Texas injunction lifted, but Hicks strill trying to do a deal on his shares with Mill, so the hedge fund will pay off the RBS debt of £237m. Hicks seems to believe that once RBS are paid , that means the sale to NESV is automatically off.
I'm not sure that is necessarily true. But if RBS are paid-off, I would guess the Mill hedge fund would go to the UK high court and claim that as the new owners of LFC , all previous contracts/agreements entered into by the former owners are null and void. And the court might very well agree with them.
I thought that the Mill hedge fund involvement was significant as soon as it arose - and it still remains a real possibility, I think. Hicks is much cleverer than he looks and I wonder if Broughton has made the mistake of under-estimating him...
[cite]Posted By: BigRedEvil[/cite]I don't really understand what is going on here apart from alot of money being involved.
It really is a massive mess though
But it's very exciting. Possibly the best game so far this season.
I'm no expert but I think we're now in a real race against time.
It's now an hour and a half since Hicks lifted the injunction, but there's still no sign of LFC and NESV completing the sale.
Why? Probably because they still have to wait for the Dallas court formally to lift it (which will presumably happen at 1pm our time).
So by about 1.10pm , LFC and NESV should be in a position to start completing the final paperwork.
Can Hicks and Mill Finace get it together in time to pay RBS and stop the deal from going through? If necessary by further application not to the court in Dallas but to the UK High Court, where LFC/NESV had their victory yesterday?
You have to admit it's more incident packed than that dreadful 0-0 v Montenegro the other night !
Latest: the sale is seemingly free to be completed, though some very very harsh words have been stated by H and G's US lawyer effectively saying they will pursue their $1.6bn claim with every last breath and the threat and subsequent litigation will be like a millstone around the neck of the club and all those involved for as long as possible. Utter vermin.
Liverpool have confirmed New England Sports Ventures have completed their £300million takeover of the club.
After a week of drama off the pitch John Henry's NESV have finally completed their takeover of the club after Tom Hicks and George Gillett accepted defeat in their bid to prevent a sale.
American duo Hicks and Gillett lifted the final obstacle standing in NESV's way by removing the restraining order they won in a Texas court to block the proposed sale.
However, Hicks and Gillett have announced they plan to sue for "at least $1.6billion" for "an extraordinary swindle".
Hicks, who believes the NESV sale undervalues Liverpool, had been trying to sell his stake to Mill Financial, a USA-based hedge fund, so they could pay the club's debt to the Royal Bank of Scotland and scupper the takeover.
Mill Financial had approached the Premier League to take the mandatory owner's test on Thursday, but were rejected when the league told the fund they could only take instruction from the Liverpool board, led by chairman Martin Broughton, who have already agreed to sell to NESV for £300m.
NESV's takeover means the Royal Bank of Scotland will be paid the £237million they are owed and the threat of administration is avoided.
Liverpool's board agreed to sell the club to NESV for £300million last week, but the deal was upheld as Hicks and Gillett opposed the deal.
The news ends Hick's and Gillett's turbulent ownership of the club after three-and-a-half years at the club but almost certainly not an end to the saga.
Liverpool boss Roy Hodgson welcomed the takover by NESV at his press conference and the news is a major boost ahead of this weekend's Merseyside derby.
A club statement read: "New England Sports Ventures announces that it has completed the purchase of Liverpool Football Club. NESV wishes to extend its sincere gratitude to the Board of Liverpool FC for their diligence and their efforts on behalf of the Club and its supporters.
"The transaction values the Club at £300m and eliminates all of the acquisition debt placed on LFC by its previous owners, reducing the Club's debt servicing obligations from £25m-£30m a year to £2m-£3m.
"New England Sports Ventures is committed to winning and currently owns a portfolio of companies, including the Boston Red Sox, New England Sports Network, Fenway Sports Group and Roush Fenway Racing
One bunch of Yanks, buys Liverpool from another bunch of Yanks.......
What they know about football, care or want to, besides making a quick buck is Laughable.
Shanks must beturning in his grave,........
He had it sussed, 'the directors 'dont come into it!'.
If I was a billionaire I would not have the neck to buy Liverpool, or Man Utd, because I am not one of them. It is a culture thing , something that the Yanks do not really understand!.
Liverpool,probably only know it because of John Lennon........
[cite]Posted By: Covered End[/cite]An attorney for Tom Hicks and George Gillett claims the duo are set to drop their £1billion lawsuit.
The American pair were planning to seek $1.6billion in damages following the contentious sale of Liverpool Football Club against their wishes.
They do, however, appear to have now accepted that they are fighting a losing battle and are prepared to drop their damages claim.
Thye've dropped the claim for damaages in the US courts, in order that they can pursue the case where it belongs, in the UK courts. Don't think we've heard the end of this by a long way...
''After losing their battle to hold on to Liverpool FC, the attorney Tom Melsheimer said that Hicks and Gillett were dropping the claim in order to comply with this week's high court order.
But he said "a different picture will be painted" when the English court "has a chance to hear all the facts", indicating that the duo are prepared to fight on in their belief that the club's directors and its principal lender, RBS, conspired against the pair to sell the club for less than its true market value to New England Sports Ventures.
"We believe that it is appropriate to go back to court in England and seek relief from what we think is an unfair and over-broad order that had been entered without the benefit of a full hearing of both sides," he added. Melsheimer said the ruling on Thursday had taken place without legal representation from Hicks and Gillett and they wanted their view to be put to the high court.
"We want to be present and be heard. I think the court will realise that its original order is over-broad and unfair," he said.
"The fact remains, I don't think any judge in England or anywhere has had a chance to hear both sides of the story, We know the court have no interest in being unfair," he said. Some legal experts believe they could yet have a case, while questioning the size of the claim.
"If they can prove that the club was sold for less than its worth then they have a strong case. Proving the value of the club is intrinsically difficult. It is a particular expertise and difficult to accurately quantify," Danny Davis, a partner and football finance expert at Mishcon de Reya, said. "The $1.6bn they are seeking will, however, be significantly reduced to something more in line with the actual difference in sale price and value, if proven.''
A company that can make a baseball team the 10th biggest sports franchise IN THE WORLD are going to want to do the same with the scousers - the only way of doing that would be success on the pitch
Comments
I'm not sure that is necessarily true. But if RBS are paid-off, I would guess the Mill hedge fund would go to the UK high court and claim that as the new owners of LFC , all previous contracts/agreements entered into by the former owners are null and void. And the court might very well agree with them.
I thought that the Mill hedge fund involvement was significant as soon as it arose - and it still remains a real possibility, I think. Hicks is much cleverer than he looks and I wonder if Broughton has made the mistake of under-estimating him...
Who exactly would 'put them in admin' ? RBS certainly won't
It really is a massive mess though
But it's very exciting. Possibly the best game so far this season.
I'm no expert but I think we're now in a real race against time.
It's now an hour and a half since Hicks lifted the injunction, but there's still no sign of LFC and NESV completing the sale.
Why? Probably because they still have to wait for the Dallas court formally to lift it (which will presumably happen at 1pm our time).
So by about 1.10pm , LFC and NESV should be in a position to start completing the final paperwork.
Can Hicks and Mill Finace get it together in time to pay RBS and stop the deal from going through? If necessary by further application not to the court in Dallas but to the UK High Court, where LFC/NESV had their victory yesterday?
You have to admit it's more incident packed than that dreadful 0-0 v Montenegro the other night !
RBS' balls now on the line big time.
After a week of drama off the pitch John Henry's NESV have finally completed their takeover of the club after Tom Hicks and George Gillett accepted defeat in their bid to prevent a sale.
American duo Hicks and Gillett lifted the final obstacle standing in NESV's way by removing the restraining order they won in a Texas court to block the proposed sale.
However, Hicks and Gillett have announced they plan to sue for "at least $1.6billion" for "an extraordinary swindle".
Hicks, who believes the NESV sale undervalues Liverpool, had been trying to sell his stake to Mill Financial, a USA-based hedge fund, so they could pay the club's debt to the Royal Bank of Scotland and scupper the takeover.
Mill Financial had approached the Premier League to take the mandatory owner's test on Thursday, but were rejected when the league told the fund they could only take instruction from the Liverpool board, led by chairman Martin Broughton, who have already agreed to sell to NESV for £300m.
NESV's takeover means the Royal Bank of Scotland will be paid the £237million they are owed and the threat of administration is avoided.
Liverpool's board agreed to sell the club to NESV for £300million last week, but the deal was upheld as Hicks and Gillett opposed the deal.
The news ends Hick's and Gillett's turbulent ownership of the club after three-and-a-half years at the club but almost certainly not an end to the saga.
Liverpool boss Roy Hodgson welcomed the takover by NESV at his press conference and the news is a major boost ahead of this weekend's Merseyside derby.
A club statement read: "New England Sports Ventures announces that it has completed the purchase of Liverpool Football Club. NESV wishes to extend its sincere gratitude to the Board of Liverpool FC for their diligence and their efforts on behalf of the Club and its supporters.
"The transaction values the Club at £300m and eliminates all of the acquisition debt placed on LFC by its previous owners, reducing the Club's debt servicing obligations from £25m-£30m a year to £2m-£3m.
"New England Sports Ventures is committed to winning and currently owns a portfolio of companies, including the Boston Red Sox, New England Sports Network, Fenway Sports Group and Roush Fenway Racing
Maybe. They are such a massive name in the football world I think there will always will be some billionaire willing to lose some money.
What they know about football, care or want to, besides making a quick buck is Laughable.
Shanks must beturning in his grave,........
He had it sussed, 'the directors 'dont come into it!'.
If I was a billionaire I would not have the neck to buy Liverpool, or Man Utd, because I am not one of them. It is a culture thing , something that the Yanks do not really understand!.
Liverpool,probably only know it because of John Lennon........
The American pair were planning to seek $1.6billion in damages following the contentious sale of Liverpool Football Club against their wishes.
They do, however, appear to have now accepted that they are fighting a losing battle and are prepared to drop their damages claim.
Thye've dropped the claim for damaages in the US courts, in order that they can pursue the case where it belongs, in the UK courts. Don't think we've heard the end of this by a long way...
agreed, the judiciary take a dim view of people throwing stones in glass houses as regards "abuse of process"
''After losing their battle to hold on to Liverpool FC, the attorney Tom Melsheimer said that Hicks and Gillett were dropping the claim in order to comply with this week's high court order.
But he said "a different picture will be painted" when the English court "has a chance to hear all the facts", indicating that the duo are prepared to fight on in their belief that the club's directors and its principal lender, RBS, conspired against the pair to sell the club for less than its true market value to New England Sports Ventures.
"We believe that it is appropriate to go back to court in England and seek relief from what we think is an unfair and over-broad order that had been entered without the benefit of a full hearing of both sides," he added. Melsheimer said the ruling on Thursday had taken place without legal representation from Hicks and Gillett and they wanted their view to be put to the high court.
"We want to be present and be heard. I think the court will realise that its original order is over-broad and unfair," he said.
"The fact remains, I don't think any judge in England or anywhere has had a chance to hear both sides of the story, We know the court have no interest in being unfair," he said. Some legal experts believe they could yet have a case, while questioning the size of the claim.
"If they can prove that the club was sold for less than its worth then they have a strong case. Proving the value of the club is intrinsically difficult. It is a particular expertise and difficult to accurately quantify," Danny Davis, a partner and football finance expert at Mishcon de Reya, said. "The $1.6bn they are seeking will, however, be significantly reduced to something more in line with the actual difference in sale price and value, if proven.''
They chose to not turn up?!
A company that can make a baseball team the 10th biggest sports franchise IN THE WORLD are going to want to do the same with the scousers - the only way of doing that would be success on the pitch
Thats how i understood it wasn't they in Texas trying to get an injunction instead of here putting their point across?