Texas court halts sale of Dippers

[fbloke]

RE: the RBS debt.

We are close to the deadline for the debt being called in and the club entering administration if that is the case.

Will the debt remain re-payable by H and G (or Mill Fin') until it is called in, triggering administration, or does the club simply fall under the control of RBS and H and G's option on re-paying the debt end?

 

[Tricky_Trev]

Liverpool will get their takeover and their fans will proudly sing you'll never walk alone, declaring a momentus victory. But when they lose to Everton this weekend and remain firmly in the bottom 3, they'll soon realise that they are still fucked.

 

[shootmeifipost10k]

RE: the RBS debt.

We are close to the deadline for the debt being called in and the club entering administration if that is the case.

Will the debt remain re-payable by H and G (or Mill Fin') until it is called in, triggering administration, or does the club simply fall under the control of RBS and H and G's option on re-paying the debt end?

If they came up with the money in time and there was no completed agreement to sell then they would, probably, be able to retain control. The reason I say probably is that the arrangements are complicated and nobody has the full picture (except the board, RBS and Hicks + Gillette).

I quoted cambridgeblue I aint that smart[/quote]

 

[mike channon´s windmill]

RE: the RBS debt.

We are close to the deadline for the debt being called in and the club entering administration if that is the case.

Will the debt remain re-payable by H and G (or Mill Fin') until it is called in, triggering administration, or does the club simply fall under the control of RBS and H and G's option on re-paying the debt end?

If they came up with the money in time and there was no completed agreement to sell then they would, probably, be able to retain control. The reason I say probably is that the arrangements are complicated and nobody has the full picture (except the board, RBS and Hicks + Gillette).

I quoted cambridgeblue I aint that smart

One thing seems almost certain is that if the deadline passes H&G will have forfeited any chance of refinancing whether it be themselves or through a third party; so what´s their next move ?

 

[fbloke]

But if the deal cannot be completed due to the US court contraints the RBS will need to call in the debt or risk it being paid back.

Or am I wrong?

 

[Kirkstall Blue]

Quote, Dallas News, Steve Stodghill, a lawyer for Hicks and Gillett, said the Texas court had jurisdiction to halt the sale because of all the defendants' business connections to North Texas.

Among the factors that give the Texas court a say: The Royal Bank of Scotland solicits business and has a registered agent here; Broughton had meetings in Dallas with Hicks; and the Red Sox play the Texas Rangers each year in Arlington, Stodghill said.

"It is totally fair for us to pull RBS and the defendants into a Texas court," he said, adding that Hicks picked state court over federal court mostly for speed.

"We'd expect this to be a venue and jurisdiction fight, for sure," he added.

•In September, Hicks proposed an investment of $275 million, to be funded by GSO Capital Partners, a subsidiary of Blackstone. In connection with this proposal, FBR Capital Markets valued the team at just over $1 billion. Hicks contends the defendants helped scuttle the deal by leaking confidential information – and misinformation – to the news media and Liverpool fan groups.

I think G&H still have a case for it to be heard in the US, or at least sue the RBS for under valuing the club. Why would NESV be in the court making representations as they don't own the club yet.

 

[BobKowalski]

One thing seems almost certain is that if the deadline passes H&G will have forfeited any chance of refinancing whether it be themselves or through a third party; so what´s their next move ?

 

[shootmeifipost10k]

I think it's all part of Hicks plot to be able to sue after the sale as gone through which he knows he can't really stop at this point.
Just gesturing like he still wanted the club and how much money he as lost and future monies which he will try and sue for.
He'll sue for 2.5 billion the locals on mersyside will offer him a few burnt out candles and a shed load of sony xplods.

 

[mike channon´s windmill]

But if the deal cannot be completed due to the US court contraints the RBS will need to call in the debt or risk it being paid back.

Or am I wrong?

RBS will delay only in favour of LFC board agreement - no probs for NESV there
H&G have less than 3 hours to pull a 300m pound rabbit out of the hat - if they don´t their only recourse will be the Dallas courts (unlikely) or litigation (by which time LFC will have new owners). In the U.S litigation could go either way and would only end up damaging the UK taxpayer - just my opinion - I´m no lawyer<br /><br />-- Thu Oct 14, 2010 9:17 pm --<br /><br />

One thing seems almost certain is that if the deadline passes H&G will have forfeited any chance of refinancing whether it be themselves or through a third party; so what´s their next move ?

Looks like Red dippers leaving Goodison on Sun ;)

 

[BobKowalski]

Quote, Dallas News, Steve Stodghill, a lawyer for Hicks and Gillett, said the Texas court had jurisdiction to halt the sale because of all the defendants' business connections to North Texas.

Among the factors that give the Texas court a say: The Royal Bank of Scotland solicits business and has a registered agent here; Broughton had meetings in Dallas with Hicks; and the Red Sox play the Texas Rangers each year in Arlington, Stodghill said.

"It is totally fair for us to pull RBS and the defendants into a Texas court," he said, adding that Hicks picked state court over federal court mostly for speed.

"We'd expect this to be a venue and jurisdiction fight, for sure," he added.

•In September, Hicks proposed an investment of $275 million, to be funded by GSO Capital Partners, a subsidiary of Blackstone. In connection with this proposal, FBR Capital Markets valued the team at just over $1 billion. Hicks contends the defendants helped scuttle the deal by leaking confidential information – and misinformation – to the news media and Liverpool fan groups.

I think G&H still have a case for it to be heard in the US, or at least sue the RBS for under valuing the club. Why would NESV be in the court making representations as they don't own the club yet.

Soliciting business in a state or playing a baseball game or two is not grounds for jurisdiction. All this is H&G exhausting all means possible so that they can sue the arse off RBS in the States once the sale has gone through and no one can claim that they didn't try and put up any objections prior to the sale. RBS is the only one worth going after since they are the only player with any money and presumably assets in the States that they can go after.

They are about to lose £144m so anything is worth a punt.