Liverpool FC Forum

[laza]

If only it had been courtroom 9 for the scouse God link

[jacdaniel]

Someone needs to attend the case and give us updates throughout.

[JBG]

If the case boils down to "he said, I said' Hicks will have to attend to give evidence.

I'm crossing my fingers but I have a feeling tomorrow wont resolve everything.

[Redman in wales]

RBS case against Hicks & Gillett over Liverpool is separate from LFC case

High Court hearing scheduled for tomorrow that could shape the future ownership of Liverpool pits RBS bank against Tom Hicks “and others”, and is NOT Liverpool’s legal action Hicks and George Gillett, which could yet happen separately, sportingintelligence has learned.

The case of ‘Royal Bank of Scotland v Hicks & others’ has been listed among a group of cases to be heard tomorrow by Mr Justice Floyd, sometime after 10.30am. In this case, RBS as the bank that loaned Hicks and Gillett money (via their Liverpool holding company), will be seeking judgement that undertakings given by Hicks and Gillett to RBS under the terms of their loan extension earlier this year are legally binding.

There were multiple undertakings and sportingintelligence is not party to all the details, but this website has been told that the key decision for the judge is: Were Hicks and Gillett in breach of undertakings given to RBS by trying remove Christian Purslow and Ian Ayre from Liverpool’s board last week?

RBS will argue Hicks and Gillett were in breach. If the judge agrees, then effectively Hicks and Gillett can do nothing more (pending appeal) to prevent the sale of Liverpool, as agreed by Liverpool’s board last week, to New England Sports Ventures. An RBS statement on this is expected soon, and will be linked here when it drops.

Liverpool, ie: Liverpool FC and / or its “independent” board members Broughton, Purslow and Ayre, will still, separately, pursue a “declaratory” judgement against Hicks and Gillett, effectively seeking the same end goal as RBS, namely the legal right to sell to NESV.

But the significance of RBS and Liverpool / Broughton seeking separate judgements shouldn’t be underestimated: it means, and emphasises, that Liverpool / Broughton on the one hand, and RBS, independently, on the other hand, are now working to force through the NESV deal – and force Hicks and Gillett out.

Sportingintelligence further understands – as reflected to some extent in this article yesterday – that RBS has little appetite for putting in train any course of events that would plunge Liverpool into administration.

While there is a 15 October deadline for repayment of loans owed by Hicks & Gillett to the bank, it is entirely within RBS’s powers to be flexible with that deadline. RBS ultimately wants the outcome that is in the best interests for the stability of Liverpool, because ultimately the stability of Liverpool enhances the chances of RBS getting back all the money it leant. For now, administration remains more of a theoretical possibility than a probability.

As ever in this saga, the situation remains fluid.

[Ciggy]

We have two court cases this week.

Tommorrow is Hicks & others V RBS.

The next one is LFC V Hicks.

[Redman in wales]

pkelso on twitter:

RBS was granted injunction against H&G last Friday for breach of contractual agreements when Broughton appointed

RCJ hearing Tues relates to the breach of contract only, "not an attempt by RBS to call in loans or appoint administrator"

RBS injunction prevents H&G from changing board, appointing directors etc

[Redman in wales]

Tomorrows court case is only about this:

RBS take out interim injunction against Hicks & Gillett to prevent removal of Purslow & Ayre for being in favour of NESV buyout of LFC

[jacdaniel]

Whats the second case about then?  Hicks vs LFC one.

[devaney]

Someone needs to attend the case and give us updates throughout.

The judge has agreed to text Lakes and his mates throughout the hearing!! Sorry Lakes you know I am only joking! This awful thread would be even more tedious without your imput.

[Redman in wales]

RBS STATEMENT

RBS in its capacity as lender to the Kop group of companies received the benefit of various contractual undertakings from Mr. Hicks and Mr. Gillett in relation to the corporate governance arrangements that Mr. Hicks and Mr. Gillett agreed would apply to the Kop group of companies with effect from April 2010.

Those undertakings provided for the appointment of Mr Broughton as chairman of the board and the appointment of the chief executive and commercial director of LFC to the Kop boards.

As is well known, Mr. Hicks and Mr. Gillett purported to make changes to those corporate governance arrangements on 4 October. This was in breach of those contractual undertakings.
In light of that purported breach of contract RBS sought and obtained on Friday 8 October 2010 an interim injunction against Mr. Hicks and Mr. Gillett until a further hearing scheduled for tomorrow.

Among other things, that interim injunction prevents Mr. Hicks or Mr. Gillett taking any steps to remove or replace Mr. Broughton from his position as chairman of the board of the Kop companies or from taking any other steps to appoint or remove any directors from the board of the Kop companies.

The proceedings tomorrow represent the continuation of Friday’s proceedings and relates to breach of contract only. These proceedings do not represent steps by RBS to enforce its security or to appoint an administrator.

We are unable to provide any visibility on timing for resolution of these proceedings at this stage.

STATEMENT ENDS

[zarababe]

Oooooohhhhh this gets dramatic by the hour... explains Purslows confidence !

[jacdaniel]

@bensmith_times
Ben Smith
RBS claiming Hicks breached his contract with them by blocking sale of #lfc to NESV and that the takeover will be ratified tomorrow

[zarababe]

RBS STATEMENT

RBS in its capacity as lender to the Kop group of companies received the benefit of various contractual undertakings from Mr. Hicks and Mr. Gillett in relation to the corporate governance arrangements that Mr. Hicks and Mr. Gillett agreed would apply to the Kop group of companies with effect from April 2010.

Those undertakings provided for the appointment of Mr Broughton as chairman of the board and the appointment of the chief executive and commercial director of LFC to the Kop boards.

As is well known, Mr. Hicks and Mr. Gillett purported to make changes to those corporate governance arrangements on 4 October. This was in breach of those contractual undertakings.
In light of that purported breach of contract RBS sought and obtained on Friday 8 October 2010 an interim injunction against Mr. Hicks and Mr. Gillett until a further hearing scheduled for tomorrow.

Among other things, that interim injunction prevents Mr. Hicks or Mr. Gillett taking any steps to remove or replace Mr. Broughton from his position as chairman of the board of the Kop companies or from taking any other steps to appoint or remove any directors from the board of the Kop companies.

The proceedings tomorrow represent the continuation of Friday’s proceedings and relates to breach of contract only. These proceedings do not represent steps by RBS to enforce its security or to appoint an administrator.

We are unable to provide any visibility on timing for resolution of these proceedings at this stage.

STATEMENT ENDS

That is the nail on the head statement... H&G are DEAD DEAD DEAD 

[dawson99]

It cant come to administration, that wouldnt be in RBS interest. They want to sell teh club, the club wont be sold if we docked points, we docked points if admin, ergo we wont go into admin

[Roger Red Hat]

well i'll stand corrected, looks like it wasn't today after all. they're fuk'd, proper fuk'd.