Emerging into the sunlight and surveying the Sevco wreckage

Some of you may have noticed that I have not been in the digital space this week.

I took a temporary leave from “…a life in which telegrams and anger count…”

People were trying to get in touch with me over the week, but I was incommunicado for a mixture of reasons.

I finally spoke with an excellent source about an hour ago, and he brought me up to speed on the Sevco shambles.

He said that had I spoken to him earlier in the week then I would have learned about the reticence of the admirable Murray (Malky).

However, I would not have heard him down the deep dark word mines.

He said that ex-RIFC Chairman Malcolm Murray had advised the remaining institutional investors to back away from the board’s contentious resolutions.

When I checked, I noted that even the Daily Radar was running with a version of this story.

Suddenly I had a feeling that I had been gone from this shambles for more than a week!

It is good to see Malky back in the sitcom-I always liked him and thought he was good value.

Which is more than can be said for the shares that were offered at the IPO with his approval.

Anyone who bought into RIFC at that time suffered a serious financial loss.

That includes the Easdale brothers.

Much maligned by The People, these are Real Rangers Men who know how to run a business.

Moreover, when the IPO money ran out in early 2014, they stepped forward with emergency loans.

I understand that they are about to go legal apropos the recent AGM.

One source said to me that he would not be surprised if their courtroom representatives had long-standing professional ties with the Ashley Empire in Scotland.

Today a Shirebrook source informed me that “…the gloves are off now regarding the intellectual property rights…”

He then said something about upside down crests on club material, but at that point I simply tuned out I’m afraid.

There isn’t anything in this sitcom that the creative writer in me could come up with.

There really isn’t.

He reminded me that the opportunity cost for Ashley and his trusted lieutenants in devoting so much time to Rangers was way beyond what they could hope to make.

I said that it made no business sense in wasting so much valuable time and money on a relatively small operation.

He stated to me that this was because the entire thing had gotten very personal for Ashley.

It has to be said that then recent AGM was a triumph of style over substance.

Excellent venue, dark mutterings about foreign countries, Churchillian nods from the top table and a standing ovation for the board.

The reality is that this has been a disaster for the New Regime.

After Mr David Cunningham King made his bold pronouncement about paying back the £5m from the January loan Big Mike’s people were quickly in contact.

It was confirmed to the Sports Direct people that RIFC would indeed pay back the £5m, but the caveat of ‘…we just don’t know when…’ was then inserted.

Sources close to Shirebrook now consider that the New Regime have no way out other than to find more soft loans from within their own ranks.

Terms and conditions apply, and if Big Mike has his way, then it is prison terms that will be applied.

This Wednesday is a major date in the diary of Mr David Cunningham King.

I understand that General Ashley’s well marshalled legal units will fiercely oppose any attempt for any postponement of those proceedings.

Of course, all that more soft loans will do will be to postpone major restructuring of the business.

That is because while I was on leave Sevco remains a loss-making business without a credit line from a bank.

This side of major re-structuring all that these shareholder loans will do is to kick the day of reckoning down the road.

What could also be on the Queen’s Highway is Big Mike in the transport business.

An excellently placed source told me to keep a look out for General Ashley deploying some motorised divisions.

I am sure Mr Douglas Park would not take kindly to a well-funded competitor under cutting his luxury coach business.

Of course, Big Mike could run such a loss-making business from Sports Direct petty cash.

The upshot of all of this is that the manoeuvres at the AGM, although brilliantly presented, just provided more problems for the New Regime.

It is my settled view that General Ashley is on a punitive mission to teach the Ibrox leadership a lesson.

Do not be surprised if Big Mike calls for another EGM should Mr David Cunningham King be found in contempt his week.

The last one in June cost a significant five figure sum, something that the current board can ill afford to repeat.

This is what the New Regime can look forward to now:

Expensive legal cases that will further deplete their operating cash.

In a war of attrition, it is the side with the most resources that will ultimately prevail.

Now I must be back in the word mines.

Dear reader, I swear that this writing business will be the death of me one day.

However, I have to unearth a play that will be my final word to inspirationally rebellious grandparents.

Éirí Amach na Cásca!

Leave a Reply