Texas court halts sale of Dippers

[Zin 'messiah' Zimmer]

Wrong mate, they basically could walk away with the original loan amount (not sure what that is), and in the light of things still regard this as a victory.

How? Asset strip the club. Tyat wouldn't go down very well

No need to, the sale of the club is set at 300m, 280 to the loan i believe and 20m for abbott and costello. I'm guessing the original loan is around 160-80m so in theory they could go into administration and yes the value of LFC would decrease but not below there original loan.......... win win all round.

 

[moomba]

Rumours around that Mill Financial (who took over Gilletts share when he defaulted on a loan) have bought out Hicks share and want to pay off RBS.

 

[Marvin]

Rumours around that Mill Financial (who took over Gilletts share when he defaulted on a loan) have bought out Hicks share and want to pay off RBS.

Yet the America Court were satisfied that Hicks was the owner?

They'd have to establish ownership

 

[Cambridgeblue]

The top company in the ownership chain is an American LLC... I know nothing of American law but that may or may not be significant.

But may I just take this opportunity to say...

Hahahahahahahaha!

Perhaps we should have a whip round and get you the money for a trip to Texas?

PMSL...

 

[marco]

have H&G planted this asian guy and set him up to make a bid (with no intention of buying) so they could get awarded more time by the courts, just a thought!

 

[tolmie's hairdoo]

Have a high degree of sympathy for these guys H&G.

It's clear there has been a fix going on, and they have been too dumb to realise it.

All the same, they have met all their financial obligations to the bank thus far.

 

[Marvin]

How? Asset strip the club. Tyat wouldn't go down very well

No need to, the sale of the club is set at 300m, 280 to the loan i believe and 20m for abbott and costello. I'm guessing the original loan is around 160-80m so in theory they could go into administration and yes the value of LFC would decrease but not below there original loan.......... win win all round.

So they'd go into administration guaranteed a sale? Don't think so

The current terms are understood to be £300 Mill in which case RBS get their monies back, but if RBS put the club into administration wouldn't they have to re-negotiate the sale? They might feel that they are bound to get their monies back, but I am sure bidders would be looking to buy the assets off the administrator for less than the current value

 

[fbloke]

Have a high degree of sympathy for these guys H&G.

It's clear there has been a fix going on, and they have been too dumb to realise it.

All the same, they have met all their financial obligations to the bank thus far.

To be truthful (as a business owner myself) my sympathy is with them as well.

Its still their club, their property and yet they appeared to have been railroaded.

But TH, perhaps they are cleverer than we at first thought?

The UK courts have now played out and so it goes to the litigious and highly profitable US courts for the real battle. Maybe thats what they wanted when they smelt the stitch up happening?<br /><br />-- Thu Oct 14, 2010 10:36 am --<br /><br />

Have a high degree of sympathy for these guys H&G.

It's clear there has been a fix going on, and they have been too dumb to realise it.

All the same, they have met all their financial obligations to the bank thus far.

To be truthful (as a business owner myself) my sympathy is with them as well.

Its still their club, their property and yet they appeared to have been railroaded.

But TH, perhaps they are cleverer than we at first thought?

The UK courts have now played out and so it goes to the litigious and highly profitable US courts for the real battle. Maybe thats what they wanted when they smelt the stitch up happening?

 

[S04]

have H&G planted this asian guy and set him up to make a bid (with no intention of buying) so they could get awarded more time by the courts, just a thought!

Well, this asian guy is a much bigger fish than H&G so it´s hard to understand how..

 

[fbloke]

Mill financial are about to buy the debt apparently!