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Whyte companies make their move

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The tribute act is under two threats this morning- from Craig Whyte’s former Wavetower Group (now known as The Rangers FC Group) and from Sevco 5088!

Wavetower paid Dave Murray £1 for the second biggest institution in Scotland in 2011 while Sevco 5088 paid Duff and Phelps £5.5m for the company assets in June 2012.

Sevco Scotland then transferred the assets from Sevco 5088 without the approval of Whyte before rebranding into The Rangers International Football Club which currently plays at Ibrox.

Last week in the Herald an article written by Martin Williams claimed that Craig Whyte was in line for a £5m pay out from liquidators BDO but the former billionaire denied the story on twitter. It could be that the amount quoted was wrong.

This morning The Herald has published details of the claims from The Rangers FC Group and Sevco 5088 who have both been active recently with litigation experts Henderson & Jones taking control of the issues.

It’s believed that BDO have managed to bring in close to £30m for the creditors pot. The Rangers FC Group believe that they hold a floating charge over Ibrox and Murray Park which puts them at the front of the queue while Sevco 5088 had their assets snatched by Sevco Scotland who revalued them from £5.5m to £20m in time for the December 2012 prospectus which raised £22m for the newly formed club.

As Dave King attempts to delay the cold shoulder from the Court of Session and Takeover Appeal Board the toxicity of the company reaches new heights.

Having two claims in for the assets of Murray Park and Ibrox Stadium is enough of a burden without the complications of the King connection.

Last month the South African based criminal admitted that further soft loans were required to meet the June payroll- with £6m of income lost by the defeat to Progres Niederkorn the finances are getting grimmer by the month.

Hopes of a fresh share issue are dead in the water while the much talked about debt for equity yarn is as likely as Progres Niederkorn winning a game in Europe.

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