club statement

[RTD-BEAR]

That’s an interesting read, to get an handle on what went on and how we responded at each stage.

I'm going be honest something doesn't really sit right with this

I wonder if someone with board connections has explored this and the company has kept going with it expecting it to go ahead


Or is an utter scam

 

[Coisty09]

And HERE is the complaint.

Our claim is that we rejected an investment offer, but the company continued to try and raise funds under the pretence that they were acting with our support.

I have now read this info and these people did approach John Bennett directly but Rangers rejected any possibility of selling any shareholding in the club to them or any group they put together.
They were initially proposing a majority buyout and then after that was rejected by Rangers, came back with the idea of buying a minority shareholding which could later become a majority
But both proposals were totally rejected by Rangers.

However, they continued to market a potential buy out without any authority to do so.
They contacted a European based investment house to join in a buying group but people in that organization alerted Rangers as they did not know whether it was genuine or not.

As a result, on 5 August a cease and desist letter was sent to KRF telling them they were both infringing trademark law by using Rangers crests and badges and also that they were in breach of other laws by purporting to be authorized by Rangers to put together a buying group.
No response was received. As a result, Rangers filed the injunctive proceedings in the S. Florida District court as they say that KRF was operating in South Miami under the K Sports group branding.

The good news here is that it is almost a certainty that Rangers legal insurance will cover this type of corporate abuse so in terms of potential legal costs, I suspect the club is in a good position.
I also suspect that the insurers would have instructed lawyers in the US.

The other good news is, if this business KRF has any money, then the club could be awarded substantial damages.

The bad news is that KRF is a Delaware LLC. That is the equivalent in the US of an offshore company that may have no assets of any value.
These vehicles are used invariably for tax avoidance or by those who want to do big business but don’t have the assets and can dress themselves up as something they aren’t.
This is exactly the type of company that shysters and crooks use.

The ironic thing is the US has the cheek to criticize loads of other places in the world for the offshore company structures when Delaware is worse than virtually anywhere else.

 

[RTD-BEAR]

Kyle Fox is a woman, and nobody has posted a pic. What has FF come to.
Anyway I saw her on her Linkedin page. I wouldn't. She also lists her pronouns, so must be woke.

To be fair most big companies are enforcing staff to do it

 

[finbar offended]

That’s an interesting tidbit from Kyle Fox’s company website profile

Prior to HIG Capital, she has held various roles including at Lloyds Banking Group, Deutsche Bank and Duff & Phelps.

 

[Deleted member 3807]

To be fair most big companies are enforcing staff to do it

She is the boss!

 

[bluetonic]

Am I supposed to buy an away top after reading the paragraph?

Castore US Entity range?

 

[cloodie]

I have now read this info and these people did approach John Bennett directly but Rangers rejected any possibility of selling any shareholding in the club to them or any group they put together.
They were initially proposing a majority buyout and then after that was rejected by Rangers, came back with the idea of buying a minority shareholding which could later become a majority
But both proposals were totally rejected by Rangers.

However, they continued to market a potential buy out without any authority to do so.
They contacted a European based investment house to join in a buying group but people in that organization alerted Rangers as they did not know whether it was genuine or not.

As a result, on 5 August a cease and desist letter was sent to KRF telling them they were both infringing trademark law by using Rangers crests and badges and also that they were in breach of other laws by purporting to be authorized by Rangers to put together a buying group.
No response was received. As a result, Rangers filed the injunctive proceedings in the S. Florida District court as they say that KRF was operating in South Miami under the K Sports group branding.

The good news here is that it is almost a certainty that Rangers legal insurance will cover this type of corporate abuse so in terms of potential legal costs, I suspect the club is in a good position.
I also suspect that the insurers would have instructed lawyers in the US.

The other good news is, if this business KRF has any money, then the club could be awarded substantial damages.

The bad news is that KRF is a Delaware LLC. That is the equivalent in the US of an offshore company that may have no assets of any value.
These vehicles are used invariably for tax avoidance or by those who want to do big business but don’t have the assets and can dress themselves up as something they aren’t.
This is exactly the type of company that shysters and crooks use.

The ironic thing is the US has the cheek to criticize loads of other places in the world for the offshore company structures when Delaware is worse than virtually anywhere else.

Having a look at KRF, they do have a decent looking website and their address is an office block in mid town Manhatten. Despite that though all I can find on them is that Kyle Fox is a founder and partner and the other partner, Elizabeth Soutter, I can't find anything on. There is a Liz Soutter who also worked for Lloyds in the past but there is nothing online connecting her to KRF.
I tried the twitter link from the company webpage as well but there is zero tweets.
All seems a bit dodgy.

 

[LJ50]

That’s an interesting tidbit from Kyle Fox’s company website profile

Prior to HIG Capital, she has held various roles including at Lloyds Banking Group, Deutsche Bank and Duff & Phelps.

Per my earlier post. She's one of thousands of people in corporate finance with a junior role at Kroll (was Duff & Phelps) on her CV and the roles at Lloyds were not much less junior. These are big businesses and a relatively small number of players so it's almost certainly pure coincidence.

 

[Lemmy]

Shares?
America?
It’s that provo loving bitch Nancy Pelosi isn’t it!

 

[mustn’t grumble]

Doesn’t make for nice reading, Glazer-esque red flags in my mind.

I suppose these games are part and parcel of being a PLC, and not being entirely privately owned. Sounds like the club are in control of the situation - for now. Worth everyone keeping an eye on though.

 

[Monteith]

Three pages and there's still no pics of this woman?

 

[Coisty09]

Having a look at KRF, they do have a decent looking website and their address is an office block in mid town Manhatten. Despite that though all I can find on them is that Kyle Fox is a founder and partner and the other partner, Elizabeth Soutter, I can't find anything on. There is a Liz Soutter who also worked for Lloyds in the past but there is nothing online connecting her to KRF.
I tried the twitter link from the company webpage as well but there is zero tweets.
All seems a bit dodgy.

Good looking websites and flash marketing material allow crooks to operate with impunity these days.
The real indication they are dodgy far as I’m concerned is the fact that they are a Delaware LLC.
I looked up the midtown Manhattan address and it seems to be a block with condos in it!!
And when it comes to ex-Lloyds Banking Group employees, we would do well to remember Mr. Muir and his role allegedly in our issues a decade ago.

 

[GingerT]

John Wayne is an arsehole.

Unlike Pablo Picasso.

 

[finbar offended]

Per my earlier post. She's one of thousands of people in corporate finance with a junior role at Kroll (was Duff & Phelps) on her CV and the roles at Lloyds were not much less junior. These are big businesses and a relatively small number of players so it's almost certainly pure coincidence.

Junior at Duff and Phelps? Perhaps (she left before 2012)

Junior at Lloyd’s? Well she’s listed on her LinkedIN as a director who dealt with clients and created revenue of over $50m but again I’m not an expert in corporate structure

 

[whitbyontbear]

I’m sure it’s routine corporate jargon but the phrase ’a US entity’ sounds really sinister. As though it’s a supernatural being.

Or even a separate entity?

 

[sammy1872]

Doesn’t make for nice reading, Glazer-esque red flags in my mind.

I suppose it’s all part and parcel of being a listed company, and not having the safety net of being privately owned. Sounds like the club are in control of the situation - for now. Worth everyone keeping an eye on though.

We haven’t been a listed company since 2015. We are a privately limited company with shareholders

 

[Coisty09]

To be fair most big companies are enforcing staff to do it

I don’t think this is a big company at all but one that is trying to make itself look like a big company that’s actually very small beer acting as a middle(wo)man….

 

[sammy1872]

This is just strange. They are either complete chancers or they genuinely believe someone at rangers has given them authority

 

[Ryzogrumpybear]

 

[Ryzogrumpybear]

Why buy manure when you can buy premium RIFC

 

[Coisty09]

I'm going be honest something doesn't really sit right with this

I wonder if someone with board connections has explored this and the company has kept going with it expecting it to go ahead


Or is an utter scam

They went directly to John Bennett with a buyout proposal that was rejected, came back with the idea of buying a minority shareholding and that was also rejected.
From Rangers perspective you cannot get any higher than the deputy chairman and I can’t believe that anyone else within the organization would continue to encourage something that had been rejected by the deputy chairman and the board as a whole.

Therefore, it looks like an absolute scam in that this group KRF would appear to be a middleman/broker that tries to get involved in takeover/mergers.

I won’t bore you with the details but I came across this sort of business when I worked in America in the early 90s.

It would be interesting to get a statement from Club 1872 on this. I wonder if they were approached at any point by KRF?

 

[Japandroid]

This is just strange. They are either complete chancers or they genuinely believe someone at rangers has given them authority

I guess that's what this legal action will determine. If it's the latter then this firm will have to provide the evidence of that I'd assume.

 

[deBoersHeader]

Just tell investors only gold mygers members can buyout the club they won't be so keen then.

 

[sammy1872]

I guess that's what this legal action will determine. If it's the latter then this firm will have to provide the evidence of that I'd assume.

If they can prove it then it’s gonna be very interesting because it means someone is actively working to bring down the current board.

Wonder if part of the legal proceedings is the club trying to find out who they have been speaking to

 

[LJ50]

Junior at Duff and Phelps? Perhaps (she left before 2012)

Junior at Lloyd’s? Well she’s listed on her LinkedIN as a director who dealt with clients and created revenue of over $50m but again I’m not an expert in corporate structure

Here in the US "Director" is still relatively junior. $50m of revenue is less than half of one tenth of one percent of Lloyds revenue. Not even a rounding error. She was not a big-hitter or someone with big influence there.

 

[DazScotty]

Who is this Duff & Phelps? Anybody on here ever heard of them?

Is that not the new beer supplier for Edminston house? Duff?

 

[Japandroid]

If they can prove it then it’s gonna be very interesting because it means someone is actively working to bring down the current board.

Absolutely. The question I keep coming back to is why this firm would do this. Are they just chancers or is there something else going on.

 

[scobie1873]

Just tell investors only gold mygers members can buyout the club they won't be so keen then.

Even the Elon Musk dude would struggle to buy into the MyGers gold, probably cheaper buying the Club!

 

[sammy1872]

Absolutely. The question I keep coming back to is why this firm would do this. Are they just chancers or is there something else going on.

It just seems strange that this random American company would try this with a Scottish club. Ignoring a cease and desist seems stupid if your a chancer

 

[LJ50]

Absolutely. The question I keep coming back to is why this firm would do this. Are they just chancers or is there something else going on.

I suspect many people would be shocked at just how much this goes on to be honest.

These are essentially middle-men. The football equivalent would be an agent contacting a club and saying "Do you want to sign player X, I can make it happen if you pay me". They don't represent player X, but obviously try to lead the club to believe that they are the key to the deal. If the club bites then they approach the agent of the player to set it up that way by saying "I can make a deal with club Y happen, if you pay me".

 

[Rangerista]

Kyle Fox is a woman, and nobody has posted a pic. What has FF come to.
Anyway I saw her on her Linkedin page. I wouldn't. She also lists her pronouns, so must be woke.

 

[okbear]

They went directly to John Bennett with a buyout proposal that was rejected, came back with the idea of buying a minority shareholding and that was also rejected.
From Rangers perspective you cannot get any higher than the deputy chairman and I can’t believe that anyone else within the organization would continue to encourage something that had been rejected by the deputy chairman and the board as a whole.

Therefore, it looks like an absolute scam in that this group KRF would appear to be a middleman/broker that tries to get involved in takeover/mergers.

I won’t bore you with the details but I came across this sort of business when I worked in America in the early 90s.

It would be interesting to get a statement from Club 1872 on this. I wonder if they were approached at any point by KRF?

If, and it’s a big if, Club 1872 have had absolutely anything to do with this, everyone of them should be hung from the lamp posts on Edmiston Drive.

So yes, let’s get a statement of complete denial/ no knowledge/ something they would never support from them issued or the insinuation of involvement will only increase.

 

[mustn’t grumble]

We haven’t been a listed company since 2015. We are a privately limited company with shareholders

Good correction, I was reading into all of this still thinking we were AIM listed, doh.

 

[jdm1873]

150 mygers points for an injuction.

 

[RTD-BEAR]

They went directly to John Bennett with a buyout proposal that was rejected, came back with the idea of buying a minority shareholding and that was also rejected.
From Rangers perspective you cannot get any higher than the deputy chairman and I can’t believe that anyone else within the organization would continue to encourage something that had been rejected by the deputy chairman and the board as a whole.

Therefore, it looks like an absolute scam in that this group KRF would appear to be a middleman/broker that tries to get involved in takeover/mergers.

I won’t bore you with the details but I came across this sort of business when I worked in America in the early 90s.

I get it it I have said before and from our accounts last year there were comments that people were sniffing around us and that I've thought some current investors would want to leave and make money

Its curious either someone is putting this together in the background as a good purchase or being prompted and using this company to be the middle man(woman)

Our is a scam to get money and run

All very weird none the less

 

[Japandroid]

I suspect many people would be shocked at just how much this goes on to be honest.

These are essentially middle-men. The football equivalent would be an agent contacting a club and saying "Do you want to sign player X, I can make it happen". They don't represent player X, but obviously try to lead the club to believe that they are the key to the deal. If the club bites then they approach the agent of the player to set it up that way.

I was actually just thinking about the agent and player scenario and if that was a similar type thing.

In this case then, this firm has their two offers rejected but they go off and get the backing of investors anyway so that they can then go back to the club and say: Look we have the investors lined up and ready to go.

And I guess their reason for doing it is their hefty commission.

 

[LJ50]

I was actually just thinking about the agent and player scenario and if that was a similar type thing.

In this case then, this firm has their two offers rejected but they go off and get the backing of investors anyway so that they can then go back to the club and say: Look we have the investors lined up and ready to go.

And I guess their reason for doing it is their hefty commission.

Ordinarily an IM (or "teaser" as it's usually described, including in the court papers) is anonymised. "Project X" and vague allusions to the business but without naming it ("a world-renowned British sporting institution with over 100 years of history").

The use of a brand in an IM is unusual which, as I said, means this should be a very easy case to decide. Either KF has an engagement letter giving her exclusivity and permission to use the brand, or she doesn't. Should be very quick and easy to grant the restraining order - deciding damages will be a longer process.

 

[GazzaG]

Best wait until mentally ill Phil and his inside source tells us what is going on

You'd imagine someone with his "contacts" would have been blogging about this months ago.

 

[sammy1872]

I get it it I have said before and from our accounts last year there were comments that people were sniffing around us and that I've thought some current investors would want to leave and make money

Its curious either someone is putting this together in the background as a good purchase or being prompted and using this company to be the middle man(woman)

Our is a scam to get money and run

All very weird none the less

That’s what’s gonna be interesting to find out. It’s either a complete and utter scam and there trying to rob investors and we should get hefty damages or there’s genuine interest in buying our club and there’s something going on in the background with either current investors or former ones like king

 

[Craigton]

A hostile takeover requires someone willing to sell their shares. Who would sell to them? I doubt king would

I agree to a point, but if he wants to get out then who knows.
I was just musing on the possibility mate.

 

[Japandroid]

Ordinarily an IM (or "teaser" as it's usually described, including in the court papers) is anonymised. "Project X" and vague allusions to the business but without naming it ("a world-renowned British sporting institution with over 100 years of history").

The use of a brand in an IM is unusual which, as I said, means this should be a very easy case to decide. Either KF has an engagement letter giving her exclusivity and permission to use the brand, or she doesn't. Should be very quick and easy to grant the restraining order - deciding damages will be a longer process.

Yeah, it's in the complaint as:

The Investment Teaser states that “exiting and remaining owners are keen to bring on board a strategic investor” in “One of the Oldest and Most Iconic Football Clubs in the World.”

While the Investment Teaser does not name Rangers, it references the team’s “50,000 person stadium” and “55 Scottish League title, [and] 33 Scottish Cups.”

Not exactly hard to work out who it refers to.

 

[LJ50]

Yeah, it's in the complaint as:



Not exactly hard to work out who it refers to.

The complaint also says she used the "Marks" (i.e. our crests) in the follow up "Investment Deck" which was circulated. That is the real teaser to potential investors and again it would be incredible to use a company's trade marks in such a document unless you have an engagement letter.

 

[Craigton]

Can picture wee Declan in a pub just now explaining it;

" It's pyoor admin fur a second time again. Ah huv contacts in America man. Sevco are pure worried that they owe milliuns, and if they don't get intae the CL, they are pure done. So they ur trying tae sell the club withoot any permission. The fbi and CIA are ontae them though. Thull need tae sell Morelos for a tenner and Kent wants away noo. "

This may be a joke but I bet there are some of them saying exactly this!

 

[Japandroid]

The complaint also says she used the "Marks" (i.e. our crests) in the follow up "Investment Deck" which was circulated. That is the real teaser to potential investors and again it would be incredible to use a company's trade marks in such a document unless you have an engagement letter.

That's it. They either have an engagement letter or they don't. I can't see us taking this action if an engagement letter exists.

 

[Craigton]

I have now read this info and these people did approach John Bennett directly but Rangers rejected any possibility of selling any shareholding in the club to them or any group they put together.
They were initially proposing a majority buyout and then after that was rejected by Rangers, came back with the idea of buying a minority shareholding which could later become a majority
But both proposals were totally rejected by Rangers.

However, they continued to market a potential buy out without any authority to do so.
They contacted a European based investment house to join in a buying group but people in that organization alerted Rangers as they did not know whether it was genuine or not.

As a result, on 5 August a cease and desist letter was sent to KRF telling them they were both infringing trademark law by using Rangers crests and badges and also that they were in breach of other laws by purporting to be authorized by Rangers to put together a buying group.
No response was received. As a result, Rangers filed the injunctive proceedings in the S. Florida District court as they say that KRF was operating in South Miami under the K Sports group branding.

The good news here is that it is almost a certainty that Rangers legal insurance will cover this type of corporate abuse so in terms of potential legal costs, I suspect the club is in a good position.
I also suspect that the insurers would have instructed lawyers in the US.

The other good news is, if this business KRF has any money, then the club could be awarded substantial damages.

The bad news is that KRF is a Delaware LLC. That is the equivalent in the US of an offshore company that may have no assets of any value.
These vehicles are used invariably for tax avoidance or by those who want to do big business but don’t have the assets and can dress themselves up as something they aren’t.
This is exactly the type of company that shysters and crooks use.

The ironic thing is the US has the cheek to criticize loads of other places in the world for the offshore company structures when Delaware is worse than virtually anywhere else.

Thanks for that explanation mate.
I got the first part earlier but didn't realise this about Delaware.
The company seem to have brokered a number of high value deals, going by their website, but the way they are going about this now looks extremely dodgy.
I guess the board have a duty to listen to proposals like this to find out how serious and genuine they are.
Hopefully this mob now back off.

 

[W 2]

 

[Coisty09]

Thanks for that explanation mate.
I got the first part earlier but didn't realise this about Delaware.
The company seem to have brokered a number of high value deals, going by their website, but the way they are going about this now looks extremely dodgy.
I guess the board have a duty to listen to proposals like this to find out how serious and genuine they are.
Hopefully this mob now back off.

They don’t identify any clients or have any client testimonials on their website.
That is also a red flag as far as I’m concerned.
Reputable businesses will almost always have letters from other firms involved in deals saying how professional the company were.
And in many cases you have the option of contacting individuals from a number of different groups to verify the claims made by the broker business.

 

[Professor Yaffle]

Corporate spivs.

 

[Craigton]

They don’t identify any clients or have any client testimonials on their website.
That is also a red flag as far as I’m concerned.
Reputable businesses will almost always have letters from other firms involved in deals saying how professional the company were.
And in many cases you have the option of contacting individuals from a number of different groups to verify the claims made by the broker business.

Yup

All very dodgy indeed.

It's still interesting that there is this type of interest in us, even if it is from a shower of sheisters.
It was obviously serious enough that JB spoke with them.

Perhaps the next level of interest will be from a more credible and reputable source.

I still think the recent increased exposure from our European exploits, which highlights our far reaching attraction, will have made us a very attractive opportunity for some.

 

[jimbear]

Kyle Fox

Is that not the new beer supplier for Edminston house? Duff?

Doh!!!