Popular narrative would have you believe that Craig Whyte funded his period in charge of Rangers by using monies due to the tax authorities and other creditors as working capital, while securitising future season ticket sales to pay off bank debt and, perhaps, providing a small boost to working capital. This version of events now has to be revised.
As we know, Jerome Group plc Pension Fund, a company connected to Craig Whyte, made a claim for £2.95m on the £3.6m seized by the court from Colliyer Bristow’s client account last week. The money is currently held in the client account of Duff and Phelps solicitors pending a court decision on who is entitled to it, and is also subject to claims from HM Revenue and Customs and another company associated with Whyte, Merchant Turnaround.
Today, Worthington Group plc, who are investors in Jerome Group plc Pension Fund, issued a statement to the stock exchange confirming that they provided investment funds to Collyer Bristow’s client account “when considering the possibility of making a fully secured loan”.
It’s now clear that companies associated with Whyte had deposited some millions with a view to being loaned to Rangers, that such a loan would be secured and that Duff and Phelps claim this money to be Rangers’.
Worthington goes on to confirm Whyte owns 7.54% of their share capital through another of his companies and is not involved in the management of the business. They also confirm that Jerome Group “acted at all times in accordance with very detailed legal advice”.
This demonstrates that notions the security over Ibrox and other properties held by companies associated with Whyte can be easily dismissed are fantastic. This has all the hallmarks of a lengthy and expensive legal battle over Ibrox with several motivated protagonists.
The most interesting comment from Worthington Group today was that the Trustees of Jerome Group plc “now understand that the funds may have been the subject of an unauthorised release to the Club in breach of this undertaking prior to the Club entering Administration”.
Claims that an “unauthorised release to the Club” of £2.95m happened before it entered administration could have acute consequences for those who instructed the release and directors of the club at the time.
Never mind, all this is clear enough for Duff and Phelps to press ahead with a healthy sale of the club, even though the verdict of the First Tier Tribunal is yet to arrive and Ticketus ownership of future season tickets remains.
For a comprehensive rundown on how we got here, read Saturday’s article ‘Rangers, the biggest scandal in the History of Sport and the rest’, which includes gems like:
“Between 1997 and 2003 Rangers lost an eye watering £152.6 Million. Joe Lewis’ £40M was gobbled up in jig time, followed by £20M of Dave King’s tax efficient stash, plus a £32M investment by Murray’s business, £6M from smaller shareholders, and a further £15M of NTL’s investment in the hopeless Rangers Media venture. At its nadir in 2004, Rangers net debt was a staggering £83 Million, a monument to the ego of David Murray and his ‘dream’ for Rangers.”
Support Celtic-Hub’s drive to get the Thai Tims to Celtic Park by buying a tee shirt here.
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The Falcon on 12 March, 2012 at 13:36 said:
Awe Naw…..
Fort William to Mallaig on the Jacobite Steamer choo choo — my wee brother used to be the train driver on this train, he used to get embarrassed when passengers asked for his autograph and wanted photos when they reached Mallaig- this must be one of the best train journeys on the planet.
CaltonTongues on 12 March, 2012 at 14:23
oul fellas birthday on saturday so wont get down, but looking forward to sunday on the guzzlegate….
Che on 12 March, 2012 at 14:38 said:
See you Sunday then.
Back to work now :-(
timbhoy2 on 12 March, 2012 at 13:15 said:
im sure the team plays better when he looks a lot calmer,
________________________
You may have got that the wrong way round.
Last night we had a Maradona-Messi debate but another,much more important issue is occupying my mind and i need help.
Ripple or Bounty?
Please hurry with your anwsers,my cuppa won’t stay hot forever!
BABASONICOS71 on 12 March, 2012 at 14:42 said:
Last night we had a Maradona-Messi debate but another,much more important issue is occupying my mind and i need help.
Ripple or Bounty?
Please hurry with your anwsers,my cuppa won’t stay hot forever!
Your Bounty go for the Ripple,,,,i’ll get my coat!!
Hail hail
philvisreturns on 12 March, 2012 at 14:07 said:
Speak for yourself on the selfishness of human nature , you do it with every word.
The state does not learn, people do when things that they thought were working , like the banking system for example, stop working. Then we change the nature of things one lesson after another.
The lesson we have yet to learn is every thing we do affects everything else and self cannot escape the effects. When we realise that being selfish means looking after the whole and not self we will really develop.
Take Rangers as an example, that state seemed to be working perfectly on a selfish basis. Now it is nearing an end because of that inherent selfishness. What they did and what those who enabled them to do it is now under scrutiny and will change.
That is the nature of life.
Enjoy the ride.
St Martin’s Bhoy on 12 March, 2012 at 13:54 said:
Karl Marx himself didn’t want to join that club.
Marx remarked to Lafargue, “if that is Marxism, then I am not a Marxist”
(http://en.wikipedia.org/wiki/Karl_Marx)
There I was,last night,sitting in hospital,coughing up blood ( yeah,really!) and my uppermost thought was,”I CANNOT die before Rangers die!
So far,so good. The NHS is brilliant,and they are pulling out the stops to get me on the mend. As soon as I can I’m getting up the road to see The Bhoys : the best medicine on the planet.
Serge – Good to hear from you young fella; I was wondering if i’d be on cut and paste duty with yer new joab but obviously not.
How long are you away for?
slainte
tony
miki67,
All the very best to you,hope you’re back on your feet and on the way to see the bhoys very soon.
Hail Hail mo chara!
philvisreturns on 12 March, 2012 at 14:07 said:
Since the age of revolution, capitalism has worked for the er.. well. the workers bacause they have a vested interest and have their say through the ballot box, and though perhaps less so now the Trades Unions have affected the decisions and issues of the day affecting governments.
In the future the historians will look back on the late 20th and early 21st century move towards centralised politics. It seems the appeal of the true left wing and rings of politics are no longer vote winners and the middle ground is where the political battles are fought.
ulysses mcghee on 12 March, 2012 at 14:17 said:
THAT sounds beautiful!
Sir Paul
Stage Left… Enter.. Worthington..
Worthington?
Who They?
Ah used tae like a Pinta Them..many Moons ago
Any connection?
Na… Nutsy, tells me that Worthington are INVESTORS in..
Jerome Group…(Did They no used tae hae Photography Business.up the Toon???…)
and
Who is behind them?
The Eminence… Grise?
Ya Betcha!
and
More importantly…
Hiv ye evah hoid the Tale o’ the Snake… Who Ate Itsel..?
Did.. Baroness Emmuska Orczy, hiv Whytey in mind. when she wrote..
“The Scarlet Pimpernel”??
That Reminds me..
Where is Whytey,noo?
Is he Kipping up wi’… Carmen San Diego?
or..
Mebbe, wi’ … Waldo?
Ye know somethin’ Kiddo…
Ah hiv the Feelin’ all of This is gonna End up…
Rather Badly.
It has turned intae a real… Chinese Fire Drill.
a
Veritible.Farrago…
a Mish Mash of a Mingle Mangle..o’ Hopes, Dreams,Fears and Wishes!
A Medley of Falterin.. Mis-Steps.
Wull Whytey end up..Suing ..Himsel?
Hell….Ah Widnae be at awe surprised!
Kojo
Still Laughin’ like Goodo!
Hi Tony
Hows things? No golf for another month? Jobs going well, In the middle of nowhere though, The border to Israel is about 5 miles from where i am staying. No gym & no swimming pool so unhappy Tim! Just played 2 games before i left in centre mid and training 2 nights a week so was hoping to keep up the good work here.
Serge
Philvis:
Are you at the wind-up with all this monetarist neo-liberalism proto- Von Hayek far right laissez faire “soup” you keep serving up?
Am I missing the “subtle” irony somewhere?
Awe_Naw_No_Annoni_Oan_Anaw_Noo on 12 March, 2012 at 14:04 said:
That is a cracking article by Grant in that it puts some focus on the bank. Imagine the cheek of them no longer wanting to be shafted by Rangers.
There is a VERY long item here
http://www.ianfraser.org/a-brief-history-of-halifax-bank-of-scotland/
about the worst bank in the world that sets out the downfall of the Halifax BoS. As the patsies who had to take it over you can bet your life Lloyds were happy to screw Rangers, having had to take on the consequences of being screwed by Ranger’s for years..
BABASONICOS71 on 12 March, 2012 at 14:52 said:
miki67,
All the very best to you,hope you’re back on your feet and on the way to see the bhoys very soon.
Hail Hail mo chara!
Ta for that……….I have a brilliant wee brother in Glasgow ( life long Bhoys fanatic & I absolutely love going to a match with him….glorious days. )
It’s like a pilgrimage!
miki67,
get get well soon, thee’s no enough of us, everyone counts.
hail hail
philvis – “If the State were a private business it would have been liquidated decades ago. Therein lies the problem with government – no punishment for failure”
thank feck for capatilism these past few years – who knows where we’d have been ;-)
My dear,dear,dear,friend..Miki67
Sorry, tae hear aboot yer Health Problem,pal..
Ah kin sympathize..
Ah jist fun oot the Ah hiv tae Go intae. the Hospital.. in a Few Weeks,masel…
Ach.. Things wull turn oot .. fur the Best..
Right?
Damned Right!
They Ayewiz Dae.
Kojo
yer pal..who likes ye , already.
philvis..,
is really George Galloway :o)
Aw Philvis,gie it a bye….Capitalism is terminally busted…maybe we won’t have Marxism,but mutual care & co-operation is surely preferrable to naked self-interest?
Just saw a clip from Paul McBride’s funeral where the loathesome Salmond felt it appropriate to be talking about the new anti-discrimination laws. This, at someone’s funeral.
Dear Lord, the man should be ashamed of himself.
truly disgusted!
Tax doesn’t have to be……..
Here’s my view on Tax:
Everyone contributes but only 5%, it ensures people believe the have a stake. VAT will be reduced on all day to day items.
Now that 5% can be transffered for the lower tax band and the first 5% from everyone else to a reg. charty of your choice. People feel that the money is going to the good causes they care about.
Then 25% up to 50K, 30% up to 100K and 40% for those above. No one should be paying more than half their wages on Tax.
However no clever Scams or avoidance, any high earners found to be using their wealth in any way shape or form to avoid Tax gets the gaol! I’m sure the well heeled would rather pay HMRC rather than some overpaid adviser who could land him in the pokey.
The Government survive on those takings or move over to allow in some folk who can manage an economy!
SimplesCSC
Ta Kojo….awra best tae you an’ all!
miki67 – get well soon, mate.
Another layer of complication and another finger in the pie that is them.
As you said, this will be a litigation and suit/counter suit festival for a very, very long time.
The more we hear from yourself, Phil and RTC the more the PR lies from others are exposed.
Should we take the MSM claim that there is no intention from the gang of ten to change gate money arrangements, or is that just another PR exercise after your expose of their agenda?
Great stuff and thanks.
HH
miki67 on 12 March, 2012 at 14:49 said:
sorry to hear of your troubles, get well soon.
was the desrtuction of world economies through toxic debt have anything to do with any govt policy.
Of course it did, when Brown began the process of eradicating tax havens the banks decided it was time to bring him down, the rest of the world is colateral damage.
China is pretty much the only country in the world not to suffer, why is that
chairbhoy,
gaol and all assets confiscated, including any assets signed over to trusts and spouse a couple of very common tax dodges.
Thanks to all for your best wishes….I am a Celt in mind ,body , & soul…….genetically as well : not that easy to knock flat.
Anyway,a season like this for Neil & The Bhoys & ,Ranjurs going down the drain, is the most amazing time to be witnessing. There is NO team in the world that has the spirit of Celtic…it’s always been so,since 1888.
All else pale in comparison.
jimmci on 12 March, 2012 at 15:01 said:
You can’t expect a man who talks up the mess at Rangers as the fabric of society to be able to behave himself at such an important function as a funeral.
The little I know of the man being a Celt abroad have led me to believe to put this man in charge of Scotland doesn’t bode well for the future.
Sadly Starry..
Gordon McQueen…?
Who He?
Anyway.. whoevah he is..
McQueen.. claims…
that the Ongoin’..G.A. Financial Fandango. HIs Caused the English Folk..and the Welsh Folk.. and the Irish Folk.. Irish(?) folk..
Tae Laugh at
“Scottish Fiba”,,
Gordon,son..
Ye goat that wrang..
The . English, The Welsh and the Irish(?)..are No laughin’ at
“Scottish Fitba'”
They Are Laughin’ at the G,A.!
Big, Big , Difference.. Son.. Big, Big.. BIG.. Difference!
Right?
Damned Right!
Kojo
Laughin’ like . Buggery!
Serge – All good at this end amigo, had my annual physical on Friday and the doc says i’m very healthy although i’m 8 pun above my normal drinking weight; musta a been the jelly and ice cream recently. Just do the sit ups and push up routine i told you about and you’ll be fine.
I trust the scouser is healthy and no doubt missing her beau? Take care and let me know if you need anything from me; weather getting better over here and courses will be open soon due to a mild winter:)
slainte
tony
Neil Canamalar @ 15:11,
Exactly! If we ensure we get 40% of everything I’m sure we will be getting in more revenue.
On Saturday I posted to the effect that hilarious as it might prove to be in the short term, liquidation, producing as it would a newco, would provide, quite a few folk, Celtic included, with a way out of having to meaningfully deal with embarrassing fallout from the current Ibrox morass. For my troubles, I was criticised in terms, sometimes sarcastic verging on the personal, which I post below.
67Heaven … I am Neil Lennon..!!..Truth and Justice will always prevail on 10 March, 2012 at 14:59 said:
Quonno…..how can you POSSIBLY criticise the Celtic Board in all of this…..you’ve either just landed from another planet, or you have applied for FUD status….I’ll give you the benefit of the doubt and assume you have been on a long visit to Mars.
Certainly and in no uncertain terms in the past, whilst on occasions directly addressing its members, I have been critical of how the Celtic Board conducts its affairs. However, in current matters relating to Ibrox, I have never uttered one uncomplimentary sentiment towards Celtic’s upper management.
Indeed, on this forum and elsewhere I have publicly attempted to defend it against the scurrilities of Hately, Traynor and others of their ilk.
As for being detached from reality, one need look no further than the archives of this forum to find me being regularly derided as a killjoy, party pooper and even a Hun and fifth columnist. For precisely what reason? My repeated, unswerving refusal to join the ranks of the Walter Mitties who, for months now, have been living in some future, never going to happen, Rangers free, green and white utopia.
However, none of the above detracts from my right and possible duty, along other Celtic fans and shareholders to question how our Board will deal with, however the cookie crumbles, serious fallout from events surrounding Rangers, especially should they lose the HMRC case.
Not least of these questions being. Just how will our Board deal with the prospect of a temporarily at least, financially weakened Rangers? Will it be ‘steady as we go’ and try to do just enough? Or will it be a case of a little bit, for a little bit would probably suffice, of occasionally pushing the boat out and make the much vaunted, but unrealised ‘Decade of Domestic Dominance’ a joyous reality?
Finally, the direction of sarcasm towards fellow posters. Do so by all means if you wish, but be prepared to take what you get. Some, myself included, if tempted, can be no mean hands at the practice of that particularly dubious art.
Just thinking , with whyte being allowed to install his friends duff and phelps as administrators, i wonder why the krays didn,t think of that ploy first and appoint frankie mills to be the judge in their cases , It cant be wrong as no one seems to condemn it.
jimtim