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You are at:»»Dunfermline catches up with former BoS Masterton

Dunfermline catches up with former BoS Masterton

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By on CQN BLOG & Comments

Gavin Masterton, who as managing director of Bank of Scotland in the 1990s, was one of the financial lynchpins behind the issuance of credit to some of the leading investors in Scottish football, and was responsible for what was seen as reluctance to extend competitive terms to Celtic AFTER Fergus McCann’s takeover, today issued notice that one of his companies will be wound up, as it cannot meet commitments to repay loans by new Dunfermline Athletic owner, Christopher McBay.

Masterton came under pressure, which he eventually relented to, to write-off money he loaned to Athletic to allow it to avoid liquidation last year.  He also claims these developments will lead to his personal bankruptcy.

In September last year, Ian Fraser, author of Shredded, an analysis of the debacle that was the Scottish banking industry, wrote in his blog;

“Charlotte Eighteen, a shadowy company based in the tax secrecy jurisdiction of the British Virgin Islands, remains the subject of intense interest among Scottish football fans. Allegedly the holding company for the business assets of Gavin Masterton, the former treasurer and managing director of the Bank of Scotland, it looks like it could be the crux to an extraordinary financial scandal at the heart of Scottish football.”

In March last year, Mail on Sunday wrote: “Bank of Scotland wrote off a £4 million loan to a company owned by Mr Masterton – then sanctioned the £12 million loan to another of his companies that allowed it to skip repayments for the next 35 years.”

In 2004, The Sunday Times, explained that while Masterton was at Bank of Scotland, an associate of his received a loan to buy Dunfermline Athletic, which included a guarantee that the loan would not need to be repaid until the borrower’s shares in the acquiring company were sold.  Two years later, after Masterton left the bank, his company bought his associate’s shares and gained control of the club.

I bet the British Virgin Islands are nice this time of year.

Sean’s Trust, the charity setup by our late friend, St John Doyle to aid those dealing with stillbirth, are holding a Terry Christian stand-up comedy evening at the People’s Palace on 24 October.  The show, Confessions of a Recovering Catholic, is a light-hearted look the legacy of his Manchester-Irish upbringing and has received excellent reviews.  Billy NoWell is also on the bill, performing some of his unique material.

There’s a bar and buffet, tickets are only £16, email seanstrust@gmail.com for details.

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  4. A Ceiler Gonof Rust on

    Ian Paisley, lovenkrands, marty pellow, the wee blonde hun runner wi the big teeth, Jim Whyte, the guy from newsnight, Gordon ramsay, Colin montgommery and mark warren, the queen, the smurff’s, the croat from the old DR comments page, fury, everyone on hunmedia and FF and that wee cow fae the crankies……………………………..

     

     

     

    Your guy’s took a hell of a beating.

     

     

    Ha ha, you could go on all night with that list but I didn’t want to start a list:_))

  7. MickTT on

    a ceiler gonof rust

     

     

    00:03 on 30 September, 2014

     

     

    Ian Paisley, lovenkrands, marty pellow, the wee blonde hun runner wi the big teeth, Jim Whyte, the guy from newsnight, Gordon ramsay, Colin montgommery and mark warren, the queen, the smurff’s, the croat from the old DR comments page, fury, everyone on hunmedia and FF and that wee cow fae the crankies……………………………..

     

     

    Your guy’s took a hell of a beating.

     

     

    Ha ha, you could go on all night with that list but I didn’t want to start a list:_))

     

    ###############################

     

     

    Ma gaffers…;-)

  8. Sargassosea on

    boondock saint

     

     

    I was the one who mentioned Shiels, Loughery’s and McGinley’s inKerrykeel yesterday. We used to go over to Glenvar every summer and spent a lot of time in Kerrykeel in the 60s and early 70s. I also spent a lot of time with my cousins, a large family, in Tirhomain, who were driving cars aged twelve if they could reach the pedals. You must know them. They always parked the car behind the Garda Barracks and walked into Kerrykeel so that they could drive home. We also spent a lot of time in Milford and later at the Milford Inn.

     

     

    Meentagh CSC

     

     

    22:08 on

     

    29 September, 2014

     

    Fanadpatriot,

     

    Don’t know if you are on tonight, but you mentioned Shiels bar in Kerrykeel yesterday. That used to be owned by my uncle Hugh Shiels many years ago, and me and my family used to spend every summer over there and even work in the bar back in the 70s, 80s, and early 90s.

     

    Hail Hail.

     

    Sean

  9. A Ceiler Gonof Rust on

    Mick TT 00.08, ha ha.

     

     

    How you going buddy. I still owe you a feed and beers for sorting my boy out for the UTD game. I’m not making the October hootenanny due to a badly arranged holiday. I forsee a wee meet at Coais for a hearty breakfast in your future.

     

     

     

    Esmarelda.com

  10. GuyFawkesaforeverhero on

    Off topic alert.

     

     

    I accept the prayers below are of no interest to most of the people who read these pages in recent times, but maybe somewhere around the world another soul will add to this midnight petition for Celts, as the clock moves in their time.

     

     

    Salve Regina

     

     

    Hail, Holy Queen, Mother of mercy,

     

    our life, our sweetness and our hope.

     

    To thee do we cry, poor banished children of Eve:

     

    to thee do we send up our sighs,

     

    mourning and weeping in this valley of tears.

     

    Turn then, most gracious Advocate,

     

    thine eyes of mercy toward us,

     

    and after this our exile,

     

    show unto us the blessed fruit of thy womb, Jesus.

     

    O clement, O loving, O sweet Virgin Mary! Amen.

     

     

    Memorare

     

     

    Remember, O most gracious Virgin Mary,

     

    that never was it known

     

    that any one who fled to thy protection,

     

    implored thy help

     

    or sought thy intercession,

     

    was left unaided.

     

    Inspired by this confidence,

     

    We fly unto thee, O Virgin of virgins my Mother;

     

    to thee do we come, before thee we stand, sinful and sorrowful;

     

    O Mother of the Word Incarnate,

     

    despise not our petitions,

     

    but in thy mercy hear and answer them. Amen.

     

     

    Sleep in peace, Celts everywhere.

  12. A Ceiler Gonof Rust on

    From hunmedia. Dumb hun one posts:

     

     

     

    “Well if he doesnt walk, were going to need to pay him off.

     

     

    A – Do we have the money and,

     

     

    B – Do we want to waste it getting shot of Ally?”

     

    …………………………………………………………………………

     

     

     

    What a dilemma for the poor miserable huns. That would be a big negative on both A & B. Ma heart is bleedin for them, so it is.

  16. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    Morning,all.

     

     

    Just been reading back.

     

     

    Hibs,Worthington Group,Rangersmedia. Wow.

     

     

    Hell,I know we’ve got problems,but I’m glad im not a hun.

     

     

    In a few short hours-after a quick scoot round Wiltshire,I’ll be quaffing a few ales with my favourite hun. I’ll be nice,I won’t mention his team.

     

     

    Well,maybe not right away…

  20. Taurangabhoy on

    “Things could have got worse for Rangers right at the start of the second half had referee Calum Murray spotted McCulloch’s obvious hand ball in the box.” Must have been a whopper of an honest mistake for the dr to mention it. Smile back on my coupon. I haven’t seen enough of the play to make my own mind up seems like most in CQN think our Ronny is going the way of TM. Time will tell. Hard to judge anyone in just a few short months, hope the results come first then the flair. Keep an open mind until at least the first Cup exit which will hopefully be another year. Hail Hail.

  21. Jobo Baldie on

    Good morning friends from East Kilbride where the last morning in September mirrors most of the last 29 – predominantly clear sky, dry and bright and only a slight breeze.

  29. Burnley78 on

    What a lovely irony.

     

     

    They are stuck with McCoist ( the glue which held them together according to chick young) .

     

     

    Be caused they cannot afford to sack the leech.

  30. Parkheadcumsalford on

    Morning all. Looks like another dreich day down here.

     

     

    Wasn’t too dreich down in Govan last night. What I found more disturbing than the plethora of honest mistakes was the overfriendly behaviour of the MIB (C Murray?) to superally. Didn’t he behave the same way with some of the undead players???? One wonders if he can be seen as neutral. Mind you, Chick Young will rush to assure us of such with regard to all Scottish referees.

  31. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    PARKHEADCUMSALFORD

     

     

    Murray is always comfortable in the company of Rangers players and staff. He never feels in any way threatened.

  32. the glorious balance sheet on

    Calum Murray – the same man who went to great lengths to assure an SFA disciplinary panel that he never felt frightened in the slightest when Bougherra was shoving and shaking him during the “shame game”.

     

     

    Compare and contrast with Brother Dougal taking the unprecedented step of having legal representation when giving evidence to the SFA against Neil Lennon for a lesser offence and then Brother Dougal taking the huff because Neil Lennon “only” got a 7 game ban.

  33. bankiebhoy1 on

    I wonder if the Herlad will run various stories commenting on the waaaafer thin ice that Sleekit must surely be skitin’ on………………..

     

    or will it be another “Look The Other Way” story about The Krays?

  34. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    BANKIEBHOY

     

     

    The Herald is too busy telling us that demands for unpaid council tax are being sent out to many voters who registered for the referendum.

  40. Tallybhoy on

    Morning all.

     

     

    The ‘peepul’ really have a problem with some flegs.

     

     

    How could any sane, normal person with even a modicum of intelligence confuse the EU flag with an Arab looking one?!

     

     

    …but we know that they are not the brightest members of society.

     

     

    Well done Hibs btw. Delighted for Stubbsy.

     

     

    HH!!

     

     

     

     

    The mind boggles!

  42. Tallybhoy on

    God bless Jinky.

     

     

    Still tormenting defenders in fitba heaven, no doubt.

     

     

     

    …and Big Jock as well probably!

     

     

    HH!!

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