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.