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LFC SOLD to NESV.

Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=doctor_mac link=topic=41783.msg1196871#msg1196871 date=1287128382]
Being widely reported this morning that Hicks' injunction was a stalling tactic to do a deal with Mill finance to pay off RBS. I've no doubt that Hicks is violating numerous undertakings (as well as the ruling of the High Court) in all this, but by fuck this c*nt is fighting like an alley cat.
[/quote]

if it were happening to anyone else you'd almost admire his tenacity
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=etchy link=topic=41783.msg1196873#msg1196873 date=1287128511]
[quote author=DHSC link=topic=41783.msg1196844#msg1196844 date=1287125876]
7pm Singapore time.

>🙁
[/quote]
ok, no more F5 for me. About to board a plane, and checking this via Internet terminal. I wouls have landed by 7pm. Hope there'll be great news then. All the best for us!
[/quote]

safe trip 🙂
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=spider-neil link=topic=41783.msg1196872#msg1196872 date=1287128475]
[quote author=Avmenon link=topic=41783.msg1196869#msg1196869 date=1287128059]
But the reason why implied authority isnt relevant is because implied authority is only a factor where a party didnt have actual authority but SEEMED to have it in dealings with 3rd parties acting in good faith.

At the point in time when the NESV bid was accepted, my view is that the Board had full actual authority to deal with NESV.

My view is that Hicks knows that these legal machinations are going to fail, but this is just setting the groundwork for a damages suit ie 'the Board ignored better offers from Blackstone and Mill Financial and deliberately undervalued the club in breach of fiduciary duties to the shareholders'
[/quote]

Av, so (in your humble opinion) even if hicks by some miracle did come up with the money to pay off RBS, unsecured thus bypassing the board, NESV would have grounds for saying, 'we had a signed agreement with LFC that was ok'd by a high court (twice)?
[/quote]

I wouldnt know as well as some others who've studied the documents, but yes, I think so.

It might however give Hicks some ground to claim damages.

The issue is timing.

Were there better bids than NESV's at the time of acceptance?

If there were, Hicks may have a case.

but I dont think there was, as his 'aggressively seeking refinance' claim suggests.
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=etchy link=topic=41783.msg1196873#msg1196873 date=1287128511]
[quote author=DHSC link=topic=41783.msg1196844#msg1196844 date=1287125876]
7pm Singapore time.

>🙁
[/quote]
ok, no more F5 for me. About to board a plane, and checking this via Internet terminal. I wouls have landed by 7pm. Hope there'll be great news then. All the best for us!
[/quote]

3 more hours to go....
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=spider-neil link=topic=41783.msg1196874#msg1196874 date=1287128548]
[quote author=doctor_mac link=topic=41783.msg1196871#msg1196871 date=1287128382]
Being widely reported this morning that Hicks' injunction was a stalling tactic to do a deal with Mill finance to pay off RBS. I've no doubt that Hicks is violating numerous undertakings (as well as the ruling of the High Court) in all this, but by fuck this c*nt is fighting like an alley cat.
[/quote]

if it were happening to anyone else you'd almost admire his tenacity
[/quote]

No I wouldn't. The world, especially the U.S. has too many lawyers, and far too many fat capitalists who use them and their money power to squirm out of failure while accepting all the benefits of success.

About 120,000 people every month in the U.S. are going into foreclosure. When the bank says their money is due, they're fucked. They are fucked, there is almost no social safety net, there is no discussion, no court case, do you think they get legal aid? It's recently emerged banks haven't even been looking at their cases, and just have robo-signed them, thousands at a time, into foreclosure.

Some of them are victims of Hicks and those like him who thought the party would go on forever. Some of them are victims of their own stupid logic and spending beyond their means. They are all fucked though, and Hicks and Gilette, though they've lost a lot of wealth, which due to the nature of their risky business, never included a ton of realizable assets, will be just fine. They should all be in the same boat, but we know they aren't.

Hicks has had chance after chance to take a profit. The fact that he hasn't is his own stupid greed, a lack of understanding of the market he bought into, and the fact that he is obviously a horrible person to do business with. He so deserves to fail and take a huge loss.

There's absolutely nothing to admire in Hicks. When he was in control he was a poor business man. His strategy was predicated on short lived market conditions, but even more unforgivably he was almost infantile with his atrocious communication, his squabbling, his awful PR. So now it's gone tits up and he's trying to do what he's best at - winning by being a pain in the ass cunt, using a legal system that seems to reward pain in the ass cunts more than any other in human history. The only reason he might not get away with mitigating his losses and in so doing irreparably damaging a business, which apart from our involvement employs and directly effects the living of hundreds of people, is because the UK court system isn't quite so fucked up.
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

I actually think hey have could have done the deal with NESV as a safety blanket, but keeping the lid on it for the time being.
If Hicks did pass the debt to Mill presumably they would have to pass the Premier League fit and proper persons test, which is not going to happen by this afternoon by the time RBS could call the debt in.
Then fight it out in the courts at a later date.

I am now just wondering if Hicks knows he is fucked as regards the financials and this is now just personal because his relationship with the fans and now the board ---- it must have crossed other peoples minds

regards
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=Avmenon link=topic=41783.msg1196880#msg1196880 date=1287129033]
[quote author=spider-neil link=topic=41783.msg1196872#msg1196872 date=1287128475]
[quote author=Avmenon link=topic=41783.msg1196869#msg1196869 date=1287128059]
But the reason why implied authority isnt relevant is because implied authority is only a factor where a party didnt have actual authority but SEEMED to have it in dealings with 3rd parties acting in good faith.

At the point in time when the NESV bid was accepted, my view is that the Board had full actual authority to deal with NESV.

My view is that Hicks knows that these legal machinations are going to fail, but this is just setting the groundwork for a damages suit ie 'the Board ignored better offers from Blackstone and Mill Financial and deliberately undervalued the club in breach of fiduciary duties to the shareholders'
[/quote]

Av, so (in your humble opinion) even if hicks by some miracle did come up with the money to pay off RBS, unsecured thus bypassing the board, NESV would have grounds for saying, 'we had a signed agreement with LFC that was ok'd by a high court (twice)?
[/quote]

I wouldnt know as well as some others who've studied the documents, but yes, I think so.

It might however give Hicks some ground to claim damages.

The issue is timing.

Were there better bids than NESV's at the time of acceptance?

If there were, Hicks may have a case.

but I dont think there was, as his 'aggressively seeking refinance' claim suggests.
[/quote]

okay, that makes me feel better 🙂

thanks for taking the time to answer, av.
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=Avmenon link=topic=41783.msg1196854#msg1196854 date=1287126822]
How does the daylight savings thingy work in the UK?
[/quote]

In the winter we are on GMT, then around the 3rd weekend in April, the clocks go forward an hour to BST which is an hour ahead of GMT. Until around the 3rd weekend in October, when the clocks go back to GMT again, and we get an extra hour in bed. 🙂
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

I think it is personal, but it's more just that this sort of strategy has rewarded him in the past in squirming out of the risk of his leveraged buy outs when the debt piles up, and what does he have to lose really?

Going to the petty/personal angle though, I found it interesting how much stock he put in the forbes calculation of Liverpool's worth, which is of course a joke. I don't think it's just because it's so helpful to him though, I think he quite like being listed as a billionaire in Forbes, despite never really having any realizable assets close to that. I think he's that petty and sad.
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=Portly link=topic=41783.msg1196888#msg1196888 date=1287129550]
[quote author=Avmenon link=topic=41783.msg1196854#msg1196854 date=1287126822]
How does the daylight savings thingy work in the UK?
[/quote]

In the winter we are on GMT, then around the 3rd weekend in April, the clocks go forward an hour to BST which is an hour ahead of GMT. Until around the 3rd weekend in October, when the clocks go back to GMT again, and we get an extra hour in bed. 🙂
[/quote]

😱

Um,what is the time now?
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=Vlads Quiff link=topic=41783.msg1196884#msg1196884 date=1287129293]
I actually think hey have could have done the deal with NESV as a safety blanket, but keeping the lid on it for the time being.
If Hicks did pass the debt to Mill presumably they would have to pass the Premier League fit and proper persons test, which is not going to happen by this afternoon by the time RBS could call the debt in.
Then fight it out in the courts at a later date.

I am now just wondering if Hicks knows he is fucked as regards the financials and this is now just personal because his relationship with the fans and now the board ---- it must have crossed other peoples minds

regards
[/quote]

Vlad, Hicks is a sly bastard. While he may be laying the groundwork for a damages case , all his actions smack of pure desperation to try and frustrate the sale process and spite the club. This is his last role of the dice. He hasn't had any sporting franchise success and he has hawked his wres to one and all in one last ditch effort to refinance which incidently the Board won't approve. It's heartening that no reputable institution would touch him with a 10 foot barge pole.

With regards to the damages case, he doesn't have a prayer. The club was widely marketed and this is well documented. G&H were included in the process as part of the Board. The inflated prices they wanted was pure fantasy. The club has been sold for more than what G&H paid for it. They failed to deliver a stadium because of the economic crisis. The same argument will be used to justify the current sale price. If they had built a new stadium, there's no doubt that they would have got close to the 600M quid that they wanted. The tried to sell the club based on future earnings. That works will derivitives only.
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

There is a lot on BBC news this morning to the effect that Hicks is trying to do a deal with Mill Financial for Mill to repay the loan to RBS and stymie the NESV deal.

However, it seems to me that all this information is coming out of the Hicks camp, and we hear nothing from Mill Financial.
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=Portly link=topic=41783.msg1196888#msg1196888 date=1287129550]
[quote author=Avmenon link=topic=41783.msg1196854#msg1196854 date=1287126822]
How does the daylight savings thingy work in the UK?
[/quote]

In the winter we are on GMT, then around the 3rd weekend in April, the clocks go forward an hour to BST which is an hour ahead of GMT. Until around the 3rd weekend in October, when the clocks go back to GMT again, and we get an extra hour in bed. 🙂
[/quote]

Basically, when UK uses GMT, Malaysia is 8 hours ahead. When it is BST, Malaysia is 7 hours ahead. UK change their time by one hour forward for Spring & Summer and back one hour to GMT for Autumn and Winter. Spring Forward, Fall (Autumn) Backward. Suppose to save daylight and whatever! We are now 7 hours ahead so you are in BST time zone. By 21 (or thereabout) October you will be in GMT and 8 hours behind us....
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

Some legal eagles are saying that Judge Jordan's peculiar adjournment until 7am today was to give Hicks the time he needed to close the deal.
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=Y1 link=topic=41783.msg1196896#msg1196896 date=1287130042]Suppose to save daylight and whatever!
[/quote]

Many people in the UK would prefer to stick with BST all year round. When the clocks go back at this time of year, the evenings get lighter but the mornings get darker!

There was some kind of vote on this years ago, and it was the Scots who insisted on keeping the existing system.
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=Portly link=topic=41783.msg1196902#msg1196902 date=1287130318]
[quote author=Y1 link=topic=41783.msg1196896#msg1196896 date=1287130042]Suppose to save daylight and whatever!
[/quote]

Many people in the UK would prefer to stick with BST all year round. When the clocks go back at this time of year, the evenings get lighter but the mornings get darker!

There was some kind of vote on this years ago, and it was the Scots who insisted on keeping the existing system.
[/quote]

The Scots are a stoic lot! They prefer to suffer with the dark mornings...
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=Hansern link=topic=41783.msg1196903#msg1196903 date=1287130466]
But doesn't the high court ruling prevent him from doing this? The board has approved a sale, I would think he legally can sell his shares after this?

This is could be bad though
http://www.emii.com/Articles/2691841/Capital-Markets/Capital-Markets-Articles/Hicks-Acquisition-Raises-150M-In-IPO.aspx

If Hicks sell his shares to Mill, it's believed that there will be a 3rd day in High Court...
[/quote]

That IPO specifically states the funds can't be used for sports franchises.
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

Nothing can stymie the NESV deal. Once a contract is concluded and it's valid that's it. And given the past reputation and confidence we're seeing from Henry in this matter I don't understand why people are repeatedly making the panic comments about rumours from the usual shite sources who know fuck all.

Even if some miracle finance arrived that didn't need to be approved by the LFC Board for some reason, with RBS then out of the equation a contract of sale still exists. All NESV needs to do then is seek an order for Specific Performance of that contract, and they will get it.

And I'll be surprised if the judge in the US doesn't lift the injunction today, if a party is seeking an ex parte injunction they are under a heavy burden to present the full facts of the case, including any arguments the defence might make against the granting of the injunction. Given that this judge will be fully appraised of all the facts today, and we'll be represented at the hearing, Hicks will be fucked out of court very quickly.
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=Rosco link=topic=41783.msg1196907#msg1196907 date=1287130632]
Nothing can stymie the NESV deal. Once a contract is concluded and it's valid that's it. And given the past reputation and confidence we're seeing from Henry in this matter I don't understand why people are repeatedly making the panic comments about rumours from the usual shite sources who know fuck all.

Even if some miracle finance arrived that didn't need to be approved by the LFC Board for some reason, with RBS then out of the equation a contract of sale still exists. All NESV needs to do then is seek an order for Specific Performance of that contract, and they will get it.

And I'll be surprised if the judge in the US doesn't lift the injunction today, if a party is seeking an ex parte injunction they are under a heavy burden to present the full facts of the case, including any arguments the defence might make against the granting of the injunction. Given that this judge will be fully appraised of all the facts today, and we'll be represented at the hearing, Hicks will be fucked out of court very quickly.



[/quote]


I'm with Ross on this one
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

Ha to be fair to the scots they'd be living in perma-darkness,portly.

I'm not sure even they deserve that!
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

Rosco, I agree with all of that, however is it really true that you can't understand repeated panicked comments?

We've hardly gone about this the easy way... we've gone all the way to the precipice of administration with this fucking thing, with a thousand false dawns along the way over the course of only a few years. I think there's a pretty solid reason to be twitchy, even if it isn't that reasoned.
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

One thing this whole, tortuous, drawn-out process has undoubtedly done is to make all Liverpool supporters much more trusting and accepting of NESV. If the deal had gone through quickly and easily, I think there'd be a lot more suspicion towards them. Right now, we're all seeing them as white knights on chargers. Hicks has done their PR for them in a way.
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=Farkmaster link=topic=41783.msg1196916#msg1196916 date=1287131379]
Rosco, I agree with all of that, however is it really true that you can't understand repeated panicked comments?

We've hardly gone about this the easy way... we've gone all the way to the precipice of administration with this fucking thing, with a thousand false dawns along the way over the course of only a few years. I think there's a pretty solid reason to be twitchy, even if it isn't that reasoned.
[/quote]

Agree with that also. I don't think Hicks can worm his way out now - I honestly think he's screwed. That's not to say he wont try.
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=Farkmaster link=topic=41783.msg1196916#msg1196916 date=1287131379]
Rosco, I agree with all of that, however is it really true that you can't understand repeated panicked comments?

We've hardly gone about this the easy way... we've gone all the way to the precipice of administration with this fucking thing, with a thousand false dawns along the way over the course of only a few years. I think there's a pretty solid reason to be twitchy, even if it isn't that reasoned.
[/quote]

Hicks will think of a way to further delay the deal.... like bombing Anfield?
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=Rosco link=topic=41783.msg1196907#msg1196907 date=1287130632]
Nothing can stymie the NESV deal. Once a contract is concluded and it's valid that's it. And given the past reputation and confidence we're seeing from Henry in this matter I don't understand why people are repeatedly making the panic comments about rumours from the usual shite sources who know fuck all.

Even if some miracle finance arrived that didn't need to be approved by the LFC Board for some reason, with RBS then out of the equation a contract of sale still exists. All NESV needs to do then is seek an order for Specific Performance of that contract, and they will get it.

And I'll be surprised if the judge in the US doesn't lift the injunction today, if a party is seeking an ex parte injunction they are under a heavy burden to present the full facts of the case, including any arguments the defence might make against the granting of the injunction. Given that this judge will be fully appraised of all the facts today, and we'll be represented at the hearing, Hicks will be fucked out of court very quickly.



[/quote]

I don't disagree that in the end Hicks is fucked, but he's going to protract this as far as possible.
 
Re: LFC not yet sold to NESV (but we're getting there, maybe...)

[quote author=TheBunnyman link=topic=41783.msg1196917#msg1196917 date=1287131484]
One thing this whole, tortuous, drawn-out process has undoubtedly done is to make all Liverpool supporters much more trusting and accepting of NESV. If the deal had gone through quickly and easily, I think there'd be a lot more suspicion towards them. Right now, we're all seeing them as white knights on chargers. Hicks has done their PR for them in a way.
[/quote]

Great point - and the fact they've stuck through this throughout all the shit surrounding it speaks volumes
 
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