Liverpool FC Forum

by **alwayslfc** » Mon Oct 11, 2010 7:32 am

MB claims that he has the written undertakings from Hicks that only he has the right to change the board and sell the club at a reasonable price. On the face of it, it looks like we'll win the court case.

But if it was Hicks who gave MB this big authority, wouldn't Hicks has the right to withdraw it and remove the board members as he so wishes and end up winning the case? This is what I fear the most.
I do not know how corporate law will interpret this, but could someone enlighten me on this?

by **Ciggy** » Mon Oct 11, 2010 8:14 am

My @rse has well and trully gone, I am terrified hold on to your hats guys this is going to be one hell of a week :sniffle

Im still hopefull Sheikh Maktoum is our new owner by next week.

by **LiverpoolMadman** » Mon Oct 11, 2010 9:01 am

Ciggy wrote:My @rse has well and trully gone, I am terrified hold on to your hats guys this is going to be one hell of a week

Im still hopefull Sheikh Maktoum is our new owner by next week.

If it NOT him ... hopefully his son will bid us ...

by **jacdaniel** » Mon Oct 11, 2010 9:07 am

Why would RBS want to call in the loan and put us in administration on Friday? Surely they can hold off on this for a bit longer until the sale goes through. They'll get all their money back when the sale goes through.

But if they put us in administration... they have less chance of getting their money back. NESV could walk away from the sale altogether, we'll get deducted 9 points, star players will be desperate to leave in Jan, T+T won't be paying them back and not many sensible business men will want to risk paying for a club facing relegation.

Can anyone explain why they'd want to put us in administration on Friday?

Also, if Martin wins in court tomorrow...can the sale then go through or do we have to wait for the appeal and all that?

by **Roger Red Hat** » Mon Oct 11, 2010 9:12 am

well my money is on this been in court today, not tuesday. they've leaked tuesday to keep the protesters away from the courts front door. it'll be today. betcha.

by **parchpea** » Mon Oct 11, 2010 9:18 am

Could be right on the court date as I would find it puzzling as to why they would want to have the hearing with an angry mob outside along with media frenzy.

by **jacdaniel** » Mon Oct 11, 2010 9:20 am

Lee J wrote:well my money is on this been in court today, not tuesday. they've leaked tuesday to keep the protesters away from the courts front door. it'll be today. betcha.

I actually hope so! Can't deal with all this anymore.

by **Roger Red Hat** » Mon Oct 11, 2010 9:23 am

look, they need this wrapping up before friday so the earlier they get it in court the better. they wouldn't leave it until mid week to sort out. they will have had their legal team working all weekend on this.

by **Ciggy** » Mon Oct 11, 2010 10:41 am

http://www.legalweek.com/legal-week/new ... ads-courts

One Essex Court heavyweight Lord Grabiner QC is set to represent Liverpool Football Club as the boardroom wrangle over the club's future moves into the courts this week.

Grabiner (pictured) has been instructed to advise Liverpool FC alongside magic circle firm Slaughter and May on the proposed £300m sale of the club to Boston Red Sox owners New England Sport Ventures (NESV).

One Essex Court's Jamie Goldsmith, son of former attorney general Peter Goldsmith, has also been instructed to provide advice.

The Liverpool takeover is dependent on the resolution of a dispute between the clubs's board, which supports the sale to NESV, and US owners Tom Hicks and George Gillett, who believe the offer undervalues the club.

The case is due to go to court later this week.

Slaughters corporate partner Nigel Boardman is advising the club on the takeover, while dispute resolution partner Efstathios Michael is advising on contentious matters.

US firms Weil Gotshal & Manges and Shearman & Sterling are advising Hicks and Gillett and NESV respectively on the proposed takeover.

Weil is not advising Hicks and Gillett on the dispute due to potential conflicts, and it is understood that City firm Peters & Peters has been recommended by Weil to act on the dispute.

Last week Hicks and Gillett attempted to remove managing director Christian Purslow and commercial director Ian Ayre from the Liverpool board, and replace them with Hicks' son Mack Hicks and Lori Kay McCutcheon, a vice president at Hicks Holdings, in a bid to retain control of the club.

In a statement issued last week, Liverpool chairman Martin Broughton said: "I am disappointed that the owners have tried everything to prevent the deal from happening and that we need to go through legal proceedings in order to complete the sale."

"Part of the terms of me taking on the role [of chairman] was that [Hicks and Gillett] gave a written undertaking that only I could change the board and they would not interfere and frustrate any reasonable sale. And this is frankly an abuse of these undertakings."

Grabiner, who was called to the Bar in 1968 and took silk in 1981, is regarded as one of the biggest names at the commercial Bar, and has acted on a raft of high-profile cases, including representing HM Treasury in the Northern Rock shareholders dispute and Total UK on litigation resulting from the 2005 Buncefield oil disaster.

Goldsmith, who was among Legal Week's 2009 Stars at the Bar, advised Marks & Spencer in 2004 on obtaining an injunction against magic circle firm Freshfields Bruckhaus Deringer from acting on Philip Green's takeover bid. Freshfields was found to have a conflict of interest in advising Green, having previously worked for M&S.

by **Ian Rush's Right foot** » Mon Oct 11, 2010 10:48 am

Ciggy wrote:http://www.legalweek.com/legal-week/new ... ads-courts

One Essex Court heavyweight Lord Grabiner QC is set to represent Liverpool Football Club as the boardroom wrangle over the club's future moves into the courts this week.

Grabiner (pictured) has been instructed to advise Liverpool FC alongside magic circle firm Slaughter and May on the proposed £300m sale of the club to Boston Red Sox owners New England Sport Ventures (NESV).

One Essex Court's Jamie Goldsmith, son of former attorney general Peter Goldsmith, has also been instructed to provide advice.

The Liverpool takeover is dependent on the resolution of a dispute between the clubs's board, which supports the sale to NESV, and US owners Tom Hicks and George Gillett, who believe the offer undervalues the club.

The case is due to go to court later this week.

Slaughters corporate partner Nigel Boardman is advising the club on the takeover, while dispute resolution partner Efstathios Michael is advising on contentious matters.

US firms Weil Gotshal & Manges and Shearman & Sterling are advising Hicks and Gillett and NESV respectively on the proposed takeover.

Weil is not advising Hicks and Gillett on the dispute due to potential conflicts, and it is understood that City firm Peters & Peters has been recommended by Weil to act on the dispute.

Last week Hicks and Gillett attempted to remove managing director Christian Purslow and commercial director Ian Ayre from the Liverpool board, and replace them with Hicks' son Mack Hicks and Lori Kay McCutcheon, a vice president at Hicks Holdings, in a bid to retain control of the club.

In a statement issued last week, Liverpool chairman Martin Broughton said: "I am disappointed that the owners have tried everything to prevent the deal from happening and that we need to go through legal proceedings in order to complete the sale."

"Part of the terms of me taking on the role [of chairman] was that [Hicks and Gillett] gave a written undertaking that only I could change the board and they would not interfere and frustrate any reasonable sale. And this is frankly an abuse of these undertakings."

Grabiner, who was called to the Bar in 1968 and took silk in 1981, is regarded as one of the biggest names at the commercial Bar, and has acted on a raft of high-profile cases, including representing HM Treasury in the Northern Rock shareholders dispute and Total UK on litigation resulting from the 2005 Buncefield oil disaster.

Goldsmith, who was among Legal Week's 2009 Stars at the Bar, advised Marks & Spencer in 2004 on obtaining an injunction against magic circle firm Freshfields Bruckhaus Deringer from acting on Philip Green's takeover bid. Freshfields was found to have a conflict of interest in advising Green, having previously worked for M&S.

Really good news,

If Broughton pulls this off he should get his own song on the Kop

by **Anfield rapper** » Mon Oct 11, 2010 11:02 am

Anyone hear that retard Simon Jordan on 606 last night. Saying that basically the reason Liverpool fans want G&H out now is because the team are struggling. No you idiot Liverpool fans have wanted them out even when we came second in the league. Also he said that G&H have every right to get back money they have "invested" in the club. Uh ok Mr Jordan what do you think LFC is currently worth? 6-800m which is what Hicks wants or £300m.

by **stmichael** » Mon Oct 11, 2010 11:06 am

From what I can gather the club won't get anywhere close to administration. One reason is that Broughton has what are being described as "fallback" options ("a Plan B and Plan C", says a source), which he believes can force through a sale to NESV without administration.

What these are I don't know but I presume they would involve convoluted legal mechanisms, with Royal Bank of Scotland probably extending its nominal 15 October deadline while they were being played out. These would only come into play if Broughton loses of course.

by **jacdaniel** » Mon Oct 11, 2010 11:11 am

Anfield rapper wrote:Anyone hear that retard Simon Jordan on 606 last night. Saying that basically the reason Liverpool fans want G&H out now is because the team are struggling. No you idiot Liverpool fans have wanted them out even when we came second in the league. Also he said that G&H have every right to get back money they have "invested" in the club. Uh ok Mr Jordan what do you think LFC is currently worth? 6-800m which is what Hicks wants or £300m.

Such short sighted people shouldn't bother commenting at all. That includes Arry Redknapp too.

by **NANNY RED** » Mon Oct 11, 2010 11:36 am

Keep an eye on the court lists they have to put hearings up a day before . we need to look for the high court, or we can look on COURTSERVE.

http://www.hmcourts-service.gov.uk/infoabout/rcj/rcj.htm

www.courtserve.net

The second one is the best

by **JBG** » Mon Oct 11, 2010 11:55 am

NANNY RED wrote:Keep an eye on the court lists they have to put hearings up a day before . we need to look for the high court, or we can look on COURTSERVE.

http://www.hmcourts-service.gov.uk/infoabout/rcj/rcj.htm

www.courtserve.net

The second one is the best

Nanny, you really have your ear to the ground!

I presume the one to watch is the Commercial and Admiralty Court list, there is nothing listed about Liverpool yet (they only have today's list up).

Liverpool FC Forum

TAKEOVER COMPLETE - H & G Finally Jibbed!

Who is online