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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macjay
>}
I heard she was a chemist, she should have stuck to it.
Zimmerman,have seen some bits on you tube,will have a look at some of those alongside your link tomorrow
NA2
I reckon I know the bit >}
For nearly 2 hours SSB avoided any mention of the latest Sevco debacle.
For the last 2 mins they laughed about film and book rites while missing the main point.
I honestly love these people…the daft huns think all is ok :O))).
Fred c. Dobbs,
Listening to the ssb replay at the mo…guess any callers on sevco are being bodyswerved.
zimmerman,
The last few minutes show their agenda.
It’s all a joke about films and books.
Who will play Sally etc…
Auldheid
My conscience well and truly pricked re.overseas season tickets.
In my ” to do ” file.
Not a word about who owns ra deeds :O).
Night Bhoys.
To,
All the bhoys looking for a parking space on cup final day. Head as you did at the weekend in to the heart of Toryglen. It was lovely to welcome you back again, its been a while!! If we are not going to complete the double, then so be it. Hibies, come in through Kerrycroy St, Its the only street in Toryglen, J. Eadie, 1981
doc:was at rally g.sq.dont catch all pages. winning captains: left back always seemed tae be mark reid for yonks. cool as you like for pens. then remember mad anton.
TET and macjay,
funny that you are both talking about one of the Rainbow Herbicides. You’ve seen the damage that agent whyte and agent green have caused…
canuck
Sometimes damage is good.
Long may it continue.
Doc is Neil Lennon
looks like, unlike Pike, my name is not yet on ze list
Good Morning CQN!
Just finishing nightshift and that’s me til Monday!
Busy weekend ahead, small matter of a league to win!
TET, 23.34
So many blogs I rarely catch up now, but if you’re still around and read this…
Dennis Thatcher,if my memory serves me as well as yours,also owned asbestos mines. I passed by a mine in 89 on the way or in Swaziland. Really bad conditions African workers well “talced”, huts and school same, school playground seemed to be tamped dust kids running around like zhombies.
Now stay most of time in Thailand most roofing looks like asbestos to me,somebody can correct me. Cheap and nasty, who cares?
tusker
Good morning friends.
Dry at the moment in ole EK but still plenty of grey in the sky and pretty windy. Mild enough..
Looking forward to a champion weekend.
Just woke up after a 14 hour sleep. Been on the go since landing on Saturday. Spent a day in rain-drenched Glasgow yesterday. My socks and feet were soaked through. Got my tickets for Sunday though, which made it all worthwhile. Also enjoyed a decent Glesga curry, which was a joy after the Aussie efforts I am used to.
Great game at Hampden on Sunday, made all the sweeter by having Kris Commons for first goal.
Summa – Big Chris sends his regards.
Hail Hail.
Tusker
Big problem with “fibro” in Sydney ,Oz.
Fibro has an asbestos component and thousands of houses were built using it .
Couple of grand to get a small fibro shed removed.
The rule: never breathe in asbestos fibres.ie.no renovation.
morning bhoys and ghirls,
auldheid, interesting lost of beneficiaries from your generosity. possibly sone that the kano foundation could help out.
can you drop me a note to sannabhoy@thekanofoundation.com ?
hh
tom mclaughlin
Glad all well. Hope your mum is well & you have enjoyed seeing all your family. This jet lag is a bloody nightmare.
doh.
lost = list
sone = some
neganon2
00:36 on 18 April, 2013
Re your reply from G Adam MSP
I particularly was struck by his disabled wife having been abused after one game by – in his words – “o** f***” fans
I can’t remember in recent years a match involving his local team which “O** F***” fans would have attended.
I think you have your work cut out with that character.
His reply positively drips with whataboutery if not downright Williamry.
Good morning CQNers,
I think Stewart Regan and the SFA have some gall in offering to ride to the rescue of league reconstruction.
A snippet from their statement reads ….“It is with this in mind that the Scottish FA reiterates its commitment to restructuring on the five principles of a single league body, fairer financial distribution, introduction of play-offs, parachute payments and a pyramid below the third division.
Nowhere do they address their licensing process. if only it had been fit for purpose and properly policed we wouldn’t be in the shi…. mess we’re in.
No sporting advantage mi Lord?
The SFA’s priority must be to address their credibility gap in sporting integrity before getting involved in any discussions.
See some bhoys commenting on Hilda having been a chemist. This is true and she helped invent Mr Whippy ice cream so that you got more air than ice cream thus increasing profits from children. So even as a chemist she was a shyster!
Ghuys,
I believe the SFA will look away if and when there will be legal challenge as to who owns Ibrox, they will just sit there , wheel out a LNS type to spout some nonsense about club and holding company.
On the license issue, the SFA will simply fine Charles £200K and Sin die him from Scottish Football (sound familiar) , the license will just carry on serenly.
The liquidators will do nothing except rack up a lot of fees …….
The last year or so has taught us that they will not be properly bought to account , still they have lost another £100 in the time to write to this contribution , not quite the same as the national debt (as Gideon is fond of telling us) but it all has to be paid, that is where the real fun will be , watching them cut costs and squeal.
macjay1 6.32
Just made me look up,bare (unpainted ) sheets outside room and veranda,bedroom has “foam” tiling my guest house for next month.
Brought up in Watford,had asbestos factory,uncle worked there,he had big garden shed.We used to play among the cast out sheets along the railway lines backside of factory in the summer 50’s in the summer looking for slow worms.
Remember Britain was very late banning the less dangerous white and that clever American salesman who offloaded the insurance policies covering asbestos related illness onto Lloyds. Poor old Enery had to sell his Lonsdale belt as had waited to become one of their “Names”. Bad timing!!
tusker
Morning,
Celtic will never agree to giving the SFA the mandate they want. What sensible business would?
Home gate money? Give us it!
European prize money? Give us it!
Sponsorship money? Give us it!
Via twitter.
So greetin’ Gilmore invites his sevcophantic MSM buddies to jot down tell-tales of bullies & need for a ‘Mediator’……Up pops Regan #Hmmmm
Does anyone have any updates on George Galloway’s motion raises at parliament against the rangers ?
Motion raised sorry.
ASonOfDan
I’m sure Ogilvie and his blue tinged cohorts will see this as an opportunity to dent Celtic’s revenue streams to undermine our dominance until their team can muster a challenge.
However, Peter Lawwell didn’t come up the Lagan in a banana boat.
Jings..! Crivvens..! Help M’Boab..!
Fire And Massive Explosions At A Fertiliser Plant In Texas….
Coming On The Heels Of The Boston Bombing And The ‘Ricin’ Letters..
Unclear If Accident Or Terrorist Act….
Does Not Stop Humungous Eamonn Holmes On Sky TV Speculating That ‘Far Right White Extremists’ Are Behind It…
No Other ‘Potential’ Terrorist Groups Mentioned….
Disgraceful..!!
The Shameless MSM Fools Ol’ Jobo Once…..Over Boston..
Willnae Fool Him TWICE…?
Surely..?
Test
Morning all. Blustery day here.
I see Radio Scotland is doing its best to edify Gilmour and the SFA. They, according to Radio Scotland, are the only ones who have real good of Scottish Football at heart. Codswallop of the highest order.
Later this morning they are airing another favourite topic in the West of Scotland: kafflik skools, THE source of bigotry. Only in this benighted wee country. Makes you despair at times.
THE EXILED TIM
00:28 on 18 April, 2013
‘Caught out again but I do know he owned the company that made the Agent Orange stuff,’
Don’t think so.
Dennis was on the board of Burmah oil. Agent orange was made by Dow chemicals or some other American outfit.
There’s footage somewhere of Dennis scarpering across a carpark trying to evade the press over some chicanery Burmah oil were involved in. It used to feature in the Socialist Worker Xmas quiz back in the 70s. Don’t remember any mention of Agent Orange.
Matt McGlone has tweeted that a reliable source has told him that season ticket prices are to be reduced by 20% next season.
That’s great news to any who would be thinking of not renewing for financial reasons.
Mort
Hen1rik
It would appear not much has happened.
http://www.parliament.uk/edm/2012-13/913