He has certainly done a lot for us and deserves a lot of credit. However he's now looking to recoup all that cash that he invested by selling his shares to C1872, meaning he wouldn't be out of pocket.
He's certainly got the right to dispose of the shares as he sees fit but when the deal was being promoted by both him and C1872, they made false claims that there would not be any more share issues, and that shares would not be available at 20p.
C1872 turned down opportunities to buy shares from the club, obviously wanting to save the cash so that they could buy the shares from King. Money did go to King when the club was crying out for cash.
There is allegedly a shadow director of C1872 who makes or influences the decisions of C1872 and who was employed by King at Rangers at an allegedly high salary but was let go when King resigned. There have been unanswered suggestions that there may be some sort of connection.
C1872 are continuing to promote the purchase of shares from King much more buying from the club, and they give the impression that they are more interested in King's shares.
It was noticeable that King came to the defence of the C1872 board in the press recently, as he obviously sees it as his way of getting back some or all of the cash he put into the club.
There's also the issue of King charging interest on the £5m loan that he made to the club at 8%. It seems to me that the recent share issue by the club is largely to fund repayment of the loan and hundreds of thousands of pounds of interest due to King, but that's not strictly related to the C1872 issue.