Director Andrew Ellis demands a quarter of club's shares from Craig Whyte

[Zappa 0]

What's all this about:

 

Ellis is also taking advice on the legality of Whyte’s latest piece of manoeuvring at Companies House.

The disgraced Rangers owner appears to have switched control over the club’s floating charge from RFC Group Limited to one of his own companies, Liberty Corporate Limited.

 

???

 

PS - I know what the floating charge is. I'm wondering what's going on if this is true and when Whyte has done this.

Edited April 10, 2012 by Zappa

[forlanssister 3,114]

What's all this about:

 

 

 

???

 

PS - I know what the floating charge is. I'm wondering what's going on if this is true and when Whyte has done this.

 

He has a debenture in favour of Liberty Corporate I'm not 100% certain that this would not be disallowed by the courts.

[Zappa 0]

He has a debenture in favour of Liberty Corporate I'm not 100% certain that this would not be disallowed by the courts.

 

The article appears to be implying that this is something Whyte's done very recently. What's the actual story?

[Darthter 542]

The article appears to be implying that this is something Whyte's done very recently. What's the actual story?

 

I believe it was done @ the end of March - I would assume that the Administrators were made well aware of it!!! As to its implication (if any) I have no idea.

[Zappa 0]

I believe it was done @ the end of March - I would assume that the Administrators were made well aware of it!!! As to its implication (if any) I have no idea.

 

The sneaky bastard! You can be sure it wasn't done for a laugh!

[forlanssister 3,114]

The article appears to be implying that this is something Whyte's done very recently. What's the actual story?

 

Yes it was a couple of weeks back., perhaps Bluedell or BH can explain the inns and outs of it better than I.

 

Before anyone goes screaming "SOURCE? SOURCE?" just think for a second and work it out yourself it's not a secret and there's no attempt to deceive.

 

 

 

 

 

[Zappa 0]

What on earth is Whyte up to now then?

[Bluedell 5,679]

Perhaps Liberty Corporate is the company that gave the guarantee to Ticketus? It could be that a debt has been set up that Group owes Liberty. If Liberty have to pay out to Ticketus then Group has to pay with its only asset being Rangers shares. Perhaps there's some waiving of the guarantee if Ticketus go ino partnership with TBK and they may control the destination of the shares.

 

Not sure if this stacks up but I wouldn't be surprised if Ticketus feature in there somewhere.

[forlanssister 3,114]

Perhaps Liberty Corporate is the company that gave the guarantee to Ticketus? It could be that a debt has been set up that Group owes Liberty. If Liberty have to pay out to Ticketus then Group has to pay with its only asset being Rangers shares. Perhaps there's some waiving of the guarantee if Ticketus go ino partnership with TBK and they may control the destination of the shares.

 

Not sure if this stacks up but I wouldn't be surprised if Ticketus feature in there somewhere.

 

I took it that Ticketus has security over the Group and that this is an attempt to circumvent the possible consequences of that security? also I don't think this one would stand up in court, it has the English equivalent of "gratuitous alienation" written all over it.

[BrahimHemdani 1]

I found this in Random Thoughts Re Scots Law by Paul McConville dated 3 April 2012.

 

.....................................................................................................................................................

 

What is “Liberty Corporate” and Why Does the Rangers FC Group Ltd Owe it Money?

 

 

This is a bullet point and factual post to update people regarding Liberty Corporate Ltd. I don’t come to any conclusion about what it all means, except to say that it makes things even more complicated!

 

——————————

 

Today an interesting document popped up on Companies House.

 

You can see it linked here MG01 re Liberty Corporate

 

It discloses that the Rangers FC Group Ltd has granted a security in the form of a debenture over all of its assets, present and future. The main and indeed probably only assets of Rangers FC Group Ltd are (a) an 85% shareholding in Rangers Football Club PLC (in administration) and (b) rights under a floating charge over Rangers Football Club PLC’s assets in security for whatever debt is owed to Group.

 

A security is of course only in respect of a debt owed. How therefore is Rangers FC Group Ltd in the position of owing Liberty Corporate Ltd money? Has some interesting transaction taken place, or is there some corporate paper swapping going on?

 

Liberty Corporate Ltd is listed on Companies House as follows.

 

Name & Registered Office:

LIBERTY CORPORATE LTD

48 SKYLINES VILLAGE

LIMEHARBOUR

LONDON

E14 9TS

Company No. 05831290

 

It is a dormant company, whose only director is Thomas Whyte, believed to be Craig Whyte’s father. The company has issued share capital of £1,000 and is solely owned by Liberty Capital Ltd.

 

Its most recent accounts are here liberty-corporate-Annual-Accounts

 

The next set of accounts?

 

As Companies House tells us:-

 

Next Accounts Due: 29/02/2012 OVERDUE

 

Who would have thought that a company linked to Craig Whyte would have overdue accounts!

 

There have already been two potential windings up of Liberty Corporate too, probably for failure to lodge accounts!

 

Liberty Corporate Ltd is owned 100% by Liberty Capital Ltd, which is Craig Whyte’s British Virgin Islands company.

 

So Liberty Capital owns 100% of Rangers FC Group Ltd.

 

Rangers FC Group has just given security over all its assets to Liberty Corporate.

 

Liberty Capital owns 100% of Liberty Corporate.

 

Liberty Corporate also owns 37.72% of Merchant Corporate Recovery PLC (guess what – its accounts are overdue!)

 

Craig Whyte is a former director and is presently company secretary of Merchant Corporate Recovery PLC.

 

Duedil.com lists the business address for Liberty Corporate Ltd as :-

 

Suite 5 2nd Floor Viking House

Lodge Lane Daneholes Roundabout

Grays

RM16 2XE

 

That address is closely connected to Sherri Ellison, who has been involved with some of Craig Whyte’s companies going back many years.

 

One of Craig Whyte’s (born in 1969) companies was Strident plc. A director of this was Sherri Ellison.

 

She is or was also a director in two Craig Whyte 1971 companies – Countryliner Ltd and LM Logistics Ltd.

 

Sherri Ellison is an accountant trading as Ellison Business Services Ltd.

 

STV reported on this as Craig Whyte cementing his hold on Rangers.

 

It is definitely another complication in the already complex corporate structure of Mr Whyte!

 

CW Corporate Structure with thanks to reader DCR – although every day suggests some new change is needed!

 

I should add that anything corporate involving Mr Whyte will always have a quirk. Liberty Corporate Ltd is listed as Company Secretary of Tixway UK Ltd (you will recall that is Mr Whyte’s company which lost a court case and where Mr Whyte’s evidence was rubbished by the Sheriff).

 

However, Liberty corporate is listed as secretary to Tixway at the Bath Street, Glasgow address, and not at either of the addresses given above.

 

I am sure someone in Mr Whyte’s backroom team does these little things just to see if anyone spots them, by way of harmless amusement

 

..................................................................................................................................................

 

The Directors of Rangers FC Group Ltd at the time of the shareholders circular in June last year were Craig Whyte, Andrew Ellis and Phil Betts.

 

Betts resigned as a Director of the Club when Ellis was appointed in January.

 

Betts appointment as a director of RFCG was terminated at the same time.

 

As far as I can see Ellis is still a director of the Club and the Group (stand to be corrected on the latter).

 

BD and Forlan may well be correct about the Ticketus connection but a simpler explanation or a concurrent one might be to wrestle any control over the assets away from Ellis. As to whether it's legal or not, I have no idea.