As recently reported here Mr King has previous for delaying and deflecting.
Today Mr King’s QC asked a question, a point of law.
It will take time to provide an answer.
Therefore, the case was postponed until October.
Job done.
As for the putative share issue, the figure of £12.6m just might allow those highly competent chaps in Campbell Dallas to sign off on the RIFC annual accounts.
Last year it was the promise of funds from NOAL that allowed them to state that the basket of assets would remain afloat in the coming year.
Of course, those monies did not appear.
Instead, a heavily secured loan of £3m from Close Brothers this February provided the necessary external finance.
I’m told that they are watching the situation at Sevco very closely indeed.
When he is not delaying or deflecting Mr King can retaliate with unnerving speed.
I’m hearing that on Saturday one of his Blue Room brethren handed a rather stiff letter to his esteemed chairman.
Apparently, the gist of the missive was that resignations had to be accepted and outstanding loans had to be paid back without delay!
Instead of dealing with the terms of the letter Mr King decided to retaliate with his own dignified fiat.
On Monday, I understand that one of the directors involved received a formal letter from the basket of assets.
It called into question his competency apropos the signing of Poor Pedro.
Of course, Mr King was not in any way involved in the hiring of the likeable Portuguese spoofer.
I recall that I mentioned at the time that his hands-off approach to that personnel decision might come in handy.
Meanwhile, spare a thought for those nice poor folk at Hummel.
The British government might deny that they are stockpiling stuff for Brexit.
However, the unfortunate kit supplier cannot avoid the realisation that they currently have a warehouse full of Sevco stuff that they cannot sell.
I had reported recently that Mr King was of a mind to pick another fight with General Ashley.
For those who doubted my reportage then I only need to point them to the fact that the Sports Direct signage was taken down at Ibrox at the weekend.
My information is that the folk at Shirebrook were not consulted about this apparent breach of contract.
It would be highly unfortunate if this matter were to go to court.
Which is where we started today…
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Was having a look to see when we can expect Newco’s annual accounts for the year to 30/6/18.
If the timing is the same as last year then early November is the answer.
I was drawn to the narrative supplied by the de facto Chairman of the football club published under the heading of advancements made by the club during the financial year.
Standing out was a claim that the £6.5m loss incurred in the year showed that once again, yes again, the loss was indicative of the club nearing a break even situation.
That would have been music to the ears of the shareholders if it had any connection to the reality of cumulative losses of tens of millions since the birth of Newco.
The esteemed Chairman also took the opportunity to inform his readers that finally the Sports Direct litigation had been brought to a successful conclusion!
Oh how they cheered, finally SDI and Ashley removed from the scene once and for all and merchandising riches just around the corner….oops, hang on, that doesn’t concur with the present situation at all.
So the annual accounts were signed off by the auditors and published, including the Chairman’s narrative on advancements with a completely misleading claim that a break even trading situation was imminent, a claim made of straw, then an outright lie about the merchandising contract which Pinocchio would have been proud of.
The whole TOP/COS issue with King appears to be turning into an unholy mess.
Depending on who his audience is King, and his brief, have claimed him to be skint or have funds that they can’t get out of South Africa.
Despite this NOAL has contributed hugely to the soft loans which have kept the lights on at Ibrox.
He spent years toying with SARS back home in South African before exchanging tens of millions of pounds to prevent what would have been a lifetime behind bars.
This arrangement has been reported in the Scottish media as a favourable outcome for King.
As part of the settlement King was ordered to repatriate all his business assets to South Africa but with NOAL registered in the BVI he appears not to have complied.
However after being dragged through the courts by King for years SARS looks to have just washed their hands of him and don’t have the energy or desire to pursue the Castlemilk criminal any further.
King continues to defy TOP/COS having honed his deny/delay skill set in his adopted homeland.
The much fabled cold shoulder hasn’t materialised and we await to see the next audited accounts to assess the soft loan situation and whether some of the repayments due in June were made, further draining the ST monies.
No doubt the £4m due to Close Bros in February has been ring fenced to avoid the removal of assets.
Maybe Dave the Rave will just again overplay his hand Narcissists are very much like that . His own Downfall in SA was when he was showing someone around his home and they commented on a painting which of course the person admiring it thought was a copy . Unfortunately Mr Dave couldn’t resist showing off his Big Head unlike showing off financial assets and said that said painting was genuine and had been acquired by him for Loadsamoney. Big Mistake.
I’ve just read in the Sun (who can never be trusted) that they have a TOP source saying DK will need to raise his offer to 19 million if they go ahead with a share issue. Oh my….I hope this is true, getting 12 million Out of Africa has proven difficult enough.
This is mental.
Q. Mr King, you say you can’t get money into a UK account to make the code compliant offer is that correct?
A. Yes.
Q. So how do you propose to make an offer for shares in the new share offer as is documented?
A. Yes.
Q. Your answer is yes to both questions Mr King?
A. Yes.
Q. Do you need time to be assessed as having sound mind and body?
A. Yes.
Q. One last question Mr King before we postpone this circus. Is the Queen a cow?
A. Yes.
The whole Rangers saga has contributed massively to me losing all faith in the British legal system and I think this is the final nail.The damage had been done by the basket of assets claiming to be the same club, getting to use the old club’s name and logos, which I believe is against company law. The FTTT was clearly corrupt – how could it have possibly gone in Rangers favour? The Nimmo Smith report was bent and after reading the reasons why the cold shoulder was last applied by the TOP, which you can see on their website, why is Mr King not cold shouldered? We know the SFA are corrupt, as are the completely self-regulating SPFL, that is well documented, Murray lied in Court, the BBC protect him and the name of the old Rangers, King gets dodgy accounts signed off, ignores instructions from the courts and still manages to spend money like it grows on trees. It’s all bent.
Would hardly say calling for a point of order Q, is running rings round the courts. My Q is, Can they legally put forward this £12.6m share offer before King has complied with the law and offers* to buy the shares that he should have bought at the time of the takeover ?
* only having £11m deposited in a UK Escrow account, would be seen as a valid offer.
His ability to completely disregard consequences , is astounding.
Long may it continue…
Keep at em , Phil
So King has once again rang rings around the courts, he’s fighting battle’s on more fronts than Rommel, yet absolutely nothing has changed, i think people completely underestimate the man, since his takeover he’s managed to get account’s signed of, avoided any action by UEFA for breaking FFP, avoided a share issue, avoided prison for contempt of court, has the SFA wrapped around his finger, appoints a complete novice of a manager, let’s him bring in 10 new player’s, and will probably be in the knockout stages of the Europa league before Celtic, and his team sits a point ahead of Celtic domestically…Yet our CEO can’t even get a couple of box standard transfers over the line whilst having millions in the bank, WTF is going on at Celtic…
Calm down 2 games into the season considering we are both in the play off round how will they be in before us ?
Agree with everything after calm down . One glance at our current defensive options , would lead you to believe that any “calming doon” would require an opiodal intervention .
Tierney aside , they’re a rag tag bunch of promise and belligerence . That’s not ideal .
Bollox Dennis.
Open your eyes.