lakes10 wrote:if its under a court order then i take it he is asking for the sale to be held off untill the 23, in that case the club and debts are frozen untill that date, this will also put a hold on anything RBS would like to do as they would also come under the court order, bitlike if you can not pay back a loand and go to court yourself, its all put on hold.
nothing is going to be easy when Hicks is about.
He can ask for what ever he likes RBS said they will put us into administration on the 15th if him and Mill Finance dont pay off the debt.
And the penalty fees will be their responsibilty to pay back and not LFC.
LFC The Times: Q&A - the latest Liverpool takeover bid. Helen Power.
Can Broughton really force Tom Hicks and George Gillett Jr to sell up?
Liverpool’s board has asked the High Court to make a “declaratory statement”, confirming that the club’s sale to New England Sports Ventures, the parent company of the Boston Red Sox, should stand despite Hicks’s objections. Gillett appears to be out of the picture because Mill Financial, a hedge fund, seized control of his 50 per cent stake in Liverpool after he defaulted on a £75 million loan secured on the club.
So will the judge agree with Hicks or Broughton?
Broughton said yesterday that his City law firm, Slaughter and May, advised Liverpool’s board that it could force a sale and that he is confident he will win in court. He added that Hicks and Gillett promised Royal Bank of Scotland (RBS) in April that they would sell Liverpool and that they should be held to that promise. But lawyers cautioned yesterday that Broughton’s victory is not guaranteed.
While the Americans are reviled on Merseyside, a judge will be reluctant to force the legal owners of a business to sell it, experts warned. The case will become even more complicated if Mill Financial intervenes. Lawyers for the hedge fund could argue that it is not bound by promises made by Gillett.
Liverpool owe their lenders £237 million. What do they think?
The club will formally default on their loans a week on Friday, giving their biggest lender — the state-backed RBS — the right to seize control, possibly by putting it into administration.
RBS has appointed its own lawyers, Freshfields Bruckhaus Deringer, and will attend the High Court hearing. But we don’t really know what the bank thinks. Although Hicks and Gillett are very unpopular, RBS’s other business customers might disapprove if it looks like the bank has given in to pressure to get rid of them.
So far RBS has left the role of enforcer to Broughton and is likely to continue to do so until it has no other choice.
But if Liverpool are so close to bankruptcy, why are Hicks — and now Mill Financial — fighting over it?
We don’t know much about Mill Financial or what it wants. It is possible that the hedge fund wants to buy Liverpool itself, but to do so it will have to raise £300 million to refinance Liverpool’s debts before October 15.
Hicks, on the other hand, has tried and failed to refinance Liverpool several times. His final attempt to raise cash from Blackstone, a private equity house, fell apart several weeks ago and he is highly unlikely to be able to raise fresh money before the RBS deadline.
The American was hit hard by the credit crunch and has other problems within his business empire, which previously included the Texas Rangers, the baseball franchise that filed for bankruptcy in May.
Together with Gillett, Hicks has invested £144 million in Liverpool. Much of that money was borrowed and he appears to be desperate to salvage some of it. His dream outcome would to win the case, then persuade RBS to extend Liverpool’s loans one final time.
me all i am posting is stuff that others with more info than me are saying and i am still getting stick pmsl
by 