On the face of it, it’s just too crazy. Why would Craig Whyte become a director of Sevco 5088 Ltd, the vehicle his collaborator and Our New Hero, Charles Green, would use to buy the assets of Rangers from the administrators?
What options did he have?
He was, is, and for the foreseeable future, will be… the only show in town.
Whyte had controlling shares in Rangers and a security over Ibrox and other assets, as well as personal guarantees to Ticketus. If he wanted to realise the value of these assets, and protect himself from the consequences the Ticketus action which materialised this week, he was probably the only man at Ibrox last year you could guarantee would not, walk away.
Either Whyte had to find a 100% secure proxy to carry out his actions or he needed controlling interest in Sevco 5088, and Whyte is not a man who strikes me as having many strong trust bonds out there.
The Companies House form which STV produced (again, credit where it’s due) was always going to be fatal to Whyte’s plans, if produced, but it would have been no more than an insurance policy against Our New Hero going rogue.
The form hitting Companies House is not the moment you become a director in a company, that happens as soon as an offer is made and accepted. The company is obliged to inform Companies House within a short period (lazy journalism moment, I can’t be bothered looking it up), but failure to do so only incurs a small penalty fine.
Whyte and Earley were controlling directors and, in case Green reneged on their agreement, they would have documentary evidence to prove it. If Green had performed on demand, they may never have had to produce the document.
A number of possibilities could explain the fact that Green transferred the assets of Sevco 5088 to Sevco Scotland:
He thought that Whyte would be reluctant to incriminate himself further and would simple go away.
He thought he could transform the business and compensate Whyte with the proceeds.
He is simply not smart enough to know how these things operate.
Or he may have a subsequent agreement with Whyte terminating his involvement with Sevco 5088, although this contradicts his evidence to STV cameras earlier this week.
The weeks ahead are likely to be so busy it will be hard to retain focus on the critical path. Green has known for some days that he would have to go and replace himself with someone he can sell as a ‘true Rangers man’ to the most gullible people to walk on hind legs before season ticket renewal time, but even that date will seem a long way off.
Whyte will not budge until and unless his money is covered. We’re talking £18m to Ticketus and no doubt some more for his trouble. In playing the Sevco 5088 director registration form, his Doomsday Card, he has invalidated Newco’s associate membership of the SFA. He has called into question the fair and open disposal of assets by Duff and Phelps and the entire administration process. He even stayed quiet until Green flushed out a fair amount of supporter cash.
Some of the least trustworthy looking people in history, assisted by a supporting cast who were willing to bat away all concerns and warnings for a crumb or two from their table, have trashed every last inch of what we used to know as Rangers Football Club. This was not the act of Green, Whyte and Sir David Murray alone, many authors wrote this story.
On any measure of humanity, the monkeys, the organ grinders, the cheerleaders and their flunkies screwed the Rangers fan in the street to a ridiculous degree.
The next actions are for the stock market and some technically minded police officers as they try to figure out the Great Football Swindle.
At this side of the city we’ve been warning about exactly this link since Green told everyone Craig Whyte was happy to walk away for £2. It was astonishingly stupid for anyone to believe that. Really, really, really stupid. The most stupid thing a whole bunch of stupid people has ever done.
Ever.
Just stupid.
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Just a wee prediction but this time tomorrow Green will be gone.
bournesouprecipe
Why tomorrow ?
The next owner of the The The Rangers couldn’t possibly be?
http://en.wikipedia.org/wiki/David_Gold_%28businessman%29
I’m a betting man and I wouldn’t say it is beyond the realms of possibility.
Chinese lanterns primed and ready…..
Paul67
Thank you, of course you can use as much of the farm as you require. :))
Weefra HH
Bbcs Chris mclaughlin eventually becomes first news reporter to comment on sevco scandal… at 11; 30pm.
But only to.post that Charles said the docs are fake
winning captains
Being rather old, and the old grey matter ain’t what it once was in the recall dept….I do remember the uttering word, just can’t place it,
A really massive clue would be welcome for this old brain addled Tim >}
Paul67
As long as it keeps the blog going. Haha
Weefra HH
petec @ 23:50
They become expendable clothing gear for the British Army and get the arse shot out of them for a third+ time in a desert somewhere in the middle east where for some reasons tensions are high :)) It was what they wanted. All in the name of the big hoose.
Gordon64
Tramp the dirt down? Why? Why when we can pogo the dirt down? ;-)
petec
23:54 on 12 April, 2013
The next owner of the The The Rangers couldn’t possibly be?
http://en.wikipedia.org/wiki/David_Gold_%28businessman%29
I’m a betting man and I wouldn’t say it is beyond the realms of possibility
he would be a perfect fit :-)
FourGreenFields
He’ll be outvoted as they are already only one vote short of ousting him, as he owns nothing, pre-empted by Bomber the Brain of Britain Brown, who could only find deids, but no the deeds.
Petec
Used to be a group called “The The”, Had a song called “This is the Day”. Lyrics include ” All the money in the world, couldn’t buy back those days…”
http://www.myspace.com/music/player?sid=28332271&ac=now
HH
CRC
It’s not possible to concentrate on the Masters and keep up with CQN at the same time…..and….I’m playing a medal tomorrow ….chance fa goat?
emusanorphan
Are you venturing over here this summer ?
celticrollercoaster
A great band and one of my favourite all time tracks..
If Chuckles goes, who’s the obvious candidate/ muppet?
Or is this next one going to be the genuine hun messiah??
Is it Jabba?? Ipox becomes the home of Jabba, with weird creatures and kidnapped Princess Leilas…..
Feckin George Lucas, he was ALWAYS right !!
http://www.youtube.com/watch?v=2J1O0tfxAK4
gallagher first said that when that Big Hoose is destroyed that is when they will know they are finished.
Not long now. ;))
31003
23:54 on
12 April, 2013
So the first time was really a trial run!!!
Fire engines on standby :-)
HH
CRC
Fortunes Favour Mibbes @23.58
Too funny
31003- i know the feeling !!
celticrollercoaster
23:59 on 12 April, 2013
Oh dear they may have to be called The The The Rangers in case of copyright. :D
stutterrap.csc
A quick observations on Green’s statement from tonight.
He claims he resigned from Sevco 5088 and became the founder (sic) director of Sevco Scotland.
Sevco Scotland was operational in July last year but Green signed a Companies House form as a director of Sevco 5088 on 27th December 2012.
It is not very suspicious that these documents are being filed 11 months late, we covered this above.
Green did sign a striking off form for Sevco 5088 which has been submitted to Companies House but the company remains active and has yet to be struck off.
As far as Newco are concerned, this response is about as bad as it could be. Can you imagine how long it will take for courts to determine if a document has been forged?
Padlocks for years……
The Boy Jinky, like it.
johann Murdoch, it sure does.
EXILED TIM, let’s hope.
winning captains, aye, a few interesting tales still to come out.
FourGreenFields, hope so.
Wee Chris Graham of the Rangers Supporters Trust doesn’t do irony.
And they can’t say they weren’t warned.
@ChrisGraham76: Paul Brennan, CQN Chief Obsessive, describes CW as his “hero”. Presumably the ‘immorality’ of non payment of tax has been forgotten?
The Exiled Tim
It’s like the other side of fraud. Not the victim. If for instance a bank manager opens an account for someone he knows in a different name or transfers assets or such like, the guy opening the account for fraudulent purposes is aided by the bank manager, or company director who may be commiting uttering. Some people struggle to sleep worrying about this under the bed.
CG claims the documents produced by CW are fake.
Is the puppet master pulling the strings ?
bournesouprecipe
Just a bit surprised you think it will be as quick as that.
This saga has been drawn out to try and facilitate the survival of RFC , ignoring existing rules etc so my automatic assumption would be that smoke bombs and diversions would be deployed to help reach the required position.
HH
31003 @ 23:59
Chance fa goat?
A few of them getting evicted down sevco land this week, along with some flying monkeys.
None of them look too healthy though. You could try rescuing one, they answer to “My Pretties”.
Fortunes Favour Mibbes
23:51 on
12 April, 2013
PJBhoynyc @ 23:33
Another good post Amigo – enjoyed your contributions this week while I lurked.
———————————————————————————————————-
Thank you FFM. I always considered you a man of impeccable taste. ;)))
Crc
You sir are invited to let yours off with us fat boys…date to be arranged….but it will be soon…..very soon…
winning captains
Thanks, now I recall.
HH
Given his record CW would likely face jail if what CG says is proved.
First of all, I’ve really enjoyed reading some of the posts from the likes of Auldheid, Italiabhoy and SFTB. I think that there are elements of truth in all your possible explanations.
That said, I have no doubt that investors have invested money in the business through AIM. This cannot be doubted. There is £20m odd sitting in the that corporate vehicle.
I guess the investors must now be asking did they buy shares in the vehicle that owned the assets. Lawyers on the transaction will HAVE to have provided all this documentation for the data-room prior to the listing i.e. the asset transfer docs from the oldco to sevco 5088 or from oldco to sevco scotland or from sevco 5088 to sevco scotland…..
that said, lawyers and accountants never make mistakes, right…….?
WHERE IS JABBA
Not doing a very good PR job for Chuck is he
rats&sinkingshipspringtomind
Chris Graham’s out to get you, Paul. Intellectually. Scared?
BSR
;)) Where else can a resumed zombie go??
SwanseaBhoy @ 00:05
That sums up the thinking of that muppet. Even at this hour of his 2nd club’s need, he has to divert and obfuscate. Ugly nature in that fecker.
FourGreenFields
I’m only going by the experts in ‘bampottery’ but it’s confirmed ‘thems’ meet this weekend, it’s been an astonishly bad week even by Verdi’s standards, and he was given a police escort from Sheffield Utd, when he left.
He’s dealing with much more historically rabid peepil than ordinary football fans.
It’s only a question of time given that he’s also Walter Mitty.
Gincher67 @00:12 “that said, lawyers and accountants never make mistakes, right…….?”
They just settle out of court..