RANGERRAB 3,255 Posted November 17, 2014 Share Posted November 17, 2014 Although STV followed that earlier story up saying King's claim was rejected by D&P http://news.stv.tv/west-central/200240-ex-rangers-director-dave-king-has-scottish-restraint-order-revoked/ Obviously he may have re-submitted to BDO. However, King's money was an investment, not a loan so not sure how it can be paid back. do you know for sure it was an investment? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,148 Posted November 17, 2014 Author Share Posted November 17, 2014 do you know for sure it was an investment? I can only go by Mr King's comments which say it was. However, he did go on to suggest he'd sue SDM/MIH/MSL so perhaps this figure is being retained by BDO in that respect. I suspect FS will know more. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,255 Posted November 17, 2014 Share Posted November 17, 2014 I can only go by Mr King's comments which say it was. However, he did go on to suggest he'd sue SDM/MIH/MSL so perhaps this figure is being retained by BDO in that respect. I suspect FS will know more. IIRC at time of administration there were only two directors: Whyte & King 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted November 17, 2014 Share Posted November 17, 2014 do you know for sure it was an investment? Yes, we do. It's clear from the accounts. I'd guess that BDO have included any claim, no matter how spurious in their report, so the £20m could well be King's but as you pointed out earlier, shareholders don't get any cash back so he has no chance of getting anything. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted November 17, 2014 Share Posted November 17, 2014 Yes, we do. It's clear from the accounts. I'd guess that BDO have included any claim, no matter how spurious in their report, so the £20m could well be King's but as you pointed out earlier, shareholders don't get any cash back so he has no chance of getting anything. Although I also note that the shareholders do have £10m in appendix 1 which is the par value of their shares so King would get paid something (£1m? I can't remember what % he had) if there is still cash left after everyone else gets their cash. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted November 17, 2014 Share Posted November 17, 2014 I can only go by Mr King's comments which say it was. However, he did go on to suggest he'd sue SDM/MIH/MSL so perhaps this figure is being retained by BDO in that respect. I suspect FS will know more. IIRC King's claim was that he invested his own money as he was led to believe David Murray was investing his own money not money borrowed from the BoS, basically Murray enticed King to invest under false pretence. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,148 Posted November 17, 2014 Author Share Posted November 17, 2014 IIRC King's claim was that he invested his own money as he was led to believe David Murray was investing his own money not money borrowed from the BoS, basically Murray enticed King to invest under false pretence. Yeah, he mentioned various non-disclosure issues in early 2012. Not sure if the action ever went ahead though and how it can be placed in the oldco liquidation time-line? I assume that it is indeed King's money that is highlighted in the report? 0 Quote Link to post Share on other sites More sharing options...
Little General 80 Posted November 17, 2014 Share Posted November 17, 2014 Although I also note that the shareholders do have £10m in appendix 1 which is the par value of their shares so King would get paid something (£1m? I can't remember what % he had) if there is still cash left after everyone else gets their cash. Including Bondholders? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted November 17, 2014 Share Posted November 17, 2014 Yeah, he mentioned various non-disclosure issues in early 2012. Not sure if the action ever went ahead though and how it can be placed in the oldco liquidation time-line? I assume that it is indeed King's money that is highlighted in the report? Ellis also threatened to sue and could it even be Whyte trying to cover his personal guarantee to Ticketus? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted November 17, 2014 Share Posted November 17, 2014 IIRC at time of administration there were only two directors: Whyte & King Andrew Ellis 0 Quote Link to post Share on other sites More sharing options...
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