Life is often about decisions.
Sometimes you call it right, and other times you get it wrong.
Very wrong.
So when you make a good call, you’re entitled to look back and wipe your brow in relief.
I learned today about a chance meeting last week between Mr Jim McColl and a senior chap in Deloitte.
During the passing conversation, the accountancy chap brought up the issue of the current entity at Ibrox.
Mr McColl explained his relief in “dodging a serious bullet” apropos his involvement with the Holding Company vehicle.
The brief chat was apposite given the fact that the Deloitte chap was in the chain of command over the team that was looking after Rangers International Football Club (RIFC) before they Did Walking Away.
McColl’s view, as reported to me by an impeccable source, was that he thought that RIFC “had a difficult birth, but it was not insurmountable”.
Moreover, McColl was of the view that “…it had begun to work under Ashley”.
However, after March 2015 the status quo wasn’t an option for him.
“We couldn’t have our name linked with the current chairman. Nor could we legitimise anything he would do.”
Is how McColl’s view was reported to me today.
It was during that part of the conversation that the dodging bullet comment as made to the Deloitte chap.
McColl mused that had he become involved then he would have been writing cheque after cheque without end.
Which, of course, is the situation that some RIFC directors currently find themselves in.
For the avoidance of doubt, Mr David Cunningham King is not in that situation.
The upshot was that the Scottish entrepreneur was of the view that while the convicted criminal occupies the Chairman’s seat at the Holding Company Vehicle, then RIFC will remain toxic to investors.
Meanwhile, as dark clouds gather over Ibrox, expect the sky to be blotted out with all manner of high-Level distractions.
After all, The People must be soothed at all costs.
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The De Boer who was a beneficiary of the DOS/EBT schemes will think twice about jetting into the UK with HMRC waiting for him at the airport to hand over the tax demand notice.
They could give him a side letter.. .perhaps….
Scottish football needs a strong BDO…
Well worth going back and re-reading Paul McConville’s (RIP) – take on things
https://scotslawthoughts.wordpress.com/?s=Alienation
HMRC as the largest Creditor appointed BDO.
D&P thought they would slide seamlessly from Administrators into Liquidators. HMRC were having none of it.
HMRC have clearly instructed BDO of this latest move. They want millions more for the gratuitous alienation of the assets from Creditors. More could have been raised selling the assets as single properties rather than in a basket together.
It’s nice everyone agrees it was assets sold, not a football club. Is Lord Bannatyne paying attention? There was no Relegation.
D&P were never going to be appointed Liquidators. Cast your mind back. HMRC were about to go to court over the appointment of the Administrators but an eleventh hour deal was reached allowing Craig Whyte to choose the Administrators, but if the process went as far as Liquidation, HMRC would appoint the Liquidators. Since HMRC never at any time intended to approve a CVA the ball was always firmly in their court.
Phil, what does Jim McColl mean when he refers to “under Ashley”. To my understanding, Sevco have never been “under Ashley” have they? Ok, so he has a minority shareholding and a retail deal that benefits Sports Direct and himself, as opposed to Sevco, but he’s never been pulling the strings on a daily basis has he? Or are we talking about Derek lambada?
Small contribution towards your costs made as previously promised.
Many thanks for what you continue to do. It’s (the whole hun saga) a story that needs to be told. Chapeaux to the Scottish Mainstream Media who were printing “alternative facts” long before the international scumbag, Trump, had even thought of it. Now THAT’S an exclusive.
I believe his Mum is/was Scottish.
Maybe there’s a (very loose) connection here. Larkhall???
Certainly cannot be from the East End of Glasgow
HH
There is no limit, believe me, to the delusional outlook of fans of the Govan team.
Some of them think that King is holding back the investment he promised at the time of the takeover, then again in the recent transfer window and now it’s been stored away for the next window!
They are having great fun playing name the new manager game, even more hilarious when you see some of the names being bandied about.
They are in denial about their financial situation. No manager worth his salt will sign what would undoubtedly be a career suicide pact with this mob.
A complete clear out of the present squad is required …….there’s just that little problem of moving on guys with several years left on their contracts on decent money.
Look at the unfortunate Rossiter, 4 years at £10k per week, and permanently injured.
The Hat and his defensive coordinator have deals taking them to 2019. Repairs and renewals required to the stadium?
The SDI case is just around the corner, the WIFI case hasn’t gone away, and The Supreme Court is about to lob a hand grenade into the lap of the SFA/SPFL when the 10 years and more of financial doping is confirmed.
Europa Cup football next year? ……….no certainty of that either even if they finish in a qualifying position because of those pesky UEFA FFP rules.
The soft loans are mounting, more will be required to get to ST monies in May. Talk of a share issue appears to have fallen off a cliff.
Anyway not to worry Paul Murray will set the world to rest on the 23rd February when he addresses his fellow ICAS members………….I wonder how many of his fellow bean counters will be paying for the privilege? It’s beyond a joke, is Campbell Ogilvie making a guest appearance as a speaker to reiterate to the audience that DOS/EBT’S had feck all to do with him just as he told Nimmo Smith?
Unless there is a serious insolvency event, any investor will have to work with the current board minus presumably DK and PM, however that would also involve accepting a debt for equity swap of around £18M or so. A new investor/s would need to concede control to or work closely with the existing internal creditors. Entrepreneurs tend not to like such a situation to much as they have no control whatsoever over their own input in financial terms.
An interesting and curious, if not fascinating situation.
Someone phoned SSB tonight claiming to be a shareholder and working in the City with inside knowledge and began to make statements about even more dire financial circumstances at Ibrox, but suddenly disappeared, either thinking better of it or getting cut off, the latter being the excuse given by the host. Perhaps, if a genuine caller and not a prankster he was about to provide details which could have been unwanted by the SMSM.
Things got even more interesting tonight when BDO revealed that they are taking litigious action against D&P over the sale of the assets.
Where does the 18m debt to equity swap come from ?
The £18M comes from internal director loans, which according to DK will constitute a debt for equity swap in the event of a share issue. Otherwise, they constitute a debt, which a purchaser in a take over would have to settle.
Other option is Park and company donating the money with no ties, leaving themselves open to a take over bid for much, much less than the £18M they have provided.
Not a good position to be in. Btw the amount may be higher now due to further bale outs this month.
If you know differently, please enlighten us.
I might be wrong but with BDO now suing the administrators, things could be about to get infinitely worse down Govan way.
Apart from creating unwelcome headlines for all baskets of Assets who have ever plied their trade at ibrox, this development should have no impact on the current club. This is because, funnily enough, it’s a new company, a completely separate entity, as we have been saying all along! It did make me smirk though to see the word Sevco in the mainstream media reports once again. Go Charles green!
Ah, but if the court should decide (as they surely will) that the assets were alienated gratuitously then the sale of those assets becomes void. They are then re-sold to the highest bidder for something that looks closer to their true value than the paltry amount that Sevco and Charles Green paid.
The result will be that ‘The Rangers’ no longer own a stadium or training complex. Ibrox and Murray Park would be sold to the highest bidder – a supermarket perhaps, or a housing developer. GCC might buy it and rent it out to Rangers; but their two most valuable assets will no longer be owned by them. This may actually explain why the stadium and training complex has been allowed to fall into disrepair. Why would Sevco maintain/improve a building when their current ownership is voidable.
I think the stadium repairs have been neglected because of the lack of cash to pay for them myself. A future theoretical alienation of Assets case may have been at the back of the directors minds, but very much front and centre was the lack of cash to pay for the repairs. So they let things slide and hoped to get away with it………….which they may yet to. Dire warnings about nets and ground closures remain only rumours. Nothing has yet materialised on that front.
Not that I don’t think that they,’De Bores’ would be pure comedy gold too,but for me no one comes close to Farry Berguson,he will DEFINITELY be hysterical in post match interviews.
Fingers crossed that he,the man that can say so much by using his fingers only,gets the hot seat at ipox.
Cheers Phil.
Dodge a bullet more like an Exocet Mr McColl.
Dodged a cannonball nevermind a bullet. What a total shambles over in Govan in comparison to CFC on every level. I see that the Daily Radar had an article on BootGate today, don’t you just love the Scottish sports journalists? what a fecking embarrassment they are.
What about an icepick ..?
Or even crampons, Erchie. Whatever happened to all the heroes?
Aye, those crampons take some dodging alright, Leo.
And there’s no more heroes about these days, just some jumped up cash grabbers who’d sell their ain granny for a John Greig induction ceremony.
Hahaaaaa, too true. Some would sell their granny for the priceof a pair of staunch brown brogues.
I would say he dodged more than a bullet monetarily, as we have seen when it goes wrong for the peepal it is more than bullets that come your way and your families…
It really does make for good reading all this, one mans doom is another mans glory. I wonder how the tenants and the supporters who frequent the old rangers stadium feel that Celtic figures being excellent missed the mention of Celtic getting another £6.2m ? It is being reported (being generous here) in the daily tripe that Celtic will receive from UEFA the last instalment from their participation in the champions league which totals around €8m…
I hear the Sevco fans want the DeBoer brothers to be in the dugout !!
Can this mob of knuckledraggers get more diluded?
HH
Is that so they can have a weekly De Boer war ..?
(Coat already gotten)
One’s called Ronald one’s called frank
One missed a penalty the other one’s
A bad manager.
A proven EBT recipient!
And a leg o’ lambeg shank.
They want De Boer but it’s de cheap boor McCulloch dey’ll be getting
Fred1888,
Of course the can. Some want Souness back. Iirc it was his purchase of Boumsong while at NU which prompted the investigation which revealed the use of EBTs.
Wonder what would be uncovered if he took over now lol