Texas court halts sale of Dippers

[mike channon´s windmill]

So how would you as a tax payer who helped RBS out of the shite feel if they now get royally fcuked of H&G? The RBS had the option of getting all their money today via mill finance and Hicks, yet they turned that down so Hicks sues due to LFC being under sold.

Maybe Mr Cameron should be thinking about this !

-- Fri Oct 15, 2010 2:17 pm --

No. MF can't ask the FA to conduct F&PP tests. Only Liverpool can.

However, if the FA/PL did do everything they could to stand in the way of Mill Financial (i.e. H&G MkII) then it would at last show they'd finally grown a pair.

Only for a "sky top 4 club" though, a special deal to make sure Liverpool remain viable top 4 contenders and you won't see that degree of co-operation for any other club.

Cue writ against the PL and FA
You´re spot on though - anyone else except Sky 4 would have been ruthlessly allowed to slide - end of

 

[Kirkstall Blue]

I'll be damn annoyed if we all end up paying for the stitch up of G&H,

 

[Damocles]

According to my legal friends, Hicks has got a case, if Mill Financial offered to pay the RBS and they refused it. And I mean a multi billion dollar case.

 

[toffeetom]

According to my legal friends, Hicks has got a case, if Mill Financial offered to pay the RBS and they refused it. And I mean a multi billion dollar case.

The thing that I'd imagine would trip him up is the fact that he handed over the sale to the board so has no legitimate authority. As Broughton said the sale would not necessarily go to the highest bidder, I hope you're friends are right though.

 

[mike channon´s windmill]

According to my legal friends, Hicks has got a case, if Mill Financial offered to pay the RBS and they refused it. And I mean a multi billion dollar case.

The thing that I'd imagine would trip him up is the fact that he handed over the sale to the board so has no legitimate authority. As Broughton said the sale would not necessarily go to the highest bidder, I hope you're friends are right though.

Correct coz MB had negotiated reduction or waiving of fees for his prefered option

 

[leighton]

This whole case seems strange with how the so called 2 owners of Liverpool got done by there chairmen and directors who didnt put any sort of finace into the club. Yet they had the power to get rid of the 2 men that got the loans and monies for the club in the first place. Normally courts would favour owners over the others you would of thought.

 

[BobKowalski]

According to my legal friends, Hicks has got a case, if Mill Financial offered to pay the RBS and they refused it. And I mean a multi billion dollar case.

The thing that I'd imagine would trip him up is the fact that he handed over the sale to the board so has no legitimate authority. As Broughton said the sale would not necessarily go to the highest bidder, I hope you're friends are right though.

Agreed. The board is the only legally constituted entity with authority to conduct and agree to the sale of LFC. H&G tried to challenge this authority in the UK courts and failed with no leave for appeal. This leaves the board to sell to who they want and for the price they want.

Some hedge fund approaching RBS at the last minute with an 'offer' to pay outstanding loans would be politely declined at this late stage as any hint of acceptance could scupper the approved deal currently on the table and jeopardise RBS's efforts to secure the payment of the loan through a lawfully approved bid to buy the club for £300m.

H&G were owners of LFC in name only with no legal authority to decide or do anything with LFC. They f**ked up. They paid the price. H&G will do everything the can to minimise their losses but personally can't see it proving successful. The board and RBS had this legally sewn up tighter than a gnat's chuff. All H&G can do is 'make a lot of noise over there'

 

[Cambridgeblue]

According to my legal friends, Hicks has got a case, if Mill Financial offered to pay the RBS and they refused it. And I mean a multi billion dollar case.

I would agree - although the Mill Finance gambit ultimately failed it will have massively strengthened H&G's case against the Directors / RBS as there was clearly a concrete deal in place that would have repaid RBS.

Ultimately it seems Broughton, Ayres and Purslow took considerations such as fan pressure into account ahead of their duties to the shareholders. This dispute will rumble on for some time.<br /><br />-- Fri Oct 15, 2010 2:59 pm --<br /><br />

The thing that I'd imagine would trip him up is the fact that he handed over the sale to the board so has no legitimate authority. As Broughton said the sale would not necessarily go to the highest bidder, I hope you're friends are right though.

Agreed. The board is the only legally constituted entity with authority to conduct and agree to the sale of LFC. H&G tried to challenge this authority in the UK courts and failed with no leave for appeal. This leaves the board to sell to who they want and for the price they want.

Some hedge fund approaching RBS at the last minute with an 'offer' to pay outstanding loans would be politely declined at this late stage as any hint of acceptance could scupper the approved deal currently on the table and jeopardise RBS's efforts to secure the payment of the loan through a lawfully approved bid to buy the club for £300m.

H&G were owners of LFC in name only with no legal authority to decide or do anything with LFC. They f**ked up. They paid the price. H&G will do everything the can to minimise their losses but personally can't see it proving successful. The board and RBS had this legally sewn up tighter than a gnat's chuff. All H&G can do is 'make a lot of noise over there'

I disagree because the directors still owed statutory duties to H&G REGARDLESS of the terms of their appointment under the CGSL.

 

[BobKowalski]

This whole case seems strange with how the so called 2 owners of Liverpool got done by there chairmen and directors who didnt put any sort of finace into the club. Yet they had the power to get rid of the 2 men that got the loans and monies for the club in the first place. Normally courts would favour owners over the others you would of thought.

Its easier if you realise that H&G were just owners in name. The de facto owners since the refinancing deal were RBS. They made sure that nothing could be done with LFC without their agreement. Broughton is RBS's man and put there to protect RBS interests not H&G.

H&G 's only hope was to get a big buyer for LFC prior to 15th Oct and even then the board could have vetoed it. Trouble is no one was stupid enough to pay £600m for something they could get for half that on 15th Oct so the whole thing was doomed to failure pretty much from the off. Personally I think Broughton had NSEV lined up a while back and then just waited to make the announcement a few days before D-Day leaving H&G little room to scupper the deal.

 

[toffeetom]

The thing that I'd imagine would trip him up is the fact that he handed over the sale to the board so has no legitimate authority. As Broughton said the sale would not necessarily go to the highest bidder, I hope you're friends are right though.

Agreed. The board is the only legally constituted entity with authority to conduct and agree to the sale of LFC. H&G tried to challenge this authority in the UK courts and failed with no leave for appeal. This leaves the board to sell to who they want and for the price they want.

Some hedge fund approaching RBS at the last minute with an 'offer' to pay outstanding loans would be politely declined at this late stage as any hint of acceptance could scupper the approved deal currently on the table and jeopardise RBS's efforts to secure the payment of the loan through a lawfully approved bid to buy the club for £300m.

H&G were owners of LFC in name only with no legal authority to decide or do anything with LFC. They f**ked up. They paid the price. H&G will do everything the can to minimise their losses but personally can't see it proving successful. The board and RBS had this legally sewn up tighter than a gnat's chuff. All H&G can do is 'make a lot of noise over there'

Exactly. Broughton wouldn't have won the court case if H&G had any kind of clause which allowed the usurp what he was doing. Ultimately H&G dug their own graves by extending the loan, which gave de facto power to the bank. It's buying your house with borrowed money, ultimately whoever you've lent it off can seize your assets.

Hicks does seem like a total tool though, if he'd been shrewd he could have sorted this mill financing thing out earlier.