Rangers Response to the Orlit Claim – “Unworthy of Further Comment” Last Night – All Guns Blazing Tonight

Here you can find the Rangers reply tonight, which seems to do exactly what its supporters wanted – to take on the “haters”. I have commented in bold on the statement where I think I have something useful to say.

One detects the pen of James Traynor in the piece below, which did not seem to be the case in last night’s terse and unsuccessful statement.

————————————————————

RANGERS are the subject of media reports and speculation which are at best misleading and at worst malicious.

The BBC and Channel 4 News, along with the various outlets mentioned in my last post, seem to have been consistent in what they have reported regarding Orlit.

  1. 1.      There is a claim by Orlit that Rangers owes it £400,000.
  2. 2.      Orlit is threatening legal action – a winding up petition.
  3. 3.      Rangers stated yesterday that the matter had been agreed and that the matter would be settled.
  4. 4.      There was no danger to the football club.

I have missed the misleading and malicious media reports and speculation. Maybe someone can point me in the right direction?

In an ideal world, for instance, one in which journalism wasn’t at such a damning low it has to be investigated by the highest authorities with culprits facing jail sentences, there would be no need for this Club to respond.

One assumes this refers to the Leveson Inquiry, phone hacking, the News of the World and the rest. I cannot quite see how this relates to the allegation that media reports about a football team are inaccurate.

Maybe someone can enlighten me as to the connection?

However, because it has become clear Rangers cannot rely on basic honesty, decency or integrity from enough of the country’s media outlets we must speak for ourselves. We have a duty to our supporters to put the record straight.

Don’t mince words Mr Traynor (if it is you). Are you referring to the BBC, to Channel 4, to the Record, to the Herald, the Scotsman, and STV.tv? Which media outlets do not possess honesty, decency and integrity? Could it be that the writer does not want to state specifics for fear of the legal action which is hinted in this very statement?

As far as putting the record (and I wonder if that is an unconscious pun) straight, surely the most misleading aspect was the Rangers statement last night?

It is almost as if it was never made!

Rangers have been disputing a payment to a foreign company, Orlit, although it should be stressed we have never said there is no bill to be met.

Fair enough. Any business needs to ensure that it is spending money appropriately. The suggestion that two invoices have been paid and two not paid implies that, quite properly, there was some issue for discussion.

What we have said and what we are telling our supporters is that not all of the invoices submitted with regard to this bill are legitimate.

Wow, just wow.

According to the OED “legitimate” means “conforming to the law or to rules”. By definition therefore an invoice which is not legitimate is not conforming to the law.

Is this a suggestion that the disputed invoices are fraudulent?

If not, what is wrong with them. Are they over-charged? Were they conditional on an event which Rangers dispute?

Is the writer of the statement aware that the sentence above is undoubtedly actionable? (That is not to say that what is said is untrue, nor is it to take either side in this dispute. However the statement carries clear implications of dishonesty on the part or Orlit).

Clearly there has been a lack of understanding within the media about this when all we have done is refuse to be forced into paying sums we do not owe. It is as simple as that.

OK. But last night’s statement gave no hint of this, did it?

Who on earth would pay out when faced with a spurious request for money?

Spurious?

I can see Orlit consulting lawyers about more than the disputed debt.

No matter what anyone else says, Rangers have agreed a figure to settle this issue and it is a figure which, as we have already tried to explain, is significantly less than the initial demand.

As Jimmy Tarbuck used to say on “Winner Takes All” – “We have a difference of opinion here Geoffrey!”

According to the BBC Orlit say there is no deal. According to Mr Traynor there is. We need, talking of game shows, Noel Edmonds and “The Banker” to resolve this one!

The question on everyone's lips

The question on everyone’s lips

Only the wording, which would put this matter to rest once and for all, has still to be signed off.

Here might be the key. Has the wording been agreed or is it still under negotiation? Indeed, one imagines that when the wording is signed, the money will still have to be paid.

Frankly this statement for all of its gung-ho spirit, raises more questions than it answers.

And despite what some over-excited but desperately ill-informed bloggers claim, there is no threat of this Club being closed. That is downright malicious and ludicrous.

A couple of points. As we found last year, a club is a collection of assets – therefore “the club” is not in danger of being sold. Even if the company which owns the club was at such risk (which there is no evidence to suggest is the case) the assets could be sold elsewhere.

I wonder which “over-excited but desperately ill-informed bloggers” are being referred to here.

And if their comments are stated to be malicious, then should court action not follow?

(On one view this statement from Ibrox could enrich a sizeable portion of the legal profession, both in Scotland and in Singapore! – Allegedly)

But let’s make one thing clear: If Orlit wish to instruct their lawyers to go to court then we will defend our position vigorously.

The gloves are well and truly off. “See you in court” is a phrase often uttered in TV dramas and films. Rarely is it said in real life. But the sentiment runs through this whole document.

We are absolutely convinced we’d win but we did think it would be better to avoid giving our many detractors another bar with which to beat us over the head. That’s why we made an offer to settle but we now find we are still being harassed.

Now, reading what has been said above one might think an agreement had been reached. However, here we see that it is an “offer” to settle. Has that offer been accepted? Is that the “wording” to be “signed off”?

Orlit seem to think there is no deal.

Maybe the wiser reaction would have been to insist that the allegedly illegitimate and spurious invoices would not be met with payment of even one penny. Clearly, as the statement goes on to say, the threat of legal costs would be of little value against such a well-funded company. Why not spend a few pounds to gain the moral high ground of being seen to stand up for itself against this “foreign” company? One suspects that an unequivocal statement that the bill would be contested vigorously would have met with great approval from the fans.

And even the detractors would only have had a “bar to beat them over the head” if the defence turned out to be “spurious”?

The detractors, in the Board Room, with the lead piping?

The detractors, in the Board Room, with the lead piping?

The thought process seems to be that if we have £22m from the recent IPO we should just pay up. Bizarre. Why should we? Of course we can pay the amount demanded – it is, as we’ve already stated, a small amount – but it is ridiculous to hand over more than is due.

I suspect that the first sentence of the above paragraph might be analysed to the nth degree. It does not say that Rangers has £22 million, but that “if” it has £22 million. I do not think this is the “smoking gun” to establish the theories that the IPO did not raise the full amount of cash claimed. Value can be received for shares in various forms – cash is merely one of them. I think though that too detailed a focus on this sentence will lead to an incorrect conclusion.

As I wrote last night, the emphasis on this sum, stated to be £400,000, as being a “small amount” might not be the most tactful, or indeed legally wise, thing to say.

The money belongs to Rangers and we will not give it out to anyone who comes along with invented invoices.

“Invented”!

“Spurious”!

“Not legitimate”!

Interestingly (although I will not explore the issue at too much length here) it seems that the comments referred to would be actionable in Singapore. They are made about a Singaporean company and, being on the internet, might be deemed to be published there.

Two possibilities arise.

Singapore’s Defamation Act would cover a civil claim for damages were such to be made by Orlit.

More significantly the Singaporean Penal Code criminalises defamation in certain circumstances.

Section 499 states:-

Whoever, by words either spoken or intended to be read, or by signs, or by visible representations, makes or publishes any imputation concerning any person, intending to harm, or knowing or having reason to believe that such imputation will harm, the reputation of such person, is said, except in the cases hereinafter excepted, to defame that person.

The penalty is a fine, up to two years’ imprisonment or both.

Singapore's Supreme Court - not likely to be troubled by this issue

Singapore’s Supreme Court – not likely to be troubled by this issue

Is it likely that Rangers will be sued, or the author prosecuted, in a Singaporean court? No. It is highly unlikely. However, it is always instructive to have a look at the laws of another jurisdiction!

That would be reckless in the extreme and suggest that nothing has been understood from the past when Rangers were in effect mugged by money grabbers.

“Mugged by money grabbers”!

If this is not written by Mr Traynor, then the writer has his style to a “T”!

Who are these money grabbers? Name names! I am sure Rangers fans want to be clear about who these people were!

We are here to make sure that does not happen again. We do pay our bills on time and we have always been prepared to pay this one.

“We have always been prepared to pay this one”!

This one which is spurious, illegitimate and invented? Always prepared to pay it? Something has been lost in translation, methinks.

There are many people and journalists who will choose to disbelieve this truth but that is up to them. They will continue to attack Rangers no matter what we say but this statement is not for them.

Oops. Sorry then.

I can only speak for me. Despite what some readers believe, it is not my default position to “attack” Rangers at every turn. However, even the most staunch and loyal “Bluenose” must agree that, over the last couple of years, there has been a huge amount said and done by people within the organisation which is very much worthy of comment.

And who has repeatedly said the Mr Green deserves to be Businessman of the Year for his financial dealings and ability to appeal to his own customer base? Me!

It is for our supporters. They deserve to know and understand the exact and precise state of play,

Except this statement does not tell us the “exact and precise” state of play, does it?

And then comes the “Mission Statement”…

Rangers will not be closed. This Club will never run up crippling debts and we will not pay over-inflated salaries to players.

However, we will have a sensible pay structure which won’t threaten the club’s existence. That is what we believe the fans want.

Having said that, Rangers are rising and we will return to the top flight where we will be competitive again.

We are still very much at the beginning of a long road back and although there will be potholes to be negotiated, nothing will stop us.

Rangers are no longer soft touches. We will not bow to or run from bullies and we will not be pressured into handing out even £1 if it is not merited.

We are sorry if this, or the fact that Rangers are financially healthy, isn’t what people want to hear but this is the new reality.

It is for others to come to terms with that and also our continued revival. It would, however, be a pleasant change if we could be left alone to get on with our business.

I don’t know about you, but I can imagine the above section being read in a Churchillian voice, almost in a “We will fight them on the beaches” manner, as the strains of “Land of Hope and Glory” play in the background.

Winston Churchill

Winston Churchill

James Traynor

James Traynor

 

It also seems to jar rather with the words of Mr Green, only a couple of weeks ago, where he wanted to extend the hand of friendship to others and rebuild bridges. The statement above seems designed to bring crashing down any rickety bridges which have so far been rebuilt.

Will it appeal to the writers and readers of The Rangers Standard?

To Bill McMurdo?

To the denizens of the various Rangers fan-sites and message boards?

Of course it will.

Does it reinforce the “no one likes us, we don’t care” siege mentality?

Of course.

Is it another brilliantly framed way of appealing to the core support? Very much so.

Is it a sign that Mr Traynor’s influence is driving out the previous involvement and philosophy of Media House? Looks like it.

Does it mean that there are likely to be more things to write about connected with the football club owned by the company owned by the PLC down Govan way!

Of course!

Posted by Paul McConville

 

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170 Comments

Filed under Charles Green, Orlit Enterprises v Rangers, Rangers

170 responses to “Rangers Response to the Orlit Claim – “Unworthy of Further Comment” Last Night – All Guns Blazing Tonight

  1. JimBhoy

    Arsenal pre-season friendly, maybe looking for a record scoreline with that one… Million miles apart in class of footballer. I am sure Mr Wenger knows about that one and has agreed to that.

    Juve training at Ibrox and Celtic not even giving Chico a nod…. I reckon one thing that grinds on Chico is the lack of taking the bait that comes from Celtic, he has tried on numerous occasions, for the most part ignored and rightly so.

    Loved the 2 JT’s jpeg sheer class.. Can’t wait to see what sticklebricks says tomorrow (in fact today) to defend his club from those increasingly large numbers of haters of rangers. 🙂

  2. JimBhoy

    http://www.scotzine.com/2013/02/charles-green-makes-some-outlandish-claims-to-expat-rangers-fans/
    Phileas has travelled thousands of miles to sit down in front of less than 300 fans, me thinks this is known as a jolly… There are a number of questionable facts in this piece that could be addressed by asking 4 or 5 simple questions but he seems to be teflon coated. After the Craigy Whyte fiasco I am surprised this man gets away with any of this crap.

    • portpower

      In Perth,Australia sevco fans had to email their question beforehand to uncle charlie. At the end of the night all patrons only had 10 minutes of open questions time. There was also a dry bar. A pub with no beer in Australia? I don`t think so.

  3. Tommy

    Paul,

    Thank you for an excellent forensic analysis of Traynor’s latest ramblings. I have never witnessed a more inept performance in crisis management than this winding-up order fiasco. Jabba is oblivious of the legal ramifications regarding his choice of words. It would not have taken more than an hour to e-mail his draft to the club’s lawyer and have it returned in a suitable version for publication.

    Traynor has a large ego, as does Sir Charles. It is only a matter of time before they clash – with only one winner. Meanwhile, I look forward to more edits eminating from the quill pen of Jabba, as he reassures all those restless bears out there that the future is bright, the future is orange..

  4. Joe

    Typical newcos will they never learn that the only people stupid enough to believe the guff that they spout is their own doaty fans. I would have more respect for them if they just paid their debts and shut their fat mouths and stopped all their pathetic mewing and bleeting. And as for Jabba I wonder if he was supping from a tin of Chappie the low cost dog food as he wrote that pathetic excuse for an excuse. Still it would be another massive laugh if newco went bust as well and wee Ally was out on the street demanding to know “Who are these people” or another “We dont do walking away” Hee haw cant wait. I wonder who the next il Duce of newco 2 will be, Khan maybe or Ming the merciless.

  5. John C

    They must have reached the same agreement they made on international transfer fees, take it or leave it, is how they appear to negotiate.
    Are Rapid Vienna waiting on the LNS decision or have they already begun proceedings ?

  6. mrgreenwhytebrown

    It’s not really ‘Public’ relations he’s paid to do….to be fair!! Is it?

  7. fisiani

    The level of spin and venom in the Jabba diatribe actually reflects the accuracy of the charges. Outrageous claims are brushed aside. Truth really hurts and denial and obfuscation is their only defence.

  8. portpower

    jabba you fat plick.

  9. Sid

    James Traynor- a guy who will go down as the biggest sycophant in Scottish mainstream media history. Having alienated himself completely from one diaspora, the eventual Downfall mk2 will see the other half turn on him. EDITED

    • cam

      Hopefully his family don’t get to see that remark,,you are a disgrace.
      Did the guy rob you?,make remarks about your mother?,cause you personal harm?
      He wrote an article that you don’t like and the hatred in your sick twisted mind comes to the surface.

      • Vince

        You really should stay of the hyperbole, Can.

        • tykebhoy

          He probably should refrain from hypocrisy. As a defllection attempt yesterday he accused Paul and others of being “sad” for reading all the posts on the blog and the time also spent researching them. Paul does it out of interest, Cam seems to read every post despite claiming to be totally disinterested as its all lies and then types reams and reams of drivel in attempts to disrupt the flow of “the lies”. Obsessed? Well unless Can is being paid handsomely he must be.

          • cam

            I recall yesterday that i had a feather duster fight with Eco and took delight in the old buffers misery in having to scan my posts for possible chinks that he could exploit.
            I read quite a few of the posts,but i can’t honestly handle the canned laughter smiley littered efforts.
            I then apply the chemical effects of my medication and the absolute certain knowledge that a few well placed maggots shall invoke the rage virus that bubbles beneath the surface of 80% of the contributors.
            Laughter is my shield against the unrelenting tsunami of hate,,,and it is hate.
            Going by the Dundee Boxing Day festival of p*sh i could never aspire to disrupting your flow you little tyke.
            Don’t listen to secret agent Eco,i do this for free,for fun and the love of the Gers.
            Now get back in the flow bhoy.

          • ecojon

            @tykebhoy

            cameo is certainly deluded – but we have the other cameo at the moment the one that tries to appear sensible. For a long time I thought it was just an imbalance in meds. But now I am sure it really is a substitute 🙂

            As to delusion if he really thinks I read all his posts – well what can one say. I really do have more important work elsewhere while cameo wastes his time writing gibberish which almost no one looks at any more including his own. A bit like legit actually 🙂

            • cam

              You read the one above old son,,,and it burnt!
              I’ll let you get back to Googling some obscure companies,regulations and stock markets.
              It is important.Just like me remembering to take my pills.

        • cam

          Thanks for the free advice Vinnie.
          This is the upmarket forum where folk with a larger vocabulary can dress their venom up with some attributed quotes,some home baked philosophy and words that Mr Galloway would be happy with.
          The fun side is watching the masks slip as the campaign is cranked up.
          I was never a fan of Mr Traynor as a radio presenter or sports journalist,i heard he was/is an Airdrie fan and always thought he liked having a dig at both RFC and CFC in equal measure.
          Something,money? persuaded him that printed media in this wee country was nearing the endgame and that the agendas of certain individuals were not to his liking.
          Chico realised that RFC were poor performers in the PR war and Mr T’s services were needed to combat this dirty war that CFC minded bloggers excel in.
          Thommo,i regard as a transient buffoon and a fantasist.The host of this blog does, no matter how much he may protest,have an undiagnosed obsession with all things Rangers,but it is all done in a fashion that, although you are aware of his own past history,allows you to suspend your incredulity and have a laugh.The Incubator individual is another matter altogether,in my opinion a horrific person.
          Not one of the above fills me with hatred, even though they make a career at present, of continuously attacking,in various forms ,my football club.
          If Sid Vicious,above doesn’t seek some help then his hatred shall consume him.
          The hyperbole is free of charge Vinnie.

          • Vince

            Oh my, Camilla, so much passive aggressiveness. It can be harmful if not addressed. Have you considered HRT treatment?

            • cam

              Tried it,got the t-shirt.
              My moobs were spectacular and i was propositioned by a few Hoopy hounds in O Neills,,,,,,,i hope you didn’t try your hand Vinnie?

          • Cregganduff

            ” Chico realised that RFC were poor performers in the PR war and Mr T’s services were needed to combat this dirty war that CFC minded bloggers excel in.

            Cam the Guy’s an idiot and surely his performance over the last few days has convinced even you of that. You already have McMurdo and Leggo alternating paranoia with threats of revenge, what on earth do you believe a bully like Traynor is going to add?

            I prefer schadenfreude to hatred, but I have always regarded Rangers’s FC as a bastion of sectarianism and a large proportion of its support as vicious thugs.

      • cam,

        I agree that it wasn’t a suitable remark. It’s gone.

        • cam

          Good man Paul.
          It’s been a good clean bout so far and there are many rounds left,CFC are well ahead on points and have the Gers on the ropes.
          The sight of JT in shorts and punching his full weight may hopefully bring a sense of overconfidence and he can round up a few dopes.
          I’m not buying your book,mind,when it is released.
          I’ll try to reserve an undamaged copy from Larkhall public library and get you to sign it.

          • arb urns

            yo cam

            i had a baton ‘lee’ out that Larhall Subway for lunch the other week, succulent lamb with blue cheese, tasty too.

            thats one for the chickster with the bruce’s and sheila’s d/u we got our own subway in our own town. i think he should be told .. i really do

            what a word artist u r cam the picture of jt in how high boxing shorts backed against the ropes defiant with blows raining in and his old broadcasting foe ‘hee hee it is i me i chico young ‘ as the ref help yourself lads i aint stopping this till the fat man sings.

  10. allyjambo

    Stating the obvious, I suppose, but it’s clear to me that Green, in appointing Traynor as head of communications, is only interested in keeping TRFC supporters, at least the ones with their head deepest in the sand, onside. Surely a CEO of any company, let alone one who knows his company will, for a long time hence, be under extreme financial scrutiny, would aim his PR output at those not so easily persuaded that ‘all is well’. Rational statements are the order of the day for any business that finds it’s dirty linen is being washed in public, but belligerant rants only lend credence to the suspicions of “trouble at ‘mil” and give fuel to those who might wish them ill. The two statements put out on TRFC’s website read to me like something written by someone ‘not in the loop’ who, with very little to go on, has felt compelled to attack, as he has nothing to use in defence!

    • ecojon

      @allyjambo

      I wonder if he is now in the loop fully and has realised it’s more akin to a noose as he can’t use the info he has or the whole house of cards would come tumbling down. Maybe that’s what’s got him running scared spouting p*h as he daren’t go near the truth.

      • allyjambo

        ecojon,

        He certainly comes across as a man looking over the precipice, or looking down at the trapdoor 😉 and has clearly not made the move from being, unofficially, the official mouthpeice of Rangers and TRFC, to being, officially, the official mouthpeice of TRFC. He doesn’t seem to be aware that his words are now, not only officially TRFC’s, but legally their’s too. Previously he could speak out about Rangers, and TRFC, in that all knowing way of his, and, if either club later contradicted him, there was no harm done. Now, should Green have the nous to see the damage Traynor’s rantings have done, any statement he makes to ‘right’ the situation will look very bad for TRFC, one way or another, and further erode Traynor’s usefullness to them. A bit like signing up Super Ally as his sop to the masses; signing up ‘Supper’ Jabba is turning into a masterclass in misjudgement too 🙂

  11. Adam

    So Jim Traynor now saying we “have £22m from the share offer” Does that mean there isnt a missing £10m or can he not be trusted this time ?

    A quandry for some who hang off his every word………………. that suits.

    • tykebhoy

      Back to the old tricks Adam? Amazing what the little word IF,which you have deliberately omitted, does to Traynor’s quote. It may turn out to be the only part of his statement that was given appropriate consideration. Charlie says its 22m, Traynor neither confirms nor denies this with that quote.

      • ecojon

        @tykebhoy

        Ah ma bhoy I was going to wait for Adam’s uual deflection before using that 🙂

      • Adam

        Of course……….as it suits.

        For the record, i have been consistent. I take anything from Traynor with a pinch of salt. Good or Bad.

        • tykebhoy

          I think you will find only head in the sand bears hang on Traynor’s every word. The rest only believe it with independent corroboration, unless as per most of yesterday’s it can be treated with contempt and ridiculed from the off.

          • Adam

            Do we have any independent corroboration that only £10m was raised then ?

            • tykebhoy

              Has Traynor said that and if so has he rescinded it or RIFC corrected it? You would think if he had said something so factually incorrect that it would be corrected soonest. Of course there’s yet to be a correction from last night unless I missed it

            • ecojon

              @Adam

              What is the word of The Voice Of The Bears not good enough for you and chuckle was with him when he said it. It was tweeted by at least two Berrs at the meeting and has appeared on several Rangers fansites mainly, I think, because they didn’t realise the significance of the figure. They were too busy demanding an asurance that the seat colour wouldn’t be changed if the stadiun was renamed.

            • Adam

              Has Traynor or RIFC rescinded the initial statement saying £22.2m was raised ?

              Traynor hasnt got a scooby. Everything he says and writes is questionable. I am more inclined to believe an official club statement the day after the issue which would be subject to rules and regs rather than a loudmouth journo who has previous of getting loads wrong.

              Just my take on things.

            • tykebhoy

              So you don’t believe Traynor but the club hasn’t corrected him officially?

            • Adam

              No i dont believe Traynor and no the club hasnt corrected him.

              Though i should point out that i have still not actually read nor heard the context of what he said.

            • Adam

              Ive now carried out a google search and from what i can gather, somebody was tweeting at the meeting and the line they tweeted has now been copied and pasted everywhere, with the wrong spelling of Trainor. Theres no context to any question asked and there is no context to how the answer was given.

              If you want to believe that this “tweet” is evidence of the truth then feel free.

              As stated, i tend to believe the statements made to the marketplace, the articles on such places as the Financial Times, Investor sites, the confirmation from Cenkos and FFW who were advisors and agents for the share issue rather than some half hearted tweet with absolutely no context.

              If this was the other way about, you would be laughing your nuts off.

            • ecojon

              @Adam

              Just for you who only believes in things like investors’ sites I have posted the IC take at flotation down below. Now that you have listed the people you believe I don’t believe your secret Rangers source for your entry into RTC fits in any of those categories.

            • Adam

              Its fairly simple.

              Financial Times or guy who tweets with no context ? FT
              Cenkos or guy who tweets with no context ? Cenkos
              FFW or guy who tweets with no context ? FFW

              Replace “guy who tweets with no context” with “Jim Traynor who works for my club” and my answers would still be the same.

              Replace “James Traynor who works for my club” with “Charles Green, CEO of my club” and my answers would still be the same.

              Now instead of dancing around handbags, why dont you please accept that i am quite happy to go against stuff coming out of my club and provide me with the full context of what was said, before, during and after the supposed quote by Jim Traynor.

              At that point, i will give my honest evaluation of what i think, good or bad.

    • ecojon

      Adam

      Why don’t you email him and ask him to rxplain the difference between £10m and £22m. After all you’re a Rangers supporter and you have a right to know.

    • Den

      Adam,

      I don’t hang on every word, but as pointed out your quote left out one little word. That little word changed the meaning.

      I had some regard for you in the past but your selective use of use of quotes and statistics has put you down in my estimation.

  12. ecojon

    Doe anyone know if its a Bank Holiday down south today.

    It’s just that I’ve noticed there in’t any trades this morning in Rangers shares. Maybe it’s the AIM computer system that’s crashed.

  13. arb urns

    its interesting that all the figures mentioned as due to orlit are neat little % of £20m the figure given as the ‘net’ ipo proceeds e.g 800k=4pc perfectly feasible as a ‘finders fee’ 400k etc etc.

    its also interesting gers now appear to have sought the sanctuary of placing funds with lawyers perhaps the same sanctuary with words would have been wise counsel.

    this whole scenario doesnt look good

    sold for £1
    liquidation
    phoenix co woefully short of working capital it appears
    seed capital requirement
    trading currently at a loss
    potentially an ‘octopus’ still in the room
    current owners appear to have no ‘capital’ invested in the business.
    pending spl enquiry re rule breaches of the body they trade in.

    and jabba jabba so **** they named him twice.

    • ecojon

      @arb urns

      Actually perhap you’re onto something. I was going to pot you nd say that Orlit’ commission would be paaid on the funds raised by the initial consortium.

      But one thing the Rangers story has taught me is that the world of finance all seems to operate on trigger point for added commisions on an original deal. A bit like sell-on clauses with sold players.

      So it might well be that there was an original basic commision on the funds raised initially and this was paid.

      However perhaps there was a trigger-point for a later payment based on the amount raised at flotation and this is where the extra payment and disagreement comes in.

      Remember that chuckles has stated publicy that there was no written contract – I that how the CEO of a publicly quoted company acts?

      I wonder if the Board of Rangers International knew anything about this handshake agreement?

      • arb urns

        its called override ecoj override and there’s millions of it out there….. believe me £400k as a balance payment is a drop in the ‘straits of johor’ as they say in singapore.

        am on a nice little run selling the sgd at the moment so jabbas jibberish seems to be holding . finger poised to buy it tho if chico has to stump up a kevin kyle to get these guys to back off.

  14. ecojon

    HERALD EXCLUSIVE REVEALS TRUTH ABOUT WARCHEST

    “Money is being put in a piggy bank [for manager Ally McCoist],” said Green.

  15. JimBhoy

    Happy birthday Tykebhoy you beat me by just over a week…

  16. JimBhoy

    @Eco as much money as will fit in a mouse’s ‘ankerchief..

    Imo any monies given to Sally is money wasted, rangers need to bite the bullet and make that managerial change and I know a lot of the gers fans on here think so too.. It might be the real start of the climb back if they had someone like Butcher at the helm for the start of next season. The quandary as someone pointed out yesterday is where does McCoist fits in especially on a very high sal it seems. Sometimes better to rip the bandaid off. Director of football, moving a manager upstairs never works for me.

    Anyways what do i know, it’s all horses for courses, away to put on a couple of findus lasagnes.

  17. Stuck these on TSFM but thought I’d stick ’em here too…

    What are NewGers trying to achieve with this press release? Let’s consider why/when companies issue press releases or public statements?

     To draw attention to a company’s success or a new initititive that the company feels will be of benefit to itself or customers.
     To put forward the company’s stance on matters outwith their control but where the company feels the need because of its relation to those matters.
     Damage limitation when they have been busted doing something they shouldn’t have.
     In direct response to an issue raised where the company feels the need to make its stance available to the broader world.
     It is also a means to deny or deflect accusations or rumours which may be damaging to the company’s reputation or share price.

    This last reason would seem to be the closest to why NewGers felt the need to put finger to keyboard, but they made their stance clear the previous day, with their “not worthy of comment” comment Shirley?

    I will get back to the contradictory nature of the posting on NewGers site but one thing a “head of media” should not be doing is using their professional role to score points, to settle scores and to generally pour gasoline on a smouldering pile of ash that would have burned itself out in only hours. The other thing they should not do is alienate the very “media” they are meant to be working with by suggesting their “customers” should try and kill off media outlets with (yet another) boycott. …

    “Real” journos look down their noses at PRs but the reality is it is a different role than just writing stories about their employers. It is a separate discipline. Someone needs to tell Traynor that…

  18. jjAs for the contradictory nature of the statement – leaving aside the obligatory digs at internet bampots (isn’t Traynor responsible for NewGers NewMedia?), paranoia, victim mentality and the like, let’s just look at the meat of the statement (99% of it is surely horse):

    So why is the fact that Orlit is a “foreign company” worthy of mention? NewGers are surely not pandering their supporters oft-remarked xenophobia are they?

    To cut a long story short – everyone agrees there is a debt – the amount is in dispute, with NewGErs accusing Orlit of submitting illegitimate invoices. The good news is NewGers have agreed a figure to be settled, the bad news is that apparently it wasn’t agreed with the company owed the money, who are still “harassing” NewGers. So it’s not just waiting for the wording to sbe signed of is it? If so why then go into one about going to court? “And if we did, we’d win so yah-boo sucks to you” – ok paraphrased a little there but I think I got the context right.

    “We do pay our bills on time and we have always been prepared to pay this one!” – OK well that separates NewGers from Old who famously didn’t pay so many bills they went into administration and liquidation…. but which bill are NewGers paying? What Orlit say they owe or what NewGers say you owe? If NewGers don’t pay the full bill they will still need to make provision for the rest in their accounts don’t they?

    “Rangers will not be closed. This Club will never run up crippling debts and we will not pay over-inflated salaries to players” – OK so that’s again a clear difference between OldGers and NewGers.

    I’ll leave most of the rest, but feel I need to comment on “Rangers are no longer soft touches. We will not bow to or run from bullies” – WTF? Seriously WTF is that doing in a press release or public statement of a plc? The only people that saw Gers old and new were apparently their own directors, players and employees. No-one else benefited from their existence.

    And who are these bullies that they refer to? My God, they are the least “bullied” team in the country. This isn’t cognitive dissonance, it is a complete contradiction of facts.

    Wow.

    • ecojon

      @jockybhoy

      Did you notice in the Green dispatch from Perth WA the deal w apparently a verbal one and there was no contract presumably just a handshake.

      So that’ how AIM companies are run is it – well that’s OK then. I’m sure we can take the word of a French-speaking blue-blooded Yorkshireman over a johnny foreigner. Where’s the bluidy gunboats when you need them.

  19. ecojon

    STILL NOT ONE RANGERS SHARE TRADED TODAY

    The new club has set a new world record almost. For the first time since it floated on December 19 2012 Rangers International is heading for the record of apparently not trading a single share today.

    Still it’s a while before closing at AIM and there may well be a flood of activity.

    But for the moment it looks as though all who have bought into the dream of owning a bit of Rangers are highly delighted with their purchase and nothing will make them walk away from their shareholding or indeed increase it. They are just happy with things as they are it would appear.

  20. JimBhoy

    I dont see any of the papers remarking on Jabba’s rants, maybe as Chico says they are about to unleash Jabba to fight and defend the Gers for all who hate them and Jabba has dirt on everyone. Maybe he has made some secret recordings over some horse meat and a fine red.

  21. ecojon

    I thought it was worth looking back to what the Investors Chronicle had to say about Rangers at the time of AIM Flotation.
    —————————————————————————————
    IC VIEW:

    There are some reasons to think this football IPO might buck the trend of awful performance by football investments. For one thing, the assets – which include Ibrox (the club’s stadium), the Murray Park training facility, the players and the brand – add up to around £100m. Moreover, by next May – when totting up the money from pre-IPO fundraising, the Aim listing and expected season ticket sales – RIFC could be sitting on a net cash pile of £50m. The IPO, however, gives RIFC a market cap of £50m. One to watch.

    Well I’m watching but nothing seems to be happening sharewise at the moment 🙂

    Other intereting snippets from IC: ‘Mr Green had originally intended to raise £20m from the IPO, but £17m has already been committed, at 70p a share’.

    ‘Mr Green expects the public offer to raise another £10m, taking the IPO total up to £27m. Although £500 is the minimum price to get a stake in RIFC, that is unlikely to deter fans. According to one source, speaking to Investors Chronicle, Capita Registrars has received subscription demand for RIFC shares totalling £24m.’

    If they had only sent me a Prospectus I may well have invested in a recycling company 🙂

  22. arb urns

    ITS THERE THE TREBLE.. NEWCO’S FIRST !!!!!!!!!

    1. Boycott DUFC Scottish Cup Tie

    2. Boycott Lloyds TSB to secure a car park

    3. Boycott those pesky newspapers

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