Sevco looks into the abyss

These are troubling times for the Sevco High Command.

Of course, you will not read that anywhere in the mainstream media.

Only feel good shite will do there thank you very much.

The reality is that only two directors are now shouldering the financial burden at the Holding Company Vehicle.

It was three up until the end of the last year, but one director had to sit out the last loan.

My information is that when that chap stated at a meeting of the Sevco High Command that he was “broke” it did not elicit a brotherly response from the esteemed chairman.

And then there was two…

Now another lifesaving loan will be required this week to meet payroll.

If Mr David Cunningham King can conjure up a new loan at distressed rates from the Far East, then that will be another burden on the cash flow.

The interest rates charged by these last chance saloon outfits are punitive.

It was such a distressed lender that provided the £5m in January of last year to pay off Big Mike.

I’m sure that Mr David Cunnigham King arranged that emergency liquidity on an entirely pro bono basis.

I cannot imagine that he would in anyway financially befit from such a transaction.

In the meantime, there are bills to pay.

Have Sevco paid the monies that are due to Morton for the recent cup tie?

That was the first match that the most excellent Mr Graeme Murty was in charge of the Engine Room Subsidiary.

My information is that the monies due to the Greenock club had, as of Friday, not been paid.

If it is not settled today, then that bill is now overdue.

However, I’m sure everything will be taken care of satisfactorily if it hasn’t been so already.

The Sevco High Command wouldn’t want a football debt hanging over them, so I’m sure the necessary monies will be found.

However, normal suppliers are in not so fortunate a position.

I’m told that two of them are becoming impatient for payment.

Dear reader, this is the behaviour of a distressed Holding Company Vehicle.

Moreover, it doesn’t seem likely to improve anytime soon.

General Ashley is waiting for courtroom action next month.

If he wins, then that will be another seven-figure bill to be paid and if he loses he won’t go away you know!

Then there is the strong possibility of a courtroom battle between the Sevco High Command and the Ibrox Three.

I hear that the representatives of supporters groups are soon to be brought into the Big House for an important briefing.

I’m sure they will be delighted to hear all the fine details of the Grand Plan.

The moonbeam filled future could involve a role for that nice Mr Bomber.

 

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