Only thing that worries me about these RS complaints is the point about ultimate liability lying with the LCC SPV as guarantor.
It would take a truly bizarre set of circumstances for them to be left carrying the can - I.e multiple relegations, administration etc, but it is, in theory, possible.
Now I don't think it's a problem, but the RS argument will be that LCC is taking on risk, however low that risk is.
It's whether that the council cabinet take a view that they should never take on any risk whatsoever, and whether the argument sticks that if the unthinkable happens to Everton, and the council end up liable.
Hopefully the council can make a reasoned decision on Risk/reward/likelihood, and not get sucked into worst case scenario decision.