Topic: (*) Court Date Set - Tomorrow 12th of October is the beginning of the end

[1987]

Liverpool Said to Be in Default, Bankruptcy Possible

Administration would bring a nine-point penalty from the Premier League. Liverpool is in 18th place in the 20-team league, and would be relegated to the second-tier Championship if the season ended now. That would cost millions, and the team is already struggling with the loss of income from the Champions League, which can bring in as much as 30 million pounds.

http://www.bloomberg.com/news/2010-10-11/liverpool-said-to-be-in-technical-default-on-loan-bankruptcy-is-possible.html

Does anyone know what the chances of the league ending 31 games early?

Seems everyday there is something else to worry about.

[TOMMO86]

So tomorrow thn is about the change in board not about the acctual take over

[Umbarto]

So tomorrow thn is about the change in board not about the acctual take over

From what I understand, yes.  There is a very good possibility that our entire financial situation will be laid bare, which it should be, during this as well.

YNWA

[Kloofster]

I was at the Elliot vs Dean Saunders/LFC trial (alledged dirty tackle) at the High Courts in the 90s. Brian Hall was a very convincing witness I must say. I will go to this.

Who is Nicola Howson, suppsedly H&G's UK based spokeswoman? Why would she agree to do that?  Ill-judged I would say.

[Moley]

Its interesting that its RBS v Hicks.

Up until this point it looked as if the big issue was whether our board was legally constituted and able to affect a sale.

If RBS are involved, then the legal arguments must be on an entirely different basis.

[Toby Twos]

So tomorrow thn is about the change in board not about the acctual take over

However, the two are linked

If the judge finds in favour of RBS then the board make u remains the same as it always has done, and the vote to accept the bid remains

[cheesemason]

So tomorrow thn is about the change in board not about the acctual take over

Isnt that really the same thing though. If Hicks couldnt change the board, then the board voted for the sale 3-2, so it goes through?

[Promised to never post on RAWK again]

Who's the "common man" in this case though?  RBS are the biggest of the big guys in this instance but they're effectively fighting for us as the fans.

Well, I know that the British courts are supposed to be independent, but having the Royal Bank of Scotland and the Chairman of British Airways on our side of the courtroom might help our cause ...

[cheesemason]

 bensmith_times Ben Smith
RBS are going to release a statement on #lfc case very shortly

[brownie 09]

TARIQ PANJA, BLOOMBERG/ NEWSROOM:" <tpanja@bloomberg.net>View contact detailsTo: davidbrown1934@yahoo.co.uk

They've been in default for a long time it appears. RBS could have put the holding company in administration at any point in the past few weeks but hasn't done so yet I'm told.

Just got this email of Tariq from bloomberg

[dwesty]

So tomorrow this is about the change in board not about the actual take over?

Yes, RBS are seeking a declaration that Martin Broughton did indeed have the authority to overrule Hicks's attempt to remove Ayres & Purslow from the board and thereby, on that basis, validating the board's majority vote on the sale.

[Umbarto]

Its interesting that its RBS v Hicks.

Up until this point it looked as if the big issue was whether our board was legally constituted and able to affect a sale.

If RBS are involved, then the legal arguments must be on an entirely different basis.

If the rumours out there are correct regarding LFC's parents having already defaulted, RBS should be the ones doing the petitioning.  Looks to me like it's sewn up pretty damn tight in favor of RBS... 

God, please let this be the end of it...

[Billy1561]

If they have already defaulted as suggested then i really struggle to see of what benefit it is to Hicks to protest this in court? What is his motive?

[robbie rotten]

Also I read that RBS by owning the club, will mean that they own the loan to themselves which effectively zeros the loan except for a 2.5M a year that can be changed to equity.

What is EQUITY?

The creation, and purchase, of new shares in the club for the exact value of the debt.

Abramovich has done this at Chelsea before, basically writing off the debt by way of a share issue to which you are the exclusive buyer

[fredfrop]

This is it then, surely they want them to back down before tomorrow. Release a statement proving they can't lose, hicks walks away ? here's praying

all the leaks and briefings since NESV surfaced have been leading to slowly tightening a pair of Texan nuts in a very big vice.

[Dr. Beaker]

If they have already defaulted as suggested then i really struggle to see of what benefit it is to Hicks to protest this in court? What is his motive?

It's a threat - he's holding a gun to his own head and he's not afraid to use it.

[xerxes1]

Its interesting that its RBS v Hicks. Up until this point it looked as if the big issue was whether our board was legally constituted and able to affect a sale.If RBS are involved, then the legal arguments must be on an entirely different basis.

Agreed.

None of us can anticipate what the case will be until tomorrow. What comes out will be fascinating.

[richiedouglas]

If they could have put the club into administration and havent it still makes sense. The 9pt deduction would devalue their asset and thus reduce the recouperable money.

This court case should allow them to recoup the full loan and avoid the 9pt penalty.

[miroa12004]

I hope it is wrapped up quickly but this may take weeks methinks lads.

Nope if H&G defaulted, that means they are no longer in control or so methinks, that means that Hicks can't get any refinance deal at the moment, RBS won't also put in adminstration since there is buyers and adminstration will devalue the club and it also makes IMO makes Broughton's position stronger in appointing/ firing directors.

RBS vs Hicks means it is Hicks vs the British goverenment and I can't see Hicks overcoming this one.

[Loco74]

So if they've defaulted on the loan and Hicks somehow wins in court can't RBS just pull the loan and take the club off Hicks anyway? Could this be Hicks last attempt at a fuck you?

It's gonna be a long night!

[Veinticinco de Mayo]

Please heed the Moderation Advice on the previous page people.

Unless your post asks a very pertinent question or adds to the sum of knowledge on the situation then it will be deleted.  There are currently so many deletions that it may become necessary to give short bans to repeat offenders in order to make moderating the thread possible.

And please check that the news you are about to post has not already been posted.

[Fowler4:33]

It says on the HMCS website that we're in court 16 not 18?

[robbie rotten]

Why was the other post deleted cause I asked for a count down timer bloody hell?

Forget about it but please answer the question: -

If Hicks wins, RBS will call the loan immediately and put us in admin?

Or is it that they can zero the loan except some (reported to be 2.5M) and turn that in equity?

What is EQUITY?

The posts were deleted because the thread is *'d and non-vital posts are discouraged (I responded  )

I have answered your question re Equity - have another look

[ml1n]

Nothing yet but presumably the RBS statement will appear here:

http://www.rbs.com/media/news/press-releases.ashx

[Davvo7]

Not sure if this is the same woman, but looks likely given the report below.

Freud Communications has promoted its head of corporate practice Nicola Howson to be agency boss Matthew Freud's 'right-hand woman'.

Former ITV comms director Howson will take the newly created CEO post after four years at the agency.

PRWeek can also reveal that Freuds has hired former Cadbury global corporate affairs director Alex Cole to replace Howson as MD of the agency's corporate and media practice. Cole joins the agency in September, having left confectionery firm Cadbury this year after its takeover by rival Kraft. She headed the corporate affairs department since 2007 and had been at the company for ten years.

Nick Mulholland, previously MD of the consumer practice, now becomes MD of the agency.

Howson joined Freuds in 2006, having spent five years at ITV. Freuds' corporate team, FC Corp, specialises in reputation management and corporate comms for domestic and global clients including PepsiCo, Asda, Sky and Mars.

A senior Freuds source agreed Howson had cemented her status as Freud's 'right-hand woman'.

http://prweek.co.uk/uk/news/search/1011840/Ex-ITV-comms-director-Nicola-Howson-nets-top-Freud-Communications-job/

[Jimmy Conway]

Been moved to Court 16 now

http://www.hmcourts-service.gov.uk/cms/list_chancery.htm

[Alan_X]

Does anyone know what the chances of the league ending 31 games early?

Seems everyday there is something else to worry about.

It's explaining the situation to their core (American) readership.

[Jamie_G]

From Echo
http://www.liverpoolecho.co.uk/liverpool-news/local-news/2010/10/11/royal-bank-of-scotland-wants-to-avoid-administration-100252-27447196/

Royal Bank of Scotland wants to avoid administration

THE ROYAL Bank of Scotland is desperate to avoid forcing the administration of Liverpool FC.

Bosses at the bank hope the court case will eliminate the need for the bank to directly intervene in the situation.

As bankers to the club RBS is keen to ensure it makes the transition as smooth as possible and avoid anything that could potentially damage the business of one of its clients.

Administration and the risk of a nine point deduction is the worst case scenario.

It still has the option of a temporary short term extension of the £237m debt in the event that the court case is not completed by Friday’s refinancing deadline.

RBS is avoiding making a final decision until the outcome of the case is clear.

[Chivasino]

I may be wrong, but the 10.30 time is when the court opens and doesn't mean that's when our case will be heard. It could be a long day if I'm right.

[Hij]

I may be wrong, but the 10.30 time is when the court opens and doesn't mean that's when our case will be heard. It could be a long day if I'm right.

I think you are correct. There appears to be a list of cases and we were last - although it has been moved to Court 16, maybe that's so it can be heard earlier.

[cheesemason]

I may be wrong, but the 10.30 time is when the court opens and doesn't mean that's when our case will be heard. It could be a long day if I'm right.

And ours is last on the list, so suggests we could be seen last. If they run out of time, would it be moved til the next day?

[amarjahangir]

I may be wrong, but the 10.30 time is when the court opens and doesn't mean that's when our case will be heard. It could be a long day if I'm right.

yes, they listed around 5 cases, I believe we are the bottom of the pile if it is going by order so it could be done few hours later for all we know

[cheesemason]

I think you are correct. There appears to be a list of cases and we were last - although it has been moved to Court 16, maybe that's so it can be heard earlier.

All the same cases, so doesnt look like it'll move us earlier

[fredfrop]

Sporting Intelligence Tweet:
retweeted by Andrew_Heaton

H Crt case on Tue a.m is NOT #LFC's case v Hicks, it's RBS's, SEPARATE. LFC will also seek dcltry jdgmnt. 2 x case = evidence of ALL v H&G

Could be balls or evidence of even more Texas nutbag squeezing

[miroa12004]

According to this article from the Echo, there seems to be no mention of an appeal, is this true? or the appeal will be fast enough to be done before Friday?

Also since news is coming that H&G have defaulted, does the Oct 15th dat significant anymore?


http://www.liverpoolecho.co.uk/liverpool-fc/liverpool-fc-news/2010/10/11/liverpool-fc-ownership-case-in-high-court-tomorrow-100252-27448716/

[Davvo7]

If there is a big turn out, then I can't see them running ours last - would have thought that would just make sense to get ours over and done with first and get everybody out of the court asap? Don't know, just seems to make sense. Don't know if it's like Liverpool Crown Court with the big public waiting areas on the landings - could be a bit crowded and noisy? They used to move big cases into other courts if there was a lot of press interest and loads of people wanting to get into the public gallery.

[TLT]

Sporting Intelligence Tweet:
retweeted by Andrew_Heaton

H Crt case on Tue a.m is NOT #LFC's case v Hicks, it's RBS's, SEPARATE. LFC will also seek dcltry jdgmnt. 2 x case = evidence of ALL v H&G

Could be balls or evidence of even more Texas nutbag squeezing

 
That is interesting. I am no law specialist, but maybe there will be more than one case being challenged here? I still don't see things dragging on to much, this will be sorted one way or the other, fairly quickly. Then it is about Broughton's Plan B and Plan C that he claims to have.

Lets hope one of them is succesful at least.

[cheesemason]

and that is an option?? WTFFFF?

What a FIASCO if they rifinance the loan...

I'm guessing this would be like a one week or two week extension, not months

[Franky]

'm guessing this would be like a one week or two week extension, not months

that would be sufficient time for TH to materialise his refinance with a different bank.

[CHOPPER]

Order in the court! Order in the court!

Over to you me lud.