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A day of drama in the soap opera Rangers FC (RFC) – a nest of vipers, saw Charles Green arrested and Craig Whyte re-arrested, the latter now held in custody. This surely makes the Law Financial/ Worthington (WRN) claim utterly worthless.
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Comments
Will Worthington Group PLC's Great British Entrepreneur Awards be able to proceed if Law Financial is worthless and/or Craig Whyte is in prison? Is Worthington trading insolvent and about to rip off loads of small start up business or The Princess Trust?
Given the £10m value placed on Worthington Group PLC’s interest in Law Financial (based on the prospect of recovering £10 million from liquidation of former Rangers Co assets) … perhaps Worthington is now knowingly trading insolvent?
Kind of ironic given that the Great British Entrepreneur Awards are supposed to celebrate business success…
Would be very difficult for Worthington to sign a contract for a venue and set a date for the Great British Entrepreneur Awards. Unless their sponsors The Princes Trust, or Peter Ibbetson, Chairman of Business Banking at Natwest and RBS or Axa Insurance are picking up the bills directly on their behalf?
Worthington might be relying on ticket sales from the small entrepreneurial firms that have entered to win an award (compulsory to pay to attend if you want to be able to win according to the T&Cs)?
If Worthington are relying on those ticket sales to young entrepreneurs, then dozens of small UK businesses are paying hundreds / thousands of pounds for tickets to participate in an event that might not go ahead. They will have lost that money when Worthington has gone bust.
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12098826.html
https://www.share.com/find-investments/advanced-finder/company-overview/worthington/news/43631/?pass=1&story_id=22622322&rns=1
http://greatbritishentrepreneurawards.com/sponsors/
http://greatbritishentrepreneurawards.com/tcs/
FB
What a complete admirals pie of a Companies House record Sevco 5088 has. Just look at the effective date and filing date of some of those forms!!! Good luck getting His (or Her) Honour to order any cash to go the way of anyone named on that record. Doctrine of Clean Hands anyone?
Why would Nuna Minerals, a mining operation, primarily owned by The Greenland and Korean Governements, want to be in any way associated with Worthington Group PLC regardless of if Craig Whyte is guilty of serious organised crime or not?
“Motherwell-born Whyte, 44, has been charged under Section 28 of the Criminal Justice Licensing Act 2010 which covers serious organised crime offences. He also face charges relating to conspiracy”.
http://sport.bt.com/sport-football/news/charles-green-bailed-after-rangers-case-court-appearance-S11364001515387
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12453284.html
The Wee Barra
It’s a strange one this case. It appears Whyte/Earley tried to get in through the backdoor via Richard Barrington/Korissa Capital. However, it seems clear they were then “duped” by Charles Green at the final hurdle (Something ignored by both the press and police, despite masses of evidence showing what happened.Possibly in light of Levinson in using stolen docs, which may have subsided now)
But for Whyte to prove he was defrauded by Green, he would have to show he was committing fraud/deception initially via Barrington/Korissa
http://i115.photobucket.com/albums/n299/ferryjambo/sevcoshares_zps70ad0c3b.jpg
(Source:http://www.hmfckickback.co.uk/index.php?/topic/106910-the-rangers-soap-opera-goes-on-and-on-see-admin-note-in-post-1/page-965#sthash.ddlvawhD.dpuf)
The Wee Barra
http://www.scribd.com/doc/184403269/CF-Placement-Letter-Korrisa-Capital
X-Men
Is this more PR fluff from Worthington as a distraction to a Nuna deal collapse? Law Financial story broke 3 days before the Whyte arrest, what’s coming here….
JAMES McAvoy said he’d be keen to play former Rangers owner Craig Whyte in a film.
The article was keen to mentioned Whyte has “sold screen rights to his story” and of course the confirmation from McAvoy with the words “It would be interesting” LOL
http://www.thescottishsun.co.uk/scotsol/homepage/news/6624205/McAvoy-Craigs-Whyte-for-me.html
http://www.bbc.co.uk/programmes/b068sjqk 27 mins
//The X-Men star revealed he would be up for the role even though he’s a diehard Celtic fan.
Whyte, 44, is said to have sold screen rights to his story.
McAvoy, 36 — playing in a celeb Hoops side in a charity game today — said: “It would be interesting.”
And he told BBC Scotland’s Off the Ball radio show he sympathises with Gers fans over their club’s plight.
He said: “It must be heartbreaking for that happen to something that is so close to many people’s hearts.” :boik:
Whyte and former Ibrox chief Charles Green were charged with alleged serious fraud offences earlier this week over Green’s 2012 buyout of the club.
McAvoy will turn out for Celtic against Dunfermline at the Pars’ East End Park today.//
Herald Scotland Worthington Group PLC / Law Financial update story - no comment from Worthington though.
Firm formerly linked to Craig Whyte ups the ante on its claim on the £18m Rangers oldco creditors pot
http://www.heraldscotland.com/news/homenews/13713228.Firm_formerly_linked_to_Craig_Whyte_ups_the_ante_on_its_claim_on_the___18m_Rangers_oldco_creditors_pot/
Martin Williams / Thursday 10 September 2015 / Home News
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A COMPANY previously linked to former Rangers owner Craig Whyte has taken a claim for the whole of the £18 million creditors payout pot of the liquidated club plc to court, it has been confirmed.
Law Financial Ltd has lodged a defence at the Court of Session over its claim that it is owed up to £25 million, saying it holds a security over the assets of Rangers oldco RFC 2012 plc.
The Herald can reveal that new documents show that LFL has now taken control of the company that Mr Whyte used to buy the club from Sir David Murray for £1 in May 2011, and which held that security.
The claim if successful, would make LFL the only secured creditor and first in line ahead of the taxman and ticket agency Ticketus and other unsecured debtors to take money from the pot.
LFL had been given till Friday to lodge the answers to its claim, which oldco liquidators, accountancy firm BDO are to contest, believing LFL has no rights
BDO is understood to have asked the court to dispense with the any potentially time consuming and potentially expensive future hearing to settle the issue and approve a deadline for a full claim to be submitted to the liquidators.
BDO has previously indicated to creditors that if the claim is pursued it could hold up payouts for some time.
An interim £10 million payout to unsecured creditors was due to have been made at the end of July to the tune of around seven pence, but that has had to be delayed because of the claim.
LFL say they hold the security over the assets reassigned to the company run by Mr Whyte that paid off an £18m bank debt as a condition of his purchase of the club from Sir David Murray for £1 in May 2011. He raised the funds by organising a deal to sell off three years of future season ticket rights to Ticketus activated when he became owner.
The security was originally set up in 1999 in favour of the Bank of Scotland in response to Rangers’ ballooning debt figure, to secure a charge over its income and assets.
Mr Whyte, who presided over the Rangers oldco’s plunge into administration in February, 2012, always insisted that the company he used to buy the club, which subsequently became Rangers FC Group, had paid off the debt and inherited the bank’s security over the Ibrox outfit’s assets. Documents lodged with Companies House appear to confirm this.
LFL is now owned by the Worthington Group, an investment firm also once connected to Mr Whyte and who in October last year said would continue to stake a legal claim over Rangers’ business and assets.
But BDO are understood to agree with oldco administrators Duff and Phelps that LFL cannot have preferred creditor status, and any security is invalid as Mr Whyte did not use his own money to buy the club.
Mr Whyte said his company had a legitimate claim over Rangers’ assets, including Ibrox Stadium and Murray Park, because he had underwritten the London ticket agency Ticketus’s investment through his offshore company Liberty Capital and was “on the line” for £27.5m in guarantees and cash.
Ticketus have accepted they have no secured creditor claim and have been pursuing Mr Whyte through the courts for the money he borrowed from them.
Mr Whyte has faced court hearings in London amid ongoing efforts by Ticketus to recover £18m damages from him after the agency successfully sued the venture capitalist for damages.
Ticketus had said Mr Whyte fraudulently or negligently made representations which induced the company to enter into agreements related to the sale or purchase of Rangers season tickets.
Mr Whyte had disputed the claim – but a judge had ruled against him.
New documents have now emerged that show that Craig Whyte is no longer a director of Rangers FC Group, and LFL and Worthington Group chief executive Doug Ware are now the sole directors.
But Whyte’s company Liberty Corporate Ltd holds a fixed and floating charge over all RFCG property assets present and future. According to the latest return, the sole shareholder is Liberty Capital Limited, which is owned by Mr Whyte and registered to the British Virgin Islands. His father, Thomas Whyte, was the sole director of Liberty Corporate until January, 2014.
A move to strike RFCG from the register of companies has been suspended. The company, formerly known as Wavetower, was supposed to have lodged its first set of accounts over three years ago.
Mr Whyte was a founding director of Law Financial, which claimed to have former Rangers newco Sevco 5088 as a subsidiary, until he was barred from being a company director in the UK for 15 years in October, last year.
In April, 2013, Worthington revealed it had been granted an option to acquire the whole of Law Financial Ltd which included Sevco 5088, which it said held a claim “independently reviewed by leading counsel…to all of the business and assets of RFC 2012 plc which were purchased by Sevco 5088 Limited or Sevco Scotland Ltd from the administrators… in June of 2012”.
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If the option was exercised, it would also give a third of the proceeds of any assets, claims or rights currently owned by Mr Whyte’s companies – including the legal action and the film and book rights to his story – to him.
BDO declined to comment on the case. Worthington were approached for comment.
BBC - Charles Green takes Rangers to court over legal fees after his arrest (No such worries for Craig Whyte as Worthington Group PLC are paying all his legal fees!?)
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-34339216
Charles Green takes Rangers to court over legal fees after his arrest
23 Sep 2015
BBC – Glasgow & West Scotland
Former Rangers chief executive Charles Green is taking the club to court in a bid to get them to pay his legal fees after he was charged with serious organised crime offences.
BBC Scotland has learned that Mr Green claims his contract with the Ibrox club entitled him to legal cover during and after his spell in charge. His lawyers have written to Rangers and want a court ruling on the claim.
It is understood the fees involved could be in excess of £500,000. The court ruling could happen as early as next week.
Mr Green and a number of others, including the club’s former owner Craig Whyte, were arrested and charged earlier this month.
The moves followed an investigation by Police Scotland into off-field events at the club in 2012 and 2013.
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Isn’t Craig Whyte lucky – the deal he did with Worthington Group PLC likely sees WRN ‘Golden Ticket’ Holders picking up the bill for his legal costs up front, regardless of if WRN win or not! Even if there is a miracle and Craigey does win against the Crown / Rangers, by the time legal costs have been paid out by WRN might Craig Whyte’s 1/3rd be more than Worthington is left with? Doug Ware and Aiden Earley really do leave no stone unturned in searching for deals.