Re: The Countdown to October 6
[quote author=Judge Jules link=topic=41900.msg1176158#msg1176158 date=1284714539]
[quote author=Wilko link=topic=41900.msg1175909#msg1175909 date=1284670512]
[quote author=Hansern link=topic=41900.msg1175881#msg1175881 date=1284670174]
From RAWK;
Hi All,
Here is the text of an email that I have just received from David Maddock. Hicks is out to get full control at Anfield
Hi faith,
You were right about hicks going to fbr. Apparently gillett has defaulted on a loan in u.s. Which uses lfc as collateral, and so his stake could be taken off him. Hicks trying to buy credit note and refinance to take full control - very messy!
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And Broughton, Ayre and Purslow will all vote for this?
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That's what I'm wondering. If Hicks wants to put the club and all its assets up as collateral, can they not resist that in some way?
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In a normal loan, first charge on collateral is pretty secure. That would be RBS' security I presume.
However in the world of toxic financing, only God knows what is going on. The lender is taking pretty high risk for very high return. As long as RBS gets their money back, they don't care who would lend the owners any money. It is grim if this leveraged second tier loan gets through. It is like a blackhole for LFC. Start composing your eulogy!