05 Feb 2014 14:23:26
If there is no foundation to the latest rumours that CEO Wallace is about to hand in his resignation, then surely Rangers board need to address this with a swift denial immediately.
Failure to do so will give the story some credence and send the share price through the floor as shareholders try to cut their losses, as they would see his exit as the beginning of the end.
bluebeard.

1.) 05 Feb 2014
OP I have no idea if any of these rumours have any substance or not but my tuppence worth would be it would surely be totally out of character with a man well used to boardroom brawls who walks after a few weeks. That would not look good in his CV.
On balance therefore I am saying b@llocks- probably wishful thinking by some non Rangers minded media people or someone putting two and two together and getting 9.

{Ed039's Note - Nbear, I edited your post, I do not post anything remotely concerned to do with that man, sorry)

2.) 05 Feb 2014
Denying rumours is giving them too much credence, more important matters to deal with.

3.) 05 Feb 2014
Absolutely fair comment ED I didn't name him as the name and the person leaves me sick to the pit of my stomach but no one would have doubted who it was. Not worthy of further comment and best ignored by all- Agreed!

{Ed039's Note - No problems NB)

4.) 05 Feb 2014
Whyte confirmed as director of SEVCO 5088 by companies house this morning.

So whyte is now director of subsidiary of TRIFC - and we breach 5-way agreement and are open to SFA punishments.

He is NOT ALLOWED TO BE PART of newco. so being director of sub-company OWNED by RiFC and TRiFc is no on.


Also means his claim against ibrox even stronger. JG. question just how did GREEN con whyte. because whyte has all the cards at the moment.

BDO may give him keys to ibrox for nothing, court may give him it, Companies house may give him it, HRMC may win and give him it.

then what. I see fans asked to pay£20/mth to save rangers has started. we already gave £5m in the IPO. which just covered IPO costs.

{Ed039's Note - This is my understanding of this and if I am correct then your post is very wrong, Sevco 5088 was a company which was started by Charles Green in which he proposed to buy the assets, however he then started another company Sevco Scotland Ltd (now Rangers International Football Club) and used this company to purchase the assets of Rangers. Craig Whyte claims that this was wrong and he did not give Charles Green permission to do this as a director of Sevco 5088, this is the basis of his "legal challenge" and this is how Green claims he "shafted" Whyte. The basis of his challenge was that D&P had an agreement to sell the assets to Sevco 5088 but instead they were sold to Sevco Scotland Ltd (or illegally transferred from one to the other as Whyte alleges). Therefore Sevco 5088 is a stand alone company and is not a subsidiary company of Rangers International Football Club, its original intentions was to be the vehichle to buy Rangers assets but was never used ...... does that make sense??)

5.) 05 Feb 2014
Ed you are right, sevco 5088 never owned any assets of rangers and is not associated in anyway with RIFC

JG

6.) 05 Feb 2014
If the board had to come out and issue statements in defence of all the rumours put out there by some anti rangers minded bloggers and journos, then statements would need to be issued almost every day

Any bears who use these people as their main source of information really should know better

JG

7.) 05 Feb 2014
@3 please tell Sammy that as he uses this as his reliable source on a regular basis

JG

8.) 05 Feb 2014
Steerpike- what could possibly be more important, than reassuring possible investors that all`s well in the boardroom.
instead of letting this rumour grow arms and legs, you think Murray the boardroom brawler (Nbear2)
would be going for the jugular given his reputation is on the line.
A short statement rubbishing story would be suffice.
instead the silence is deafening.
bluebeard.

{Ed039's Note - Remember and log in bluebeard)

9.) 05 Feb 2014
Bluebeard,

There are many ways to skin a cat, trade libel needs a bit more rope to hang him, but it will be soon.

I read somewhere in the accounts that Sevco 5088 was a subsidiary of RIFC plc, thankfully the registration is with TRFC.

10.) 05 Feb 2014
{Ed039-sorry I do log in but for some reason not tagging.
any suggestions? bluebeard techno phobic.

{Ed039's Note - None mate, I will ask the tech guys)

11.) 05 Feb 2014
Ed039

if Sevco 5088 was an unconnected standalone company with NO part of the purchase of assets. THEN

it would not be part of TRiFC/RiFc - but IT IS a wholey owned sub-siduary

if "Sevco Scotland" bought assets from D&P - then £200,000 exclusive payment would NOT have been needed - but IT WAS.

We KNOW Green conned Whyte (Green admits this) - but how - it seems most likely that Green was director of Sevco 5088 when it bought assets from D&P (and though he was SOLE director ) - the Conn.

Note: there is minutes of a Rangers board meeting which shows that Sevco 5088 had assets - and transferred then for no consideration to Sevco Scotland (which then renamed itself TRFC), and then this is the basis it could IPO with assets as part of this.

JG. claims Green conned whyte but another route (for which there seems no configuration) that instead Green purchased assets from D&P using Sevco Scotland (but this would not be possible without binding agreement? ) - where is the proof that a binding agreement with Secvo Scotland exists.

so far no sign of it.

I don't know truth, as there is lot of smoke and mirrors. but if we seek facts, then clarity follows.

Note: Why does RiFC own Sevco 5088? if not part of process.

A con is a lie, that's fabricated to look real. All lies have a flaw, and con artists are like magicians and distract you from the lie ( ie buy this car from me, lie is I don't own it, but its got nice alloys. and its cheap. )

The truth has has no flaws. But can seem unbelievable.

Whyte is a known fabricator.
Green is a known liar, given he lied to Whyte.

But our club in the middle of this, and seems one has hold over other, just when we need a loan.

{Ed039's Note - This is an extract from the final report from D&P - Joint Administrators:

7.1 A detailed outline of the marketing process undertaken by the Joint Administrators which preceded the sale of the business, history and certain assets of the Club to Newco on 14 June 2012, was provided in the previous report to creditors dated 10 July 2012."

"Newco" is defined in this report as "The Rangers Football Club Limited (Formerly Sevco Scotland Limited) of Ibrox Stadium, Glasgow G51 2XD (Company number SC425159)

Is everyone lying Sammy? Can you show me some documentation that shows the assets transferred to Sevco 5088, I am not saying it wasnt, I have googled it and this is the best piece I can give you)

12.) 05 Feb 2014
Sammy,

Sevco 5088 was brought into the RIFC group by CG after the CW revelations a year ago, this does not mean the assets had to go through this company, CG had his reasons.

If the assets had gone through Sevco 5088, CW would have sprinted up the court steps long ago and the auditors would have given Rangers a pervasive warning.

13.) 06 Feb 2014
@ed 39, I seem to remember that charles green and sevco 5088 was the preferred bidder. if that was the case, then why was the business conducted with sevco scotland, who did not have preferred bidder status, and not opened up to other bidders, eg, mr mccoll or the blue knights?

{Ed039's Note - It was Charles Green consortium that was named preferred bidder, the formation of Sevco 5088 and Sevco Scotland were ultimately formed just afterwards by way of finalising the purchase)

14.) 06 Feb 2014
Step 1:

google :

rangers minutes sevco 5088

scotslaw post will go step by step thru the stages, shows greens mistakes and mis-steps where he fails to declare interests in companies on IPO (companies whose assets he moves without consideration - the con)

RFCL board minutes from OCt2012 was released they CharlotteFakes which details the xfer from 5088 to scotland. this deleted from scrib so I will look for a cache version of this.

i don't think everyone is lying, think most fans on here genuine

(i have doubts about JG. - as he believes every word green says, thinks IPO was great investment before it finished, thinks IPO is still great investment, thinks fans could buy shares to save club? - which all helps green - and IAMRANGERS turned out to be Imran )

as said earlier - if Sevco 5088 had no part to play, it would not be owned by RiFC, it would not be mentioned in the IPO, and it would not be mentioned in the account.

All 3 are - so it did have some assets - which were moved into Sevco Scotland - question is which assets - and did the Rangers CEO at time have the right to move £50m of assets for NO CONSIDERATION - why not pay £5m for them - then whyte got paid what green paid and no issue.

IF green HAD paid whyte just £5m - green could have kept the £22-£5m (£17m) - was green just toooooo greedy.

It could be D&P created two binding agreements, one blind with Secvo 5088 and one with Sevco Scotland - but this would then mean D&P owe whyte for being duplicitous - and a binding agreement needed £200,000 is BINDING on all parties - you can't breach this contract witout major penalties (and D&P worth billions ).

good debate - can move it to finance page if you want.

JG. just states greens position all the time - without backing it up with his proof.

15.) 06 Feb 2014
Steerpike - Deloitte recent accounts have credible liability on assets noted - which could not be quantified - as they don't know how to account for this.

Rumour is Green did not want this note in accounts (as its stops loans in future in the assets) - yet Deloitte MAJOR account firm and if they false account - they can go BUST like leiman brothers.

Green is conning whyte - we know this - but how where is the con - and did it work - or is there flaw in it.

Companies house struck Green off as being director of Sevco 5088, and returned Whyte/Eadey - so on the day Green moved assets HE DID NOT HAVE RIGHT TO DO THIS.

Companies house revoked the forms which dismissed Whyte/Easey as directors. as they not valid. so seems Green tried to remove then, be sole director and then stuff them.

IPO says there are claims on assets, it has to. So RiFC may NOT own ibrox - even if it has deeds. can't own something stolen from someone.

16.) 06 Feb 2014
Sammy1974 - you have plenty question, so I have one for you. Can you direct me to the section of whatever document that states SEVCO 5088 is part of the group of companies owned by RIFC

JG

17.) 06 Feb 2014
Sammy,

It has been confirmed numerous times the assets never touched Sevco 5088 and went straight to Sevco ( Scotland).
I am not suggesting CW has no claim at all, only that Sevco 5088 being part of the group does not mean the assets passed through it.

18.) 06 Feb 2014
Steerpike. confirmed numerous times. by who?

I only know of Green saying this, and BBC announcement on purchase of assets - which let cat out of bag saying Sevco Scotland bought assets.

So whyte would have know on 15June that he was conned, yet 1 month later there is tape of Green talking to whyte about UEFA visit. ?

why are they talking if one has conned the other. and all the world knows its happened?

whyte always knew he personally on hook for ticketus £18m. so even a sniff that green stuffed him and he would not be talking politely to green - but would be demanding his money.

tape did not show this. odd that.


what proof have you that assets moved from D&P to Secvo Scotland directly without going via 5088

IPO says novated from 5088 to Sevco Scotland (which then renamed).

"novated"!!

19.) 06 Feb 2014
17) Green could not confirm this to Deloittes for the accounts - so they did not accept it as fact - and stated whytes claim as potentially liable.

if its fact, green would have proved it - he could not. because there is a lie in it somewhere.

Green can not make up claims, Delloitte won't accept porkie pies.

20.) 06 Feb 2014
ED.

Ranger themselves claimed 'sevco 5088 was a subsidury'

http://news.stv.tv/west-central/222380-rangers-claim-control-of-craig-whytes-firm-sevco-5088-ltd/

Something very bad is about to happen -if CW is now a director.

{Ed039's Note - It does not say anywhere on the article that it is a subsidiary company of RIFC. It is very cleverly worded saying "related", probably another part of shafting wee craigie shyte, but nowhere does it say a subsidiary company. Sevco 5088 actaully had notice of intent to be struck off but wee craigie diagreed and its the only reason it still exists today)

21.) 06 Feb 2014
@ed 39. ok, cheers ed.

22.) 06 Feb 2014
Sammy - now your quoting other blog sites which I won't even name again! really? that's your basis of your opinion?

i am still waiting for the answer to my question
where does it clearly state that 5088 is a wholly owned susidary company of RIFC or even TRFC as you keep referring to?

FYI, novate = The word 'novate' means to replace with something new, especially an old obligation by a new one. It also means to substitute

CG novated the obligation to buy the assets of rangers from 5088 (a company which he started and which he was the sole director at that time) to Sevco Scotland

My personal take on it is this:

Green was looking for investors with money to buy the assets, he wasnt really particular who invested as this was purely business and was to be a short term investment with big returns and a sell up and get out quick policy

He said all along he needed whyte to agree to sell out, think it was for 2 quid if I remember and made no attempt to hide the fact that he was meeting whyte

He may well have led whyte to believe that he would be an investor in the consortium but later realised that to have whyte as part of the consortium buying assets from a company he had just driven to liquidation was a no go and would drive the fans away, so he novated the obligation from his company 5088 to Sevco Scotland, and the rest as they say is history
Green even admited he had done him over

Sammy Just to clarify, I am too long in the tooth to believe everything that is said by Green or anyone else, but I do take offical documents such as admission docs, accounts, respectable law firm enquiry findings and company regulatory announcements at face value,

it is from their I take my opinion, not from the bloggers or journos who may have other agendas

Thats the last I will say on the subject of 5088

JG

23.) 06 Feb 2014
Sammy,

Most of what has been said on here is old rumours, don't know why you are still considering it.

This announcement to AIM was made by CENKOS the broker and Nomad for RIFC.


"Sevco 5088 was not the acquisition vehicle which purchased the assets of Rangers Football Club. ’

Hope that answers your question.

24.) 06 Feb 2014
JG. there is statement to AIM by RiFC stating that Sevco 5088 is not an ACTIVE subsidiary.

It then says Sevco 5088 is defunct, (statement on LSE site) etc etc

Since that statement share price plummeted, as no one believe is, and companies house has unpicked it piece by piece. Director termination forms removed, Whyte restated as a director - Green removed as director etc etc.

So Rangers HAD to make statement to AIM about this issue (why, no connection to ManU or Liverpool etc so no need to state this) - so AIM needed statement on Sevco 5088. why if not connected.

Also there are tape recordings of D&P, Whyte and Green about the sale of whyte shares. which covers all this. you don't mention it - when it is covering the exact act of whyte handing over debentures - which are worth millions.

25.) 06 Feb 2014
JG.

"CG novated the obligation to buy the assets of rangers from 5088 (a company which he started and which he was the sole director at that time) to Sevco Scotland
"

How he was NEVER sole director (as stated by Companies House) and therefore HE CAN NOT DO THIS LEGALLY without permission of the MAJORITY of shareholders.

If Rifc then sells shares in a IPO on this basis - they in real trouble - because they don't own the ASSETS!

this why they can't GET LOAN on them when worth $50m on bad day, deeds is a red herring.

If you hold the deeds to stolen property YOU don't OWN IT - you can SELL IT - but the buyers buy a pup. You can show the deeds - but they meaningless and no-one will trust them. not even lenders of last resort (Wonga style interest rates even. )

26.) 06 Feb 2014
Sammy,

You have now moved away from Sevco 5088 transferring the assets as the biggest threat onto a dispute between the directors of Sevco 5088 as the biggest threat. No one is denying there is a threat, but I suggest if the case was strong enough to affect ownership of the assets, CW would have been in court long ago, he wants a pay off for nuisance value.

{Ed039's Note - Craig Whyte will never see the inside of a courtroom on this issue, like you said he was hoping to make a quick buck on the back of the mess he made, now he is just making a noise for making a noise sake. If he had proof there is no doubt he would have seen his day in the courts)

27.) 06 Feb 2014
Sammy - I am still waiting for you to answer my question!

JG

28.) 06 Feb 2014
I agree Ed, the investor shareholdings in both Sevco 5088 and Sevco ( Scotland) were supposed to be identical, except in Sevco ( Scotland) CG got extra shares, wonder whose shares they were, certainly not out of the money men's pockets.

29.) 06 Feb 2014
JG - was answered but not allowed. ?

"the company wishes to clarify that Sevco 5088 is not an active subsidiary of the Rangers International Football Club plc" is the announcement on AIM.

Can I point out this only says "not an active subsidiary".

IT DOES NOT SAY

"not a subsidiary". odd that.

Same statement also said things about company forms - which is now wrong and not corrected.

odd that.

{Ed039's Note - You could not have submitted properly Sammy because none of your posts have been deleted)

30.) 06 Feb 2014
Steerpike (@ 26)

Its same issue, what was "novated" was payments, but Sevco 5088 directors made claim before court proceeding - and IPO and accounts reference this

cos its outstanding - and may have cost, if it goes to court - then we have to fight it (like Imran case today which will take 4 days of court costs - and may see £500k sequestered by the court - in case Imran wins).

whyte claim is multi-millions - its a cloud we trapped under unless we pay him off.