Off the radar debt

Oh dear.

Legacy issues.

A very panicked David Somers presented himself at the abode of Philip Tudor Nash in something of a state.

The ex-company secretary and chief financial officer of Rangers International Football Club was informed of a worrying development.

Nash was told that by the panicking RIFC chairman that something had been called in.

What I can tell you this morning dear reader is that it was:

  • Entirely unexpected
  • From the Charles Green era

In the accounting trade I believe they call these little landmines ‘off the books debt’.

Oh Charlie!

Somers is now being asked questions by Leach and Llambias that he does not have the answer to and this was the reason for him turning up on Nash’s doorstep.

This would help to explain the panic about the need to acquire £6.5m so urgently.

A lovely euphemism for this practice is ‘Incognito Leverage’.

Simply delightful.

In other news the Sarver bid IS being seriously considered and the board have asked the American if James Easdale can be allowed to re-invest and have a place in the new set-up..

Talks ongoing.

Now I have a double deadline to meet on other matters.

Subsequently I cannot be of any more help to the stenographers till Monday.

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