The Devil Is In The Details


Complex legal contracts do not make for light reading.  However, within the boilerplate, information can often be found that will raise eyebrows.  The contract between Murray Holdings Limited (MHL- the MIH subsidiary used to hold Rangers’ shares) and Wavetower (the original name for The Rangers FC Group Ltd) is no different.  I am told that the Share Purchase Agreement that transferred ownership of Rangers to Craig Whyte’s Wavetower is a treasure trove of interesting details.

For example, the CONSEQUENCES OF BREACH clause states what will happen in the event of Whyte failing to make good on his many promises.

In the event of and upon the Purchaser failing at the required time to satisfy any of its obligations in accordance with Clause 6.3 above the Purchaser (or any person who has been assigned the Total Purchaser Debt pursuant to Clause 6.3) agrees that the Total Purchaser Debt is automatically released or waived or otherwise extinguished in terms to be agreed by the Company, the Purchaser and the Seller.

This means that Sir David Murray, in making good on his promise to only sell Rangers to a responsible custodian capable of taking the club forward, has included a provision that promises that Rangers £18m debt owed to Wavetower will be cleared if Whyte fails to make good on certain specific promises.  So what did Whyte promise?

The Shareholder Circular released by Whyte provided some details, but let us summarise what Clause 6.3 actually says:

  • It provides for the £18m debt to Wavetower to be extinguished 90 days after the conclusion of The (Big) Tax Case
  • It prevents Whyte from charging interest on the debt prior to the tax case being resolved (but interest can be back dated if there is an insolvency event)
  • The debt to Wavetower will be capitalised (i.e. converted to shares and the debt written down) 25 days after the completion of any reorganisation that brings the club out of insolvency’
  • Whyte will pay in all working capital promised (£5m is specified, but more detail is defined in related contract documents).

So the critical questions is:

Has Whyte paid in all of the working capital promised?

I have been told that he has not.  As part of the conclusion of the deal, Whyte’s lawyers, Collier Bristow, provided a letter confirming that they had received £5m in funds from Whyte and that it would be held for Rangers FC to draw upon.  However, it is believed that this money has not actually been transferred to Rangers.  Whyte can clear up any doubt or uncertainty with an accounting of his working capital cash flow.

Rangers fans seeking to avoid or delay the turmoil of insolvency should be asking for an unambiguous answer from Whyte that all of the working capital investment provisions of the sale agreement have been fulfilled.

If they have not been fulfilled, one man has the power to pressure Whyte: Sir David Murray.  Murray was press-ganged by Lloyds Banking Group into signing the deal, but he did insist upon the provisions outlined above.  Were they just cosmetic insertions designed to allow him to argue later that he tried to do right by Rangers?  Or did he mean them?

If Whyte has not made good on all of the provision of the contract already, Murray can threaten to invoke the CONSEQUENCES OF BREACH clause.  This would see Rangers’ debt to Wavetower eliminated and would be a strong incentive for Whyte to make good on any difference between what he has paid into Rangers and what he has promised.

Forcing the debt to be reduced to zero would remove the protection of the floating charge for Whyte.  If the debt to Wavetower is extinguished, Rangers could even have a CVA (a Company Voluntary Arrangement) where repayment to HMRC is negotiated and the legal entity which traces its founding to Flesher’s Haugh in Glasgow Green in 1872 would continue with its history intact.  The threat of a three-year ban on European competition from UEFA would also be eliminated.  If Whyte has not made good on all of his working capital promises, Murray would have a chance to provide Rangers fans with the best possible outcome from the supporters’ perspective.  The only “victim” would be someone who would have had to have reneged on promises for this plan to have legal standing.

Mr. Whyte: have you fully implemented all of the obligations of Clause 6.3 of the Share Purchase Agreement?  A simple listing of your net payments into The Rangers Football Club plc would answer the question.

Mr. Murray: if Mr. Whyte has not fulfilled all of his obligations, why have you not enforced the provisions you negotiated?  It would be the best gift you could give the fans whose club teeters on the brink today?

About rangerstaxcase
I have information on Rangers' tax case, and I will use this blog to provide the details of what Rangers FC have done, why it was illegal, and what the implications for what was (updated) one of the largest football clubs in Britain.

384 Responses to The Devil Is In The Details

  1. jimbo milligan says:

    Anyone heard anymore detail about the adjustment to the floating charge ?

    That should be hugely relevant.

  2. Lord Wobbly says:

    I know some of you don’t appreciate the music links, but:

    “I just know something
    good is go going to happen
    And I don’t know when”

  3. Blindlemonchitlin says:

    Don

    I bet wee Hughie Neilson would be more a foeman worthy of your steel.

    The Barzini to Rod’s Tataglia if you prefer.

  4. tomtom says:

    Lord Wobbly says:
    31/10/2011 at 10:06 pm
    TheBlackKnight says:
    31/10/2011 at 9:59 pm
    droid on 31/10/2011 at 9:38 pm
    Many thanks droid!
    Hugh, I believe it’s here.
    http://www.hmrc.gov.uk/vat/managing/returns-accounts/
    deadlines.htm

    So, if they can make through the week, next Monday MIGHT be significant?
    —————————————————————–

    My VAT return for the period ending Sep 2011 is debited from our account on the 11th of Nov if that is of any help. Remembrance Day – how poetic.

  5. TheBlackKnight says:

    “But just saying it could even make it happen”

  6. Lord Wobbly says:

    TheBlackKnight says:
    31/10/2011 at 10:15 pm
    “But just saying it could even make it happen”
    ~~~~~~~~~~~
    🙂 I wish somebody would

  7. Hugh McEwan says:

    I very much doubt that Rangers would be on monthly VAT returns. It doesn’t make any sense for a business which is a net payment.

  8. TheBlackKnight says:

    Hugh McEwan on 31/10/2011 at 10:18 pm

    1. Monthly – disregarded as you suggest.
    2. Quarterly – would make it December?
    3. Not at all – seems plausible 😉

  9. droid says:

    Does anyone know why Graham Duffy registered the following in England?

    GLASGOW RANGERS (BUSINESS) CONSORTIUM LIMITED 07195584

    GLASGOW RANGERS (HOLDINGS) LIMITED 07195195

    at

    2ND FLOOR
    43 BROOMFIELD ROAD
    CHELMSFORD
    ESSEX
    CM1 1SY

  10. droid says:

    an opportunity to vote on the boat –

    http://www.levelbusiness.com/doc/company/uk/07821576

    bottom of page

  11. TheBlackKnight says:

    I should also qualify the last post by stating that I have assumed the quarterly dates (taking on board Hugh’s comment and that an annual payment could be considerable /less managable, given the period during the season) from April 2011 and that September (2nd installment) was paid :/

  12. the Don Dionisio says:
    31/10/2011 at 9:40 pm

    Blindlemonchitlin says:
    31/10/2011 at 10:12 pm
    ——————————————————————————

    http://www.google.co.uk/imgres?q=barzini+godfather&um=1&hl=en&safe=active&sa=N&biw=1152&bih=743&tbm=isch&tbnid=rKkcMdYJ5pCBAM:&imgrefurl=http://mafia.wikia.com/wiki/Emilio_Barzini&docid=0zXTnB_GZx95cM&imgurl=http://images.wikia.com/mafia/images/e/ea/Emilio_barzini.jpg&w=327&h=223&ei=uCCvTrHxHYHV8QP_p4nEAQ&zoom=1

    http://www.google.co.uk/imgres?q=Philip+Tattaglia&um=1&hl=en&safe=active&sa=N&biw=1152&bih=743&tbm=isch&tbnid=iSlZNRtxiqlAxM:&imgrefurl=http://mafia.wikia.com/wiki/Phillip_Tattaglia&docid=vV2U97c2CryVIM&imgurl=http://images.wikia.com/mafia/images/1/18/Philip_tattaglia.jpg&w=170&h=201&ei=2yCvToTiBY_48QOQ9aCgAQ&zoom=1

    Your suggestions give me a whole new perspective on Harper MacLeod partners’ meetings!

    “Shug” Neilson is definitely a star in the legal firmament and a good guy! (On that basis I should confirm that I am comparing neither he, nor Mr McKenzie nor indeed any other HM partners to Mafia dons, whether fictitious or real!)

  13. Jim McGinley says:

    the Don Dionisio says:

    31/10/2011 at 9:19 pm

    TBK,@9.00PM.,

    I echo your praise of BRTH’s post on Paul McConville’s site and let’s hope that SFA/SPL/UEFA/FIFA et al take due cognisance of the threat of a Judicial Review in the event of inter alia the unreasonable exercise of a discretion and/or any decision contrary to natural justice and/or decision tainted by conflict(s) of interest.

    One of the few points I disagreed with, was his overly fulsome and gushing praise for Harper McLeod, and their senior litigator, both of whom have been given serious pastings by me in the not too distant past in my previous life.
    ———————————————————————————————————————————-

    My Dearest Don,

    Praise and blessings be on you and your family!

    A little praise admiration and respect never did anyone any harm– even if they have been bested by another’s legal brilliance on occasion!

    At least that was my view in the days when I used to tread the boards in days gone by… days gone by indeed!

  14. tomtom says:

    TheBlackKnight says:
    31/10/2011 at 10:22 pm
    Hugh McEwan on 31/10/2011 at 10:18 pm

    1. Monthly – disregarded as you suggest.
    2. Quarterly – would make it December?
    3. Not at all – seems plausible
    ——————————————

    December would make sense for the date the repayment has to be made. You can pick any month of the year to use as the start date. If the ST renewals go out in May it would make sense for that to be the first month of that particular quarter (giving you the maximum amount of time to keep the VAT in your bank). That would make the VAT return due up to the period ending at 31st October with the money being paid on 11 December. Does anyone know when they send out the renewal requests?

    They could of course be on the scheme that allows you to compute your VAT on the actual date of receipt of the payment, rather than when you send the bill, which would skew the dates somewhat.

  15. Lord Wobbly says:

    Droid….Interesting…

    http://www.heraldscotland.com/business/corporate-sme/500-jobs-may-be-created-at-roofing-factory-1.922791

  16. jimbo milligan says:

    It was barzini all along ….

  17. droid says:

    If you know your history it’s enough to make you go ooh oooh ooooh oh –

    http://company-director-check.co.uk/director/900125502

    http://company-director-check.co.uk/director/904593481

    http://company-director-check.co.uk/director/915833210

    http://company-director-check.co.uk/director/914796109

  18. TheBlackKnight says:

    droid on 31/10/2011 at 10:26 pm

    Great find droid. Interesting !

    GLASGOW RANGERS (BUSINESS) CONSORTIUM LIMITED
    Registered 19/03/2010 Proposal to be struck off, possibly for failure to return accounts

    GLASGOW RANGERS (HOLDINGS) LIMITED
    Registered 25/10/2011

    Perhaps the ‘Newco’?

  19. droid says:

    If you know your history it’s enough to make you go ooh oooh ooooh oh –

    http://company-director-check.co.uk/director/900125502

    http://company-director-check.co.uk/director/904593481

  20. droid says:
    31/10/2011 at 10:26 pm
    ——————————————————————-

    Re Graham Duffy – http://sport.stv.tv/football/141009-rangers-fans-question-graham-duffys-business-past/

    Does anything in this December 2009 article sound familiar regarding anyone else klater involved at Ibrox?

    “Rangers fans have started asking questions about Graham Duffy, the man who has been talked about as Rangers’ potential saviour. The Florida-based Scottish businessman revealed himself at the weekend as the man behind a possible fan-based consortium to take over the club from Sir David Murray, sparking optimism amongst supporters about their team’s future.

    “However, fan website Rangers Media have taken a more cautious approach to the man referred to by Murray as a “mysterious Florida millionaire” and have taken a closer look at his UK business activities. Those enquiries have revealed concerns about businesses trading as part of his Grantly Group Limited, giving Gers fans a better look at his dealings.

    “Despite boasting a portfolio containing £119m of assets, it has been uncovered that Duffy has a myriad of companies in the UK – under the Grantly banner – that are either in the process of being dissolved, in compulsory liquidation or have failed to submit accounts to Companies House for various years.

    “Their research states that Grantly Developments (Scotland) Limited’s annual return is overdue and the company is listed in the Edinburgh Gazette with a proposal for the company to be struck off. The Edinburgh Gazette publishes a weekly supplement list of all companies in Scotland which are to be struck off or wound up.

    “Furthermore, Grantly Commercial Limited – which gives its business nature as ‘retail of fruit and vegetables’ -has failed to file its accounts since it was started in 2005 and its most recent annual return is overdue. The company featured in the Edinburgh Gazette in July, with a proposal for the company to be dissolved.

    “Further subsidiary companies of Grantly Group Limited – as listed on its website –show up more anomalies. The annual return for Grantly Developments (Paisley) Limited is also overdue from April 2009. Grantly Construction Limited is in compulsory liquidation and is late with both its annual return and its accounts. And Grantly Residential Limited – which is still listed as one of Grantly Group’s subsidiary companies – was dissolved in 2008.

    “It was also reported in The Herald last week that Duffy and his business partner Richard Crocket were made bankrupt in 2001, both losing their homes when a buy-to-let development in Mount Vernon turned sour.

    “He was also involved in Grantly Developments (Parkhead)’s sale of land designated for the Commonwealth Games in Dalmarnock. His company demanded £8 million from Glasgow City Council, leading to the company being accused of holding the city to ransom. The sale was eventually settled for £5.5 million.”

  21. droid says:

    LW a green roof? Is it made out of recycled pepperami wrappers? It wouldn’t catch on down Govan way but could be a solution to the asbestos issue.

  22. Lord Wobbly says:

    droid says:
    31/10/2011 at 10:37 pm
    If you know your history it’s enough to make you go ooh oooh
    ooooh oh –
    http://company-director-check.co.uk/director/900125502
    http://company-director-check.co.uk/director/904593481
    ~~~~~~~~~~~~~~~
    Mark. You REALLY need to up your game. Do you really think I can be bought with a mere Pol Roger or Balvenie Signature?

  23. droid says:

    Mr Duffy’s details –

    http://www.levelbusiness.com/doc/person/uk/13576810

  24. TheBlackKnight says:
    31/10/2011 at 10:37 pm
    ————————————————–
    As far as I can see :-

    Company No: 07195195
    Glasgow Rangers (holdings) Ltd
    RED FLAGS
    Status: Dissolution as of 26th Jul 2011
    Litigation: 0 results
    AT A GLANCE
    Inc Date: 18th Mar 2010 (1yrs)
    Company Type: Ltd

    Probably not the newco. Looks as if Mr Duffy opened up two companies in March 2010 and when he lost out to Mr Whyte, let them wither on the vine.

  25. TheBlackKnight says:

    http://www.heraldscotland.com/mobile/sport/spl/rangers/exclusive-graham-duffy-outlines-his-plans-for-a-supporter-led-takeover-of-rangers-football-club-1.989026

  26. jimbo milligan says:

    Is duffy going to piggyback his way in to rangers via “the whyte knight” ??

  27. TheBlackKnight says:

    http://wck2.companieshouse.gov.uk/9a9c08d868bbc1ffe7b7cd689c794869/compdetails

    Apologies Paul,
    Incorporation date 25/10/2011
    For GLASGOW RANGERS FOOTBALL CLUB LIMITED

  28. abrahamtoast says:

    Paul McConville and BRTH, thank you for the exellent piece on your blog. It is easily the best piece I have seen written on this subject since some of RTC’s early posts which brought the whole affair out into the open.

    Well done!

  29. TheBlackKnight says:

    droid on 31/10/2011 at 10:37 pm

    Back to the ‘fit and proper person’ with two names and two dates of birth!

  30. Paulsatim says:

    Re new rangers company names, from the scottish “investigative” journo, Charles Lavery 6 days ago,

    http://charleslavery.org/2011/10/25/rangers-2-0/

  31. Not The Huddle Malcontent says:

    so, lets say plan A is receiver/admin leafing to liquidation and then instead of applying for a place at the bottom of the SFL set up, what if the plan is to start at the bottom of the English league set up?

    do’able?

  32. Hugh McEwan says:

    TheBlackKnight says:
    31/10/2011 at 10:22 pm

    Hugh McEwan on 31/10/2011 at 10:18 pm

    1. Monthly – disregarded as you suggest.
    2. Quarterly – would make it December?
    3. Not at all – seems plausible 😉

    ================================

    If it’s quarterly it can be any 3 months, mate.

    Doesn’t have to be March, June, Sept, December.

    It could also be Jan, Apr, July, Oct.

    You know the rest.

  33. abrahamtoast says:
    31/10/2011 at 10:57 pm
    ——————————————————————-
    I’d love to claim the credit, but it’s all due to BRT&H who nailed an aspect of the whole farrago which has not yet been looked at in great detail.

    I merely provided the canvas – he filled it in with bright colours!

  34. rab says:

    Wobbly

    thanks for the compliment.

  35. TheBlackKnight says:

    Paul McConville on 31/10/2011 at 10:40 pm

    Begs the question WHY! did the Scottish Medjia not afford The Whyte Knight the same exposure?

    DM appears to have used his influence well!

  36. Adam says:

    Re the new companies springing up 6 days ago, were these not discussed at the time and ruled out as somebody messing around ?

    Has something changed today re these new companies ?

  37. TheBlackKnight says:

    Hugh McEwan on 31/10/2011 at 11:01 pm

    ‘Gotcha’ back 😉

  38. droid says:

    all the links did not come through check the carnage Mr Whyte has been involved in –

    http://company-director-check.co.uk/search?name=Craig+Thomas+Whyte&posted=true&Search=Check+now

  39. Paulsatim says:

    Adam says:
    31/10/2011 at 11:07 pm
    Adam, I think because of your man Duffy’s involvement. When discussed before it was only G Moran who was mentioned, IIRC.

  40. TheBlackKnight says:
    31/10/2011 at 10:58 pm
    ———————————————–
    Clearly Companies House have erred in listing Mr Whyte’s date of birth in their records.

    After all, no one would suggest that there was any reason why “Craig Thomas Whyte’s” date of birth would be listed as 18/1/1969 in connection with 15 companies, all of which are inactive, dissolved or struck off, and all dating back to the 1990’s and early 2000’s, and in some of which Messrs McLeod and Sykes (as mentioned on the BBC) were directors yet “Craig Thomas Whyte” was listed as having a date of birth of 18/1/1971 in connection with a further 17 companies, 9 of which are “active” to some extent and 8 of which have been dissolved etc, other of course than a fault on the poart of those keeping the official records.

    I have been going thru the records re CW’s companies. As has been suggested, as a venture capitalist it is not surprising that of the 32 comopanies the two Craig Thomas Whyte’s are listed as being directors of over the years, only 5 seem to be in business now without them having been dissolved or having striking off threatened for failure to lodge returns. Clearly this is the appropriate modus operandi for a person in that line of work – which makes it all the more unlikley that he wishes to keep Rangers afloat for his children, and children’s children.

  41. Jonnybhoy says:

    Thats the point Adam nothing has changed, Whyte has taken no action against Mr Gerard Moran – who has not been available for comment, was just listening to hugh Keevins whitter on about how newco are(or will be a scottish club)

    If they were formed in England how can they be scottish?

  42. Hugh McEwan says:

    Paul McConville says:
    31/10/2011 at 11:14 pm

    But he is a lifelong Rangers fan, as was his father before him.

    So it’s not the same at all.

  43. Mark says:

    Lord Wobbly says:
    31/10/2011 at 10:44 pm

    droid says:
    31/10/2011 at 10:37 pm
    If you know your history it’s enough to make you go ooh oooh
    ooooh oh –
    http://company-director-check.co.uk/director/900125502
    http://company-director-check.co.uk/director/904593481
    ~~~~~~~~~~~~~~~
    Mark. You REALLY need to up your game. Do you really think I can be bought with a mere Pol Roger or Balvenie Signature?

    does one refer to me? I would hope not!?

  44. MWD says:

    Q1. Latest Results Summary 

    http://www.zoomerang.com/Shared/Report/L26662QGQVZB/QuestionResultsWidget/select_3?width=417&bc=6699FF&bgc=C3D4FF&fc=000000&fs=11&rc=True&rp=True&trc=True&shn=True&tb=False&pr=False

    Q2. Latest Results Summary: 

    http://www.zoomerang.com/Shared/Report/L26662QGQVZB/QuestionResultsWidget/choice_5?width=417&bc=6699FF&bgc=C3D4FF&fc=000000&fs=12&rc=True&rp=True&trc=True&shn=True&tb=False&pr=False

    Q3. Latest results summary: 

    http://www.zoomerang.com/Shared/Report/L26662QGQVZB/QuestionResultsWidget/choice_2?width=417&bc=6699FF&bgc=C3D4FF&fc=000000&fs=12&rc=True&rp=True&trc=True&shn=True&tb=False&pr=False

    Take the survey: 

    http://www.zoomerang.com/Survey/WEB22DJKZJRULU

  45. TheBlackKnight says:

    I believe it’s easier this way droid (if I may)
    Mr Craig Thomas Whyte ( birth date unknown 😉 )
    Company Summary

    THE RANGERS FOOTBALL CLUB P.L.C. Active
    THE RANGERS FC GROUP LIMITED Active
    MERCHANT STRATEGIC RENEWAL PLC Active
    MERCHANT CORPORATE RECOVERY PLC Active
    CAIRNWELL INVESTMENTS LIMITED  Active
    MERCHANT TURNAROUND PLC Active (Resigned)
    COUNTRYLINER GROUP LTD Active (Resigned)
    MERCHANT HOUSE FINANCIAL SERVICES LIMITED Active (Resigned)
    LM LOGISTICS GROUP LTD In Administration (Resigned)
    ZEMFILL PLC Dissolved (Resigned)
    MERCHANT INTERACTIVE LTD Dissolved (Resigned)
    INTERCITY GUARDS LIMITED Dissolved
    INTERCITY GUARDS LIMITED Dissolved
    WHYTE FORBES CONTRACT SERVICES LTD Dissolved
    WHYTE PLANT LIMITED Dissolved
    WHYTE COMMUNICATIONS LIMITED Dissolved
    WHYTE COMMUNICATIONS LIMITED Dissolved
    WHYTE HIRE LIMITED Dissolved
    STRIDENT PLC  Active (Resigned)
    KRISTEN MANAGEMENT SERVICES LTD Dissolved (Resigned)
    VITAL PLANT SERVICES LTD Dissolved (Resigned)
    IN-STORE SECURITY SERVICES LTD Dissolved (Resigned)
    HIRE ACCESS GROUP LTD Dissolved (Resigned)
    CATHEDRAL SECURITY SERVICES (NORTHERN) LTD Dissolved (Resigned)
    VITAL SECURITY LTD Dissolved (Resigned)
    VITAL HOLDINGS LTD Dissolved (Resigned)
    HAG 1996 LTD. Dissolved (Resigned)
    CCS 1996 LTD. Dissolved (Resigned)
    VPS 1996 LTD. Dissolved (Resigned)
    ISS 1996 LTD. Dissolved (Resigned)
    CAIRNHALL LIMITED Dissolved (Resigned)

  46. Adam says:

    Paul McConville says:
    31/10/2011 at 11:14 pm

    I have been going thru the records re CW’s companies. As has been suggested, as a venture capitalist it is not surprising that of the 32 comopanies the two Craig Thomas Whyte’s are listed as being directors of over the years, only 5 seem to be in business now without them having been dissolved or having striking off threatened for failure to lodge returns.
    _________________________________________________________________________

    Kinda saved me the bother of typing something like that out. Im sure the likes of Ian Bankier will have various dissolved businesses against his name and a quick search brings this up for Peter Lawwell which i hope people treat as being topical instead of thinking “whitabootery”

    MONKTONHALL COLLIERY LIMITED Dissolved
    STRATHCLYDE STEVEDORING SERVICES LIMITED Dissolved (Resigned)
    CLYDEBRICK LIMITED Dissolved (Resigned)
    CLYDEPORT DATA MANAGEMENT LIMITED Dissolved (Resigned)
    CLYDEPORT PROPERTIES MANAGEMENT LIMITED Dissolved (Resigned)
    GRAY BROTHERS (HAULAGE CONTRACTORS) LIMITED Dissolved (Resigned)
    CLYDE CONTAINER SERVICES LIMITED Dissolved (Resigned)
    THE SCOTTISH COAL (DEEP MINE) COMPANY LIMITED In Liquidation (Resigned)
    SCOTTISH RESOURCES GROUP LIMITED Active (Resigned)
    THE SCOTTISH COAL COMPANY LIMITED Active (Resigned)
    GOOSEBECK TRADING LIMITED Active (Resigned)
    PALMARIS CAPITAL PLC Active (Resigned)
    DENSHAM INVESTMENT CO. LIMITED Active (Resigned)
    NORBORD LIMITED Active (Resigned)
    GLUNZ (UK) LIMITED Active (Resigned)
    GLUNZ (UK) LIMITED Active (Resigned)
    WAVERLEY INVESTMENT ADMINISTRATORS LIMITED Dissolved (Resigned)
    WAVERLEY INVESTMENT MANAGEMENT LIMITED Dissolved (Resigned)
    WAVERLEY ASSET MANAGEMENT LIMITED Dissolved (Resigned)
    CABERDAWN DEVELOPMENTS LIMITED Dissolved (Resigned)

  47. Paulie Walnuts says:

    There is something strange going on. Someone has also incorporated Celtic Football Club Limited, with a registered office at what looks like a residential address in Glasgow, and with a date of incorporation of 26.10.11.

    On the main business of the blog, things are moving. Lawyers (and not Rangers’ lawyers) were hand delivering documents via black cabs at Ibrox today.

  48. Adam says:

    Paulie Walnuts says:
    31/10/2011 at 11:32 pm
    There is something strange going on. Someone has also incorporated Celtic Football Club Limited, with a registered office at what looks like a residential address in Glasgow, and with a date of incorporation of 26.10.11.
    _________________________________________________________________________

    Tit for Tat reaching a whole new level Paulie.

  49. jean says:

    Paulie Walnuts says:
    31/10/2011 at 11:32 pm

    You know you really are one very interesting person! I enjoy your input to this blog……you seem like a man who continually keeps his finger on the pulse and without you and the likes of you this blog could easily become boring reading to the numerically dyslexic like myself!

  50. droid says:

    Adam,

    Mr Lawell’s details surely reflect the Westminster strategy to eradicate Scottish Traditional Industries and cannot be compared to Mr Whyte’s who has a vacumn of business acumen in comparison to the companies Mr Lawell was involved in. Surely you can see this?

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