thing is without refinancing they have less than two weeks to find a buyer (when the inital loan is due for repayment) this hardly gives them the upper hand in negotiations with any would be buyers
if they get the new loan they can take their time and, ultimately, drive a better deal for themselves
getting the refinancing isnt the end of the story, its just my opinion, but I do think they will go, it may just be on their terms and it may take some time
Hicks, if the loan goes through, will have time yes but this all affects us.
It looks very likely that we are going to lose Mascherano because of this and who knows who we are likely to lose in the summer whilst these two are still in charge.
With the loan intact Hicks has no pressure to sell as he can just get cash from the club regards the loan payments so would demand a high price to sell, something DIC have gone on record to say they will not pay.
Getting the loan will cost Hicks millions but we know who will be paying that lot back.
The last i heard Hicks had paid out £15 million on various legal fees and design fees.
About the same it would have cost to sign us a top winger.
If the refinancing works then it will be a sad day for the club. Publicly things will look better (new stadium to begin), but privately the ramifications do not bear thinking about.
Ultimately they do not appear to have enough money to run the club, even with the loan. But the loan will make Hicks in particular a lot more bullish. And his character certainly doesn't need that! He will get his head down (i.e. hideaway in America), caring not one jot what the fans think; start the stadium and weigh his options in the mid to longer term. He will still likely sell, but only when he is good and ready, and only when the profit is such that he is satisfied. With no personal debt for owning LFC (assuming it is all loaded on to the club in the refinance) Hicks will be free as a bird to hang in there as long as he wants to.
You would also have to fear for Rafa's future beyond the summer. If the manager goes then things on the pitch become increasingly uncertain, especially with trigger happy owners behind the scenes. Who will come in? Will they fare better than Rafa? Will they be happy to operate with a small amount of cash while the stadium is built?
I'm depressing myself now, but I fear for the future if this loan goes through.
I believe they're set to announce (and presumably unnveil) the new new stadium design at the same time as closing the refinancing. Trouble is, it doesn't matter what they show me. It could be the old supersized Reebok stadium design or the hanging gardens of Babylon, it's irrelevant because I will have no faith whatsoever that it will be built. It's all pie-in-the-sky and selling the cow for magic beans from these two.
__________________ "When a man insults my country I insult him, by taking his woman." - Tony Yeboah
I believe they're set to announce (and presumably unnveil) the new new stadium design at the same time as closing the refinancing. Trouble is, it doesn't matter what they show me. It could be the old supersized Reebok stadium design or the hanging gardens of Babylon, it's irrelevant because I will have no faith whatsoever that it will be built. It's all pie-in-the-sky and selling the cow for magic beans from these two.
i was under the impression the deal for the loan, and the stadium situation would be sorted today, how come we havent heard anything. is no news, good news at this stage
i was under the impression the deal for the loan, and the stadium situation would be sorted today, how come we havent heard anything. is no news, good news at this stage
Yeah, I seem to remember Hicks saying something about 'Thursday is a big day'. Lets not forget though, its still only early morning in Texas.
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5k Santa Dash 2009 - Raising money for Eve Appeal fighting ovarian and cervical cancer.
i was under the impression the deal for the loan, and the stadium situation would be sorted today, how come we havent heard anything. is no news, good news at this stage
Bank of America, Wachovia Profits Plunge
Tuesday, January 22, 2008
CHARLOTTE, N.C. - Bank of America Corp. said Tuesday its fourth-quarter earnings fell by 95 percent and Wachovia Corp. reported its earnings tumbled 98 percent, with both banks citing the lending crisis.
Net income at Bank of America declined to $268 million, or 5 cents per share, in the three months ended Dec. 31 from $5.26 billion, or $1.16 per share, a year ago.
Wachovia said Tuesday its fourth-quarter earnings tumbled due to a $1.7 billion reduction in the value of certain portfolios and $1.5 billion set aside to cover bad loans.
Fourth-quarter net income fell to $51 million, or 3 cents per share, from $2.3 billion, or $1.20 per share, during the same period the previous year.
Excluding merger-related expenses, Wachovia earned $160 million, or 8 cents per share, during the fourth quarter.
Analysts polled by Thomson Financial, on average, forecast earnings of 33 cents per share for the quarter. One-time charges are not always included in analysts' estimates.
Wachovia took a $1.7 write-down during the quarter due to weakening credit markets. Banks have been forced to reduce the value of bonds and debt backed by mortgages and other consumer loans that have increasingly defaulted in recent months.
Because of rising delinquencies and defaults, Wachovia also set aside $1.5 billion to cover losses.
Bank of America's revenue fell 32 percent to $12.67 billion from $18.49 billion last year.
The quarter included results from LaSalle Bank, which Bank of America purchased on Oct. 1.
Analysts expected earnings of 18 cents per share on revenue of $13.24 billion, according to a poll by Thomson Financial. The earnings estimates typically exclude one-time items.
Tony Barret wrote this at the end of his Momo piece:
Meanwhile, doubts persist about Tom Hicks’ ability to deliver on his pledge to complete a £350m refinancing deal with the Royal Bank of Scotland and Wachovia.
Sources close to the deal insist it will be difficult to tie up all the loose ends today and it could be tomorrow or even Monday before it is finally concluded.
DIC remain interested in buying the club from Hicks and co-owner George Gillett and are waiting in the wings should there be any last minute hitches with refinancing.
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Everything should taste of bacon™
Tony Barret wrote this at the end of his Momo piece:
Meanwhile, doubts persist about Tom Hicks’ ability to deliver on his pledge to complete a £350m refinancing deal with the Royal Bank of Scotland and Wachovia.
Sources close to the deal insist it will be difficult to tie up all the loose ends today and it could be tomorrow or even Monday before it is finally concluded.
DIC remain interested in buying the club from Hicks and co-owner George Gillett and are waiting in the wings should there be any last minute hitches with refinancing.
i think the longer it is drawn out, the better, more of a chance it wont go through, lets hope so
Tuesday, January 22, 2008
CHARLOTTE, N.C. - Bank of America Corp. said Tuesday its fourth-quarter earnings fell by 95 percent and Wachovia Corp. reported its earnings tumbled 98 percent, with both banks citing the lending crisis.
Net income at Bank of America declined to $268 million, or 5 cents per share, in the three months ended Dec. 31 from $5.26 billion, or $1.16 per share, a year ago.
Wachovia said Tuesday its fourth-quarter earnings tumbled due to a $1.7 billion reduction in the value of certain portfolios and $1.5 billion set aside to cover bad loans.
Fourth-quarter net income fell to $51 million, or 3 cents per share, from $2.3 billion, or $1.20 per share, during the same period the previous year.
Excluding merger-related expenses, Wachovia earned $160 million, or 8 cents per share, during the fourth quarter.
Analysts polled by Thomson Financial, on average, forecast earnings of 33 cents per share for the quarter. One-time charges are not always included in analysts' estimates.
Wachovia took a $1.7 write-down during the quarter due to weakening credit markets. Banks have been forced to reduce the value of bonds and debt backed by mortgages and other consumer loans that have increasingly defaulted in recent months.
Because of rising delinquencies and defaults, Wachovia also set aside $1.5 billion to cover losses.
Bank of America's revenue fell 32 percent to $12.67 billion from $18.49 billion last year.
The quarter included results from LaSalle Bank, which Bank of America purchased on Oct. 1.
Analysts expected earnings of 18 cents per share on revenue of $13.24 billion, according to a poll by Thomson Financial. The earnings estimates typically exclude one-time items.
Those 2 remind me of the 2 old fellas in trading places, if only 2 reds could con them out of their fortune like Eddie Murphy and Dan Akroyd do at the end.
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"It has been unbearable" - David Moores on the search for potential fresh investment in Liverpool FC. July 2006.
Those 2 remind me of the 2 old fellas in trading places, if only 2 reds could con them out of their fortune like Eddie Murphy and Dan Akroyd do at the end.
Randolph and Mortimer, good shout, though I think it MAY, just may, have been mentioned before .......
Do the any obligation to publish accounts so we can see how much of a divident they take out? Or is this not required of them?
I don't know about the UK but in Sweden that's always made public. All and all, it's one global stock market so I guess it works the same all over the world.
Liverpool's American owners' have again delayed an announcement of a successful refinancing deal but an agreement should be made public tomorrow or Monday.
Co-owners Tom Hicks and George Gillett are on the verge of sealing a £350million package and had been expected to announce on Thursday that it had gone through.
There are no serious hitches however and it is understood the deal is all but signed off, and the announcement will include details of the chosen design for a new stadium at Stanley Park.
Of the £350million, more than £160million will be debt tied to Liverpool and around £190million covered by Hicks and Gillett's guarantees.
The £160million figure includes £105million new cash for the club - £65million to kick-start work on the new stadium, and a further sum of £45million of working capital including money for player acquisitions. The remainder is the existing debt the Americans inherited when they took over the club a year ago.
Hicks and Gillett are insisting however that the other £190million in the refinancing package - to cover their initial cost of buying the club - will not be loaded onto Liverpool.
Liverpool chief executive Rick Parry and former chairman David Moores, who is still a board member, have made it clear they oppose any of the takeover debt being loaded onto the club.
Now that doubts over the refinancing deal have evaporated, the Americans - particularly Hicks - face a struggle to win back the fans, not to mention manager Rafael Benitez.
Supporters staged protests against the owners at Anfield on Monday night, sparked by Hicks' revelation that he had sounded out Jurgen Klinsmann towards the end of last year as a possible successor for Benitez.
The supporters will also be watching carefully to see what happens to any profits Liverpool make - will they be used to service the club's debt or will a dividend be paid to the Americans' company Kop Holdings to service their debt?
Meanwhile, chances of Dubai Investment Capital (DIC) taking over Liverpool in the near future seem dead in the water.
It is understood Hicks spoke at length to DIC about selling up to them but they were unwilling to match his asking price.
DIC will be invited to make an offer once the Americans have secured the refinancing package and have unveiled the new stadium plans. G&H will have strengthened their position and will be able to negotiate a better deal for themselves once that is complete.
__________________ Blow me fuck face. Go to hell. I'm sick of you.
DIC will be invited to make an offer once the Americans have secured the refinancing package and have unveiled the new stadium plans. G&H will have strengthened their position and will be able to negotiate a better deal for themselves once that is complete.
And DIC won't match what they want.
Quote:
Originally Posted by WeAreTheBest
Meanwhile, chances of Dubai Investment Capital (DIC) taking over Liverpool in the near future seem dead in the water.
It is understood Hicks spoke at length to DIC about selling up to them but they were unwilling to match his asking price.
Maybe not initially, but the Americans will struggle to secure the finances required to fund the new stadium & will look to sell the club sooner rather than later.
__________________ Blow me fuck face. Go to hell. I'm sick of you.
