneficiaries are twisting BDO arms to do a deal with HMRC on the tax bill for pennies in the pound that stops HMRC chasing the individual miscreants.

    HMRC should be taking as much as possible from BDO and chasing the individuals for the full balance.

  2. Superb piece of work ,love reading all this stuff on Sevco , makes all of my mornings bright ones. In the midst of cold dark winter. Keep up the good work .God Bless…🇨🇮

  3. Perfect JJ.

    For the avoidance of doubt the Liquidated company was the football club ‘company’ and not the owning company/engine room subsidiary, who was once Whyte’s, who are still solvent, yet renamed.

    This fact does not seem to sit well with the Gullible blue noses or maybe in their mind there was a third company involved or was it 4 companies… Ad Nauseam, until they feel secure the big lie was made up by the haters and their club was demoted by those haters.

    I am sure most of the supporters go with the continuation myth yet know the truth and that will only come out and be used when there is a suitable incarnation shedding all the sevco history to the past whilst trying to preserve the rangers history and traditions. For most of my age rangers traditions consist of lying, bigotry, violence and stealing OPM.

    If/when admin of sevco happens it will be interesting to see how Doncaster deals with a points deduction having stated they were a continuation.

  4. JJ,
    Donation made ending 802X, apologies for the delay but my laptop packed up. All good now.

    Happy new year to you, stay safe

    JJ: Thank you buddy.

  5. Your interesting comment on The Herald resonates with me JJ. For over 30 years I took the (Glasgow) Herald six days a week; I then added the Sunday Herald to me reading habits when it appeared on the scene. About three years ago I had had enough! The utter guff (which I was paying for) apropos the farcical situation at Ibrox eventually became too much and I dumped Herald for good. No wonder that you report such disastrous falls in sales if they can alienate a loyal customer like me with impunity.

  6. It is worth observing that many clubs have gone to the wall over the past couple of decades, and subsequently new versions arise ( usually supporter driven) but ALWAYS there is an acknowledgement of their new status with a slight name change. These clubs are able to appreciate the heritage of the original, and even rival supporters applaud the ‘imperfect’ continuity.
    Kudos to all concerned at Chester, Hereford, Halifax, Aldershot, Gretna and others.
    Just what makes Rangers feel they are so bloody different? Apart from thinking They Are The People.

    Right from the outset of Charles Green’s aquisition of the basket of assets, the powers that be should have insisted on a partial renaming to confirm the reality of the situation (Rangers 2012 FC?)

    Rangers 2012 FC of course had no titles when they started.

  7. A terrific piece. The financial situation at Ibrox is now at a critical level, as you have pointed out consistently for the past few years. I can reveal that an ex director of the former club and who was brought in by SDM to get the debt down at Rangers (which he did) prior to the disposal of the asset to CW was approached by an insolvency practitioner. He was asked if he would be prepared to return for a second time and join their team in preparation for an administration event. He declined the offer.

    Events at Ibrox are unravelling quickly now. King is finished and no one of quality will go near the club. It is in a perilous state now.

    1. More than a few have been burnt in the 2012 administration/liquidation event and the aftermath. Where is money to be made in the current clusterf*ck? Only the dodgiest of operators would consider Rangers as a viable business opportunity.
      The killer though are the extremist supporter elements associated with the club who threaten the safety of anyone who seeks to introduce reality to the scenario.

      Cannot see why anyone with any credibility in the business world would wish to dabble in the toxic pond that is Rangers. With a career criminal who ignores sound business practices and lies incessantly, better to stand well back and watch the mess implode.

      There is a business opportunity for a second or third Glasgow football club but it would only be viable once all the toxic elements are excised. Such a club must be a new start-up, with no connections to the David Murray/King eras. It doesn’t need to play out of Ibrox and it certainly should have no link to a number of the supporter groups with extremist ultra agendas. There was an opportunity following the liquidation but the SFA/SPFL, rather than serve the overall good of the game, sought to service financial interests of promoting the ‘Old Firm duopoly’ as the essence of Scottish football.

  8. just got in from a days work,and my oh my its a beautiful day today,thanks for making it jj,paypal monthly tenner was set up last month,wont be long now dragging and screaming lmao

    JJ: Cheers JM

  9. I also was a regular Herald and Sunday Herald reader but stopped a few years back. Buy occasionally now.
    Some of the sports journalism is cringeworthy.

  10. Kenfitelife,Initially their name was,The Rangers F.C.and still is,but the SFA,media etc dropped “The “,to promote the belief to the hordes of continuation,
    Oh for Edward Abbey,”Better a cruel truth than a comfortable delusion.”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s