Tag Archives: Switcheroo

A Story about Craig Whyte, Rangers, Charlotte, and the Last 2 Years – Guest Post by Goldstein

I don’t have any quotes, or smoking guns, or links to official documents, tape recordings, or any credentials whatsoever. All I have is a story, a story that you will hopefully agree has a ring to it. In a way, everything that has happened over the last 24 months is evidence. You are all familiar with the facts, so hopefully my story will help you process them.

Let me start by suggesting this story makes much more sense if you look at it from the perspective of Craig Whyte, before, during, and after RFC went into administration. Very little of that which follows is in the least bit controversial. Most of the key events and facts are already known and in the public domain. How those facts and events are explained here in my story might be a surprise to some but I think deep down inside everyone who reads it will appreciate its simplicity and wonder how they didn’t see through all this before. Continue reading

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Filed under Charles Green, Guest Posts, Rangers

Mystery Directors and the Rangers Sevco 5088 Switcheroo by Ecojon

A desperate and long-running battle is being waged over control of Sevco 5088 Ltd which lies at the heart of the ‘WHO OWNS RANGERS’ riddle.

Attempts to send the company to an unmarked watery grave appear to have failed and the Registrar at Companies House has withdrawn documents from public scrutiny which attempted to remove two of the three directors controlling the company.

This story has enormous repercussions for the SFA and the future of Rangers; Ticketus; shareholders of Rangers International Football Club; a London court case next month; the BDO investigation into Rangers; the main players viz Charles Green, Craig Whyte and Aidan Earley.

Continue reading

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Filed under Charles Green, Guest Posts, Rangers

Pinsent Masons Deny Whyte Has Stake With Rangers – But Still Questions To Be Answered?

So the verdict has been pronounced…

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30 May 2013

Rangers International Football Club plc (the “Company”)

Conclusion of Independent Review

On behalf of Rangers International Football Club plc, the non-executive directors of the Company (the “Investigation Committee”) engaged the law firm Pinsent Masons LLP to investigate the connections between Craig Whyte and former and current personnel of the Company and its subsidiaries (the “Investigation”).

The Investigation was overseen by Roy Martin QC.

The Investigation concluded on 17 May 2013 and Pinsent Masons and Roy Martin QC have reported to the Investigation Committee. The Investigation Committee is satisfied that a thorough investigation was conducted despite the inherent limitations of a private inquiry. Continue reading

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Filed under Charles Green, Rangers, SFA

Rangers Show “Title Deeds” to Sunday Mail. But That Doesn’t Answer Mr Whyte’s Claims

Today’s Sunday Mail (though not yet online as far as I can see) solves the mystery over the “title deeds” to Ibrox and Murray Park. Brian Stockbridge, effectively the only Director of Rangers Football Club Ltd and, at least according to Companies House, the only executive Director of RIFC PLC, is pictured with the relevant Land Certificates. Land Certificates are what replaced “title deeds” in Scotland after 1979 – one neat document, including a plan, giving all of the relevant details about a property, including who owns it.

The “title deeds” prove that Ibrox and Murray Park are not owned by Craig Whyte, or Sevco 5088 Ltd or Worthington plc, or Mr Earley, or Mr Green, or even Mr Custard.

They will show either that the title is in the name of Sevco Scotland Ltd or Rangers Football Club Ltd. Those are in fact the same company, the name having changed on 31st July 2012.

The Land Certificate will not, I think, be in the name of RIFC PLC simply because it owns 100% of Rangers Football Club Ltd, and does not need directly to own the land and buildings.

So all is well – Mr John Brown can see the deeds and this proves that Mr Whyte has no claim!

Except it does not. Continue reading

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Filed under Charles Green, Land Registration, Rangers

On Possible Gratuitous Alienations, Good Faith and Sevco Shuffling

Many thanks to mick who reminded me of a very interesting snippet reported on STV.tv on 27th June, which I had previously discussed here.

“A spokesman for Rangers confirmed that there had been a transfer of assets between one newco and a second separate newco. He told STV: “For the avoidance of doubt, Sevco 5088 Limited bought the assets of the Rangers Football Club and then transferred them to Sevco Scotland Limited so that all the assets would be in the Scottish registered company that is Rangers FC.”

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The Rangers CVA Proposal defined “Sevco” in the following terms in paragraph 4.17:-

“ … an offer was made by Sevco 5088 Limited (Sevco) …”

Para 4.19 stated:-

“Consequently, on 12 May 2012, the Joint Administrators agreed and signed an offer letter with Sevco (the Offer Letter) and granted Sevco exclusivity to complete a takeover of the Company or a purchase of the Company‘s business and assets by 30 July 2012. Sevco made a payment of £200,000 to the Company for such exclusivity.”

Para 4.23 stated:-

“In the event that either this CVA is not approved, or the other Conditions of the loan are not satisfied or waived by 23 July 2012, Sevco is contractually obliged to purchase the business and assets of the Company for £5,500,000 by 30 July 2012. All further terms of that sale have been agreed in advance and are confidential.”

So, it was all nice and simple. Sevco 5088 Ltd was to acquire the assets of Rangers Football Club PLC (RFC) from the administrators. The assets though ended up in the hands of Sevco Scotland Ltd, a separate company. As far as the title to the land goes, it is common for missives to be concluded in the name of the purchaser or its nominees, and therefore Sevco 5088 Ltd could acquire the assets and instruct the seller to transfer title to Sevco Scotland Ltd.

It seemed the issue had been resolved and clarified. Continue reading

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Filed under Administration, Charles Green, Insolvency Act 1986, Rangers