they already did i think?

So, update for everyone who needs one.

Dallas court case has been adjourned till 1pm London Time tomorrow. It is said the hearing should take less than an hour, so it gives enough time for us to complete the sale before 3pm if the decision goes in our favour.

Even if it doesn't, still unlikely that RBS will call it in instead of waiting the weekend.

The best part about this is that H&G are being threatened with massive fines and jail time :lol:. That would just be amazing.


Another good quote:

I'm at the George Allen this very moment, where attorneys representing New England Sports Ventures and Kop Holdings (which is to say, Tom Hicks) are squaring off over who owns Liverpool FC. In light of the UK judge's ruling this morning, which basically tossed yesterday's temporary restraining order, the attorneys (and assorted media) have gathered to see what the judge will decide, since Hicks owes the Royal Bank of Scotland close to $500 million dollars by tomorrow.

Right now, Judge Jim Jordan is leaning toward a 7 a.m. hearing Friday to decide whether or not he will lift yesterday's TRO. Court is scheduled to reconvene shortly. Updates forthcoming.

Update at 2:20 p.m.: Jordan has ordered all parties back in his courtroom at 7 a.m. tomorrow for an hour-long hearing, at which point he will decide whether or not to lift the TRO. Quotes forthcoming.

Update at 2:39 p.m.: Before Jordan dismissed the parties till tomorrow morning, first thing, attorney Stephen Fox, repping Hicks and Kop Holdings, told the judge that "our folks are aggressively working out an arrangement with RBS to take care of the debt." Meaning: Hicks and George Gillett would pay the close to £500 million owed and then look for someone other than NESV to buy the team. Jordan said, "I hope those talks continue," but said he needs more time to consider the UK judge's ruling before making a decision concerning yesterday's temporary restraining order.

Steve Stodghill, repping Hicks and Gillett, told Unfair Park after the hearing that NESV and the Liverpool board have agreed to hold off on closing till tomorrow morning, around 8 a.m. Dallas time, when Jordan's expected to rule on the TRO. If Jordan lifts the TRO, sale's a done deal. But if Jordan doesn't, says Stodghill, "the ball's in the court of NESV, and they can decide if they want to attempt to close the transaction knowing their in violation of the TRO. That's a decision they'll have to make."

Edited by imnofreak: 15/10/2010 01:10:42 PM

@JimBoardman Was there in Dallas. J. Jordan made it clear that he wanted "this matter resolved" so parties could close on 15th\

Report from some lawyer type on SSN said Nov 1st is absolute deadline for debt repayment. Implying time between 6th October and 1st November is at RBS discression. I've taken 15th October to be 1 weeks grace from the sixth.

The need to sell by the 15th is to avoid administration and points deduction and therefore a worse business proposition. But RBS can extend if they wish. There may be other things about the 15th that I don't understand.



The big worry tomorrow isn't admin - It's Hicks getting refinance. Kenny Huang and our very own Macquarie Bak have been named, as well as Mill of course.

so there taking out another loan to pay RBS... you'd think they'd learn... anybody wanna go and ward off Maq Bank tomorrow?

@John_W_Henry

We have a binding contract. Will fight Mill Hicks Gillett attempt to keep club today. Their last desperate attempt to entrench their regime.

Hopefully for you guys it rules in your favour and all of this can see a greater Liverpool after it which can live up to the great Liverpool teams of yesteryear.

I would laugh so much if Hicks and Gillett got jail time

danroan

Hicks trying to do deal with Mill Financial after all to block deal with NESV - BBC News for details - could mean 3rd day in High Court!

I think the key word today is going to be 'trying'.

He's had months and months to try and refinance and fail - why would anybody suddenly refinance now?

No worries ;)

So, another update.

H&G have lifted the TRO so they can attempt to sell their shares to Mill Financial. Mill are then going to attempt to pay off the debt to RBS. RBS lawyers have advised RBS to not accept the refinancing.

Still have to wait for court to open in Dallas.

Confident things will all work out. MB said he is confident too!

this is just bizare, probably won't know anything until well past the debt deadline

Relax.

Court hearing in Dallas is up soon.

NESV will contest any interference from Mill Finance in the High Court: SSN

Also;
Hicks himself must repay the loans to the RBS under his contract with them, and must therefore borrow the money from Mill Financial to do that.

But he must also get approval from his club’s board of directors to make the repayment, and the board are legally obliged to consider the impact of such an action on the club.

WTF I'm just reading DIC are back involved.

where you getting your info?

LFCtrial: Liverpool FC will return to the High Court at 2pm today. #LFCtrial #LFC #fb [via Twitter]

LFC

"this is to have the sale ratified by mr justice floyd and to block any payment of the loan from mill finance to rbs- they cannot do if the judge says no"

Friday October 15, 2010 12:17 DBirkett
12:18 JimBoardman: Apologies, we're not in the high court at 2pm. This is what happens when you don't pay attention to the date on an article. #LFC #LFCTrial [via Twitter]

lolskies thought that was similar to what was written a couple days ago... the proceedings will probably dropped very quickly in dallas and then you'll hear rumours abound for the next couple hours and New England will be announced the new owners round 6-7 oclock tomorrow morning

12.46pm: "If Hicks and Gillett manage to raise the money to pay RBS off, the restrictions on the removal of directors agreed as part of the RBS loan will lapse. That would mean that Hicks and Gillett would be free to fire the other three board members," emails Nick Simpson.

Prem refused Mill to do the fit and proper test because they didn't have the approval of the board

1.02pm: David Conn has some more on Mill Financial:

"Mill Financial are an arm of the Springfield Financial Companies. That has been confirmed. In recent weeks, there have been reports that they lent George Gillett £75m to meet his further loan commitments at Liverpool, and that he defaulted on that loan, so they have in effect repossessed his shares. That has not been confirmed by Mill, who so far do not return calls. Gillett has not returned a call for some weeks now.

If those reports are true, that means if Liverpool is sold to NESV for the agreed £300m, to repay all Liverpool's debts owed to the banks (except for £30m to finance stadium development), it is Mill Financial which will lose that £75m, along with Hicks losing his around £70m.

That means a US hedge fund, based, like Hicks, in southern USA - Springfield, Virginia - have a £75m loss to protect. That helps to explain why they should now be apparently working desperately with Hicks to avoid a sale to NESV. If they lend Hicks the £200m to repay RBS, the scenario being discussed at the moment by the participants, and Hicks does so, he could stay in control of Liverpool, because RBS is repaid and their hold over the board via the undertakings falls away. Hicks would owe Mill £200m, at whatever rate of interest he has had to agree to. The "payment in kind" loans from the US hedge funds at Manchester United currently charge 16.25% interest, a year, so that would be £32.5m a year interest, and there would likely be very large costs to add to it - financial institutions like to charge for the right to lend their money.

There seems little doubt that Hicks would make Liverpool itself, out of its income - fans' money, TV, commercial revenues - pay that interest and harges and service the debt, as he and Gillett did with the RBS loans. That is a major financial reason why Liverpool fans will be desperate the Mill/Hicks eleventh hour bid does not succeed.

NESV, have committed, to clearing the £300m of debt, and not loading the club with any more debt, or making the club in any way pay any of the costs associated with buying it.
NESV are saying very firmly they will sue because they have a binding agreement with the board to buy the club - as Henry has reiterated on Twitter."

1.07pm: Martin Broughton has arrived at Slaughter & May's London offices, reports Caroline Davies, our on-the-doorstep reporter. Broughton said: "Hopeful a deal can be done."
Chris Purslow added he was "confident we can do a deal".

he's gone from confident to hopeful

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.

1.19pm: Caroline Davies outside Slaughter & May's offices believes there may be an announcement of some sort soon. Meanwhile, I've been sent this picture by Harry Johnston, which he says is looking into S&M's offices.

KEEP THE FAITH

Update: 7:22 a.m. - Stephen Fox, repping Hicks and Gillett, confirms filing has been. Says Stephen Stodghill: will have a comment about the reason why following the hearing. When asked if Hicks and Gillett have sold to Mill Financial, he said quote, "as of last night no sale has been made, but we don't know what goes on in London." Meanwhile the Baliff relays a message from the judge to Liverpool supporters: "no outbursts."

That photo could be anything :lol:
5 Live - "we are awaiting an imminent statement from outside the offices of Slaughter and May"

ashlingoc - #lfc press barriers being erected outside slaughters front door

All I know is I want a massive table :lol: