Rugger Guy looks at the Court of Session ruling

I asked my egg chasing buddy in the Square Mile for his take on the ruling today in the Court of Session.

This is what he sent me:

 

Phil, I am writing in answer to your request to consider what the ramifications are in respect of today’s court ruling.

My first thought is that as we have not had a formal response by Mr King, then the conclusion is not 100% crystal clear. However, it is probably worthwhile considering the implications based on two outcomes.

  1. Mr King complies with the ruling.
  2. Mr King does not comply with the ruling, (I may be mistaken but do not think there is any recourse remaining in terms of further appeals).

Should Mr King agree to the court order, despite claims of being penniless, and makes a formal offer for the remaining shares that are owned outside those of the “concert party.”, he will have to produce an offer document which will cost comfortably in excess of £1m.Of more concern for Mr King is that the level of disclosure is substantially more detailed than those of the financial accounts, and requires to be signed off not only by accountants but lawyers and financial advisors. Full disclosure of all contingent liabilities, not just those that Mr King considers to be material, will be required and all of the issues regarding relevant necessary repairs to the ground etc… Must be disclosed. Full cash flow requirements of the business coupled with potential contingent costs will, in my opinion, lead to the conclusion that THE SHARES ARE WORTH CONSIDERABLY LESS THAN 20P.

I suspect that there may well be public relation exercises taken to try and talk up the value of shares coupled with the emotional attachment to supporters to hold on to their shares, but on an objective clinical analysis, it will be self-evident that a 20 p offer is considerably more than what the shares are worth. IN THE EVENT OF AN ADMINISTRATION EVENT, the shares are Worthless, all the control will pass on to the creditors, not the shareholders.

 

Should Mr King not agree to the court order, this also opens up the proverbial “can of worms”.

Firstly, contempt of a court order could result in a custodial sentence. Should Mr King remain as a director of RIFC, then the company will suffer all the cold winds emanating from financial cold-shouldering. All professional companies, lawyers, accountants, financial advisors, banks, financial companies etc… would have to disassociate themselves from the company, rendering their ability to trade normally being severely compromised. In addition, should Mr King resign in order to mitigate the risks associated with financial cold-shouldering, and revisiting his impecunious state, it raises an enormous question over the accuracy of the recently published financial accounts. Mr King through his NOAL investment is the only remaining lender of last resorts and the going concern status of the company is dependent fundamentally on his financial support. I would imagine that the auditors of RIFC are following events very closely indeed.

When you asked me to analyse the recent financial statement of RIFC, I signed off by saying the situation was very precarious. As of today, the situation is considerably worse, RIFC is staring over the edge of a cliff.

62 thoughts on “Rugger Guy looks at the Court of Session ruling”

  1. Absolutely brilliant article Phil , the whole shoddy story nailed to the wall. Your egg chaser (what a resource to have on tap ) has dissected their financial state right across the board.
    I cant wait for his autopsy report.
    All this makes the last gasp unsuccessful effort by the Chinese to sign sevcos star striker all the more remarkable .
    If only our club could show such commitment to the fan base , a definite sign of ambition ,to be in such financial mortal danger and refuse a cash injection of £9.5M (Latest fantasy figure) .
    I really don’t have the words . Also you have to feel sorry for the Chinese club who had to settle for bringing back one of their own from Portugal for a mere £100K .
    I believe it ,because that really rings true ,and of course its in the papers ,and if its in the papers then….. be lucky John

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  2. Critical point is the timescale within which King must prove he has complied with the court ruling. At issue here is King’s credibility with a fanbase not known for being forgiving, despite its uncritical clinging to myths. Rangers died. Sevco may be about to open the door to the crypt for a second interment in the same tomb.
    Remarkably though BBC Scotland is separating King from the fitba. It is almost like some diehard Sevco fan was dictating their coverage of the biggest scandal in football history. Very strange.

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  3. My monthly subscription for BT Broadband was worth every single penny today.
    Marvellous.
    To think Monster Munch doubled his entire haul v Celtic in one game against the Pretendygers just made it even sweeter bless the fat bearded one.
    Not be long now… Tick Tock
    HH

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  4. Phil. Does this cold shouldering not also effect the other members of the “concert” party, Messrs Park and Letham. I would imagine if it did it could have major repercussions for a certain car sales and travel firm

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  5. That anyone outside the inner Sevco cabal even thinks they can place a penny precise valuation on new club Sevco The Rangers share value is in itself risible. All those shark contingent liabilities swimming beneath the marble staircase.

    Believe nothing the BBC speculates on this, they have their own agenda.

    Me, I think the shares are worth a penny. But heh I like a gamble.

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  6. Coming up for 2018 and here in Scotland we still have sad peepell like Craig mouthing off the WATP crap.
    Their outdated, and obnoxious, superiority complex puts me in mind of their friends in the KKK. Sevco fans of their leading past hero, Billy boys Fullerton, of the anti Catholic and anti Irish mindset still shame Scotland and its government/s….Westminster and Holyrood….
    When will either house have the balls to ban the annual Hatefests that shame Scotland, 300 plus in and around Glasgow alone, until they do they are complicit in keeping the racist and anti RC marches/parades under the guise of ‘tradition’ going. Something they stopped by banning the NF from marching through our streets as they offend our ethnic minorities.
    Seems we of the not WATP Klan are fair game to the sectarian bigots.
    Time to close down the Govan bigotdome….maybe DK will make it happen.
    Merry Christmas to suffering sevconians wherever you lurk.

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    • This lot hold Scotland back. From outside looking in its completely prejudiced against Catholics their hatred is evident and displayed for the country to see. That LIQUIDATION should have saw the end of this mob at asbestosdome but unfortunately it still scars our nation and holds its progression. This menace needs challenged but no-one has the balls to address it….

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  7. What’s the point in a detailed offer.

    The GASL knows they’re worthless and so will the sellers.

    Just lodge the money with the solicitors and let them line up … LOL

    Be another excuse for King to drag it out …

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  8. Phil,

    I believe Rugger Guy is incorrect on one key aspect of his analysis. What he describes as costing £1m or more is known as a prospectus, which is required any time there is a share issue. At issue here is NOT a share issue, but a share OFFER by an existing shareholder. In short, he is offering to buy the shares, not sell them, and it is the case of a proposed sale that requires a prospectus.

    I believe all that is required to comply with the order is (1) DK to deposit the necessary funds with his broker and instruct his broker to make a standing offer for ALL RIFC shares on the JP Jenkins trading venue, and (2) official notice be sent to all shareholders that the offer is outstanding and relevant instructions for how shareholders can sell via JP Jenkins if they so choose.

    Personally, I think this is all academic. If DK has any intention of complying with the original order, he would have done so long ago and avoided the courtroom drama of recent months.

    This will be one of the more eventful January’s in recent memory, and it will have nothing to do with the transfer window.

    Let the silly season begin!

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  9. It’s a catch 22 for King. Caught out by his own lies.

    If he doesn’t make the offer, he is in contempt and could go to jail.

    If he instructs NOAL to set aside £11m to make the offer, he is clearly wealthy, in control of NOAL and a serious Perjurer.

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  10. Rugger Guy or just another voice in the head of this fantasist? We all know the answer to that question don’t we Ill Phil.
    Despite a plethora of your usual Jackanory tales of woe and despair “apropos” the Worlds Most Successful Club, the gap on and off the field between Glasgow Rangers and Jimmy Savilles favourite team narrows by the week FACT! Yet your
    pseudo-intellectual clap-trap, overinflated ego and risible attempts at currying favour with every sordid organisation from homosexuals to pro-abortionists, won’t allow you to speak the truth about what is really happening.
    Just another clueless Plastic Paddy albeit one with serious mental health problems WATP.

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      • Sad thing is I don’t think drink was even on board for this comment from Craig. It appears to comes from the twisted mind of somebody who doesn’t know there is a beautiful world outside the confines of Rangurs and being a bitter weggie.

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      • Forgive me if I’m off key here phil.
        But is the craig raeburn fellas condition a consequence of the suffering as a result of a “slow lingering death?”

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    • It’s hard to keep up with all the name changes at the Ibrox club so I may have missed a couple. When did they add ‘Glasgow’ Craig?

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    • Your reply to Rugger Guy’s post began rather succinctly and made some arguable points
      Then once again a follower of Rangers (IL) utterly embarrasses himself and the Club he follows with an inane and disgusting diatribe containing NOTHING of a footballing nature
      It’s so sad to see how a great Club that was Rangers have descended into such a shambles However when I look at the leadership of SEVCO who Rangers fans blindly follow and hang on to each word implicitly believing that they remain the same Club I can completely understand why these PEEPUL behave so disgracefully
      It’s desperation They just cannot come to terms with the fact that during the Murray Tenure they had it all Had EVERYTHING going for them whether by fair means or foul but were so greedy and intent in winning at any cost they pressed the self destruct button
      Rangers had Celtic over a barrel when we were within hours of going to the wall but that wasn’t enough for them
      They had to play by a different set of rules to ensure that they were Top Dogs
      And indeed for almost a decade they were Top Dogs but their downfall was their arrogance and Murray’s desperation to emulate Celtic’s amazing achievement of winning the European Cup in 1967
      When I look back on scenes of grown men in tears because their Club died and clowns appearing on television demanding ‘The Big House must stay open’ it makes me chuckle and gives me a warm glow and makes me eternally grateful that I’m a Celtic Supporter
      Look at the alternatives
      They don’t bear thinking about
      HH?

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    • He’s fkn ragin..Just Reading This you can feel the Fear that’s heading his way..Ye just you keep burying your big Blue Nose in the sand because Admin 1 Of Your New Club is heading your way..Onwards and Upwards for Your Champions..Tic Toc Tic Toc Tic Toc ???????

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    • Craig, congratulations, you have contributed the funniest post I can recall reading on Phil’s site from hurting buns, and there have been many. Thanks for the ‘spit my tea out’ moment, still laughing, please do keep them coming, merry Christmas!

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    • You have managed to insult Irish people, homo sexual people and pro choice people in one fell swoop. Your last words “serious mental health problems WATP” is rhetorically accurate though. Gobshite of the first order.

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    • Graig

      After reading your comment I think you are turning green ..
      With envy (that is).

      Do you still believe in Santa ?
      Are you leaving a wee note in your black /red top sock :

      Dear Santa

      If you are reading this wish list. I’m glad you are alive and landed somewhere other than the roof that could’ve been a huge problem.

      So here are my small pretty please wishes

      1. Can you fix the roof (you saw it …in the way in)
      2.Can you get some “not so” wisemen to invest “hun”ners of money in us .
      3.Can we get “real” true blue men playing again like Big Lorenzo , Wee Nacho , Tiny Wee Gattuso and Oor Tayta they knew what it was all about Santa .
      4.Stop everyone’s obsession with everything “Green” I know in my note 5 years ago I asked for some “Green” that was slang Santa and I definitely didn’t want “Charles” you owe me on that one Santa so be nice to the needy this year.

      PS : Thanks for leaving the 3 T-Shirts last year for the season.
      “Invincibles My Arse” ,
      “Treble My Arse” and
      “10 in a row My Arse”
      Those were deeply appreciated and funny when we first opened them up …but they are still unworn and in the cupboard so I don’t need new ones…

      Cheers
      Craigy Raeburn (dreams up in smoke)

      Craig

      There is no Santa and …

      There is no Rangers

      Sweet dreams ….

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      • Phil, here’s a post I wrote at 2am this morning which I saved for a reread as I was a little tired.

        Craig Raybans, this wan’s for you, and all the gullible deluded fuds like ye:

        ‘This, as as we used to say in old Glasgow, is a veritable ‘piss case’ in the making.

        The raucous 5 years of laughter amongst the Celtic hordes must be CRUSHING for the Sevvies to witness and the outright hilarity wrought by these samizdat communications may well be the hardest thing of all for them to ‘bear’ 😀

        Cheers for all the gold, Frankensteins & mirth at this festive time of year, Phil.

        It must be heartwarming to report that it now genuinely looks like this particular zombie monster is truly heading for a final frying, all handshakes aside.

        And although ough this snake has displayed a tremendous capacity for wriggling out of such complicated loops down the years, there doesn’t seem to be any way around this one so we might as well sit back chortling and get the bowls out again.

        Merry Christmas to yourself, your family & all the readers, Phil,

        I doubt even Santa will top today’s output 🙂 ‘

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        • Forgot to add, I wrote this BEFORE Craigy Rabies’ post had even passed moderation.

          You couldn’t have timed it better, wee fella!

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    • Stay strong craig. Stay strong. We are all thinking of you right now. You have ana affliction and rather than berate you, i commiserate.
      From a brown Celtic daft bloke, with a few gay friends.
      HH

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    • More like a ‘Dumpling, Phil. These Ipox peeps prove their worth in the Sun an Daily Ranker, Spot the Loonie competition, every ones a winner!

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  11. If Sevco are hanging over the cliff, can please somebody just shove them the fk off.

    Wits the script with the roofs Phil? Any news would be great.

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  12. No doubt dodgy Dave will have something up his sleeve. The manoeuvring of Johnston in the background, is a sign things are afoot. Hopefully the house of cards will fall soon….HH

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  13. Is this really another step towards them going to the wall , or just another hurdle that they seem to just slide under ? January is going to be a long month for them , What I want to know is – How many times can this lot pretend to their fans it’s all cool , only for another hammer to fall ? I just don’t get how the lot of them expect us to sit back and think/say nothing about their state. Thanks to all these blogger guys we can see the truth coming ……even if they refuse to even look.
    It’s unbelievable and insane , that the top table of Scottish football can do likewise and fall silent on the matter , without even making a press statement. If this was ANY other team , it’d be all over the newspapers / media that they’re looking at an extinction event. Not that I’d expect any more from them considering the last few years have been like a N.Korean newsflash.

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    • The reasons are simple
      It’s Freemasonary at work
      Rangers (IL) SEVCO and their followers must be such an embarrassment to Freemasonary
      As we know Freemasons promise to help fellow Freemasons wherever possible but this is supposed to be done within the law
      How times have changed
      HH?

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  14. Interesting to note that Douglas Fraser on the BBC Scotland is still claiming that Sevco shares are worth 27p and no one will want to sell them for 20p. This is the message the MSM will repeat again and again.

    Today’s news re King and Murty has made my Christmas.
    Merry Christmas to all!

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  15. Bewildering.

    I look forward to the inevitable festive PR gibberish from level 5. I would also like to hear what the footballing authorities in fair Caledonia think about this.

    Merry Christmas.

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  16. What great news now all we need is one more little bump not even a push and over that cliff they fall WHAT A EARLY PRESENT THIS IS TO US ALL THAT ARE GREEN AND WHITE HH
    MERRY CHRISTMAS
    &
    HAPPY NEW YEAR
    ROLL ON 10IAR

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  17. Thanks for the updates on the plight of the plucky young club. They fair warm the cockles of this heart.

    Take care and all good things to you and yours in the future.

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  18. Well the cliff has now got closer and is now higher than ever. Where does this leave Metro bank and the auditors who eventually passed the accounts Will there be enough in NOALs account to cover everything. Will they now become a cash only club as those who provide machines for credit/debit card purposes walk away eventually. The narrative will make for great comedy in the smsm. The bbc are already saying “small shareholders don’t need to take the offer” their getting the positive spin in early.

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  19. . . . and once again, all 100% self inflicted damage – they had many other choices – legiimate choices – truthful choices – prudent choices – diligent choices – dignified choices – but as ever they chose the lazy, rules-don’t-apply-to-us choices that appear irresistible to the criminally insane. Insane, because they never consider that their action are utterly transparent and obvious to the authorities such as CoS and HMRC. [SFA and SPFL don’t count – they are also criminally inclined]. These are not master criminals – these are druggies running out of Tesco with a bottle of Buckie and a bag of oven chips – what can possibly go wrong – oh shit – yeah – just like last time – rugby tackle – bit of a kicking in the van – cells – magistrates – doh.

    Reply
      • Oh, they have ovens where this lot are going, that’s for sure, and they’ll welcome them once this Cold Shoulder business is over with.

        Can’t wait to see AJ in charge and how he copes with it all, another absentee chairman to fill the void left by the squinty one.

        Do you think he’ll wear a monocle for us at his induction ceremony? 😀

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  20. Rangers and their fans only have themselves to blame for supportimg the hostile takeover. It’s not as if Dodgy Dave doesn’t have form. Reardless of what you think of Big Mike he has the money. ???

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  21. And a very merry Christmas to men of goodwill everywhere. The ibrox saga that is dodgy Dave is supplying plenty of festive cheer for us all.
    So looking forward to the new year and more developments at the spam factory.
    HAIL HAIL PUT DODGY DAVE IN JAIL
    WHAT THE HE’LL DO WE CARE NOW.

    Reply

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