Liverpool Takeover Thread

M0T · 15 Oct 2010 at 10:29

Then they are selling to Mill.

M0T · 15 Oct 2010 at 10:32

Do companies not sell debt all the time? I wasn't aware that the company had to be in administration for this to happen.

platypus · 15 Oct 2010 at 10:39

The only way RBS can force the sale to someone the board don't want, is to call in the debt, ie force administration.

BaZ87 · 15 Oct 2010 at 10:41

Ok a quick summary:

-Mill Financial are already effective owners of Gillett's 50% and reportedly are in negotiations with Hicks to buy all or part of his share.

-It's unclear whether Mill Financial can complete any transaction without the approval of the Liverpool board.

-Hicks' own TRO prevents him from selling to Mill Financial.

So, Hicks has had to drop his TRO in order to make it possible for him to do any deal with Mill but this opens the door to NESV to complete its deal.

So assuming the Mill/Hicks rumours are true and that the deal can go ahead without the board approval, it's now a race between NESV and Mill to conclude the deal and repay RBS.

xxalxx · 15 Oct 2010 at 10:46

As someone said on RAWK, its the ending of "Brewsters Millions", but for real.

antijoke · 15 Oct 2010 at 10:49

Today will be a very interesting day.

BaZ87 · 15 Oct 2010 at 10:50

LFC Statement:

Liverpool Football Club have issued this statement following the court hearing in London this morning:

We are delighted that the court has clarified the issue of board composition and has removed the uncertainty around the sale process.

We will now be consulting with our lawyers and planning for a board meeting tonight. A further statement will be made in due course.

http://www.liverpoolfc.tv/news/latest-news/liverpool-fc-statement-6

We were in court this morning again? :confused:

Rotty · 15 Oct 2010 at 10:53

Dan Roan
I'm told deal between Hicks and Mill is done -it's whether the transaction's technical paperwork and legal details can be processed in time

Stretch · 15 Oct 2010 at 10:54

BaZ87 said:
LFC Statement:

http://www.liverpoolfc.tv/news/latest-news/liverpool-fc-statement-6

We were in court this morning again?

Sounds like a reissue of the statement from yesterday.

Stretch · 15 Oct 2010 at 10:55

Rotty said:
Dan Roan
I'm told deal between Hicks and Mill is done -it's whether the transaction's technical paperwork and legal details can be processed in time

What does the Mill deal mean?

BaZ87 · 15 Oct 2010 at 10:55

Stretch said:
Sounds like a reissue of the statement from yesterday.

Yep. Typical .tv **** up. Let's hope that means they're in the process of issuing a statement to say Hicks has died.

BaZ87 · 15 Oct 2010 at 10:58

Rotty said:
Dan Roan
I'm told deal between Hicks and Mill is done -it's whether the transaction's technical paperwork and legal details can be processed in time

It's not just a matter of time. Presuming that any deal they've done is at the highest level of the holding companies, it's still massively unclear if Mill can become owners of LFC, repay the RBS etc without board approval.

platypus · 15 Oct 2010 at 10:58

BaZ87 said:
-It's unclear whether Mill Financial can complete any transaction without the approval of the Liverpool board.

No it isn't unclear. Hicks cannot sell his shares without the approval of the board, unless RBS put Liverpool into administration.

dhill · 15 Oct 2010 at 11:02

Did the board give approval for Gillett to sell his shares to Mill Financial? Or did they automatical take control of his 50% because thats who he owed the money to and defaulted on the payments?

BaZ87 · 15 Oct 2010 at 11:03

platypus said:
No it isn't unclear. Hicks cannot sell his shares without the approval of the board.

Hicks can sell shares in Kop Football LLP(the ultimate holding company) with owns Kop Holdings (through a Cayman's company), which owns LFC.

The restrictions on H&G from RBS are from Kop Holdings downwards.

Hicks can sell shares in Kop Football but RBS still have control from Kop Holdings downwards and it would be unclear if they can refuse to accept Mill repaying them without the board agreeing.

Stretch · 15 Oct 2010 at 11:03

If the TRO has been lifted then surly the club has already been sold to NESV as that was the only thing holding up the deal?

Will the Mill deal leave Hicks with any control over the club, will the debt be cleared?

Rotty · 15 Oct 2010 at 11:06

If Huang is behind the Mill stuff as being suggested then that makes things very interesting

BaZ87 · 15 Oct 2010 at 11:06

Stretch said:
If the TRO has been lifted then surly the club has already been sold to NESV as that was the only thing holding up the deal?

It's possible that the TRO can't officially be lifted until the Court opens in Dallas.

Broughton's just been chased into Slaughter and May's offices by the press and said he's very confident and gave a thumbs up.

BaZ87 · 15 Oct 2010 at 11:08

Rotty said:
If Huang is behind the Mill stuff as being suggested then that makes things very interesting

The Huang/Mill link can't be dismissed and therefore wouldn't necessarily automatically make the sale to them negative but there's too many uncertainties.

platypus · 15 Oct 2010 at 11:09

BaZ87 said:
Hicks can sell shares in Kop Football but RBS still have control from Kop Holdings downwards and it would be unclear if they can refuse to accept Mill repaying them without the board agreeing.

It still rests on RBS accepting a bid from Mill Financial. And looking at it for a second, would RBS really risk the wrath of Liverpool fans worldwide? I realise they're a bank after profit, but they also look at things like this from a wider perspective, and wouldn't want to create the ill will towards themselves this would create, surely?