Norris Cole 0 Posted November 11, 2016 Share Posted November 11, 2016 (edited) Teflon is apposite. The guy is a criminal, if you or I tried to pull off half the shit he has we'd be behind bars. You wonder how he does it. Edited November 11, 2016 by Norris Cole 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,627 Posted November 11, 2016 Share Posted November 11, 2016 But I don't see how the oldco took the loan - it was against the condition of sale, which is where this falls down - at least logically. Whyte's companies took the loan to buy oldco. It couldn't be secured on oldco as that would nullify the sale - and in fact it was kept secret as part of a scam, which if not technically against the law, you would expect not to be recognised as a legitimate loan in the eyes of the law. They are upholding nefarious practices by con men - Whyte AND Ticketus. Oldco did take out the loan. The agreement was between oldco and Ticketus. The transaction stands on its own and not strictly as part of the purchase of the club. It was Whyte that said it did and used the cash to make it seem as if that was the case, but Ticketus just lent the cash. What the club then did with it would be irrelevant (in the eyes of the law). It would be difficult to prove that they knew that the cash was going to be used in an allegedly fraudulent manner and if that can't be proven then the transaction has to stand (again in the eyes of the law). Again I don't disagree with much of your thoughts on it, although we have to be careful what is said as it's an ongoing legal case. 0 Quote Link to post Share on other sites More sharing options...
boabie 230 Posted November 11, 2016 Share Posted November 11, 2016 Oldco won't owe anything to Ticketus if it's found that Whytes acquisition of Rangers was fraudulent. If somebody agrees to buy something from me for a tenner but I then steal the tenner from his pocket there is no contract between us. That's my reading of things. 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted November 11, 2016 Share Posted November 11, 2016 Oldco did take out the loan. The agreement was between oldco and Ticketus. That may be technically true, but doesn't mean I understand it - oldco did not agree to the loan, Whyte could not arrange that as *he didn't own oldco*. It just doesn't make sense to me. He could perhaps change the liability of the loan after he purchased the company... but it still falls foul of the contract of sale - unless there were no legal covenants put in place to protect that. Again I don't disagree with much of your thoughts on it, although we have to be careful what is said as it's an ongoing legal case. I get you but how careful do we have to be in trying to understand the situation? 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,627 Posted November 11, 2016 Share Posted November 11, 2016 That may be technically true, but doesn't mean I understand it - oldco did not agree to the loan, Whyte could not arrange that as *he didn't own oldco*. It just doesn't make sense to me. He could perhaps change the liability of the loan after he purchased the company... but it still falls foul of the contract of sale - unless there were no legal covenants put in place to protect that. Whyte could arrange it prior to the takeover and then after he pays his £1, he gets appointed as a director and signs the Ticketus agreement on behalf of oldco, all within 2 minutes of paying his £1. That sort of thing is standard when companies are being bought/sold. What is unusual here is the fact that Whyte himself was meant to be funding the repayment of the loan and not the company itself. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,674 Posted November 11, 2016 Share Posted November 11, 2016 Whyte could arrange it prior to the takeover and then after he pays his £1, he gets appointed as a director and signs the Ticketus agreement on behalf of oldco, all within 2 minutes of paying his £1. That sort of thing is standard when companies are being bought/sold. What is unusual here is the fact that Whyte himself was meant to be funding the repayment of the loan and not the company itself. Whyte was refunding payment of the loan and not oldco ? How could he do that if oldco took out the loan ? 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,627 Posted November 11, 2016 Share Posted November 11, 2016 Whyte was refunding payment of the loan and not oldco ? How could he do that if oldco took out the loan ? "Wavetower is purchasing MHL's 85% shareholding in the Club for £1 and the Club's indebtedness with LBG is to be assigned to Wavetower." - circular to shareholders 06/06/11. This obviously didn't happen. Whyte arranged for the LBG debt to be settled by getting oldco to take out the advance from Ticketus. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,674 Posted November 11, 2016 Share Posted November 11, 2016 "Wavetower is purchasing MHL's 85% shareholding in the Club for £1 and the Club's indebtedness with LBG is to be assigned to Wavetower." - circular to shareholders 06/06/11. This obviously didn't happen. Whyte arranged for the LBG debt to be settled by getting oldco to take out the advance from Ticketus. D&P claimed that the ticketus money never touched oldco's account didn't they? 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,627 Posted November 11, 2016 Share Posted November 11, 2016 D&P claimed that the ticketus money never touched oldco's account didn't they? Don't know, but not sure it's overly relevant. If you buy a house, the cash from the mortgage company doesn't go into your bank account, for example. 0 Quote Link to post Share on other sites More sharing options...
limeburner 0 Posted November 11, 2016 Share Posted November 11, 2016 After alls said and done ,Ticketus are a bunch of mugs.Greedy mugs but mugs all the same. 0 Quote Link to post Share on other sites More sharing options...
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