Liverpool FC Forum

[Ciggy]

Mayer Brown is advising US hedge fund Mill Financial on its eleventh-hour takeover bid for Liverpool FC, as the battle for ownership of the club reaches the final stages.
Mill, which is being advised by Mayer Brown's UK head of corporate Peter Dickinson and finance partner Kate Ball-Dodd, already owns 50% of the Premier League club after taking on US co-owner Gillett's stake in the football club earlier this year.
The hedge fund is currently in negotiations with Gillett's co-owner Tom Hicks over acquiring the remaining stake.
Royal Bank of Scotland (RBS), Liverpool's main creditor, is owed around £280m by the US duo and had set a deadline of today (15 October) for repayment.
The Liverpool board, which supports an alternative £300m takeover bid by US sports group New England Sport Ventures (NESV), yesterday succeeded in its bid to push forward with the takeover after the High Court dismissed a temporary restraining order granted to Hicks and Gillett by a Texan court (click here to view the anti-suit injunction).
The Texan court will reconvene today (15 October) to decide how to respond the High Court's ruling.
The NESV bid is now dependent on the outcome at the Dallas court, as well as a decision by the Liverpool board members about whether to consider Mill's takeover bid.
Hicks and Gillett are also being represented in the US by Fish & Richardson, while Baker & McKenzie is providing US law advice to the Liverpool board.

Source : http://www.legalweek.com/legal-week/new ... keover+bid

[Redangel]

This has just been posted on Rawk.

Mayer Brown is advising US hedge fund Mill Financial on its eleventh-hour takeover bid for Liverpool FC, as the battle for ownership of the club reaches the final stages.

Mill, which is being advised by Mayer Brown's UK head of corporate Peter Dickinson and finance partner Kate Ball-Dodd, already owns 50% of the Premier League club after taking on US co-owner Gillett's stake in the football club earlier this year.

The hedge fund is currently in negotiations with Gillett's co-owner Tom Hicks over acquiring the remaining stake.

Royal Bank of Scotland (RBS), Liverpool's main creditor, is owed around £280m by the US duo and had set a deadline of today (15 October) for repayment.

The Liverpool board, which supports an alternative £300m takeover bid by US sports group New England Sport Ventures (NESV), yesterday succeeded in its bid to push forward with the takeover after the High Court dismissed a temporary restraining order granted to Hicks and Gillett by a Texan court (click here to view the anti-suit injunction).

The Texan court will reconvene today (15 October) to decide how to respond the High Court's ruling.

[Ola Mr Benitez]

From SSN

The Editor: We are in for an afternoon of even more legal arguments. Sky Sports News' Bryan Swanson reports that Tom Hicks could do a deal with Mill Financial to pay off the debt to Royal Bank of Scotland to remain in control of Liverpool. That would result in further legal challenges from John W Henry's team as they bid to gain control of the club.

[4ORDY]

The pl have told mill finance to f*** off

[Steve Crooks]

Confirmed that prem league deny Mill the chance for fit and proper test..     

[Redangel]

Sky sports news are useless they report as breaking news what is already common knowledge.

[metalhead]

Well Mill finance will lose 75m if they lose the case..

[Anfield rapper]

12.54pm: It is understood that Mill Financial approached the Premier League last night and asked to undertake its various tests regarding fit and proper persons and future financial info, writes Owen Gibson.

But the Premier League is believed to have rebuffed the request on the basis that it will only deal with the boards of its clubs.

The Liverpool board had previously put both Peter Lim and NESV forward. That is why both Lim, who was the preferred bidder until near the end of the process but has now left the scene, and NESV, which has a binding agreement it is currently trying to push through,
are at various stages of the process.

NESV are close to being passed - they have passed the directors test but have not yet been signed off on the future financial information part. That won't be confirmed unless and until the takeover goes through.

A Premier League spokesman said: "We will continue to deal with the legally constituted board of Liverpool Football Club."


THIS COULD BE CRITICAL AND COULD SWING IT FOR US FINGERS CROSSED.

[maypaxvobiscum]

I'll tell ya summat, it shows what NESV think of our club, the way they are fighting along side us to get shut of these 2 plebs. Lets face it, most people would have said 'thanks but it's too complicated' by now. but NESV are right there with us all the way. Im liking them already

exactly! impressive isnt it?

[Reg]

Why dont RBS simply close early today?








I'll get me coat........

[dawson99]

I'll tell ya summat, it shows what NESV think of our club, the way they are fighting along side us to get shut of these 2 plebs. Lets face it, most people would have said 'thanks but it's too complicated' by now. but NESV are right there with us all the way. Im liking them already

exactly! impressive isnt it?

they're getting Liverpool for 300 million... bargain of the century.. but they are doing it right

[Redangel]

From the Guardian

1.09pm: Meanwhile in Dallas: Update: 6:48 a.m.- Attorney's representing New England Sports Ventures are at the courthouse, and do confirm Hicks and Gillett's attorneys filed at 1:00 this morning a motion to dismiss the temporary restraining order. They still want a hearing in front of the judge in order to confirm the filing, and for the judge to sign the order. Says George Bramlet, the attorney representing NESV, when asked why Hicks and Gillett tossed the TRO: "maybe they thought they weren't going to win, who knows." reports the Dallas Observer.

[Redangel]

Update 7:12 a.m: We are being asked to turn off phones during hearing. Baliff ain't messing around, so live updates will be put on hold. Here they come...

[Redangel]

http://blogs.dallasobserver.com/unfairpark/2010/10/live_from_the_george_allen_cou.php

Reporting from the court.

[maypaxvobiscum]

TheSuperdrome:    Hicks may already have won. If mill own Kop hldngs and repay RBS, current #LFC board would be reconstituted prior to injunction lift 7amUS

(Retweeted by bensmith_times and 7 others )

Its not as simple as that.

If NESV and the board have a contract, which they claim to have, that will trump any sheninagins with Mill.

If NESV are clever, and I presume they are, RBS already have NESV's money, held on trust, which means that its already in place and merely requires a fax from NESV to release it.

RBS appear to have indicated with their conduct in court this week that they feel legally obligated to abide by the NESV process.

Whatever way you look at it, even if RBS do something insanely stupid and accept money from Hicks today, NESV should have the whip hand and simply proceed regardless.

exactly what i was thinking, that RBS has NESV's cash hence why they rejected and would/should reject any attempt by Mill or Hicks to pay the debt cause they'll be in breach wouldn't they?