LFC SOLD to NESV.

[Jack D Rips]

Re: Liverpool Board set to block G+H's mortgage attempts

I felt confident that RBS wouldnt refinance, but if some other shower come along and agree to it, Im afraid we are going further down the tubes.

 

[Insignificance]

Re: Liverpool Board set to block G+H's mortgage attempts

[quote author=Jack D Rips link=topic=41783.msg1176258#msg1176258 date=1284723830]
I felt confident that RBS wouldnt refinance, but if some other shower come along and agree to it, Im afraid we are going further down the tubes.
[/quote]

I guess they are really in the thinkin box here. It is not nessecarily a refinance if they just prolong the month until new year i.e. However they have a responsibility to act on behalf of both their client (LFC) and their owners. This case looks easy to us, but there is a HUGE amount of cash in it. Whoever approved this loan in the first place should be out of job by now.

 

[localny]

Re: Liverpool Board set to block G+H's mortgage attempts

God, it'd be a high risk loan if they got it. HUGE amounts of interest. Would put hicks even further over a Barrel and empower other buyers to just wait it out. Hicks doesn't care if he ruins us, he's going ALL IN, kamikaze style.

 

[Insignificance]

Re: Liverpool Board set to block G+H's mortgage attempts

[quote author=localny link=topic=41783.msg1176271#msg1176271 date=1284725010]
God, it'd be a high risk loan if they got it. HUGE amounts of interest. Would put hicks even further over a Barrel and empower other buyers to just wait it out. Hicks doesn't care if he ruins us, he's going ALL IN, kamikaze style.
[/quote]

Thats a very good description. He is all in waiting for the one that will spend 600 mill on a footie club. My guess is that that man/imperior/organisation doesnt exist. And if they did, the 300 mill extra for the stadium would rule us out definately!

 

[Wilko7]

Re: Liverpool Board set to block G+H's mortgage attempts

[quote author=Insignificance link=topic=41783.msg1176276#msg1176276 date=1284725213]
[quote author=localny link=topic=41783.msg1176271#msg1176271 date=1284725010]
God, it'd be a high risk loan if they got it. HUGE amounts of interest. Would put hicks even further over a Barrel and empower other buyers to just wait it out. Hicks doesn't care if he ruins us, he's going ALL IN, kamikaze style.
[/quote]

Thats a very good description. He is all in waiting for the one that will spend 600 mill on a footie club. My guess is that that man/imperior/organisation doesnt exist. And if they did, the 300 mill extra for the stadium would rule us out definately!
[/quote]

Poor Tom places such value on the club's potential to have a new, larger stadium. Perhaps no one has the heart to inform him of last night's attendence.

 

[Wilko7]

Re: The Countdown to October 6

[quote author=Insignificance link=topic=41900.msg1176236#msg1176236 date=1284721988]
Obama was making some noise to thighten the financial sector in US, and to control them more. The financial sector in the US is the only place Hicks can get some credit now (wonder how the hell he can anyway but it seem very possible) against all the clubs assets. If he is in sole control he can throw the board and reinstall his family, and thereafter do all his shit as he wants. I assume that is very possible reading the latest articles.

If he does I of course assume broughton resignes and maybe Purslow and Ayre as well as it will basicly wipe the club off the map.

I am very worried these days. FUCK FUCK FUCK. We really have to rely on Hicks not gaining enough credit to buy Gillets assets.

Please anyone enlighten me what Obamas noise towards credit institutions was all about, and can that have any influence on our situation?
[/quote]

Is this based on fact or just a throwaway opinion?

 

[Wilko7]

Re: Liverpool Board set to block G+H's mortgage attempts

May I suggest merging the October thread with this one. It's all the same stuff.

 

[Insignificance]

Re: The Countdown to October 6

[quote author=Wilko link=topic=41900.msg1176279#msg1176279 date=1284725673]
[quote author=Insignificance link=topic=41900.msg1176236#msg1176236 date=1284721988]
Obama was making some noise to thighten the financial sector in US, and to control them more. The financial sector in the US is the only place Hicks can get some credit now (wonder how the hell he can anyway but it seem very possible) against all the clubs assets. If he is in sole control he can throw the board and reinstall his family, and thereafter do all his shit as he wants. I assume that is very possible reading the latest articles.

If he does I of course assume broughton resignes and maybe Purslow and Ayre as well as it will basicly wipe the club off the map.

I am very worried these days. FUCK FUCK FUCK. We really have to rely on Hicks not gaining enough credit to buy Gillets assets.

Please anyone enlighten me what Obamas noise towards credit institutions was all about, and can that have any influence on our situation?
[/quote]

Is this based on fact or just a throwaway opinion?
[/quote]

I assume that the board is elected by the shareholders, and that they can throw the board when they decide?

 

[Judge Jules]

Re: Liverpool Board set to block G+H's mortgage attempts

[quote author=Insignificance link=topic=41783.msg1176249#msg1176249 date=1284722829]
[quote author=jexykrodic link=topic=41783.msg1176248#msg1176248 date=1284722695]
I thought a sale couldn't be stopped?
[/quote]

We have no bids, and if we get a bid and the board accept it it cannot be sanctioned by the minority of the board (Hicks and Gillette).
[/quote]

What Broughton was presumably saying was that it wouldn't have to be.

 

[Judge Jules]

Re: The Countdown to October 6

[quote author=jexykrodic link=topic=41900.msg1176232#msg1176232 date=1284721762]
I bet October 6th comes and goes and we'll still know nothing.
[/quote]

Well, at least that'll give us some hope that H and G haven't been able to refinance, in which case RBS may well move in.

 

[Sunny]

Re: Liverpool Board set to block G+H's mortgage attempts

[quote author=Wilko link=topic=41783.msg1176280#msg1176280 date=1284725737]
May I suggest merging the October thread with this one. It's all the same stuff.
[/quote]

Yeah I think we should and change the title to "Club Refinance Thread" or summat.

 

[Wilko7]

Re: The Countdown to October 6

[quote author=Insignificance link=topic=41900.msg1176282#msg1176282 date=1284726191]
[quote author=Wilko link=topic=41900.msg1176279#msg1176279 date=1284725673]
[quote author=Insignificance link=topic=41900.msg1176236#msg1176236 date=1284721988]
Obama was making some noise to thighten the financial sector in US, and to control them more. The financial sector in the US is the only place Hicks can get some credit now (wonder how the hell he can anyway but it seem very possible) against all the clubs assets. If he is in sole control he can throw the board and reinstall his family, and thereafter do all his shit as he wants. I assume that is very possible reading the latest articles.

If he does I of course assume broughton resignes and maybe Purslow and Ayre as well as it will basicly wipe the club off the map.

I am very worried these days. FUCK FUCK FUCK. We really have to rely on Hicks not gaining enough credit to buy Gillets assets.

Please anyone enlighten me what Obamas noise towards credit institutions was all about, and can that have any influence on our situation?
[/quote]

Is this based on fact or just a throwaway opinion?
[/quote]

I assume that the board is elected by the shareholders, and that they can throw the board when they decide?
[/quote]

I see. Why didn't they "throw the board" when it blocked their refinancing plans back in June?

 

[ragehard]

Re: Merged Topics: Club Refinance Thread

rbs will refinance if they have to.

the only way we'll get rid of these two is if the board blocks refinancing. how likely is that?

 

[Insignificance]

Re: The Countdown to October 6

[quote author=Wilko link=topic=41783.msg1176289#msg1176289 date=1284727408]
[quote author=Insignificance link=topic=41900.msg1176282#msg1176282 date=1284726191]
[quote author=Wilko link=topic=41900.msg1176279#msg1176279 date=1284725673]
[quote author=Insignificance link=topic=41900.msg1176236#msg1176236 date=1284721988]
Obama was making some noise to thighten the financial sector in US, and to control them more. The financial sector in the US is the only place Hicks can get some credit now (wonder how the hell he can anyway but it seem very possible) against all the clubs assets. If he is in sole control he can throw the board and reinstall his family, and thereafter do all his shit as he wants. I assume that is very possible reading the latest articles.

If he does I of course assume broughton resignes and maybe Purslow and Ayre as well as it will basicly wipe the club off the map.

I am very worried these days. FUCK FUCK FUCK. We really have to rely on Hicks not gaining enough credit to buy Gillets assets.

Please anyone enlighten me what Obamas noise towards credit institutions was all about, and can that have any influence on our situation?
[/quote]

Is this based on fact or just a throwaway opinion?
[/quote]

I assume that the board is elected by the shareholders, and that they can throw the board when they decide?
[/quote]

I see. Why didn't they "throw the board" when it blocked their refinancing plans back in June?
[/quote]

I dont know. But oneanswer might be that Gillett did not want a prolonged relationship with Hicks at that time. Hicks Baseballclub was just sold oby the public courafter going bancrupt and Hicks was left with nothing.

 

[Avmenon]

Re: Merged Topics: Club Refinance Thread

Any more merging og finance threads might lead to another market crash

 

[Judge Jules]

Re: Merged Topics: Club Refinance Thread

[quote author=ragehard link=topic=41783.msg1176291#msg1176291 date=1284727638]
rbs will refinance if they have to.

the only way we'll get rid of these two is if the board blocks refinancing. how likely is that?
[/quote]

If the owners do manage to arrange refinancing it won't be with RBS, witness the fact that it now classes the loan as a "toxic asset".

If reports in the media are to believed, the board has already blocked refinancing more than once.

 

[Rouge Penguin]

Re: Merged Topics: Club Refinance Thread

Virgin do a naught percent credit card, 11 months too I think.

 

[Judge Jules]

Re: Merged Topics: Club Refinance Thread

Ah, but does it have a £300 mill.credit limit?

 

[localny]

Re: Merged Topics: Club Refinance Thread

It just doubles his size of his demise. Any serious businessman would know they just have to wait another year, see the club depreciate, see assets/players leave, see us fail to make the CL, and next thing the club is worth half the price - because it's going to be ground hog day by the time of the next deadline.

Surely the PL have the power to step in. This man does not match up in the "fit and proper" test. He's destroying a functioning business with his debt and blind ambition.

 

[Wilko7]

Re: Merged Topics: Club Refinance Thread

[quote author=localny link=topic=41783.msg1176312#msg1176312 date=1284730569]
It just doubles his size of his demise. Any serious businessman would know they just have to wait another year, see the club depreciate, see assets/players leave, see us fail to make the CL, and next thing the club is worth half the price - because it's going to be ground hog day by the time of the next deadline.

Surely the PL have the power to step in. This man does not match up in the "fit and proper" test. He's destroying a functioning business with his debt and blind ambition.
[/quote]

It would seem so.

DISQUALIFYING EVENTS:


•A person shall be disqualified from acting as a director and no club shall be permitted to have any person acting as a director of that club if:

•Either directly or indirectly he is involved in or has any power to determine or influence the management or administration of another club or Football League club

•Either directly or indirectly he holds or acquires any Significant Interest in a club while he either directly or indirectly holds any interest in any class of shares of another club

•He becomes prohibited by law from being a director

•He is convicted on indictment of an offence set out in the Appendix 12 Schedule of Offences or he is convicted of a like offence by a competent court having jurisdiction outside England and Wales

•He makes an Individual Voluntary Arrangement or becomes the subject of an Interim Bankruptcy Restriction Order, a Bankruptcy Restriction Order or a Bankruptcy Order

•He is a director of a club which, while he has been a director of it, has suffered two or more unconnected events of insolvency

•He has been a director of two or more clubs or clubs each of which, while he has been a director of them, has suffered an Event of Insolvency.

 

[KingDing]

Re: Merged Topics: Club Refinance Thread

From BBC:

Any attempt by Liverpool's co-owner Tom Hicks to gain sole control of the club will have no support from the majority of Liverpool's board but could succeed, BBC Sport understands.

Texan billionaire Hicks met Liverpool chairman Martin Broughton on Wednesday, informing him he was considering raising money to refinance the club's £237.4m debt with Royal Bank of Scotland before a deadline set for early October.

The talks were described by a senior club source as "blunt but constructive" but the prospect of Hicks remaining in control of the Premier League club will horrify many Liverpool fans desperate for a change of ownership.

Co-owner George Gillett is reported to be struggling to pay back a £75m loan secured against his 50% stake in the club in 2008 and Hicks is considering buying his partner out, although Gillett insists he is not on the brink of defaulting.

Hicks and Gillett bought the Reds in February 2007 in a deal that valued the club at £218.9m.

But the American duo have endured a difficult time at Anfield, with supporters regularly voicing their dissatisfaction at the level of debt taken on by the club after their buyout.

Broughton, who was appointed in April at the request of RBS as a condition for the bank extending its loan to the Americans for a further six months, has previously said he wants to find a new owner willing to wipe out the club's debt and build a new stadium.


Kenny Huang ended his interest in buying Liverpool at the end of August
Along with managing director Christian Purslow and commercial director Ian Ayre, Broughton sits on the club's five-man board alongside Hicks and Gillett.

The three Englishmen will oppose Hicks' plan if he manages to raise the funds required.

The Americans failed to generate the necessary money in June because the proposed refinancing was with RBS and would lead to the club being saddled with more debt and interest repayments.

However, the board privately acknowledge that this time Hicks could succeed if he refinances with a different bank and are seeking legal advice on their power to block any attempt he may make.

"Technically, if he pays off RBS 100% the bank can't really refuse to receive the money so it can be removed from the scene," the source told BBC Sport.

"That would make the legal position of whether such a plan can be vetoed very complicated and difficult. It would have no support from three members of the board.

"The board's directors are obliged to do what's best for both the shareholders (Hicks and Gillett) and also the business (Kop Holdings) but these two objectives could be in conflict, so legal advice is being sought as to what's possible."

Hicks has not approached RBS yet to discuss his plan but the source admitted the prospect was "possible" and "could not be ruled out".

James McKenna, spokesman for Spirit of Shankly, the Liverpool Supporters' Union, predicts an angry response from fans to any attempt by Hicks to keep hold of the club.

"This is the latest in an on-going soap opera but we don't want either Hicks or Gillett involved in the club and these plans will be met with the fiercest of protests," he said. "These reports are a worry."

Hicks and Gillett put the debt-ridden club up for sale in April, valuing it at £600m but no-one has come close to meeting that figure.

Hong Kong businessman Kenny Huang was interested but withdrew from negotiations to buy the club at the end of August.
Hicks and Gillett face losing the club to RBS, which must decide whether to call in the loan and take control of the club, agree to another extension, or force a sale to the highest bidder.

 

[localny]

Re: Merged Topics: Club Refinance Thread

Seems like the campaign against RBS should end up redirected against the PL, getting them to instill the "fit and proper" test. Thanks Wilko for the posting.

 

[Judge Jules]

Re: Merged Topics: Club Refinance Thread

I'm glad the majority on the board are at least going to take legal advice on whether there's anything they can do about this if Hicks gets refinancing. If they could drag things out till 6th October, with the potential for longer delay if legal action continues, RBS might well foreclose at that point, otherwise repayment could take for ever. As far as the fat b@stard is concerned he doesn't have anything to lose any more since he can't pay his debts as it is, so he might as well gamble on clinging on till the new TV deal happens. If he ends up going down for an extra few hundred mill.it'll ultimately be others suffering, not him.

I'm not so sure about the applicability of the "fit and proper" test though. Did it apply when Moores sold the club to Hicks and Gillett? If it didn't, it can't be applied retrospectively. Any attempt to do so would almost certainly be overturned if Hicks went to law over it.

 

[Asbo]

Re: Merged Topics: Club Refinance Thread

I bet he doesn't give him 300 - 450 Million for his 'half'

 

[Frogfish]

Re: Merged Topics: Club Refinance Thread

There is so much shite, speculation and just made-up back page filler bollocks, because the rags have nothing else of interest to print, that I have, as of now, officially switched off this topic until we get an official statement from one of the main parties.

*switches light off and closes the door*

 

[spider-Neil]

Re: Merged Topics: Club Refinance Thread

James McKenna, spokesman for Spirit of Shankly, the Liverpool Supporters' Union, predicts an angry response from fans to any attempt by Hicks to keep hold of the club.

"This is the latest in an on-going soap opera but we don't want either Hicks or Gillett involved in the club and these plans will be met with the fiercest of protests," he said. "These reports are a worry."

I bet if hicks reads that (thousands of miles away in texas) he will be shaking in his boots...

 

[localny]

Re: Merged Topics: Club Refinance Thread

I'm in LA on October 3rd, I'll change my flight and picket Dallas on the way...

 

[spider-Neil]

Re: Merged Topics: Club Refinance Thread

hicks wouldn't give a shit even if the protests were on his doorstep, as dallas fans would be able to tell you.
that is one thick skinned son of a bitch (apologise to hick's mother).

 

[Farkmaster]

Re: Merged Topics: Club Refinance Thread

What a disaster it will be if we end up with this retard gambling on a market upturn and the fact that we'll somehow hold value while gaining more and more debt.

 

[localny]

Re: Merged Topics: Club Refinance Thread

Reports just in Hicks Failed in Refinancing Attempt - Soccernet/Harry harris
http://soccernet.espn.go.com/news/story?id=823998&sec=england&cc=5901


[size=11pt]Liverpool reject Hicks power play[/size]

By Harry Harris, Football Correspondent

September 17, 2010

Liverpool have rejected a proposed refinancing strategy from co-owner Tom Hicks that could have given the American increased control at Anfield

Liverpool chairman Martin Broughton turned down Tom Hick's proposal.

Hicks personally delivered his proposal direct to the Liverpool board in a showdown meeting ahead of the club's Europa League tie, and was told that his plans were not acceptable.

In fact, Hicks was left in no doubt of the board's resolve to find new owners and end his turbulent reign - alongside fellow American George Gillett - at the Premier League giants.

Hicks wants to buy out the £237 million Royal Bank of Scotland debt which is threatening to end his joint ownership of the club when the facility expires on deadline of October 6. He is hoping to raise funds from US banks to raise the funds to buy out RBS, possibly using the players and stadium as collateral.

Hicks has moved to thwart the possibility of RBS temporarily taking control of Liverpool and selling it off at a rock bottom price, far less than Hicks and Gillett believed it to be worth when they originally put the club up for sale at £800 million a year ago.

The price has since plummeted and might now be worth as little as £150 million. With no creditable buyer yet in public sight, Hicks is trying desperately to retain control, if not total control, and hold out in the hope of finding someone who will pay more later.

With Gillett's finances in a parlous state, and with the possibility that he might default on other loans and ultimately lose his 50% stake in Liverpool, his partner Hicks is attempting to refinance alone and gain total control.

The Liverpool board are having none of that, believing an extension of the Hicks and Gillett ownership, even if it reverts to Hicks, would only prolong the financial misery.