Glib & Shameless To The End

One of my sources from the square mile has informed me that there is no possibility of King making the Jan 21 deadline. A prospectus has to be prepared, printed and posted. It therefore appears King is doing what he always does. He is ignoring the problem, evidently anticipating that those who swing the lead will go easy on him.

This is a clear case of contempt and that is a subject Scottish judges take very seriously indeed. Witness the recent £80,000 fine imposed on The Daily Record.


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27 thoughts on “Glib & Shameless To The End”

  1. I presumed 13 days to do all that was impossible.

    I then thought that an appeal would cynically extend the deadline, but no, a court order of 30 days is a court order. If an application to appeal is made the miscreant should still be undertaking the activities to meet the court order.

    If an appeal Is not granted then there should be no impact upon the 30 day deadline.

  2. I see your now using Phil Mac’s words, as in Square Mile. Can you not write your own articles. Instead of resorting to plagiarism?

      1. Think this might be gentleman of Orange persuasion trying to stir things JJ.First time I’ve wrote anything on site but like your work as well as other sites Honesty and truth is most important ,not backfiring Am unwaged for a considerable time Have been reading your site in and I hope I’m not a lurker as I don’t know the in and outs of twitter…just reached his ticket age God bless you and yours

      2. Hahaaaaa… brilliant …great reply. i see Some online betting sites have suspended betting on the jurs administration/demotion/relegated

    1. The square mile is a very well rocognised & widely used term for the London financial district. If JJ started using terms like “serious professional” or “magnificently maned… ” then you might have a point but not square mile.

    2. As quoted in the Oxford English Dictionary:

      “…square mile: …also spec. a familiar term for the (heart of the) City of London.

      1971 Guardian 3 Mar… Prince Charles was made a Freeman of the City of London yesterday… It was the kind of traditional occasion that the square mile does so well.
      1975 Times 1 Mar… The City Corporation hopes to have redeveloped 90 per cent of the square mile by 1980…”

      It doesn’t look like Phil Mac invented the term…

  3. Ahh the daily record… Today they got mcrorie extending his loan at brechin and playing for Berwick and diagouraga extending his Plymouth contract and playing for Fleetwood also trfc ain’t going to lose a penny on de la Pena guess all 3 reports are pash

  4. JJ, I have just made my usual monthly subscription payment. I had intended to make recurring payments but find I need to open a paypal account which I do not wish to do. I will continue to make payments each and every month for the foreseeable and until circumstances change. Regards for your excellent work.

  5. The Square Mile is the term we use daily. It’s a hotbed if activity where deals are won and lost. It brings in fabulous revenue to the UK balance sheet and is open all hours. Day traders are late if at their desks after 5.00am.

    As for King, he has no traction with brokers given his fraudulent past and has no credibility with the very few brokers who actually aware of him. The same was true of SDM. He had utterly no credibility with the heavy hitters here and was regarded as being a reckless gambler, a bully and an oaf.

    Whilst King remains at the club, it will remain toxic and no one of a quality professional background will want to be associated with that club.

    David Somers by contrast isn’t exactly regarded as a heavyweight. But he has access to good people, he had access to fund managers and he has a reputation for integrity. No one at Ibrox today can claim any of those attributes. No one.

  6. JJ – I’ll confess to having read your site for a while without paying a penny (hangs head in shame). Thing is where would we be without you and guys like Phil Mac bypassing the MSM and actually telling us the truth! Monthly donation set up now mate! Also I’d like to appeal to the thousands who dine at the Speakeasy for free to follow my lead and start to pay for their fayre!

  7. In 12 days time it will be the 21st January and King will simply ignore the Court. Then what? Can we assume that there will be significant legal consequences for a South African resident? If he is fined then he will not pay. How can he be made to? If he is called a naughty person he will not care. How will the Scottish legal system handle his utter contempt for the verdict and rulings? I assume with a pitiful impotent response.

    1. A punitive six figure fine is coming down the pike. This will be followed by a European Arrest warrant. Meanwhile a petition in the name of the Secretary of Trade & Industry will be made to The Court of Session to suspend King from holding office in any PLC for the maximum period of 15 years. The Cold Shoulder listing by the TPE is imminent.

  8. “Anticipating that those who swing the lead will go easy on him”
    This seems to me to be the crux of everything.
    DK, his predecessor and cohorts have essentially taken their Masonic privilege and well and truly kicked the arse out of it to the point where their expected privilege demands impunity. They’re publically humiliating everyone in the law and media on such a regular basis that they’re probably even reaching pariah status there too and are seen as a disgrace to the craft.

  9. I will start donating to you jj when nxt wages r in as tight going after xmas……but in a quick answer is sevco going bust???….

  10. JJ,

    I ply my trade in the financial services industry in America and not in the U.K., so I may be somewhat off base here. BUT… I have never heard of anyone having to issue a prospectus prior to an offer to BUY shares. The purpose of a prospectus is to inform prospective buyers of securities of all the relevant facts, including financial statements, material risks, etc, of the underlying security. The burden of disclosing all of that and complying with the market regulations falls to the seller of the securities, not the buyer, as it is the buyer who is taking the risks and the seller who is absolving themselves of such risks.

    My understanding of the Takeover Panel situation with DK is that he can come into compliance with the order by simply placing a standing buy order on Jenkins for 20p for a reasonable period of time, and then following that up with a simple notification to existing shareholders of record of how to get onto Jenkins to sell their shares at that price if they so desire.

    Of course, all of this is strictly academic. DK clearly has no intention of complying with the order. The only relevant questions at this juncture is what further punishment will he face for flouting the order, and how material will the consequences be for RIFC itself once the hammer falls on DK?

    Given that the Takeover Panel’s mandate is to seek compliance rather than extend punishment, and given the extreme lengths they’ve already gone to secure compliance, the next step(s) are likely to be severe.

    But I also think it would be a very odd situation where, ostensibly in the interest of protecting minority shareholders of RIFC, the Takeover Panel extends that punishment to RIFC itself to the point where ordinary shareholders are wiped out as the Board seeks administration. A much more simple and elegant solution would be to either (1) throw DK in prison for contempt of court and/or repeated and continued noncompliance with the Code, or (2) bar DK, effective immediately, from serving in a management or Director capacity from any listed company in the U.K. including RIFC. The SFA would then have cover to deem DK not a ‘fit and proper’ person to be Chairman and to throw him out effective immediately. Giving the ‘Cold Shoulder’ to DK and allowing him to simultaneously to remain Chairman of RIFC is a recipe for disaster for ordinary shareholders of RIFC, and I can’t believe for a minute that the Takeover Panel would go that route given their mandate, indeed the reason this case was brought in the first place, is to protect the interests of those shareholders.

    1. The SPFL and SFA are Limited Companies. They could not possibly continue to work with him nor have any RIFC PLC Directors on the SPFL and SFA Boards.

      Ditto the other 43 association clubs.

  11. I see no plagiarism, merely a crescendo of synocpate rhythms………..a Bill Bruford’esque cacophony.

    The drums are beating in Mordor.

  12. When Jan 21st comes and goes and King has simply ignored the deadline what is likely to happen? You would imagine contempt proceedings and the full force of the law. King obviously does not care about that. What will the consequences be of ‘the full force of the law”? Meanwhile the company that operates Rangers Lite does not have enough money to pay the Florida hotel bill let alone January wages. Where is the financial saviour to keep the team playing?

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