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Banks and bums

796

I hear there are rumours in the old media today that David Longmuir prepared a plan with Charles Green and Peter Lawwell before briefing Scottish Football League clubs this week.  I suppose the rumours are half right.  No one from Celtic was involved in this nonsense.

Special mention to Gavin Masterton, owner of 94% of Dunfermline shares, who last month told the BBC “The football club is debt-free. There is no bank debt. The debt is to myself and the other directors.”

This new kind of “debt-free”, talked about by Dunfermline and one other lower league club is more dangerous than it seems as just three weeks later Dunfermline admit they expect HMRC to apply for a winding up order.

Fans have raised around £250k, enough to pay HMRC in full, but they are asking Masterton to value his shares at a level they would reach if an administrator was appointed, which will happen if the fans don’t pay.  Masterton’s recovery plan was to issue £500k of shares for around 25% of the club.  Nice, for him.

Nine years ago Masterton and Dunfermline director John Yorkston were embroiled in the financial calamity which afflicted Livingston.  This tale of woe is worth reading, as is the story about the downfall of Bank of Scotland by Iain Fraser, who writes, “The rot set at Bank of Scotland in when the likes of Gavin Masterton and Peter Cummings started handing millions of pounds to their pals, without doing much in the way of due diligence.

Fraser also speculates “Foolishly, Cummings and his predecessor Gavin Masterton handed [Sir David] Murray a total of £760m on a “no questions asked, handshake only” basis and, in the current environment … realised he hasn’t much chance of paying this back”, in an interesting article on the Bank and the liquidated football club.

Mr Masterton is clearly the only qualified candidate as the next president of the Scottish Football Association.  After Mr Peat (former director of liquidated club Airdrieoneans) and incumbent Mr Ogilvie (former director of liquidated club Rangers) the bar has been set at an astonishing level.

“Utterly astonishing”, as our old friend used to say.

Be wary of people to say they are debt free when what they mean is they have no bank debt. Be very wary of bums who try to convince you that them being denied bank lending is a good thing.

If company credit rating equals zero, credibility rating equals (I’m away to find out if a whole number is required here).

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  1. COYBIG

     

     

    maybe chuckles will move his tribute act down to engerland

     

    hope he takes a few of the 500 million orcs on a tour of the shires

     

     

    then eveyone will be happy ;-))))

     

     

    jam67

  2. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    WELL DONE JUNGLE JAM67.

     

     

    Offski for a wee drive round Wiltshire…….

  3. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    PAUL67

     

     

    Up to your usual high standards,old bean.

     

     

    Operation Hornet is only waiting for one person to break ranks.

  4. Wonder why Masterton has run off to Switzerland….should he not stay he and play the fiddle again.

     

     

    Time we had another police raid, this time Hampdump might be a good place to find corruption

  5. two words…

     

    …….second word : “peach”

     

     

    ..first word….”im”

     

     

     

    ;)

  6. Vinibhoy - Named Neil Lennon on his birth certificate on

    Paul67,

     

    Hopefully Celtic will release a statement denying their involvement in this Colts idea. It’s clearly a way of Longmuir derailing this reconstruction so that The Rangrs are moved up a league.

  7. Steinreignedsupreme on

    Paul 67 –

     

     

    “no questions asked, handshake only” basis

     

     

    —————-

     

     

    I think we know what kind of handshake was involved there.

  8. southside

     

     

    12:28 on 14 March, 2013

     

    Gene’s a Bhoys name

     

    If these were Moslem chaps sending devices to high profile politician types, I think the charge might be a bit more serious than “attempted assault”

  9. As the raith chairman said..theyre trying to derail the process of reconstruction talks.it could stop it dead if this goes on….and for whoos benefit…im a way oot tae shoot a goat!!

  10. when will chuckles and sevco produce their audited accounts?

     

     

    forgot the cardigan was also at sevco now

     

     

    cardigan ,jabba, ……..longmuir?

     

     

    or even the master RCO

     

     

    its all about the fine details

     

     

    jam67

  11. ArranmoreBhoyLXV11 on

    HH

     

     

    Brilliant Paul… At last the eye watering figure of £760 MILLION (3/4 of a BILLION) is mentioned…

     

     

    The MSM never mention this… Ever..

     

     

    Go try borrow £1000 from a bank… They want to know everything.. And yet Minty gets…..

     

     

    Brilliant Paul, I ve waited ages for this to be mentioned again..

     

     

    And he thinks there was a witch hunt?!

     

     

    Geez….

     

     

    HH

  12. Nuclear Bovril and a Half Munched Pie on

    ‘If company credit rating equals zero, credibility rating equals (I’m away to find out if a whole number is required here).’

     

     

    Could try a negative or even an ‘impossible’ number. Or the square root of hee haw.

     

     

    HigherMathsWasALongTimeAgoCSC

  13. ToffeeTim

     

    22:43 on

     

    13 March, 2013

     

     

    Like me then, I too was a Spittal lad – must know each other as it sounds like you are in the same age group as me. Did you go to St Marks and Trinity? I was at St Marks from 74-81 and Trinity from 81-86.

  14. Tom English ‏@TomEnglishSport

     

     

    @1888_Originals @eddiek62 Longmuir: “Both clubs have intimated their desire to be part of this (Colts) strategy.” He is talking to both

     

     

    So Longmuir is a liar.

  15. BOBBY MURDOCH’S CURLED-UP, aye, that hornet could sting.

     

     

    Vinibhoy, I don’t see why Celtic should get involved.

     

     

    Steinreignedsupreme, perhaps.

     

     

    Jonny the Tim, I hear you.

     

     

    EXILED TIM, like shooting fish….

     

     

    ArranmoreBhoyLXV11, incredible money, beyond belief. All on a casino-style property market.

  16. kelvinbhoy

     

     

    Trinity, so you done the 2 years in Cambuslang trying to avoid the mob fae the Circuit and then 2 in Eastfield.?

  17. tommysbhoy

     

     

    12:27 on 14 March, 2013

     

     

    thank you kind sir

     

    total luck yet again as i was tucking into a scotch pie ;-0))))))mmmmm

     

     

    soon off to work to continue the bear baiting

     

    oh is so good to be a tim right now

     

     

    if only the celtic plc board would man up and end this farce at hampdump

     

    everyone and their dog knows they are breaking the rules to help 1 club

     

     

    just about to go and my 2 years old daughter chants out COYBIG pmsl

     

    for the mouth of babes

     

    her mums not amused as she done it in shopping center a few times ;-0)))))

     

     

    hail hail

     

     

    jam67

  18. setting free the bears

     

    23:53 on

     

    13 March, 2013

     

    Fr Toye was the priest that married my mum and dad. Fr McCafferty still alive and well – he said Mass at St Marks, Fernhill a couple of weeks ago.

     

    You were a bit ahead of me in age groups – just celebrated(if that’s the word) my 44th birthday.

  19. ASonOfDan

     

    12:48 on

     

    14 March, 2013

     

    kelvinbhoy

     

     

    I did indeed. Enjoyed(?) it that much I stayed on for a 5th year before I headed to my one and only job – 23 years and counting!!!

  20. Repost from last thread

     

     

    Friesdorfer

     

     

     

    21:57 on 13 March, 2013

     

     

     

    The Longmuir Plan is a classic case of deflection imo. He is trying to muddy the water so that the current plan for reconstruction falls by the wayside. By that means, if the deid team get promoted to SFL 2, the likelihood is that they could well be in the top 4 at the end of next season and if reconstruction then goes ahead with 12-12-18, they will thus move up into the 2nd tier. This must be resisted at all costs, even if we have to go ahead with the current imperfect 12-12-18 proposal for next season. To do otherwise will not move the game forward in Scotland. Any refinements necessary can be considered after that.

  21. A perfect oportunity for us to say ,

     

    He is not talking to us ,and expose his lies.(IMHO)

  22. Paul 67

     

     

    Excellent piece.

     

     

    I am often dis-appointed that this standard of incisive comment should be coming from our Chairman or CEO.

     

     

    Obviously there are matters they cannot comment upon, but if suggestions of re-construction or ” Colt” activity are done without our involvement then there is no good reason to stand up and be counted.

     

     

    This “long” game approach is unsettling to our supporters who see the liquidated club continue as if nothing had happened,albeit with a lot of spin to sell the idea.

     

     

    I fear our Board are not fully in tune with the level of annoyance this has caused and unless strenuous opposition is evident I fear that the momentum created by Fergus will be lost.

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