Mr Green Was Grilled by Keys and Gray Yesterday – Provides More Evidence of “Gratuitous Alienation” of Rangers Assets

Charles Green endured a testing and forensic examination yesterday. He went on the Talksport radio programme of Richard Keys and Andy Gray. Not for nothing are they known as the Marshall Hall and Clarence Darrow of the airwaves!

I considered listening to the entire 55 minute broadcast, but even I have my limits.

I have therefore taken the article below from the Herald, and have comments on Mr Green’s statements, my comments and thoughts being in bold.

—————————————-

Charles Green has revealed that Craig Whyte is suing the club for money he believes he is entitled to for agreeing to sell his shares to Green’s consortium last summer. Whyte made several demands during talks about the shares, including a request for £1m a season and seats in the director’s box, and he wants to be paid for negotiating with the club. The Ibrox board rejected Whyte’s demands out of hand.

Green reiterated, during an interview today on Talksport, that Green has never been part of his consortium, and neither has the finance company, Ticketus, which lost £22m they loaned to Whyte against future season ticket sales when the club went into administration last February.

“I’ve never worked with Craig Whyte,” Green said. “I was introduced to him by Imran Ahmad [Rangers’ commercial director], Craig Whyte did introduce me to Duff & Phelps. We needed to get hold of Craig Whyte’s shares, so Duff & Phelps would treat us as credible.

Where do we start with this?

Let us go back to what Mr Green said, as long ago as 17th October.

“The facts are that direct contact was made by our consortium with Craig Whyte in the first instance as it appeared at that time that his shares would have to be secured in order for any purchase of the Club to progress.  

“I was not present when contact was initially made but subsequently met Craig Whyte who introduced me to the administrator. I had no previous association with Craig Whyte and it is misleading to suggest he ‘brought us in’. 

“I was brought to the transaction by Imran Ahmad following Duff and Phelps contacting Zeus Capital’s Manchester office in February, due to their experience in the football sector.

So, based on what he said two weeks ago Mr Green’s timeline runs as follows.

  • Duff & Phelps contact Zeus Capital in February.
  • Imran Ahmad of Zeus Capital contacts Mr Green and “brings him to the transaction”.
  • Mr Green’s consortium contacts Mr Whyte because the consortium believes it needs Mr Whyte’s shares.
  • Mr Green in due course meets Mr Whyte.
  • Mr Whyte introduces Mr Green to the administrators.

Now there are a couple of odd things about that timeline.

Firstly, as per the Zeus Capital website:-

Imran joined Zeus Capital in April 2012 as Managing Director.

If D&P contacted Zeus in February, then Mr Green could not have become involved, if he is accurate, until April at the earliest, which cannot be true as he has already said he was involved in February!

Secondly, if Zeus Capital is part of the consortium, as they are, and Zeus were invited on board by D&P, why does it require Mr Whyte to effect the introductions? Surely that would come better from Zeus?

Now, in what Mr Green said yesterday, he states that his group needed Mr Whyte’s shares, to be treated as credible by D&P. This again seems confused. Surely, if that was the position, with D&P having touted Zeus, they would be the ones introducing Mr Whyte to bidders?

It also seems odd that Mr Green is now saying that Mr Whyte demanded “£1 million a season and seats in the director’s box, and … to be paid for negotiating with the club”.

On 13th May the Guardian reported:-

Green confirmed he had given Whyte £1 – the same value paid – for his 85% stake in Rangers, and said: “I gave him a pound out of my own pocket too, so he has made a 100% profit.”

On 7th June the Telegraph reported Mr Whyte saying as follows:-

“My shares will form part of the consortium’s shareholding and after that I will focus on other activities”.

So it would appear from what Mr Green said that he had bought and paid for Mr Whyte’s shares. How then, if the shares had already been transferred, was Mr Whyte demanding the items stated by Mr Green?

Either Mr Green was mistaken in May, or he is mistaken now.

Could Mr Whyte be suing? Yes, but if it turns out he has a case, then Mr Green would almost certainly have comeback against his own advisers. As it turned out, the purchase of Mr Whyte’s shares was only necessary where the existing company was to be saved by a CVA. Therefore one would imagine that the buying of the shares would have been contingent on the CVA being accepted.

 

“We didn’t need them in the end because it went down newco route. I met him four times in London, Imran Ahmad has had loads of meetings with him. People thought we were working with Craig Whyte, [but] I believe he is now suing us, because he believes he was entitled to something for handing over the shares.

Mr Green is an excellent businessman. One would imagine therefore that he would know if he was being sued by the former owner of the football club. It seems a lapse if the Chief Executive only “believes” this to be the case. However, it maybe that he has delegated these matters to other members of the management team.

If he is suing then there can be no claim as he was paid his £1 plus £1 profit, wasn’t he?

 

“Ticketus don’t have any involvement whatsoever. They were involved with Craig Whyte, which caused a problem, and previously to that DM used them when he was running the club. The season ticket money that came into the club [during the summer] is sitting in the bank. It is Rangers Football Club’s [money]. The club has got cash, and it’s still got no debts.”

As I have repeatedly said, Mr Green is an excellent operator. How else to explain how, 4 ½ months after the takeover, and despite the huge drop in income, not a penny of the season ticket money paid this season has been used!

Based upon a rough average of £300 per ticket and 36,000 season tickets, that means that his company has over £10 million in the bank.

In that event, why does he need to raise another £20 million now by way of a share issue. It would not, I am sure, be in any way connected to Mr Green’s entitlement to a bonus equivalent to 10% of the value of the company post-flotation, especially as he is now not leaving till the Champions’ League returns to Ibrox.

 

Talking ahead of the club’s launch on the AIM market before the turn of the year, Green repeated his assertion that the club will not play in the Scottish Premier League while he remains chief executive. He intends to remain in the position until Rangers qualify for the Champions League again, however, and explained this by noting that the leagues in Scotland are likely to be restructured.

This will be an interesting part of the Prospectus. How does Mr Green see Rangers getting back in the Champions League to make the profits he assures the fans will be there? If this is, as he says, dependent on league reconstruction, then he seems to be taking a gamble.

Mr Green’s business history shows that he is not risk-averse. Will the fans and the institutional investors he says are clamouring to “chat him up” agree?

The risk section of the prospectus will be a good read!

 

Green also categorically denied rumours on Celtic supporters’ websites that sale and leaseback of the club’s properties – Ibrox, Murray Park and the Albion car park – are being considered, and that the club had been “massaging” attendance figures this season.

“I’m running the club, I’m making the decisions and I’m going to protect the club with my life,” Green said. “Nobody’s going to abuse it, [or say] rubbish that I’m going to sell the ground. Absolute nonsense. The blog I’ve seen said that we’re going to enter into a sale and leaseback for £8.5m, you can shove the offer where the sun don’t shine. We’ve got a valuation in the share prospectus in excess of £80m. I might be Green, but I’m not a cabbage. It’s just rubbish put out by people trying to disrupt the IPO.

Gratuitous alienation….

Mr Green bought all the assets, including the right to over £3 million in cash due to the former Rangers, at a cost of £5.5 million. Now he says that the fixed assets are worth in excess of £80 million, and that a sale and leaseback at a price of £8.5 million is nonsense. What about a sale and leaseback at a price of £80 million?

What about the title to the assets being in the name of the PLC and leased to the football company? That is perfectly legitimate.

If BDO challenges the transaction as a gratuitous alienation, then it is for the purchaser to establish that “adequate consideration” was paid for the assets. That is NOT the same as saying it was the best offer anyone made.

If BDO do raise a court action, I struggle to see how Mr Green can state that he has paid “adequate consideration” for the assets. Maybe someone could ask him, as I am sure he must have been advised that this is an issue he might have to face.

 

“We haven’t [been massaging attendances]. The turnaround at Rangers and where we are taking it is fantastic news for Rangers fans, but many of our competitors are unhappy to see us rise as a phoenix. [So] people go to police under Freedom Of Information, but those numbers in every stadium will be less than the official numbers.

Mentioning the word “phoenix” is, I am sure, a slip by the CEO. After all a “phoenix company” is seen as one which dumps its debts and re-emerges as the same business debt-free. Indeed HMRC has powers to take action against phoenix companies.

Legally Mr Green’s Rangers is not a “phoenix”. However mentioning the word won’t help those who perceive the club as having taken advantage of the system to avoid huge financial obligations.

 

“They don’t have access to all the corporate hospitality and sponsors [numbers]. That’s thousands at Rangers, so there is a disparity between the numbers the police book in. We have no reason to massage the numbers. We’ve got a stadium and anyone can look at a stand and see a few empty seats.”

The Rangers fans who turn out every week in such huge numbers deserve great credit for the support given to their team. It is  carping to try to argue about whether or not there are 5% or 10% of the seats empty.

If less than half the tickets are sold, for example, then this might become an issue, but they seem to be a long way from that point.

 

Conclusion

Mr Green keeps drumming home the message that the club is on the way back to the heights of the Champions League, and that this is why fans should buy the shares now. He continues to build on the “No one likes us – we don’t care” attitude which seems to have been successful so far.

However he continues to make “hostages to fortune” with his comments, and the risk is that his repeated references to the huge value of the assets will be quoted back to him in a witness box at the Court of Session.

Mr Green’s recollection of the time line, as mentioned above, is also creating more questions than it answers, although either the media do not ask the questions, or if they do, they do not report the refusal to respond. Either way, there remain a number of queries, not all of which will be addressed in the prospectus.

Posted by Paul McConville

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49 Comments

Filed under Charles Green, Insolvency, Rangers

49 responses to “Mr Green Was Grilled by Keys and Gray Yesterday – Provides More Evidence of “Gratuitous Alienation” of Rangers Assets

  1. Alan aitken

    What happens if the court case goes against D/P tomorrow????

  2. Colm

    Paul, you say legally Rangers are not a Phoenix club, but if you look at HMRC INS45005 – successor companies, they look like a Phoenix club to me.

    1) is successor company carrying on same trade as previous company? YES

    2) are the employees the same? A lot YES

    3) is the trading name similar? YES

    4) are they trading at same premises? YES

    5) did successor company acquire assets from previous company? YES

    Therefore IMO they are linked and deserve further consideration.

    What is the likelihood of BDO challenging sale of assets?

    Thanks.

  3. wottpi

    Paul
    Agree that some focus needs to go on what is being said with regard to the porkies being told re the timeline as it only ties in if various people were involved in a plan to aquire the club right from the outset.

    And lest we forget that Ahmad’s old chum Brian Stockbridge only joined Zeus in January 2012 but was reportedly moved up to Bearsden in March. Low and behold he still holds his position at Zeus but doubles as T’Rangers Finance director. Still say it stinks to high heaven.

    Of course there is nothing wrong in having that plan but why all the ‘cloak and dagger’, especially now they have ‘won’.? Why not shout from the roof tops about how good the plan was, how they got a great deal and how they made it work, despite all the interest from other parties. If I was a sevcovian I’d have a lot more confidence that my club was in safe hands if these guys just came out and said how they did it.

  4. mcfc

    When Wile E. Coyote runs off a cliff, he doesn’t fall, his legs keep spinning, but he stops going forward, then he looks down quizzically, then he plummets. Walt Disney called it “The Plausible Impossible”. Where is Chico in the Plausible Impossible process? How long before he makes a Vitruvian Man shaped hole in the landscape.

    Or maybe BDO, HMRC, Nimmo-Smith etc will shrug and let things slide so Rangers can live the dream of being a micro Chelsea with tens of millions in the bank and ambitions of conquering the Champions League. Won’t Abramovich and Mansour be sick as parrots when they see Chico match their achievements with £100s of millions less.

    Don’t you just love a good cartoon !

    • COYBIG

      @mcfc

      I think this clip, metaphorically at least, sums up what might happen. If you look at it as – Coyote as Charlie, Roadrunner as The Rangers fans money, the bungie rope as the truth, the gasoline truck as Charlie’s delusions, and the bridge as his face. In other words, Charlie’s trying to get The Rangers fans money. But how long can he keep up with his delusions, stretching the truth, before it all comes back and blows up in his face?

  5. Well explained Paul, big discrepancies in his timelines.
    It also crossed my mind that our pitiful MSM could be unintentionally complicit in helping sabotage this foray of Chico’s into Scottish Football;
    By NOT asking those difficult and pointy questions over the past few months, Chico found a comfort zone when answering all that banal ‘fluff’ that was always being put to him If any interviewer had thrown him a few ‘curve balls’ and upset his composure in the first few weeks … then I’m sure he would have done his homework and got his facts and timelines all sorted.
    Now when BDO get around to asking him some very pertinent questions, they’ll have his own erroneous words to back up their hard line in questioning.

  6. TheBlackKnight TBK

    It will be an interesting day tomorrow will it not! I’m certain Lord Hodge isn’t totally convinced to allow BDO ‘in’. What with all these internet rumours and TV Investigations….. 😉

  7. JimBhoy

    @TBK I do not expect a verdict tomorrow I thing things will meander along for a while yet…

  8. JohnBhoy

    MURRAY CAUGHT BANG TO RIGHTS. AGAIN.

    “I was duped”, pleads SDM. He expressed anger that “at the time the report on Craig Whyte was produced, I was assured on numerous occasions by my sycophants in the MSM that turning a blind eye to the truth, deceiving the fans, and neatly presenting the gift of Rangers’ liquidation to another shyster was a perfectly acceptable modus operandi.”

    SDM continued, leasing his fury on himself: “I am particularly upset that I duped myself. If I had known what I knew then and know now, I would not have allowed me to do what I did, not knowingly, even if I knew I had no choice. That’s what hurts the most.”

  9. ecojon

    On timelines – chico said fairly recently that the flotation would be by Xmas then he brought if forward to late November now he seems to be letting it slip back out to Xmas.

    Hard to say if he’s hitting probs or if its more to do with meeting the AIM Flotation timetable which takes quite a bit of jumping through hoops 🙂

    • Econ,
      Generally speaking it takes about three months to float on AIM. Rangers started on 11th October so you would guess around 11th December. The three months timing is pretty optimistic and assumes there are no issues at all with the process. A crazy time to float…………I wonder why?

      • ecojon

        @ 100BJD

        Do you 11 January. Doesn’t make a lot of difference but I agree what a terrible time to be looking for money from ordinary punters. Possible that it wouldn’t be a big prob with HNWI or institutions but I still feel it’s a faller time in general.

        • robertg

          Maybe they are hoping to cash in on the Christmas gift season. Rather than buying a donkey for a farmer in Somalia, you can buy a share in a pig in a poke for a hustler in Glasgow…..

    • COYBIG

      Charlie and Imran’s meeting about the share issue:

      CHARLIE “Imran! Ah av decided, wea’ar goan av eur share issue, ‘n raise alsooarts o’ brass for uz…I mean, t’ Compenny…I mean, t’ Club.”

      IMRAN “Yes boss. Brilliant idea boss. You’re so smart boss.”

      CHARLIE “Ah already kno ‘a’ fa’ lad. Now, t’ question is, when shall wi’ve t’ share issue?”

      IMRAN “Well boss, we…”

      CHARLIE “Shurrup fa’ lad! Can’t you see ‘a’ ah’m thinkin ‘eear!”

      IMRAN “Sorry boss.”

      CHARLIE “Now, we could ‘od on eur year. Bur wi’ ‘a’ clown runnin t’ team, orl t’ goodwill ah av built up, will be gone by then.”

      IMRAN “Yes boss, he’s a clown boss.”

      CHARLIE “Aye ‘e is aint ‘e. Ah could doa eur betta job, bur ’em idiots love ‘im, sa ‘e’s stayin.”

      IMRAN “Good idea boss, that’ll make them happy.”

      CHARLIE “Dooant you think ah kno ‘a’? ‘appy idiots, means mooar brass for uz…I mean both of us. Now, back to t’ share issue, we will need ta av it now.”

      IMRAN “But the quickest we could have it, would be around Christmas time boss, and…”

      CHARLIE “Ah Christmas! I’ll be able ta buy missel intoa t’ missuses good buk, wi’ uz share then.”

      IMRAN “Yes you will boss. But people will be buying presents, so they wont have any money left to…”

      CHARLIE “Dooant talk daft fa’ lad. These idiots are ‘a’ guilible, thee will spen’ thea brass on shares afowa buyin enny presents.”

      IMRAN “But isn’t that unfair on them boss?”

      CHARLIE “Unfair! Unfair is walkin abaht i’ ‘un suit fert past 8 months. Unfair is avin ta talk eur load o’ rubbish ta fowk, day afta day. Ah deserve ‘a’ brass Imran…”

      IMRAN “Yes boss, you do.”

      CHARLIE “…’n ah’m goan tek uz brass when ah want ta, ‘n ther’s nowt anyone can doa abaht it.”

      IMRAN “Yes boss.”

      CHARLIE “Well dooant just stan’ theear fa’ lad. Go on mek dis share issue ap’n.”

      IMRAN “Right away boss.”

      CHARLIE “Oh ‘n Imran!”

      IMRAN “Yes boss?”

      CHARLIE “Pick up uz suit fra t’ dry cleaners, its freezin sittin ‘eear i’ just uz boxers.”

    • redetin

      I posted on RTC about John Beattie, who presents a lunchtime newsy show on BBC Radio Scotland. John, a rugby man, had been invited to Ibrox to the Rangers v Kilmarnock and was shocked by the songs of the fans. He interviewed Spiers who gave him a wee warning to watch what he was saying lest he might get unwanted attention.

  10. mcfc

    FTT – BTC staement from Rangers.

    We are entirely innocent of this very specific, particular thing – http://www.rangers.co.uk/news/headlines/item/2515-statement-on-tax-tribunal

  11. Antonious F

    As i keep reminding my kids, it always pays to tell the truth, because when you tell a lie you have to tell another and another to try and cover the 1st lie. eventually you end up with so many little lies that you trip yourself up and get found out.

    at this point in proceedings the Green eyed mobster probably feels like someone has tied his shoelaces together, probably that pesky bloke over at ‘Random thoughts re scots law’.

  12. duplesis

    interesting statement on Rangers website:

    http://www.rangers.co.uk/news/headlines/item/2515-statement-on-tax-tribunal

    “THERE has been growing speculation recently that an announcement from the First Tier Tax tribunal is imminent.

    The Club has no knowledge of when such an announcement will be made. However, the Club as it now stands as part of The Rangers Football Club Ltd. has been informed by Her Majesty’s Revenue and Customs that any decision by the First Tier Tax Tribunal will not affect the operations of The Rangers Football Club Ltd.

    This tax liability which is under consideration by the Tribunal is historic and was a matter for The Rangers Football Club plc (‘oldco’) which is in administration and will be subject to liquidation in due course.

    The Rangers Football Club Ltd. is a corporate entity formed following the acquisition in June this year by a consortium led by Charles Green of the business and assets of Rangers, including the Club and its honours.

    Unpaid tax liabilities led to the demise of ‘oldco’ and the EBT arrangements were part of ‘oldco’s’ liabilities. As HMRC stated in June when they decided to vote against the proposed oldco CVA, no tax liabilities relating to ‘oldco’ would transfer across to the new company. HMRC have recently reaffirmed this position to the Club’s tax advisers, Deloitte.

    The Rangers Football Club Ltd. is a company free of external debt and all liabilities relating to ‘oldco’ are a matter for the administrators.

    The impending decision of the First Tier Tax Tribunal once again calls into question the validity of the SPL Commission into the use of EBTs. They are clearly a matter for the old company and The Rangers Football Club is trying to rebuild as a great sporting institution”

    I’m assuming this means something is imminent, as I can’t see any other point to it except to pre-empt any suggestion of liability on the part of the new company.

  13. TheBlackKnight TBK

    seems that MrGreen’s The *Rangers may no longer be attempting to ‘float’ the company as a PLC.. as ALL the debt lies with the PLC…..

    http://www.rangers.co.uk/news/headlines/item/2515-statement-on-tax-tribunal

  14. TheBlackKnight TBK

    test?

  15. TheBlackKnight TBK

    ha! must be the website link!

    seems The *Rangers may no longer be attempting to ‘float’ the company as a PLC.. as ALL the debt lies with the PLC….. See The RFC website for Chairmans statement

  16. The full exchange over the sale and leaseback rumours was even more instructive as Mr Green, straight after his cabbage comment, says “why would we even talk…” before abruptly altering tack to avoid saying “why would we even talk about selling for such a paltry sum as £8.5m.”

    Comment of the interview, though, was Keys’, when he said: “Charles, if I’m blundering into areas of controversy, please forgive me, its just that I don’t understand and neither does Andy.”

    Jeremy Paxman’s job is safe…

  17. JimBhoy

    Never a grilling Paul, more of a light sauteing….

    I long for the day Chico has to answer direct proper fact based questions, him and Graham Spiers on Newsnight Scotland would work for me… In fact that wouldn’t convince anyone other than those with their faculties about them. He could tell Spiers he is responsibe for day following night and a lot of Raners fans would believe.

  18. ecojon

    RANGERS STATEMENT ON BIG TAX CASE

    Taken from official RFC website:

    THERE has been growing speculation recently that an announcement from the First Tier Tax tribunal is imminent.

    The Club has no knowledge of when such an announcement will be made. However, the Club as it now stands as part of The Rangers Football Club Ltd. has been informed by Her Majesty’s Revenue and Customs that any decision by the First Tier Tax Tribunal will not affect the operations of The Rangers Football Club Ltd.

    This tax liability which is under consideration by the Tribunal is historic and was a matter for The Rangers Football Club plc (‘oldco’) which is in administration and will be subject to liquidation in due course.

    The Rangers Football Club Ltd. is a corporate entity formed following the acquisition in June this year by a consortium led by Charles Green of the business and assets of Rangers, including the Club and its honours.

    Unpaid tax liabilities led to the demise of ‘oldco’ and the EBT arrangements were part of ‘oldco’s’ liabilities. As HMRC stated in June when they decided to vote against the proposed oldco CVA, no tax liabilities relating to ‘oldco’ would transfer across to the new company. HMRC have recently reaffirmed this position to the Club’s tax advisers, Deloitte.

    The Rangers Football Club Ltd. is a company free of external debt and all liabilities relating to ‘oldco’ are a matter for the administrators.

    The impending decision of the First Tier Tax Tribunal once again calls into question the validity of the SPL Commission into the use of EBTs. They are clearly a matter for the old company and The Rangers Football Club is trying to rebuild as a great sporting institution.

    • carl31

      “external debt” ?!

      Why include the word ‘extarnal’ here?

    • TheBlackKnight

      Three things struck me with this statement…

      First:
      “This tax liability which is under consideration by the Tribunal is historic and was a matter for The Rangers Football Club plc (‘oldco’) ”

      Under consideration? I thought it had been determined and released to the interested parties????….. anyway I digress…… “The Rangers Football Club plc (‘oldco’)” Hmmmm that would mean that the proposed IPO to make The NEW Rangers a PLC isn’t going to happen any time soon. Can’t call themselves The Rangers Football Club LTD and then ‘float’ to The Rangers Football Club PLC. Its being liquidated and may take some considerable time!

      Second:
      “The Rangers Football Club Ltd. is a company free of external debt and all liabilities relating to ‘oldco’ are a matter for the administrators.”

      “free from external debt” – Hmmm….. I guess Sevco 5088 doesn’t count as “external debt”. Neither do the the initial “investors”??

      Third:
      “The impending decision of the First Tier Tax Tribunal once again calls into question the validity of the SPL Commission into the use of EBTs. They are clearly a matter for the old company”

      Again “impending decision”? I thought it had been determined and released to the interested parties????….. anyway I digress…… How can an “impending decision” call into question a validity of an SPL Comission that too has not yet deliberated?

      The ‘honours’ BOUGHT for a measly consideration by Green and his CONsortia were honours awarded by the SPL. They can easily be removed.

      Oh and whilst I digress……NEWCO and NEWCLUB have never played in the SPL. 😉

    • Martin

      Ecojon,

      Re the final sentence.
      A breif definition of sporting, ignoring the ‘great’

      Adjective:

      1.Connected with or interested in sports: “a major sporting event”.
      2.Fair and generous in one’s behavior or treatment of others, esp. in a game or contest.

      I wonder if Rangers can achieve either description.

  19. Maggie

    @Paul
    Another brilliant analysis,but I’m beginning to get the feeling that your work here might soon be done.There is a definite sceptical, mocking undercurrent in all of the MSM reporting of Mr Green’s latest pronouncements about his vision for The Rangers.
    There is actual negative comment on his constant contradictions,especially in The Sun and the article in Saturday’s Scotsman where he stands accused of treating us all as yokels,too stupid to figure out his game.
    The exception of course being the Daily Record which today opts to run with the story of SDM being aware of Craig Whyte’s less than stellar business reputation.Didn’t Mark Daly reveal that nearly a year ago?Media House must be too busy on Charles Green damage limitation to fax over an article perhaps.
    There seems to be some sort of PR battle being fought in the pages of the press between Green and Craig Whyte……. Whyte states his case one day,Green refutes it the next day and adds more preposterous claims.Tomorrow it will be Whyte’s turn…… I can hardly wait. I have a feeling that Craig Whyte knows a lot more than he’s revealed so far.
    When looking at the business records of both men I think it’s safe to say that neither of them are actually business geniuses ( assumed you were being ironic Paul when you referred to Green as such). Real business geniuses are so low key as to be “off the radar” not something you could accuse Mr Green of.If Green is indeed some sort of front man for an off the radar businessman then maybe he should consider taking him OFF
    the radar permanently as he’s becoming a liability.
    As I posted in a comment on Friday,I think we might be looking at the end of days for all things Glasgow Rangers past and present.I know we still have the BTC,BDO,HMRC findings to come,and none of that will be good news or provide good publicity for Rangers,for Green or for his share issue.
    Joyeux Noel Monsieur Vert.

    • Martin

      Maggie,

      Looking at the PR battle between Green and Whyte on RM it would seem the Green is winning and by a landslide.

      It begs the question, what else does White have on tape to turn the tide?

      Apparently he has a two hour tape of which a short passage was aired on the BBC. It may well be that his best card was played first though there has been much speculation of more to follow.

      Time will tell for sure, but if Whyte has a big bomb to detonate the time to do it is now.

      • Maggie

        @Martin,
        Craig Whyte is their designated scapegoat after all,though thought at least some of them would be a little sceptical of Green’s bluster.How desperate and deluded must you be to pin all your hopes on Charles Green.
        I’m not really sure what game Craig Whyte is playing,I initially thought that he was using a sort of “drip,drip”strategy,feeding us tasty morsels in small doses.e.g.Interview on the BBC,interview in The Sun,maybe even providing Mark Daly with the taped conversation,as some sort of veiled warning to Green,D&P and possibly even SDM to get what he thinks he’s owed or was promised.Maybe he actually has nothing else,but do Green et al know that for sure.As another poster mentioned he had access to everything inside Rangers for the best part of a year,so he knows more than most about the goings on there. Come on Craigy,tell all,you know you want to 🙂

  20. ecojon

    @ Maggie

    I think the problem for Green is that he seems to be the go-to guy when people want to float a company and he tends to be in and out relatively quickly but because of his position as front-man he cops the flak whereas the mystery investors come and go in the shadows.

    Not that I’m going soft on auld cabbage heid as he gets more than adequately remunerated for his role in the musical chairs fandango but Big Fat Hector is about to sound the trumpet of doom and I also cannot see how Lord Hodge can just let D&P walk away without some kind of comment or action.

    Of course the SPL are capable of anything and perhaps now that chico is hanging around in Scotland he might get a job restructuring the leagues as his mouse’s handkerchief knowledge of football appears to be a helluva lot more than the reigning suits.

  21. ecojon

    I notice that Imran Ahmad is still showing as managing director on the Zeus Capital website in spite of chico publicly stating that he had given up his position with Zeus to become commercial director at Rangers although he had previously been a member of the Rangers board.

    Fellow Zeus employee Brian Stockbridge is also shown as still being employed by Zeus and is also a director on the Rangers board.

    Perhaps chico got it wrong when he said Ahmad had left Zeus or perhaps there’s been a change of mind.

    Past and present decision makers at Zeus Capital are holding a hefty parcel of Rangers shares: Imran Ahmad, Rangers – 2.2 million
    Richard Hughes, Zeus Capital – 2.2 million
    Brian Stockbridge, Rangers – sub 50k
    John Goold, Zeus Capital – 100k

  22. Martin

    Paul,

    thankyou for taking the time to post, as ever, very informative.

  23. charl[atan] green also claimed on talksport…that he doesn’t get paid…he works for nothing…just now !!!???

  24. salt'n'sauce

    How does it work that he pays £1 for the shares plus £1 from his own pocket but then is not listed as a shareholder? Or has he got 85% of the shares in a different company to the one which the rest of the cast has shares in? #confused

    • martin c

      Having had a heavy weekend, just catching up with the clatter, i think i caught an article in the msm on share issues (TRFC and HMFC) and i’m sure it stated that journo’s needed to ask harder questions. Can anybody point me in the right direction?

      Yes, there does appear to be a change in attitude but is it too little too late?

    • JT

      Salt’n’Sauce

      CG would have bought CW’s shares in Oldco, needed if going down the CVA route.

  25. regilives

    The Asset Valuation of Ibrox et al always puzzled me.
    I never trusted the £100m valuation and felt that this was often there as a mechanism to facilitate borrowing more than a true valuation of worth**. Call me suspicious but there you go.
    As for the sale value- again I felt this wasa more of a mechanism to facilitate the sale more than a true valuation of worth.
    My second point refers to your GA piece, but could Paul respond on my first point marked **?
    What external company/companies provided the valuations ?
    If these valuations are found to be overstated, could these firms be open to accusations at best of negligence or at worst collusion in a fraudulent activity?
    Just asking like…

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