That was the view expressed by Alex Wilson as he examined the stand-off between a section of the support and club directors.
Dave King last week registered Ibrox 1972 Ltd at Companies House and appointed both himself and Gers legend Richard Gough as directors.
The Union of Fans, which comprises six supporters organisations, is urging 35,000 season ticket holders to put their renewal money into the trust fund.
Their intention is to release it to the SPFL League One champions only when they are given security over the stadium and the training ground. It is a plan that has sharply divided opinion among fans.
But Wilson, who failed in his bid to be elected to the Rangers board at the in December, believes they are taking the correct action.
He said: "We were prepared to guarantee in our Rangers Charter that under no circumstances would any club asset be used to secure loans of any description.
"The board said much the same thing at the agm. But how can fans accept such statements as being accurate given what has gone on since then?
"I don't see why giving the fans security over Ibrox and Murray Park in return for season ticket money is unacceptable to the board.
"The fans don't trust the board and are right not to trust the board. The fans are right to be worried about the security of the stadium and the training ground."