The Ibrox Tribute Act has dropped legal action being taken in the USA against Kyle Fox.
Paul Murray was used as an intermediary to introduce the American businesswoman to the troubled company that has relied on £100m of director loans to cover losses over their 10 years of trading.
The Borders Banker has been on and off the board of both Ibrox clubs, usually departing when the call goes out for Directors to invest their own money.
Murray introduced Ms Fox to depute chairman John Bennett but when the American created a document to attract investors the club got suspicious, halted talks then instigated action in Florida over the use of logos in the Investment Document.
The Glasgow Times reports:
RANGERS have withdrawn their legal action against an American businesswoman who was seeking to strike a multi-million-pound share purchase and investment deal.
The Ibrox board instigated proceedings against Kyle Fox and KRF Capital amid claims that she was attempting to ‘trick’ investors into thinking that stakes in RIFC plc were for sale with the blessing of the top table that is headed by chairman Douglas Park.
But documents filed in Florida on Thursday, which have been seen by Herald and Times Sport, confirm that Rangers will not pursue their case any further just two months after initiating proceedings Stateside. It is understood that no damages or costs have been awarded to Ms Fox or KRF Capital.
Lawyers for the American described the lawsuit from Rangers as ‘half-cocked’ and ‘nothing more than an all-male board’s attempt to bully a Miami-based female investor into dropping her lawful bid to acquire an ownership stake in the club and to publicly intimidate the minority shareholders with whom she was in discussions into not selling their shares’.
Over the last fortnight directors David Graham and Barry Scott have both resigned. The 2022 accounts, including the Sports Direct pay-off, have still to be published.
In the olden days, they’d send a Battleship round and that would usually quieten things down!
The time has come to end this farce. Call in the IOUs and pay the portrait photographers.
There’s something huge coming down the line….. brace yourselves, zombies…..
HH
Ahh, the Glasgow Times . One of the friendliest of all of the world class sporting toilet rolls to the RIFC ,produced in our nice wee city ! !
I imagine when they are published, those accounts will have more holes in them than KamiKwasi and Trussterf$€k’s not-so-mini Budget. Not sure who it’s funnier to watch implode though.