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.
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First Division Clubs Invited to SPL2 Meeting – http://t.co/M6ygE97qCa
SPL2 meeting?
Dharma bam\o/ @ 19.33
Good for you mate ,let us know if you receive a reply . I doubt you will though.
HH
1-0 west ham.
A small point-but I notice they put Celtic ahead of “Rangers”-(who they?)-in tonight’s statement.
Is that a 1st?-can’t say I’ve ever noticed that much before.
A grubby attempt perchance to curry any sort of favour they can from us in their sordid efforts as operation save Sevco relaunches?
On another note-anyone know if CW ever got the dough back that he lodged unsolicited into CG’s coffers?
I seem to recall CG being in a real bad way about that-must be killing him if it’s still in situ!
Graffiti
My wife says she saw this on toilet wall in John MacIntyre Building at Glasgow Uni in early eighties
“My mother made me a lesbian”
Under which somebody added
“If I give her the wool, will she make me one too?”
Valentine’s Day
I know what you meant. See these web pages; they’re rubbish.
Did I hear BBC earlier say Hamilton have called for a meeting of the 10 SFL1 clubs – plus Dundee & QOS?
The wife was talking over it (as usual). Pretty sure Sevco wasn’t mentioned.
Billy Bhoy
That’s correct.
Sevco have been invited to a La Liga meeting that day.
Inter full-back plays two lovely 1-2s to put them 1-0 up v Roma.
Che-VG
Evening all
So what’s the deal ? With this SFA offer? Maybe it’s just my continuing poor fettle but I really do smell a rat here.
Anyway I cannot come up with anything better in the grafitti stakes but I remember one day in the 70s passing the Glasgow School of Art on which somebody had written ‘ All Artists are Pseuds’.
Jimbo
Why are we getting our knickers in a twist over this latest restructuring nonsense, the tribute act will be out the game shortly.
http://Www.showsthedeeds.com
Right everyone I’ve thought about this and I’m now convinced the corrupt blazers are trying to avoid rescinding the cheats licence, this is the big one and we need to remain focused on this.
I think our club will do the right thing regarding keeping the cheats out although I honestly can’t see the corrupt blazers rescind their licence but we must focus on asking the right ?’s.
neveralone
15:57 on
17 April, 2013
Pub Info request.
For a restaurant, you may want to try East Z East, on canal just of Deansgate, superb Indian meal to be had
Hail hail
Maybe we should make a list of all the things were not happy about…..
Evening bhoys, hun free as ever in a warm mountain valley tonight.
There is more chance of Green and Whyte telling the truth that the sfa revoking the huns licence.
It’s not going to happen.
March to hampden……..DISBAND THE SFA
We will never get a better opportunity.
notafanofstatusquo csc
che
20:23 on
17 April, 2013
Maybe we should make a list of all the things were not happy about…..
1. Regan, Ogilvie, Longmuir, Doncaster, Ballantyne, Bryson removed from office.
2. Turnbull Hutton SFA chairman.
3. Sevco’s licence rescinded.
4. Sevco remain in bottom tier until they earn their way back.
5. Foreigners limited for all SPL clubs.
6. More money for lower league clubs.
7. Play offs.
Paul67 et al
Just read the SFA statement, hoping that, in the interests of Scottish football it has agreed to disband itself but no, it merely offered to mediate. As for the SFL meeting to discuss an SPL2, well that is just laughable. Stuart Gilmore has gambled his own club’s future, and has lost.
On another note, the latest in the Portsmouth FC saga is that the troubled club is now in what is effectively division 3 after being relegated. But at least their fans own the stadium.
Chucks went so quiet he could be in suspended animation
Whit happened
So….the sub-text is that if Klan F.C. don’t get a leg up, Ogilvie and his cronies/minions will inject some more rot into the game and keep on doing so until there is capitulation for fear of the complete disintegration of the game in Scotland, and even if the stench of rot is overwhelming, so long as The Klan has its way all will be well . Then, Jabba, Sneevins, Britnae and their ilk can gleefully splutter onward. Smell? What smell?
Have I got that right? Is that roughly the gist of it?
TET,
You’ve got mail.
good thing in our favour is that several chairman have said there will be no reconstruction talks now..sfa cant force them to agree to an spl2 whether its newco 3 or zombie4..there wont be time either to construct an agreement..and im sure if there are any zombies left theyl say no to spl2 as they dont want in the spl anyway and they wont want any reconstruction as its partly through the current season…
miki67
hope your well…spot on it stinks to high heaven and back..zombies in suits..
miki67
20:32 on
17 April, 2013
Right?….dam right.
nice tae see yer warrior heart is as
strong as ever
Looks like Mr Lawwell may have been one step ahead of the pack and played a blinder.
From the SFA statement on reconstruction:
“Lest it be forgotten, …..Our national men’s team are bottom of FIFA World Cup Qualifying Group A and are ranked 77th in the world rankings.”
Sounds like the SFA are just the people we need to move the game in our country forward.
medtim
19:36 on
17 April, 2013
Absolutely spot on, and very well put….that is the bottom line
ChannelislandCelt,
Will do.
I basically said I thought it should have been The Rangers in the headline
and suggested if there was a valid reason for doing so, that it should be well publicised.
Otherwise, it could be argued that Celtic FC were legitimising the new club’s claims to be the same club as the liquidated Rangers FC, via the official website.
If the SFA want to be involved then ask the SPL & SFL to take their copies of the McLeish Report part 2 out of their filing cabinets and turn to page 71 where the ‘independent’ enquiry into what’s best for Scottish football is a top two divisions of 10 teams. That’s the same 10 team league that we had when we last had a competitive league where several different teams won the league (1975-1986). Add in some play offs for Europa league places and promotion/relegation and job done.
Ta for your kind concerns. Radiotherapy beckons in a couple of weeks. Oh, joy.
Now…..if only i could trap sevco in a lead lined room and inundate them with radiation until THEY say enough and throw in the towel.
Now I’m sounding like some kinda half-baked Bond villain.
The whole rotten saga just twists my melon something fierce at times. I mean, how long until there is some justice?
Never, by the looks of it.
Off to soften my overheated brain with some visual valium.
HH!
miki67
Best wishes to you. Stay strong hard tho’ that might be.
Lots of people you’ve never met are praying for you.
Scottish news tonight: some old Git’s funeral; panda might get their nozzer. Apparently the world stopped.
Miki67
Hail Hail
sixoclockatthechapel
20:02 on 17 April, 2013
Hahahahaha…..maybe it’s a code….LOL
Inter v Roma 1-1
The SFA had to make this offer to get involved and mediate. It isn’t a surprise they have, nor their stated reasons for doing so – the good of Scottish football etc etc.
The ball now comes back to the clubs. Including Celtic.
I hope and expect we will ever so politely decline the SFA’s offer and go with the status quo next season.
I expected with it being ding dong day a story would break concerning the huns.
Cant say I expected the sfa to crawl out from under their stone at the same time.
As with most of us, I have no faith in the sfa but surely they cant be stupid or arrogant enough to fastrack the hunchbacks.
Then again.. after their inaction on delivering penalties to thems and the helping masonic hand to breathe life in to the newco, who can foretell how far the cabal will go to stop thems hitting a newco gutter.