Mr David Cunningham King appeared on the radar yesterday in the Far East.
My information is that he is trying to raise finance for the share offer.
However, there was one interesting aspect to this.
I’m told that the chap with 41 criminal convictions was offering Ibrox and Murray Park as collateral.
Apparently, he wants the prospective lenders to pony up BEFORE he can actually deliver those assets.
I suppose they’ll just have to trust Mr King on that.
For the avoidance of doubt, the Sevco High Command have not been kept in the loop on this one.
Well, they do now.
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Phil, is this not what Craig Whyte done when he bought old Rangers for a quid?
He funded the deal (Or the bank debt to Lloyds) by seeking off the season tickets, before he took control. Now glib is trying to do something similar with the assets.
Whyte has ended up in court on fraud charges. Maybe there’ll be another court date for glib in the future?
Did Mr Whyte not get into bother for trying to buy the company using its assets as collateral to be delivered ‘after’ the event?
I havent a clue what this means?
Hi Phil
can you help don’t appear to be getting your emails Thanks Tommy
Very good Mr King. Sell a broken toy in need of TLC.
Oh I do like reading your blog. I do. I love be reading it as much as they must hate reading it. The smell of desperation. The fact the public can see their desperation. And his desperation. Nice one, go raibh maith agat.
Maybe they’ll raise some dough by changing the name of the stadium, for marketing reasons.
How about Asbestos Park?
Wish they would just die Phil and give us all peace.
Are you nuts?!?
Killing the golden dodo springs to mind. Long may it continue.
The fallout from this disclosure, from the Blue Room, should be mildly amusing. Not that it makes a whit of difference. As already suggested here, it’s not an asset in terms of land purchase with the red brick facade and its listed status. Add in the connector/roofing issues, the asbestos clearance, the fact it hasn’t had so much as a lick of paint in an age, and it’s a complete non-starter as security for any loan to be advanced against it.
But the fact that DCK is offering it up, as if it were his to do so, wholly unencumbered, is funny enough in itself. Keep the hits coming Sevco. Keep ’em coming.
Phil you are mistaken Murray park can’t be used as collateral it does not exist I think you will find it’s auchenhowie sit on the naughty step.
What sort of collateral is Ibrox? if you look at it for the use as land it is smaller than the albion car park which was worth 400k or so. You need to remove the asbestos too. As an asset to sell the only tenants are them, the stadium needs 20 million in repairs as is. its not worth anything, its a liability.
Murray park and Edmiston house are their only saleable assets IMO.
Yeah well if you have the stadium you can start up Rangers MK III
Man swans about as if he owns the company instead of just another director, self elected chairman.
That’s an extraordinary development. King will go nuts at this leak