Re: LFC Sold to NESV (RBS WIN COURT RULING - CONFIRMED)
[quote author=spider-neil link=topic=41783.msg1195168#msg1195168 date=1287012886]
They're still trying to get a payment out of the new owners. Actually, this last minute reach for more has blown up in Hicks face previously.
When he was in a similar situation with baseball's Texas Rangers team (almost typed franchise, don't want to make a bad impression on my first RAWK post), where the team entered Chapter 11 bankruptcy. The move was a calculated attempt to dodge/discharge some of the huge amount of liabilities that the Rangers faced. (So, it's the US equivalent of Administration)
Hicks made a deal to sell the team through the bankruptcy court, and laced it with all kinds of sweetheart fare-thee-wells for Hicks (Hicks would directly get $75 million US for a collection of real estate around the stadium, he'd retain the title of chairman emeritus for three years, the new owners taking over some liabilities he had, and season tickets and premium parking passes).
This predictably, enraged the creditors, who challenged the sale in bankruptcy court. The court disallowed the sale, and re-started the bidding process. The end-result, the same buyer bought the team, for nearly $100 million US more, but ALL the money went to the creditors. Hicks didn't see a single bit of it.
Here's a story with more:
http://www.dmagazine.com/Home/D_CEO/2010/November/Tom_Hicks_and_Texas_Rangers_Feel_Bankruptcy_Burn.aspx
(oh, and if you want proof that LFC could immediately restore themselves to prominence after H&G leave.. that baseball team, I mentioned above, that was sold this year? They're in the baseball playoffs, in the league championship series (basically, the round of four in the playoffs))
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The last bit is just coincidence.
The foundations for the current success was actually built under Hicks by bringing in the right people to run the club- Nolan Ryan, Jon Daniels.