king statement

[plymouthranger 3,934]

Lpl

[SteveJ 743]

Is this clanger all down to wallace though?? I thought these type of things would have to be voted on by the board as a whole

I agree and I am not blaming Wallace entirely but Wallace was the person to state that he would wait until after his 120 day period, before pursuing money and then when reminded of that, stated it was always part of the business plan. It is that which started my doubts - a high interest loan to bridge the gap is not part of the business plan, in my eyes. The Easdale loan might have been, but not the 15% fee and £5m security.

[Carson's cat 744]

.

[SteveJ 743]

Investors wanting some return isn't a surprise. Bear in mind Laxey will also have put up to buy shares in then first place.

Let's not get into that one. £30m investment did not all go on footballing funds, but that's for another day :-)

[tbblue 167]

Our fan base on here are IMHO being mugged off.....and King is trying his best to flag this.....those that ignore it are the blind!

[gogzy 31,195]

I agree and I am not blaming Wallace entirely but Wallace was the person to state that he would wait until after his 120 day period, before pursuing money and then when reminded of that, stated it was always part of the business plan. It is that which started my doubts - a high interest loan to bridge the gap is not part of the business plan, in my eyes. The Easdale loan might have been, but not the 15% fee and £5m security.

couple of things mate.

wallace said he would complete his review before seeking major investment. and ( i think) this loan must be on better terms than the metro bank overdraft facility we had.

also 15% probably isnt that bad considering we are a company in its second year of trading, a company that posted a loss of 14m in its first year.

[stfu 596]

the big difference there would be that Arsenal weren't planning on using Highbury as a football stadium anymore

And neither would the builders that would buy the ground.

[simplythebest 11,453]

Our fan base on here are IMHO being mugged off.....and King is trying his best to flag this.....those that ignore it are the blind!

The blind ones are those that take everything King says as gospel

[Kopter 310]

what exactly is it you are lookong foe transparency on kopter?

Gogzy, I won't rehearse the arguments all over again about the share issue money and two rounds of season books. I can't understand the need for a loan to keep us afloat?

I like Wallace and want him involved as I think he can take us forward but not under these circumstances. As for King, business man and tax cheat (rich cunts are generally wanks) but he has invested in the past and supports Rangers. I have to be on his side I think.

[SteveJ 743]

couple of things mate.

wallace said he would complete his review before seeking major investment. and ( i think) this loan must be on better terms than the metro bank overdraft facility we had.

also 15% probably isnt that bad considering we are a company in its second year of trading, a company that posted a loss of 14m in its first year.

I disagree on your first point. Even if Metro wanted to charge us 40% APR (we are paying the equivalent of 34%), we would not have been asked to secure it with two assets totaling £5m.

It is not just the fee that gets me, it is the security also.

15% is not that bad if it were a bank or lender but a shareholder taking that, is poor.

[bawsburst 1,381]

[stfu 596]

Now that is rich coming from one of the few men who could have released the dossier on Whyte before Sir dodgy Dave of the moonbeams allowed HBOS Lloyds to force the sale.

Irony is lost on this clown.

[Kopter 310]

No way is Moyes getting sacked!

[gogzy 31,195]

Gogzy, I won't rehearse the arguments all over again about the share issue money and two rounds of season books. I can't understand the need for a loan to keep us afloat?

I like Wallace and want him involved as I think he can take us forward but not under these circumstances. As for King, business man and tax cheat (rich cunts are generally wanks) but he has invested in the past and supports Rangers. I have to be on his side I think.

thats all fair enough mate.

the inly part i would argue is that it isnt the current board job to give out info on the previous board.

wallace has tried to give out tidbits like the " short termism" stuff he said about green and mather.

[gogzy 31,195]

I disagree on your first point. Even if Metro wanted to charge us 40% APR (we are paying the equivalent of 34%), we would not have been asked to secure it with two assets totaling £5m.

It is not just the fee that gets me, it is the security also.

15% is not that bad if it were a bank or lender but a shareholder taking that, is poor.

the security is moot when we pay the loan back, which we will.

[SteveJ 743]

The blind ones are those that take everything King says as gospel

I agree.

Those who have instantly pledged their ST money to King or a trust are deluded. I think one of our fellow members mentioned John Brown and his pensioner friend previously today and the comparison is there to see - albeit with a slight gap between them.

Rangers, among many football clubs, have fans who are not businessmen - myself included. Football is their life and although I will consider the boardroom and what certain things mean, many fans shy away from it. When that happens, they need a side to take and some have chosen King for his previous tenure as a major shareholder and Director.

I like to keep an open mind, as do many others who debate on RM - including yourself. You may sway towards a party or part of their philosophy but are open to what others bring and say.

[SteveJ 743]

the security is moot when we pay the loan back, which we will.

That's the thing - why make it both assets if you have no intention of calling it in? Pick one at £2.5m value and the security is still there.

[billtjw 20]

I disagree on your first point. Even if Metro wanted to charge us 40% APR (we are paying the equivalent of 34%), we would not have been asked to secure it with two assets totaling £5m.

It is not just the fee that gets me, it is the security also.

15% is not that bad if it were a bank or lender but a shareholder taking that, is poor.

You are correct the loan is secured with assets , 30% per annum is loan sharking

[gogzy 31,195]

That's the thing - why make it both assets if you have no intention of calling it in? Pick one at £2.5m value and the security is still there.

its two seperate people giving the loans.

id imagine one has security on EH and one on ACP.

[SteveJ 743]

its two seperate people giving the loans.

id imagine one has security on EH and one on ACP.

"The Easdale Facility and the Laxey Facility (together the "Facilities") are both secured against the Company's Edmiston House and Albion car park properties."

Nah Gogzy - you cannot spin that to read one each. That is an official announcement and if Laxey had theirs secured on EH and Easdale on Albion, they would have to say. They are in in this agreement together.

[simplythebest 11,453]

I agree.

Those who have instantly pledged their ST money to King or a trust are deluded. I think one of our fellow members mentioned John Brown and his pensioner friend previously today and the comparison is there to see - albeit with a slight gap between them.

Rangers, among many football clubs, have fans who are not businessmen - myself included. Football is their life and although I will consider the boardroom and what certain things mean, many fans shy away from it. When that happens, they need a side to take and some have chosen King for his previous tenure as a major shareholder and Director.

I like to keep an open mind, as do many others who debate on RM - including yourself. You may sway towards a party or part of their philosophy but are open to what others bring and say.

The mentality created about 'picking a side' has probably been the most maddening thing about all this. We're meant to be football supporters all on the same side ffs.

[Kopter 310]

thats all fair enough mate.

the inly part i would argue is that it isnt the current board job to give out info on the previous board.

wallace has tried to give out tidbits like the " short termism" stuff he said about green and mather.

That's fair enough as well. I really have no idea about finance but all is not well and It needs addressed. At the moment, I'm inclined to trust King more than the present regime. I think Wallace is what we need but maybe not with the way we are operating back office.

The abuse being dished out on here to fellow bears is heart breaking.

You've got the hammer big man!

[Kopter 310]

The mentality created about 'picking a side' has probably been the most maddening thing about all this. We're meant to be football supporters all on the same side ffs.

[SteveJ 743]

The mentality created about 'picking a side' has probably been the most maddening thing about all this. We're meant to be football supporters all on the same side ffs.

We are but the last two or so years have hurt us all and the division will be there until the boardroom is settled. The only way that will happen is if we are financially secure and the boardroom are more transparent with that money. If transparent, the doubters have a far harder job convincing people that they are being wronged.

[simplythebest 11,453]

We are but the last two or so years have hurt us all and the division will be there until the boardroom is settled. The only way that will happen is if we are financially secure and the boardroom are more transparent with that money. If transparent, the doubters have a far harder job convincing people that they are being wronged.

The way I see it though is the boardroom has entirely changed from Green's original group, guys with clear CVs have come in as well. You need to give them some time surely to produce the desired transparency.