Now there's a phrase to conjure with. "TWO secured short-term credit facilities." So what is the Krays' loan secured against? Even Phil Mac Whatsit hasn't addressed this; he must have missed that one! It should certainly send alarm bells ringing with the Bisto Kids. Why would shareholders feel the need to demand security over a short-term loan to a company they themselves are running? It's a strange business. God knows what Ronnie and Reggie are up to, or rather, the hidden shareholders and Charles Green, whose proxies they hold. A quick look into how Laxey Partners operate, however, shows exactly what they are up to.
Laxey Partners promise returns to their shareholders and have a proven record of delivering on this promise. Their usual modus operandi is to gain control of a boardroom and force through higher payments to shareholders. This, of course, is anathema to football clubs, which never pay out dividends to shareholders. Buying shares in a football club is a labour of love and it would be a foolhardy individual that thought they could make money this way. Which, of course, begs the question, why would Laxey invest in a football club? They're obviously up to something.
The hedge fund has demanded a fee of £150,000 for their loan, which, at their discretion, might take the form of shares at a rate of 1p each. Laxey is already the biggest shareholder at Bisto and this transaction will get their feet even further under the table. The actual 1 million big ones is to be paid back in cash by September 1st. Will Bisto be able to afford this? If not, then Edmiston House and the Albion Car Park could soon be up for sale. It will also be the case that Laxey will be the major creditor if Bisto becomes insolvent. Whatever's going on it doesn't bode well for Bisto FC. Laxey's shareholders are not going to wait forever for their dividends!
Mr Blobby tries to paint a pretty picture, saying that all football clubs need a cash injection at this time of year. He brags that Bisto is debt-free and does not owe money to any bank, a position he laughably claims will cause envy among other football clubs!. This, however, no matter what spin he puts on it, is a sign of severe economic weakness. What it really means is that no bank, nor any other financial institution, trusts Bisto enough to even lend them a shilling for the meter! He goes on to say that "We have some fairly significant income streams that will arise in the summer." I wonder what those could be. They're probably going to pass the bucket round at the Orange Walks!
McMurdo, of course, tries desperately to put a positive spin on things. He boasts about how great it is that "Rangers (sic) have wealthy shareholders like Sandy Easdale who are prepared to lend the club a six figure sum at ZERO interest." He obviously hasn't noticed, just like Phil Mac, that the Krays' loans is a secured loan. With that in mind, they're hardly acting altruistically! He also claims that The Laxative's loan is a positive sign.
"As for the Laxey part of the loan facility, my understanding is that they want the fee paid in shares should there be another share issue in the year after the noted date. So this means that Laxey value the business as a “comer” to quote Bud Fox."
Again it hasn't been pointed out that this loan is also secured on Bisto's assets. It should also be noted that Charlie Sheen's character in 'Wall Street' was, like Laxey, looking for the quick buck and not interested in investing long-term. So despite what McMurdo wants his disciples to believe, Laxey is only out to gain control and squeeze every penny it can out of Bisto.
McMurdo and his disciples are more concerned, however, about Scotland playing the Republic of Ireland in the Euro qualifiers. Most of them profess their hatred of the Scottish team, which begs the question as to why they care whom Scotland plays or where. They're up in arms about the possibility of the home tie being played at Celtic Park. "Who will be the home team?" sneers McMurdo. He later shows his true colours when somebody suggests that the game be played at Ibrox. His reply?
"The Soldiers Song at Ibrox?
No thanks"
His hatred for a country and its people goes so deep that he can't even bear to hear their national anthem! And he has the absolute gall to call other people bigots. What a vile creature! He also has a link on his blog to a speech given in Hamilton last week by the Holocaust denier, Alistair McConnachie, who has set himself up as some kind of expert in the independence debate. As usual his reasons for staying in the Union are all airy-fairy romantic notions of 'destiny,' a skewed sense of 'Britishness' and a lot of glib platitudes. He calls for us all to think beyond our own small country, Scotland; this coming from somebody that's still, I believe, a card-carrying member of UKIP! He also calls on 'Unionist-controlled' councils to fly the Union Flag more often. I wonder whose benefit that bit was for? He might as well just have said 'flegs' and be at least open about it! You can read the rest of his orange-tinted views here: http://www.aforceforgood.org.uk/shared/british1#.UwiDMzKevtQ.wordpress
It's amazing how all the Bisto Kids came crawling out onto the Daily Record forum after Celtic losing to Aberdeen. I suppose vicarious victories are all they have now. Strangely, they moan about the Premier League being uncompetitive when they're not there, then, when another team puts up a challenge they're all slagging Celtic off. You can't win with The Peeppil! They're also now laughably claiming to be the only Scottish team unbeaten in the leagues! So a draw against Stenhousemuir and desperately diving to try to get a penalty to beat the part-timers is preferable to being beaten by an in-form Aberdeen? Only in the strange, twisted world of the Bisto Kids!
'We've got a plan, a big plan, a good plan. What is it? Well, I can't tell you that but it is a good, big plan. And once the mugs...I mean, the fans buy their season books then we'll be fine. It's all part of the plan. Did I mention we've got a plan?'
No comments:
Post a Comment