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Correction - the article refers to Mr Murray. This should be Mr Greg Morris, Mr King's co-defendant on racketeering charges whose job as treasurer and FD at Umgeni Water (with invented accountancy qualifications) was used to the benefit of King at Specialist Outsourcing, before they trashed it by siphoning off its share value. Specialist Outsourcing was JSE listed, as is Micromega. King & Morris' latest scam. It would seem that financial probity is not important to the other 400 members of the JSE. Mr King, with his invented Chartered Accountancy qualifications met Greg Morris, with his invented accountancy qualifications, at a country club in South Africa. They proved the adage that two lying spivs are better than one.
I refer you to the article from the business pages of South Africa in regard to King's favourable outcome. He has lost his homes, his aircraft and his cars to pay off his tax liabilities and if he ever found £10M to invest that was not declares, SARS would be back for his shirt. Now that the shares have been devalued he has two choices to rip off the shareholders and fans. He either acquires a majority holding at fire sale prices or he puts RIFC into administration, replacing the holding company with one of his own in RSA. A rights issue is required to raise £5M to pay off Ashley (be sure to give generously) and when the assets are unencumbered, he will sell up and leave carnage in his wake, just as he does with every company that is unfortunate enough to have him on their board. Somers, Llambias, Leach and James Easdale are not criminals. King is. You have replaced four men of integrity with a retired executive, a failed entrepreneur and a shadow director criminal. Well done to you and the mob.
"However with so many suckers at Ibrox his latest scam will be his easiest to execute." So a favourable outcome this time?
"BUSINESSMAN Dave King and several companies associated with him have quietly reached a confidential settlement with the South African Revenue Service (SARS) that saw two provisional preservation orders being made final on Thursday — in spite of his vowing to fight to prevent just that. The preservation orders, made final by the North Gauteng High Court on Tuesday, will see several South African assets belonging to Mr King and the companies that are associated with him sold, including Metlika Trading, Talacar Holdings, Gaius Atticus and Ben Nevis. Mr King will be allowed to continue living in his Sandhurst property in Johannesburg until January 7 2014 year. The property will then be transferred to Sechaba Trust director Cloete Murray, who was appointed as curator in the first preservation order. Several efforts to obtain comment from Mr King yesterday were unsuccessful. He had been back and forth to court since SARS was granted the initial order in November 2013 Mr King came to SARS’s attention after the sale of shares in JSE-listed Specialised Outsourcing in 1997. Ben Nevis owned the majority interest in Specialised Outsourcing, established by Mr King. Tax assessments by SARS against Mr King and Ben Nevis at the time were close to R2bn. The proceeds of the sale of assets preserved by the orders will be paid to SARS to offset the tax debt that has been outstanding for more than a decade. The assets include the Sandhurst home, properties in Plettenberg Bay, a Fancourt property and vehicles. Mr King has also been ordered to resign as a director of Talacar and Gaius Atticus. He and Talacar were ordered to sign all necessary documents to register the 49% shareholding, previously held in the Gary Player Stud Farm by Talacar, in Mr Murray’s name. SARS obtained a second preservation order last month for all the South African assets held by Mr King and his wife and children to prevent the dissipation of assets, after it became known at the end of last year that a shareholding in Talacar had been transferred to Mr King’s family in conflict with a court order already obtained by SARS in 2010." ________________________________________________________________________________________ Allow me to translate for the stupid members of this board who voted for King. He has lost his shirt. All his properties, aircraft and cars sold to pay his tax liabilities. He had hoped to keep the details off the record, but this report from the leading South African business journal states that Mr King did not receive a favourable outcome. So far he has used one trust, held in his wife's name, to buy shares from a third party. The plan was then to delist and acquire a majority holding. He would hope to then sell this to a third party for £20M+ at some time in the future. King is on his uppers. However with so many suckers at Ibrox his latest scam will be his easiest to execute.
The collective wit and intelligence shown on this board by the Rangers fans, masquerading as investors, is notable by its absence. This Board is an absolute joke, populated by ill-educated idiots desperate to have the last word, who are seemingly incapable of conducting themselves in an even remotely courteous way. The cloak of anonymity allows these brain dead morons to peddle out the same regurgitated nonsense multiple times each day, only interspersed with bigotry, insults and utter lies dressed up as "fact" These shares are now of little, if any, value and whilst each and every spiv that has been in charge of Rangers had dipped the pockets of the ever faithful supporters this latest debacle has the real prospect of being the most spiv like of all. Ashley will get all of the meaningful assets and will rub his hands as he counts his cash before selecting his next weakling to pick upon, King is just a clown with no clue whatsoever and will be simply ratchet up this idiotic situation further. The delist is the first stage of a few that will result in a further liquidation. Liquidation is far worse than Administration but the genie is well ands truly out of the bottle now. There will be a few investors here with burnt fingers - however anyone who invested here for a long term gain was surely beyond mad anyway. Those who foresee a resurrection here should consider that the second coming has already taken place. Happy Easter.
Your disguise dropped a long time ago. The fact you big up Vuckic as an L&L signing but never once do you go about mentioning the other 4 players who will contribute zero this season tells you everything. A Rangers fan would be annoyed at the wastage of 4 players. You like to point out Vuckic is a L&L signing... Well the other 4 are aswell. We all know you are a troll who pretends to be a Rangers fan by using the term "we'. P.S don't bother replying as I won't be reading haha. I'm off to enjoy the glorious sunshine... ;)
Hi sitonfence. Could you please point me in the direction of those selling at 3p or below as I'd like to buy from them? I'm also prepared to buy a sizeable chunk of Sandy and James' share holdings if they'll sell to me at that price, too.
No medical - but still banging in the goals, winning us games and leading us to SPFL ..... worth every penny - and showing lads can shine at our club - and become top notch EPL players and worth millions. Celic doing same with their loaness..... makes lots of sense and L&L did it ....
A model of financial stability - £19m last year profit..... Better than Boom and Bust, Boom and Bust - Hearts showed you could win championship with kids and 1/10 our budget.... if we had followed that path - would be back in SPFL with £10m war chest. We being run largely by folks who get rich while club gets poorer - David Murray, Whyte, Green, Stockbridge, Ahmed, King - all wealthy people - who left club poorer after they were involved. Real Rangers men, Sir Walter, Malcolm Murray walked away with no payoffs - Super in the undecided - took too much money and delivered too little ( if that money now used to help us - that's fine - stopped that money leaving club ) Fear we heading for the Portsmouth style recovery - boom (win FA cup) and bust.... owned by shysters and no stable rebuild. We could have the "no ambition but financially stable" Ashley model in Scotland and probably win 1-2 cups a year and maybe even SPFL one in 4 - that's better than return to div 3 and unfunded 7 years plan to return to CL.
Oh they play football too ? I thought they were just a vehicle for advertising tatty track suits...
http://www.bbc.co.uk/programmes/p02nj3rt Interesting that Jermaine states if he was a young player now he wouldn't sing for Newcastle despite them having a stable model and finishing mid table very year. He just sees an unambitious club, without great players.
@stuzeeuk - " I think it would be wise to work on a new share issue, to wipe out all the old investors, Mr Kings recent investment only managed to secure 15% of the stock, I think the next investment will take over the stock, almost completely." this is exactly the plan pmg has reported king will do - to give 100 rfc shares for 1 in his new micromega - which can float on SA - and like the last one - wipe out every shareholder - except king and his cfo ???? are you sure you not on kings payroll.... you presage every move king makes.
The only manager that L+L would have found is Carver from the Toon. Who are sinking like a holed tugboat. Wonder why they can't attract a top manager ? Any clues ?
Thursday's game off is it ? Titters.
SoF - it's not about if the new board are X or Y it's how cancerous the old mob were.
Mensch I love your bright sunny optimism. The business fundamentals are indeed all wrong. The deck of cards inherited from the old board, are a real horror show, with a booby trap behind every door. Major surgery will be required for this stock to thrive again. I think it would be wise to work on a new share issue, to wipe out all the old investors, Mr Kings recent investment only managed to secure 15% of the stock, I think the next investment will take over the stock, almost completely. One of the many benefits of de-listing. I think RF and RST will all be dealt in, you need customers after all, the current board aren't as daft as the last. I am not sure Mr King is operating a casino, however, we know Mr Llambias was ......
There was footy today and it was a jolly good result and performance .... luckily Mr King in't on the board, so we don't need to worry about him for the moment.
@cb 40K attendance if great news - but its after result no longer matters - hearts won championship without money woes we having with kids. Also pmg reports we now have huge payout due to offshore accounts....wtf ? As ever our support split into three camps - no unity and thus future is bleak. will you be happy if our enemy gets 10iar ? as thats when our 150 years will be and PMurray predicting will take that long to get back - but King has £30m for next year - we should be back in CL in 18 months????
There won't be any footie if you are relying on the Lying King.
CB - you are so spellbound by King you have no objectivity. The previous board had been in position for less than three months. In that period of time they secured a NOMAD, and finance to get to the close season. They also arranged a loan for Vuckic who has scored 5 goals in as many games. Rangers have the second best squad in Scottish football at a cost of £7M per year. If they are now playing for McCall, why did the not play for McCoist or McDowall? As for McCall, he was unemployed and would have signed up if Pol Pot was in the boardroom. Your new board are a sad joke and a few good results won't hide the fact that they gained power on a tissue of lies.
You poor dear. You are a mere football fan and should be on a site full of poorly educated bigots. There is quite a number. Now then, more bums on seats and a couple of decent results doesn't do it. This stock is in free fall, has been delisted and will attract no funding because the baying masses wanted a crook at the helm. The financials are hopeless, the stock is hopeless and the club is in danger of going bust yet again. If it doesn't go bust, I can assure you that King will make sure that a lot of folks out there lose their so called investment (Rangers speak for loan). I guess that you are a real fan, and that is great, but don't understand corporate governance, sustainability, standards of excellence and a business run by folks who are educated and have integrity. Emotion is a great thing, dear chap, until the P and L kicks in. You don't have a clue about the running of this stock. Not a clue. A couple of good results and, well, things are great. In a Mickey Mouse league. You seem the sort of chap, if your house was burning down, and badly, you would rush off to the broom cupboard to Hoover the remaining carpet to make it look good for the firefighters. This club is in terminal decline. Unfortunately, folks like you do have not been educated to understand the fundamentals of how a small business (like Rangers) should be run. It has been a financial basket case for 25 years. Not much has changed including the ignorant views of many of the fans.
Crowd today the highest of for 6 months - 30k more than the Raith game in Feb. Loving your pain at the turnaround though Mensch - titters !
Seem to remember Vuckic playing in the 3 straight defeats in Feb and numerous home draws under the old regime who were so toxic a decent manager wouldn't go near them.
Chance of promotion? It's guaranteed given that Hibs have capitulated. Match winner Vuckic was an inspired loan by the old board, who managed to raise £10M in three months. The problem is next season with 23 players either out of contract or loans at an end. Are you looking forward to spending next season trying to avoid relegation given that King lied on his proposed investment?
I think that you should try a bit of reading dear chap. Things looking up? You were doing cartwheels when Rangers put four past part time Cowdenbeath. Meanwhile today, this game meant nothing to Hearts who are Champions of a Mickey Mouse league. The club is collapsing, the share has been delisted, they couldn't get a NOMAD, the will be legal action against King, no one will touch him because of his criminal record, but the fans wanted a 'Rangers Man' who was lucky to avoid a lengthy jail sentence, and folks like him, Paul Murray and crackpot Bomber Brown got a boycott going which cost folks on basic wages their jobs. They lost their jobs thanks to King etc. They must be so very proud. You clearly don't have a clue about governance, standards or the implications on this stock of what's happening off the pitch. You really do not have a clue with regard to the serious implications of having a convicted felon associated with this basket case of a stock. Well done on a meaningless victory against worthy Tier 2 Champions who had nothing to play for. Things looking up? This stock has rarely been so distressed and has a very uncertain future. McCall has clearly made a difference. But DO try to understand this. Really try this and I shall keep it simple for you. There will only be a team on the pitch if the fundamentals OFF the pitch work. King and Murray have neither the funds nor intellect to run this small, loss making operation, and IF it does survive, I expect a lot of 'blind' and poorly educated punters will lose out.