ian1964 10,590 Posted March 29, 2012 Share Posted March 29, 2012 (edited) Former Rangers chief executive Martin Bain has dropped his case against the club. Mr Bain had claimed for £1.3m damages after alleging his contract with Rangers had been breached following Craig Whyte's takeover. In a statement issued by his lawyers, he said: "Everyone close to Rangers Football Club knows that I am, and always have been, totally committed to the Club and that remains my position. As Chief Executive and part of the Independent Board, our job was to assess and highlight to all stakeholders if we believed there was uncertainty over the future financial viability of the Club under new ownership. Unfortunately, the Independent Board had no legal power to block the transaction and Sir David Murray made it plain that he wanted to sell. "I personally strongly recommended on more than one occasion that Craig Whyte should not be allowed to buy the Club, based on investigations into the transparency of his background and the responses to the questions asked of him as part of the process. Unfortunately that forceful representation was not accepted and when he took over I was suspended and my contract ripped up. With what has subsequently transpired, it is quite obvious why he disposed of me in the manner he did. I was further vilified in the press and continue to be subjected to endless rumours and attacks. "Events have moved on and the damage inflicted on Rangers Football Club is shocking. I had no option but to pursue a claim based on Craig Whyteâ??s actions; the litigation was a response to his actions and not those of Rangers Football Club. I firmly believed it was important to make sure he would have to explain everything he did in a Court of Law. Because of the legal process it has not been possible or appropriate to make public comment, which has been extremely hard given the flow of misinformation and falsehoods both myself and the Club had been subjected to. "In the two years since the Board restructure in August 2009 and prior to Craig Whyte forcing my removal from the Club, turnover had increased, operating costs reduced with net debt more than halved from £31.1m at 30th June 2009 to £14.1m at the 30th June 2011, while the Club had won three consecutive League titles in difficult circumstances. This debt reduction was beyond the targets set by the Bank. "In light of the Clubâ??s current position I instructed my lawyers to advise the Administrators that I am willing to discontinue the legal action and, subject to recovering the costs associated as a result of this action, I will give over to the Administrators the remainder of the money that was arrested as part of my case in an effort to help the Club. :I always have done, and will continue to do, everything I can to help the Club in these difficult times." http://news.stv.tv/scotland/west-central/301917-martin-bain-drops-13m-legal-case-against-rangers/ Edited March 29, 2012 by Frankie 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted March 29, 2012 Share Posted March 29, 2012 That frees up another half a million quid. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,273 Posted March 29, 2012 Share Posted March 29, 2012 Very interesting! 0 Quote Link to post Share on other sites More sharing options...
Guest Dutchy Posted March 29, 2012 Share Posted March 29, 2012 He should never have taken action against us in the first place, but then again, it was probably more against Whyte and that wee shyte would rile anybody enough to take legal action. It's a pity no one else seems to be able to take any action against him. 0 Quote Link to post Share on other sites More sharing options...
Juancornetto 1 Posted March 29, 2012 Share Posted March 29, 2012 He had to in all honesty, I don't believe he could watch the club be hamstrung by cash flow knowing he had £0.5m partitioned for him. Some you win, some you lose baldy. 0 Quote Link to post Share on other sites More sharing options...
Juancornetto 1 Posted March 29, 2012 Share Posted March 29, 2012 How much are the legal costs Martin? 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted March 29, 2012 Share Posted March 29, 2012 Whatever anyone thinks of the job Bain did in his time as CEO, the shit he got for standing up to Whyte was disgraceful. The next Blue Knight to be unveiled? 0 Quote Link to post Share on other sites More sharing options...
BlueMazza 0 Posted March 29, 2012 Share Posted March 29, 2012 Whatever anyone thinks of the job Bain did in his time as CEO, the shit he got for standing up to Whyte was disgraceful. The next Blue Knight to be unveiled? They've come out and stated he is not involved. I know I'm in the minority but I do understand why he did sue. 0 Quote Link to post Share on other sites More sharing options...
Bears 0 Posted March 29, 2012 Share Posted March 29, 2012 What ever his motives are, it's a little bit of positive news for us. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,413 Posted March 29, 2012 Share Posted March 29, 2012 Good for him for doing so. 0 Quote Link to post Share on other sites More sharing options...
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