Close But No Cigar

I read the detailed communique from the Takeover Panel yesterday. It laid out in precise terms what they have been doing to enforce corporate law. It’s a particularly dry read which can be found at:

The key takeaway is a statement by the Panel that they would initiate contempt proceedings on the 27th April should they not receive a code compliant offer by midnight on the 26th. King naturally did not comply.

The glib and shameless one tried a number of ruses. He floated the idea of making an offer via his trust group Laird, claiming it was a dividend, knowing full well that any money raised would fall foul of SA exchange regulations. I have referred to this extensively in jj:passim. I can find no record of any dividend being paid nor any performance related indicator to warrant any dividend.

The Panel insisted that the funds be made available in the UK, sought a court order to reinforce their position, and recommended Investec to facilitate matters. King paid lip service to their suggestion but when Investec pulled out King suggested Danish Bank, Saxo, which has an office in London. The Panel knew that this was the latest in a series of ruses and kicked it into touch. The Panel then asserted:

Process in the contempt proceedings appears to have been served on Mr King on 8 June 2018.

Finally King, three days after apparently being served, tried to appeal the Panel’s decision not to grant him more time. This appeal was groundless and dismissed out of hand.

So much for the facts. What you won’t read on the consummate plagiarist’s site is any analysis. Maybe he does not have the time as he is promoting his latest work of fiction.

Has King been served? In such a detailed document where there is little wriggle room, they have left a window of opportunity wide open. An assumption won’t fly in court. If the Panel instructed solicitors in South Africa they would have received confirmation. So why is there any element of doubt?

If King has not been served then we return to a holding pattern until he ‘jets-in.’ Even then as he is a slippery chiseler without compare, he could probably evade Messengers At Arms at Ibrox.

I can envisage a scenario where Jimmy Bell smuggles him out in a kit basket.

As King is addicted to litigation and in his mind has been wronged, he might well try his luck in court. As I monitor the Court of Session lists every day, my readers will be the first to know.


19 thoughts on “Close But No Cigar”

  1. A superb summary and insightful analysis as always. This slippery fellow no longer takes me by surprise and he seems to be as addicted to litigation as he is to self promotion. He continues to con his own fans and I suspect that the SG appointment has bought him some short term breathing space. There are some seriously disfunctional clubs in England – Leeds, Blackburn, Villa, Forest, Blackpool for starters – but none come close to the fiscal carnage at Ibrox.

    And every time I ask Rangers fans precisely how they plan to compete with Celtic, I am consistently told that there is a serious ‘investor’ ready to splash the cash. When I point out that investors have shown no interest in this stock for the past fifteen years. SDM couldn’t give it away until CW was dragged in off the street and no one showed any interest when it was available for buttons post administration.

    It remains a toxic stock with a toxic balance sheet and a fan base with toxic elements. No individual of substance or integrity will go near this club.

    1. TM,good post.However,in response to your last paragraph,I would suggest that with the arrival of individuals in the player category,results on the pitch will certainly improve and,unfortunately,the other clubs in Scottish football have to do business with the Sooside Sectarians.As for GASL,I am reliably informed by one of his “business ” associates that he doesn’t give a hoot…..

  2. World Cup Diary

    Your readers may (or may not) be interested in some of my personal thoughts on this World Cup. Firstly, the hosts, the Russian people have been extraordinarily friendly, warm and generous. The organisers have pushed the boat out to present a superb tournament, excellent stadiums, wonderful hospitality, non invasive security. Everything works. (That is certainly not the Moscow which I visit regularly.) and as a showpiece for Putin, it has been a spectacular success to date. The fans have been colourful, boisterous and often very funny. The hard core English louts don’t appear to be here and the tournament is better off without them. The small number of English fans here (around 8,000 I think) are very funny and enjoying a holiday in an interesting country, great weather, good booze and, importantly, very low expectations. Most fans expect Sweden to beat England. I certainly do.

    My favourite fans have been the Panamanians who were here to party. What a joy.

    Let’s hope that this celebration of football bringing different cultures together continues to exceed expectations.

    1. TM,glad to hear you are enjoying it.From the roasting Country that is Scotland,it has been excellent to watch and all seems good.VAR has been a brilliant addition to the games.This might seem funny but I would like to see England prevail against Sweden.I find the team to appear to be close knit,no massive egos etc and their management to be very professional in everything they do.

      1. VAR has changed the game completely, the lack of diving an obvious benefit. It’s never going to be perfect, no human system is, but it’s a huge leap forward. If only we could apply VAR to the football authorities….5 way agreement, no VAR it….it’s offside agreement disallowed.

        If only.

        I say this every now and again ( and in light of TMs post above)….There’s a like button, give it a hit if you like something, then the author is more likely to contribute, and we all get a better speakeasy

        As usual JJ great work, great place…and viva La glib and Shameless one…a true legned in the world of Teflon shoulders

  3. As a customer of a “Scottish” Bank I recently, under duress attended a corporate event. Several of the “Top” accountancy firms were represented one of whom, not BDO, ventured ,very indiscreetly ,but as we were all friends, that info from their Scottish operation was that King was delaying as he intended converting loans to equity, buying up remaining shares and selling to a lined up China investor who is looking at an investment circa £100 million. Quite mind boggling I know,, I expect this is what is doing the rounds via Kings covert communication channels and the Glasgow grapevine.

    1. Surely, if GASL intends to buy up shares outside of his control why isn’t he making the offer at only 20p. You would think that he would fear that this great deal with an unknown Chinese investor would drive up the share price substantially if it were to become common knowledge. Just as well that it is being kept a secret amongst a group of bankers and other financial wizards who have no track record of exploiting insider knowledge… or am I missing something that these financial wizards are not. It’s almost as if a squirrel has been released!

  4. The chairman of the Establishment club is being charged with contempt of court.
    If this was any other club the publicity from the Media would be front cover with daily updates and a state of chaos and Armageddon at the club portrayed. Other than a perfunctory statement of the facts on the BBC it seems the SMSM are following their instructions to keep it low key. Disappointing that a story such as this is not given the attention it deserves or indeed the investigation by the governing body which many will argue is justified given the strange circumstances around the club/ company ownership and financial situation but then who knows where that would lead? Anonymous donors making multi million pound contributions anyone? 🙂

  5. Ro’K. Nice post. The main reason that the English fans have taken to this team is an absence of prima donnas. They are limited in talent, but seem like a terrific bunch of lads who are having fun for once. No surly interviews with Rooney, Gerrard, Terry, Scholes, and that miserable lot. For the first time in a generation, the players are likeable, the manager is courteous and measured and the awful core of English fans have stayed at home.

    The draw has been kind to England and a ‘result’ in Russia was last 16. This lot have more than achieved that. They have been a credit to the game unlike more talented previous squads who couldn’t wait to get home in a collective huff.

    But it has been a terrific coming together of cultures and FOR ONCE, the English have added to it rather than spoiling it. And hats off to the Russians for putting on a sensational show of courtesy, kindness and friendly security conscious police.

    I was at France in ‘98 watching Scotland lose unluckily to Brazil. This tournament is so much better and a treat.

    Who added in the extra “info” to the end of King’s quote, which has nothing to do with the TOP enquiry?
    “They are just bullying me but that is nothing new since my involvement with Rangers (Mike Ashley, Sports Direct, Easdales etc.).

    This is the BBC in 2018, folks!!!

  7. “If the Panel instructed solicitors in South Africa they would have received confirmation. So why is there any element of doubt?”

    Wouldn’t it fall to the Court of Session to instruct solicitors?

    1. No, not to serve him. The pursuant who raised the 955 petition alleging contempt is responsible. Do you recall how Sports Direct served King apropos contempt of court with Messengers At Arms awaiting his arrival at Glasgow Central and Queen Street.

  8. Since DK took control of RIFC 2012 what has the total cost been of defending all these court actions and who is picking up the tab .

  9. Regarding the use of VAR at the WC, while it has certainly massively improved the success rate of penalty awards being chosen correctly, I for one am more than disappointed to note that it does not seem to have reduced the attempts at diving in the box that we are now all so accustomed to seeing. Neymar alone would have kept the “dive count” on a par with previous WCs.
    The reason for this I think is that the refs are not yellow carding the divers. Was there not a rule introduced some years ago that diving to try to gain a competitive advantage should result in a yellow? Haven’t seen much evidence of it in Russia…

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