There is a chilling wind on its way from 10 Paternoster Square in London. As it picks up speed over Hadrian’s Wall one anticipates any remaining hubris at Ibrox being decimated by wind shear. One could almost excuse our three ursine friends if they went into hibernation to avoid the King fallout.
The Cold Shoulder is a force to be reckoned with. The tsunami of financial problems heading King’s way will make his day-to-day pariah status seem like a summer breeze. One eagerly awaits The Makeweight Messiah being subject to a corporate crucifixion. Stocks and old fruit would be too lenient for King.
The TPE are trying to pin King down and bring his reign of corporate carnage to an abrupt end. King’s victims include Umgeni Water, Specialist Outsourcing and four of the six major clearing banks in South Africa. His latest bent enterprise, MICROmega, is a concert party of lies and falsified returns. King has stepped down from his board, as he has periodically done in the past when facing a slew of criminal charges, to offset the brunt of the TPE onslaught.
King’s crimes are not victimless. His merciless solicitation of funds from an orphanage, with King in the guise of an independent financial adviser with an accountancy qualification, was a heartless confidence trick. They were burned by King and now spend their days scavenging landfill sites. But then they are black kids; King does not give a flying fuck for native South Africans.
Our career criminal has an ace up his sleeve. His shell game corporate vehicle, NOAL, has loaned £3.7m to RIFC. This quantum is repayable on demand. Does it come as a surprise to anyone that King, whose counsel described as penniless, can provide a loan of this quantum? One can but hope that the TPE continues to follow our site.
Keeping King at arm’s length to avoid Cold Shoulder collateral damage has suddenly become a rich man’s game.
As the SS Administration steers a course to Govan docks again, is it heartening to note that King has a strategic creditor lifeboat? A dilemma now looms into sight for our ursine friends:
Does one stick with King and keep the £3.7m on the back burner and twist to face the full force of financial ignominy and pariahdom?
Would King be prepared to leverage his strategic creditor status to scuttle the ship? If he is isolated by his board and if they refuse to pick up his legal fees, he can take them all down with him.
This is all coming to a head. I hear whispers that the accounts have been prepared but are being withheld to add a gloss to them. Grim reading would be grist to the mill for scavengers such as Sir Bribe & Lie.
Would King be prepared to front an AGM with a Cold Shoulder in full swing? I doubt that even he would be that stupid. The SMSM are bending over backwards to bury the latest ‘obstacle’ in the path of the career criminal. However the hapless hacks could not cover up the conspicuous absence of the Makeweight Messiah.
I was ambivalent about the dismissal of Gordon Strachan. Strachan’s first team picked itself. Perm any seven from eight Celtic players, add Fletcher, throw in a couple of makeweights and you have a team that could make a fist of qualification. Strachan arrived at this formula after a dismal run of four games. Four games that holed the SS SFA under the waterline.
However promoting Malky Mackay to the role of interim boss, with one eye on replacing Strachan on the cheap, is unconscionable. Mackay is a racist. He may be a reconstructed racist after FA counselling but this is a moot point. One cannot have a Scotland manager reverting to type by engaging is Asian slurs and homosexual pejoratives. As for Mackay’s track record, one promotion courtesy of the butt of his racist rants bankrolling his ambition, does not mark Mackay out as one to watch.
The role of Performance Director is a sinecure. With the exception of Rangers Lite who have dismantled their youth structure to feed the Auchenhowie meter, the youth teams of Scotland’s leading clubs don’t need a pep talk from Mackay. What does he have to offer? A workshop on ‘sledging?‘
I invite readers to have a look at the Celtic Academy. In the photograph there are 17 coaches that engender trust, respect and team work. The Celtic colts are expected to uphold the honour of the club at all times. Kieran Tierney, one of the finest players to ever play at Celtic park, embodies all that is good at The Celtic Academy. Karamoko Dembele, who starred in an under 20s fixture while only 13, is a season or two shy of a first team debut. As Wayne Rooney showed at Everton if you’re good enough, you’re old enough.
So what part did Mackay play in this well-oiled machine? As one would expect from any Hampden appointee he did the square root of fuck all. Mackay is a stranger to the best funded and most professional football academy in Scotland. Is it any wonder that Mackay bit Regan’s hand off when the latter had the Twitter consensus to sack Strachan? Welcome to the SFA where social media dictates the fortunes of the national team coach. Regan and his corrupt cabal of gutless frauds are actively recruiting a PR Guru to shape the narrative of social media. I anticipate that their chinless yes-man will have as much impact on shaping the narrative at our Speakeasy as Mackay did at Lennoxtown.
In other news I note that Hamilton Accies are the victims of a £750,000 online fraud. Most chairmen , such as builder Stewart Milne, would have to be apprised as to which end was up when unboxing a server. As we have seen at Rangers Lite, soliciting incriminating data from a porous network was the key to equity manipulation; and career criminal King supping from the loving cup in The Blue Room. Dave King has never been prosecuted for numerous transgressions of the wireless and communications act and the reset of stolen data. Police Scotland look after their own. I’m sure Milne will be happy to host the friendly against The Netherlands on November 9. A nice little sweetener for backing Regan’s mantra of moving on.
The SFA’s cronyism goes further than just jobs for the boys. A lucrative Scotland fixture can be bestowed on any chairman who toes the party line.
With the spotlight on Hamilton Accies and the efficacy of ‘worms‘ thoughts turn to the equity of our ursine friend Douglas Park. In a list of Hamilton shareholders published in June 2016, Douglas Park is listed as Shareholding 14 with 5000 Ordinary shares in the club.
Has this conflict of interest escaped the gutless frauds at Hampden. Maybe we should all just ‘move on.‘
What should have been a binary issue at The Court of Session has been obfuscated by a bare-nippled entreaty to swing the lead for Dave King. King claims to be penniless but he had sufficient means to hire the former Advocate General of Scotland. Neil Forbes Davidson, The Baron of Glen Clova, keeps his high-ranking freemasonry cards close to his chest. Iain Alexander Scott Peebles – Lord Bannatyne – is a former Sheriff of Glasgow and Strathkelvin, where it was well known that two thirds of his ilk were inducted in the craft. Bannatyne would not have ascended this greasy pole without a tip of the hat from his lodge’s grandmaster.
Davidson might as well have inquired of Bannatyne:
” Iain don’t listen to McNeil from The Faculty of Taigs. King is on the square. His wife Ladina is a leading light in Eastern Star circles. Can we not cut some slack to a Third Degree Initiate?”
This is a smart play by King. When caught bang to rights he can always fall back on a Scottish justiciary that is riddled with freemasonry. The disgraced Peter Smith, who openly stated that his fervent wish had been to have been nominated to freemasonry by John Greig, threw out Ashley’s attempt to imprison King for his blatant contempt of court. Those who argue that King could not be imprisoned for contempt of court on a ‘civil’ transgression should revisit this case.
To my mind if Lord Bannatyne does not legally enforce the TPE edict he will have been nobbled by the unseen hand of freemasonry. Bannatyne would be as bent as King.
Davidson, counsel for King, reverted to an old chestnut to give Bannatyne a rationale for subverting the course of justice. An old chestnut from 2006:
King argued that the case against him could not continue because he had insufficient funds to pay for legal representation.
King was facing 322 charges, ranging from tax dodging, violation of exchange control measures, extortion and money laundering. The charge sheet covered more than 700 pages. The State planned to call 117 witnesses against him.
Advocate John Myburg, representing The State at Pretoria High Court, asserted:
“King doesn’t want to lodge a formal application for the postponement of the hearing, because he would then have to declare his sources of income under oath. He is not prepared to do that.”
The State’s investigations revealed that the sale of shares of his business ( Specialist Outsourcing) earned a profit of R1bn. This money was transferred to Guernsey, but R160m remained in South Africa.
I turned my forensic eye to King’s purported wealth. I framed my conclusions in a comment that was published on the RSL site. Nota bene : This analysis was not in any way influenced by David Somers or Jack Irvine, nor am I either of these individuals. The claims by SFM to discredit me says more about their failing organ than it does about our thriving site.
“The problem is simple. King does not have the wealth that he claims to have. All he has is paper wealth. There is this myth being created by either Traynor, Kerr or Je Suis Graham, who all have had their noses in the PR trough, that his daughter has a family trust worth £50M. However the truth of the matter bears no relation to their spin. This figure is predicated on the family trust which owns 76% of the equity in MICROmega Holdings Group. King has recently elevated his daughter to the board, as she, and not King, is the principal in this enterprise. The other 24% in this group is held by King’s co-defendant on racketeering charges, Iain ‘The Greg’ Morris.
The Johannesburg Stock Exchange (JSE), which lists the interests of 400 companies all desperately jockeying for overseas investment, came under stinging criticism for the Specialist Outsourcing debacle, which provided King with precisely £90M. As we now know £20M of this was used to buy shares in Murray’s holding company. This was not an act of philanthropy on King’s part as his slavish followers would have us believe. It was an exercise in tax evasion. King, who would flip his grandmother like a pancake on Shrove Tuesday if it resulted in a tax fillip, flipped his RFC shares from Metlika to Ben Nevis when the former was tracked down by SARS.
There is no market maker willing to step forward to allow King to dump his shares on the JSE as was the case in the boom years of 1997 -1999. Then there is the small matter of exchange controls. So even if King could find a private buyer he could not get any of his money out of South Africa. What King & Morris are hoping for is a private overseas buyer, who will offer equity as part of the price; equity listed on a non South African exchange. They would then aspire, yet again, to avoid capital gains tax on this equity. However there are no takers for their company that is built on sand.
King was allowed to draw a £1.6M stipend from his Marianda (frozen) funds in Guernsey from 2006-2013. We also now know that The Scorpions raised £30M from the sale of all his assets and equity in Talacar in which the majority of them were held. Interests in property, stud farms, wineries and aircraft contract hire were all sold under hammer to pay his tax bill. He was fortunate to avoid a 200% penalty that usually applies in systemic tax evasion cases. With the paying of the shortfall to SARS and the CPA fine, King was left with sufficient funds to pay his legal bills of £40m
All that’s left is the interest that he accrued in his accounts in Guernsey. We know that the interest on his cash reserves was £82,000 per month. So for a 7 year period that is approximately £6.9M.”
When one adds the sale of his Financial Services Division, King has circa £17m to his name.
King will seesaw between being a pauper and a prince to suit. Is it not about time that the Gullibillies realised that King’s money will be a ship passing in the night?
Yesterday’s denouement, of a two day hearing to address a petition by the Takeover Panel Executive (TPE) was not without incident. However these incidents went largely unreported by the SMSM. I was surprised when Alasdair Lamont of BBC Scotland dropped the ball on the second day. As BBC Scotland is run by Masonic bigots who can swing the lead with the best of them, I suspected that he had been pulled. My well-placed source, who is au fait with the machinations behind the scenes, demurred. He offered that Lamont is central to the broadcasts by Radio Scotland and could not be spared for another day.
In his summing up, James McNeil for the TPE, stated that King was ‘no unwitting innocent.’ King avoided this hearing to avoid being cross-examined. His claim of not having the wherewithal to fund an £11m share purchase offer, as per his affidavit, would have been quickly exposed as a lie.
No-one can deny that I have been at the front and centre in challenging the Traynor led narrative and in presenting the prosaic facts about King. In July 2015 I wrote the following:
” James Traynor is continuing to feed Radio Clyde, Derek Johnstone and anyone who will listen about a utopian King, but he had a real go at Jackson and Ralston when their clever internal politics paved a path for his departure from the Record. Accepting that Whyte was a billionaire with wealth ‘off the radar’ should have led to a much earlier denouement to his mainstream media career, but prior to packing his carboard box of office effects and chin supports, he let rip at his ‘insolent’ former subordinates. Mr Kerr is a much more savvy character than Traynor could ever be. There are many flaws in the preferred narrative that King had engineered a ‘favourable result.’ Keeping King out of prison was an expensive enterprise. He even employed leading QCs to challenge the authority of The Serious Fraud Office and HMRC in Guernsey. To mount this challenge in The High Courts Of Justice Chancery Division would have cost a minumum of £3-£5M. Only someone as stupid and as inordinately arrogant as King would have taken on the SFO and HMRC. He lost. His funds remained frozen for 7 years. King states that his legal bill during his ‘pariah’ years was 50M. He did not state which currency he was referring to, which led me to initially believe that he was referring to Rand, until I had a look at his appeal to the Pretoria Supreme Court. The total cost of this enterprise, to King and the state, was £40M. King lost and picked up the state’s costs. Then there is his arrest and imprisonment on racketeering charges with MICROmega CEO Iain Gregory Morris. Their bail was expensive as was their alleged use of an underworld figure in an attempt to apply pressure to some individuals in the CPA, and when that failed, it was interesting to note that the state’s case collapsed when their expert witnesses failed to attend court.
Some people have called King a psychopath. He is not. He has a white ‘colonial’ attitude that has never accepted the post-apartheid elevation of former ethnic minorities to positions of power and influence. He thought that he could take on SARS and crush them. He failed. In another post I calculated his net worth as circa £6.9M or £4.4M if he actually paid for his shares in RIFC, which many have reason to doubt because of exchange controls. The money behind New Oasis Asset Limited is not King’s or in his family’s gift. Another individual, most likely to be Gordon Taylor or Douglas Park has staked King. Finally there is the £50M family trust myth to debunk. His daughter, in whose name the 76% family holding in MICROmega was registered during King’s pariah years, has recently been appointed to the board. She does not have a portfolio of disparate shares. She is the nominee of a group that has acquired a number of smaller companies in South Africa.
King has spent a career on the wrong side of the law, which resulted in 328 charges being acquired over the years. He has allegedly defrauded four of the six major banks in South Africa. He could not raise one rand from any bank in RSA. His reputation precedes him. King was forced to repatriate NOSA (Hong Kong) that he had previously decoupled from MICROmega, to South African ownership and corporate governance. This led, on inordinately thin trading of less than 11 trades per month, to an exponential growth of 462% of the MMI share value. For two individuals that have lied about their accountancy qualifications for decades, there can be little doubt that when it comes to creative accountancy they have few peers. If my analysis of the facts exposes the Messiah Mantra, then please continue to put your head in the sand for the next seven years as you await vice-chairman Murray’s patient plan to challenge for titles. Are King apologists satisfied with the rag tag out of contract individuals from Alvechuch FC turning up at Auchenhowie? Are you seeing any over-investing? Has anyone seen the business plan?
So detractors I suggest you stop playing the man and if you have the intellect take on the facts.”
The deal in which King hived off the Financial Services Division of MMI (its JSE Listed name) in 22 December, 2016, netted King circa £10m. When added to my estimated wealth of £6.9m – assuming he had no ‘Freed capital’ to buy his concert party stake – King had £16.9m to his name. If the NOAL loan in 2016 emanated from King as he would like us to believe, one can deduct £2.2m – £3m to arrive at a quantum of £13.9m – £14.5m. Even if he repaid the loans that were used to purchase his shares, he would still have as a minimum just south of £12m
This amount is more than sufficient to fund a share offer. In my opinion there would be a stampede to sell at 20p, save the deluded who would still cling onto their sepia-toned certificates with the same emotional sentiment in which the shares were originally purchased. £12m would be enough.
I have been telling people since July 2015 that King’s proposed investment of £30m was electioneering bullshit of the first ordure. I highlighted the fact that no NOMAD would touch any company chaired by King. I correctly anticipated that the equity would be de-listed from the junior division of AIM. I called it right time after time.
I engaged in the research. I read all the court transcripts. I had the measure of King. The SMSM ran with the PR fed to them by Traynor and Kerr. They all have egg on their faces this morning. There is no excuse for their slovenly journalism.
Lord Bannatyne will in my considered position legally enforce the TPE edict. King is finished. His written judgment will put King to bed. His contempt of court and Cold Shoulder should bring an end to the failed Sevco project.
We are going back to the future with Sir Bribe & Lie. The puff candy narrative from the SMSM will be just as compelling but on this occasion those who saw King coming will set the agenda.
Day one of the Takeover Panel’s petition was nothing if not eventful. However prior to an analysis of what went down, and an acknowledgement of Alasdair Lamont’s Tweeting prowess, one should note that this petition is being presented in one of the highest courts in the UK. The Court of Session is only one step removed from the Supreme Court.
The case presented by King’s Counsel, Neil Davidson QC, (Baron Davidson of Glen Clova) and his two assistants would, if upheld, establish legal precedents. Legal precedents that would so severely compromise the efficacy of the Takeover Panel and the Takeover Appeal Board that they would effectively be no more than Paper Tigers.
I would find it unlikely that a cheap, lying, cheating, career criminal spiv like King, no matter the quality of his consigliere, could neuter these august bodies. King, who lied and cheated his way to a small fortune by bribery, racketeering, fraud, tax evasion and witness intimidation in an emerging Republic in a state of apartheid flux, has never played it by the rules. King believes that anything can be achieved with a dash, which is the slang word for a bribe or gratuity in Nigeria.
If the Takeover Panel is entrusted with policing mergers and acquisitions, it must ultimately be backed by the courts. King is defying their authority. Who the fuck does this jumped up clerk with a modest leaving certificate think he is? Does he think that buying into Rangers conferred him with gravitas? Is he believing his own lies that he qualified as an accountant in a fictitious tertiary education establishment?
The prosaic facts of the matter is that King is playing a shell game with New Oasis Asset Limited (NOAL) In the audited accounts to 30 June, 2016, it unequivocally states:
“New Oasis Asset Limited is a company controlled by the Group Chairman, Mr D. King.”
When King asserted to the TPE that NOAL was the shareholder in RIFC he was for once being truthful. However with King a lie is never far from the surface. He further stated that he had no executive authority at NOAL This flies in the face of his statement in the audited accounts. Are Campbell Dallas, the auditors of RIFC, comfortable with King’s revisionism?
King who has a brass neck that a Bunsen burner could not mark had the audacity to ask the TPE if NOAL could make the offer for the shares that are not within the concert party’s gift. The TPE agreed. No offer has been forthcoming.
The TPE is being represented by a real legal heavyweight. James McNeill QC. was the standing junior counsel to the Inland Revenue in Scotland from 1988 to 1991. He was appointed as a Judge in the Courts of Appeal of Jersey and Guernsey in 2005 .
McNeil asserted that the information in King’s affidavit shows a link between King, Glencoe, Sovereign and NOAL. Counsel for King rebutted by asking how the Panel could expect King to make an offer with no access to funds. King is arguing that he has no access to ‘freed’ capital and that he is at arm’s length from executive authority in onshore and offshore discretionary trusts.
Forgive me if I demur. The following is an excerpt from the notes that accompanied RIFC’s audited accounts to 30 June 2016:
“On 22 May 2015, the company entered into a loan agreement with New Oasis Asset Limited totalling £1.5m repayable in December 2015. Since this date, this loan has been available on demand and New Oasis Asset Limited has advised that they will extend the facilities available whilst the funds are required by the Club. In December 2015, a further loan facility of £3m was agreed, of which £2.2m has been drawn down at the year-end. This amount remains outstanding at 30 June 2016 and is due for repayment in December 2017. New Oasis Asset Limited is a company controlled by the Group Chairman, Mr D King. No interest or fees are to be charged in respect of the facilities and the loan is being provided on an unsecured basis.”
King’s affidavit is a farrago of lies. According to the audited accounts King had no problem disbursing ‘freed capital’ from his discretionary trust.
Davidson, acting for King, asserted that shareholders were not ‘chomping at the bit‘ to sell their equity in RIFC to King at 20p per share. Club 1872, having been given a bum steer by the multi-hatted conveyancing consigliere, paid 27.5p for their latest shares acquisition. However as the shares are unlisted they effectively are only worth what a third party is prepared to pay for them. More fool Club 1872 to pay more than King did.
What Davidson is driving at is that the shareholders would have their equity devalued by an offer of 20p. They would effectively be more disadvantaged by an offer than they would if King continued to flout the edicts of the TPE. Interesting argument but I cannot see this establishing a caveat in concert party regulations.
McNeil for the TPE established that correspondence between George Letham and King confirmed that the former had advised King not to breach the 30% threshold. King, buoyed by the success of driving a coach and horses through South Africa’s regulations to acquire 75% of MMI in his daughter’s name, thought that he would get away with it. David Somers thought otherwise and duly reported King to the TPE.
In his final submission of day one, Davidson begged the indulgence of the court. He stated that the situation is stark. He inquired:
“Does the court have discretion? If it does what discretion does it have?”
Can the court just deem that it’s in no-one’s best interest to compel King by Court edict to buy the shares? Nice try Davidson but Lord Bannantyne did not come down in the last shower.
I cannot foresee any set of circumstances (predicated on the evidence) where King will not be compelled to act or face the consequences.
The hearing continues today. On a final note what do the Gullibillies now think of King’s boast that he would put up half the quantum of £50m to rebuild Rangers Lite? Are they minded to play King’s shell game?
My go-to-guy on matters Murray Park has informed me that Primark Pedro was offered £500,000 ‘to do walking away.’
One can understand why Pedro has become an embarrassment to the beleaguered board. Stating that his squad had moved up a level during the Internationals break resulted in the following comment by The Clumpany:
“Were they trapped in a lift?”
It would seem that the dogs are still barking but the caravan is going nowhere.
Unabashed by the unequivocal vote of no confidence, Primark is all over The Scotsman today with a thesis on how the national side can improve their fortunes with tactical awareness. Would that be the same awareness that Miller and Mackay could not make head nor tail with and ended up changing?
Douglas Park is still not talking to his son Graeme apropos his naïveté in hiring the Portuguese Imposter. There is talk of Daddy cutting off Junior’s allowance.
Sir Bribe & Lie’s intention to be supping from The Loving Cup next year comes closer to reality with every bollock dropped by the rogue board. With so many headless chickens he might eschew the ‘holy water‘ and have the makings of a good broth. Big Fat Derek Johnstone has promised to provide the bread and dripping as long as he can retain his free seat when the new club, Rangers WTF, is unveiled.
Meanwhile Club Tropicana are electing a new board. A concatenation of deck chairs and Titanic comes to mind. Would it not be ever so sweet if Sir Bribe & Lie tapped them for the capital to engage in his putsch?
Reverting to Pedro, will Slim Shady Traynor be briefing against cackhanded Caixinha with a picador’s grasp of invective? With the SMSM in full drool, Primark has never had it so good but that could all change when Traynor uses his alias on Follow Follow. I’m sure there’s no truth in the rumour that his moniker is Gay Fandango?
My exclusive on the return of Sir Bribe & Lie to the Blue Room has grown arms and legs and is now swimming in the sectarian cesspools that pass for social media in Govania. The last balanced, measured and informed site, the RSL, closed its doors two years ago. Many thought that it would be business as usual on this site but I am of a different stripe. My mission statement is to publish the truth and highlight the corruption and injustice. I not only lobby, I act, as is evidenced by my correspondence with The Takeover Panel Executive. I risked being sent down for my detailed coverage and forensic analysis of the Craig Whyte trial. When introduced to Charles Green, one of my many sources, he could not fathom how I could be so well informed.
However there is more to this site, our site, than exclusives. I am the proud curator of The Sitonfence Speakeasy. My most popular pieces are read by up to 40,000 individuals on any given day. Forty thousand readers can challenge my facts and opinions at their leisure. If my articles provoke thought and debate, then our speakeasy will thrive. The opinions of my informed and eloquent readers are in high demand.
Some challenge my grasp of the facts on Twitter. David Low, who has followed me on Twitter, @sitonfence, for some time, made the following comment about yesterday’s piece, The Anatomy of a Putsch:
“Correct overview, wrong numbers. King finished. RIFC shares worthless. Buy the debt. Action starts pre Christmas.”
Those who don’t know who David Low is probably lurk on Follow Follow, where the blue pound is delivered in a pink purse. The Celtic fans know who he is. Mr. Low lobbied Fergus McCann to save Celtic. David, a financial advisor, is the unsung hero of the Celtic renascence.
I picked up his gauntlet, accessed my archive, and reverted to the figures. Let’s look at the known knowns:
1. Prior to June 30, 2015, the loan quantum was £3.75m.
1.1: £1.5m from King, repayable on demand.
1.2: £750,000 (£250,000 each) of directors’ loans from Park, Bennet & Murray, repayable on demand.
1.3 : £1.5m shareholders loans (Taylor, Letham, Ross, Scott, Murdoch et al) repayable on demand.
2. Prior to June 30, 2016, the loan quantum was £6,275,000. Repayable December 2017. This was purported to be the quantum to pay off Ashley & Sports Direct.
2.1: £2.2m from King (another £800k was available to be drawn down)
2.2: £1.7m from the directors above
2.3: £2.375,000 from shareholders above
An additional £2.9m was borrowed in October 2016.
It is anticipated that a minimum of the 2016 addendum will be required in 2017/2018. As for TRFC, the investment in subsidiaries classification was introduced in 2016. Cross party debt is currently estimated at just north of £26m.
The total of outstanding loans to RIFC is currently £12,925,000.
These loans are not secured on the assets. This is Sir Bribe & Lie’s ‘in.’ SB&L never does things by the book. He acquired Lawrence Marlborough’s equity with a $1m cash bribe. We have his number.
Sir Bribe & Lie will almost certainly acquire sufficient loan debt to be a strategic creditor. A creditor to stymie any post-Administration CVA. RIFC and its subsidiary TRFC would be liquidated. SB&L then acquires the assets from the administrator and hey presto:
Rangers III with a retained place in the Scottish Premiership, and 100% of the equity in Murray’s greedy mits.
Will Slim Shady Traynor be briefing for or against Murray using his alias at Follow Follow? That will depend on much SB&L is prepared to spend on the PR whore. The SMSM is spreading rose petals in the path of Murray. Are there still those who believe that Murray was duped by Craig Whyte? He was just biding his time. When the barber’s model, who allegedly has a penchant for riding the salon’s floor, turned up at his door with a begging bowl, the countdown to SB&L’s return had commenced.
The blue touchpaper will be lit tomorrow at The Court of Session. Retreat to a safe distance and enjoy the fireworks.