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Giovanni De Stefano


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If his involvement highlights all those involved in causing the problems at rangers then I'm all for it and keeping this investigation in the public eye I feel can only help with that.

Personally I think HMRC have some questions to answer right back to the times of ebts, do you think their investigation will highlight that, me I'm not so sure given the amount of public criticism they have received recently.

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GIOVANNI DI STEFANO ‏@DEVILSADVOKAT

I am taking legal advice as the contents of letter are specific and precise and all are innocent til proven guilty

GIOVANNI DI STEFANO ‏@DEVILSADVOKAT

I am obliged also at sending copy of my letter also to Craig whyte and David Murray as well as others accused

He has also stated that he hopes to have e decision on showing us all the letter, by 6pm tonight.

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Can anyone give a breakdown of what this guy is up to and how it would affect us ? He just seems like a mad bastard wanting publicity

It's unclear, initially he was interested in the old company, the trademark etc with a view to playing a Rangers team in England, but these things were transferred to the newco so even with the old shell company it's doubtful he had anything. Now he seems to be interested in simply restoring the old company Rangers to the SPL on the grounds that there was never any need for administration and therefore there should never have been any administration.

What he has correctly focused on is the protection the Companies Act offers shareholders. If a company is solvent and is a going concern (his evidence for this is money at the bank and outgoings since entering administration and presumably potential future earnings) and the owner still puts the club into administration then this is an action that is prejudicial to the interests of shareholders, it turns their shareholding of a certain value into a shareholding of little/no value. What he should also have mentioned (if he hasn't on twitter) is s.996 which lists the powers a court has in this situation.

996 Powers of the court under this Part.

(1)If the court is satisfied that a petition under this Part is well founded, it may make such order as it thinks fit for giving relief in respect of the matters complained of. .

(2)Without prejudice to the generality of subsection (1), the court's order may— .

(a)regulate the conduct of the company's affairs in the future; .

(b)require the company— .

(i)to refrain from doing or continuing an act complained of, or .

(ii)to do an act that the petitioner has complained it has omitted to do; .

©authorise civil proceedings to be brought in the name and on behalf of the company by such person or persons and on such terms as the court may direct; .

(d)require the company not to make any, or any specified, alterations in its articles without the leave of the court; .

(e)provide for the purchase of the shares of any members of the company by other members or by the company itself and, in the case of a purchase by the company itself, the reduction of the company's capital accordingly.

subsection 1 being interesting in that it leaves the book open to the court to do as they please to rectify the situation.

This from Di Stefano is by no means insane ramblings, the question really is whether there was a need for administration at that time and if the answer is no then his position (and that of all shareholders he will be arguing on behalf of) is a strong one and then we're just looking at how it is rectified, it may be damages to shareholders or it may be what he is seeking, effectively having admin struck from the record and Rangers placed back where they were and should be. The added confusion now is the existence of a newco Rangers with half our old squad and ownership would appear to revert to Craig Whyte.

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Anybody get a copy of the letter he's been emailing?

It's pretty interesting. Concise anyway. Lot of things we've all thought and a couple new names thrown into the ring of corruption that stripped our club of assets.

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Anybody get a copy of the letter he's been emailing?

Yes, if you want a copy then email him, his email address being available online and clear on previous letters he's posted on twitter. It is a very straightforward letter which should make sense to anyone reading it and although painting Craig Whyte as a villain still, puts far more blame on the professionals who have not acted to the standard expected of them. It would appear that at various points the fact the club was still solvent when we entered administration was ignored. Ihope he's drafting a writ as we speak.

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