A very bad day for Mr King and Sevco

I think that even the staunchest stenographer will baulk at attempting to spin the result today in the Court of Session as a “favourable settlement” for the impecunious saviour of Sevco.

However, firstly a hat tip to the Fitba Fifth Estate.

Despite the weather crisis across central Scotland, the folk from the Scottish Football Monitor (SFM) had someone in court.

Their contemporaneous account on Twitter was timely and value added.

Rugger Guy just messaged me and brought my attention to this piece of December 22nd last year.

His view is that it is still worth reading because of the ruling today.

So here it is.

A well-placed source has told me that several of the main players in the Sevco High Command had a telephonic sit down a few days ago.

Their working plan was that the Court of Session would probably hear the case for the allotted two days and then go off to wisely deliberate.

The hope would be that a judgement would not be handled down until mid-summer at the earliest.

This would give the chaps in the Blue Room enough time to engineer an emotionally driven share issue.

You may have already seen the hilarious video from Club 1872 where it is claimed that the fans “saved the club” in 2012.

Oh dear.

They need to believe that.

They really do.

Consequently, the grief of liquidation has ossified them into an incurable denial.

Of course, they should have been assisted out of this paralysed state by the local media.

There were some promising signs in the summer of 2012 that the painful truth would be offered up to The People.

Instead, the stenographers have played their shameful role in pretending that Sevco is Rangers ever since.

The chaps in the press box now obediently regurgitate venal fantasies.

However, journalists should stick to the facts.

So here they are:

Mr King/NOAL will now have to deposit £11m in an escrow account AND fund a prospectus.

Moreover, that document will have to be entirely upfront about the financial prospects of Rangers International Football Club (RIFC).

I’m told that the usual price for a prospectus is in the range of £300-500k.

However, this one could cost more because of the glib and shameless track record of Little Lord Impecunious of Johannesburg.

The full nature of the arrangement with Close Brothers, including the penalties for default, would also have to be laid out in the prospectus.

Dave King had a plan to play for time with the Take Over Panel ruling.

The hope was that before the time was up something would emerge, like a new investor/fool who would dig him out of this hole.

As they say in the military a bad plan is better than no plan.

Well, that plan ended today.

Lords Carloway, Glennie and Drummond-Young called time on it.

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