How many times have we warned against internecine strife over the years? No one from outside a football club can really lay a glove on it, any real damage can only be done from the inside. Yesterday was Internecine Strife Day for one of the world’s biggest West of Scotland clubs.
Following on from Stewart Regan’s assertion to the media on Wednesday that an unnamed member of Rangers senior management did not properly disclose the damaging Employee Benefit Trust arrangements to the company’s directors, one of those directors, Dave King, has lodged a £20m claim against the club to compensate for the £20m he invested in shares in 2000.
There are so many acts in play at the moment it is difficult to know exactly what outcome King is hoping for here. The company is broke and at most will pay pennies in the pound to creditors, but Mr Regan’s assertion that some managers did not discharge their duties correctly opens up wide-ranging ramifications for those he referred to.
Regan excluded SFA president and former Rangers director, Campbell Ogilvie, from his allegations but it is unclear where his information came from. Concern is that it may have been directly from Ogilvie and that Regan spoke without an independent investigation being conducted. We hope that the SFA chief executive would not be so foolish as to attempt a cover-up of these matters.
Good corporate governance practices not only reassure the public, they protect chief executives from embarrassing resignations.
His silence on who conducted the inquiry that cleared Ogilvie and established that someone “higher up the chain” hid facts from Ogilvie, and perhaps King, is alarming. The SFA is not an old boys club, we need to know, did they properly investigate Ogilvie’s role or is something more sinister underway?
Who at the SFA knows about the inquiry which cleared Ogilvie? My previously-reliable sources at the Association were not aware the matter was investigated. It would also be good to know if the SFA board received the report that allowed Mr Regan to clear Mr Ogilvie. After all, the SFA are acutely aware of the dangers when important matters are kept “higher up the chain” from board members. What a sorry mess that would be.
I could cynically guess at these answers but after hearing Stewart Regan, it’s perhaps better to establish the facts first.
Let’s hope someone asks Mr Regan and he is able to clear the matter up. Better still, let’s hope someone keeps Fifa up to date with these developments and the ones we covered yesterday – don’t leave it to someone else, make sure they hear from you.
The Herald today listed charges including tax evasion, fraud, racketeering and money laundering against Dave King, but explains why he is crying foul play against the current, previous and potential future owner of Rangers.
In fairness to King, he has seen many obvious pitfalls in the Green proposition, perhaps a bit more internecine strife at the right times would have been better than blissful ignorance.
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BMCUW
Just been discussing that story with the missus. What an awful indictment on our society that for 8 minutes of discussion between this girl and the driver not one passenger offered to pay the 20p difference.
I must disappoint some of you. My heart tells me we are going to win this game. When I put the emotions out, I would not bet Greece will score against us. Cold bet is 0:0. Not cold bet is 2:0 for Poland. I will be very surprised if Sammi scores.
During the 2012 Euros I’ll be supporting ABE, and of course, this time, ROI.
This is my normal preference for all international tournaments.
The Germans will be there or thereabouts (sorry Lenny).
TV Scheduling
Hail! Hail! PMTYH
Kayal33 on 8 June, 2012 at 14:45 said:
I like this post – its about Celtic – its factual and its interesting
I love Paul67 – his work is above brilliant
But every now and again I want to talk about us – not those stupid Huns
Hail Hail
67ECW
Cha good luck .in my opinion wasnt the worse player at our club.i think its a mistake letting him go .now toget rid of the deadwood thats still there.k wilson.loovens, mc court.etc
rangersmedia throwing their XXXL weight behind Green and having a go at FF. Loving it!!
There has been a lot of mostly negative talk, with regards to how Charles Green has funded his offer for the club and his offer to creditors. The common notion is that Charles Green is loaning his investment, a loan which is repayable through certain criteria, and with interest.
Many in the mainstream media have jumped on it and incorrectly tried to declare that Green isn’t really making an investment at all, just lending us money until we can pay it back some way down the line – one tabloid even went as far to say that the loan had to repaid in full by 2020.
Let me clear this up right now.
In order to achieve a CVA, Green has had to pump the cash in to fund the club from June 1st – when the club’s money essentially ran out – as well as fund his offer to creditors. Although it is not certain yet if the CVA will be achieved, it is looking good, although we have nothing concrete that can be relied upon at this stage.
What funding options were available to Charles Green?
1. A loan is made from Green to the club – which is what he has done. If the CVA is achieved, then that loan turns into capital, via shares, and the club exits administration. This loan will not be repaid if the creditors accept their offer. I can absolutely say that for certain. If the creditors do not accept their offer, the loan then becomes repayable to Green.
This is the quickest and best way of getting the money in and getting the deal done. He is not allowed to officially say that this will happen, as that would constitute an offer and would be the same as option 2, which you can see below.
2. Money is invested as capital. Under the rules as they have been explained to me, an offer would then have to be made for all remaining shares, such as those owned by Dave King. This is very time consuming and costly.
Obviously, all the ins and outs of this process are very complicated and well over the heads of most of us. What is also not helping, is that some people who actually know the ins and outs, are deliberately stoking up the fire to create mischief, and to follow their own petty agendas.
We are having enough trouble with our existing enemies, without some of our own support being obstructive and divisive.
We have already seen a barrage of negative stories trying to derail this process, and some of these stories have come from so-called Rangers fans, who now seem to want us to be liquidated, so that their favoured party can gain control.
Firstly we were told that Green has no money, despite the fact that he has proven that he has.
Then we were told that Green’s consortium were deserting him, even though nobody who has been declared as being involved, have done so.
Remember when Brian Kennedy said that if his and The Blue Knight’s offer was not accepted by 12pm the next day, a CVA would be impossible? That’s funny, because Green came in later than that and still managed to get an offer out to creditors.
We have had accusations of David Low is involved, when he is not.
We heard rumours that Dave King was suing the club a couple of weeks ago, but he has yet to file any papers? He has yet to provide Duff and Phelps with any evidence whatsoever and his statement yesterday was just another attempt to derail this process, to benefit himself, or another.
There is much, much more that I simply cannot tell you that has been done to try to disrupt this process, by so-called Rangers fans. They really should now give it up and let the club get on with it.
I am not saying that we should not keep asking Charles Green the important questions and the RFFF are doing a great job (statements apart!) at pushing Green in every direction, to ensure that this is getting done properly and with the best intentions.
There are still a lot of valid questions that need answered, but the more time we spend trying to get answers to ridiculous accusations, the more valuable time is taken away from the vitally important issues.
The most important thing right now is that the creditors accept their offer, next Thursday at 10am.
Just saw a Ragers fan with three lions on his shirt.
Blair Drummond Safari Park CSC
Zbyszek
‘I will be very surprised if Sammi scores.’
That is going to come back and bite you on the bum… :0)
Look who’s providing transport for the orc’s tour
http://www.flickr.com/photos/european_truck_photos/6782114729/
ToneLoc on 8 June, 2012 at 15:18 said:
Greeting ToneLoc.
I downloaded an old skool rap file a few weeks back,and a few of your tracks are in there.
Not bad,not bad at all.
Can we really count the youngsters as part of the full squad yet? I’d guess they’ll play far more for the reserves than the 1st team next season.
ToneLoc
I took the same bet.
FANADPATRIOT
HAMILTONTIM
Absolutely disgusted-which barely does my feelings justice.
Please forgive me cqn for the following
I do not know who owns Rangers
In this case, I do not know what ‘owns’ means
I don’t know what type of stakeholder King is in all this
I’ve noticed in previous tournaments that the odds don’t reduce very much at all by the time the quater final teams are known. I’ll keep my bets till then.
They do reduce greatly, for the teams that are knocked out, though.
Zbyszek
Not half as surprised as ole Sammi.
ASonOfDan
Ha, I don’t think so.
I don’t know what are the first scorers odds? I would put my money on Lewandowski and Obraniak (free kick), or Karagounis from Greece.
Greece will play counter attack.Samaras will play against Piszczek, probably best right defender in Europe.
Just logged in and have only read the first few posts.
However, I note that the first comment (from DBBIA) was “scrofula.”
This disease was also known as King’s Evil in mediaeval times. How apt.
A spooky coincidence or another example of the highly educated nature of CQN posters?
Wonder what disease Ogilvie, Doncaster, Regan, Whyte, Murray et al would have associated with them?
They do increase greatly, for the teams that are knocked out, though
Sixteen roads to Golgotha on 8 June, 2012 at 15:24 said:
I concur – especially On Fire (Remix)
timbhoy2 on 8 June, 2012 at 15:22 said:
Cha good luck .in my opinion wasnt the worse player at our club.i think its a mistake letting him go .now toget rid of the deadwood thats still there.k wilson.loovens, mc court.etc
I take it you mean Paddy McCourt!
I’m mighty glad you are not the manager.
Disgusted myself,but not surprised.
I have often found that a lot of English folk are extremely mean as far as spending money is concerned.
They have a cheek to call Scottish people miserable.
” No one is allowed to see thee Torch”
topsecretcsc
Emdy read BARCABHOY’s POST ON rtc AT 1509?
Interesting-as always.
Off to ma cot to prepare for another nightshift.
Have fun……
Apparently people only ever eat the top eighth of an iceberg lettuce.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS on 8 June, 2012 at 15:03 said
Shocking story, driver and other pax should be ashamed.
Sammi scores….. An own goal :>)
So Rangers’ season ticket renewals are out.
Buy a ticket for next season, it will all be ok, says the man who might one day own Rangers. Or who might buy the assets when the club is liquidated.
“All season ticket revenues will be placed in a secure account that will go directly to the Club when the structure is resolved in the coming weeks.”
Anyone think Ticketus might just be a wee bit interested in that account?
TKF Euro 2012 Predictor update:
That’s 150 joined up!
Thanks folks ;-)
Lets see if we can reach 200 by the cut-off at 5pm…….
HAIL! HAIL!
Token
Zbyszek
Piszczek will be mesmerised by our God like Samaras and his flowing hair and will probably be subbed after 20 minutes. :0)
Zbyszek,
I hope you, personally and your nation enjoy the experience of the competition.
My son is in Poland, covering the tournament for an Irish TV station.
Already he is enjoying the hospitality of your countrymen and the food!!
Good luck to you team…..but, c’mon Sammi! :<)
Rocket Man on 8 June, 2012 at 15:30 said:
Good music mate it is.
ASonOfDan on 8 June, 2012 at 15:22:
“rangersmedia throwing their XXXL weight behind Green and having a go at FF. Loving it!!”
rangersmedia have a history of backing winners – they were still behind the Whyte Knight two weeks after they went into administration.
Anyone would think Jack Irvine posts on that site…
Vmhan on 8 June, 2012 at 15:19,
didn’t get the pic of the Polska-top-wearing FBS yet.
will it put me aff ma dinner???
;-)
Hope you have a great weekend over by.
HAIL! HAIL!
Token
Sorry if this has already been posted
I seen it on RTC and think its worth a read.
Hugh McEwan says:
08/06/2012 at 11:44 am
53 0 i Rate This
This is a link to a Celtic minded forum, however for those interested it is a good read.
http://maleysbhoys.com/2012/06/07/twenty-six-reasons-why-rangers-f-c-1872-will-die
HAIL HAIL
All the best in Germany Cha – hope it works out for you.
Re Celtic making a statement – I think we have made some very powerful statements in the past week or so….. Although subtle they are very very powerful…
I give you – Real Madrid, Ajax, Inter Milan and the youth tournament
HAIL HAIL
pyfinl
Mate of mine just renewed his season ticket at Ibrox – he suggested Barratt Developments as the new name for Murray Park.
Thomthethim
Good to hear that. I hope he will enjoy every minute in Poland.