LFC SOLD to NESV.

[Avmenon]

Re: LFC Sold to NESV (New England Sports Ventures)

I doubt he'd be able to argue that though; the clause was put in for just this sort of purpose ie to prevent a sale from being frustrated.

I'd have thought he'd have gone after RBS to suggest collusion with Broughton ie to argue bad faith on the part of the bank in aiding Broughton in getting an undervalued offer.

HOwever, RBS was well within their rights to refuse extensions (assuming the time period had been triggered).

Perhaps the relevant date was indeed October 6 and not 15th.

 

[SaintGeorge67]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=Skullflower link=topic=41783.msg1190568#msg1190568 date=1286397673]
we're gonna build that sucker.
[/quote]

You know it. This summer's gonna be big.

 

[Vlads Quiff]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=jexykrodic link=topic=41783.msg1190551#msg1190551 date=1286396808]
I understand the legal proceedings to have been called by Mr Broughton.

The question for the Judge to decide is as to whether the sales process has been conducted properly.

Hicks & Gillett signed away their power of veto last April when re-financing.

They are objecting to the proposed sale and claim they can change the board members. If they succeed then they could block the sale. Even if they did this then the loan falls due on the 15th and RBS can force a sale. They don't have much room to maneouvre.

I can't see Broughton being as bullish as he is without being a sure as he can be of a Judge's approval.

I suspect H&G are doing this as brinkmanship hoping to cut their losses by getting NESV to pay a bit more for a quick, quiet deal.
[/quote]

I suspect Hicks is hoping RBS let them off a bit of dosh for the problem to go away as it must be one fucking big embarrassing pain in the arse for them

regards

 

[Terrier]

Re: LFC Sold to NESV (New England Sports Ventures)

Broughton will argue that the deadline was too close and they had to force a sale or risk the club going into administration, which would have been a catastrophe.

 

[gene hughes]

Re: LFC Sold to NESV (New England Sports Ventures)

All I'm saying is that just because there's a clause that doesn't mean that it's lawful.

I can sign a contract with RBS or Broughton or whoever and include a clause saying I'll kill the first born child of every player who's late for training on Wednesdays.

It's not legal though so a court won't enforce it.

Suck it up ladies.

 

[Terrier]

Re: LFC Sold to NESV (New England Sports Ventures)

Yes Gene, except one is a typical business clause..... and one is mass murder.

 

[TheBunnyman]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=spider-neil link=topic=41783.msg1190506#msg1190506 date=1286394982]
hicks[quote author=TheBunnyman link=topic=41783.msg1190487#msg1190487 date=1286394547]
[quote author=spider-neil link=topic=41783.msg1190475#msg1190475 date=1286394179]
two points;

1. if this goes to court I'm sure hick's case will be the board we're looking out for the owners interests, and he'd kind of have a point seeing as the owners would make no money

2. even if the club goes into administration I'm sure hick will say if he'd been allowed to appointment his men on the board this (the clib going into admin) wouldn't have happened as they would have been able to push through refinace using the club as security.

I don't think this is as cut and dried as broughton thinks it is
[/quote]

Well, admittedly it's unlikely that a hugely successful businessman who's spent the last four months talking to lawyers and plotting his endgame in elaborate detail would know more about the likely outcome of this particular court case than you, Spider-Neil, a poster with spelling issues on a small internet forum called Six Crazy Minutes, but nevertheless, I think I'm going to back his judgment anyway. Call me an optimistic fool if you will...
[/quote]

it's got bugger all to do with spelling errors and my standing on the 6CM board (what's that got to do with anything).
when hicks goes to court his case will be the board should attmept to act in his interests as well as the clubs. you want to come out with smart arse answers be my guest but hick's lawers will be arguing the case not me.
[/quote]

*tweaks spiderneil's right nipple*

Oh, lighten up...

 

[doctor_mac]

Re: LFC Sold to NESV (New England Sports Ventures)

It seems where Broughton has them legally by the balls, is that they signed up to several legal 'undertakings' whereby they ceded control of the board (that is, appointments) to Broughton, and also that they would accept the advice of the board in terms of the sale. Their attempt to effectively sack the board was thus a desperate and illegal move (or so it would seem). Let's hope the judge and the law are on our side, but if Broughton knows his business, and he fucking well ought to, then we're free of those bastards.

 

[gene hughes]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=Terrier link=topic=41783.msg1190582#msg1190582 date=1286398384]
Yes Gene, except one is a typical business clause..... and one is mass murder.
[/quote]

I said first born child, not all children. I'd only have to kill one child and then no one would ever be late again.

Except maybe KingJulian's dad.

 

[Gerry_A_Trick]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=spider-neil link=topic=41783.msg1190492#msg1190492 date=1286394614]
[quote author=Herr Onceared link=topic=41783.msg1190481#msg1190481 date=1286394425]
[quote author=spider-neil link=topic=41783.msg1190475#msg1190475 date=1286394179]
two points;

1. if this goes to court I'm sure hick's case will be the board we're looking out for the owners interests, and he'd kind of have a point seeing as the owners would make no money

2. even if the club goes into administration I'm sure hick will say if he'd been allowed to appointment his men on the board this (the clib going into admin) wouldn't have happened as they would have been able to push through refinace using the club as security.

I don't think this is as cut and dried as broughton thinks it is
[/quote]Now i dont know what to believe!!? SpiderNeil off of the internet has called Martin Broughton off of mega million company sales deals out.
*confused*
[/quote]

yeah oncy, vey funny. when this goes to court hicks will say 'how the heck is this sale in my interests when I make no money?'
[/quote]

Because, with the interest payments rising and about to rise an awful lot quicker, it's more a matter of him not losing a lot of money.

 

[Rosco]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=Hansern link=topic=41783.msg1190407#msg1190407 date=1286391050]
Tony Evans on Talksport claiming this will get very messy before it's resolved and could drag on forever.

I've decided not to listen to you Tony, as you've made a bit of a tit of yourself in the last few months..
[/quote]

*claps*

 

[Rosco]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=Buddha link=topic=41783.msg1190450#msg1190450 date=1286392831]
[quote author=spider-neil link=topic=41783.msg1190443#msg1190443 date=1286392530]
[quote author=Hansern link=topic=41783.msg1190435#msg1190435 date=1286392321]
Hicks spokesman tells Bloomberg Broughton didn't have power to block changes to #LFC board. Sale unlawful owners claim
4 minutes ago via Twitter for BlackBerry®
[/quote]

let's hope broughton power of chairmanship is in the form of a contract rather than verbally agreed.
[/quote]

He stated earlier that it was written into both his contract and the board level paperwork (articles of something or other).

He's really very bullish about the whole thing and I have faith in his judgement.
[/quote]

Article 81 (a) from the link Redshrek provided yesterday is what Broughton is referring to.

 

[Buddha]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=Rosco link=topic=41783.msg1190608#msg1190608 date=1286400718]
[quote author=Buddha link=topic=41783.msg1190450#msg1190450 date=1286392831]
[quote author=spider-neil link=topic=41783.msg1190443#msg1190443 date=1286392530]
[quote author=Hansern link=topic=41783.msg1190435#msg1190435 date=1286392321]
Hicks spokesman tells Bloomberg Broughton didn't have power to block changes to #LFC board. Sale unlawful owners claim
4 minutes ago via Twitter for BlackBerry®
[/quote]

let's hope broughton power of chairmanship is in the form of a contract rather than verbally agreed.
[/quote]

He stated earlier that it was written into both his contract and the board level paperwork (articles of something or other).

He's really very bullish about the whole thing and I have faith in his judgement.
[/quote]

Article 81 (a) from the link Redshrek provided yesterday is what Broughton is referring to.
[/quote]

And is he right to be bullish then?

 

[Sheik Yerbouti]

Re: LFC Sold to NESV (New England Sports Ventures)

Any chance we can keep Broughton?

 

[SaintGeorge67]

Re: LFC Sold to NESV (New England Sports Ventures)

I was thinking that. From memory he was pretty adamant it was just during this process.

 

[Sheik Yerbouti]

Re: LFC Sold to NESV (New England Sports Ventures)

Someone elsewhere has raised this point....

Mill finance own 50% of the club as they have inherited Gillett's share. The legal argument is that because Mill finance didn't sign any undertaking with Broughton they are free to block the sale.

What's peoples' thoughts?

 

[Atlas]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=Sheik Yerbouti link=topic=41783.msg1190612#msg1190612 date=1286401404]
Someone elsewhere has raised this point....

Mill finance own 50% of the club as they have inherited Gillett's share. The legal argument is that because Mill finance didn't sign any undertaking with Broughton they are free to block the sale.

What's peoples' thoughts?
[/quote]

they can fuck off?

 

[Oncy]

Re: LFC Sold to NESV (New England Sports Ventures)

They dont own 50% of the club, they OWE 50% of the debt leveraged against the club. Ergo they can all suck my cock.
Our man Sir Ian mckellan is going to magneto their asses.

 

[El Pistolero]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=Sheik Yerbouti link=topic=41783.msg1190612#msg1190612 date=1286401404]
Someone elsewhere has raised this point....

Mill finance own 50% of the club as they have inherited Gillett's share. The legal argument is that because Mill finance didn't sign any undertaking with Broughton they are free to block the sale.

What's peoples' thoughts?
[/quote]

Wasn't gillett at the last meeting where they tried to sack the board, surely it could be argued that he shouldn't be there then. This is going to get very messy.

 

[darkstarexodus]

Re: LFC Sold to NESV (New England Sports Ventures)

Is there anything on pages 62 to 96 worth reading? I missed those while sleeping last night.

 

[Sheik Yerbouti]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=darkstarexodus link=topic=41783.msg1190619#msg1190619 date=1286402070]
Is there anything on pages 62 to 96 worth reading? I missed those while sleeping last night.


[/quote]

Some great porn but I can't remember which page.

 

[Oncy]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=darkstarexodus link=topic=41783.msg1190619#msg1190619 date=1286402070]
Is there anything on pages 62 to 96 worth reading? I missed those while sleeping last night.


[/quote]Brendan, Peter haugue and Ibromorph made one amazing post each about Moores and parry on blue peter, where stanley park is and Brendan respectively.
The rest was mostly experts givinv their two pence until finally neil came along and added a letigious air to preceedings.

i was amZing obv.

 

[Rosco]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=Sheik Yerbouti link=topic=41783.msg1190612#msg1190612 date=1286401404]
Someone elsewhere has raised this point....

Mill finance own 50% of the club as they have inherited Gillett's share. The legal argument is that because Mill finance didn't sign any undertaking with Broughton they are free to block the sale.

What's peoples' thoughts?
[/quote]

Funnily enough I had an exam on this area of law on Monday and I skipped this section. Generally a covenant in agreement will bind the successor once they have or should have had notice of it. Given we know about it, they'll be unlikely to succeed.

 

[Farkmaster]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=Vlads Quiff link=topic=41783.msg1190572#msg1190572 date=1286397763]
[quote author=jexykrodic link=topic=41783.msg1190551#msg1190551 date=1286396808]
I understand the legal proceedings to have been called by Mr Broughton.

The question for the Judge to decide is as to whether the sales process has been conducted properly.

Hicks & Gillett signed away their power of veto last April when re-financing.

They are objecting to the proposed sale and claim they can change the board members. If they succeed then they could block the sale. Even if they did this then the loan falls due on the 15th and RBS can force a sale. They don't have much room to maneouvre.

I can't see Broughton being as bullish as he is without being a sure as he can be of a Judge's approval.

I suspect H&G are doing this as brinkmanship hoping to cut their losses by getting NESV to pay a bit more for a quick, quiet deal.
[/quote]

I suspect Hicks is hoping RBS let them off a bit of dosh for the problem to go away as it must be one fucking big embarrassing pain in the arse for them

regards
[/quote]

Yep, lawyers will make money, some fees will be absolved (or else), and then we'll watch what happens when you have an unemployed standing army of rawkites.

 

[Avmenon]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=Rosco link=topic=41783.msg1190626#msg1190626 date=1286402832]
[quote author=Sheik Yerbouti link=topic=41783.msg1190612#msg1190612 date=1286401404]
Someone elsewhere has raised this point....

Mill finance own 50% of the club as they have inherited Gillett's share. The legal argument is that because Mill finance didn't sign any undertaking with Broughton they are free to block the sale.

What's peoples' thoughts?
[/quote]

Funnily enough I had an exam on this area of law on Monday and I skipped this section. Generally a covenant in agreement will bind the successor once they have or should have had notice of it. Given we know about it, they'll be unlikely to succeed.


[/quote]

What exams are you sitting for, Ross?

 

[Rosco]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=Avmenon link=topic=41783.msg1190629#msg1190629 date=1286402988]
[quote author=Rosco link=topic=41783.msg1190626#msg1190626 date=1286402832]
[quote author=Sheik Yerbouti link=topic=41783.msg1190612#msg1190612 date=1286401404]
Someone elsewhere has raised this point....

Mill finance own 50% of the club as they have inherited Gillett's share. The legal argument is that because Mill finance didn't sign any undertaking with Broughton they are free to block the sale.

What's peoples' thoughts?
[/quote]

Funnily enough I had an exam on this area of law on Monday and I skipped this section. Generally a covenant in agreement will bind the successor once they have or should have had notice of it. Given we know about it, they'll be unlikely to succeed.


[/quote]

What exams are you sitting for, Ross?
[/quote]

Just more stuff I need to do to qualify. Nothing exceptional. Equity and Trusts was on Monday, sat Property Law today. I've never been so fucking bored in all my life as I was studying for them.

Avvy, how long are you in the UK for ?

 

[Jack D Rips]

Re: LFC Sold to NESV (New England Sports Ventures)

[quote author=darkstarexodus link=topic=41783.msg1190619#msg1190619 date=1286402070]
Is there anything on pages 62 to 96 worth reading? I missed those while sleeping last night.


[/quote]

Seriously gripping stuff. the history of Mars and twix bars

 

[Avmenon]

Re: LFC Sold to NESV (New England Sports Ventures)

Not sure,mate..

The missus will be here at least a year; I'd planned to get a job within a couple of months but that's not going too well.. 🙁

We'll see what happens 8)

I'm hoping to see the Emerald Isle though..

 

[Woland]

Re: LFC Sold to NESV (New England Sports Ventures)

Good to see SoS aka The Impotent Fury of the Poor standing up for our love rights.

 

[SaintGeorge67]

Re: LFC Sold to NESV (New England Sports Ventures)

So what has happened with the SOS lot and Purslow now?