Liverpool FC Forum

by **dundreamin** » Fri Sep 17, 2010 7:31 pm

God when is this this nightmare going to end? We as supporters don,t deserve this,are we cursed?

by **Reg** » Fri Sep 17, 2010 7:33 pm

Ciggy wrote:Liverpool chairman Martin Broughton turned down Tom Hick's proposal.

Hicks personally delivered his proposal direct to the Liverpool board in a showdown meeting ahead of the club's Europa League tie, and was told that his plans were not acceptable.

In fact, Hicks was left in no doubt of the board's resolve to find new owners and end his turbulent reign - alongside fellow American George Gillett - at the Premier League giants.

Great news - well done Broughton. :buttrock

by **bigmick** » Fri Sep 17, 2010 7:41 pm

Reg wrote:
Ciggy wrote:Liverpool chairman Martin Broughton turned down Tom Hick's proposal.

Hicks personally delivered his proposal direct to the Liverpool board in a showdown meeting ahead of the club's Europa League tie, and was told that his plans were not acceptable.

In fact, Hicks was left in no doubt of the board's resolve to find new owners and end his turbulent reign - alongside fellow American George Gillett - at the Premier League giants.

Great news - well done Broughton.

I must confess Broughton and Purslow get dogs abuse on here, but I think they're doing their best in difficult circumstances. Broughton in particular has fecked the Americans off a couple of times now, and fair play to the fella for it.

by **dundreamin** » Fri Sep 17, 2010 7:47 pm

I wish Broughton had some sort of breakdown and became psychotic,and hacked the pair of b.astards to death and posted the killings on You Tube. Yes people i,am losing it, thats what the kunts have done to me:p

by **Ciggy** » Fri Sep 17, 2010 7:48 pm

Reg wrote:Great news - well done Broughton.

Dont get to carried away Reg Hicks has gone to these for the money :down:

http://www.blackstone.com/cps....dit.htm

by **Reg** » Fri Sep 17, 2010 8:11 pm

Cigs, if the board have decided Hicks is out then he can talk to the pope because the board wont trust him no matter the partner.

We need a cash injection and a bust Hicks cant give it so the only way out is a new owner.

Tell you, if I had the swag, I'd buy this damn club.

by **Ciggy** » Fri Sep 17, 2010 8:15 pm

Reg wrote:Cigs, if the board have decided Hicks is out then he can talk to the pope because the board wont trust him no matter the partner.

We need a cash injection and a bust Hicks cant give it so the only way out is a new owner.

Tell you, if I had the swag, I'd buy this damn club.

If he finds the money and pays of RBS the board can do nothing about it they will be sacked and Hicks will bring his own men in.

The only hope Im clinging to is time is running out and if he could get his hands on that money he would have repaid RBS by now.

by **Igor Zidane** » Fri Sep 17, 2010 8:34 pm

Ciggy wrote:
Reg wrote:Cigs, if the board have decided Hicks is out then he can talk to the pope because the board wont trust him no matter the partner.

We need a cash injection and a bust Hicks cant give it so the only way out is a new owner.

Tell you, if I had the swag, I'd buy this damn club.

If he finds the money and pays of RBS the board can do nothing about it they will be sacked and Hicks will bring his own men in.

The only hope Im clinging to is time is running out and if he could get his hands on that money he would have repaid RBS by now.

As far as i can understand hicks has to have an asset to use as security to get finance from elsewhere to pay off RBS. The board can stop him using LFC as the asset .He does not have assets elsewhere (as far as i know ) to use as security for loans from other companies. If he does have assets elsewhere large enough to use as security then the LFC board can't do anthing to stop him paying off RBS . Then we are fecked. I could be wrong like .

by **The Raven** » Fri Sep 17, 2010 8:41 pm

Emerald Red wrote:
The Raven wrote:I wonder how long it will be before the normal fan wakes up

Meaning?

Meaning i wonder how long people will still buy shirts, blame managers and think everything is happy and ok.

by **Ciggy** » Fri Sep 17, 2010 8:51 pm

Here we go http://www.spiritofshankly.com/news/LFC,-BarCap-and-Re_Financing.html

by **Reg** » Fri Sep 17, 2010 9:02 pm

I'm sorry lads and lasses but if the board and RBS/BarCap aren't willing to be open and consistent, we have no chance.

They're going to break our club.

by **Ciggy** » Fri Sep 17, 2010 9:17 pm

Reg wrote:I'm sorry lads and lasses but if the board and RBS/BarCap aren't willing to be open and consistent, we have no chance.

They're going to break our club.

Oh dear it really is worst than expected not only have the board & the Yanks lied about us being up for sale, the banks are helping twit & Tw@tter Yet BarCap have been looking at refinancing. The debts gone up. They are still looking at alternatives, including borrowing money against a stadium we haven't even fecking built, and looking at plans for a debt from Kop Delaware, in the similar vein to Kop Cayman.

Basically they are trying to cling on. But instead of doing it snidely, BarCap were helping them.

BOYCOTT EVERYTHING LFC GUYS AND I MEAN EVERYTHING !!!!

by **Igor Zidane** » Fri Sep 17, 2010 9:18 pm

Reg wrote:I'm sorry lads and lasses but if the board and RBS/BarCap aren't willing to be open and consistent, we have no chance.

They're going to break our club.

Well we will pick up the pieces then reg won't we mate. We've got to keep fighting mate.

by **Ciggy** » Fri Sep 17, 2010 9:22 pm

Igor Zidane wrote:
Reg wrote:I'm sorry lads and lasses but if the board and RBS/BarCap aren't willing to be open and consistent, we have no chance.

They're going to break our club.

Well we will pick up the pieces then reg won't we mate. We've got to keep fighting mate.

The fight gets personal now and violent enough is enough, these kunts are just taking the p!ss all in it for their own selfish reasons and greed by syponing money off the club.

by **Igor Zidane** » Fri Sep 17, 2010 9:22 pm

LFC, BarCap and Re-Financing
Friday 17th September 2010

The Spirit of Shankly Supporters' Union have had sight of an internal Barclays Capital document that supplies information about the state of Liverpool Football Club's finances over the Summer of 2010. While the original copy document is not in the Union's possession, a full and accurate copy of it has been made and is attached here.

The document throws up many questions about the public messages coming from Martin Broughton, the Club and Barclays Capital underlining again that Liverpool Football Club teeters on the edge of a financial abyss.

From the documents the Spirit of Shankly have gleaned the following main points:

* Up until at least the beginning of August, if Barcap were indeed serious about seeking a buyer they had also been seeking to re-finance the debt. So much so that they refer to approaching around 25 potential investors.

* The Executive Directors (Broughton, Purslow and Ayre) sought advice from Slaughter and May (a large international legal practice) concerning whether re-financing by RBS should be approved in light of their fiduciary responsibilities. Their duties as Directors are to act in the interests of the club. The club in this instance is Hicks and Gillett. Their appears to be legal argument about how they can act in the best interests of the club and therefore the shareholders, considering the circumstances.

* On the basis of Slaughter and May's advice, BarCap subsequently made an amended re-financing proposal. It is not clear from this document whether that amendment was sufficient for Slaughter and May to have since indicated that the changes were sufficient to allay the Executive Directors' reservations.

* The firms identified as being willing to be involved in re-financing the Club’s debt are identified as FBR, Beach Point, Halcyon, Blackrock, DK Partners, Stonetower, Trimaran, DE Shaw, Avenue, Centrebridge and GSO.

* In the period July to August the Club’s debt was increased in the following sums:

15/07/2010 Ticking Fee: £5.0m

15/08/2010 Ticking Fee: £7.5m

31/08/2010 Ticking Fee: £7.5m

PIK Increase (Aug): £0.8m

Total: £20.8m

* The sum currently required to re-finance the Club is £300m. However, this can be reduced to £187.5m through using the proceeds of a £75m loan to the holding company in Delaware and by rolling £37.5m into the proposed loan for the new stadium. This plan for securing debt against the as yet unbuilt stadium, means should the stadium finally come to fruition, revenue it generates would contribute towards the ownership debt as opposed to its construction.

* FBR propose to lend £75m to Kop Delaware. Delaware is a "deregulated" haven in the USA, along the same lines as Cayman. As such, it would not be unreasonable to think that a similar mechanism to the Kop Cayman loan could take place in due course, i.e. Kop Delaware could "lend" this money to LFC. (FBR is a top ten rated US investment bank)

The questions that this document raises, among others, are:

* Why did Martin Broughton say the club would be sold "before the end of the transfer season" when BarCap were proposing re-financing "solutions" until at least the end of July?

* Did the changes proposed by BarCap , in line with Slaughter & May's advice, sufficiently address the Executive Directors' questions regarding their fiduciary responsibilities, and as a result prevent them from using this argument to continue to stop re-financing?

* In light of the apparent position that the Executive Directors appear to have powers vested in them by means of conditions attached to the RBS debt, what would the position of the Executive Directors be if either or both of the owners could raise sufficient to debt to repay RBS?

* Could they refuse to allow RBS to be repaid? Would RBS accept payment with the result of removing the current powers apparently held by the Executive Directors?

* So, the major question to be answered is are Barcap currently engaged with any prospective buyers or is it pursuing a re-financing or both?

The document is clearly very technical and for Spirit of Shankly members and supporters it is another in a long line of pieces of information that make little sense to the average supporter. We feel it is in supporters' best interests to be aware of this information, and we will endeavour to keep you fully updated of any further developments, along with our plans for action to follow on from recent developments.

The Spirit of Shankly are urging the senior management of LFC to engage with the supporters in using the supporters who are the only solution to this problem. We will be ensuring that those at LFC are fully aware of our views and we will be planning for all potential outcomes.

RBS need to bring this issue to a close as far as they can, without leaving a vacuum behind. They will not be forgiven, after bleeding the Club for two years or more, if they do not also take steps to secure Liverpool Football Club’s long term future.

The Spirit of Shankly has proposed action by supporters following its EGM on the 25th September 2010 .

In addition Spirit of Shankly-Share LiverpoolFC are seeking to engage in the sale process and this information merely underlines again that it is the supporters and only the supporters who can solve this problem.

We urge the Club, RBS and Barclays Capital to recognise our solution and work together to save our Club.

Spirit of Shankly

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