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Easdale and George Letham, a Rangers fan and shareholder, loaned the club £500,000 and £1m respectively last February.
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On Dec. 21, 2006, however, the certificates were redeemed to pay back those mysterious "shareholder loans".
The prospectus for that transaction described the 974 million euro payout as a repayment of "deeply subordinated shareholder loans".
See articleNew limits on tax relief offered on shareholder loans in highly leveraged deals will reportedly be reviewed by Britain.
These must be received as gifts and cannot be recorded on the balance sheet as shareholder loans.
But at the time of the offering there weren't any such "shareholder loans" listed on the company's balance sheet.
As the approved increase was 18 billion lire, that meant up to 18 billion lire of shareholder loans could be received.
Last year Alteri loaned Austin Reed £6m but its exposure is thought to be closer to £10m after it acquired the equity and shareholder loans from Darius Capital.
Well, according to Corporate Watch, one company, Graphite Capital, made £14.4m on shareholder loans from the National Fostering Agency, which it owned, and then sold it on.
IDNML is funded by interest-free shareholder loans, with Evgeny Lebedev owed £360,000, and Byam Shaw £180,000, as at 30 September 2012, according to the most recent publicly available accounts.
Alitalia's management is seeking an injection of at least 100 million euros from existing shareholders in exchange for new shares, as well as a syndicated shareholder loan of 55 million euros that would be convertible into shares.
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