Originally Posted by Kennys_spell
I used the car as an example of "borrowing money" - it was a clear and real life situation of borrowing money. A situation that I thought you'd be able to understand. It's exactly the same for Gillett and Hicks but on a much larger scale.
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You used the car example to illustrate someone selling their share of a business and not as an example for 'borrowing money'. Read your post again.
According to the logic you have applied to your example, Gillett would NEVER be able to sell to anyone but Hicks. Thats simply wrong - yes, there are stipulations and safeguards in the agreement, but only for one or the other to have first choice or to be able to 'vet' the prospective new buyer. It's nothing to do with the banks - they have a loan out to an individual who is responsible to the bank for repaying that loan or for providing assurances that the loan if sold on can be repaid.
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I never suggested that Gillett will NEVER be able to sell to anyone. I said they would have signed a partnership agreement and said they MAY have included the 90-day clause to give each other the option of buying if any of them wants to sell. I never said anything about these having to do anything with the banks.
So YES, Gillett CAN sell to whoever he wants - within the terms of the agreements in place. Even if HICKS comes up with an offer equal to that of DIC, Gillett can say no thanks to his offer. He can simply say - No thanks bud, I've changed my mind - I'm keeping it. No problem, No pressure. No Deal.
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That is what you believe. Not necessarily a fact.