Kenny Huang linked to Liverpool takeover

[RobbieOR]

In 24 hours we've gone from being possibly sold to being bitten again. What is it with this club?

[Kopite Pete]

The cunts are staying.

[King Emlyn]

The cunts are staying.

They were never going.

[Albertini]

Doubt they can but more to the point if they did go down that particular road they would have to have refinance in place because RBS would imediately pull the rug

 

Are you talking about RBS or the owners?

 

RBS can have it sewn up as part of the defualt on the debt - and all signs point to that given where we're upto now.

 

Who would have to have refinance in place? The owners? I'm sure they would love to have refinance in place but wanting it and getting it are two different things.

 

They can't get it becuase they have defualted on all their loans on all their sports businesses.

 

Is there any reason you are chossing to ignore the vast weight of evidence from the last few weeks and months simply to be a doom monger?

[TheHitman]

IF and it's a big IF they managed to get refinanced, do you really think it would be at better rates than RBS who are already screwing us? No it would more likely make paydayloans look like a charity for the poor.

 

 

Obviously they are not going to get funding from RBS however if Hicks managed to get 200million worth of backing in the states anything is possible. Lets play devils advocate here their are not too many business you can have where customers are fucked off and still line the pockets of the owners. Seems like a cash cow to me!!.

[Albertini]

Obviously they are not going to get funding from RBS however if Hicks managed to get 200million worth of backing in the states anything is possible. Lets play devils advocate here their are not too many business you can have where customers are fucked off and still line the pockets of the owners. Seems like a cash cow to me!!.

 

Again where is this money come from? Hicks is just going through bankruptcy in the States for his Rangers team for $525 million.

 

Given that baseball is their 2/3 sport and very high profile who the fuck is going to lend him money eother here or more precisley in the US with that around his neck?

[Guest davelfc]

Obviously they are not going to get funding from RBS however if Hicks managed to get 200million worth of backing in the states anything is possible. Lets play devils advocate here their are not too many business you can have where customers are fucked off and still line the pockets of the owners. Seems like a cash cow to me!!.

 

Hicka is being chased for cash in the US isn't he? Gillett is supposed to be almost bankrupt if you believe the rumours.

 

I see your point about a 'cash cow' but I do not see where they can go with us really. We'll be worth less and less every month and the repayments will cripple us. £2.5m a week supposedly it's costing, that's more shirts than we can sell.

[Albertini]

By Chris Bascombe

Follow me on Twitter

GREEDY Liverpool co-owners Tom Hicks and George Gillett have made a desperate bid to cling on to power at Anfield.

 

Despite announcing the club was up for sale in April, and the recent flurry of Chinese and Syrian takeover interest, the Americans have been plotting to STAY in charge.

 

But their plans were blocked after a legal challenge from their own board.

 

Liverpool fans turning up for today's season opener with Arsenal are hoping their reviled co-owners are on the verge of selling up.

 

But Sport of the World can reveal the pair have been trying to refinance their massive debts.

 

During the summer, they asked Barclays Capital and FBR Capital Bank to approach several investment banks to renegotiate £290million of debt.

 

If successful, this would have freed the co-owners of their arrangement with the Royal Bank of Scotland and Wells Fargo which ends in October.

 

And most worryingly for fans, it would buy the Americans time to seek a higher price for the club at a later date.

 

Refinance negotiations were suspended on June 30 when the rest of the club's board demanded a review of the proposals. Chairman Martin Broughton, managing director Christian Purslow and commercial director Ian Ayre have made it clear that a sale of the club, not another refinancing agreement, is in the best interests of Liverpool FC.

 

They asked international law firm Slaughter and May whether the wishes of the club's owners could be opposed. The lawyers advised in favour of the board, blocking Hicks and Gillett's plans. Barclays Capital say no such proposals will be considered again, but it's clear the Americans are not walking away from Anfield without a fight.

 

They've made it known they're exploring more legal channels to challenge their board's right to have the final say on the club's future. The Americans' refinancing ambitions seriously undermine recent claims they have been in 'advanced takeover talks' with Syrian Yahya Kirdi for several months.

 

It also directly contradicts the statement the pair released on April 16, announcing a sale of the club was top of the agenda. They said: "Having grown the club this far we have now decided together to look to sell the club to owners committed to take the club through its next level of growth and development."

 

However, this statement disguised the owners' immediate intention.

 

Hicks and Gillett know if they can refinance and stay at the helm beyond their RBS debt repayment deadline on October 6, they can undermine BarCap's sale process. Refinancing offers a slim chance they can attract a higher bid for their shares later on.

 

Their board's opposition ensured the co-owners failed in their initial efforts to refinance by their first deadline of July 15. That triggered the potentially catastrophic £2.5m a week penalty charges that we revealed last Sunday.

 

Their failure to meet a second debt repayment deadline today means they will be hit with another £7.5m charge. A third charge of £7.5m kicks in on August 31 and by the end of this month, the Americans' debt will have risen to an astonishing £282.4m.

 

If they can't pay, there is a real possibility of the RBS taking control of the club, with Liverpool FC being forced into administration and being hit with a nine-point penalty.

[TheHitman]

Again where is this money come from? Hicks is just going through bankruptcy in the States for his Rangers team for $525 million.

 

Given that baseball is their 2/3 sport and very high profile who the fuck is going to lend him money eother here or more precisley in the US with that around his neck?

 

Isn't each company assessed on its on p/e value so each LTD company has its own credit rating. Going by your logic RBS would never have refinanced as they knew the owners were a time bomb, any fan seen this happening over the past 18 months but yet finance was forthcoming.

[Albertini]

Isn't each company assessed on its on p/e value so each LTD company has its own credit rating. Going by your logic RBS would never have refinanced as they knew the owners were a time bomb, any fan seen this happening over the past 18 months but yet finance was forthcoming.

 

No. The bigger picture is taken into account particularly on a business this size.

 

They refinanced on the basis that the club was to be put up for sale and to give the owners a chance (and themselves) of getting a good price.

 

RBS will not refinance again.

[King Emlyn]

.

Edited August 14, 2010 by King Emlyn
hadnt seen bascos article

[Guest Numero Veinticinco]

By Chris Bascombe

Follow me on Twitter

GREEDY Liverpool co-owners Tom Hicks and George Gillett have made a desperate bid to cling on to power at Anfield.

 

Despite announcing the club was up for sale in April, and the recent flurry of Chinese and Syrian takeover interest, the Americans have been plotting to STAY in charge.

 

But their plans were blocked after a legal challenge from their own board.

 

Liverpool fans turning up for today's season opener with Arsenal are hoping their reviled co-owners are on the verge of selling up.

 

But Sport of the World can reveal the pair have been trying to refinance their massive debts.

 

During the summer, they asked Barclays Capital and FBR Capital Bank to approach several investment banks to renegotiate £290million of debt.

 

If successful, this would have freed the co-owners of their arrangement with the Royal Bank of Scotland and Wells Fargo which ends in October.

 

And most worryingly for fans, it would buy the Americans time to seek a higher price for the club at a later date.

 

Refinance negotiations were suspended on June 30 when the rest of the club's board demanded a review of the proposals. Chairman Martin Broughton, managing director Christian Purslow and commercial director Ian Ayre have made it clear that a sale of the club, not another refinancing agreement, is in the best interests of Liverpool FC.

 

They asked international law firm Slaughter and May whether the wishes of the club's owners could be opposed. The lawyers advised in favour of the board, blocking Hicks and Gillett's plans. Barclays Capital say no such proposals will be considered again, but it's clear the Americans are not walking away from Anfield without a fight.

 

They've made it known they're exploring more legal channels to challenge their board's right to have the final say on the club's future. The Americans' refinancing ambitions seriously undermine recent claims they have been in 'advanced takeover talks' with Syrian Yahya Kirdi for several months.

 

It also directly contradicts the statement the pair released on April 16, announcing a sale of the club was top of the agenda. They said: "Having grown the club this far we have now decided together to look to sell the club to owners committed to take the club through its next level of growth and development."

 

However, this statement disguised the owners' immediate intention.

 

Hicks and Gillett know if they can refinance and stay at the helm beyond their RBS debt repayment deadline on October 6, they can undermine BarCap's sale process. Refinancing offers a slim chance they can attract a higher bid for their shares later on.

 

Their board's opposition ensured the co-owners failed in their initial efforts to refinance by their first deadline of July 15. That triggered the potentially catastrophic £2.5m a week penalty charges that we revealed last Sunday.

 

Their failure to meet a second debt repayment deadline today means they will be hit with another £7.5m charge. A third charge of £7.5m kicks in on August 31 and by the end of this month, the Americans' debt will have risen to an astonishing £282.4m.

 

If they can't pay, there is a real possibility of the RBS taking control of the club, with Liverpool FC being forced into administration and being hit with a nine-point penalty.

 

Ah, well, not a totally pointless article: it'll be a fine wrapping for many people's fish and chip supper on Monday evening.

[karl1987]

Apparantly two institutions have offered them money. Don't know anymore than that but it will be in Bascombes article apparantly

 

Bascombe speaks out of his arse.

[Albertini]

Apparantly two institutions have offered them money. Don't know anymore than that but it will be in Bascombes article apparantly

 

I've just posted Bacombe's article. It doesn't say that they were approved for refinance it says they approached two institutions to look for refinance.

 

I don't know why people would get their knickers in a twist over this.

 

Of course they have looked at every option to refinance, they want to keep us. They can't becuase they haven't go the money and can't raise it.

 

I'd have been more surprised had they not tried to refinance it.

[JER]

"If they can't pay, there is a real possibility of the RBS taking control of the club, with Liverpool FC being forced into administration and being hit with a nine-point penalty."

 

If RBS take over running the club, doesn't that avoid administration?

[TheHitman]

No. The bigger picture is taken into account particularly on a business this size.

 

They refinanced on the basis that the club was to be put up for sale and to give the owners a chance (and themselves) of getting a good price.

 

RBS will not refinance again.

 

I agree RBS is a non starter as much for political reasons as financial but if they go to a company show cashflow forecasts of the business sadly I would not be surprised if another lender came in.

 

I hope I am wrong but just do not have the confidence as some do. I think the owners will sell but only if they see a profit however as we accrue even more exorbitant fees this may become an obstacle even further to a sale.

 

It seems this may well be headed for the courts

[Wezza]

I've just posted Bacombe's article. It doesn't say that they were approved for refinance it says they approached two institutions to look for refinance.

 

I don't know why people would get their knickers in a twist over this.

 

Of course they have looked at every option to refinance, they want to keep us. They can't becuase they haven't go the money and can't raise it.

 

I'd have been more surprised had they not tried to refinance it.

 

Agree. It also looks as if the right people are starting to grow some bollocks as well. I am ever hopeful that the end is in sight

[waddy78]

Broughton will earn his money now,the yanks will use every trick in the book to cling on over the next days/weeks (or hopefully not )months

[Trucker Paddy]

I've just posted Bacombe's article. It doesn't say that they were approved for refinance it says they approached two institutions to look for refinance.

 

I don't know why people would get their knickers in a twist over this.

 

Of course they have looked at every option to refinance, they want to keep us. They can't becuase they haven't go the money and can't raise it.

 

I'd have been more surprised had they not tried to refinance it.

 

I agree, I'm glad Bascombe has wrote the article though and even happier the board have shown they have the control

[Red Phoenix]

Am getting fed up of wondering what this 'rocket' is for either Hicks or Gillett, and am wondering just how bad things have to get before it's revealed. That's even if it exists. What are they waiting for before letting it out? Administration?

[Guest Numero Veinticinco]

I've just posted Bacombe's article. It doesn't say that they were approved for refinance it says they approached two institutions to look for refinance.

 

I don't know why people would get their knickers in a twist over this.

 

Of course they have looked at every option to refinance, they want to keep us. They can't becuase they haven't go the money and can't raise it.

 

I'd have been more surprised had they not tried to refinance it.

 

Yep, same here. As I said a page or two back - of course they've tried to refinance. That's likely to be true whether they are or are not looking to sell the football club.

 

You're one of the posters I enjoy seeing post on this subject. Thanks.

[Guest davelfc]

I'm loving that law firm name 'Slaughter and May'

[Red Nick]

"If they can't pay, there is a real possibility of the RBS taking control of the club, with Liverpool FC being forced into administration and being hit with a nine-point penalty."

 

If RBS take over running the club, doesn't that avoid administration?

 

Nope they cant take repossession of there assets without putting the club into administration. its like having your house repossessed

 

Obvioulsy if its done with the owners consent then that is different.

[Albertini]

"If they can't pay, there is a real possibility of the RBS taking control of the club, with Liverpool FC being forced into administration and being hit with a nine-point penalty."

 

If RBS take over running the club, doesn't that avoid administration?

 

Yes more sensationalism form Chris B. Whilst administraiton is an option it makes more sense and banks appear now to be more comfortbale taking over and running businesses to sel them in order to protect their investments.

 

Banks now know that as soon as you enter admin it's a firesale.

 

Sister in law works for Connaught a big building firm. Their lenders are about to take control of that business to sel it on.

 

The idea that banks don't want to run companyies went out of the window with the recession. It is beoming more common place and i am sure would happen to us.

 

There is no benefit to RBS (and lots of negatives) to them putting in us in admin.

 

I agree RBS is a non starter as much for political reasons as financial but if they go to a company show cashflow forecasts of the business sadly I would not be surprised if another lender came in.

 

I hope I am wrong but just do not have the confidence as some do. I think the owners will sell but only if they see a profit however as we accrue even more exorbitant fees this may become an obstacle even further to a sale.

 

It seems this may well be headed for the courts

 

But where are these cash flow forecasts that show us as a viable cash positive business? Any new deal would have higher interest rates further increasing the losses.

 

Even the article from Bascombe says they were blocked by the board. This seems to prove further that the board's powers have increased following the defualt of their RBS loan.

 

If they can block a sale why can't they stop the board blocking a refinance?

[Guest Numero Veinticinco]

I'm loving that law firm name 'Slaughter and May'

 

Could you imagine being being sued by them? You'd shit yourself. To even stand a chance of defending yourself you'd have to hire Strangle, Reaper and Savage.