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High Court Date and Time

bri

By bri,
in FF - Football Forum

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WrongIslander Proficient

WrongIslander

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Nick Simpson is a fucking idiot. Where are they getting this money from? Are they pulling money bags out their arses? The only chance they have is to sell to Mill, which I still doubt is even legal or will have any effect.

 

If Mill take on their shares in Kop Delaware then they replace Hicks and Gillett on the board. This would mean that the debt is still there, which they would have to pay. But apparently RBS have already turned them down last night on the advice of their lawyers, who are aware of the legally binding agreement with NESV. They can't approach the Premier League either, because they have already been turned back by them, also last night, because they will only listen to the majority of the board. Mill cannot have a majority until the debt is paid. They cannot pay the debt because NESV have that legally binding agreement.

 

Mill have nowhere to go here.

 

Top top post and exactly how I see it.

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WhiskeyJar Veteran

WhiskeyJar

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Whats happening now, I'm at work and feel very isolated haha. Is it close lads and ladies?

 

Hicks sold his share to Mills Finance, they went to FA for that owners test and got turned down.

 

Dallas have filled the injunction to the judge to get it lifted and Henry is in London meeting his solicitors.

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WhiskeyJar Veteran

WhiskeyJar

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They are hardly thick amigo, they have more juice than anyone else in the game right now, and some skin in it. They are also not working for/with Hicks

 

But if you did your homework and knew that it was not legal taking them shares in the first place then you are either think you are above the law or you are thick as shit.

 

Come to think of it, if you think you are above the law and especially above the ruling of a London High Court order then you are think as shit.

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TheHowieLama Grand Master

TheHowieLama

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But if you did your homework and knew that it was not legal taking them shares in the first place then you are either think you are above the law or you are thick as shit.

 

Come to think of it, if you think you are above the law and especially above the ruling of a London High Court order then you are think as shit.

 

I would say they have done their homework, all speculation but they are not bumpkins.

just a guess but they are going to suggest they had shares and were not represented during the process

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Chippo Enthusiast

Chippo

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1.02pm: David Conn has some more on Mill Financial:

 

Mill Financial are an arm of the Springfield Financial Companies. That has been confirmed. In recent weeks, there have been reports that they lent George Gillett £75m to meet his further loan commitments at Liverpool, and that he defaulted on that loan, so they have in effect repossessed his shares. That has not been confirmed by Mill, who so far do not return calls. Gillett has not returned a call for some weeks now.

 

If those reports are true, that means if Liverpool is sold to NESV for the agreed £300m, to repay all Liverpool's debts owed to the banks (except for £30m to finance stadium development), it is Mill Financial which will lose that £75m, along with Hicks losing his around £70m.

 

That means a US hedge fund, based, like Hicks, in southern USA - Springfield, Virginia - have a £75m loss to protect. That helps to explain why they should now be apparently working desperately with Hicks to avoid a sale to NESV. If they lend Hicks the £200m to repay RBS, the scenario being discussed at the moment by the participants, and Hicks does so, he could stay in control of Liverpool, because RBS is repaid and their hold over the board via the undertakings falls away. Hicks would owe Mill £200m, at whatever rate of interest he has had to agree to. The "payment in kind" loans from the US hedge funds at Manchester United currently charge 16.25% interest, a year, so that would be £32.5m a year interest, and there would likely be very large costs to add to it - financial institutions like to charge for the right to lend their money.

 

There seems little doubt that Hicks would make Liverpool itself, out of its income - fans' money, TV, commercial revenues - pay that interest and harges and service the debt, as he and Gillett did with the RBS loans. That is a major financial reason why Liverpool fans will be desperate the Mill/Hicks eleventh hour bid does not succeed.

 

NESV, have committed, to clearing the £300m of debt, and not loading the club with any more debt, or making the club in any way pay any of the costs associated with buying it.

NESV are saying very firmly they will sue because they have a binding agreement with the board to buy the club - as Henry has reiterated on Twitter.

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