Re: LFC not yet sold to NESV (but we're getting there, maybe...)
The Dallas court appearance is at 7pm UK time.
The Dallas court appearance is at 7pm UK time.
So yesterday the English guys won in the English court; then the Americans won in the American court and blocked the English judge's decision (essentially). Then today the English guys won again in the English court and blocked the blocking of the English judge's decision. And now the Americans are fighting in the American court to block the blocking of the blocking of the English judge's decision. Can we guess who'll win that? How is this ever going to end?
The Texas TRO should be dissolved. One legal element of injunctive relief is that one must not have an "adequate remedy at law" (as opposed to equitable relief, which is what a restraining order involves). H&G have an adequate remedy at law in that they can sue the directors for money for the breach of their fiduciary duty to the shareholders to sell the club at the highest price possible. The directors likely have several Directors' and Officers' insurance policies in place for just such contingencies, so for the Names at Lloyd's who underwrote those policies, it is, to quote Sir Alex, "squeaky bum time." The sale goes through and somewhere down the road, Lloyd's writes two large checks to Hicks and Gillett (although the settlement will be confidential). Always get to the insurance.