stewarty 1,876 Posted May 17, 2013 Share Posted May 17, 2013 Making sense of the stramash that is Rangers' corporate affairs over the last few years is enough to make any sane observer turn to drink - there are so many strands in this ever evolving and relentless saga. I'm not going to pretend that I am able to explain everything but I spotted a couple of things in the past day or two that got me wondering. A couple of months ago Ticketus won a court action against Craig Whyte in relation to the advance loan of future season ticket revenues that he subsequently used to pay the club's debt to Lloyds Banking Group. The court agreed with Ticketus that Whyte lied in his Directors disclosure, which was a requirement of the deal - namely that he did not disclose that he had previously been struck off as a Director. The judge noted evidence presented which showed that Whyte's own solicitor and pointed this question out to Whyte as being one of interest to him. In the judge's summary, he essentially called out Whyte for having a flimsy defence with little legal merit. As a result, Whyte was ordered to repay some £17m in funding to Ticketus, which related to the personal guarantees he provided. The case didn't even make it to trial, such was the damning nature of the evidence. This is par for the course with Whyte though, as even a quick check of his recent court battles will show. A few weeks later we have some recordings released by Whyte of conversations he held with Charles Green in the acquisiton of the oldco assets. These clips were short and didn't reveal the full extent of the conversations held. This was done to provide maximum damage to Green's credibility. We then find out shortly afterwards that Whyte had established a company around February/March, for which he sold around a quarter of its shares to Worthington Group. Laughably, part of this deal was the book and film rights for Whyte's story. In return, Worthington Group agreed to fund Whyte's supposed court action against Green for the wrongful sale of Ranger's assets to Sevco Scotland/Sevco 5088. Today we find out that Ticketus have petitioned the High Court in the British Virgin Islands to liquidate Whyte's company Liberty Capital, in an attempt to recover the £17m they are owed. This is the same Liberty Capital who also have a share of the Worthington Group. Essentially Whyte and is cohorts have a say in all of these companies. We also see the quite obvious release of stacks of email conversations and audio clips by Whyte to an anonymous blogger, Charlotte Fakes. Again, this is designed to create maximum damage to the key players in Whyte's saga. Possibly to try and get a pay off. But when we join all of these dots together what do we get apart from a sore head? In my view we have a blatant attempt by Whyte to create as much distance as possible between him and the money he owes. The longer he can string this along, the longer he attempts to evade what must surely be a potential jail sentence. This was further underlined with a story in the past couple of days about a court being unable to cite Whyte as a witness for a case he has brought against some people he claims stole items from his Castle Grant home. Essentially Craig Whyte has no money. Every deal he seems to put together, from the Ticketus deal, to the Worthington Group's funding of his court case, is an attempt to get other people to fund his scheming. Its been said many times but quite why any newspaper takes any information from this pyscopath I have no idea. Why the use of the word psycopath? Well, its someone who is incapable of feeling guilt, remorse or empathy for their actions. There are many more dots that could be joined together. I may be wrong on some or all counts, but the quicker the long arm of the law catches up with Craig Thomas Whyte, the quicker we can begin to sort out this sorry mess. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted May 17, 2013 Share Posted May 17, 2013 Good read mate, thanks! That's it up on the main site now - http://www.gersnet.co.uk/index.php/latest-news/137-rangers-joining-some-dots 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,150 Posted May 17, 2013 Share Posted May 17, 2013 A sensible analysis mate. Difficult times but enjoyed your sober break down. 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted May 17, 2013 Share Posted May 17, 2013 Whyte is going down and to jail, he's trying to take everyone connected to his nefarious dealings with him. It wouldn't surprise me if in the future if the he brokers a deal with the PF and turns Queens evidence. He was never the brains or the brainless behind all this imo. 0 Quote Link to post Share on other sites More sharing options...
SteveC 150 Posted May 17, 2013 Share Posted May 17, 2013 Thanks for that. Refreshingly clear. Also raised a smile with: "But when we join all of these dots together what do we get apart from a sore head?". 0 Quote Link to post Share on other sites More sharing options...
stewarty 1,876 Posted May 17, 2013 Author Share Posted May 17, 2013 Cheers guys. I'm off to fight some zombies to take my mind off things. 0 Quote Link to post Share on other sites More sharing options...
stewarty 1,876 Posted May 18, 2013 Author Share Posted May 18, 2013 Lifted from FF, but underlines my point I think. 2013-05-17 â?? Private Eye No. 1340 THE affairs of Worthington Group appear ever more entangled with Craig Whyte and his twice bankrupt partner Aidan Earley. The story so far... Worthington has almost £3m from a group pension fund locked up in the Rangers collapse as a result of a loan that was made before any security was provided by the then Whyte-controlled club. Whyte and Earley's brother had major share stakes in Worthington ahead of the loan. The pension fund is now fighting with the taxman and Rangers' liquidators for the return of its money in a civil action against Whyte's former lawyers, Collyer Bristow. Worthington has provided £250,000 to help finance to a new Whyte venture, Law Financial, which claims it owns a stake in the new Rangers and threatens litigation. Now read on... Last November, Worthington raised £600,000 through a share and convertible loan stock issue. In January, a debenture was issued to secure the £475,000 loan stock. That charge was issued to a new company, Renatus Capital. The only listed director and shareholder of Renatus is Sherri Ellison. She was formerly a director or company secretary of a series of Whyte or Earley companies. The holders of the loan stock could on conversion become the largest Worthington shareholder; they also have a first charge on the Worthington assets. Presumably that £475,000 provided to Worthington by Renatus or associates has helped fund the £250,000 Worthington has invested in Law Financial. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted May 18, 2013 Share Posted May 18, 2013 you say whyte has no money but i suspect he made 10 million out of rangers minimum in the year he owned us. 0 Quote Link to post Share on other sites More sharing options...
Calgacus 8 Posted May 18, 2013 Share Posted May 18, 2013 yes .... but he won't have that money, it well be safely hidden away. 0 Quote Link to post Share on other sites More sharing options...
stewarty 1,876 Posted May 18, 2013 Author Share Posted May 18, 2013 We shall need to wait and see what BDO say about that tbh. 0 Quote Link to post Share on other sites More sharing options...
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