Virtuoso 27,180 Posted April 30, 2014 Share Posted April 30, 2014 Season Ticket Trust?Written by: Nineteen Seventy-Two Wednesday, 30th April 2014 In a week that saw the board of Rangers conclude their 120 day review into the business, Season Ticket renewals across the country are in various stages of action, with Dave King and the "Union of Fans" encouraging Season Ticket holders to pay their season ticket monies in to an Escrow account that is intended to hold and release funds when Rangers sign over securities for the Albion Car Park and Edmiston House to Season Ticket holders. With many of our members expressing concern that the "Season Ticket Trust" hasn't been made clear to them, we believe it is appropriate to seek clarity by asking the following questions of Dave King, and the "Union of Fans". It should be noted that we also have concerns about the 120 Day Review, and how the club plan to bridge an apparent cash flow shortfall, with the club £1.5M down before next season has even started Q - Has an Escrow account been set up yet? Q - If so, who is hosting that Escrow account facility, i.e. which bank? Q - Who are the Trustees of the account, other than Richard Gough? Q - How do I pay in to it?Q - If I pay in to it, what guarantees do I have over what seat I will be paying for, and that the seat will be in my name? Q - What written assurances do I get that the money will be returned, in the event that the assurances the Trust are requesting from Rangers are not granted? Q - What assurances, other than guarantees over Rangers owned assets have the Trust requested? Q - 66.6% of the loan value, not including interest, is due to Rangers Supporters Trust board member George Letham. Don't the Trust feel that withholding funds to Rangers runs the risk of Rangers defaulting on the loan to Mr Letham, and thereby Mr Letham theoretically stands to gain £1.075M worth of shares in Rangers International Football Club? Q - Can George Letham confirm what his plans are regarding his holdings if that share value is transferred to him, namely, will he retain ownership and voting rights, or will he proxy votes to the Rangers Supporters Trust (RST)? Q - For those who sign up for Away Tickets, how will they get tickets in future? Q - Do current Travel Club members stand to lose travel club points by using this Trust? Q - How will Richard Gough act as Guarantor as a resident of the USA? Q - What are the Administration costs of the Escrow account, and how will they be funded? Q - In the event that Rangers are willing to compromise over loan securities, with the agreement of Sandy Easdale and George Letham, who will become the signatory for these assets on behalf of Season Ticket holders Q - Do shareholders that live abroad with a shareholding in value higher than the price of a season ticket get any security? Q - Why was there no mention of the Season Ticket Trust, or any information about it in the UoF leaflet handed out last week? Q - Will the Trust facilitate split payments like those offered by the club to pay for Season Tickets (through Zebra finance over 4 or 10 months)? Q - Will Season Ticket Holders who have sat in their seat for a number of years be able to secure "their" seat at Ibrox, or will they stand to lose "their" seat? Q - Will money deposited accrue any interest? If so, what will be done with that money? Q - Where will the interest payments be shown? Q - Who decides exactly when the money will be released to the club and in what form? Q - Will the custodians of the account be separate and distinct from the organisations who wish only for the board's removal? Q - Will every member have a say in when the money should be released? Q - What exactly does the board need to do (beyond what they have) to make the monies available? Q - What lines of communication have been opened with the club to urgently discuss the aims of this project? Q - Who exactly has the authority to negotiate with the club? Q - How often will fans putting money into this scheme be updated of progress and by what medium? Q - What other transparency is guaranteed by way of communicating to those who pay in to the scheme? Q - Are other Rangers supporters' organisations involved in this scheme? Q - Are the Rangers supporters trust or any of their senior or high profile members involved at the core of this? Q - Will there be a board of Trustees in the scheme, and if so, how will they be elected? Q - How can supporters and contributors become involved to influence the decisions being made? Q - Are any previous board members of any of Rangers corporate entities, other than Dave King, involved? If so, at what level? Q - Are there any conditions attached to the Trust that require a nominee of the Trust to join the PLC board or the football club board of Rangers? Q - If so, how will that nominee be chosen? Q - Will the Trust be VAT Registered? Q - If the board acquiesce to UOF demands who will then hold first charge/security on the stadium rights to our club? Q - What IT problems could possibly delay implementation of the Trust? We trust that the relevant people involved in the Trust will both answer these questions and make themselves known to Rangers supporters, who are understandably cautious about contributing their hard earned money to a scheme that appears to carry a high element of risk. We feel that supporters should seek clarity both from the PLC board of the club, over their plans for the future, and from those promoting the Season Ticket Trust. http://www.vanguardb...cket-trust.html Quote Link to post Share on other sites More sharing options...
eejay the dj 31,964 Posted April 30, 2014 Share Posted April 30, 2014 :huh:Fuck that .My mind is made up now . Quote Link to post Share on other sites More sharing options...
ArchibaldLeitch 380 Posted April 30, 2014 Share Posted April 30, 2014 I expect none of these questions to be answered in any shape or form by anyone associated with this abysmal scheme. Quote Link to post Share on other sites More sharing options...
ally62 393 Posted April 30, 2014 Share Posted April 30, 2014 don,t hold your breath for an answer to any of those questions…..pay yer wonga to the club..! Quote Link to post Share on other sites More sharing options...
govanblue 16,847 Posted April 30, 2014 Share Posted April 30, 2014 ach these are just minor details Quote Link to post Share on other sites More sharing options...
bombaybadboy08 15,660 Posted April 30, 2014 Share Posted April 30, 2014 Good questions Quote Link to post Share on other sites More sharing options...
bluenose1975 1,287 Posted April 30, 2014 Share Posted April 30, 2014 Boom, there's yer dinner Quote Link to post Share on other sites More sharing options...
nachothelegend 1,932 Posted April 30, 2014 Share Posted April 30, 2014 Do not give your money to these People. Give it to the Club. Quote Link to post Share on other sites More sharing options...
BFerguson6 121 Posted April 30, 2014 Share Posted April 30, 2014 Q - why would anyone seriously consider the scheme set up by a glib liar and a former hero who is now regarded as a clown, which will plunge the club into admin 2 Quote Link to post Share on other sites More sharing options...
nachothelegend 1,932 Posted April 30, 2014 Share Posted April 30, 2014 Good questions And lots of them too. Quote Link to post Share on other sites More sharing options...
Brian Fantana 28,894 Posted April 30, 2014 Share Posted April 30, 2014 Glad to see VB are questioning the UoF proposals, too many seem to be like lemmings walking to the cliff and discarding their ticket to the wind hoping the same one will come back to them. Fact is, you give up your seat, its fair game for any new ST holder to take. The board don't give a fuck, if u wont pay they'll take more loans against assets to get money in. Dave kings using them as pawns in his plan to get the club at a bare minimum with all assets intact, thats why he wants security over property with the ST's- so its not gone when he eventually get his pals to scrape their piggy banks to buy out the board as cheap as possible. If the board put them up for security against loans you wont see King again because he knows they've called his bluff Quote Link to post Share on other sites More sharing options...
simplythebest 11,453 Posted April 30, 2014 Share Posted April 30, 2014 And there you have it Quote Link to post Share on other sites More sharing options...
five stars 1,654 Posted April 30, 2014 Share Posted April 30, 2014 A few good questions in there. Are the VB's now going to produce another set of questions for the board given their concerns over the review? Quote Link to post Share on other sites More sharing options...
cumnockbear 2,446 Posted April 30, 2014 Share Posted April 30, 2014 Money to the club simple, fuck his escrow acct. Quote Link to post Share on other sites More sharing options...
Tontospal 1,116 Posted April 30, 2014 Share Posted April 30, 2014 Pertinent, well thought out questions that really demonstrate the complex nature of the King and Gough proposal and the apparent lack of thought that has went in to their stance.Having said that I believe that the fans are also right to ask questions of the Board.I trust neither side and I think the majority of fans only truly support Rangers and only want the best for the club.The only three Directors I have trusted in the last 30 years are Holmes, Findlay and Ogilvie. If only these three men made up the Rangers Board I would have no fears for our future. Quote Link to post Share on other sites More sharing options...
bluedart1952 1,356 Posted April 30, 2014 Share Posted April 30, 2014 DK and uof can't answer 1 bloody question never mind answer that lot, I await a miracle. Quote Link to post Share on other sites More sharing options...
Bears r us 30,854 Posted April 30, 2014 Share Posted April 30, 2014 Brilliant, just brilliant. Quote Link to post Share on other sites More sharing options...
Bluepeter9 5,167 Posted April 30, 2014 Share Posted April 30, 2014 That list of questions can be summed up as 'buy direct - buy now' Quote Link to post Share on other sites More sharing options...
Reformation Bear 6,453 Posted April 30, 2014 Share Posted April 30, 2014 The whole trust company thing is just a massive distraction. An idea born out of the simplicity of starving a Board to bring it to heel before it gets cash requires an elaborate and expensive stucture and organisation to be created to somehow make it happen. Even then the chances of it doing what it sets out to do are at best doubtful. The Board knows what ST sales it needs to achieve ecause it knows its cost base at Ibrox resulting from the Review - King and his advisers can only guess. How much boycotting is needed for the venture to bite so hard on the Board that it capitulates?The Board can raise alternative funds by issuing some of the 43.4m shares it is already authorised to issue - in the next few weeks if necessary according to the Review. So cashflow can be maintained and the Board can proceed to make its case for additional equity in the Autumn (as it said in the Review). What then for King's company and the money boycotters put in to it.A distraction. An unnecessary distraction. A complex distraction being peddled under the illusion that it somehow will bring a Board to whatever order exists in boycotters' minds as being needed. There are tried and tested ways of holding Boards to account and this boycotting / pay into a trust malarkey is not, in my view, the way to proceed.It is very important for Rangers - for all of us - that the team can do well enough next season to win promotion to the top league and later this year to set about raising the £30m of capital needed to fund the plan in the Review to get back to the very top. That is the main event and the sooner this boycotting distraction ends the better. Quote Link to post Share on other sites More sharing options...
Bears r us 30,854 Posted April 30, 2014 Share Posted April 30, 2014 Decided to count the number of questions, I make it 38. Quote Link to post Share on other sites More sharing options...
Leeds_Bear 8,114 Posted April 30, 2014 Share Posted April 30, 2014 Does Fury still post on here? Would be interesting for him to give us the answers we need. Doubt he will though, or even can. Quote Link to post Share on other sites More sharing options...
STEPPS BOY 74,357 Posted April 30, 2014 Share Posted April 30, 2014 Does Fury still post on here? Would be interesting for him to give us the answers we need. Doubt he will though, or even can.All will be revealed "shortly" according to Fury's twitter.. Quote Link to post Share on other sites More sharing options...
eosmhdo 1,879 Posted April 30, 2014 Share Posted April 30, 2014 Post of the year Quote Link to post Share on other sites More sharing options...
macranger 296 Posted April 30, 2014 Share Posted April 30, 2014 I still don't get how this works. Pay into an account that won't buy the season ticket for you as they want to "drip feed" the money to Rangers. So if they aren't buying the season tickets how is anyone paying into this account going to be able to watch games? BT Sports? Sky? Biggest load of pish I've ever heard. Quote Link to post Share on other sites More sharing options...
Leeds_Bear 8,114 Posted April 30, 2014 Share Posted April 30, 2014 All will be revealed "shortly" according to Fury's twitter..Right, I'm sure. Ha! Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.