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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iki
I wouldn’t bother worrying about the SFA ‘mediating’. It is just posturing and saying the right things so as to say in future that they ‘tried’.
The SPL clubs will never allow the SFA to dictate to them on finances and the SFA know this.
The status quo will remain for next season at least.
Celtic_First @10:06 “A wee click and I am able to answer my own question. The person or institution that got rid of 75,000 Sevco shares yesterday requested that publication of the trade be delayed.”
That’s perfectly reasonable CF.
I mean who in their right mind would want anyone to know that they had been so thick as to allow themselves to be talked into buying 75,0000 shares in sevco?
iki
I don’t think any new set up should be introduced next season anyway. It’s not fair on clubs not to know what they are playing for. Teams have given players contracts because they are in a certain league.
I think Gilmour is at it though and I’m not sure what is in it for him with Sevco. It doesn’t make any sense. What would he have to gain? What has Green promised him? he has openly admitted shafting (or trying to shaft) Craig Whyte. Is this a man to trust? Would it be wise to take him for his word? I wouldn’t trust him as far as I could throw him. St Mirren may see their gates light by a few thousand of their own supporters and many from other clubs.
I don’t think it was fair to change the league set up though at this stage of the season. Rangers/Sevco will be bust again by the time it all goes through so I don’t see many worries in that direction. The only thing that Gilmour may benefit from is a ground share of some kind of Ibrox is out of commission. I don’t see Sevco wanting to use Hampden. That is the only possible reason I can make out. Very strange!
LB
Referee for Sundays game is Kevin Clancy. Do you think he would ever have been allocated a Celtic v R*ngers game in days gone by? I wonder who’s getting his season ticket? LOL!
Most popular names for baby boys in Scotland in 2012?
In at number 18 = Mason.
Yes, the parents of 282 wee guys in Scotland last year called their wean Mason.
Celtic_First
Where is the list? About 3 people I know have Olly as their kids name. Wanted to see if that was on the list. Very popular these days!
LB
Tom
If its upstairs cafe my Dad will be sitting in there as I type.
>>>>>>>>>>>>>
Tom McLaughlin
09:51 on
18 April, 2013
Just had my first roll n square sausage at the Plaza, East Kilbride.
Magic.
Livibhoy.
Your point about ” midseason” changes is a tenable argument but it is not one that Gilmour raised.
Gilmour did not argue about it being wrong to introduce it next season.
Sanna – hopefully the club will bring back the £50 season card for under-13’s next season. It would certainly help TKF !!
Anyone phoned for an ambulance for the The Plaza in EK…?! :-)
T4
C_1st : hopefully, that does not include Mr & Mrs Boyne’s offspring!
T4
Jobo –
Sunny but with a biting cold wind.
iki
I totally agree. I jjust wanted to put my own opinion across. If this had been done pre transfer window then I could understand it but we are nearing the end of the season. It’s slightly unfair on clubs. I don’t see that the current set up for another few years is all that bad. It should not now be voted in for the following season as that only helps Sevco (IF they are still around). The current voting system will allow the clubs unhappy at Gilmour to get their own back not voting for the proposal he wants. It will get that petty.
I would suggest that any changes won’t take place now until Rangers/Sevco get in the top league to prevent their acceleration up the leagues.
LB
Jc2 –
It was Romano’s downstairs.
;-)
Celtic_First @ “Yes, the parents of 282 wee guys in Scotland last year called their wean Mason.”
D’ye think they’ll get a joab?
Victorian Dad…………………..at it again.
Cameron was twenty-fifth. I thought that was a girl’s name now. Tories must be on a population expansion policy. Mind you Blair is on the list too, at 67.
Ryan was nineteenth most popular and Liam twentieth. Aiden makes the top 36, while Aidan is also on the list (at 84). Joseph and Michael are in at 47 and 48. Other overtly Timmy names are Sean at 97, good old Declan at 88, Finn at 66 and Leo at 39.
Apostles still featuring in the top 100 are, for the doubters, Thomas at 22, Matthew at 28, Andrew at 42, John at 52, and, something of a surprise, Jude at 97 equal (it’s Jude Law, right? not the apostle and patron saint of desperate cases and lost causes).
Evangelists Luke (40) and Mark (93) also make it.
No Patrick, no Peter, no Martin, no Paul, no Neil, no Coisty.
LiviBhoy
10:31
Olly is on the list, at 91, with Ollie at 71 and Oliver at number 10.
The full whack is here. I better do some work now.
http://www.gro-scotland.gov.uk/files2/stats/popular-forenames/2012/babiesnames-2012-t1.pdf
Masonic Monikers is it???
….always thought the preferred male option for those of that persuasion was……………………………. “Lewis”
*shudder*
Any DJBEE’s on the names list?
bankiebhoy1
10:51
Lewis was number two, after Jack.
Celtic_First
A good strong name that, you can go far with a name like that, in fact I think I’ll change my daughters name to mason!!
Where are the new entries in the baby name charts? No imagination, parents these days.
In at 99 equal for the lassies = Mirren.
Iki
I think 14-14-14 will be trumpeted even though Gilmour was shot down trying to peddle it on RS before the vote “…. you know it isnt feasable – we looked at that previously”.
Gilmour’s main gripe was the 11-1 voting and the split. Gilmour wants the 14-14-14 as it woiuld mean Sevco (if they are still alive) getting a chance to move up a year early.
Anyway , I dont think it will be a goer as there are too many angry people now in the SPL.
SPL2 may be considered but WE need to ensure it is by merit that clubs in Div 1 are able to play in it and NO OTHER MOB.
Celtic_First………
Think Francis might make the hatches name chart next year??????????
Regards & Hail Hail
TBM
No Gene – a dying breed
Scottish Premier League secretary Iain Blair says he will “have to look” at whether the organisation’s rules allow for the Scottish FA to intervene over league reconstruction.
Both St Mirren chairman Stewart Gilmour and his Falkirk counterpart Martin Ritchie have called for the governing body to step in after an SPL vote on a proposed 12-12-18 structure failed on Monday.
The Scottish FA have since stated that while they are prepared to “mediate” in discussions to find a compromise, they have no jurisdiction to seize control of the running of the country’s leagues.
Speaking to STV, Blair conceded he would have to study the SPL’s rulebook to determine whether clubs could vote for the league’s authority to be suspended for a resolution to be found.
“On the one hand, there is the opportunity for a third party to become involved,” he said. “The SFA have been involved in all the discussions which have been going on.
“As to how you go about suspending your rules, I’m not sure how that can be done. That’s one of the things I will be looking at.
“The SFA would not have a role in suspending the SPL’s rules. That would be a matter for the SPL.
“I think the important thing is the clubs decide how they want to take this forward. Once this decision has been reached, then we will put it into place.”
Pressed on whether the rules could be suspended, Blair replied: “I need to go and have a look at our rules to find out.
“I’m not sure exactly how we’d go about suspending the rules.”
SPL rules and articles of association make no specific reference to their suspension to allow the Scottish FA, or any other third party, to step in.
———————————————————————–
the good old sfa will save the day
nurse…..nurse…
jam67
Re season ticket renewals – renewal form details prices for “Special Season Tickets – excluding Rangers” (sic)
What’s that all about? Who are these Rangers ?
As they are dead do we all get a Special Season Ticket?
Cant work this out
Think it’s about time we updated our forms.
TheBarcaMole
Aye, I’m sure you guys will be on there next year …
… as a girl’s name. Tis the way of these things, old bean.
It was always said in Glasgow that if you called your boy Pat he wouldn’t get a job.
Not one Ntassoolla on the list.
Celtic_First ……..
His Holiness might be a tiny factor in that eh!!!
TBM
If the SPL sec wants to know how to suspend their rules, why does he not just ask Regan and Ogilvie.
They have been suspending rules with impunity for years.
Stephen McManus our ex captain has been brainwashed, its official, how else can you explain his comment yesterday re the return of sevco to the top flight, we need them back because…….
“We have to make people proud of our game”
Completely and utterly bonkers.
I remember one baby girl in the papers a couple of years ago was called Ibroxia.
I was left wondering if her twin sister was called chlamydia.
That wee girl might have to change her name to Sports Direct Arena when she’s eighteen.
=13 Charlie, next to,
15 Adam
Perish the thought!
75,000 Sevco shares at 63 pence a time…
£47,250.
If that had been a genuine purchase, it would have covered nearly two days of their current losses.
Pity that it’s not.
No matter…. Every penny counts.
Anne Williams R.I.P.