John Henry bids for Liverpool FC

[Redguard]

Right, court decision soon maybe.

 

Can get the updates here.............

 

http://www.guardian.co.uk/sport

[Redguard]

Brilliant news lads ...........

 

10.43am: Judge rules against H&G, which means NESV deal can proceed. We will try and flesh out the details and ramifications...

 

10.42am: JUDGE RULES MANDATORY INJUNCTION WANTED BY RBS AGAINST OWNERS IS GRANTED: SALE CAN GO AHEAD

 

Come on you Red Sox

[AJ2010]

BREAKING NEWS FROM SSN (SKY SPORTS NEWS)

 

Spokesman for NESV has confirmed that they welcome the court decision and have a "binding contract" with the Liverpool board, almost a done deal. In addition to this the other bid from Peter Lim is still onb the table (320m GBP + 40m GBP for transfers) however his deal has only been registered since the court case was announced. He has also said he may seek legal action if his bid is not considered once the board is reconstituted.

 

Hold the front page!

[Sunny]

Coincidentally, on this day in 1903 the Boston Red Sox won the 1st World Series.

[BigSox]

BREAKING NEWS FROM SSN (SKY SPORTS NEWS)

 

Spokesman for NESV has confirmed that they welcome the court decision and have a "binding contract" with the Liverpool board, almost a done deal. In addition to this the other bid from Peter Lim is still onb the table (320m GBP + 40m GBP for transfers) however his deal has only been registered since the court case was announced. He has also said he may seek legal action if his bid is not considered once the board is reconstituted.

 

Hold the front page!

How can he seek legal action? The board have made their choice, and I assume they will stick by it. Seems a bit sore loser-ish to me...<_>

[Ride The Walrus]

John Henry spotted at Liverpool board meeting! Obvious that he'll be the new owner over Lim.

[Redguard]

John Henry spotted at Liverpool board meeting! Obvious that he'll be the new owner over Lim.

 

Yes, looks like J Henry is on the ball..........

 

http://www.skysports.com/story/0,19528,11669_6443618,00.html

[flred]

I like the sound of this.

[LFCKEV71]

Hicks statement: Texas court has isssued restraining order halting sale of club

 

 

Hicks lawsuit seeks $1.6 billion in damages against directors of (RBS), Martin Broughton, Christian Purslow, Ian Ayre, NESV and Philip Nash

[LFCKEV71]

The owners of Liverpool Football Club today reported that a Texas State District Court has granted a temporary restraining order (TRO) enjoining the Board of Liverpool Football Club (LFC) from executing a sale of the Club to New England Sports Ventures (NESV). The court set a hearing date of October 25, 2010.

The TRO request, signed by Judge Jim Jordan of the 160th District Court in Dallas, was part of a lawsuit filed today by the owners of LFC against Royal Bank of Scotland (RBS), Martin Broughton, Christian Purslow, Ian Ayre, NESV and Philip Nash. The lawsuit also seeks temporary and permanent injunctions, and damages totaling approximately $1.6 billion (over ?1 billion).

The suit lays out the defendants' "epic swindle" in which they conspired to devise and execute a scheme to sell LFC to NESV at a price they know to be hundreds of millions of dollars below true market value (and well below Forbes magazine's recent independent $822 million valuation of the club) - and below multiple expressions of interest and offers to buy either the club in its entirety or make minority investments (including Meriton and Mill Financial). It describes how the defendants excluded the owners from meetings, discussions and communications regarding the potential sale to NESV and interfered with efforts by the owners to obtain financing for Liverpool FC.

The Club's owners are represented by attorneys from the international law firm of Fish & Richardson.

The following are some of the key points in the complaint, which details the roles of RBS and the other defendants, and also describes previously undisclosed offers to purchase LFC:

"The Director Defendants were acting merely as pawns of RBS, wholly abdicating the fiduciary responsibilities that they owed in the sale."

"RBS has been complicit in this scheme with the Director Defendants. For example, in letters from RBS to potential investors obtained just within the past few days, RBS has informed investors that it will approve of a deal only if there is "no economic return to equity" for Messrs. Hicks and Gillett. In furtherance of this grand conspiracy, on information and belief, RBS has improperly used its influence as the club's creditor and as a worldwide banking leader to prevent any transaction that would permit Messrs. Hicks and Gillett to recover any of their initial investment in the club, much less share in the substantial appreciation in the value of Liverpool FC that their investments have created."

"On or about October 4, 2010, Mr. Hicks received a letter of interest from a third potential purchaser represented by FBR Capital Markets ("FBR"), offering to purchase Liverpool FC for ?375 to ?400 million ($595 to $635 million). The letter informed Mr. Hicks that the potential purchaser would not need financing, possessed the funds to close the transaction, and intended to build a new stadium for Liverpool FC."

"Additionally, the Plaintiffs learned just days ago about another potential investor that made a similar offer in the ?350 to ?400 million range that was communicated to Defendant Broughton and another unnamed co-conspirator in late August. According to this investor, Mr. Broughton never responded to the offer. Moreover, when the purported sale to NESV was announced, this investor again contacted Mr. Broughton and informed him that the offer, which significantly exceeded the NESV offer, was still on the table. Again, Mr. Broughton brushed this offer aside without further discussion."

[flred]

Hicks statement: Texas court has isssued restraining order halting sale of club

 

 

Hicks lawsuit seeks $1.6 billion in damages against directors of (RBS), Martin Broughton, Christian Purslow, Ian Ayre, NESV and Philip Nash

 

Didn't see that one coming! I don't think UK law give one little hoot about a Texas court's ruling concerning a UK company. RBS can simply call in the debt, take possession of the assets and sell them on. Or they can sell the debt itself to NESV, who can call it in immediately and take control of the assets.

[Redguard]

Didn't see that one coming! I don't think UK law give one little hoot about a Texas court's ruling concerning a UK company. RBS can simply call in the debt' date=' take possession of the assets and sell them on. Or they can sell the debt itself to NESV, who can call it in immediately and take control of the assets.[/quote']

 

We'll let the legal eagles thrash this one out. The highest court in the land (British) has essentially made a conclusive ruling concerning a British football club and a British bank. Going to look at the map to find out where Texass is.

[flred]

This is the judge's FB page. Looks like he's making lots of new friends!

 

EDIT: I wonder whether he has email alerts on for when people write on his wall?

 

EDIT2: It looks like he's disabled his account already!

[LFCKEV71]

Liverpool FC statement

 

 

 

Following the successful conclusion of High Court proceedings today, the Boards of Directors of Kop Football and Kop Holdings met tonight and resolved to complete the sale of Liverpool FC to New England Sports Ventures.

 

Regretably, Thomas Hicks and George Gillett have tonight obtained a Temporary Restraining Order from a Texas District Court against the independent directors, Royal Bank of Scotland PLC and NESV to prevent the transaction being completed.

 

The independent directors consider the restraining order to be unwarranted and damaging and will move as swiftly as possible to seek to have it removed.

 

A further statement will be made in due course.

[Redguard]

12.36am: Ok, so here's a brief summary of today's events:

 

• This morning a high court ruled against Tom Hicks and George Gillett's attempt to block the sale of Liverpool FC by RBS to NESV.

• The judge told Hicks and Gillett it would be inappropriate to appeal against his decision.

• Martin Broughton, Christian Purslow and Ian Ayres attempted to press home the NESV deal.

• At the same time Singapore businessman Peter Lim maintained his interest in purchasing the club.

• A board meeting to ratify the sale of Liverpool to NESV was held at Slaughter and May's offices in London at 8pm. Just before the meeting NESV's John W Henry turned up out of the blue at the meeting, supposedly indicating the deal was a mere formality.

• Then we waited a bit.

• And then a Texas court granted Tom Hicks and George Gillett's appeal for an injunction to be placed on the sale of Liverpool FC to NESV.

• The pair also revealed they are claiming damages of $1.6bn against the three Liverpool board members, RBS and NESV.

• Liverpool later released a statement calling the TRO "unwarranted" and "damaging", and intend to get it removed as quickly as possible. They still hope to conclude the deal with NESV.

[Redguard]

Just a quick message for you Red Sox lads.

 

There is a great deal of anticipation but mostly a very warm hope and desire that our LFC can soon be united with the Red Sox Nation. We have a growing faith in John Henry combined with a mutual trust generated through a common purpose. The events of the last week have obviously desended on yourselves quite unexpectantly. We are just common lads from a foreign land - so please bear with us while this unfortunate saga is dealt with.

 

Thanks.

[Virgil Stallcup]

Nice post, Redguard.

 

I hate it for you long-term core Liverpool folks. It appears H&G have taken advantage of the American business interests of NESV and RBS to buy time through the Texas Courts.

 

To me it is a mark of desperation. I think H&G are in worse financial position than what meets the eye. There is no other reason to hold on to something when the best you stand to make from it still will not be nearly what you expected to make out of it in earlier estimates.

 

The big losers in all this will not be Liverpool, RBS, or NESV. The defeat, in fact and in reputation, will fall upon the head of Hicks and Gillett.

[flred]

Hicks will lose. Will anyone ever trust him in business now? He's made a very large name for himself.

[Virgil Stallcup]

Hicks will lose. Will anyone ever trust him in business now? He's made a very large name for himself.

 

It will be more difficult for him to establish relationships in business with anyone but his closest friends. And you can bet they will have their lawyers dot all the i's, cross all the t's, and read every last bit of fine print on a contract.

 

I would also imagine his ability to get credit will take a further beating as well. RBS have a strong reputation worldwide. Other banks will look at his actions with more than a suspicious glance.

 

There appear to be a number of options open to the other side. I wonder if they'll try to have a Court rule on the validity of a Texas TRO over a case being heard entirely in England? Also wonder how quickly they can rush in to Dallas to get the TRO overturned?

 

The folks involved are way too intelligent not to have seen this coming from H&G. I'll bet they anticipated this move and have a counter-attack in place for this Axis gambit.

[lfclfc]

NESV and others is sued.

 

h t t p://blogs.dallasobserver.com/unfairpark/2010/10/tom_hicks_files_suit_over_live.php

[LFCKEV71]

Liverpool takeover: Martin Broughton begins fightback against Tom Hicks after injunction

 

Liverpool chairman Martin Broughton and his legal advisers will this morning begin considering how to overturn the temporary restraining order filed by Tom Hicks that last night halted the sale of the club.

 

Broughton and John W Henry, owner of New England Sports Ventures, were close to sealing a ?300 million deal before Hicks' dramatic 11th-hour intervention (read the full Dallas injunction here)

Discussions will now take place at the London offices of the club's solicitors, Slaughter & May, this morning with a full board meeting expected to follow once a legal strategy has been agreed.

One option being considered is to seek an order from a UK court ruling that the Texan writ has no jurisdiction.

 

An alternative will be to seek to have the temporary restraining order overturned by a higher court in Texas. This, though, could take longer and there is already an expectation that the case will take a couple of days to resolve leaving Liverpool's future uncertain until next week.

 

The timetable for resolving this issue may depend on whether Henry remains in the UK and sticks with the arranged plan to attend the Merseyside derby on Sunday.

Hicks’ suit, filed against Royal Bank of Scotland, club chairman Broughton, directors Christian Purslow and Ian Ayre, NESV and Liverpool finance director Philip Nash, claims damages totalling approximately $1.6 billion (over ?1 billion).

 

The suit claims that RBS, the board and NESV conspired in an “epic swindle” to sell the club for less than its value.

Hicks accuses Broughton, Purslow and Ayre of acting “as pawns of RBS” for ignoring offers he says were higher than the ?300m offered by NESV.

[LFCKEV71]

Royal Bank of Scotland heading back to the High Court this afternoon. Hearing starts at 2pm.

[LFCKEV71]

BBC LIVE5 understands that Mill Financial now own both Tom Hicks and George Gillett's shares in Liverpool

[flred]

Hodgson must be loving all this drama, it's completely taken the focus off him and his ghastly start.

[LFCKEV71]

Liverpool co-owner Tom Hicks remains in control of his share of the club and has not sold out to Mill Financial, Press Association Sport reports.

 

Reports this morning suggested the hedge fund, a branch of Washington-based Springfield Financial, had acquired the Texan's 50% share having already taken ownership of his fellow co-owner George Gillett's half.

However, a UK-based spokesman for Tom Hicks told Press Association Sport Mill Financial had not acquired Hicks' shares.

[LFCKEV71]

http://www.facebook.com/pages/Liverpool-Fans-Counter-Claim/161602740534076?ref=search&v=wall

[flred]

Live Guardian coverage here. Unbelievable, H&G lawyers didn't even bother to turn up apparently.

[Redguard]

Judge Floyd in British High Court .........

 

5.21pm: Judge rules that anti-suit injunction wanted by RBS and other parties (board) against owners action in Texas is granted. "This case has nothing to do with Texas."

[flred]

What are the odds of the Dallas judge turning this into a pissing contest?

[LFCKEV71]

We won it two times, we won it two times, in the high court we won it two times