A Big House divided

I’m afraid that relationships are breaking down over in the Sevco sitcom.

Apparently the script writers decided that the Board meeting on Wednesday was to be a bad tempered conclave.

The Chairman of Rangers International Football Club (RIFC) David Somers was present as was Chief Financial Officer and Company Secretary Philip Tudor Nash.

The Easdale family was also represented in the room.

Everyone else, including Chief Executive Graham Wallace, dialled in to take part in the meeting.

The good news is that Graham Wallace and Philip Nash have the total support of Laxey partners and the Institutional Investors.

Chairman David Somers is establishing himself as a man of some character who will not be bullied or brow beaten by anyone.

He made that quite clear during the meeting.

I am aware that there has been some Off the Radar fantasizing about a South African based saviour for Sevco.

So let us be clear on this dear reader.

There have been NO talks with David Cunningham King from anyone at RIFC.

Only in the parallel PR constructed universe where Craig Whyte is a billionaire have there been talks between Dave King and senior folks at RIFC about a ‘bail out’.

Moreover Mr King is not interested in becoming a player in this farce as he does not want to have to buy out the ‘Onerous Contracts’ that are crippling Sevco.

The board meeting on Wednesday was so fractious that they could not even come to a decision on Mr Ashley’s request for an EGM.

However they will examine it to see that it is competent and complies with all the necessary regulations before getting back to him.

I am also aware that it has been rumoured that Mr Graham Wallace has received a bonus payment.

My sources tell me that this is not the case.

The figure of £160,000 IS accurate and it was offered to him, but he turned it down.

Moreover I understand that the RIFC Chief Executive is saddened by the fact that the company are apparently willing to go back on a contractual obligation.

He had communicated his refusal of this offer (which is his bonus with tax deducted) to the Chairman of RIFC David Somers and the Chairman of the Football Board Mr Alexander Easdale.

The deal which he signed up to in February was that he would get a bonus equivalent of his annual salary NET of tax.

Yesterday I am told that the mood about the Big House was rather depressed and there is still no sign of the accounts.

I am told that auditors are “incensed” that the £2.5 million credit line which they insisted on being included the accounts last year was removed without Deloitte being notified.

Daniel Stewart & Company are still on the naughty step with the AIM.

A well placed Sevco insider told me that he was amazed that the same Square Mile chaps had not been in touch with RIFC apropos their naughty NOMAD.

There is no doubt that attitudes are hardening in the Boardroom and there are two clear camps.

Laxey partners and the Institutional investors stand as one.

Facing them is Mr Ashley with the support of the Easdale family.

It could be a three way fight, but in the Blue Pitch corner all is quiet.

They and their colleagues in Margarita Holdings do seem rather Zen like as the other two power blocks get ready to slug it out for control.

It is almost as if they know something that the others do not.

As ever Charles of Normandy remains above the fray.

The script writers obviously have big plans for him.

Stay tuned

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