If you’ve been following the news today, you may have seen – for a moment – a story flare and then die like a match lit in an airless room. Dave King has fired another shot at the Ibrox board over his efforts to prevent Graeme Park taking his seat on it.
I wrote about this last week, amazed that it was a story that got mentioned in the media but received so little proper coverage There is a reason for that though; the media is in the midst of its Van Bronckhorst honeymoon phase and wants nothing to rock the boat.
But it’s King himself who seems determined to rock it, as I thought might happen.
And last night, he went on the offensive, by stating – and this is where you all are welcome to laugh because what I’m about to say is hilarious – that he voted against it out of a “moral obligation.” Yes, the man who defrauded the South African tax payer and then resisted their courts system like a Bond villain has found morals. And obligations. In his old age maybe.
In fact, and this will come as no surprise to you at all, King is actually looking out for himself. He still hopes that he can flog his shares to the mugs at Club 1872 and that’s why he made the point of trying to drag them into his war with the current board.
Club 1872 is King’s personal creation, filled to the rafters with his placemen to the point where it is distrusted by the current board and many of their fans. Indeed, it has been losing members faster than Blockbuster Video did in the 2000’s.
King is obviously at it, and in it for himself; the emphasis he put on still wanting Club 1872 to buy out his shareholding for far more than the pennies that every subsequent dilution of their valuation wrecks on them, is telling. He has always seen their fighting fund as something to be dipped in and out of whenever it suited, but their members were once willing to tolerate that because the money was, on the surface of it, going to the club.
But King wants the money for himself this time, and that’s something many of them aren’t prepared to do … which pretty much reveals the stupidity of the whole scheme in the first place. Where did they think the money would go to?
Where does it always go to when they buy shares?
Shares belong to individual investors.
The real problem is that King wants out and he wants to take his cash with him. The ancillary issue is an obvious one; even if they bought out King and saw their share total bumped up somewhat, there’s no guarantee that a future debt-for-equity switcheroo wouldn’t dilute it again and thus make the purchase essentially worthless.
All of that is secondary stuff next to the big story here though; King has fired another shot at the Ibrox board, and he is trying to build his army of foot-soldiers for the next phase. This is about money, yes, but it’s about more than that, as should be obvious.
Let’s take a look at what it is that he actually said; “I have a fiduciary duty to vote my shares in what I consider to be in the best interest of myself and my fellow shareholders. I also believe that I have a continuing moral obligation to consider the interest of supporters at all times. I have voted in accordance with the knowledge that I have.”
Now, we know never to take anything King says at face value because he’s a serial liar as has been demonstrated in the court proceedings of two countries now.
But that is deliberately vague, and openly menacing.
The key phrase is the one at the end.
“In accordance with the knowledge that I have.”
Which is essentially an open admission that he’s willing to go low and divulge secrets if that’s the price of victory in whatever battle this is.
Which tells you all you really need to know; this is a fight that isn’t going to be over any time soon, and before it is expect to see some blood on the walls.