Texas court halts sale of Dippers

[The Fixer]

RBS QC in court the texas court knew nothing of the high court ruling. Rbs also say the writ issued by hicks only landed a\t the liverpool board 5 mins before the board meeting was to take place.

 

[Prestwich_Blue]

H&G losses are not RBS's problem.

Very true but it don't quite look like that imo, as CB said he found it rather strange RBS was talking about the good of stakeholders rathber than creitors!

Not strange really. Under normal circumstances it would be the shareholders whose interests were paramount. But RBS could call this debt in anytime they wanted so their interests are also at stake, as well as fans, if RBS were to go down the administration route.

 

[Mikeegrini]

Cant the Liverpool fans see that this wont help, and actually by writing this they are digging their own grave? I honestly think the start of Liverpool's demise is happening right before our eyes.

Can you imagine English football without Liverpool? As much as it might sound funny, it really isn't. We're all football fans at the end of the day, and if a stripping down of assets at Anfield is going to happen it'll be a very sad day for English football.

I don't see any point in wanting any club to go bust. However, seeing them taken down a few pegs and enduring several years of turmoil would be a nice sight.

IMO when it comes to being a football fan, you reap what you sow. For years fans of clubs up and down the country have taken great delight in seeing City lurch from one crisis to another on and off the pitch - very few fans had any sympathy for us (and why should they?), so I don't see why I should now be extending the hand of sympathy to Liverpool or any other club for that matter.

I don't tend to forget things too easily and although it was 14 years ago, the image of Liverpool fans to a man (and woman) in the away section of the North Stand at Maine Road splitting their sides laughing when our relegation was confirmed after the final game of the 1995-96 season will forever be etched in my memory. And while it's sad that people can come in and make a pig's ear of running an established football club, they're hardly alone in having to suffer from having shit owners, and their trophy-laden history doesn't make them any more of a special case than the likes of Leeds and Portsmouth. In short, they can go and get fucked for me.

Well said

 

[mcfcmatt]

It's just been on SSN that the other offer from Lim has been withdrawn.
If those 2 yanks win the Court battle Liverpool are really screwed.

 

[bluemonkey71]

<a class="postlink" href="http://www.guardian.co.uk/football/blog/2010/oct/14/liverpool-fc-sale-live-coverage" onclick="window.open(this.href);return false;">http://www.guardian.co.uk/football/blog ... e-coverage</a>

 

[mat]

http://www.guardian.co.uk/football/blog/2010/oct/14/liverpool-fc-sale-live-coverage

[youtube]http://www.youtube.com/watch?v=bXWqbzr9f6Q&feature=player_embedded[/youtube]

 

[Cambridgeblue]

Very true but it don't quite look like that imo, as CB said he found it rather strange RBS was talking about the good of stakeholders rathber than creitors!

Not strange really. Under normal circumstances it would be the shareholders whose interests were paramount. But RBS could call this debt in anytime they wanted so their interests are also at stake, as well as fans, if RBS were to go down the administration route.

Under English insolvency law the interests should rank in the follwing order:

1. Creditors with fixed charges.
2. Preferential creditors – primarily wages (up to £800 per employee) and
occupational pensions.
3. Creditors with floating charges (which will have crystallised, if not before, then upon commencement of the winding up).
4. Unsecured creditors, to the extent that they are not paid off from any ring-fenced fund.
5. Shareholders (according to the rights attaching to their shares).

Stakeholders (i.e. fans) have no rights.

Under the Companies Act 2006 s.172 the directors owe a duty to promote the success of the company for the benefit of the members as a whole. In doing so they may have regard to:

(c) the need to foster the company's business relationships with suppliers, customers and others,
(d) the impact of the company's operations on the community and the environment,

However their primary duty is still to the shareholders.

So whether under insolvency law or company law the shareholders interests ALWAYS rank above those of fans / customers (who aren't creditors).

RBS's control of KFHL/KFL/LFC should, morally if not legally, be limited to the extent of it's security.

All that Broughton and co should have been concerned with (as directors representing RBS) was whether the bids on the table would repay RBS. Once that threshold was reached they should, I think, have turned their attention to which deal was better for the shareholders in terms of either generating a profit or at the very least minimising their losses.

 

[hello]

Not strange really. Under normal circumstances it would be the shareholders whose interests were paramount. But RBS could call this debt in anytime they wanted so their interests are also at stake, as well as fans, if RBS were to go down the administration route.

Why do you think RBS are putting the interests of the fans ahead of their own sharholders though?

I can understand them not giving two fying monkies about H&G but refusing to consider more profitable bids and waiving fees for one bidder is not not something I can get my head round, either I am too thick to understand why they would do that or had too many secret visions about watching them get plunged into admin, the entire first team squad being sold and them playing in the third tier against the mighty tranmere rovers in front of 20k+ empty red seats.

In my vision Tranmere scored a late equaliser to end the dippers slim hopes of a playoff place consigning them to another season of league 1 in 2015

 

[The Fixer]

Lim camp a few minutes ago he feels his offer has almost been completely ignored.

 

[Kirkstall Blue]

By referring to the stakeholders RBS mean a 3rd party, who though?.. Liverpool city council or could the boss of RBS be a big Redsox fan.