The Court Junkie

Rangers chairman Dave King will appear in court after failing to pay an ordered £11 million bid for the majority of the club’s shares.

The Scottish businessman is to face a contempt of court hearing in Edinburgh on Friday for missing a deadline to make an offer to the Ibrox shareholders in March after a court order.

King, 62, was previously told he breached takeover rules by refusing to make the bid and ordered to pay the money by business watchdog the Takeover Panel and Court of Session.

The Takeover Panel ruled in 2016 he had worked “in consort” with a trio of businessmen – the so-called Three Bears – to take control of Rangers by acquiring a combined 34 per cent stake.

However the Ibrox chairman argued the ruling forcing him to make a compulsory bid of 20p a share went “too far”.

He was taken to court last year after he flouted the demand which would total a sum of about £11million.

King’s lawyer told a hearing in the Court of Session last year that his client was “penniless” because his money was tied up in offshore and onshore trusts in the King family name.

But in February this year, he was ordered to make the payment by the court and a month later it was revealed a company called Laird Investments (Proprietary) Limited would make the share payment.

It was said Laird was a South African-based company owned by a trust which King and his family are beneficiaries.

The Takeover Panel document said they ordered King to have a third party UK account opened on Laird’s behalf so they had the “necessary cash confirmation”.

They said King later emailed them to say Laird was having difficulty negotiating South African “exchange control regulations” for transferring money out of the country and later asked for an extension of the deadline – something later refused by the Takeover Panel.

The panel went on to say that King missed the deadline for the money to be transferred “and told how they had emailed King warning him of their “intention to initiate contempt proceedings” if that happened.”

The preface to this piece in bold italics, all 427 words of it, was written by four individuals viz Keith Jackson, Stephen Stewart, Craig Robertson and Nicholas Keyden at The Daily Record. This byline caught the eye of a media mogul of my acquaintance. He apprised me of the fact that a typical Sunday Times ‘Insight’ piece of several thousands of words would typically have four journalists in its byline.

I have never heard of Stewart, Robertson nor Keyden. Are they unpaid interns? Given the amount of errors in this piece they cannot possibly be researchers. Are they journalists? Anyone who writes for a published title can call themselves a journalist. Lay members of the NUJ, as is the case with a well known blogger, are not journalists. I’m not a journalist. I’m a mere social media commentator.

Let’s look at the errors. Dave King is the chairman of a holding company RIFC plc. He is not the chairman of The Rangers Football Club Limited. Dave King is not a Scottish businessman. All his nefarious business dealings have been conducted in South Africa. King is a minority shareholder in RIFC plc.

The exclusive in this piece is that King ‘will appear in court.’ The Herald on the previous day ran with something I published last week and the possibility of charges. The second paragraph could have been lifted from their piece:

The Scottish businessman is to face a contempt of court hearing in Edinburgh on Friday for missing a deadline to make an offer to the Ibrox shareholders in March after a court order.

King has not missed a deadline. He has missed several deadlines. He has been toying with the Executive since his illegal concert party putsch in 2015.

Note the use of concert not “consort.’ How stupid does one have to be to print this error in parentheses?

It’s well known that Jackson is persona non grata at Ibrox. It’s equally well known that Paul Murray was his boardroom mole. Unless Murray is meeting up with King at Mister Singh’s on Elderslie Street on Friday evening, Jackson would have no way of knowing. Given that I have not heard of Messrs Stewart, Robertson and Keyden I very much doubt that King would field a call from either.

Anyone with a basic grasp of the facts would know that the Laird artifice was just the latest ruse by King.

Will King face the music on Friday? I would not be surprised. He’s a court junkie. However on the basis of this shoddy article I would not bet my shirt on it.

There are those who believe that all journalists are superior to bloggers. They evidently don’t read The Record.

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Disappointments

Under the subtitle of Disappointments at the Rangers AGM in 2016 Dave King asserted:

1. We have not yet reached a satisfactory position with the relationships that the Club has historically enjoyed with the various football authorities and other influential individuals such as politicians. Much more has to be done on that front.

2. The disputes with Sports Direct continued throughout the year with a significant loss of revenue compounded by substantial legal bills. Sports Direct has initiated legal action against the Club and Paul Murray and I, in our personal capacities, over the cancellation of the retail arrangements with Sports Direct.

3.The prosecution of the Craig Whyte/Charles Green era seems to have stalled which, while not directly affecting the Company, is a great disappointment for everyone at the Club.

 

I will discuss point two in more detail later in this piece. There is a causal link between the resignations of Hughes & McGlennan and King’s stated desire to restore the influence that he historically enjoyed at the SFA. Would Gordon Smith, who covered up a HMRC investigation in 2009, fit King’s bill? Would he encourage the return of Campbell Ogilvie to subvert a UEFA licence application and the Nimmo Smith enquiry?

Given that he made a good fist of achieving his objective at the SFA, King then turned his invective raygun on Murdoch MacLennan at the SPFL. He called on MacLennan to fall on his sword due to MacLennan having a tenuous relationship with Dermot Desmond in his day job.

Hughes had described Rangers as the great unwashed. MacLennan referred to the former club as ‘those bastards.’

Michael Gannon in the Daily Record managed to conflate the rescue of the stricken Thai kids and MacLennan. King may not have the influence he historically enjoyed at the SFA and SPFL but there can be little doubt that the SMSM do his bidding. One wonders whether MacLennan managed to stifle his laughter when the inveterate criminal assumed the moral high ground from a sand dune?

King’s strategy is clear. He wants individuals prepared to bend and subvert the rules for the new club, just as they did for the former club.

There is so much going on in point three that several thousands of words might not cover it. When King acquired Whyte’s hacked hard disk for £25,000 he created a conspiracy via a Twitter campaign. DCI Robertson – who brought a hairy arse an abacus and a knuckle shuffle to Police Scotland’s Economic Crime Unit – fell for King’s conspiracy hook, line and sinker.

King is always looking for a scapegoat. Charles Green was offered a deal to settle King’s latest vexatious and frivolous court action. Mr. Green has no case to answer. Irrespective of how this matter is resolved it will be spun by Traynor and King as a victory.

When one fast forwards to King’s address to the AGM in 2017, he asserts:

The most significant highlight of the year was the successful conclusion of the Sports Direct litigation. The settlement amount paid by the Club was 3 million pounds which is a great outcome that will yield many multiples of this in the years to come now that we have regained control of our retail asset, in fact we will get all of that back in the first year. At the time that we announced the settlement, we were legally prevented from disclosing the £3m payment due to the confidentiality clauses that Sports Direct insisted upon in the legal contract. However, under accounting regulations we were obliged to disclose it in the annual report and that overrode the confidentiality clause in the agreement. The settlement payment was fully funded by interest-free loans from shareholders.

There was no successful conclusion to the Sports Direct litigation. It continues to this day. Shareholders loaned the company £3m to pay Ashley off. TRFCL subsidiary Club 1872 and Julian Wolhardt – at King’s direction – bought his shares for £2m.

What a stunning investment by Ashley. Invest £2m then walk away with £5m.

Ashley knew that King would cut a surreptitious deal with one of his rivals. He has always had the measure of King. He now has King over a barrel again. Did King not learn anything about Ashley when he invited him to the UK on the pretext of negotiations? When Castlemilk’s lost village idiot turned up, Ashley’s staff made their excuses and awaited King being served with a summons at Glasgow Central.

I discussed King’s tenure with a C level contact. A figure was proposed to buy him out. I suggested that no-one should give King an ‘out.’ The torches and pitchforks will make a reappearance sooner rather than later. King will need more than a gazebo in Johannesburg to hide from the retribution.

The Truth of the Lie

Regular readers will note that I did not publish any blogs this weekend. However I was busy liaising with the technical team at PayPal to address an issue that thankfully has been resolved. I also wrote a draft of a ‘Bears’ piece but chose not to publish it as only a few readers seem to get the hard-hitting satire.

The raison d’être of this site is the pursuit of the truth. Other sites will tell you what you want to hear. Their stock in trade is entertainment. Their entertainment is very popular. The narrative is often embellished, enveloped in cryptic language or skewed to have a kick at ‘Rangers.’ Educated guesses is the best one can hope for. But now that I’m inside the tent I can easily distinguish between those pissing out and those taking the piss. In my correspondence with my readers it’s heartening to acknowledge that they are just as switched-on as I am.

There are currently three matters exercising Lite’s conveyancing consigliere. One at the Commercial Court in London and two at the Court of Session. One of the latter to be heard ‘by order’ on Friday of this week could have serious consequences for the inveterate criminal that is Dave King. The former to be heard at the end of this month could have far-reaching consequences for the six years old club. One of the latter is the frivolous and vexatious pursuit of Charles Green.

Of these three matters I am fortunate enough to have one source who will be present at the Commercial Court. The hearing before Lord Bannatyne on Friday is listed for 30 minutes which is indicative of a period for submissions and a written judgment some time later. As for the pursuit of Charles Green my readers have a ringside seat as I correspond with the estimable Mr. Green.

For reasons that I have been at pains to point out my insights will be password protected. In an ideal world those purveying entertainment and those purveying truth would set up their stores on the High Street. Readers looking for a novel could visit the entertainment store and take in a blog or two. Those seeking the truth could visit my store. In my store I polish my insights and offer my heartfelt gratitude to my sources, many of whom contribute to the upkeep of our site. I take exception to the owner of the entertainment store pilfering from my store and passing off my shiny insights and of more import my C-level ‘Rangers’ sources as his own.

Every single syllable, word and paragraph I have written in this piece is steeped in the truth. In the Scottish Football Monitor some subscribers are revisiting the events of six years ago. Much has been made on the SFM and on our site of the Five Way Agreement and the genesis of the new club playing at Ibrox. What has not been discussed is that every club playing professional football in Scotland did not object when Charles Green’s Sevco Scotland was conferred with the titles of the former club. No-one stepped forward and said:

Just a minute Stewart, Neil, David and Jim, you cannot just transfer the titles of a former club to a new club. It’s just not on.”

I have seen and published three drafts of the Five Way Agreement and I had a source at the meeting when the final draft was signed at the SFA’s solicitors’ offices in Glasgow.

In the first two drafts fifteen titles won (by foul means) by the former club were deemed to be unsound. The blogosphere went into overdrive on the merits of stripping these titles. Very few picked up on the fact that all the titles, minus the fifteen, were being offered to Charles Green on a plate. Regan, Doncaster, Longmuir and Ballantyne, all co-signatories on all drafts, were hell bent on the Continuation narrative. These four men created the Big Lie.

Regan was seen to be the most slippery of the four. His correspondence with the former club was leaked. The part he played in covering up a fraudulent application for a UEFA licence by the former club continues to resonate to this day. We await with bated breath the outcome of an eight month investigation of the malfeasance. Regan, quite incredibly, appointed himself on the supervisory committee of the Nimmo Smith inquiry and bent it to his will.

Regan’s many indiscretions did not cost him his job. The failure of the National team was his undoing. Doncaster has emerged unscathed. When he felt the time was right he announced that Sevco Scotland were a continuation of Rangers. All the honours of the former club can be found on Doncaster’s SPFL website.

Did Peter Lawwell of Celtic ever take Doncaster to task? Most certainly not. He works hand in glove with Doncaster. He was photographed with same and Alex Salmond at the SPFL PPTV Agreement Signing Ceremony in Beijing.

Those pursuing the truth of the lie must look to Celtic stakeholders. Are they the last bastion of truth?

Dave King – The City’s ASBO

Prior to another discussion of Takeover Panel activity a ball was kicked in anger at Ibrox.

John Flanagan, who is adept at kicking women, had a relatively quiet debut. Would it be unkind to suggest as quiet as a night in custody chez Merseyside Police? Flanagan should take some tips from Gerrard on how to avoid custodial sentences. Gerrard and six of his fellow Huyton hard men rained punches and a glass on a less than accommodating DJ. One would like to believe that witnesses were not intimidated nor received inducements as is the wont of RIFC Chairman Dave King. Gerrard and Flanagan are continuing the tradition of thugs at Ibrox. Huyton thug patriarch Joey Barton must be proud of his legacy.

’Rangers’ were unconvincing in this first qualification round match. Had it not been for a blatant but well executed dive in the box by Murphy, Shkupi would have deservedly started only one goal behind in Tuesday’s second leg in Macedonia. However every cloud has a silver lining for the Macedonian minnows as The Rangers preferred mode of air travel, Easyjet, does not fly to Alexander The Great Airport. History repeating itself, I refer readers to ‘I will always know what you did Last Summer’ is a distinct possibility. I did not see anything in the new players to write home about. Old player Lee Wallace was not even in the squad and lost the captain’s armband to Tavernier. One could say that he was kicked into the long ‘grass.’ On this showing Bottle & Mad Dog McAllister, in their incognito sports apparel, will do well to finish fourth behind Celtic, Aberdeen and Hibs. Fifth if Kilmarnock continue to improve. Stephen Clarke of the latter club would have been a much better choice. The SMSM were lining up to call him Steven until King plucked Bottle & Mad Dog from the Silver & Gold Hospitality Tables at Anfield.

A few hours prior to kick off the absent chairman continued his frivolous and vexatious persecution of  Charles Green at The Court of Session. No-one bothered to turn up, including King, Blair and the estimable Mr. Green. Is King pursuing a consolation goal against the run of play?

One week from today, Friday 20th July,  Lord Bannatyne will preside on the following:

By Order

Between 9.30am and 10.00am

 

P341/17 Pet: The Panel on Takeovers and Mergers or orders sec 955 Dentons Lindsays

The key takeaway, lost on other court stalwarts, is the first two words:

By order – hearing of a case put out for the hearing at the instance of the court and not on the motion of a party.

Lord Bannatyne, when presented with the facts about The City’s ASBO Dave King, will be compelled to act. The TPE initiated contempt proceeding on the 27th April. Mr King has not complied. It is high time for a legal sanction. King is fast running out of rope.

 

 

 

 

 

 

Is Mr Blair Hot to Trot?

The Financial Times wrote:

Glasgow’s Rangers Football Club has become embroiled in a High Court legal battle with Sports Direct and its billionaire owner Mike Ashley with a trial scheduled for later this month.

The dispute centres around a deal through which SDI Retail Services, a company owned by Sports Direct, sells replica Rangers shirts and other merchandise.

Mr Justice Phillips was told this week that the agreement between SDI Retail Services and Rangers was due to expire shortly and Rangers wants to launch new strips supplied by manufacturer Hummel.

However SDI wants to stop Rangers entering into a new deal with the third party and claims under a clause in its existing contract it ought to be able to match any new offer.

The judge on Wednesday agreed to continue an existing court injunction preventing Rangers from signing another deal until a trial is held. Mr Justice Phillips also said that there would be a trial later this month which will examine the existing contract and the meaning of the relevant legal clause.

The outcome of the court battle is important for Rangers, because a key time for the sale of new replica shirts is just before the start of the new football season, which starts in early August.”

 

 

My readers who accessed my password protected piece yesterday will confirm that I anticipated this course of action. Of course it helps if you have a source who attended the hearing. Justice Phillips wanted to reach a preliminary determination on the construction of Clause Five in the SDRI/ TRFCL agreement which deals with ‘Matching Rights.

SDRI’s counsel, to paraphrase James Blair, were ‘Hot to trot.’
However as Mr Blair had trotted off to the Orkney archipelago, his counsel Mr. McCormick QC demurred to await his instructions.
Allow me to repeat this. King’s consgliere chose to take a vacation in preference to a hearing that could have gone a long way to resolving this dispute and providing his client TRFCL and the third party, believed to be JD Sports, with a level of comfort to proceed with their plans. Is the third party prepared to swallow the expense of fitting out a new retail unit in the environs of Glasgow?
Is there no end to the endemic stupidity at Ibrox?
Prior to the hearing which when confirmed, will commence on the 30th or 31st of July, Mr. Blair’s vacation will be cut short so as to present his final submissions to the court by 18th July. SDRI will respond on 24th July. Skeletal arguments by 1 pm on the 27th July.
Mr Sa’ad Hossain QC argued that damages, capped at £1m in the SDRI/TRFCL agreement, were insufficient to satisfy his client.
There can be no doubt whatsoever that Dave King and Paul Murray, advised by a conveyancing solicitor, signed an agreement which they have blatantly breached.
One can but hope that Mr Blair enjoyed his summer break on an archipelago blessed with beautiful beaches and equestrian facilities. Others less kind might enquire why he did not ‘saddle up’ at The Commercial Court.