NG32 Posted October 12, 2010 Share Posted October 12, 2010 Going to be a few bad months for Hicks as his NHL franchise was forced into adminstration as well recently Was it not the Texas Rangers (baseball) who went into admin, or Hicks tried to put them in admin but the people who they owed money to tried to stop them. http://www.guardian.co.uk/football/2010/oct/08/liverpool-texas-rangers-tom-hicks Link to post Share on other sites More sharing options...
NG32 Posted October 12, 2010 Share Posted October 12, 2010 He does own the Stars but is trying to flog them. Link to post Share on other sites More sharing options...
jdckelly Posted October 12, 2010 Share Posted October 12, 2010 2.15pm: Back to the High Court: G&H claim the board meeting last Tuesday broke down when they US owners refused to continue "after a conversation with the chairman during the adjournment". They claim that the remaining three directors, Broughton, Purslow and Ayre formed a 'sub committee' which then considered the bids and after discussions with RBS decided to go with NESV. 2.18pm: From the court: H&G argue: "Resolution of the sub-committee is invalid because the English directors were in breach of the sales contract with RBS." 2.23pm: Hicks has written a letter to the court: He says that he and Gillett feel they "had become excluded from the sales process by the board" Link to post Share on other sites More sharing options...
Guest ObiChrisKenobi Posted October 12, 2010 Share Posted October 12, 2010 2.23pm: Hicks has written a letter to the court: He says that he and Gillett feel they "had become excluded from the sales process by the board" Obviously written on the back of a Waitrose napkin during lunch. Link to post Share on other sites More sharing options...
jdckelly Posted October 12, 2010 Share Posted October 12, 2010 2.32pm: From Sachin Nakranioutside court: Hicks claims that the sub-committee became so ingrained that the directors started to refer to it as the "home team" in emails between themselves. One of which was accidentally sent to the owners at start of last week. Hicks claims that he only breached sales agreement by trying to oust two board members because the sub committee was a breach of the sales agreement in itself. Link to post Share on other sites More sharing options...
Dokko Posted October 12, 2010 Share Posted October 12, 2010 oops Link to post Share on other sites More sharing options...
jdckelly Posted October 12, 2010 Share Posted October 12, 2010 2.46pm: From court: G&H QC dismisses Friday's deadline and says that instead the owners and RBS are "locked into an agreement" until 1 November. Link to post Share on other sites More sharing options...
Dokko Posted October 12, 2010 Share Posted October 12, 2010 Sorry thought, that was the ruling, just H&G team blowing smoke. Link to post Share on other sites More sharing options...
Guest neesy111 Posted October 12, 2010 Share Posted October 12, 2010 This is mental haha. Link to post Share on other sites More sharing options...
Guest ObiChrisKenobi Posted October 12, 2010 Share Posted October 12, 2010 'Home Team' wtf, if anything H&G claim is true, then the rest of the boards are as mental as H&G. Link to post Share on other sites More sharing options...
Dokko Posted October 12, 2010 Share Posted October 12, 2010 2.57pm: Lord Grabiner QC is now speaking on behalf of the Liverpool board. He tells the court the two alternative offers for the club are "besides the mark" as it is the role of the board to find a buyer, so if they decide to go for NESV then so be it. Link to post Share on other sites More sharing options...
Guest ObiChrisKenobi Posted October 12, 2010 Share Posted October 12, 2010 Much to no one's surprise, it looks like Liverpool are going to luck out again. Link to post Share on other sites More sharing options...
Guest neesy111 Posted October 12, 2010 Share Posted October 12, 2010 Much to no one's surprise, it looks like Liverpool are going to luck out again. Whats Happening wise one? Link to post Share on other sites More sharing options...
broonalegeordie Posted October 12, 2010 Share Posted October 12, 2010 are they bankrupt and expelled from the league yet? Link to post Share on other sites More sharing options...
Guest ObiChrisKenobi Posted October 12, 2010 Share Posted October 12, 2010 Don't know. Just expect the Judge to side with RBS, seems to setting his stall that way, as he's questioned H&G direction of defence. I guess we should all brace ourself for the inevitable: "THE GREATEST VICTORY FOR LIVERPOOL FOOTBALL CLUB SINCE 'THAT NIGHT IN ISTANBUL'!" Which, to be fair, speaks volumes on how far Liverpool have fallen. --- 3.28pm: Lord Grabiner says correspondence between board and owner prove that H&G knew of the meeting on 5 October and instead they simply refused to turn up and not, as their QC says, that they were excluded from it by the "sub-committee". Lord Grabiner describes the owners as "slippery" because they wanted a one week adjournment to that meeting knowing full well that NESV's deadline for their offer to expired on 5 October. Also, Hicks had a lawyer, Bruce Toth, listening to that meeting via telephone as an observer, destroying their argument that they were excluded from that crucial meeting. Pretty much nail in the coffin for H&G. Link to post Share on other sites More sharing options...
UV Posted October 12, 2010 Share Posted October 12, 2010 Sounds like the lawyer for the Liverpool board has resorted to bigging up LFC (a "unique asset"), childish name calling (Hicks son = "Hicks Minor"), and victim syndrome (H&G guilty of "slippery behaviour"). So doing a spot on job of representing his clients so far. Just waiting for hundreds of surprise witnesses to flood the courtroom causing the people in the gallery to be crushed and for him to blame the court bailiffs. Link to post Share on other sites More sharing options...
Guest gggg Posted October 12, 2010 Share Posted October 12, 2010 Seems every H&G argument has been squatted or was irrelevant. Weak stuff. Link to post Share on other sites More sharing options...
Dokko Posted October 12, 2010 Share Posted October 12, 2010 No chance of administration. Link to post Share on other sites More sharing options...
UV Posted October 12, 2010 Share Posted October 12, 2010 4.04pm: Judge says it would be a "little ambitious" for the case to be settled by Friday. (In reply to Broughton's QC saying board would desperately like a verdict by then). Link to post Share on other sites More sharing options...
jdckelly Posted October 12, 2010 Share Posted October 12, 2010 4.04pm: Judge says it would be a "little ambitious" for the case to be settled by Friday. (In reply to Broughton's QC saying board would desperately like a verdict by then). odd would have thought it would be done by tomorrow at the latest with an appeal to follow by whomever loses Link to post Share on other sites More sharing options...
jdckelly Posted October 12, 2010 Share Posted October 12, 2010 4.25pm: QC for RBS says bank has been willing to wave "tens of millions of pounds in fees" to see a sale go through. Also dismisses G&H claim that there is no actual 15 October deadline with the Bank as part of their "game". 4.27pm: RBS QC: "RBS is a lender that deserves to be repaid £200m on Friday. It is wrong of Hicks and Gillett to try and delay that process." 4.30pm: While we wait for the next update from court, what does it mean if the court doesn't make its decision today, or indeed, this week (as seems distinctly possible given Mr Justice Floyd's recent comment)? Reuters says this: If the Oct. 15 deadline for a refinancing of Liverpool's debt is missed, lawyers believe RBS could take control of the club and conduct the sale itself. That could result in the holding company of the five-times European champions briefly being put into administration, which would result in the points deduction under Premier League rules. Link to post Share on other sites More sharing options...
Guest neesy111 Posted October 12, 2010 Share Posted October 12, 2010 Seems to me that RBS are hell bent on screwing G&H even putting the holding company into admin, to force through a sale. Link to post Share on other sites More sharing options...
jdckelly Posted October 12, 2010 Share Posted October 12, 2010 Seems to me that RBS are hell bent on screwing G&H even putting the holding company into admin, to force through a sale. which the more conspiracy minded among us think may be g&hs whole plan as a final parting shot to liverpool Link to post Share on other sites More sharing options...
jdckelly Posted October 12, 2010 Share Posted October 12, 2010 4.48pm: JUDGEMENT ON THE CASE IS TO BE GIVEN AT 10.30AM TOMORROW (WEDNESDAY) MORNING Link to post Share on other sites More sharing options...
Stottie Posted October 12, 2010 Share Posted October 12, 2010 Dunno the full situation but seems a bit weak to argue that the board were right to allow the sale with time before deadline when there are more bidders involved. If the Lim bid is geniune but the sale is upheld, wouldn't Hicks have a strong case for suing the individual board members for the difference between the bids. Link to post Share on other sites More sharing options...
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