Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Tom Winnifrith Rangers FC Special - Is there any chance of a stockmarket flotation?

By Tom Winnifrith

28 September 2015 02:29

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Featurng all your favourite players in this mad old tale: Craig Whyte, Charles Green, Aiden Earley, Paul Shackleton, WH Ireland, Dave King, Mike Ashley, Old Mother Worthington (WRN) et al. The big question is whether Rangers FC (RFC) can get a stockmarket flotation away and if so when? It is that which I try to answer in this podcast

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Comments

BlueFrew

28 September 2015, 04:06

The assets were sold by the administrators Duff and Phelps for £5.5 million to Sevco Scotland. It is the ownership of this company at the time which is disputed between Whyte and Green and the Worthington claim is that Whyte had ownership of this company.

Part of the criminal investigation involves that sale. One allegation is that Duff and Phelps conspired with Green to sell the assets to him and excluded other potential bidders. Clearly this would be to the detriment to the Oldco creditors. However since then there has been a floatation and the current owners of the assets had no involvement in any alleged criminal conspiracy (even if Dave King is a “colourful character”).

Therefore I’d suggest that if the claim of conspiracy were to be proven then BDO’s claim would be against Duff and Phelps and Charles Green. I doubt they’ll get much from Green. But I think they’ll be quite happy to shake down Duff and Phelps’ liability insurers. They’ve already emptied £24 million from the pockets of Collyer Bristow, who employed Gary Withey. BDO have been tenacious in going after the real villains in this sorry tale. David Grier, Paul Clark and David Whitehouse all worked for Duff and Phelps. If criminal charges are proven against any or all of them it will be Duff and Phelps that BDO go after for redress. That redress will be financial. Anything else is fanciful nonsense. There is absolutely zero chance of Ibrox and Auchenhowie being removed from the current owners. It sounds like the wet dreams of a certain well known sectarian bigot.