[Archived] Other PL happenings 2010-2011

[47er]

Before Liverpool can get 9 points deducted they have to gain 9 points!!

[Mr. E]

Rubbish.

If it happened to us you'd convince yourself it was because our players loved the club. You wouldn't be tearing your hair out at a bunch of mercenaries getting us to challenge for the title.

Really? That's what I would do? You are certain of that?

[tony gale's mic]

Really? That's what I would do? You are certain of that?

Do you think Alan Shearer played for us because his heart was with Blackburn Rovers?

What do you think of our current crop of players who are doing a great job collectively to keep us where we are, do you think they're mercenaries or that they wear Rovers on their sleeve?

Do you think our manager wears Rovers on his sleeve?

Do you still cheer us on whenever we do well?

[philipl]

Complication in the New England bid for Liverpool.

One of the consortium loaned money to Gillett and now technically controls Gillett's Liverpool shares through non repayment hicks is trying to peel them away.

[Earlydoors]

Complication in the New England bid for Liverpool.

One of the consortium loaned money to Gillett and now technically controls Gillett's Liverpool shares through non repayment hicks is trying to peel them away.

eh? Is this Mill Financial ?

[philipl]

Yes- Mill Financial

It seems Mill Financial have further complicated matters by putting a leveraged offer in of their own this morning independent of NESV.

Peter Lim from Singapore has offered a counter bid of £320m all cash. My take is Broughton has used NESV very cleverly to draw Hicks' fire and then effectively challenge Lim to go better. RBS and tax payers will be happy- this means their penalty payments will get paid as well as the loans.

The line taken by the HG QC is the English directors were premature in accepting NESV because there are potentially better bids.

[PAFELL]

Yes- Mill Financial

It seems Mill Financial have further complicated matters by putting a leveraged offer in of their own this morning independent of NESV.

Peter Lim from Singapore has offered a counter bid of £320m all cash. My take is Broughton has used NESV very cleverly to draw Hicks' fire and then effectively challenge Lim to go better. RBS and tax payers will be happy- this means their penalty payments will get paid as well as the loans.

The line taken by the HG QC is the English directors were premature in accepting NESV because there are potentially better bids.

If only the season could end today, rovers would be safe and liverpool relegated. Oh well a man can dream!

[philipl]

Yeehaw- ride'em cowboy

Hicks gets a restraining order against Liverpool FC

.... in a Texas Court

[HemelRover]

Yeehaw- ride'em cowboy

Hicks gets a restraining order against Liverpool FC

.... in a Texas Court

What exactly does a Texas Court have to do with a sale of a football club in England? What juristriction do they have?

[philipl]

What exactly does a Texas Court have to do with a sale of a football club in England? What juristriction do they have?

When it was explained to the Judge that Liverpool are foreign football club, he probably thought they are in Oklahoma.

Stopping taking the michael out of slow witted Texans for a moment, it is probably advisable for Broughton, Pursloe, Ayres and all RBS Directors not to travel to the US for the foreseeable future.

I see Hicks wants $1.6bn in damages

It appears the restraining order does block the LFC sale. I remember there was a row about Kop Football, Liverpool's parent company being US domiciled and I guess that is where this restraining order has been delivered to/from.

I guess administration and the 9 point deduction have just moved a whole lot closer. If there is a question over whether the banks can get their money from the parent, there will be clauses which enable RBS to go directly to LFC for the cash.

[DE.]

Surely just a last, desperate roll of the dice from Hicks.

[dave birch]

Surely just a last, desperate roll of the dice from Hicks.

Not exactly that cut and dried.

If they can prove that the sale is at a value considerably less than a true market value, then they have an argument.

[philipl]

Hick has the problem of Wachovia holding 25% of the debt. If he can patriate the dispute to the USA then Wachovia will look for their £50m+ over there.

I will not be surprised that if the Texan Court don't lift the restraining order tomorrow, RBS would feel compelled to send the administrators straight into Anfield on Friday morning and look for damages on any loss they suffer as a result against H&G in London.

[DE.]

Not exactly that cut and dried.

If they can prove that the sale is at a value considerably less than a true market value, then they have an argument.

Isn't that what they failed to do today in England? I don't see how the high court can rule in favour of LFC's board members yet a court in Texas could rule otherwise - surely the evidence presented would be the same?

[Steve Moss]

When it was explained to the Judge that Liverpool are foreign football club, he probably thought they are in Oklahoma.

Stopping taking the michael out of slow witted Texans for a moment, it is probably advisable for Broughton, Pursloe, Ayres and all RBS Directors not to travel to the US for the foreseeable future.

I see Hicks wants $1.6bn in damages

It appears the restraining order does block the LFC sale. I remember there was a row about Kop Football, Liverpool's parent company being US domiciled and I guess that is where this restraining order has been delivered to/from.

I guess administration and the 9 point deduction have just moved a whole lot closer. If there is a question over whether the banks can get their money from the parent, there will be clauses which enable RBS to go directly to LFC for the cash.

The buyer, however, is in the USA. So the Texas injunction may not effect the English decision but could prevent the buyer (NESV) from following through. As NESV does business in Texas (if nothing else, it's team plays there) it could have problems if it ignores the TRO. Different approach, same result.

[Iceman]

Philip, if Hicks and Gillette somehow manage to scramble some funds together, what would that mean for the overall sale of the club. Surely they would pay off those debts, and that would mean they would not need to sell the club, No? Another question, the fact that the 2 stooges could not repay the debt, would that mean that as a lender, would they not be seen as bad payers? Thus any attempt to take out further loans would not be approved?

[brian_gallagher85]

The Kop Talk forums are a good read this morning...those boys and girls have lots of anger problems

[modes98]

I will not be surprised that if the Texan Court don't lift the restraining order tomorrow, RBS would feel compelled to send the administrators straight into Anfield on Friday morning

Oh no that would be such a shame!

[Earlydoors]

Hick has the problem of Wachovia holding 25% of the debt. If he can patriate the dispute to the USA then Wachovia will look for their £50m+ over there.

I will not be surprised that if the Texan Court don't lift the restraining order tomorrow, RBS would feel compelled to send the administrators straight into Anfield on Friday morning and look for damages on any loss they suffer as a result against H&G in London.

I'm really enjoying the fallout! Am I sick in the Head?

[philipl]

Current indications are the Texans won't hear the case to lift the injunction until 25 October- after the deadline of 15.

Given the way Hicks is wriggling, RBS have got to be looking very hard at Administration tomorrow and starting an open auction.

[dave birch]

Current indications are the Texans won't hear the case to lift the injunction until 25 October- after the deadline of 15.

Given the way Hicks is wriggling, RBS have got to be looking very hard at Administration tomorrow and starting an open auction.

Of course RBS should take hold and auction the club. However, RBS is only concerned about the debt it is owed.

If G & H feel that the club is worth more, then there is a major problem.

If they sold to NESV at a price that is less than the Lim offer, then they are leaving themselves open to litigation.

[Earlydoors]

Of course RBS should take hold and auction the club. However, RBS is only concerned about the debt it is owed.

If G & H feel that the club is worth more, then there is a major problem.

If they sold to NESV at a price that is less than the Lim offer, then they are leaving themselves open to litigation.

I think RBS is more concerned with bad publicity. Everyday Banks writedown loans of £300m. To them its just a bit of paper they can easily make back, although that is now 'tempered' by the public accountablity of taxpayer stake and Liverpool fanbase.

Basically they'll give G&H a bit of money to go away, do the deal with NESV and make a sharp exit.

[philipl]

Of course RBS should take hold and auction the club. However, RBS is only concerned about the debt it is owed.

If G & H feel that the club is worth more, then there is a major problem.

If they sold to NESV at a price that is less than the Lim offer, then they are leaving themselves open to litigation.

The Lim offer at the time NESV was accepted was lower than the NESV offer according to reports.

After the sale was done, Lim came in with more as did Mills.

The Board cannot be criticised for taking the offer and closing the sale in the face of an impending administration order and the owners' intransigence.

My guess is RBS will concoct something really nasty for G&H now and they will end up either asking for withdrawal of the Texan restraining order or in effect not contesting the appeal against it. RBS lawyers reported to be very busy this morning and that will not only be on preparing the administration applications.

This restraining order is a direct threat to RBS' ability to do business in and with the USA and that is not something they will be taking lightly.

[dave birch]

Philip, the point I was trying to make was that the purchase price wasn't tested in any way. It was an offer that any interested purchaser would make; the minimum they thought would be accepted.

The point is here we have an owner that wants more.

If they can prove that the value is greater than the offer, then there is an issue that can be contested.

The only way to find a true market value is to put the goods on offer to an auction. That's what banks do with sales of mortgages in possession. To do anything else leaves them open.

edit: One further thing; G & H are on the cusp of losing millions. They are not going to take that lying down.

[philipl]

Fully accept your point.

This explains why the attempted sale process was explained at such length and detail in the High Court- the Board argument was they very actively sought the very best deal.

Very easy to say I would have offered more after the sale is completed- why didn't they two days earlier??