A Reluctant Laird

When the estimable Baron of Glen Clova QC argued that his client David Cunningham King did not have the wherewithal to pony up the quantum required to procure the non-concert party equity did it not occur to him that he was lying? When Neil Forbes Davidson stated that King’s only income was from a family trust that he did not control, was he oblivious to the sale of MICROmega subsidiary NOSA in October of last year for circa £50m, with another circa £13m predicated on performance in Q4 2017 and in Q1 2018?

Was the former Lord Advocate of Scotland in the dark about King’s preference shares in MicroMega? Did Davidson even have a cursory glance at the following table which lists the stakeholders:

Equities

Share A 1 114,211,000 – 17.9% – Dave King
Friedshelf 1382 (Pty) Ltd. 72,634,683 63.2% – Nominally Tracey Hamill
Greg Morris Family Trust 12,000,800 10.4%
Enigma Investment Holdings Ltd. 3,663,841 3.19%
Seratrix (Pty) Ltd. 3,375,200 2.94%
Heerden Leon Christo Van 1,553,682 1.35%
Ross Charles Lewin 641,342 0.56%
Droneworx Pty Ltd. 573,169 0.50%
Christiaan Rudolf Oosthuizen 424,081 0.37%

 

 

Surely the eminent QC could have worked out on the back of a Menthol Slim packet that King had engaged in a deal that would on first glance net him circa £9m and two quarters later yield another £2.5m or so? The instructing solicitors evidently had not done their homework.

Lord Bannatyne did not come down in the last shower and made a judgment that was not predicated on King having the wherewithal.

The second argument was that the shares were worth 27p and that any offer of 20p would be poorly subscribed. However if this were the case every share sold to King would immediately net the career criminal a 7p profit. So why would he be opposed to an immediate paper profit? Could it be that King knows full well that the equity is not worth 27p/20p or even a diluted 10p and could see the toxic stock far enough?

King fought tooth and nail against the TPE edicts and court orders. King is cognisant of the fact that he is buying a Category C write-off club at a premium.

However one could excuse Lord Davidson and his instructing solicitor for not picking up on the vote, which had to be in excess of 75% as it was a special resolution, which sanctioned the NOSA sale, viz

Laird Investments (Pty) Limited 12 October 2017 72,634 683  – 63.21%
Kamberg Investment Holdings (Pty) Limited 12 October 2017 12,000,800  – 10.44%
Seratrix (Pty) Limited 12 October 2017 3,375,200  – 2.94%
Russell Bryan Dick 12 October 2017 343,254  – 0.30%

Total 88 353 937  – 76.89%

Is it fair to contend that shelf company Friedshelf 1382 is a wholly owned subsidiary of Laird?  This is the kind of switcheroo that Charles Green would be proud of as the beneficial owner changes from King’s daughter Tracey Hamill in Friedshelf to the arch criminal King and his daughter in Laird

Therefore at the time of Lord Bannatyne’s hearing and King’s subsequent appeal King and his daughter, the stakeholders in Laird, were sitting on a share of £31m with another £13m coming down the pike.

Not exactly impecunious Mr. Davidson. It’s also worth noting that King’s co-defendant on racketeering charges, Iain Gregory Morris, is the beneficial owner of Kamberg Investments.

Morris, like King, likes to pass himself off as an accountant despite a conspicuous absence of training in this field. The two bogus accountants have done well.

When King/Hamill/Laird stepped up to acquire Friedshelf’s 63.21% holding in MICROmega they drove a coach and horses through the 30% threshold. When the ‘anonymous benefactor‘ enhanced Friedshelf’s initial MMI holding he shamelessly ignored the 30% threshold. King chose to remain anonymous as his funds had been frozen and he was petitioning for a larger stipend. Than as now King was far from impecunious.

One often wonders if Sir Bribe & Lie stepped up with an anonymous donation to Hearts, at the behest of a Scottish Executive bigwig during a cocktails and canapés evening at Bute house, to push through his building project at Gogarburn? I’m sure it’s just a scurrilous rumour?

 

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10 thoughts on “A Reluctant Laird”

  1. Great piece as usual, love the final thought but please if you know the facts let us get it out in the open to expose the corruption.

  2. Hi JJ, it appears the Castlemilk born Glib and Shameless ‘accountant’ has no boundaries when it comes to matters of mistruths, personally I cannot see this circus ever being resolved without a further insolvency event. Interesting times ahead as we watch the poker game being played out by King & the 3B. Who will blink first?
    Usual monthly contribution just sent via F&F (ending 9315)
    Keep up the good work.
    Cheers, Tom

    JJ: Thank you.

  3. As much as I commend those whom have recently stepped up with £10 per month for unfettered access to all articles one should note that only when this contribution recurs will a password be provided. There are those who set up, secured a password, and then cancelled. I waive this rule of thumb to those who have made other contributions prior to stepping up.

  4. King knows all the Rangers fanbase know exactly what cloth he’s cut from. Karma Celtic rules the roost in the Scotland. Nothing will ever change so longs as this board is in situ.

    Season tickets being put up for sale and this is the one time in the year fans can actually hold the board to account and not buy season tickets until we know the board is going to put a decent team and manager to stop 10. Stop being lemmings and vote with your feet for God’s sake.

  5. The Billtong must be hitting the fan in the blue boardroom. Glibly and shamelessly D Park-Bear. G Letham-Bear and G Taylor-Bear have had to pump millions in not to mention Alastair Monnocled-Bear and Pooh Murray-Bear as well, cillit bang man too while all this time Dave the Knave they thought was impecunious.has anyone in history been described as glib,shameless and impecunious in courtspeak before.definitely beats brendans double treble if he gets there.

    On the football front its weird that TRFC have one point from 9 recently , with the honest uns turned full on and Jimmie Nick in the dugout while the Falkirk dugout he vacated is romping up their league.totally the opposite of what the hacks were recently reporting.

    1. Regarding the recent results, it appears that the opposition are no longer in awe of the blue jersey and are actually giving it a go. Long may it continue, Scottish football needs teams who are willing to be brave.

  6. I’m sure therein lies a story as Mrs Budges Hearts certainly seem to be awash with Capex funds from anonymous ( or should that be “known to a few”?) donors if indeed SIR David Murray has not been forced to contribute some of his ill gotten gains as a conscience payment.

  7. King has claimed that he will buy some shares and you might think that he could do so in dribs and drabs over weeks and months. His problem is that he has to put approximately $11,000,000 in an escrow account to cover any possible sales and he has not done so. This breaches the terms of the Court judgement as he will soon discover.

  8. Today is dividend day in SA. Should the accademical chaps from Hamilton be ring fencing some of Dave’s millions to make sure of the Docherty transfer fee.

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