Dave King Calls For Fans not to support CVA Deal

[North Rd 0]

... says who exactly?

 

asked for link! still waiting........

[der Berliner 3,725]

Obviously, if he has the money, he might be upset if Green goes on with his proposal of no director owning more than 15% of the club ('s shares).

 

While I am at it ... if Green indeed has ownership of the shares now, does these shares need to be floated on a stock market to be sold or can it just be decided to hand them over (i.e. 15% each) to some investors who pay a fixed sum (e.g. 5m each) which go straight into the club's accounts?

[GovanAllan 0]

King wants us to go to the wall? I am sure he will have no problem if a cva is successful. Reckon he would be quite happy with such an outcome and be in a stronger position than he is now. Add to that, he could not ride in and pick up the pieces.

 

Maybe he simply doesn't like the way D&P and Whyte have stitched up the 85% of Rangers FC. Again, since they were the 2 parties who did it last time.

 

He's never once backed the CVA approach and insisted all along Liqudation was the only way he could see out of all this. Now all of a sudden a CVA looks to have a glimmer of hope he's getting himself all hot and bothered.

 

Why now and not weeks ago when the CVA looked a distant dream?

[Guest Guardian]

Listen to this crap:

He has only JUST been allowed to start trading again i.e. moving funds by the SA Tax authority.

He couldn't apply to be any part in Rangers takeover and that is why he HAS APPLIED to the SFA for 'proper person' status now that his business with SARS is over.

He has stated UMPTEEN times since Feb 14th that he favours no side but would like to help Rangers (but that is up to the SFA).

He is STILL worth megabucks.

He has spoken AT LENGTH to Ally and told him that he has got to be careful BECAUSE of his business with SARS not to drag the Club into the grubber any more.

If he can get clearance against his name in Scotland i.e. SFA, he will put money in, but not to Green by the looks of it!

 

 

King was allowed to take his old director job back at his company Metlika, Nothing about moving funds. He is still being chased by SARS for the full amount owed, some £250m.

 

His business with SARS is very far from over and he'll never be accepted as fit and proper until it is.

 

It's very clear that he does favour one side, the barren knights, no matter how much he says otherwise, his actions give him away.

 

He may be worth megabucks, but he can't spend any of it and by your own admission, he'd drag us into the grubber.

 

This isn't about him putting money in, there was never any chance of that. It's about him trying to get his money back.

 

It's amusing seeing those who hailed TBK as the only bidders claiming to want a CVA now suddenly defending a man who is actively against one.

 

Why has the CVA suddenly become unimportant to them ?

[Guest Guardian]

In his statement this morning on all things Rangers, Dave King stated that he had taken it upon himself to approach the SFA so that they can conduct a 'fit and proper persons' test on him. Does he really think that he has a better chance of passing such a test than the current Rangers owner? Guess he forgot about his own tax bill.

 

This afternoon King issued a statement where he said: “I intend to remain involved with the club, at least on my present basis, post-reconstruction if that is at all possible under the new ownership structure. I am however alert to the raw sentiment around the need for Rangers to have ‘fit and proper’ persons at its helm.

 

“In view of my own well-publicised and acrimonious legal disputes with the authorities in South Africa I have taken it upon myself to approach the SFA in that regard in advance of considering an increased role in the club going forward. I will be guided by the SFA’s response in that regard.”

 

However Dave King will certainly fail any ‘fit and proper persons test’ given that he has battled the South African taxman for over ten years and last year was slapped with a bill of around £250 million.

 

On top of that he is currently subject to a restraining order banning him from dealing with ‘realisable property’ within the United Kingdom. The order prohibits King from buying anything of value in the UK or from backing any individual buying anything of note on his behalf. The restraining order was granted at the request of the South African Revenue Service, which froze his assets and prevented any substantial transactions, while King’s tax affairs were investigated as he faced 322 criminal charges including tax evasion, money laundering and racketeering.

 

In 2002, following a two-year investigation, SARS hit King with a bill for £200 million in back taxes, insisting that King was in fact the richest man in South Africa. After delaying tactics by King and his lawyers, the debt grew with interest and fines added on.

 

In 2006, South African prosecutors won a court order in the Court of Session in Edinburgh, which froze King’s assets including three million shares in Murray Sports, which owned a third of Rangers FC.

 

As we reported last year, King appealed the tax debt but that was thrown out of court in October 2010, at the time SAR’s senior counsel argued: “King’s evidence was duly rejected in scathing terms by His Lordship, Mr Justice Southwood and two assessors. The judgement confirmed the assessments in all material respects. This included additional tax in the maximum percentage of 200% as a result of the fraudulent conduct of King.

 

“This conduct was not only in devising a scheme to thwart tax collection, but also as a result of him conducting the subsequent litigation since 2002 on a fraudulent basis for many years until eventually the trustees took control of the litigation in 2007. The Tax Court also held that the trustees did not act in a reasonable manner in allowing King so to do. In the judgement the following finding was made.”

 

Judge Southwood, who heard the case, said of King: “We saw King testify in chief and in cross-examination for four days and are unanimous in finding that he is a mendacious witness whose evidence should not be accepted on any issue unless it is supported by documents or other objective evidence. It was remarkable that King showed no sign of embarrassment or any emotion when he conceded that he had lied to the Commissioner in a number of his income tax returns. In our assessment he is a glib and shameless liar.

 

“King is a tall, slim man in his fifties. He appeared to be very confident and not in the slightest uncomfortable about giving evidence and being cross-examined. He is intelligent and articulate and appears to be well versed in the intricacies of the financial world and the purchasing and selling of shares on the JSE. Notwithstanding these advantages, he made a very poor impression as a witness. He is extremely arrogant and obviously thinks that whatever he says is so. It was demonstrated that he deliberately misrepresented the facts of the case to his legal representatives, to Sars in correspondence and at the section 74C inquiry and to the representatives and solicitors of the Bermuda Trust.

 

“As his evidence progressed it became clear that he has no respect for the truth and does not hesitate to lie or at least misrepresent the facts if he thinks it will be to his advantage. There can be little doubt that on most occasions King lied as he knew the correct facts and obviously decided to misrepresent these facts….”

 

Given Craig Whyte’s track record has now hit the mainstream media, despite it being known well before he took over the Ibrox club, and Rangers close to liquidation – one man who certainly should not be anywhere near Rangers Football Club or a Rangers NEWco is Dave King.

 

Dave King – A Fit and Proper person? A ‘glib and shameless liar’ according to a South African judge.

[Tumshie RFC 0]

I'm no financial expert but I find the timing of this absolutely baffling. I just want this all sorted and the season ticket renewal forms sent ASAP.

[Dragonfly Trumpeter 50]

He's never once backed the CVA approach and insisted all along Liqudation was the only way he could see out of all this. Now all of a sudden a CVA looks to have a glimmer of hope he's getting himself all hot and bothered.

 

Why now and not weeks ago when the CVA looked a distant dream?

 

Are you ignoring the fact that King owns 5.3% of Rangers FC plc? Significant that it is over 5% as well. There is a huge difference between not backing a cva and not believing a cva is possible. Like I said, I doubt many will be happier than King if a cva is achieved.

 

Perhaps he is a heavily invested cynic with info that a cva will not happen this time and the Green newco will be forced on every stakeholder and creditor (inc hmrc) - if possible? And King did pay £20million for the right to air his view.

[forlanssister 3,110]

In my view, based on previous discussions with Mr Whyte, it is unlikely in the extreme that he would sell â??hisâ? shares to Mr Green for a nominal sum (even if he hadnâ??t committed them to me) unless he was obtaining some benefit or retaining some control behind the scenes. Duff & Phelps non-communicative approach to stakeholders causes me further concern in that regard.

 

This quite clearly implies that Craig Whyte will be involved with Green post CVA should it be successful, have either Green or Duff & Phelps specifically denied that implication, it appears Dave King has asked that very question of Duff & Phelps but for some reason they have declined to answer.....

[Zappa 0]

This quite clearly implies that Craig Whyte will be involved with Green post CVA should it be successful, have either Green or Duff & Phelps specifically denied that implication, it appears Dave King has asked that very question of Duff & Phelps but for some reason they have declined to answer.....

 

It's certainly a concern, but we don't know if King is on the level or just trying to cause trouble. I tend to think it's the latter as he's clearly trying to derail the Green consortium in favour of TBK. It's a bit late for that now tbh.

[Guest Guardian]

This quite clearly implies that Craig Whyte will be involved with Green post CVA should it be successful, have either Green or Duff & Phelps specifically denied that implication, it appears Dave King has asked that very question of Duff & Phelps but for some reason they have declined to answer.....

 

 

Which is exactly the impression King wants to create to exploit our fears. Consistently through this, TBK have use the same tactic. Try and taint anyone by inferring links with Craig Whyte, like he's some kind of bogey man.

 

As King says, Whyte may well have engineered some benefit from the sale, but he'd have done that no matter who bought them.

 

It's been announced that the ST cash is going into an escrow account which Green can't touch, which blows Kings ridiculous tactic right out of the water and shows his self-interest even more clearly.

 

The TBK gang muttered that "Green would put it into an escrow if he wasn't after the cash"

 

Well he did, so will they now belt up ?

 

I doubt it. They'll just latch onto something else as evidence of his masterplan for world domination.