There’s those words, “prima facie” again. “After examination of the evidence, Leading Counsel’s advice is that there is a prima facie case to answer”, read a stock market statement this morning by Worthington Group PLC, after the Leading Counsel “who is also a Deputy High Court Judge”, examined the case of their subsidiary, Sevco 5088 Ltd’s claim for the business and assets of Rangers International Football Club PLC.
“It is the position of Sevco 5088 Ltd that it is the rightful owner of the business and those assets”.
As revealed in the document below, Companies House now record Craig Whyte and Aiden Earley as directors of Sevco 5088 Ltd, alongside Charles Green.
The court will examine if Mr Green acted appropriately when he removed the entitlement of Sevco 5088 to acquire the assets of Rangers FC (in liquidation) and assigned them to Sevco Scotland (now renamed and trading as a subsidiary Rangers International FC PLC.
Rangers International stand accused of not owning the business they operate.
Subsequent to the entitlement to buy Rangers FC’s assets being passed to Sevco Scotland, Mr Green became the beneficial owner of £4m worth of Rangers’ shares at a cost of £40,000. Rangers International then raised £22m through an Initial Public Offering on the AIM market and the company became owners of a business worth tens of millions of pounds.
The allegation that Duff and Phelps disposed of Rangers assets to a company controlled by Rangers owner will be of interest to liquidators, BDO, who are likely to ask Lord Hodge for an opinion on behalf of creditors.
I am sure Rangers International FC PLC will strenuously deny they inappropriately acquired assets of Rangers. They will also take steps to immediately assure Cenkos, the nominated advisors of their IPO, that investors money is safe and the IPO was appropriately handled.
They will, at the same time, assure Cenkos that these allegations were not made known to Sevco Scotland prior to the IPO, otherwise potential investors would have been alerted.
These are the most serious allegations leveled in the entire episode of the Rangers group of clubs. The first question for the independent inquiry setup by Rangers International should be ‘What the hell have the non-execs been doing all these months?’
The cheerleaders for Mr Whyte and Mr Green have done enormous damage.
[calameo code=0003901711b6a401a9e67 lang=en page=1 hidelinks=1 width=100% height=500]
970 Comments- Pages:
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- ...
- 26
- »
h h bhoys
Hoopy do
now that was lucky
Where’s Phil?
Just wonderful, top 4
Dearie Dearie me……
are the zombie club died yet?
come on 2 for 1 on a grave
jam67
uh oh…
This financial snippet, on the other hand, does seem to have some importance.
The SFA did not get them
The tax authorities did not get him
Whodda thunk it would be those pesky kids at the Stock Exchange who’d bring them to heel.
I must ask Alanis Morisette if that is ironic.
The Black Madonna of Czestochowa. Queen of Poland. Czestochowa, Poland
St Simons in Partick for me.. 12.30…
later bhoys
Not prima but 1st team squad??
They’re gonnae need snookers.
The SFA have no outball this time.
Any more metaphors for their upshitcreekedness?
12:07 on 17 April, 2013
Regarding tickets for the SC final. I’m bemused.
I ticked the box for all home games and games played at neutral venue (inlcuiding Semi Final and Final).
I was automatically sent tickets for all the home cup games (LC and SC) but did not get a Semi Final Ticket for the Scottish Cup. And yet it looked like they could have squeezed in 2 more people with ease
Someone posted above about having been allocated a ticket but having to fill in and return a form.
If thats the case I won’t be at the SC final. Either send me my ticket and take the money out of my bank account as instructed or I’ll be watching on the telly. Not going out of my way to contribute to the SFA.
Why has trading not been STOPPED in shares that there is doubt in legality of purchase and claim of ownership?
More background info dug up on FF :
Edelson was a director in the Worthington Group plc till 6 July 2010.
Worthington Group plc is the source of the Jerome Pension Fund monies that were found in the Collyer Bristow client account and which are the subject of the court battle between HMRC, Jerome Pension Fund and Merchant House Group (Whyte) iirc (but stand to be corrected) Duff & Phelps dropped RFC plc’s claim for that money in order to pursue the larger £25m claim against Collyer Bristow.
The Worthington Group plc is 18.29% owned by Liberty Capital Ltd (Whyte) and 53.36% owned by Regenesis Holdings Ltd who as well as being owned by Whyte’s long time associate Wulstan Early (brother of Aiden) were also the recipients of £250k from RFC plc (the Banstead Athletic deal).
Edelson is a former director of Regenesis Group Ltd.
Edelson of course is linked to Green through the flotation of Sheffield United when he stepped down from the board the very day Green was appointed.
Had that Ding Dong Day feeling there.
Pity I was looking at twitter when P67 posted! :(
HH
/Bishop B
Regan will be keeching himself in case he is required to act. “Please Mr Green confirm everything is bona fides. I’ll believe what you tell me but I need to look as if I’ve investigated”.
Sensational.
Reading the document above, the registered address of Sevco 5088 was moved from Vine St to Green’s registered address the same day as Whyte & Early were registered as directors?
Is it true they silenced Big Ben during Maggie’s funeral?
Was that in case it went “Ding Dong” and caused a spontaneous outbreak of Wizard of Oz re-enactment ?
Looks like Craig Whyte is not leaving empty handed. Seems to have financed a legal battle by allowing Worthington Group to purchase 25% of Sevco 5088 (or am i reading the earlier document incorrectly).
Paul
Made my day, again……
Is it legal to bury something more than once?
Up dated from posters this morning.
I can confirm the following, Doc, Miss Doc, Cowiebhoy, MWD, Mini MWD, CelticRollerCoaster, Mrs CRC, CaityRollerCoaster, DeccyRollerCoaster, HamiltonTim, Minx1888, The Boy Jinky, Jobo Baldie plus mini, Roy Croppie, Ten men won the League, Palacio67, Mini Palacio67, KevJungle, EmbraMike, Neganon, OldTim67, FourGreenFields,FourGreenFields Jnr(16), FourGreenFields Jnr(10), Mouldy67, BJMac, VMhan, Che, VoguePunter, Gordon 64 and Willy O ,the bold Fenian Mhan (lurker), MightyTim, Iki, Praecepta, FanadPatriot, Johann Murdoch,
Kilbowie Kelt, Sipsini, LostinBonnybridge, Frantic07, Mrs Frantic07,The Good Ship Celtica, Jungle Jim, Bamboo, Neganon2, Swatson neil lennons 6ft skinny twin, Gourockemeraldbhoy, Thebhoyfromoz and thebhoyfromoz jnr, Houl yer Wheest, BognorBhouyle, Tommysbhoy,
The Red Telephone, Youssarian67, Stairheedrammy, Sipsini, Lennybhoy, Vale Bhoy,
Troon Tim, Troon Tim Jnr, Leftclick, Mrs Mighty Tim, SeanyBhoy, SarahGhirl,
The Belfast Belle, Tombhoy, Catman, EasterRdDave, LifeofBrian CSC,
Setting Free the Bears, Fred C. Dobbs Jnr, St John Doyle, Mrs St John Doyle, CeltFish, Lionroars67, BigGeorgeFanClub, Wee BGFC, PrincessBGFC, Mrs BGFC, Senor Pablo Diabo, Fordon, The Melvin Gael, Celtic1member1vote, Big Swee
@NoToNewco2013 Looks like Mr Gimour’s handlers are in big trouble.
Wonder if he’ll sue them ?
Hahaha.. briliant!
HH
/Bishop B
Paul67 – This Worthington Group Plc doesn’t look like much of a company and might just be another offshoot of CW’s various tentacles.
We might be giving the announcement too much weight unless you know otherwise.
If you were at the FAC rally and you are not in the above post please leave a post with my name and a note saying you attended the rally. It is for the purpose of an article for the CQN magazine, not to report you to FoCuS as rumoured;-)
Apologies for interrupting the blog.
Poor old Sevco, padlock time approaches.
..whither……..’Walter’?
The next paragraph in the Worthington Ststement.
“It has also been agreed that, pursuant to the agreement certain other related rights, assets and causes of action will be transferred to the Law Financial Group or directly to Worthington. Those assets include the Book, Film and Television rights to the two takeovers of The Rangers Football Club in 2011 and 2012 as it relates to Craig Whyte. It is intended that these rights will be commercialised in due course.”
Now that could be a major box office comedy smash
tomtheleedstim
12:21 on
17 April, 2013
The company itself almost isn’t important. It’s the fact that it’s been put before the High Court, and they think there’s a case to answer regarding the transfer of assets from Sevco 5088 to Sevco Scotland.
Paul67
A lot of faith is being placed on BDO doing the job of getting as much as possible for shafted creditors from the carcase that is Rangers.
If CW still owns the carcase that is he sold it to himself, any idea what steps BDO are likely to take?
Are padlocks on the Big Hoose a strong possibility whilst ownership and legality of “sale” is established or is some backroom deal possible between The Rangers and CW (a payoff to step away) because BDO stay silent?
Andrew Dempsey ✅ @Dempsey1888 49m @Pmacgiollabhain @auldheid so what has CW done here. Sold Sevco 5088 to this group and they now are gonna pursue claim on assets?
@Dempsey1888 @Auldheid yes-that is how it looks
:))
Return of the Jedi
Whyte knight CSC
Philmac was on the ball again, the MSM in Scotland should just pack up now and get a job collecting trolleys at a supermarket.
blantyretim
12:04 on
17 April, 2013
StSimons Partick at 12.30 where I shall light a candle for the repose of the soul of Lennybhoys uncle.
St Simons reminds me of Poland
The Black Madonna of Czestochowa. Queen of Poland. Czestochowa, Poland
BT have you been there, after my last trip to St Simon’s I made up my mind to go on pilgrimage Poland to see the original this year in August finances permitting..
yet more great news thatcher and sevco great days indeed
greenjedi
That was the bit that made me think it was a spoof when sharp-eyed SOAL first posted the link, but it seems it’s genuine: Craigy Craigy knows there’s a book and a film in this, and he is retaining the rights.
I hope he gets to play himself. It worked for José Iturbi in Anchors Aweigh.
They are the gift that keeps on giving…
The main reason, I think, for the anger of the SPL chairmen is that the agreement to take the game in Scotland forward had to come from compromise, St Mirren and Ross County don’t seem to have been able to accept compromise, for whatever reason.
It has taken three years of negotiation to get to the point in January where compromise had been reached, all t’s crossed, i’s dotted seemingly, two teams pull the rug on the deal, why?
An unwillingness to compromise? Do they want to force through change that more suits their own or another interest?
MorequestionsthananswersCSC