Oh dear, such turmoil at the top of the Marble Staircase these days…
First though, the good news.
Scotland’s newest football club undoubtedly dodged a bullet that would have, temporarily at least, robbed their hard pressed cash flow of £620,000.
Despite having an apparently strong case, apropos the impending putative insolvency of the good ship Sevco, Lord Armstrong was otherwise minded.
A victory for the Ahmad side would have been very bad news indeed for the RIFC chaps.
However, in little more than three weeks from now payroll will be due again.
At this time of year it would normally be the Season Ticket money that would pay this.
However there is the problem right there.
The once loyal fans have voted with their feet and the chaps that run the club/company/celestial entity are correct to be concerned about this development.
I think it is fair to say that, given the experience of Charles Green, the chaps in the Blue Room may have taken the loyalty of the fans for granted.
Well I think if they did they made a grave error.
The night before the Court of Session appearance there was a meeting in a hotel of all the main actors in this soap opera.
For the avoidance of doubt those present were:
Alexander Easdale, James Easdale, Philip Nash, David Somers, Graham Wallace and representatives from most of the institutional investors.
Those shy chaps at Blue Pitch Holdings and Margarita Holdings were meant to take part by conference call, but didn’t show up.
I understand that it was not an entirely harmonious conclave.
However Chairman David Somers does seem to have some skills as a peacemaker when tempers start to fray.
I do love a good analogy and, by way of explanation, the unreasonable demand for security over Ibrox and Murray Park by the King/Gough axis, was explained by reference to the purchase of fish and chips from a fish and chip shop.
I thought that particularly sweet.
The one bright aspect though was an agreement that Mr Paul Tyrell the new PR chap is doing a sterling job.
However, it was felt that he might need a local guide and interpreter to help him navigate through a local media that is now considered by RIFC to be hostile to their project.
So, what now?
Well the cash burn continues, there remains no credit line and the shortfall can only be kept alive by shareholder subventions through the purchase of more shares.
The people who met at the hotel on Monday night all agreed that going back to the City of London another share issue was, at present, a nonstarter.
They, once more, agonised over their crippling cost base.
They discussed the remuneration of their iconic manager.
It was noted, for example, that Super Ally was currently paid more than Ole Gunnar Solskjær at Cardiff.
Moreover if Mr McCoist, or a replacement, was on similar terms to Mr Solskjær then there would be funds left over to pay a new coach, new assistant, a sports analyst and a sports scientist.
Apart from a large salary bill meeting discussed the “onerous contracts” that continue to bleed money out of the company.
The seriousness of the situation was such that the L word was brought up in the discussion.
Yes dear reader Liquidation.
Of course that nice Mr Regan, he of the Five Way Agreement, will not want to consider that such a scenario is possible.
However companies that run out of money often are liquidated.
There are now no good options available to the chaps driving the RIFC bus.
The smart move was an early pre-pack Administration.
However not everyone was on the same page.
The company that is currently being traded on the Alternative Investment Market only owns a loss making subsidiary The Rangers Football Club, formerly known as Sevco Scotland Limited.
The Imran Ahmad case is gone for now, but the former Commercial Director will have his day in court early next year.
Just as Lord Armstrong was considering the competing arguments the club/company/celestial entity issues a statement to us here on earth.
It did, on the face of it, rather contradict what their QC had been saying in court apropos the seriousness of some fans withholding Season Ticket monies.
In little more than three weeks the chaps at the top of the Marble Staircase will have to meet payroll again.
Apart from all their other problems there are now appears to be a cadre of fans who want to “starve them out”.
Now the main income stream, the season ticket money is, at the very least, going to arrive late via the King/Gough trust fund thingy.
Mr Ahmed’s case will be heard in early 2015.
At this stage I don’t think anyone can say, with any certainty, what state the company/club/celestial entity will be in at that stage.
However there does not appear to be any good options available to the chaps who have found themselves currently ensconced in the Blue Room.
In the meantime The People, after a lifetime of deference, are learning about rebellion.
I approve of this development.