biggordy 0 Posted March 3, 2015 Share Posted March 3, 2015 Surely they've all failed Duty of Care responsibilities as prescribed by Law! http://www.iod.com/guidance/briefings/cgbis-directors-duties-and-responsibilities 0 Quote Link to post Share on other sites More sharing options...
T-1000 174 Posted March 3, 2015 Share Posted March 3, 2015 No, they still have to carry out the duties of their roles. They would contend that there is no guarantee that King will invest and that without drawing down this 2nd tranche that the Club wouldn't be able to meet its financial obligations for month end. I tend to go along with Craig's assessment of the situation. The part of today's statement where it hints at satisfying SD might be a warning to King to co-operate with Llambias and Leach otherwise the finds will not be forthcoming and King and others will have to find a quick injection of cash to deal with the working capital requirements in March. Furthermore, it might be that there is a clause whereby if SD is not satisfied they can demand immediate repayment in which case King etc would also have to find 10 million in addition to the working capital requirements. In the statement released today Llambias and Leach also suggest they reached out to King but were rebuffed so the reference to the loan facility might just be a tactic by them to reach some mutual understanding with King otherwise there might be immediate financial consequences for King. I would also have thought that although King might want to rid himself of SD's financial involvement he is aware that the loan is interest free and therefore a cheap source of capital, all be it one that comes with strings attached, that is, the security and right to nominate two directors. 0 Quote Link to post Share on other sites More sharing options...
colinstein 294 Posted March 3, 2015 Share Posted March 3, 2015 I think it's simply Lambias and Leach want a pay off or they'll hang on and take down that loan if they can before Friday. 0 Quote Link to post Share on other sites More sharing options...
jhunter 0 Posted March 3, 2015 Share Posted March 3, 2015 We are going to need to tear this lot out physically. If they aren't gone come this time friday with King installed then i wouldn't want to be trying to stop the fans "getting into " Ibrox at the next home game. 0 Quote Link to post Share on other sites More sharing options...
Little General 80 Posted March 3, 2015 Share Posted March 3, 2015 I take it due diligence took about 10 mins to do. 0 Quote Link to post Share on other sites More sharing options...
BlueSolace 0 Posted March 3, 2015 Share Posted March 3, 2015 I take it due diligence took about 10 mins to do. No, Llambias mobile is on automatic redial to Ashley even though they havent bumped into each other since the Big Bang. 0 Quote Link to post Share on other sites More sharing options...
BlueSolace 0 Posted March 3, 2015 Share Posted March 3, 2015 It is a damning indictment of our modern allegedly regulated market that people can behave in such a selfish unscrupulous manner. More so when it comes to a massive football institution such as ourselves that has lurched from crisis to crisi over the last 4 years all at the hands of so-called captains of Industry ...(one honoured with a knighthood)... And yet despite this leadership, vast salaries business experience, and AIM listing were we to approach banks for funding we would be refused. Corporate Goverance / AIM listing / Institutional Investors .....dont make me laugh 0 Quote Link to post Share on other sites More sharing options...
JohnMc 2,463 Posted March 3, 2015 Share Posted March 3, 2015 Whilst I also think Llambias and Leach are playing games and doing their masters bidding I'm less concerned about it now. If it was me and I found £10 mil in the bank come Friday evening I'd use it to rebuild the club. It's a very low cost loan as long as we meet the repayment terms, and I doubt anyone else is going to lend us money as things stand even with new directors in place. If that means keeping Llambias and Leach on the board so be it, they'll be out voted if they oppose anything. The future success of the next group of directors will be predicated on their ability to generate income for the club, how difficult that'll be we'll find out in the coming months. If having Llambias and Leach on board proves problematic then pay Ashley what he's owed and get rid of them. But I'd call their bluff on this one just now. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted March 3, 2015 Share Posted March 3, 2015 Low cost. 26percent of all retail income and 75 percent of all shirt sponsorship. What the fuck is high cost then. 0 Quote Link to post Share on other sites More sharing options...
MoodyBlue 0 Posted March 3, 2015 Share Posted March 3, 2015 I think King will have more than sufficient cash behind him to deal with these pricks. I feel he has some big investment people behind him willing to do a proper job on rebuilding our club. 0 Quote Link to post Share on other sites More sharing options...
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