Dodgy Dave King has been hammered by the Court Of Session today.
He has lost his case against the Takeover Panel and a judge has ordered him to find £11 million and make an offer for the rest of the club’s shares. Sevco will pretend it’s all business as usual from this point forward, but this is a stunning blow to them and to the Glib and Shameless Liar.
This pretty much torpedoes him as Sevco chairman.
His guarantee of meeting the club’s financing requirements – never worth much to begin with – is in ruins.
The implications of it are enormous, but will take some time to properly examine. For now, King and Sevco have been plunged into serious trouble.
This might well sweep every plan they have in motion right off the table.
King does not have access to £11 million, but this is not a City of London issue any longer. This is a court order. If he continues to brazenly ignore this he will be held in contempt. It’s more than probable that the Takeover Panel will issue him the “cold shoulder” come what may.
There is talk that this is subject to appeal; the Takeover Panel has already won here though.
This is an enforcement matter and they can rightly argue that King has already danced his way through appeals and such like to get here. All the court has done is agree with their interpretation of the law; King is going to have to comply.
This is obviously a developing story; I’ll do a follow up later, with more detail.
But for the moment, bask in the knowledge that yet another court has found this guy to be a “mendacious witness who does not hesitate to lie” and who should not be believed on any subject unless there is supporting evidence.
We all knew it, of course; how many times do judges have to say it before our media gets it through their own thick heads?