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Several weeks ago I asked on this board why there was so much hostility to the Easedales. They didnt take any salary and so far as I could see had the best interests of the club at heart. I never got any clear reply other than some vague assertions about them being in cahoots with Charles Green. Now that the new regime have lost our AIM status I have to ask were the old board any worse than the current incumbents?
Do you hope to be taken seriously with that question?
Buster the Easdales were an easy target for King and Co's mudslinging because, unlike Ashley, it wouldn't be water off a duck's back. I am sure they felt it even more than the few public indications. It didn't stop them providing a £500k loan over the last new year which almost certainly stopped RIFC form actually trading while insolvent. The interims show available cash at 31st December as £127k. Integrity and dignity then but words with definitions that are totally alien to the interim chair and his puppetmaster.
Or Big Mike could have released some of the £3.2m of the companies cash he was sitting on. He decided not to.... it all about choices I guess.
Or it might be about legalities another word King doesn't seem to understand the definition of
Stu - Big Mike did release money but took it straight back. "RRL will declare a dividend of a total of GBP 1,610,000 prior to the Transfer. The Club will use the proceeds of its share of this dividend, inter alia, to repay sums owing to SD in respect of the cessation of onerous leases on unprofitable stores entered into by a previous Rangers management team." That leaves £1.6m in the RRL account. Had Mike handed that over then all that would have happened is that the money would have been burned and the 3 Bears would be stumping up £1.5m now as opposed to a few weeks back. The sums are simple. The company stills spends more than it brings in. The oldco did the same and the newco are following suit. To achieve premiership glory and regular euro football tens of millions will be required year on year and as yet there is no indication that anyone is willing to put up that level of cash to make it happen.
@Wottpi - King will be delighted that his toxic status has resulted in no NOMAD being prepared to vouch for him. David Somers and James Easdale had no problems gaining a NOMAD in December of last year. So anyone not blinded by the lies of Murray and his puppetmaster, would ask why less than three months later the AIM suspension occurred. As we expected, the old board are blamed. However here are some facts that the most stupid on this forum have an inability to grasp. The former board had a NOMAD. They had a credit line of £5M from a FTSE 100 company, interest free for five years and their auditor, Deloitte, had just compiled the interim statement in January prior to their resignation. RIFC had a capital value of £28,925,400 prior to suspension. Less than a month later RIFC are worth circa £1,629,600. So you can spin it all you like but this is a corporate disaster. It is not, as King would put it, a favourable result. King was inordinately smart not to appoint himself as a director as this would not play well when his petition to the Court of Session is under review. The credibility of RIFC is in the gutter, courtesy of King and his nodding dogs on the incompetent board.
Wigs got what was coming to them. They put themselves first and now are left with not a lot. Couldn't happen to a nicer bunch of chaps. Their % post rights issue will be incosequential.
CB - is it not about time you owned up to being one of the UOF gang of four. Only the UOF use terms like Wigs and you were unique on this forum with your support of Chris Graham. If you think that King and his board of carpetbaggers are going to walk away from this unscathed, think again. A £2M writ at the Court of Session will be forthcoming and when King attempts to gain approval a case will be made against him in regard to his boycott and his part in delisting. When he is precluded from being a director, he won't invest his BDO £3M and will walk away. This is going to get a lot worse.
I remain surprised (but shouldn't be) that King, Murray and the rest of the new Board are not getting slated in the odious Scottish press. This stock is immeasurably worse off than it was a month or so ago, and facing a very uncertain future. Transparency? A seven year plan to compete at the top of a hopeless league with the second highest football wage bill in Scotland? Delisted. No access to funding. Writs on the horizon which they will be unable to fight. It really is quite a mess. But, hey, things are on the up according to some on this site........a few more bums on seats and rip roaring back to back victories against Hibs and part time Cowdenbeath. Glory days indeed. Really, get a grip. This stock just lurched back into the world of uncertainy and, I fear, a financial abyss. The previous Board indeed made numerous mistakes (as did the Bank funded SDM days who bankrolled all those trophies, but that was ok because no one noticed that all those great players were brought in on borrowed money).......BUT, a few weeks ago, this club was trading on the AIM, had access to funding and had a semblance of a future. Today, it has no transparency, no vision, delisted, and some really agitated investors who have lost a bundle. When the writs start coming, they won't have the funds to cope with the legal action let alone rebuilding a new squad for next year. I think that the club will go bust again and be liquidated. And that's a pity, as I did enjoy my rare trips up there. The fans voted for change and jolly well done. But a few of us here warned of anarchy if King, Murray etc got anywhere near the stock. Well, we were spot on. This club has been a mess for a very long time. I didn't think that it would get worse. But, it just did.