The FOOTBALL Thread (2010-2011)

[NoFakie 45]

Originally Posted By: thursday

for a billionaire (with 1.5bil), it's a good way to re-join the millionaire club.

That's the old joke about airlines.

I can't see how the board can sell the club to a first bid from someone without the owners' permission if there are rival bidders.

[scouser 4]

Was just about to post a similar thought Mr Wiggles.

 

Will be an eventful evening perhaps.

[thursday 1]

well, they owe money to RBS. RBS are making the calls. And Broughton was RBS installed.

[grungy-gonads 54]

Guardian as a "live feed" on the court case.

 

Quite interesting actually.

[NoFakie 45]

Originally Posted By: thursday

well, they owe money to RBS. RBS are making the calls. And Broughton was RBS installed.

Can RBS make calls without calling in the loans? And can the loans be called in without a nine point penalty?

Portsmouth were cut loads of slack before the inevitable, and I think Liverpool will get just as much if not more. Its a bit of a joke though having rules and not enforcing them.

[Tubby Beaver 209]

the 9pt penalty is only if they officially enter administration, so if a private deal s struck between the club and the bank then there will be no points penalty as long as admin is avoided

[thursday 1]

that's just the point. RBS would do anything to not jeopardise their money, hence liquidation MUST be avoided at all costs. They are selling at cost, so the yankers can go **** themselves.

 

What a shame the scousers couldn't get something together. Supporters owning their own team sounds so good.

[Tubby Beaver 209]

admin is not liquidation though. The club would go at cut price but it wouldn't be wound up afterwards....RBS would also lose a ton of money as they would just be another creditor, but admin needs something like 70 or 75% of the creditors to agree to a CVA. I think the only people able to do that at Liverpool would be RBS and they won't vote for admin......thats why they have control over the owners/board. Like you say Thurs sell at cut price so they can get their money out

[thursday 1]

it means money gone for the bank.

[Tubby Beaver 209]

chotto matte kudasai

[thursday 1]

soya latte kudasai

[big-will 7]

The bids from Peter Lim, the Singapore businessman who owns a chain of Manchester United cafes in south-east Asia, and Mill Financial, the hedge fund which has apparently repossessed Gillett's shares because he defaulted on a loan, might offer more money to the club, Hicks and Gillett say, not to them.

[RobBright 35]

Have liverpool gone under yet?

[scouser 4]

The judge has arrived.

 

Wonder when we will hear any news

[pie-eater 207]

10.42am: JUDGE RULES MANDATORY INJUNCTION WANTED BY RBS AGAINST OWNERS IS GRANTED: SALE CAN GO AHEAD

[Tubby Beaver 209]

Is this the sale to the other Yanks? or is it a general ruling that RBS can decide who they want

[pie-eater 207]

To be honest, I'm totally confused with it all.

So waiting to hear a clear explanation!

[NoFakie 45]

I don't see how a couple of hours of he said, she said can prove anything, but there you go. The law has spoken!

[grungy-gonads 54]

Appeals lined up?

 

All thats important is that Liverpool continue to be rubbish.

[thursday 1]

It means Broughton with his two goons on the board has the right to sell as seen fit.

 

So an even better offer would benefit the club of goons and so would be even more acceptable.

 

Though being owned by a Sing would be like ...... you fill in the words.

[thursday 1]

Love to see them relegated.

[Tubby Beaver 209]

Quote:

REDS SALE BLOCKED BY INJUNCTION

A Texas court has granted a temporary restraining order stopping the sale of Liverpool Football Club, owners Tom Hicks and George Gillett have claimed.

It comes hours after the American pair saw their challenge against the club's sale thrown out by the High Court.

Hicks and Gillett issued a statement as the Liverpool board met to ratify the sale to New England Sports Ventures.

In reply, the board vowed to "move as swiftly as possible to seek to have it [the restraining order] removed".

The club's statement continued: "Following the successful conclusion of High Court proceedings, the board of directors of Kop Football and Kop Holdings met and resolved to complete the sale of Liverpool FC to New England Sports Ventures.

"Regrettably, Thomas Hicks and George Gillett obtained a Temporary Restraining Order from a Texas District Court against the independent directors, Royal Bank of Scotland PLC and NESV, to prevent the transaction being completed.

"The independent directors consider the restraining order to be unwarranted and damaging and will move as swiftly as possible to seek to have it removed."

BBC Business Editor Robert Peston reported: "Although the Texas court has no direct jurisdiction in the UK, both New England Sports Ventures and Liverpool's bankers, Royal Bank of Scotland, would not wish to be seen to be wilfully defying that court, because that could cause harm to their substantial US operations.

DAVID BOND'S BLOG
Mr Justice Floyd's judgement is as emphatic as Broughton and the club's bankers Royal Bank of Scotland could have hoped for

BBC sports editor David Bond

"That is why RBS and New England Sports Ventures will attempt to have the restraining order lifted on Thursday. If that's achieved, Liverpool could then be sold from under Mr Hicks and Mr Gillett within a matter of hours."

Having gained the injunction from the Dallas court, Hicks and Gillett described the proposed £300m sale as "an epic swindle" and revealed they are seeking more than £1bn in damages.

The pair claim the injunction prevents Liverpool executing the sale of the club to NESV, with a hearing date set for 25 October.

The legal action in Texas - signed by Judge Jim Jordan of the 160th District Court in Dallas - is "part of a lawsuit filed against Royal Bank of Scotland (RBS), Martin Broughton, Christian Purslow, Ian Ayre, NESV and Philip Nash" read a statement.

"The lawsuit also seeks temporary and permanent injunctions, and damages totalling approximately $1.6 billion (more than £1 billion).

"The suit lays out the defendants' "epic swindle" in which they conspired to devise and execute a scheme to sell LFC to NESV at a price they know to be hundreds of millions of dollars below true market value."

The statement, posted on the American duo's behalf by international law firm Fish & Richardson, went on to allege that there had been a conspiracy to "execute a scheme to sell LFC to NESV at a price they know to be hundreds of millions of dollars below true market value".

And it is the Royal Bank of Scotland who receive the brunt of blame, the statement continuing: "The director defendants were acting merely as pawns of RBS, wholly abdicating the fiduciary responsibilities that they owed in the sale.

"RBS has been complicit in this scheme with the director defendants. For example, in letters from RBS to potential investors obtained just within the past few days, RBS has informed investors that it will approve of a deal only if there is "no economic return to equity" for Messrs. Hicks and Gillett".

Click to play

Click to play

Liverpool fans at the High Court

"In furtherance of this grand conspiracy, on information and belief, RBS has improperly used its influence as the club's creditor and as a worldwide banking leader to prevent any transaction that would permit Messrs. Hicks and Gillett to recover any of their initial investment in the club, much less share in the substantial appreciation in the value of Liverpool FC that their investments have created."

In addition to these claims, there are several allusions to bidders and investors who were interested in buying into Liverpool who had previously not been made public.

NESV's bid is worth £300m, while rival investor Peter Lim yesterday upped his own offer to £320m - while the legal notice claims another party made contact through a third party on 4 October and was offering up to £400m.

It is the latest twist in the long-running ownership battle at Anfield, one that looked like nearing an end when the High Court ruled against Hicks and Gillett on Wednesday morning.

The unpopular American pair had attempted to oust the boardroom rivals that had sanctioned the sale of the club to NESV, but saw their case ruled against by Mr Justice Floyd.

Speaking as he left the court following that decision, Broughton said: "I am absolutely elated, it's a very important day for our club. This will clear the way for the sale, we will have a board meeting this evening and proceed with the sale.

"It has been an anxious time but we have been confident. But when you go to court you can never be sure."

"The board has to be reconstituted and I can't prejudge what the board is going to say. It would be inappropriate to prejudge what the board may say.

"But the club's going to have a great future. We will re-establish the right basis for the club.

"The acquisition debt that has been plaguing us will be gone, we have a great future. We will get the right owners for the fans."

I am not prepared to grant any relief... if I did it would risk stopping the sale and purchase agreement going ahead

Mr Justice Floyd

John W Henry, who heads the NESV consortium, celebrated the High Court verdict through his Twitter account and praised Broughton managing director Christian Purslow and commercial director Ian Ayre.

Henry wrote: "Well done Martin, Christian & Ian. Well done RBS. Well done supporters!"

NESV said in a statement that it had a "binding agreement in place with the Board of Liverpool FC".

It went on: "We are ready to move quickly and help create the stability and certainty which the club needs at this time. It is time to return the focus to the club itself and performances on the pitch."

NESV is thought to be offering about £300m for the club, enough to pay back the £240m of loans and £40m of fees owed to Royal Bank of Scotland. Its bid has been accepted in principle by the club.

In recent days, however, another bid materialised, with Singapore billionaire Peter Lim offering £320m in cash for the club and its liabilities. He is also willing to provide £40m in cash to buy players.

Following Wednesday's High Court ruling, Lim issued a statement outlining his plans.

"I welcome the decision of the court," it read. "I hope that when the board is reconstituted tonight that it will not simply ratify a sale to NESV but will consider all the offers before them.

"I am asking the board to run a full and fair process that enables all of the offers to be considered on their merits before the future of the club is decided.

606: DEBATE
I know this won't be instant, and there is more work to be done, but finally Liverpool football club can start to move onwards and upwards

jkielq

"I have delivered my offer to the board and believe that my ownership represents the best option for the future of the club and its supporters."

American hedge fund Mill Financial has a bid that also pledges to wipe out Liverpool's debts while providing up to £100m to fund a new stadium.

Mill Financial technically controls Gillett's 50% stake after he defaulted on the loan used by the American to fund his part of the leveraged takeover in 2007.

Hicks and Gillett were also warned by Mr Justice Floyd it would be "inappropriate in the circumstances" for them to be granted the right to appeal the High Court's decision.

Keith Oliver, a solicitor acting for Hicks and Gillett, stated: "We are obviously disappointed with the judge's decision. Mr Hicks and Mr Gillett will now be considering their next steps and that will include whether to make an application to the Court of Appeal."

There were chaotic scenes outside the courts in central London, with more than 100 Liverpool fans surrounding Broughton and singing: "We love you, Martin, we do."

Security guards tried and failed to move the crowd blocking the entrance as they broke into the Liverpool anthem You'll Never Walk Alone.

On Tuesday, the judge heard how Hicks had tried to block the sale to NESV last week by removing Purslow and Ayre from the board.

He had then installed his son, Mack, and business associate Lori McCutcheon so he would have control of voting on the board.

But this was in breach of agreements the Americans had signed with the bank when RBS extended its credit facilities.

The RBS loan facility ends on Friday and the bank had applied to the court for the injunction to allow the sale to go ahead and recoup its money.

There may be trouble ahead.....

[RobBright 35]

How the hell can a Texas court pass judgement over the UK?

 

**** American courts!

[RobBright 35]

Harmful for operations?!

 

Ok I am going to my local county court to get them to pass judgement over Apple's business practises. They wouldn't want to hurt their operations with that hanging over their heads.

 

Excuse me language but **** Americans, and their lack of understanding for clubs that *tend to* stay in the local area, aren't **** franchises that move on the sake of a whim. **** the Hicks and Gillette, and the Glaziers who are doing their **** damnedest to destroy football teams.

[Tubby Beaver 209]