two new bids to buy the club..

[andy8ball]

222 members viewing this thread!

[rondeco]

Because he has replaced Purslow and Ayre for his 2. Purslow and Ayre were sacked this morning. Its down to lawyers and probably a judge to see if Hicks can do that.

 

Hicks will be arguing that they haven't been acting in the interest of the shareholders of the business i.e. Hicks and Gillett which they are obliged to do and they will argue that they have to act in the best interest of the business and the creditors.

 

It's delaying tactics by Hicks. It'll take a while to get through the courts by which he'll have had plenty of time to arrange his affairs in the way he wants it.

[Guest ShoePiss]

Heard a few rumors that a consortium is trying to buy the club, headed by Rick Parry called Tieland.

 

That can't be true because Coco has just taken a job at the none existent US team New York Cosmos.

 

True story.

 

Oh and coop, earlier I think you meant to write 'been' instead of being.

[WaltonRed]

Good shout, lad.

 

*goes off to the kitchen to make a brew with fingers crossed something good happens while he's gone*

 

Milk no sugar, ta beast

[TheHowieLama]

Then we are completely and utterly fucked ....

 

The only sliver of light is that it is unlikely that he would wait until now to redeem the RBS loans if he had secured refinancing given the penalties currently being imposed by RBS. It would make no sense whatsoever. This is pure speculation though.

 

If he had the money he would be screeching from the steeple you can be sure.

If he gets the money now, given the state of the financial world, the publicity and the health of the club - he is the greatest LBO in history.

[dave]

Ayres and Purslow gone?

[Thomo123]

Purslow and Ayre sacked.....but still working towards a sale. Legal reviews, is Hicks just desperate or has he found the money to refinance??

[Cij]

George already has.

 

I don't think he has ever been declared personally bankrupt although his companies did file for Chapter 11 Bankruptcy in the USA in 1992. I am open to correction though...

[coop]

Come on lad wake up.

 

The statement was released because there are two solid bids on the table, and they wanted to force the bids through, and those two cunts stopped it. There letting us all know what we have known for a while, whilst also saying to the RBS end this sorry mess now.

 

And before they could have the meeting to rubber stamp the deal, Hicks and Gillett sacked Purslow and Ayre, so it could not go through. Hence the lawyers all getting involved.

 

As its been posted above Al they can not sack the directors without the approval of the Chairman, Broughton.

 

Also allegedly under the terms of the refinance which was extended in July the owners surrended the power to remove the current board hence them asking Purslow and Ayre to resign.

[Iantn]

Hearing New England Sports Venture deal for #LFC accepted by the board. Owners trying to block it. Possibility of another statement tonight

 

tariq panja (tariqpanja) on Twitter

[WaltonRed]

I hope the statement sinks the fat fucker once and for all.

[J B]

Post from RAWK, seems like they aren't able to remove Ayre & Purslow legally?

 

According to Clause 81 of the Special Resolution adopted by the Board on 29 April 2010 only the Chairman has the power to appoint and / or remove directors. Many people don't seem to realise that the Board is comprised of 6 people; Hicks, Gillet, Nash, Ayres, Purslow and Broughton (who has a casting vote) so Nash needs to be put under as much pressure as possible.

 

Having reviewed the Special Resolution I am feeling increasingly confident. The Yanks cannot stymie the Board without Broughton's assistance. Furthermore, the Yanks provided personal guarantees to RBS as part of the last refinance. Clause 83 (b) of the special resolution provides that "The office of a director shall be vacated if he becomes bankrupt or makes any arrangement or composition with his creditors generally" - this is just around the corner given the Yanks inability to secure refinancing to repay RBS.

 

 

This looks absolutely key. And fuck me it's making me feel better.

 

But basically it appears our club will either be saved or killed forever in a court room sometime soon.

 

Shit the bed what else can we do now

[Iantn]

Him and Gillett sacked Purslow and Ayre this morning, but there standing there ground as they believe they cant sack them. I honestly don't know If he has the money, but Hicks and Gilletts lawyers must think they have a case to run with.

 

Do you know if it's the same lawyers that fucked Hicks over regarding, I think, the refinancing veto?

[RED Tezza]

Hicks and Gillett cannot Sack anyone:

 

The Company Articles for The Liverpool Football Club and Athletic Grounds Limited set out the rules for the removal of directors in clauses 81 and 83.

 

Clause 83 gives a list of valid reasons for the removal of a director, such as being disqualified by law, mental illness etc, none of which apply is this instance.

 

Therefore a Director can only be removed in accordance with clause 81, which states "Any appointment or removal shall be made in writing and signed by the then current Chairman"

 

It would seem then that Hicks and Gillett can't get rid of Purslow and Ayre without Broughtons permission, which given this statement clearly hasn't been given.

 

http://dl.dropbox.com/u/4746910/LFC%20company%20articles.pdf

[Liverpool lad]

ATK was right when he questioned how quiet Gillett had been of late, insinuating that he was up to something. These developments seem unprecedented.

[Durango]

Just glad Purslow is Hicks puppet.

 

Basically its going to go right through the courts. Purslow Ayre and Broughton blocked the refinancing deal Hicks and Gillett put on the table by Blackstone/GSO in early June.

 

Now has Hicks got the money to pay RBS back? Hence the reason for removing Purslow and Ayre and replacing them he can push this through on the board.

 

Its now down to lawyers and possibly a judge to decide If Hicks and Gillett can do this.

 

Or the RBS call the loan in tomorrow, which will also answer the question of does he have the money?

Don't think Hicks as any fresh money.

If he did,he would simply pay off RBS and there's nothing Broughton,Purslow and Ayers can do.

The reason he wants them off the board is to refinance and heap more debt on the Club,this Broughton,Purslow and Ayers have opposed to increasing the debt.

I think tonight's developments are a positive sign for the Club.

[Magic Sponge]

Because he has replaced Purslow and Ayre for his 2. Purslow and Ayre were sacked this morning. Its down to lawyers and probably a judge to see if Hicks can do that.

 

My knowledge of employees rights are a little hazy, but arn't you ment to get a written warning, followed by two verbal warnings in which case are after a disciplinary meeting, before you end up on the dole?

[1892-LFCWasBorn]

Ha ha. Can't help but laugh at the desperate actions of the two cunts.

 

Clock is ticking you motherfuckers.

[Il Fenomeno]

So if there is a statement later tonight, it will be that Ayre & Purslow have been removed, I guess?

[Guest ShoePiss]

Hicks and Gillett cannot Sack anyone:

 

The Company Articles for The Liverpool Football Club and Athletic Grounds Limited set out the rules for the removal of directors in clauses 81 and 83.

 

Clause 83 gives a list of valid reasons for the removal of a director, such as being disqualified by law, mental illness etc, none of which apply is this instance.

 

Therefore a Director can only be removed in accordance with clause 81, which states "Any appointment or removal shall be made in writing and signed by the then current Chairman"

 

It would seem then that Hicks and Gillett can't get rid of Purslow and Ayre without Broughtons permission, which given this statement clearly hasn't been given.

 

http://dl.dropbox.com/u/4746910/LFC%20company%20articles.pdf

 

And if Broughton leaves? Or if he doesn't, can they fire the Chairman?

[TheHitman]

Him and Gillett sacked Purslow and Ayre this morning, but there standing there ground as they believe they cant sack them. I honestly don't know If he has the money, but Hicks and Gilletts lawyers must think they have a case to run with.

 

Lawyers always think their is a case, even when they lose they profit.

 

I guess all this was preplanned by both parties, as you say the big factor is has Hicks got the money.! If he has there is nowt anyone can do sadly.

[Ring of Fire]

Does Hicks not get it that if he gets finance, the implications to his well-being could be dangerous in the extreme. Why take the risk?

[Cij]

He had a deal in place on 16th September with GSO, it got blocked then they pulled out, there are 8 other organisations who were willing to fund them back in early June.

 

Does that matter given the current composition of the Board? Broughton, Ayres and Purslow would presumably continue to block any alternative refinance proposals hence Hicks' desperation for a reshuffle. Fortunately for us only Broughton can remove directors so Hicks is screwed if Marty hangs tough.

[barosrocks]

ashlingoc

 

#LFC imminent statement from hicks

 

Ashling O'Connor (ashlingoc) on Twitter

[manwiththestick]

I'm scared, really scared that those pair of cunts are going to pull a rabbit out of the hat.