The Mint takes a hit or does he

[wabashcannonball 0]

Sunday Times rich list 2010, does it have any credence, or is it paper wealth, and not of the pound note variety ? http://www.timesonline.co.uk/tol/business/specials/rich_list/article7107182.ece

 

 

ETA. those darned loan notes,,,again, I was told once by an expert that they were a figment of my imagination, seems a lot of people have the same figment.

 

http://scotlandonsunday.scotsman.com/rangersfc/Forget-Rangers39-financial-woes-.6251738.jp

Edited April 25, 2010 by wabashcannonball

[Bluedell 5,553]

Sunday Times rich list 2010, does it have any credence, or is it paper wealth, and not of the pound note variety ? http://www.timesonline.co.uk/tol/business/specials/rich_list/article7107182.ece

 

 

It's a stab in the dark by those making it up. They have no idea as to the accuracy of the figures they invent.

 

 

ETA. those darned loan notes,,,again, I was told once by an expert that they were a figment of my imagination, seems a lot of people have the same figment.

 

http://scotlandonsunday.scotsman.com/rangersfc/Forget-Rangers39-financial-woes-.6251738.jp

 

 

 

You are referring to this?

 

 

Moreover, there was not a word of comment or follow-up on the sports pages after the latest accounts from Murray Sports, the spoke of the Murray business umbrella that effectively owns Rangers. They showed that anyone buying the football club could find themselves liable for loan notes and accrued interest totalling �£108m, in addition to the club's published �£31m debt. Essentially, Murray International Holdings (MIH) loaned Rangers �£60m, the unpaid interest on which now stands at �£48m.

 

 

It's bullshit. Why would anyone buying Rangers shares become liable for transactions between MIH and Murray Sports? MIH did not lend Rangers �£60m. They are owed �£60m by MSL. The writer does not have a clue what he's talking about and is a liar.

 

 

Therefore, if these loans are not called in on point of sale, Murray would require to take a massive hit. With MIH's bank debt running at more than �£700m in their last published accounts, are we to believe that Murray would be willing, or able, to make such a personal sacrifice to be rid of Rangers?

 

 

MIH consolidate the results of MSL so it would have no effect on the MIH consolidated accounts. The balance would be heavily provided against in the individual set of accounts so even if MSL become unconsoliated, it would have little effect on the MIH group accounts.

 

The article is shit-stirring at its worst.