Liverpool Takeover Thread

aidan444 said:
They can't pay RBS from what I hear, they would need to loan Hicks the money... and even then the board can decline his refinance.
Click to expand...

how? from what I've heard all covenants are in place because of the worry of hicks not paying up. If he pays up then all the restrictions placed on him by RBS (ie not being able to sack who he likes and being outvoted) are lifted. Once RBS is out of the picture he reverts to being owner and as such can sod the board off as many times as he chooses.

Or am I misunderstanding something? I can't see any way that RBS could restrict him if he pays them off? not in terms of selling to someone else but if he himself is loaned the money then is there anything that can be done? The directors can't vote that down.
 
I'm now so confused it's unreal. You've got to give to Hicks, he really knows how to whip up a **** storm.

12.52pm: "Mill Financial approached Premier League yesterday seeking approval under owners' and directors test," tweets Telegraph's Paul Kelso. "Prem declined to put Mill through O&D test without direction from #LFC board. "We will continue to take direction from board"
Click to expand...

12.54pm: It is understood that Mill Financial approached the Premier League last night and asked to undertake its various tests regarding fit and proper persons and future financial info, writes Owen Gibson.

But the Premier League is believed to have rebuffed the request on the basis that it will only deal with the boards of its clubs.

The Liverpool board had previously put both Peter Lim and NESV forward. That is why both Lim, who was the preferred bidder until near the end of the process but has now left the scene, and NESV, which has a binding agreement it is currently trying to push through,
are at various stages of the process.

NESV are close to being passed - they have passed the directors test but have not yet been signed off on the future financial information part. That won't be confirmed unless and until the takeover goes through.

A Premier League spokesman said: "We will continue to deal with the legally constituted board of Liverpool Football Club."
Click to expand...

What the hell are they waiting for, just sell the damn club.
 
Last edited:
SSN reports hicks has sold his shares now.
Not possible though, apparently the TRO is still binding untill the judge signs the withdrawal papers in about 15 mins - and that comes from Hicks own legal team.
 
Mill Financial are an arm of the Springfield Financial Companies. That has been confirmed. In recent weeks, there have been reports that they lent George Gillett £75m to meet his further loan commitments at Liverpool, and that he defaulted on that loan, so they have in effect repossessed his shares. That has not been confirmed by Mill, who so far do not return calls. Gillett has not returned a call for some weeks now.

If those reports are true, that means if Liverpool is sold to NESV for the agreed £300m, to repay all Liverpool's debts owed to the banks (except for £30m to finance stadium development), it is Mill Financial which will lose that £75m, along with Hicks losing his around £70m.

That means a US hedge fund, based, like Hicks, in southern USA - Springfield, Virginia - have a £75m loss to protect. That helps to explain why they should now be apparently working desperately with Hicks to avoid a sale to NESV. If they lend Hicks the £200m to repay RBS, the scenario being discussed at the moment by the participants, and Hicks does so, he could stay in control of Liverpool, because RBS is repaid and their hold over the board via the undertakings falls away. Hicks would owe Mill £200m, at whatever rate of interest he has had to agree to. The "payment in kind" loans from the US hedge funds at Manchester United currently charge 16.25% interest, a year, so that would be £32.5m a year interest, and there would likely be very large costs to add to it - financial institutions like to charge for the right to lend their money.

There seems little doubt that Hicks would make Liverpool itself, out of its income - fans' money, TV, commercial revenues - pay that interest and harges and service the debt, as he and Gillett did with the RBS loans. That is a major financial reason why Liverpool fans will be desperate the Mill/Hicks eleventh hour bid does not succeed.

NESV, have committed, to clearing the £300m of debt, and not loading the club with any more debt, or making the club in any way pay any of the costs associated with buying it.
NESV are saying very firmly they will sue because they have a binding agreement with the board to buy the club - as Henry has reiterated on Twitter.
Click to expand...

Sounds like it could get even worse for liverpool if that happens...
 
bibalasvegas said:
Sounds like it could get even worse for liverpool if that happens...
Click to expand...

That's all based on Mill refinancing Hicks. From what's coming from the PL, they're trying to buy the club.

edit: and reports are saying LFC's PR team have arrived at Slaughter and May's offices. Hopefully that indicates an announcement is due soon.
 
Will be horrible if Mill give Hicks the money to pay RBS, thus ending MB involvement and leaving him free to do as he wishes ( I understand this is the current situation?)
 
Hicks is going to Sue Board (Purslow, Broughton, Ayre), RBS and NESV for his insane $1.6 billion in "damages". States he will hinder LFC for years. Someone on twitter even used the words "Hinder the club untill im in my grave" as a direct quote but take with a pinch of salt (Not that i would put it past him).

NESV papers are in, games over for Hicks.
 
5Live are saying that H&G are no longer blocking the sale. They say that Hicks offered to repay RBS but they won't listen. Sale to go ahead and he'll seek damages.
 
"It's an extraordinary swindle and it will result in exactly the wrong thing for the Club and the fans."

Those were the words used by attorneys representing Liverpool Football Club owners this morning when they announced they would apply all of their legal energies toward securing at least $1.6 billion in damages they expect will result from the proposed illegal sale of the Liverpool Football Club.

Attorneys also stated that protracted litigation concerning the Liverpool transaction will now cause even more uncertainty for the LFC.

"This outcome not only devalues the Club but it also will result in long-term uncertainty for the fans, players and everyone who loves this sport because all legal recourses will be pursued," said Steve Stodghill, the Texas attorney representing the Liverpool owners. "Mr. Hicks and Mr. Gillett pledged to pay the debt to RBS so that the Club could avoid administration that was threatened by RBS. That offer was rejected. It is a tragic development that others will claim as a victory. This means it won't be resolved the way it should be resolved. My clients worked tirelessly to resolve these issues but RBS would not listen to any reasonable solution and the Directors acted selfishly and illegally."

Stodghill said the owners have no choice but to pursue every legal avenue possible, and they will.

"Mr. Hicks and Mr. Gillett wanted to position this club for the future, but others have a different agenda," said Stodghill. "In truth, there is nothing positive from these events for Liverpool Football. That is exactly the opposite of what my clients wanted to achieve. "
Click to expand...

Well excuses me Hicks if I don't see the negative side of seeing the back of you.
 
You must log in or register to reply here.
Back
Top Bottom