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RE: RIFC - Trusevich - 02-03-2015
I don't think Llambias and Leach will resign before Friday. The EGM will go ahead and King & Co will be voted in. Llambias and Leach are going nowhere, they'll be involved at some level whatever happens, they have Ashley's loan to look after and I certainly don't think King will pay that off early.
Which takes me back to King and his plans to fund the club over the next few years. Not a peep offered on that score from anyone, as far as I can see.
RE: RIFC - Larry-AV - 02-03-2015
Official confirmation of David Somer's resignation as RIFC CEO.
The Company announces that David Somers, Chairman, has resigned from the boards of the Company and its subsidiaries, with immediate effect.
Rangers FC - Board Changes (RNS Number : 1753G) 02 March 2015
Add this article, which reminds us of Dave King's history and the prospect that he and Paul Murray may not pass the 'fit and proper person' test.
Skysports - David Somers resigns as Rangers chairman
Matters might become clearer by the end of today, as Mike Ashley is facing the SFA today regarding his dual interests in Rangers and Newcastle United.
RE: RIFC - TheWorthinGer - 02-03-2015
Llambias and leach can't stay on as directors if removed by shareholders.
And king won't want them on the inside reporting to Ashley so they have to go.
As king says, every contract will be analysed to ensure that the best interests of ALL shareholders were looked after and where the appear to not have been the contract will be shredded. Quite right to.
Ashleys 5 million is interest free so need to find a way to prove that was one-sided, renege on hurtful clauses and move right along paying him back when the time is right.
RE: RIFC - St Charles Owl - 02-03-2015
Personally I think assuming King wins control of the club, then his first priority should be to pay off MA and remove the need for any legal battles or even media battles with him. Now is not the time to get embroiled in further mud slinging by current or past board members, they need to secure the club for the remainder of this season and try to get the focus back onto the football rather than the boardroom.
Do you guys think King will pass the fit and proper tests? The rules seem fairly clear, will the SFA enforce their own rules or not?? I assume there is nothing to stop him buying shares and becoming the majority owner, in which case he can install his own team even if he cannot officially be a director, but it won't be ideal if he is barred from doing so!!
RE: RIFC - TheWorthinGer - 02-03-2015
Some of that is true, however if the shareholders have not been properly represented by previous boards something must be done about it.
Some bluffs may be called - those involved in dubious contracts will know which ones they are. They will have to decide if they will hold water in a court.
I'm sure MA would rather avoid much more negative publicity - he's in the public eye all over at the moment. He could have taught Craig whyte a thing or two about prepack administrations.
King will pass the tests.
RE: RIFC - Trusevich - 02-03-2015
(02-03-2015, 19:09)St Charles Owl Wrote: Personally I think assuming King wins control of the club, then his first priority should be to pay off MA and remove the need for any legal battles or even media battles with him. Now is not the time to get embroiled in further mud slinging by current or past board members, they need to secure the club for the remainder of this season and try to get the focus back onto the football rather than the boardroom.
I agree SCO. Ashley's contracts will be watertight, and 'ripping them up' will no doubt cause more unnecessary pain.
Paul Murray has a lot to live up to and I'm far from certain he's the right man for the job, but the one thing he's said so far that's made sense is his statement saying that we need to smooth the waters and get representation at SFA/SPFL decision-making level. Many fans are totally against this, seeing the SFA/SPFL as no more than Peter Lawwell's lapdogs, but the only way that's going to change is if we get a man on the relevant boards too. There's more than one way to skin a shih tzu.
SCO Wrote:Do you guys think King will pass the fit and proper tests? The rules seem fairly clear, will the SFA enforce their own rules or not?? I assume there is nothing to stop him buying shares and becoming the majority owner, in which case he can install his own team even if he cannot officially be a director, but it won't be ideal if he is barred from doing so!!
Not sure it matters if he's barred or not - I don't see King taking that much to do with the overall day-to-day running of the club anyway. He lives in South Africa, and I can't see him moving back to the UK long-term. He'll leave it up to Murray, Gilligan and a few more hand-picked board members to do the donkey work and he'll pop up himself every month or so. Or whenever there's a big Liverpool game to attend.
Seriously though, I hope to f*ck he has a plan for the future. And I hope to f*ck he lets us know what it is.
RE: RIFC - Larry-AV - 03-03-2015
Preliminary report from SSN, nothing on the Rangers websites (Main or Investor) atm.
Skysports - Dave King claims he has won the battle to take control of Rangers
Dave King claims to have won a 'landslide victory' in his bid to take control of Rangers.
The South Africa-based businessman made the statement following talks with Ibrox chief executive Derek Llambias.
More follows...
RE: RIFC - Trusevich - 03-03-2015
King's email to Llambias and Leach:
Quote:"During yesterday’s call Mr Llambias advised me that the result of my requisitioning was a ’landslide’ in my favour.
“This was already recognised by messrs. Easdale and Somers last week resulting in their resignations to avoid the wasted cost of holding a general meeting.
“As a courtesy Mr Somers advised me that he would assist in the handover and he agreed to remain a director until the 6th March thereby ensuring that the requisite appointments could be effected without the cost of a meeting.
“I was subsequently disappointed that Mr Somers resigned on Monday with immediate effect. When asked to explain this sudden change of mind he advised that this was done at your joint request.
“You have now engineered an outcome whereby I require your cooperation to implement the requisitioned changes without the need for wasted costs and are using this in an attempt to extract a profitable exit from the company.
“I made it clear yesterday that I am not amenable to that. I point out to you both that your fiduciary responsibilities as directors of the company can not be exercised to your personal advantage.
“I call on you to immediately implement the appointment of directors as discussed with the club’s Nomad WH Ireland followed immediately by your resignations.
“If you fail to do so, and costs are incurred on the now unnecessary general meeting, you will be jointly responsible in your personal capacity for such wasted costs.
“Your attempts to resign from your management functions can only be dealt with after the changes to the board have been made and there is authority on both sides to act on any decision reached.
“Given the urgency (caused by your failure to act as your co-directors did) I call on you to immediately, on receipt of this email, confirm that you will proceed as requested. This should have happened last week.”
So it looks like the EGM will go ahead, whereby Llambias and Leach will be summarily removed from the board. I take it they still would require their contracts paid up as CEO and FD if King wants them removed completely?
As I said previously, I don't see Llambias or Leach going anywhere soon.
Mike Ashley's SFA hearing has concluded:
Quote:A Disciplinary Tribunal convened last night in accordance with the Judicial Panel Protocol to consider the following case:
Alleged Party in breach - Michael Ashley
Disciplinary rules allegedly breached -
Disciplinary Rule 19: Except with the prior written consent of the Board: (a) no club or nominee of a club; and (b) no person, whether absolutely or as a trustee, either alone or in conjunction with one or more associates or solely through an associate or associates (even where such person has no formal interest), who: (i) is a member of a club; or (ii) is involved in any capacity whatsoever in the management or administration of a club, or (iii) has any power whatsoever to influence the management or administration or a club, may at the same time either directly or indirectly:- (a) be a member of another club; or (b) be involved in any capacity whatsoever in the management or administration of another club; or © have any power whatsoever to influence the management or administration of another club.
Outcome – Mr Ashley was found in breach and a fine of £7500 was imposed.
Disciplinary Rule 77: A recognised football body, club, official, Team Official, other member of Team Staff, player, match official or other person under the jurisdiction of the Scottish FA shall, at all times, act in the best interests of Association Football.
Outcome – The alleged breach was not proved.
Of course, the worry now is that when the SFA call Rangers to the dock - 13th March or something like that? - they'll already have decided guilt and the fine will be a damn sight more than a piffling £7,500!
This'll be a chance for Paul Murray to earn his corn taking on the SFA lapdogs, I suppose. Or it'll be a chance for King to flex his much-vaunted considerable financial muscle.
RE: RIFC - TheWorthinGer - 03-03-2015
We'll see.
I wonder if, as publicised in the Daily Record a few days ago, Llambias did indeed gild the lily of his CV to the extent that they suggest?
Sack. Possible criminal offence as well.
"Alison Ryan, would-be PR manager for Manchester United, claimed to have a first class degree from Cambridge. In fact, she got a second and had been banned from practising law. She was sacked from the £125,000 a year job at the football club in 2000.
In 2012, former Yahoo boss Scott Thompson falsely claimed to have a computer science degree and had to step down once the truth was uncovered.
Radioshack boss David Edmondson went one better and claimed to have two degrees, in psychology and theology, that he did not possess. He left the company in 2006.
Upping the ante even further was Marilee Jones, former dean of admissions at MIT, who claimed to have three University qualifications, two degrees and a doctorate, she had not earned. It took 28 years for the falsehoods to be unearthed. Ms Jones resigned soon after." (http://www.bbc.co.uk/news/business-31594181)
Leach: well he's voted of the board by the shareholders so he can't be the FD any more. Just the F possibly?
They are both gone and they know it. Pay outs? Maybe. But not immediately.
In a week or so we will start to get an indication of just where the land lies with regard to MA etc.
RE: RIFC - St Charles Owl - 03-03-2015
(03-03-2015, 17:10)Trusevich Wrote: King's email to Llambias and Leach:
Quote:"During yesterday’s call Mr Llambias advised me that the result of my requisitioning was a ’landslide’ in my favour.
“This was already recognised by messrs. Easdale and Somers last week resulting in their resignations to avoid the wasted cost of holding a general meeting.
“As a courtesy Mr Somers advised me that he would assist in the handover and he agreed to remain a director until the 6th March thereby ensuring that the requisite appointments could be effected without the cost of a meeting.
“I was subsequently disappointed that Mr Somers resigned on Monday with immediate effect. When asked to explain this sudden change of mind he advised that this was done at your joint request.
“You have now engineered an outcome whereby I require your cooperation to implement the requisitioned changes without the need for wasted costs and are using this in an attempt to extract a profitable exit from the company.
“I made it clear yesterday that I am not amenable to that. I point out to you both that your fiduciary responsibilities as directors of the company can not be exercised to your personal advantage.
“I call on you to immediately implement the appointment of directors as discussed with the club’s Nomad WH Ireland followed immediately by your resignations.
“If you fail to do so, and costs are incurred on the now unnecessary general meeting, you will be jointly responsible in your personal capacity for such wasted costs.
“Your attempts to resign from your management functions can only be dealt with after the changes to the board have been made and there is authority on both sides to act on any decision reached.
“Given the urgency (caused by your failure to act as your co-directors did) I call on you to immediately, on receipt of this email, confirm that you will proceed as requested. This should have happened last week.”
So it looks like the EGM will go ahead, whereby Llambias and Leach will be summarily removed from the board. I take it they still would require their contracts paid up as CEO and FD if King wants them removed completely?
As I said previously, I don't see Llambias or Leach going anywhere soon.
Isn't there still a legal requirement for the EGM to take place, even if its just for the official counting of any shareholder votes in attendance?? I understand King's desire for them to resign, but there is nothing that says they have to is there? There is also a rumour going around that they have been given pay increases or new contracts so that they will get more when they are paid off, surely if true they would be classed as onerous contracts anyway?? Still waiting for anything from MA on the whole subject, I expect he cannot do anything about the removal of the current board, but may try to have some say on the new one due to the money owed to him, time will tell!!!