There is a realisation that the information issued by Craig Whyte last week is only the beginning of what promises to be weeks of salacious details. Ownership of Ibrox, Murray Park and other assets purchased by Sevco 5088, a company which Charles Green signed a Companies House form for on 27 December 2012, but which Craig Whyte claims to be a significant interest holder in, is in doubt.
This matter could take weeks to play out and months, or longer, to settle. The evidence provided thus far is interesting but courts are notoriously more concerned by paperwork than recorded conversations. If Craig Whyte has paperwork to back his claims he will feel by far the more comfortable of the two parties.
Of more immediate concern will be what Cenkos Securities knew. Cenkos were the Nominated Advisors for Rangers International’s recent Initial Public Offering and Newco’s directors would have been required to inform them of any claim over assets, no matter how spurious or disputed.
City Regulators move quicker than the courts and will want early information on when Whyte’s claims were made, what was revealed to Cenkos and how the board minute-d these matters. Keep your eye on this one.
Having used David Longmuir to get at SFL clubs in an attempt to sink league reconstruction plans Charles Green, who has made no secret of his opposition to them, turned to St Mirren chairman Stuart Gilmour. Gilmour, who was incandescent with outrage last year when SFL clubs refused to make a space in their top flight for Newco, plans to acquiesce.
He should reconsider before the St Mirren board meet to discuss this on Wednesday.
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