Not a penny more

On Monday Laxey Partners had an important meeting.

They were discussing their investment in Rangers International Football Club (RIFC).

It was not a happy conclave, dear reader.

In the school of bad decisions the people at Laxey Partners must curse the day that someone in their organisation suggested that they buy shares in RIFC.

Of course, that someone is no longer with Laxey Partners.

They observed that the current Ashley-ordered austerity drive is exactly what they were advocating at the start of this year when their guy Graham Wallace was driving the Sevco bus.

The January transfer window will also provide observable evidence that the cost base is being reduced.

Fat will have to be trimmed in the football department and Mr McCoist has been made aware of this.

I understand that three “sellable assets” have been identified and their representatives have been told that the players will be leaving to new clubs if deals can be done.

Only the liquidity provided by Mr Ashley via loans now stands between RICF/TRFC and an insolvency event.

However Laxey Partners definitely agreed that the company would not put a penny more into this train wreck.

So Laxey Partners concluded that if Mr Ashley pulls the plug then so be it.

Laxey Partners executives also discussed their legal options regarding the RIFC Initial Public Offering (IPO).

One of the concluding remarks of the meeting was that this entire saga could take a decade of litigation to unravel.

Discover Phil’s dramatic play Rebellion