There is a spectre haunting Ibrox-the spectre of reality.
Today the Court of Session found for the Take Over panel and against Mr David Cunningham King.
That means that there can be no doubt about the legality of the Off Licence Putsch of March 2015.
The ruling can be read in full here.
I am sure that Mr King will welcome this favourable settlement.
No, seriously…
The implications of this ruling might be over the heads of The People.
However, they should have no difficulty in taking in the import of this statement.
This should come as no surprise to regular readers, as the elevation of young Master Murts has been extensively trailed here.
Moreover, after the Derek McInnes debacle, the Ibrox hot seat is even more toxic than it had been previously.
What the confirmation of Graeme Murty means is that the realistic faction within the Sevco High Command is starting to call the shots.
He was appointed last evening after a Churchillian conclave.
When I first discussed the probability of young Master Murts being installed on a permanent basis it was within the narrative of austerity.
You could call it the Sevco Manifesto.
Lord Cardigan had once famously stated that there was no place around the broad room table at Ibrox for financial common sense.
The appointment of young Master Murts is a manifestation of exactly that.
It makes financial sense.
As a chill ran through the dignified message boards when the news of his installation was announced it was almost as if The People had seen the ghost of Fitba future.
Since 2012 they have been following Espanyol Glasgow.
It is just that they do not realise it yet.
The local media help with the denial that Rangers died five years ago.
Much better for circulation to pretend that nothing changed down Edmiston Drive way.
As The People shiver in Celtic’s shadow the only thing that will prevent the death of a second club at Ibrox is austerity.
Therefore, there is no alternative to financial common sense.
That is what the signing of Declan John really represents.
Of course, I am aware of the pitiful delusion among The People that their beloved basket of assets can overtake Celtic.
To those of you who recognise the reference in the opening line then the term “false consciousness” seems entirely apposite for this bonkers belief.
This is the season for giving gifts and Sevco is the gift that just keeps on giving.
Developing Panto…
False consciousness. Paulo Freire, could not have used the term with more relevance himself.
The old board and their allies will sell like a shot. They would be desperate to rescue what they can from the shambles and this will be their last chance. Their holdings alone will run into millions. They have no reason to hold on as their day has passed. There will also be less well known rats who will want to salvage what they can and desert the ship before it goes down again.
What a shambles, still you get what’s coming to you. Sevco are run like a pub footie team. There is no one actually responsible for the day to day running of this pub team. How they stagger along from one miserable result to the next is daunting.
Surely the poor cow will be put down soon!
Did Sally the gardener just see his 60k worth of pennies become 1.2 million worth of pounds?
Just watched a sevcovian vlog, King losing, nothing for club to worry about. Only means he has to at least offer to by the shares, not actully buy, effect on Sevco FC = Zero. Murty until the end of the season? 50-50 but it should have been done weeks ago and the board should give him a Jan budget, he’s signed DJ a very good signing. Other signings will be between Murty and DOF, never know Murty could blossom and turn out to be a great managerial “find”.
Signed , Tailor to the Emperor.
Regardless of whether GASL decides to make the share offer or not, wasn’t there a clause in the original judgement that if the final verdict went against him King would have to place £11m in an escrow account to cover the cost?
Where’s he gonna get that if he’s ‘penniless’?
Oh this will be very interesting to see how many of the shareholders have faith in GASL ‘S leadership. I think there will be many ready to cash in their chips rather than receive zero in the event of insolvency.
30 days for dodgy Dave to get his ducks in a row? Can squinty eyes ? get cash out of sooth efricay without incurring the wrath of their government sanction.
Developing farce
The options are that King makes the offer (via the trusts) in the hope that the remaining shareholders reject the offer. If that happens all well and good, although to do so will fly in the face of what has been said about his control of the trusts. The alternative is that the trusts fail to stump up the cash for the costs involved in making the offer in which case King will be in contempt. The latter option must surely disqualify King from meeting ‘fit and proper’ status.
What is most revealing about the Opinion of Lord Bannatyne is that George Letham quite clearly warned King about the import of purchasing 30% in an email of 31/12/14. This means either King didn’t understand the implications (unlikely) or he has thought he would be able to avoid the compulsory offer by hiding behind the trust funds. The latter I suspect has laid the basis for his Lordship’s description of the man as a “sophisticated player”.
Hi Phil: can’t see King appealing this decision, would cost a fortune in legal fees for a case that is pretty cut & dried.
So, 2 choices; fund the offer somehow and hope only a few take it up or cut and run. Any chance you could get some legal input on if he could get out of this by selling his shares and getting out?
Oh, and that last paragraph in Murtry statement was interesting. Does it mean that Ferguson or maybe McCullough will be brought in? Purely to add staunchness mind you…
Aw, it means that this guy didn’t get it then lol
http://celticlive.blogspot.co.uk/2017/12/latest-sevco-manager-applicant.html
I guess some costs involved to DCK on making an offer of 20p. But reading the court ruling – nobody has to accept the offer if they believe the shares are worth more….so status quo resumed?? I guess the question is – Who is going to accept the offer of 20p and what it would really cost.
20p is an awful lot more than nothing, that’s what they will get if they are placed in Admin again
“the issue of his alleged inability due to his financial circumstances to make the offer required in terms of Rule 9 is nothing to the point, it is an irrelevant consideration.”
You’d have to say Lord Bannatyne has – to borrow a phrase from the Americas – “hit it out of the park” with his ruling.
Don’t have the 11 million required to fund the share offer via an escrow account – or even the couple of million required for the admin? Not the court’s problem mate. Should’ve thought about that before you staged a hostile takeover.
And then there’s the appointment of Murtmeister as Broxmeister. The Glasgow Sevco do seem to be masters of the double whammy. Remember how the Progres Niederkorn exit and the Big Tax Case ruling came within 24 hours of each other? And now this: Murt’s Management announced within 90 minutes of Dave’s Demise, without even the need for injury time.
Could it perhaps be that today’s conjunction of events is not entirely coincidental?
After all, there’s nothing quite like terrible news to hide… erm, the other terrible news.
It is all most unfortunate.
Haha they’ve already started the lie that it will have “ no impact on the day to day running of the club”. The smsm will run with the narrative that the glib and shameless liar will appeal. This ruling was all about upholding the appeal. He has kept this saga running now for a few years. It will be interesting to see what sentence will be handed down when he is found in contempt of court because who believes he’ll comply. Interestingly why were no charges bought against the other members of the concert party any views would be appreciated.
Nollag shona to you and your family Phil
About the no-charges-against-the-other-concert-partygoers –
The TAB basically acts to enforce the City Code on Takeovers and Mergers. Rule 9.1 of the Code deals with the concert party situation, and the thrust of it is that the panel establish who the prime mover is in the concert party, and make them responsible for fulfilling the requirements – i.e. to make an offer for the remaining shares at a price determined by the panel. This is basically to avoid everyone blaming each other for the concert party situation and dragging things out interminably – the panel simply determines the prime mover, and pursues them.
However Rule 9.2 of the Code allows that “In addition to the person specified in Rule 9.1, each of the principal members of a group of persons acting in concert with him may, according to the circumstances
of the case, have the obligation to extend an offer.”
Now this could in theory mean that, in the continuing absence of a meaningful offer from King, the TAB might feel the rights of the average shareholder would best be protected by pursuing the other members of the party – i.e. the Three Berrs.
Truth is, this particular situation is not that common – in general folk do not mess with the takeover panel to the extent that they need dragged by the neck through the courts – so there’s not a whole lot of precedent for how the panel will approach matters if King simply persists in his defiance.
I’m sure I’ve seen somewhere before it is only the single largest shareholder that gets their particulars taken down in a cocnert party takedown.
James61… I recollect reading that Taylor provided the smoking gun emails.
There’s a concert party of friends for you
It’s only a matter of sitting tight, taking the necessary austerity until messiah arrives. The messiah will not take human form, but is essentially the group stages of CL. As Sevco is a dignified entity, qualification to group stage is an entitlement. Beware of a campaign of fear from dark forces—“No money available to keep the lights on”. Remember our illustrious chairman has pledged ( he is so dignified ) millions to stop the Tims. Have faith…we are the people. There’s only two Andy Gorams.
I don’t see King making the £11m offer so admin must surely be on the horizon as the cold shoulder will not be an event Sevco can just trade out of or survive by hiring a youth coach as manager. The basket of assets must surely be heading for a casket like Rangers (RIP) did. No posthumous comebacks this time though. Hell awaits!
Lots of “supposed impecuniosity” and ‘alleged impecuniosity” in that judgement. Almost like another judge is calling DCK a liar
Phil
Ahead of the game as ever. Great work fella.
….And meanwhile SMSM Ball watch and miss what’s going on in the game.
HH
Aw naw they dont ball watch they squirrel watch hahaha
“Sophisticated player” is a Scots legal term which has an equivalent in South African law – “glib and shameless”….
The reality sets in. Hibs, Hearts, Livingston, Dundee, Dundee united, Dunfermline, Motherwell, Aberdeen all cut the cloth on the table accordingly to survive and it made sense. It didn’t please the fan base but hey ho they’ve survived. However over ibrokes way the peepoo…..sorry the peepel are now realising Timmy is miles ahead, some are realising they did cheat, some nod while looking down at their feet that they deserved what what happened in 2012 and would like to move on. Some have sense that it wasn’t Mr White that killed the institution but Murray and the cardigan hood winked them for millions in shares which continued with Mr Green and his continuation pish. Oh how we laugh. Poor hard lined Gullibilies continue dreaming of days of yore, imperialist empire ruling (in a Churchillian way of course) coupled with the old rule Britannia thought process to see them through the day. Sorry peeps the baws burst, no point sticking your head in the sand and blaming Timmy for your clubs Demise. Tighten yer belts, buckle in. Your in for a terrible ride.
aye, but we’ve goat oor blue pessports back!!!
Different class Phil.
I actually think John is a decent player, Well well short of our very own KT of course but not bad nonetheless.
Conveniently, No mention of a “fee” paid for his signature. Any idea as to why Phil?
Thanks for all the great work, You and the family have a great festive period
HH
You can be sure that no fee is mentioned because Cardiff have ripped up his contract and he’s signed on as a free transfer.
I wonder if Murty has now been given a wage commensurate with his new post?
30 days for King to pony up or else?
Can’t wait to see the Daily Radar and ET pish with King’s I’m going to appeal nonsense.
Of course Richard Wilson has already called it in advance with his ‘ no impact on the club’ declaration.
Perhaps he meant the company or ethereal thingy, silly me.
I believe that now there really is a holding company and that even if that goes bust the “club” will still remain albeit looking for a new holding company to finance it’s day to day activities. Is that correct Phil?
Hopefully Cardiff got their ~300k up front …
They’re owed MINUS 300k from Sevco ..?
Fuck me, that’s handy, cos Sevco are skint!