All quiet on the western front

[Ossi]

So...what is happening on the G/H-front? They were making all kinds of noise re "epic svindle" and taking people to court.
Just talk?

 

[Avmenon]

Maybe, or they might just be waiting to see what happens here ie if we become more of a money-spiner a lawsuit would be more promising.

 

[Judge Jules]

There's going to be a limit on that though. Surely the longer they wait, the harder it could be for them to make a case - justice delayed is justice denied, and all that.

 

[Markeh]

I think they have other things to worry about

Former Liverpool co-owner George Gillett has been sued by lending firm Mill Financial for allegedly breaching a guarantee to pay back $117million (£73million).

The Daily Mail reports the Colorado-based former Liverpool co-owner had borrowed the money in 2008 for investment in the Premier League club, but has failed to pay it all back, despite it being due in August.

A 12-page legal document was filed in Manhattan's New York state court yesterday, and Mill Financial included a copy of an unlimited guarantee to pay the money back signed by Gillett.

The company, based in Springfield, Virginia, reportedly refinanced a loan used by Gillett and Texas business partner Tom Hicks to buy a significant stake in Liverpool in three years ago.

According to the lawsuit his company, Gillett Football LLC, borrowed $70million (£44million) from Mill Financial in January 2008.

The loan became due on August 13 but had not been paid in full, claim the company.

 

[Asbo]

They are getting some 'importent' friends to make noises for them, like the Canadian ex Prime Minister has been doing.

Our Ex Prime Minister and Liverpool FC Supporter has hit back saying it was a load of crap.

Maybe they are trying an offensive, there has been tons of claims in the Press recently (even on our pages) saying Liverpool was bought 'on the cheap'. But John Henry bought the Club for 70 Million more than G&H paid for it, and the world econemy has fallen into recession in the meantime.

How has the New owner 'bought it on the Cheap@ yet the old owners didn't have any such claims made in the Press at the time?

 

[Judge Jules]

It was Michael Howard who hit back and he was never PM, thank goodness, but fair play to him for doing it.

£300 mill.is not a high price when you include not only current value but also a sensible valuation of future potential. Hicks' mistake was putting far too high a value on that future potential considering (a) current world economic conditions, as you say, and (b) potential has to be actually realised before a penny can be paid out.