Edmiston House is now security for £500k Easdale credit facility

[ian1964 10,447]

Lifted from FF:

 

The Registers of Scotland received the Standard Security over Edmiston House involving Rangers to Alexander Easdale on Friday.

 

They certainly didn't waste their time getting that in.

 

I would imagine the other one over the car park involving Laxey will be put through this week.

[der Berliner 3,283]

... and I guess Charlotte's chosen few will deliver the papers. *cynical mode off*

 

Am I right to assume that this is normal practise if you take up the loan? That is, once it is being repaid, it is all reversed or declared null and void?

[the gunslinger 3,366]

It certainly should be.

[Bluedell 5,354]

He doesn't control Edmiston House. Do the bank control your house just because they have given you a mortgage?

[Scott7 5,236]

I agreed with you, Bd but on second thoughts did the bank manager not live in the wardrobe at one time?

 

Seriously there is a considerable misunderstanding about the effect of securities. Here is an idiot's guide. (I know because I am that idiot)

 

So long as you pay the debt and it's components as and when due, you're fine.

 

If you don't pay, the lender can take the asset, sell it, keep what's due to him and give you back the surplus if any.

 

The lender can't just keep the asset for himself but he can bid for it in the open market if he wants.

[SteveC 150]

I agreed with you, Bd but on second thoughts did the bank manager not live in the wardrobe at one time?

 

Seriously there is a considerable misunderstanding about the effect of securities. Here is an idiot's guide. (I know because I am that idiot)

 

So long as you pay the debt and it's components as and when due, you're fine.

 

If you don't pay, the lender can take the asset, sell it, keep what's due to him and give you back the surplus if any.

 

The lender can't just keep the asset for himself but he can bid for it in the open market if he wants.

 

yes, but if the debtors and lenders are in cahoots making moves according to a perpetual make-ourselves-rich scheme planned well ahead and launched long ago, it makes little difference. A bit like selling shares back and forwards to each other in the Ibrox boardroom for each others' profit (as Walter referred to).

 

As I wrote back at the time of Whyte getting off with appointing D&P - "we are now in Portsmouth and Leeds territory - rip-off after rip off from crooks-in-suits to fellow crooks-in suits. It is pass the cash cow parcel time and there is no legal way out other than buying them out at exorbitant profit for them all either in hard cash or long term rents."

 

At the moment their end game is way, way in the far future - unless King and fans combine to bring that forward. Regardless, they will still walk away with a fortune even greater than that they have claimed from us so far.

[Zappa 0]

He doesn't control Edmiston House. Do the bank control your house just because they have given you a mortgage?

 

Changed thread title to - "Edmiston House is now security for £500k Easdale credit facility"

[bluebear54 0]

Is Edmiston such a big issue? Are there not problems with asbestos?

I would have thought that the Albion is much more serious. It generates revenue, and it is essential to the club for the operation of the Club Deck.

Also, the issue of converting the debt to shares for Laxey scares me shitless, so to my mind is much more of an issue than Edmiston.

I realise it's significance, but I'm just trying to point out other priorities in the grand scheme of things.

And it is a scheme in my viewpoint.

[Calgacus 8]

I agreed with you, Bd but on second thoughts did the bank manager not live in the wardrobe at one time?

 

Seriously there is a considerable misunderstanding about the effect of securities. Here is an idiot's guide. (I know because I am that idiot)

 

So long as you pay the debt and it's components as and when due, you're fine.

 

If you don't pay, the lender can take the asset, sell it, keep what's due to him and give you back the surplus if any.

 

The lender can't just keep the asset for himself but he can bid for it in the open market if he wants.

 

It is not unknown for sales process to be "organised" so that the asset is sold to a party of the security holder's choice. Though this wold be difficult given the level of scrutiny anything involving Rangers gets.