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High Court Date and Time

bri

By bri,
in FF - Football Forum

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WhiskeyJar Veteran

WhiskeyJar

Posted
Posted
Considering yesterday afternoon every news source in the galaxy was reporting that there was no deal in place between Hicks and Mill... That's a pretty big change.

 

I am not saying that it might not be the case but surely he cant just up and sell his shares on a whim.

 

Is there or is there not a contract to sell the club to NESV once the injuction is lifted?

 

Just trying to make sense of it guys.

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Seemann Collaborator

Seemann

Posted
Posted
On what grounds can Hicks claim Mill have bought the club? He wont have a leg to stand on.

 

Mill Financial seems to believe he does?

 

This is far from over and everything points to more day/weeks in court, probably both in the UK and in USA?

 

RBS aren't saying a lot today, so hopefully they have a plan to deal with this. Question is if we can wait until tonight with the boardmeeting?

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Archimede Community Regular

Archimede

Posted
Posted

Im quite calm. Broughton is exactly the type of guy we need in this circumstances.

 

Even if Hicks/ Mills/ Springfield/whoever "buy us" the independent three will challenge it.

 

there will during the challenge such a backlash that it the unwarranted and unwanted will be overturned.

 

I have faith in MArty.

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WhiskeyJar Veteran

WhiskeyJar

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45 minutes ago....

 

The Associated Press: Liverpool owners to drop court case against sale

 

LONDON (AP) — A lawyer for Liverpool's owners says they will drop their court order in Texas blocking the sale of the club.

 

The move does not mean current owners Tom Hicks and George Gillett have given up their fight to stop the 300 million pound ($476 million) sale to the owners of the Boston Red Sox.

 

Lawyer Keith Oliver, who represents Hicks and Gillett, tells The Associated Press they are applying to withdraw the temporary restraining order when the Dallas court convenes at 7 a.m. local time Friday.

 

The court had granted the injunction Wednesday just as the Liverpool board met to ratify the sale to New England Sports Ventures.

 

NESV fears Hicks could sell his share to American hedge fund Mill Financial, which could then pay off the debt owed to Royal Bank of Scotland.

 

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

 

LONDON (AP) — As the bitter fight over Liverpool prepared to resume in a Texas court, Boston Red Sox owner John Henry vowed Friday to fight a "last desperate attempt" by the owners to hang onto the Premier League club and block his takeover.

 

The 300 million pound ($476 million) sale to Henry's New England Sports Ventures hinges on a court ruling in Dallas on Friday. Liverpool needs the court to lift a restraining order obtained by owners Tom Hicks and George Gillett Jr. stopping the deal.

 

But before the hearing, Henry indicated that he fears a late intervention from American hedge fund Mill Financial could help Hicks and Gillett Jr. prevent the sale to NESV.

 

"We have a binding contract," Henry posted on Twitter. "Will fight Mill Hicks Gillett attempt to keep club today. Their last desperate attempt to entrench their regime."

 

Mill Financial has technically already taken control of Gillett's 50 percent stake after he defaulted on the loan used to fund his part of the leveraged takeover in 2007.

It was revealed in a High Court hearing in London earlier this week that Mill Financial itself is interested in taking over the club, offering to repay more than 280 million pounds of debt to Royal Bank of Scotland by Friday's nominal deadline to meet those liabilities and penalty charges.

 

But NESV could go to the High Court to enforce the binding agreement it has already signed with the three English board members who can outvote Hicks and Gillett 3-2.

 

Hicks and Gillett argue the Boston bid drastically undervalues the club. A state court judge in Texas on Wednesday issued a temporary restraining order blocking the sale to NESV, though whether he has the authority to do so is in dispute.

 

British High Court judge Christopher Floyd responded Thursday by saying the Texas action must be dropped by 4 p.m. London time (10 a.m. in Dallas), or Hicks and Gillett would be in contempt of court.

 

"We are nearly there," Liverpool chairman Martin Broughton said late Thursday. "We still have to take away the restraining order ... Mr. Henry is (still) very committed."

 

At a hearing in Dallas, NESV lawyers argued Liverpool was headed for default on its debt — and a possible nine-point penalty in the Premier League standings — if Texas District Judge Jim Jordan didn't decide by 10:01 a.m. London time Friday (5:01 a.m. EDT). Jordan resisted the urging of NESV attorneys to rule immediately on their request to lift the TRO.

 

In London, NESV lawyer David Chivers said the sale would go through once the Texas case is withdrawn.

 

"We are the owners (of Liverpool)," Chivers told the High Court. "The owners from beyond the grave are seeking to exercise with their dead hand a continuing grip on this company."

 

The British judge said the legal action in Texas amounted to "unconscionable conduct on the part of Mr. Hicks and Mr. Gillett."

 

"This case has no real connection to Texas," Floyd said.

 

Amid the takeover turmoil, Liverpool, an 18-time English league champion, is currently mired in the relegation zone after its worst start to a league season since 1953.

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Pony Princess Mentor

Pony Princess

Posted
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Seriously, by the time we are cracking open a beer tonight (6.30 for me) this will all be done and dusted.

 

RBS won't put us into administration unless there is NO OTHER OPTION.

Hicks can't sell his shares to Mill's - well he could but AFAIK he would be in contempt of court and fucked

We have a buyer who wants us and has been prepared to put up with all the drama and shit

 

Its the media who are causing all this stress, fuck 'em. Unless it comes from the club, particularly Martin B, then its most likely bullshit, speculation or shit stiring bollocks.

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RobbieOR Grand Master

RobbieOR

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Mill Financial seems to believe he does?

 

This is far from over and everything points to more day/weeks in court, probably both in the UK and in USA?

 

RBS aren't saying a lot today, so hopefully they have a plan to deal with this. Question is if we can wait until tonight with the boardmeeting?

 

Theres no boardmeeting tonight, that statement was last nights statement. It will be sorted in the next couple of hours. Even if its not Mill cant become the new owners, because a)They havent completed the Fit and Proper Owners test and b)RBS wont deal with them because they will be sued to fuck by Henry.

 

Statement expected from Broughton shortly anyway. So we'll know any minute now what the story is.

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WhiskeyJar Veteran

WhiskeyJar

Posted
Posted
Seriously, by the time we are cracking open a beer tonight (6.30 for me) this will all be done and dusted.

 

RBS won't put us into administration unless there is NO OTHER OPTION.

Hicks can't sell his shares to Mill's - well he could but AFAIK he would be in contempt of court and fucked

We have a buyer who wants us and has been prepared to put up with all the drama and shit

 

Its the media who are causing all this stress, fuck 'em. Unless it comes from the club, particularly Martin B, then its most likely bullshit, speculation or shit stiring bollocks.

 

What I am worried about is the fact that GG has defaulted his share to Mills, thus with Hicks selling to them his share....well it pretty much gives them ownership.....but here is the thing.....

 

BINDING CONTRACT before all this happened!!

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Barnesey Proficient

Barnesey

Posted
Posted

email sent to Mill Financial. Probably too little too late to make a difference but it makes me feel a little better

 

"Rumour has it you are currently assisting Mr Tom Hicks and plan to try and take ownership of Liverpool FC. I wanted you to know that this would be a foolish and misguided step to take.

 

The ownership of Messrs Hicks and Gillett has been an unmitigated disaster as far as LFC is concerned; as a fan of the Club, I have been given new hope recently with the proposed takeover by New England Sports Ventures. This concern, apparently, have a binding agreement in place with the Board of LFC who have been given the right to sell the Club beneath the owners by virtue of the indebtedness owed to the bank. Hicks and Gillett are party to this agreement.

 

By trying to do a deal now you are going, at best, to end up in protracted litigation; it will end in tears and you will be out of pocket at the end. The business model of H and G does not work in English professional football; you cannot make any money from this point.

 

The fans of LFC turn up in all sorts of exhaulted positions in business and finance across the globe and your interference at this stage will (and has) cause a great deal of resentment that will damage your business in the future.

 

Please take this warning seriously; pull out now whist you still can without damaging your reputation further."

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Red Phoenix Grand Master

Red Phoenix

Posted
Posted
An the hysteria over nothing continues.

 

The only thing blocking the sale of Liverpool Football Club to NESV was the injunction, it's now gone. Welcome aboard NESV.

 

Hopefully. Hicks is going to try something else though before the day is out, almost surely. Am waiting for the court case to see what he does in there, or just after it.

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Royal Family Proficient

Royal Family

Posted
Posted
An the hysteria over nothing continues.

 

The only thing blocking the sale of Liverpool Football Club to NESV was the injunction, it's now gone. Welcome aboard NESV.

 

Hicks might enjoy playing god, but even he cannot lift an injunction without the court that imposed said injunction lifting it! Again, he'd be in contempt, but this time in Texas.

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