Quote:
Originally Posted by lfc4eva99
What if Hicks comes up with say 200m for Gillet's shares... then Dubai offer 225m...? he gets another 90 days?
Also, at the moment, isnt is true that Hicks can just use 50% of his holding in the club to get loans to purchase the other 50%... but that 50% is already bought on money which was loaned out... so how can he get a loan on something that is already loaned out?
or im just confused and am not making sense.....
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I don't know the answer to your first question mate. Some people say that the veto agreement was only agreed orally. Some say it is written in the contract. Hicks said he used his veto when he broke the talks with DIC. Gillett said Hicks only threatened to use the veto. Fuck knows who is saying the truth here.
Hicks and Gillett bought the club using borrowed money - now that Gillett wants out, Hicks is trying to borrow the 50% so he can buy out Gillett. From the bank's point of view, the situation remains the same except that instead of lending the money to 2 owners with both supplying their personal guarantees, they now have to lend to Hicks with Hicks giving the personal guarantees. But because of the credit crunch, Hicks is probably finding it difficult to borrow the money needed to buy the 50% from Gillett.