Topic: Post board meeting, Hicks injunction thread. (*)

[Greyfox]

I presume Mills is mentioned in someway in the UK Action...if they are in contempt of Mr Justice Floyd can he seize their assets...in the UK...can someone think of an asset in the UK....

[lostpet.]

If mills have bought H*cks shares then surely that means the club is sold, but that cannot happen without board approval and after the case yesterday the board where given power to complete a sale (if i've understood correctly). So therefore H*cks cannot do anything that would sell the club without going through all the due diligence and the correct process.

SO this is all a non-starter surely!

Hopefully this afternoon will sort things out!

[Grobbelrevell]

If Floyd upholds the verdict

And why wouldn't he.

Should he do so though, Im utterly lost now as to what that would then mean. Am I right in thinking that we would then be back in the position we were in last night and the supposed sale to Mill is null and void?

I have a headache.

[Paul-LFC]

I am so confused. According to TIA on Twitter we are now owned by Mill, in court at 2. Are we "officially" owned by them now or will nobody know the answer to that until the court case? I just hope we somehow, some way get sold to NESV, although that doesn't look possible now. My head hurts.

[kinofi]

How can they sell the club without the board approval and the FA's acknowledgement?

[Cossy]

Is there going to be any kind of presence outside the court today?

[scotkop]

1. Isn't Broughton who decides who we sell to according to an agreement signed by the devil himself?

Keep thinking that myself, so surely he'll put us in the right hands, no?

[wideawakewesley]

this is interesting,

12.16pm: Mill Financial are not mentioned in the court papers filed in Texas (points out Matt Young via email). Page 2 Paragraph 2 of the petition:

"Based on the arguments of the verified petition and the arguments of counsel, the Court further finds that Liverpool FC is owned - through the various plaintiffs - ultimately by Thomas O Hicks and George Gillett."

Note the wording, "Liverpool FC is owned - through the various plaintiffs - ultimately by Thomas O Hicks and George Gillet". Liverpool FC is owned by other companies, so as speculated earlier, it is the company at the top of the food chain that Mill could now own. That's all guesswork on my part though.

[Finn Solomon]

Firstly, Finn, the sale of Hicks sales ( if it happens) would be a new case. Secondly,Mill will almost certainly have a conditional contract with Hicks ( on it going through). Why would they offer anything else?

Exactly, since the club has already been sold to NESV, any action taken after that fact would be illegal.

The way I see it Hicks got the Texan injunction to stall for more time to sell off his shares. If Floyd renders the injunction invalid, then Hicks had no right to sell his shares.

Hope that's what happens in a couple of hours anyway.

[Groundskeeper Willie]

Latest update from the Guardian:

12.16pm: Mill Financial are not mentioned in the court papers filed in Texas (points out Matt Young via email). Page 2 Paragraph 2 of the petition:

    "Based on the arguments of the verified petition and the arguments of counsel, the Court further finds that Liverpool FC is owned - through the various plaintiffs - ultimately by Thomas O Hicks and George Gillett."

So is that good news or bad?

[0 Helpful, 0 Funny]

How can they sell the club without the board approval and the FA's acknowledgement?

They have board approval (for what they are buying Gillett & Hicks are the Board)!

[bonou2]

this is a fucking nightmare what would i give and prob millions more to meet that prick hicks walking down the street.

[filthy1980]

one thing i don't get

if hicks can sell his shares in kop delaware and it then renders all subsequent holding companies submissive to the delaware company

then thats a "single point of failure" (in IT terms)

surely RBS MB et al would have made provisions for this when they last granted refinancing,

they can't have made such a rookie mistake

[vanoord]

http://twitter.com/tariqpanja

RBS doesn't know if Mill Financial has taken charge of US Kop companies. They've not been informed so make of that what you will

It just keeps on coming...

[Cookie-7-]

If Hicks sells his 50% stake in Liverpool to Mill, it doesn't need aproval from the board, or ratification by the premier league - thats how Mill financial currently came to own part of the club in the first place (cause Gillett defaulted on the loan), and why they're so interested in making more money out of it because they also stand to lose money if the NESV deal goes through

also

if i open up a trading account now and buy for example £500m of shares in RBS, it doesn't need board approval, only the approval of those people selling the shares.

transfer of shares does not need board approval. Hence when Gilletts shares were given to Mill when he defaulted on the loan it didn't need board approval and it didn't need premier league approval.


I agree with the reports that IF Mill has purchased Hicks's shares, Mill can legitimately pay the loan to RBS and own the club outright


--


Then Mill can do with Liverpool what it wants.



Including, as some reports suggest, sell to Peter Lim for a quick profit......

At what point does buying a stake (ie as Mill have done through acquiring ?half of Gillett's share), evolve into becoming a new 'owner' of the club and requiring PL approval?

Surely with half of Gillett's shares, Mill were at most minority 25% shareholders.  Once (and if) they buy Hicks' share too, they suddenly become >50% majority shareholders and new owners don't they?

[simonchamp]

I presume Mills is mentioned in someway in the UK Action...if they are in contempt of Mr Justice Floyd can he seize their assets...in the UK...can someone think of an asset in the UK....

Half of a load of crappy "romantic" books?

[filthy1980]

So is that good news or bad?

good i think, means Mill aren't involved

but that can only be true at the time of filling

hicks could have sold his share after that

[Aristotle]

Been reading all of this.




Seriously what the fuck is going on!!

[scotkop]

http://twitter.com/tariqpanja


It just keeps on coming...

Surely it's not true then. Would they not be one of the first to know?

[west_london_red]

It feels more like we're in a child custody battle.

Im just waiting for Jeremy Beadle to pop out of somewhere...

If Mill buy Hicks out, who gets left to pick up the RBS bill? Mill or Hicks?

[RedGirlSuzie]

So is that good news or bad?

You'd have to guess good, however that would deem that Mills don't own Gilletts shares, otherwise for the injunction to be legal, it would have to contain the correct information, therefore either Gillett still owns his shares and this whole Mill thing is aload of my backside, or they've got the injunction on false terms, therefore meaning it means diddly squat, thus if anything was signed last night at the board meeting, then that would take presedence over anything else??

Oh god, I really have lost the plot now!

[Red Heart]

[/b]Not of the parent company - Hicks & Gillett are the Board of the parent company and can therefore do what they like (pending legal action) with the companies lower down the chain.

No they can't - that's just Bullshit. What on earth do you think the court hearing in the high court was for this week if that's true? I don't understand your motivation for posting clear rubbish like this.

[IndianaRed]

guardian blogging about a possible class-action lawsuit from liverpool supporters against tom hicks and GG

[gkmacca]

Presumably Mill were involved in the agreements about the board that were defended in court yesterday. I'm baffled by all of this.

[0 Helpful, 0 Funny]

So is that good news or bad?

I don't think the TRO is relevant anymore. It just bought Hicks & Mill time to do their grubby deal. It will probably be withdrawn by Mill if they do have the shares (which, to my knowledge, they are yet to confirm).

[spider-neil]

How can they sell the club without the board approval and the FA's acknowledgement?

Mills are buying G&H shares and then paying off debt. completely bypassing the board as I don't think you need board approval to do either.

[keithcun]

He's the BBC Business chief editor. Even bigger than Tony Ayres..

I don't give a shit who he is, that's not important.

Although I realise now, as I've been to the blog/web page on te BBC. But nowhere can I see in any of those comments where it says it's been CONFIRMED that Hicks has sold out to Mills, he doesn't even say he understands that to be the case. Again, it looks like he has gone to RBS with a scenario and they have agreed that that scenario could end that way.

Doesn't mean Jack Shit though until it's confirmed that Hicks has sold to Mills.

Has it been CONFIRMED that Hicks has sold to Mill, if not, why the panic.

[PeterJM]

I think Justice Floyd will be seething at the disregard his judgement has been given by Texan dimwit inbred and will pass a judgement,if possible, that will blow the fat waster out the sky once and for all.

[Alan_X]

what i dont understand is if mill have bought hicks` shares and then have spoken to somebody at RBS,then why have RBS agreed to go back to court this afternoon?



i smell bullshit(hopefully)

lets hope that this can be sorted sooner rather than later

Its LFC in court this afternoon, not RBS. RBS won their case and Hicks is not appealing that judgement. This is a different issue.

[piiit]

And why wouldn't he.

Should he do so though, Im utterly lost now as to what that would then mean. Am I right in thinking that we would then be back in the position we were in last night and the supposed sale to Mill is null and void?

I have a headache.

Hopefully that's the case and then we can proceed and be done with it today.. But then again you never know what the tw*t is gonna pull then.

[Eldiego]

tariqpanja
High Court relief sort by #LFC, RBS and co is only likely to be first stage in blocking US litigation. If approved here case moves to USA

[Mackeroo]

Exactly, since the club has already been sold to NESV, any action taken after that fact would be illegal.

The way I see it Hicks got the Texan injunction to stall for more time to sell off his shares. If Floyd renders the injunction invalid, then Hicks had no right to sell his shares.

Hope that's what happens in a couple of hours anyway.

Can he render the injunction invalid though? We were complaining last night that the Texan court didn't have jurisdiction over the High Court, surely this is the same but in reverse? It's quite possible that I'm missing something however.

[Met]

tariqpanja
High Court relief sort by #LFC, RBS and co is only likely to be first stage in blocking US litigation. If approved here case moves to USA

eh..what?

[bleedsred1978]

Or buying at these prices on behalf of Huang/CIC/consortium

Possible indeed.

Why would they pay 90 million overthe odds though?

If they were going to do that they could have done it during the bidding process and Broughton et al would have had to look very seriously at an offer approx 20% more than what they went for.

It could be that they can buy at 390 with no guarantee on the stadium and further investment etc I suppose.

[SP]

Surely it's not true then. Would they not be one of the first to know?

Why? They have loaned one of the holding companies money and they have undertakings from that company . Who owns that company is immaterial to RBS. RBS cares about the assets of the company, but the ownership of the company does not alter its position.

RBS only changes its position if the debt is paid off.

[Red Dane]

They have board approval (for what they are buying Gillett & Hicks are the Board)!

What about Broughton, Purslow and Ayre?


This is sad. My club totally destroyed by those two #¤%¤#"

[Cassiel]

Forgive my ignorance, but this is bugging me:

In the TRO and petition there is no mention of Mill Financial.

So any sale, transfer took place after the TRO was issued. Presumably it means therefore it is invalid until the TRO is lifted.

The home team are off to court this afternoon to get it lifted or disregarded. In Texas it can't be lifted until the court is open.

So could this be a race against time? Judge here says it's worth shit, deal done with NESV, hang the consequences, before Dalls wakes up and Hicks transfer's control to Mill?

or does the TRO not apply to Kop Delaware (though sure it's in the petition)?

What a monstrous headfuck.

[HarryLabrador]

Robert Peston:
Update 1156: RBS feels its hands would be tied if £200m were to turn up in its accounts from Mill Financial.

At that point, its ability to determine the fate of Liverpool FC would be over.

What I cannot ascertain is what Mill would then do with Liverpool.

Is it buying to hold or buying to sell? And would there be any continuing relationship with Tom Hicks?

As and when I get answers, you will be the second to know.

Update,

1209: Liverpool's directors are due back in court at 1400, in an attempt - I am told - to somehow get around the Texas injunction on the sale to NESV.

So the race is on to see who can get the £200m into RBS's coffers faster - NESV or Mill?

After months of fearing they'd never get their money back, RBS must be laughing all the way to the...

[montysmum]

So is that good news or bad?

I would think that is good news isn't it?  Surely it means that the court decision yesterday still stands, that Mill Finance does not own anything of note as far as owning the club s concerned and so if the Texas injunction is ruled irrelevant the sale can still go ahead?

[Gobias Industries]

There is an email template being sent to Mill by posters on another forum. Is it ok to post it and the email address here?