More than a year ago, I asked Ray McKinney, a turn around consultant in the USA, to examine the published accounts of Murray International Holdings. He did so and published a long detailed piece on my site.
Ray was the first person I asked to guest on this site.
Ray made some strong predictions about what the next set of accounts that MIH would eventually release would look like.
We had to wait to see if he was correct.
MIH slipped out their new accounts on the day of the British general election (not trying to hide anything of course).
Murray’s empire is, like the football club he bankrolled, now effectively controlled and run by the bank.
MIH have defaulted on their loans and the bank has agreed a “debt for equity swap.” His empire is technically insolvent (in that he owes more than he is worth).
Like Rangers MIH is on the equivalent of a ventilator.
The most recent accounts from MIH totally vindicates Ray’s analysis of Murray’s predicament.
The print media would not have had the space to allow someone like Ray to explore the intricacies of MIH’s accounts.
This medium does afford that.
In the few days after I published Ray’s piece this site recorded over 200,000 hits.
The unique visitors exceeded the amount of season ticket holders at Ibrox.
There was much cyber vitriol pouring into the “back” of this site during those days.
Most of it wasn’t approved simply because it was abusive and, occasionally, libellous.
However with the new figures published by MIH it is clear to even the most trenchant critics of Ray’s analysis that he got it spot on in more than a year ago.
The debt for equity swap proves conclusively that MIH defaulted on their loans to the bank.
This default was confidently predicted by Ray when he looked into the previous set of MIH accounts.
Ray didn’t indulge in speculation or repeat cyber gossip.
He simply analysed the figures that were deposited in Company House in London.
It is now beyond debate that Ray was correct and his detractors wrong. Totally and utterly wrong.
The reason, of course, that Ray McKinney’s piece received such hatred was that if MIH were in financial trouble then so too was Rangers FC.
David Murray’s empire is now on financial life support from the bank.
Just like the football club that gave Sir David Murray his celebrity status.