Http:// … From the article, Wallace re the Laxeys loan- ‘The remaining – The Scottish Football Monitor

Http:// … From the article, Wallace re the Laxeys loan- ‘The remaining …

Comment on Podcast Episode 1 by neepheid. …

From the article, Wallace re the Laxeys loan-

‘The remaining part of the facility has a 15 per cent premium. If you look at the level of expectation in the commercial market, the rate the club is paying is not out of alignment with what you’d expect to find.”

Over 30% APR? Is he serious? That statement comes straight from cloud cuckoo land. I am rapidly coming to the conclusion that Wallace doesn’t have a clue. Could that be why he was given the job?

neepheid Also Commented

Podcast Episode 1
Since Ahmad is claiming that TRFC is trading while insolvent, does that not mean that to defend the action, TRFC’s lawyers will have to produce evidence of solvency to the court?

Just as an aside, I can’t see how his claim for £500k can fail, assuming the CF documents on the subject are genuine. Since Green is apparently prepared to go into bat for his “wee p— friend” then it looks nailed on to me. Certainly if I was promised, in writing, a £500k payoff by the CEO of the group I worked for, and then got nothing, I would be having my day in court- and fully expect to win.

Podcast Episode 1
From James Forrest

Podcast Episode 1
ecobhoy says:
February 24, 2014 at 9:41 am

But another issue arises with the £1 million from SportsDirect shown in the accounts which may be part of the £1.5 million loan facility agreed in the IPO. Any loan under the facility was to be secured on Rangers property and I had always thought that would probably be the Albion carpark and Edmiston House.

But who knows?
Certainly I’m in the dark! Surely any charge against the properties would have appeared on the Land Registry records by now? So I’m sure we would have heard if any charges had been registered by Sports Direct..

Recent Comments by neepheid

Is Regan a DIDDY?
This is worth a read on the Morelos transfer saga- apologies if already posted.

Is Regan a DIDDY?
I see that Sir Walter is being touted for the Scotland manager vacancy. I can fully understand why the deadly duo of Jack and Jackson are pushing this so hard.
TRFC are (as always) in some financial difficulty, despite having a squad containing galacticos in the £8m bracket. They need to get the paper value of that squad even higher, to encourage the Real Rangers Men to come forward with donations (sorry, loans). Their children’s inheritance will seem so much safer if the club has some valuable tradeable assets on its books.
This is where Walter comes in. A few international caps can do wonders for the value of even the most pitiful dumpling. Just watch, as caps are doled out to every player in the TRFC squad who has a Scottish qualification. Look on in wonder as TRFC squad value is doubled or trebled in a matter of months.
That’s the plan, folks. Desperate men, desperate measures, and all that. Shame about the better players edged out of the Scotland reckoning, an even bigger shame for the Tartan Army, who will see any prospects of Euro/World Cup qualification go up in smoke.
By the way, I agree entirely with Homunculus regarding JJ’s latest. Whether true or not, it is a disgraceful piece. 

The Elephant in the Room
From Twitter. This made me laugh on a cold winter morning


The Elephant in the Room
I may be wrong but I understand the loans to be viewed as money taken from the company
I may be wrong but I understand the loans to be viewed as money taken from the company –HMRC Guide 1. OverviewA director’s loan is when you (or other close family members) get money from your company that isn’t:a salary, dividend or expense repaymentmoney you’ve previously paid into or loaned the company– please advise?
That HMRC advice relates to the common situation where directors borrow money from their company. Here RIFC (or TRFC?) has borrowed money from its directors.

The Elephant in the Room
A number of “internet ballots” suggested at the very start that this was a long drawn out plan for which SDM acquires the club back again debt free at a future date. With his cohorts Murray and Johnston effectively now calling the shots with Kings ‘cold shoulder’, this scenario doesn’t seem quite as far fetched as people once thought. 
I suggested on here back in 2012 that SDM was still lurking in the background pending a return, and got pelters for my trouble. Probably rightly. 
However 2012 is a long time ago. Would he have had the patience to sit it out that long, while watching the dismal saga of “the journey” unfold? 
He does have the money to buy out King. But why would he? He’s not a Real Rangers Man in the usual sense. Maybe he wants to make amends for what he sees as a stain on his reputation? Do very rich people even think like that?
Whatever his intentions, the current Board lineup at Ibrox bears an uncanny resemblance to the old regime. Coincidence? Maybe, maybe not. Nothing would surprise me now.
I see JJ is blogging this morning (on Phil’s coat tails as usual) regarding an imminent pre-pack administration, aimed at getting King out. I just can’t see how that works. Apart from anything else, surely King could block such a move? I’ve never heard of a pre-pack being implemented in the face of opposition from the largest shareholder. And isn’t club 1872 in the King camp?
This has the look of a classic stand-off between King and the rest of the Board. Money is urgently needed to keep the club going, so who will blink first? And what happens if no one blinks? In that case it has to be an unplanned administration. That would be a disaster. On the face of it, such an administration would be unfunded, and the administrator would have no choice but to cease trading, lock up the premises and put everything up for sale. 
I can’t see that happening, personally. Someone will blink, and cough up just enough to keep things going for now. But that’s hardly a business plan.
As for the horrors of the cold shoulder? We must wait and see. I’m not sure that it will be the game changer that many seem to think. King may have to resign, and he might be found in contempt of court, but his shareholding will remain, which is the real block to progress.  
The best answer for the club is for someone to buy King out, probably as part of an agreed pre-pack administration. That surely must happen soon, or the club is going to go backwards. Who has the inclination, and more importantly the money? SDM? Ashley? Kennedy? A.N. Other? Not the current Board, though, that seems pretty certain.

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