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Liverpool Court Case begins

Redking Avatar
6y, 1m agoPosted 6 years, 1 month ago
Case begins in packed Court 16- Philip Snowdon QC for RBS -H&G in "breach of contract" guilty of "breath-taking arrogance"

LFC SOLD SCUMBAGS OUT
- Adam2050
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Redking Avatar
6y, 1m agoPosted 6 years, 1 month ago
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#1
I'm quietly nervous. Just want it all to be over
#2
11.25am: BREAKING, from our reporter Sachin Nakrani: "Case started. RBS accuse Hicks and Gillett of trying to 'profit from the confusion their actions have caused'."

11.33am: "RBS appeal to judge to 'restore a clearly constituted and functioning board' today. 'It cannot wait and it would be wrong for Mr Hicks and Gillett to profit from their tactics.'," reports Sachin Nakrani.
#3
Who? What?
#4
This would make great live TV.
#5
YNWA
#6
No word of Gillett or Hicks putting in an appearance at court.

11.38am: Hicks and Gillett representative admits to breach of contract but feels there is no urge for board to be reconstituted before Friday.

RBS dismisses this as 'absurd' given the company needs to repay £200m to the bank by Friday.

Edited By: midlandscomics on Oct 12, 2010 11:39: Added 11.38am
#7
I would have thought there was far too much information to go through in a short period of time and would expect this case is going to be adjourned, perhaps them not being there is a ploy to delay the outcome.
#8
Midlands where you pulling all this from?
#9
greg_68
I would have thought there was far too much information to go through in a short period of time and would expect this case is going to be adjourned, perhaps them not being there is a ploy to delay the outcome.


Two hours they reckon.
#11
greg_68
I would have thought there was far too much information to go through in a short period of time and would expect this case is going to be adjourned, perhaps them not being there is a ploy to delay the outcome.


really? for a declaratory decision? It would seem pretty straight forward, either valid undertakings or not
#12
Cheers Paul.
#13
Looks like the court battle not going to go for much longer after comments like this
#14
anyone read David Mitchell's article this morning:

As an enemy of football, I'm delighted by the crisis facing Liverpool. Its successes, traditions and combination of a global fan base with a strong geographical sense of identity make it a tricky institution to despise, but I can do it. It's complicit in one dull sport's infiltration of so many media and conversations, so much of the precious part of my brain that I reserve for ire and, at times of forthcoming national disappointment, so many upstairs windows and car aerials. It's the epitome of what makes football hard to kill: popular, successful and even charming. Assuming you don't support Everton.
#15
11.40am: Fernando Torres arrives at court, but pulls up just a few minutes later as he goes to take his seat in the public gallery. :(
#16
cant wait for the hearing of
'Slutsker v Haron Investments'
#17
midlandscomics
11.40am: Fernando Torres arrives at court, but pulls up just a few minutes later as he goes to take his seat in the public gallery. :(

LOL?
#18
Is it me or does Henry (Prospective LFC owner, not Tierry or the Hoover) look a heck of a lot like Jeremy Irons as the bad guy from Die Hard with A Vengence: http://www.skysports.com/story/0,19528,11669_6441371,00.html

I don't know why this is relevant.
#19
Im no expert,but this all seems to be gillete and hicks throwing their toys out the pram? are they determined that their parting shot will be to cause a 9 point deduction and then vanish back to america?what other possible reason can they have for this charade?

Also there is apparently a far eastern billionaire made a bid this morning?
#20
barky
Im no expert,but this all seems to be gillete and hicks throwing their toys out the pram? are they determined that their parting shot will be to cause a 9 point deduction and then vanish back to america?what other possible reason can they have for this charade?Also there is apparently a far eastern billionaire made a bid this morning?

Basically yes.

Mr Lim offering £320 Million in cash.
#21
RBS: H&G "seeking to profit from confusion"
#22
barky
Im no expert,but this all seems to be gillete and hicks throwing their toys out the pram? are they determined that their parting shot will be to cause a 9 point deduction and then vanish back to america?what other possible reason can they have for this charade?

Also there is apparently a far eastern billionaire made a bid this morning?


didnt he make the bid last week and it was rejected (by text message), he is meant to be making an improved offer and feels his offer is stronger as he will be paying with his own money rather than borrowed money
#23
11.48am: Meanwhile Peter Lim has lodged an increased offer for Liverpool FC. Sporting Intelligence website is carrying a statement from the Singapore businessman, saying that £360m has been offered - £320m in cash for the club and its liabilities plus £40m to buy players. The statement says:

The proposal represents a total investment of £360m. The offer values the Club at £320m. A further £40m will be made available to purchase new players.
Like the previous offer tabled by Mr Lim, the new offer is entirely in cash and will remove the entire acquisition debt of £200m taken on by the existing owners that has cast uncertainty over the Club's future.
The new offer also includes a cash investment of £120m. Of this:
£40m cash is to be allotted specifically to fund player purchases during the upcoming transfer window as the immediate priority is to ensure that the squad is strengthened for the remainder of the season.
The balance of £80m will pay off all the Club's bank debt, the fees and interest accruing on the bank debt, and provide additional working capital for the Club.

The offer trumps the £300m offered by New England Sports Ventures - which was accepted last week by Liverpool's chairman, Martin Broughton.
#24
barky
Im no expert,but this all seems to be gillete and hicks throwing their toys out the pram? are they determined that their parting shot will be to cause a 9 point deduction and then vanish back to america?what other possible reason can they have for this charade?

Also there is apparently a far eastern billionaire made a bid this morning?


H&G don't want to lose the club making a £140m loss. If NESV's offer goes through that's what will happen. All they're trying to do is stall things in order to either:

A) Refinance (no bank will touch them with a bargepole though)
B) Sell to a higher bidder - Peter Lim's offer is more, but doesn't include plans for a new stadium/rebuilding of Anfield.

They've already admitted breach of contract, meaning that they can't restructure the board, so it just seems to be a case of if the acceptance of the NESV offer was valid or not.
#25
I wonder what REAL gross figure they will make / lose if this deal goes through, I guess we'll never know but I'd love to find out if they have raped the club or invested in an unmitigated disaster of an investment.
#26
11.55am: Back in court: "RBS reveals that it is clause C3 of the sale agreement with the bank that Hicks and Gillett signed in April 2010 that they have breached in regards to trying to change the board."
#27
Adam2050
11.55am: Back in court: "RBS reveals that it is clause C3 of the sale agreement with the bank that Hicks and Gillett signed in April 2010 that they have breached in regards to trying to change the board."

so,is this ILLEGAL in the criminal sense?or is it a civil matter?
#28
No just a breach of contract which they can just reverse I assume. This will see the board reunited and then the decision to sell to NESV approved basically.

Edited By: greg_68 on Oct 12, 2010 12:04: .
banned#29
contract law is a civil matter.
#30
midlandscomics
11.40am: Fernando Torres arrives at court, but pulls up just a few minutes later as he goes to take his seat in the public gallery. :(
yep after he pulls up he has to go and put his hair in rollers and make-up on:D
#31
12.06pm: Despite his new offer, Lim's chances of buying Liverpool are slim. Lim is only likely to gain control of Liverpool if Hicks loses in court and RBS put the club into administration or NESV choose to pull out. NESV's agreement with the LFC board is legally binding, so a higher bid cannot be accepted. Lim might also try to offer Hicks the funds needed to pay off the debt and take control surreptitiously, although this would seem like a very risky strategy. Lim, by the way, is a Manchester United fan and owns a string of Manchester United themed bars in Asia.

This is what Hicks wants IMO. It's funny how it's taken Lim a week to make this new offer, and on the day of the court case.

Edited By: midlandscomics on Oct 12, 2010 12:14: .
#32
Mr Weasle
midlandscomics
11.40am: Fernando Torres arrives at court, but pulls up just a few minutes later as he goes to take his seat in the public gallery. :(
yep after he pulls up he has to go and put his hair in rollers and make-up on:D


http://www.photochopz.com/gallery/data/500/tumbleweed.jpg
#33
Mr Weasle
midlandscomics
11.40am: Fernando Torres arrives at court, but pulls up just a few minutes later as he goes to take his seat in the public gallery. :(
yep after he pulls up he has to go and put his hair in rollers and make-up on:D


http://www.photochopz.com/gallery/data/500/tumbleweed.jpg
#34
midlandscomics
12.06pm: Despite his new offer, Lim's chances of buying Liverpool are slim. Lim is only likely to gain control of Liverpool if Hicks loses in court and RBS put the club into administration or NESV choose to pull out. NESV's agreement with the LFC board is legally binding, so a higher bid cannot be accepted. Lim might also try to offer Hicks the funds needed to pay off the debt and take control surreptitiously, although this would seem like a very risky strategy. Lim, by the way, is a Manchester United fan and owns a string of Manchester United themed bars in Asia.


yeah, there would be a massive payout to the new americans if the board pulled out of that deal and then went into a deal with Lim, more debt.....
#35
midlandscomics
12.06pm: Despite his new offer, Lim's chances of buying Liverpool are slim. Lim is only likely to gain control of Liverpool if Hicks loses in court and RBS put the club into administration or NESV choose to pull out. NESV's agreement with the LFC board is legally binding, so a higher bid cannot be accepted. Lim might also try to offer Hicks the funds needed to pay off the debt and take control surreptitiously, although this would seem like a very risky strategy. Lim, by the way, is a Manchester United fan and owns a string of Manchester United themed bars in Asia.This is what Hicks wants IMO. It's funny how it's taken Lim a week to make this new offer, and on the day of the court case.

Seems like a kid with his toys wanting a new shinney tin car.

Think its just circumstance.
#36
midlandscomics
12.06pm: Despite his new offer, Lim's chances of buying Liverpool are slim. Lim is only likely to gain control of Liverpool if Hicks loses in court and RBS put the club into administration or NESV choose to pull out. NESV's agreement with the LFC board is legally binding, so a higher bid cannot be accepted. Lim might also try to offer Hicks the funds needed to pay off the debt and take control surreptitiously, although this would seem like a very risky strategy. Lim, by the way, is a Manchester United fan and owns a string of Manchester United themed bars in Asia.This is what Hicks wants IMO. It's funny how it's taken Lim a week to make this new offer, and on the day of the court case.

You seriously couldn't make this up.
#37
http://static.guim.co.uk/sys-images/Football/Clubs/Club_Home/2010/10/12/1286881353081/Liverpool-fans-outside-th-004.jpg
#38
12.16pm: Waiting for more updates from inside the court, meanwhile outside the court Liverpool's fans are having their say. We think the "Not Welcome Here" in the banner is referring to Anfield rather than the High Court in London.
#39
This is an extremely slight side note, but it's interesting how easily the press at large make errors in their factual reporting. The BBC website, as well as numerous others, have reported the statements made by Philip Snowdon QC for RBS. I'm sure Richard Snowden QC will be delighted at how accurately everyone is reporting his name.

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