Martin Bain drops court action against Rangers

[KERRZO 5]

Whatever people think of Bain it was abundantly clear he was against Whyte from Day 1 and because of this it cost him his job. IMO he was more than entitled to go after this money but has shown class and humility at difficult times for our club. Fair play to him, I firmly believe he always had the best interests of our club and was actually growing into his role over the last year or so before he was displaced. Good luck to him

[scottie 1971 6]

Overpaid over tanned wank to the first degree

[Skip 13]

Money that was ring fenced for this case should now be available to Rangers

Was thinking the same, might be his motive

[Gazbo27 15]

if true he's a good guy after all. can't blame him for going after whyte.

also another sign the blue knights have all but won.

Bit presumptious me thinks...

[boss 1,941]

Disingenuous scumbag, Bain. The net debt of £14m he quotes is AFTER the Lloyds loan was paid off using Ticketus's money (OUR MONEY). Net debt did not reduce during the two years he mentions, up until the day Whyte took over. For him to claim credit for that is remarkable, quite remarkable. Mini Murray tried the same recently.

It's now abundantly clear - if the Blew-it Knights win, we get landed with the £3m parasite that is Bain.

[boss 1,941]

Took every penny he could out of the club , bonuses @ his last pay rise am mounted to more than some of the ayers we're getting . He sold players at much less than there market value , this is one arse that must never be let near Inrox again

"I don't know whether my new, improved, illegal contract was been approved at the AGM which I attended, honest M' Lud."

It's hard to believe that was anything other than a terminological inexactitude.

[Ozblue 4,332]

By the looks of him, he's quite familiar with tannings if you ask me

Aye! both on the heid and the arse, I'd imagine

[Gazzalivesforever 2,001]

Bain was another victim of Whytes madness? Bullshit. Bain was a victim of his ego.

[nelsonRFC82 305]

Disingenuous scumbag, Bain. The net debt of £14m he quotes is AFTER the Lloyds loan was paid off using Ticketus's money (OUR MONEY). Net debt did not reduce during the two years he mentions, up until the day Whyte took over. For him to claim credit for that is remarkable, quite remarkable. Mini Murray tried the same recently.

It's now abundantly clear - if the Blew-it Knights win, we get landed with the £3m parasite that is Bain.

But after LBG were paid off, the debt was simply moved to Wavetower. So for RFC net debt this would have no impact? i.e. what we previously owed LBG we then owed to Wavetower but there would be no actual move in net debt position.

Therefore I think Bain is correct in what he has said...although to my memory the £14m figure does sound a bit low.

[Hoodster 162]

Waow!!! He is now billing the club for the money he spent in trying to take the club to court and he's trying to make out that he is doing us a favour by letting the arrested money go to the administrators!!!

Sorry but this guys a fucking wanker!! All take, take, take!!

Spot on....... legal bills!!! We, the fans, are donating left, right and centre and this turd is claiming legal expenses from our club, for his legal case against our club.

I wonder if Bain the Rangers man has donated to the RFFF, bought any scarfs or contributed to any other fundraising initiative?

Can anyone remember the salary + bonus he received in his last year? From memory it totalled approx 600k?

[rfcfraserrfc 262]

ffs this can only mean one thing

[Prytz tick 2]

Hopefully, this will end some supporters' ill-informed vilification of the man. Like most of us, I haven't got a clue what goes on behind the scenes at Ibrox but I certainly never read anything to suggest that Bain did anything improper while he was chief executive. He was summarily dismissed by Whyte and was perfectly entitled to sue the club for breach of contract. Good on him for dropping his action and we should have no complaints that his legal expenses have been paid so that he has not been left out of pocket.

[54andcounting 627]

What about the money that was frozen then ? Does this go back too the admins too help keep us running or has he been paid that too drop the case

Yes, 1.3m will do nicely thank you! Mr Bain.

[corkinator 611]

beige BASTARD

[gunslinger 270]

bain was another taker from the club, nothing more than a yes man for murray.

he did a job he got his wage.

I always though we could get better for our money. but this last summer proves we could also have done worse.

never had a problem with him sueing us under whyte and its great he's no longer doing so.

this releases a fair whack back into the club.

he aslo tried to use his case to expose whyte. shame he failed.

[gunslinger 270]

Yes, 1.3m will do nicely thank you! Mr Bain.

wasn't it more like 450k

[JCDBigBear 10,865]

Bain is an arse of the first order.

This had better not be a prelude to his return. He was another of the fuds who got us here.

Utter rubbish. Have you ever met the man and spoken with him? He was possibly overpaid but not too many people tell their boss that, however the guy did a decent job under the overall instruction from above. I'd like to see you or anyone else telling the boss you're not doing what he says because you don't agree with him. You can only do your job within the parameters set out by your boss.

He has done the decent thing over this claim which I think he was a certainty to win. Not too many would drop a claim which was going to net you almost half a million and he was actually due a lot more.

[krissg910 110]

i said as soon as whyte was put out the way, bain would drop his case.

maybe hes not as big a cunt as we all thought

[simplythebest 11,453]

I hated Bain long before anything happened with Whyte.

David Murray's lacky.

[Prytz tick 2]

I hated Bain long before anything happened with Whyte.

David Murray's lacky.

He may have been at the beginning but by the end he was fighting a rearguard action to stop Murray from selling his shares to Whyte.

[54andcounting 627]

wasn't it more like 450k

Yep, Last year a judge told the club, which entered administration in February, to set aside almost £500,000 in the event that Mr Bain won his case. potential damages, He had claimed £1.3m in damages after alleging his contract with Rangers had been breached following Craig Whyte’s takeover.

Sorry! With so much going on with us, sometimes just get lost in what money is being frozen, claimed or lost.

[krissg910 110]

people need to stop focusing on what the man earned, while i agree it was far too much. he was not over paid in terms of chief exc jobs. a chief exc is a highly paid position in any business.

and i bet that wank whyte took about 5mil as his yearly salary 10x what bain was on. i was never his biggest fan but the guy has done the right thing by the club now and despite what anyone thinks he always tried his best for rangers in his position.

[boss 1,941]

But after LBG were paid off, the debt was simply moved to Wavetower. So for RFC net debt this would have no impact? i.e. what we previously owed LBG we then owed to Wavetower but there would be no actual move in net debt position.

Therefore I think Bain is correct in what he has said...although to my memory the £14m figure does sound a bit low.

No, that is exactly the point. Wavetower's £18m is NOT included in the £14m net debt. (For technical reasons, this does not come under the definition of 'net debt'.)

So for Bain to compare like with like, he needs to add the £14m net debt to the £18m Wavetower debt!

If you step back a second - how did the £27m net debt at 30 June 2010 reduce to £14m at 30 June 2011 in a year we only just broke even, unless what I say is true!

[JCDBigBear 10,865]

Disingenuous scumbag, Bain. The net debt of £14m he quotes is AFTER the Lloyds loan was paid off using Ticketus's money (OUR MONEY). Net debt did not reduce during the two years he mentions, up until the day Whyte took over. For him to claim credit for that is remarkable, quite remarkable. Mini Murray tried the same recently.

It's now abundantly clear - if the Blew-it Knights win, we get landed with the £3m parasite that is Bain.

The debt to Lloyds had been considerably reduced over the last few years prior to Whyte taking over. The accounts show that. In fact the debt reduction agreement that RFC had with Lloyds was exceeded by the Club. Debt had been reduced at a faster rate than was asked. If you are a shareholder and looked at the annual accounts you can see that. You may not like Bain. He may have been paid more than we would have liked but he was clearly not getting it all wrong.

[boss 1,941]

The debt to Lloyds had been considerably reduced over the last few years prior to Whyte taking over. The accounts show that. In fact the debt reduction agreement that RFC had with Lloyds was exceeded by the Club. Debt had been reduced at a faster rate than was asked. If you are a shareholder and looked at the annual accounts you can see that. You may not like Bain. He may have been paid more than we would have liked but he was clearly not getting it all wrong.

The debt to Lloyds was being reduced and you will remember at the time that Bain, Johnston and Mini Murray blamed someone else for that. Now they are trying to take the credit!