Bringing the law to the Sevco Panhandle

While Super Ally’s lads were struggling Stateside back at the ranch Sevco’s two lawmen were taking on the bad guys.

Over the next few weeks I expect Graham Wallace will mainly be around the Square Mile for it is in the London panhandle that the major decision takers are.

As Rangers (1872-2012) found with Kris Boyd in 2009 a player must want to leave the club.

Wallace and Nash have put an operational figure in place as per the current cost base, but they need players out.

Sevco watchers have stated to me that they have been puzzled by players coming in given the putative financial state of the new club.

Goalie Steve Simonsen, I understand, has been re-signed on very modest terms and he was happy to accept them.

The savings made on his salary from last season and the other players who went out the door means that the wage bill hasn’t gone up.

All of these purchases were sanctioned by Philip Nash.

However players still need to go out and at least one sellable asset is digging his heels in about wanting to remain at Sevco.

I would not be surprised if PFA Scotland is approached for advice and counsel.

It is fair to say that Deloitte’s anger with the people at RIFC is currently off the radar.

As reported before the failure to notify the AIM last year on Brian Stockbridge’s share option was really no biggy in the shceme of things.

However when you are planning a Share Option  you do need to know to the exact amount how many share you actually have to play with as it were.

So, because of the Stockbridge issue there aren’t 43.4 million extra shares as everyone thought there was and that is the rub.

I understand that until very recently Graham Wallace, Philip Nash and David Somers the chairman had no idea of the Stockbridge share options.

That means that Laxey partners and the Institutional investors didn’t know either.

What does this mean?

It means that, currently, the Share Option, which is vital to provide working capital, is stalled and that is what Graham Wallace is camped in the Square Mile trying to fix.

Are there other share options that they don’t know about?

Craig Mather?

Imran Ahmad?

Charlie even?

The current lack of certitude on these matters is not good at all.

Without the Share Option and then a Share Issue shortly afterwards there won’t be enough working capital to keep the lights on because of the Season Ticket Strike.

Another issue hoving into view for Mr Wallace is the Letham loan.

The man wants his money back and it is time to pay up.

The Easdales are also due money that they lent to the club earlier this year.

£500,000, which is securitized against Edmiston House and the iconic Albion Car park, is due to be paid back on September 1st.

However I do not think that they will put the club into financial difficulties, unlike the Season Ticket strikers.

At this stage, because of the Season Ticket strike there is only around £5.2million in that particular pot.

VAT will have to be paid from that in due course.

Deloittes have been quite clear that the Season Ticket money is not to be touched until there is working capital in place to last till next June.

The excuse of ‘Reasonable expectation’ can’t be invoked.

Apart from the Season Ticket monies I understand that there is less than £1 million in the account.

The Share Option was meant to bring in-best case scenario- around £8.4 million.

However that was based on 43.4 million shares.

The Stockbridge Share Option wasn’t in the 120 Day review and it wasn’t mentioned in the RIFC accounts last year.

I understand that this was not part of any severance deal that Wallace and Nash might well have been party to drawing up.

Across the RIFC boardroom table from Laxey partners and the institutional investors are the publicity shy Blue Pitch holdings, Margarita holdings and their buddies Hargreave Hale.

Their agenda is quite clear.

If they are given a pennies in the pound deal for the shareholdings of Laxey et al then they will take it.

However that isn’t really a goer.

If it did happen then RIFC entirely owned by Blue Pitch and Margarita desperadoes would be great copy.

I don’t want to be a Wednesday morning Quarterback, but  with the Share Option currently stalled and issues relating to the sale of Murray Park requiring attention I really don’t see how they keep the show on the road.

However both Wallace and Nash are top class operators and, despite the best efforts of the Season Strike chaps, I am sure that they will keep the lights on.

Nash is becoming increasingly central in making sure than any non-essential spending is cut out wherever possible.

In the short history of the new club he is undoubtedly their best signing.

However, the ‘Onerous Contracts’ are a real problem and they must be run out of town.

As Super Ally saw his men were bested on an artificial surface lined out for American Football back at Ibrox the man that guards the Sevco money tree perhaps allowed himself a wee smile at familial success in another game  which has deeper roots than either Gridiron or Soccer.

His cousin, heroically keeping goal for Cork, more than played his part in ending an eight year wait for success when they beat Limerick in the Munster Hurling final last week end.

So there is a man at the top of the Marble Staircase who is delighted that the Rebels have won.

Those who criticise him are just hurling from the ditch.

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