Dave King statement

[TheTinMan99 0]

No they don't. They would only get them if we were unable to repay the loan and therefore went into administration. They can't turn round and say don't pay me, I'll just take the Albion Car park.

 

Would it have to be something as drastic as another admin before we lose the properties? Surely a simple default on the loan would result in a claim on them? It would hardly be a shock if this board managed to piss away all our income before the due date.

[Zappa 0]

Great statement from Dave King and it contains some fantastic ideas, but this current board and the major shareholders they represent are the ones pushing the buttons and the ones in control. There is absolutely no way that they will willingly bow down to demands from Dave King or from the fans because even although they claim to be "ready to listen", the present incumbents and their predecessors over the past two to three years have treated us with nothing but contempt.

 

Those recent predecessors (of the current incumbents) such as Green, Ahmad and Stockbridge tried to take us for fools by lying to us and covering up their self-serving mismanagement of the business with lip service and spin. Instead of getting the business whipped into good shape and ready to push forward on an even keel, they were busier sorting out their own bonus packages, share deals, kick-backs and hunting for castles and chateaus for themselves.

 

Now we're in a position where the current incumbents are still representing many of the same interests and parties as the previous ones were and their job appears to be little more than repackaging the the financial mess they inherited with more lip service and spin.

 

It needs to stop and come to an end once and for all so that the Club can get back to where it should be and that's what Dave King has spoken about numerous times now, but these people won't be easily bullied with idle threats. They are self serving and representing outside influences just as their predecessors were and it's going to take some serious action to either get them under our own control or remove them from office.

 

I think most fans wanted to trust Graham Wallace, but he's not making it easy for us at all. One of the problems he faces at the moment is that there's some serious unanswered questions about certain aspects of the financial mismanagement which he's being forced to evade because truthful answers would be extremely bad for the company and the Club.

 

I've fallen into the trap myself of asking for questions to be answered rather than evaded, but the company being delisted and/or certain ex Directors facing charges all so that we can get some questions answered isn't a practical option or path to pursue. We need to be more practical and sensible at the moment and just focus on how we can try to get the Club back into the hands of people we can at least give a semblance of trust to.

 

We have some big problems on our hands here and they won't just go away.

[forlanssister 3,114]

 

If you did, I think you would rightly be questioned on your fiduciary duty to shareholders.

 

THe Laxey "loan" alone should be reason enough to question their fiduciary duty.

[Bluedell 5,627]

Would it have to be something as drastic as another admin before we lose the properties? Surely a simple default on the loan would result in a claim on them? It would hardly be a shock if this board managed to piss away all our income before the due date.

 

No. they would need to take us to court and we would need to still fail to pay. Unless there was a massive (and unlikely) boycott then the club will have enough cash to repay £1.5m of loans in September.

[Super Cooper 0]

The battle line has well and truly been drawn. Where do you stand bears.

 

I'm firmly in King's camp.

 

Camp King for me, for sure.

[Zappa 0]

Club deny King's 'Scottish Sun' claims...

 

http://www.rangers.co.uk/news/headlines/item/6414-club-statement

 

THE Scottish Sun has stated that the Board of Rangers International Football Club has been offered an interest free loan by Mr Dave King. I can confirm that this is untrue.

 

I have been in email correspondence with Mr King and suggested that, even though he is not a current shareholder, I would be interested in hearing any proposals he might have. Mr King replied and indicated a willingness to consider participating in any future equity issue that the Club might undertake.

 

This has been the extent of the discussion and I repeat that no offer of an interest free loan has been received from Mr King, or anyone else, apart from Mr Sandy Easdale.

 

David Somers

Chairman

 

Christ, I'm surprised that buffoon Somers even knows who Dave King is!

[Super Cooper 0]

Someone is telling porkies

 

Yeah there's no way the club would lie to fans.

[bluebear54 0]

THe Laxey "loan" alone should be reason enough to question their fiduciary duty.

 

Agreed. What's the figures for Edmiston & the Albion?

When you put £1m against that, I wouldn't imagine there is much difference between that and £11m against Ibrox.

[TheTinMan99 0]

No. they would need to take us to court and we would need to still fail to pay. Unless there was a massive (and unlikely) boycott then the club will have enough cash to repay £1.5m of loans in September.

 

Well, you would've thought we'd have enough cash to last 2 seasons without going cap in hand to investors, considering how much has actually come in. Six months is a long time at Rangers these days. Maybe we can tap Blue Pitch, to pay Laxey, if we get stuck.

[BrahimHemdani 1]

THe Laxey "loan" alone should be reason enough to question their fiduciary duty.

 

I agree with that completely.

 

How they can get away with saying 30% APR (32.25% EFF) is a commercial rate for a 60% loan to purchase price value given we are covered 7/8 times over through season ticket money is beyond me.