Laxey Loan Alternatives Ignored

[Hildy 0]

A very good piece from the Rangers Standard.

 

Should we condemn the board now or mull it over for 120 days?

[D'Artagnan 173]

This is excellent (if terrible as well, if you see what I mean). Exposure of incompetence at best, corruption at worst.

 

At last professional are willing to put their heads above the parapet and their names to outright criticism of the board and their financial deals. At last the momentum is well and truly building so that every single move they make which benefits not the club but individuals with a tie on is revealed - who knows, some might turn out to be good!

 

The lights are being shone on the nooks and crannies of Ibrox now. I know some are willing to give the board more chances and they are entitled to their opinion. far as I'm concerned it's all out war from now until they are out the door...and I baggsy kicking Irvine's arse down Edmiston Drive.

 

Not quite Andy

 

The person in question has declined to be identified.

 

As a matter of considerable urgency the full terms & conditions of the loan deal with Laxey should be subject to evaluation by one, probably more, named suitably qualified persons.

[SteveC 150]

Related, a poster on FF posits the following links:

 

Director Norman Crighton is a director of company called Private Equity Investor PLC alongside someone called Peter Dicks.

 

http://companycheck.co.uk/company/03...people-summary'>http://companycheck.co.uk/company/03...people-summary

 

Peter Dicks happens to be a director of Daniel Stewart Securities who in turn own our NOMAD 100%.

 

http://companycheck.co.uk/company/03...people-summary

 

http://companycheck.co.uk/company/02...e#shareholders

 

Colin Kingsworth of Laxey also used to be a director of Private Equity Investor

 

http://companycheck.co.uk/director/904231162

[Stimpy 0]

Well done guys at TRS. Corrupt is the only way I can describe the people behind the latest news.

[andy steel 0]

Not quite Andy

 

The person in question has declined to be identified.

 

As a matter of considerable urgency the full terms & conditions of the loan deal with Laxey should be subject to evaluation by one' date=' probably more, named suitably qualified persons.[/quote']

 

The first two people are named though, I thought?

 

edit: Quick reread- John McClure & George Letham

[D'Artagnan 173]

The first two people are named though, I thought?

 

edit: Quick reread- John McClure & George Letham

 

 

Yes they are - but the MD, who for me makes the most damaging remarks is not.

 

If Wallace is to be challenged on the assertions he has made we will need to have more than an "unnamed source in the city".

 

Hence why I suggested the loan be evaluated by one or more named experts.

[andy steel 0]

Well, that would be perfect. But I see on another thread that TRS story has made the back page of the Record, which ensures most Bears (not just online obsessives) will know about this.

 

It's credible, well written, mostly sourced and can't be ignored, except at the price of even less credibility. Perhaps they can actually come up with an answer why they took the loan which costs the club more - I hae ma doots!

[chilledbear 16]

http://www.dailyrecord.co.uk/sport/football/football-news/rangers-fail-comment-riddle-snubbed-3204977#.UxWctPwhgsw.twitter

 

SEASON ticket holder John McClure offered his club an emergency loan on a better rate of interest than the deal struck with Laxey Partners but was ignored.

 

 

A WEALTHY Rangers fan has claimed he offered the Ibrox board an emergency loan on vastly preferential rates to the deal struck with Laxey Partners.

 

John McClure, of Unicorn Asset Management in London, insists his offer to the club’s Nominated Advisor (NOMAD) Daniel Stewart was ignored,

 

And he says he was stunned when he learned that Laxey – the hedge fund who own around 12 per cent of Rangers – had loaned the club £1million at an APR of 30 per cent.

 

Rangers must pay the Isle of Man-based Laxey £150,000 in interest on top of the loan by September 1 or hand over the Albion car park and Edmiston House – a deal that has left lifelong fan McClure stunned.

 

He told The Rangers Standard website he was asked by a group of shareholders to put an offer to the NOMAD before the deal with Laxey and Ibrox board member Sandy Easdale – who is putting up £500,000 and will not be taking interest – was fixed.

 

He said: “We were never given the opportunity to offer formal terms because we didn’t hear anything back. Daniel Stewart asked if we could provide the money that day but obviously that wasn’t possible, which is perfectly reasonable in a transaction of that size – but they pressed ahead regardless.

 

“We’d be concerned if the money was needed so urgently they could not at least have discussed it properly with us.”

 

Another Rangers-supporting businessman and shareholder, George Letham, supported McClure’s claim and insisted he was prepared to offer the £1m Laxey have handed over – but interest-free. He said: “When the terms of the Laxey loan were announced I was horrified.”

 

Record Sport asked Rangers for a comment but received no reply.

[stewarty 2,028]

Is it too simplistic to invite Laxey to withdraw their loan arrangement, in favour of alternative sources, who are prepared to offer a better deal? If Mr Crichton sees his main priority as doing what is in the best interests of the club, as he should as a member of the board, he should be making overtures to his friends at Laxey.

 

By coincidence, @Gri64 on twitter said last night that he had emailed a copy of the TRS article to Colin Kingsnorth to ask for a comment. His reply was along the lines that it was easy enough to withdraw the loan if better terms were on offer elsewhere.

 

I await further developments...