Scotty CTA Posted September 30, 2014 Share Posted September 30, 2014 …we can now take time to once again focus on their off field troubles. http://www.telegraph.co.uk/sport/football/teams/rangers/11129371/Rangers-facing-new-legal-threat-as-Worthington-Group-recovers.html Rangers facing new legal threat as Worthington Group recovers Investment company which announced last year that it was staking a legal claim to ownership of the business and assets of the club now in position to do so Rangers could face more expensive litigation now that the Worthington Group, the investment company which announced to the Stock Exchange last year that it was staking a legal claim to ownership of the business and assets of the club, has made a remarkable recovery. In April 2013 the group revealed that it would be pursuing the holding company, Rangers International Football Club, through the courts, insisting that Sevco 5088, the company formed by the discredited former Rangers owner Craig Whyte, had been awarded the sole rights to buy the club by the administrators Duff and Phelps. Instead, it was Sevco Scotland, fronted by the equally controversial Charles Green, which ended up in charge, with the former Rangers chief executive publicly admitting last year that he had lied to Whyte to gain control of the new club in the summer of 2012. As a result, the Worthington Group reported Green to the Serious Fraud Office. But its legal action appeared to have been abandoned when the Financial Conduct Authority suspended trading in its shares – then worth just 4p – at the Worthington Group’s request on Aug 1, 2013. However, since that ban was lifted four weeks ago, its share price has soared to £198.50 and yesterday it announced the acquisition of assorted digital media investments. With the improvement in the company’s financial health, it is now in a position to progress the challenge regarding its right to own the Championship challengers. That began last year when the Worthington Group bought a 26 per cent holding in Law Financial Holding Ltd, a company belonging to Whyte who, in turn, is believed to own a 7.54 per cent stake in Worthington. Sevco 5088 is one of the subsidiary companies owned by Law Financial. With a current market value of around £25 million, Worthington is worth around £10 million more than Rangers, who are struggling to raise the money to pay their bills. The Worthington Group did not return calls on Monday, but appear as if they are not walking away. Quote Link to comment Share on other sites More sharing options...
Louch Posted September 30, 2014 Share Posted September 30, 2014 Rangers in crisis thread not good enough? Quote Link to comment Share on other sites More sharing options...
Fairbairn Posted September 30, 2014 Share Posted September 30, 2014 (edited) Scotty, you do know there's loads of porn on the internet? You don't have to keep w@nking over "The Rangers" goings on! Edited September 30, 2014 by Fairbairn Quote Link to comment Share on other sites More sharing options...
TartanJon Posted September 30, 2014 Share Posted September 30, 2014 It's all your fault Scotty.Please stop it. Quote Link to comment Share on other sites More sharing options...
bruce778 Posted September 30, 2014 Share Posted September 30, 2014 That seems like a fairly speculative article. No quote or news other than the company is on a more secure financial footing. But, could well be true for all we know. Quote Link to comment Share on other sites More sharing options...
deecie Posted September 30, 2014 Share Posted September 30, 2014 Scotty, you do know there's loads of porn on the internet? You don't have to keep w@nking over "The Rangers" goings on! Sorry to but in, but do you have any links for this? Quote Link to comment Share on other sites More sharing options...
dandydunn Posted September 30, 2014 Share Posted September 30, 2014 Sorry to but in, but do you have any links for this? I've got loads,but I'm sure I've been told off about it before. All sorts,straight,lesbian,extreme,punishing,choking. Then there's some of the weird stuff Quote Link to comment Share on other sites More sharing options...
Fairbairn Posted September 30, 2014 Share Posted September 30, 2014 Sorry to but in, but do you have any links for this? To clarify, do you want links to the first or second sentence on my post? Quote Link to comment Share on other sites More sharing options...
rasputin Posted September 30, 2014 Share Posted September 30, 2014 However, since that ban was lifted four weeks ago, its share price has soared to £198.50 and yesterday it announced the acquisition of assorted digital media investments. Quality journalism, that should read 198.5p. Quote Link to comment Share on other sites More sharing options...
sbcmfc Posted September 30, 2014 Share Posted September 30, 2014 Quality journalism, that should read 198.5p. I was thinking that was one of the highest share prices I'd ever seen! So a company craig whyte is involved with has shares that have increased 50 fold in value? Is that normal? Or is he the teddy bear of Wall Street? Quote Link to comment Share on other sites More sharing options...
dandydunn Posted September 30, 2014 Share Posted September 30, 2014 To clarify, do you want links to the first or second sentence on my post? I've met scotty,he wants porn links,not him furiously bashing one out. And anyway,it was a daft question,the answer is always porn Quote Link to comment Share on other sites More sharing options...
tartanhibee Posted September 30, 2014 Share Posted September 30, 2014 It was football porn at ibrox in the first half last night. Quote Link to comment Share on other sites More sharing options...
Scotty CTA Posted September 30, 2014 Author Share Posted September 30, 2014 Rangers in crisis thread not good enough? Apologies. Scotty, you do know there's loads of porn on the internet? I don't watch porn and would be in favour of banning it from the internet. Quote Link to comment Share on other sites More sharing options...
Parklife Posted September 30, 2014 Share Posted September 30, 2014 I don't watch porn and would be in favour of banning it from the internet. You're a bad man. Quote Link to comment Share on other sites More sharing options...
Scotty CTA Posted September 30, 2014 Author Share Posted September 30, 2014 I'm definitely not good. Quote Link to comment Share on other sites More sharing options...
ShedTA Posted September 30, 2014 Share Posted September 30, 2014 This legal challenge has always been in the offing - whyte has a floating charge over ibrox etc does he not? he has green on tapes (charlotte fakes) during asset purchase discussions saying you are sevco. green then claiming whyte was never in the mix for sevco. clear case for a fraud claim surely? Quote Link to comment Share on other sites More sharing options...
bruce778 Posted September 30, 2014 Share Posted September 30, 2014 This legal challenge has always been in the offing - whyte has a floating charge over ibrox etc does he not? he has green on tapes (charlotte fakes) during asset purchase discussions saying you are sevco. green then claiming whyte was never in the mix for sevco. clear case for a fraud claim surely?As far as I can see, whytes claim would be against green or greens company, not the company that runs the football club.Re the floating charge, I thought that was ticketus? Even if it's whyte, it just gives him priority as a secured creditor so he gets paid out first before unsecured creditors. Quote Link to comment Share on other sites More sharing options...
ShedTA Posted September 30, 2014 Share Posted September 30, 2014 As far as I can see, whytes claim would be against green or greens company, not the company that runs the football club. Re the floating charge, I thought that was ticketus? Even if it's whyte, it just gives him priority as a secured creditor so he gets paid out first before unsecured creditors. aye maybe. but either way its a legal claim over ibrox regardless of who now owns it. ah sorry, wrong terminology its a claim against ibrox he has - result of the legal action - which is why it cant be used as security to raise more cash apparently. Quote Link to comment Share on other sites More sharing options...
bruce778 Posted September 30, 2014 Share Posted September 30, 2014 aye maybe. but either way its a legal claim over ibrox regardless of who now owns it. ah sorry, wrong terminology its a claim against ibrox he has - result of the legal action - which is why it cant be used as security to raise more cash apparently. I don't think so. Why can Murray park be used as security then? The business and assets of rangers old co, including ibrox, were sold by duff and phelps. That money should be the money that goes to secured creditors. If whyte wants more money for them he will need to challenge the price that the business and assets were sold at to show a higher market price should have been achieved (which is very unlikely to get up). Quote Link to comment Share on other sites More sharing options...
ShedTA Posted September 30, 2014 Share Posted September 30, 2014 i think it is correct. The letter before claim lead to a contingent liability over ibrox as an asset in the last rangers accounts. with that in place normal business lenders will not lend rangers money because there is no way to establish the true worth of the club and assets. murray park has been used as an asset but only to cover private borrowing. Quote Link to comment Share on other sites More sharing options...
EddardStark Posted September 30, 2014 Share Posted September 30, 2014 Whyte banned for 15 years today in terms of being a company director.According to BBC. Quote Link to comment Share on other sites More sharing options...
ShedTA Posted September 30, 2014 Share Posted September 30, 2014 Whyte banned for 15 years today in terms of being a company director.According to BBC. well thats good news at least. Quote Link to comment Share on other sites More sharing options...
johnnie x Posted September 30, 2014 Share Posted September 30, 2014 £1.5M loans paid back 4M shares sold today. Quote Link to comment Share on other sites More sharing options...
Fred_Zeppelin Posted September 30, 2014 Share Posted September 30, 2014 Whyte banned for 15 years today in terms of being a company director.According to BBC. Stay strong, Craigy, we're all rooting for you. Quote Link to comment Share on other sites More sharing options...
ShedTA Posted September 30, 2014 Share Posted September 30, 2014 £1.5M loans paid back 4M shares sold today. 4m? Is that not what ally has/had? Time for an exit? Quote Link to comment Share on other sites More sharing options...
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