Topic: Liverpool owner Hicks selling Texas Rangers shares

[ali]

If there was an agreed 'reserve' set aside, how come Hicks didn't just lift the phone and tell the bank to trigger it off. In other words, how come it's out in the public domain?

he need 51% of the 40 lenders to agree to his plan

[electricghost]

he need 51% of the 40 lenders to agree to his plan

40 lenders    seems like a very high number.

[ali]

they've just removed us from Hicks Sports Group website, left the logo, but removed the write-up 


bloomin heck 

[ali]

40 lenders    seems like a very high number.

Evan Grant, at D Magazine's sports blog, talked to Hicks this morning. The Stars and Rangers owner said he wants the banks to be reasonable. Hicks called it "a short-term issue about a lot of long-term value." Here is part of Grant's account:

    An interest payment was due on March 31, but Hicks said Friday that HSG had elected not to make the payment. HSG is in the process of trying to negotiate with the 40 lenders to allow it to make the interest payment out of the interest reserve provision. Hicks must get approval from the banks that hold 51 percent of the loans to approve such a deal.

    The banks, however, could place the loans in default early next week if a re-negotiation in terms is not reached.

    "We're optimistic that a satisfactory resolution will come together in the next couple of weeks with our lenders' cooperation," Hicks said by phone Friday morning. "The important thing is that none of this impacts either team or the fan experience at either venue. We're prepared to fund the operations of both clubs for the next 12 months while we continue to seek additional investors."Evan Grant, at D Magazine's sports blog, talked to Hicks this morning. The Stars and Rangers owner said he wants the banks to be reasonable. Hicks called it "a short-term issue about a lot of long-term value." Here is part of Grant's account:

    An interest payment was due on March 31, but Hicks said Friday that HSG had elected not to make the payment. HSG is in the process of trying to negotiate with the 40 lenders to allow it to make the interest payment out of the interest reserve provision. Hicks must get approval from the banks that hold 51 percent of the loans to approve such a deal.

    The banks, however, could place the loans in default early next week if a re-negotiation in terms is not reached.

    "We're optimistic that a satisfactory resolution will come together in the next couple of weeks with our lenders' cooperation," Hicks said by phone Friday morning. "The important thing is that none of this impacts either team or the fan experience at either venue. We're prepared to fund the operations of both clubs for the next 12 months while we continue to seek additional investors."

http://starsblog.dallasnews.com/archives/2009/04/report-tom-hicks-dealing-with-loan-issue.html

it'll probably disappear in a minute

[fry]

they've just removed us from Hicks Sports Group website, left the logo, but removed the write-up 


bloomin heck 

Was that from the assets page? there is no logo now or write up.  If liverpool are not associated why were we on that page anyway?  false advertising?

[ali]

Was that from the assets page? there is no logo now or write up.  If liverpool are not associated why were we on that page anyway?  false advertising?

they're obviously moving very quickly and we know they monitor the forums on LFC websites, logo is still on the front page that's all

the Unfair Park blog seems to insist we are part of HSG -

In addition to the Rangers and Stars, HSG is also the holding company for Liverpool FC, the American Airlines Center, Hicks Sports Marketing Group and the Mesquite Rodeo. Only days ago, Hicks acknowledged that he was indeed looking to sell off pieces of the Rangers and Stars -- anywhere from 40 to 49 percent of his ownership stake. Said Hicks last week, "I've been quietly looking for minority investors to come back into the ownership of the Rangers as a way to be prudent in a bad economy."

http://blogs.dallasobserver.com/unfairpark/2009/04/report_hicks_sports_group_defa.php

[Steve O]

An interest payment was due on March 31, but Hicks said Friday that HSG had elected not to make the payment.

Wonder what the bank would say if I phoned them up and said "I have elected not to pay my mortgage this month"

[west_london_red]

If there was an agreed 'reserve' set aside, how come Hicks didn't just lift the phone and tell the bank to trigger it off. In other words, how come it's out in the public domain?

Also, why didnt Hicks ask to use the reserve before the due date on the payment?

[4pool]

seems the Hicks Holdings website is down,  the Hicks Sports Group one is still up (LFC is in the list as a Sports Asset), Hicks Sports Marketing (LFC also listed) is still up


not the first time is it -

Monday, July 7, 2003
Southwest Sports defaults on loan
Dallas Business Journal - by Daniel Kaplan

Tom Hicks' Southwest Sports Group, which owns the Texas Rangers and Dallas Stars, is in default on $135 million of debt because of steeper than expected financial losses at the teams, four well-placed sources told Street & Smith's SportsBusiness Journal.

http://www.bizjournals.com/dallas/stories/2003/07/07/daily9.html


but it's for a much larger sum !

Of course we know the Texas Rangers don't make the play offs but since July 2003 the Stars have.
Including being Division Champions in 2006.

So they renegotiate the loan in 2003.

Now it looks as though history will repeat itself and they will renegotiate the loan in 2009.



It just seems amazing to me how people go off on every tidbit of financial news. I understand why, with so many who openly want G&H out. But the reality is that G&H have played these games before with bankers and get the refinancing done when it come to their teams. I don't suspect there will be any change there for the Rangers and Stars. And even for LFC.

But the fun and games will continue until the refinancing packages are sorted.

[No666]

But the reality is that G&H have played these games before with bankers

Climate is entirely different, no?

[fry]

Of course we know the Texas Rangers don't make the play offs but since July 2003 the Stars have.
Including being Division Champions in 2006.

So they renegotiate the loan in 2003.

Now it looks as though history will repeat itself and they will renegotiate the loan in 2009.



It just seems amazing to me how people go off on every tidbit of financial news. I understand why, with so many who openly want G&H out. But the reality is that G&H have played these games before with bankers and get the refinancing done when it come to their teams. I don't suspect there will be any change there for the Rangers and Stars. And even for LFC.

But the fun and games will continue until the refinancing packages are sorted.

You are amazed easily.  Tiny tit bits of news can massivle effect the stock echange etc, i would not under estimate it.  This tiny tit bit of news has successfully downed hicks website and had lfc info reomved from another.

[4pool]

You are amazed easily.  Tiny tit bits of news can massivle effect the stock echange etc, i would not under estimate it.  This tiny tit bit of news has successfully downed hicks website and had lfc info reomved from another.

And your point is?

I bet if Liverpool supporters never mentioned what was on the Hicks Holding websites, the Liverpool stuff would still be there.

There's paranoia all around.

Liverpool supporters trying to link Kop Holdings with Hicks Sports Group and Hicks Holdings trying to get basic information off their websites so as not to confuse the situation even further. Even though the newspaper report said LFC is seperate from what is going on.

[muleskinner]

And your point is?

I bet if Liverpool supporters never mentioned what was on the Hicks Holding websites, the Liverpool stuff would still be there.

There's paranoia all around.

Liverpool supporters trying to link Kop Holdings with Hicks Sports Group and Hicks Holdings trying to get basic information off their websites so as not to confuse the situation even further. Even though the newspaper report said LFC is seperate from what is going on.

Doesn't sound as if all is well in his world though eh?

[fry]

And your point is?

I bet if Liverpool supporters never mentioned what was on the Hicks Holding websites, the Liverpool stuff would still be there.

There's paranoia all around.

Liverpool supporters trying to link Kop Holdings with Hicks Sports Group and Hicks Holdings trying to get basic information off their websites so as not to confuse the situation even further. Even though the newspaper report said LFC is seperate from what is going on.

Yes he took stuff down and his website off line so liverpool supporters cant talk about it. 

paranoia is usually when you think something is happening and it is not.  Are you saying there is nothing happening? 

It is highly possible there are no financial links, buts it is very encouraging seeing one lender possibly defaulting on a loan, perhaps this will raise RBS eyebrow even further. 

[4pool]

Doesn't sound as if all is well in his world though eh?

Probably not.

But in 2003 with that other article on the default concerning the Rangers and Stars, what happened?

They got another loan or refinanced and life went on.

What's happened with us?

First a loan when they bought the club.

Then a refinance for a second loan.

Then an extension.

I know people don't want them to get another loan for LFC but the likelyhood is they will. As that is what they've done with their sports teams. Even Gillett has in Montreal followed a similar pattern.


Let me put this a different way. If Moores owned us right now, he would be prudent to renegotiate any loans for the advantage of the club to lower interest payments. If Moores and the club had a loan coming due they would do the same thing.

Now maybe they wouldn't push it to where the loan expires as Hicks seemingly has with Hicks Sports Group. But there is no indication that the banks or 40 investors involved will want to wind up the clubs into administration either. To me it's just a big financial game played at the top level. If it looked as though Hicks would not repay the interest or work down the loan principal then the banks would be straight in to get their money. They didn't in 2003 and I seriously doubt they will in 2009 either.

[Dr. Beaker]

But comparing the financial world of now with any other time in recent history seems a bit fanciful - bigger fish than Hicks have gone to the wall. You seem a bit blase 4pool - are you really so relaxed about it, not my subject really like.

[muleskinner]

The elephant sized £350million to be refinanced wasn't in the Hicks lounge back then. A fair bit more pressure on his shoulders there.

[maj]

He is finished my friends. He is skint. he has no Bush in the white house to help him out. Banks will not be helpful anymore.

[Tsar Kastik]

Probably not.

But in 2003 with that other article on the default concerning the Rangers and Stars, what happened?

They got another loan or refinanced and life went on.

What's happened with us?

First a loan when they bought the club.

Then a refinance for a second loan.

Then an extension.

I know people don't want them to get another loan for LFC but the likelyhood is they will. As that is what they've done with their sports teams. Even Gillett has in Montreal followed a similar pattern.


Let me put this a different way. If Moores owned us right now, he would be prudent to renegotiate any loans for the advantage of the club to lower interest payments. If Moores and the club had a loan coming due they would do the same thing.

Now maybe they wouldn't push it to where the loan expires as Hicks seemingly has with Hicks Sports Group. But there is no indication that the banks or 40 investors involved will want to wind up the clubs into administration either. To me it's just a big financial game played at the top level. If it looked as though Hicks would not repay the interest or work down the loan principal then the banks would be straight in to get their money. They didn't in 2003 and I seriously doubt they will in 2009 either.

These chickens will one day come home to roost

[rafathegaffa83]

Interestingly, Hicks' financial woes are the number one story on McCown's Fan 590 Radio Show in Canada. The topic of Liverpool has come up on the show several times, as Gillett has been a guest on there before. There are sports business/economics experts on the show right now from The Globe and Mail and other media sources who are discussing Hicks, Gillett and Liverpool. They state Gillett had an option to sell to Dubai, but Dubai backed out because of Hicks' antics. They affirm Liverpool is almost certainly up for sale.

They are saying there are suggestions in the world of North American sports, Hicks could be the first major sports owner to file bankruptcy if today's report has merit. They are speculating that Hicks' finances could be catastrophic and may actually be worse than Gillett's. They are stating that many experts and officials within Major League Baseball are privately extremely worried about the Hicks situation.  They suspect Gillett will be in the same situation come summer. They also assert, as I stated previously in this thread, that Hicks will have a tough time selling either a portion or all of the Dallas Stars or the Texas Rangers as neither are viewed as highly profitable markets for their respective sports.

[mmmfreegoo]

But comparing the financial world of now with any other time in recent history seems a bit fanciful - bigger fish than Hicks have gone to the wall. You seem a bit blase 4pool - are you really so relaxed about it, not my subject really like.

couldn't agree more.  These are unprecidented times and even experienced con artists (sorry, leveridged buy out merchants) will be feeling their balls squeezed in a metaphorical vice.  Personally I hope not just these 2 spunk buckets go to the wall but every other one of the sleazy, greedy fuckers do too.  they can fester and decay in the mess that they have made along with the bankers (not rhyming slang) who over lent to them!  just my opinion, like.

[electricghost]

http://www.guardian.co.uk/football/2009/apr/03/tom-hicks-liverpool-default-loans

Liverpool's co-owner Tom Hicks defaults on US$525m loans

• Hicks Sports Group missed interest payments on three deals
• Liverpool owner seeks reassurance for his Rangers and Dallas Stars

    * Digg it

    * Matt Scott
    * The Guardian, Friday 3 April 2009
    * Article history

tom hicks

Tom Hicks has endured a fractious relationship with the Liverpool fans. Photograph: Jason Cairnduff/Action Images

Tom Hicks's US sports investment-vehicle has defaulted on loans amounting to US$525m (£354m). The news emerges less than four months before he and his Liverpool co-owner, George Gillett, must refinance a £350.5m loan for the Premier League club with two separate banks.

The Hicks Sports Group (HSG) has missed monthly interest payments on three separate loans, one of US$350m, another of US$100m and a third of US$75m. Hicks has sought to reassure the media in Texas that his search for investors in his US baseball and ice hockey franchises, the Texas Rangers and Dallas Stars, would succeed to the satisfaction of his lenders, of whom there are 40.

"There is no possibility of banks owning the teams," Hicks wrote in an email to the Fort Worth Star-Telegram. "I am working closely with both leagues to find quality partners that share my long-term vision of building these two great franchises. I will continue to fund the teams' operations. I am the largest creditor to HSG and need 51% of the banks to agree with my plan."

Hicks's investment in Liverpool is held through a separate entity, Kop Investment LLC, which is the parent of the UK-based Kop Holdings, Liverpool's sole shareholder. However there is likely to be an impact on Hicks's interests at Anfield since he is also engaged in an odyssey to attract investors to the club. So far Hicks's attempts to woo backing from the Middle East has faltered; the news is therefore particularly untimely.

It will also have the damaging effect of shaking the confidence of Kop Holdings' two lenders, Royal Bank of Scotland, around 70% owned by the UK government, and the US finance house Wachovia. The club's £350.5m loan is not only secured against its own assets but also through letters of credit and personal guarantees from Hicks and Gillett, amounting to £185m.

Any sense that either of them is suffering serious money troubles is likely to spook the banks, causing major complications for their upcoming talks.

The Guardian's call last night to Hicks Sports Group was not returned.

[HarryLabrador]

http://www.guardian.co.uk/football/2009/apr/03/tom-hicks-liverpool-default-loans

Liverpool's co-owner Tom Hicks defaults on US$525m loans


It will also have the damaging effect of shaking the confidence of Kop Holdings' two lenders, Royal Bank of Scotland, around 70% owned by the UK government, and the US finance house Wachovia. The club's £350.5m loan is not only secured against its own assets but also through letters of credit and personal guarantees from Hicks and Gillett, amounting to £185m.

Any sense that either of them is suffering serious money troubles is likely to spook the banks, causing major complications for their upcoming talks.

The Guardian's call last night to Hicks Sports Group was not returned. 

Exactly what many on here have been saying.

[fry]

Looks like hicks may not make it to the end of next week.

[sirKennyDaggers]

Me have not a clue about finance.
So, erm does this mean that  they will have to sell?

[rafathegaffa83]

Just to add another quick update, the mini round table on Hicks, Gillett and Liverpool has finished here. Sadly, I do not think the Fan 590's podcast covers the first half of the show, so I'm unsure if it would be available online.

The only final interesting tidbit as far as we are concerned is that all the sports economics experts they had on the show have concluded that Liverpool is the only asset Hicks has that anybody will show any real interest in and has any real worth to a potential buyer. The panel also feel he should have sold up when he had the chance, as now the price will start to plummet due to his financial misfortunes. They also feel Hicks and Gillett's plan to buy Liverpool was doomed from the start because of their failure to quickly build a stadium and inability to handle the costs of European football. Also, I believe the panel stated they want to try and get Gillett on as a guest soon to talk about Hicks. Although I'd think the likelihood of that happening is slim.

[OneKop]

So my wish that the pair of twats lose everything, and end up as a couple of down and outs gets closer by the day

[redfishman7]

No more than the money grabbing bastards deserve!
bye bye yanks 

[HarryLabrador]

Tom Hicks faces hard times as Steven Gerrard and Dirk Kuyt sign new deals

Rafael Benitez's delight at securing the long-term futures of Liverpool captain Steven Gerrard and Dirk Kuyt, as well as the prospect of going top of the Premier League on Saturday evening at Fulham, was tempered on Friday night by reports that co-owner Tom Hicks had failed to meet an interest repayment on $529million of loans in the United States.
 

By Rory Smith
Last Updated: 11:00PM BST 03 Apr 2009

Hicks Sports Group, which owns the Dallas Stars ice hockey team and the Texas Rangers baseball franchise but, crucially, not Liverpool, failed to meet one month’s interest payments on three loans from a syndicate of banks. Sources close to the Texan suggest that this could be interpreted as Hicks trying to convince the banks to renegotiate the structure of the loans.

There will be no direct impact on Liverpool, who are part-owned through another Hicks vehicle, but with the club’s owners due to renegotiate a £350million loan with RBS and the US investment bank Wachovia in July, the news is likely to shake confidence in his ability to refinance the deal and bring in new investors.
It is indicative of Liverpool’s season that a reminder of the club’s financial situation ruined an otherwise perfect day for the club. Benitez on Friday had to ask for an explanation for Mr. Ferguson’s aphorism that this is “squeaky bum time” for those involved in the title race, insisting he did “not know the meaning of the squeak”.

With Gerrard agreeing to add two more years to his current deal and Dirk Kuyt following suit, tying them to Anfield until 2013 and 2012 respectively, before the reports from the financial markets filtered through, things should hardly have been more serene for the Spaniard.

On agreeing to stay at Liverpool until he is 33, Gerrard spoke of his desire to end his career at his boyhood club. Fabio Aurelio, Alvaro Arbeloa, Sami Hyypia and Daniel Agger are next in the queue outside Benitez’s office for new contracts. Fernando Torres and Pepe Reina, too, will be offered new deals, although Benitez did admit no talks have been held as yet with Jamie Carragher.

“We wanted to be sure we keep our captain for a long time,” he said. “As soon as we offered Gerrard the option he said yes. This will be a very, very positive message to the players.”

There have been plenty of those at Anfield ever since Benitez seemed to set the club up for a harmonious end to an unpredictable season by ending his own contract saga last month.

Nine goals against United and Aston Villa before the international break did Liverpool no harm and, minor niggles for Yossi Benayoun and Sami Hyypia aside, the club have a clean bill of health as the title race resumes.

Benitez said: “We were talking before the training session yesterday about how important this period is. Just like around Christmas, it’s crucial. Fulham will have a lot of confidence after beating United and we will have to play very well.”

Benitez’s disappointment at not further improving their goal difference in the 5-0 win over Aston Villa is testament to his faith that his side can take United to the wire. “The small details can make a massive difference,” he said.

That is true both on and off the pitch. Should it go to goal difference, or should Liverpool not find the financial stability the Spaniard craves, he may yet come to understand the meaning of the squeak.

http://www.telegraph.co.uk/sport/football/leagues/premierleague/liverpool/5101770/Tom-Hicks-faces-hard-times-as-Steven-Gerrard-and-Dirk-Kuyt-sign-new-deals.html

[RedBoywonder]

Hopefuly he sells us before he goes bankrupt!

[Dr. Beaker]

Maybe his sons could be offered jobs as waiters in the hospitality suite.

[4pool]

But comparing the financial world of now with any other time in recent history seems a bit fanciful - bigger fish than Hicks have gone to the wall. You seem a bit blase 4pool - are you really so relaxed about it, not my subject really like.

Blase is probably about right.

Somehow like a cat with 9 lives I suspect that G&H will get a loan.
Or better put, come the summer when the existing loan comes due that something happens so that the club moves along with a new owner , or a consortium, or whatever.

And Hicks will get some refinance deal on the other loan for Hicks sports group for the Rangers and Stars as he had in the past. But that means little to us.

I also suspect we'll see some changing of the guard. New minority owners or something. Rafa seems to be real happy since he's signed his deal. Parry is out of the way. Gillett may have been somewhat of a stumbling block as well and i think Rafa knows George is one the way out. Imho.

As long as Rafa is happy that's the main thing to me because it means the players will feed off that and we should continue to play well.

[Rushian]

here's the originals:



to show the recent change in this page:

http://www.hickssportsgroup.com/team/

and:



to show the recent change in this page:

http://www.hickssportsgroup.com/portfolio/

[T-1000]

It does seem that way doesnt it , I cant believe the audacity of the man asking the banks to be reasonable !!!

Cheeky fat twat 

While the possibility of HSG defaulting on their loan is very interesting - your comment just made me crack up!

[ali]

well in Steve, Hicks Holdings is back up now, also the latest on Hillwood/Victory Park -

Developer of Dallas' Victory Park negotiating with German investors on debt

08:09 AM CDT on Wednesday, March 25, 2009

By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com

The developer of Dallas' huge Victory complex is negotiating with a group of German investors and lenders about meeting the conditions on debt for several Victory buildings.

"This development, Victory Park, like many other U.S. developments, has been impacted by the tremendous downturn in the economy," Todd Platt, CEO of Hillwood Investments, said in a statement. "We are having extensive discussions with our investment partners and remain confident in the long-term viability of the project."

Platt was quick to point out that the financial issues involve only Victory.

"Hillwood operates several highly diversified, well-capitalized groups of companies with many successful projects," he said.

Tuesday's Financial Times of Germany reported that German investors who hold the debt on some Victory buildings received a letter that raises the prospect of a "breach of contract regarding some credit agreements" with Hillwood. The debt in question totals about $185 million and was issued by fund manager US Treuhand (U.S. Trust), according to the article headlined "Wild West" that was picked up by European wire services.

The Financial Times said that there are concerns that Hillwood may be short of cash and cannot make good on commitments concerning the Victory project.

US Treuhand's parent company is owned in part by the city of Hamburg and other German government entities.

Hillwood declined to provide details about its debt or which Victory buildings were included in the deal.

There is no indication that Hillwood is not making its payments on the debt, but other factors can trigger a loan default and could – potentially – result in a foreclosure. None of the properties involved had public-sector support.

During recent months, the ambitious Victory project northwest of downtown has been the subject of growing scrutiny because of falling retail occupancy and the cancellation of some buildings that had been planned there. The Financial Times article mentions Victory's vacancy problems and the potential for declines in the value of its buildings.

Anchored by American Airlines Center, the 75-acre Victory project has been a textbook example of U.S. urban renewal. The modern complex of skyscrapers replaced a polluted rail yard and power plant. But while the office buildings and some residential properties at Victory have done very well, the retail portion of the development never leased up.

In recent months, some high-profile tenants moved out when they were unable to attract customers to the project. Plus, a new 28-story condominium tower at the south end of the development called the House remains largely unsold.

Victory's developer – Dallas businessman Ross Perot Jr.'s Hillwood company – said it plans to broaden the appeal of the project with new moderate-price restaurants and other tenants. Hillwood acknowledges that the development has suffered because of its initial focus on high-end retail tenants and the worsening U.S. recession.

In 2006, US Treuhand and its parent company, HSH Nordbank of Hamburg, said they were providing an $86.5 million credit facility for construction of the House residential tower.

The lender said in a news release that the borrower was a joint venture of Hillwood, US Treuhand and U.K.-based developer Yoo.

The debt was held in one of US Treuhand's closed-end U.S. real estate funds. US Treuhand said the House was one of eight Victory properties financed by its real estate debt funds.

"It gives us great pleasure to assist in such a significant and exceptional project development in the United States," Bernhard Visker, head of HSH Nordbank's real estate segment, said in that announcement. "We consider the concept to be very promising and expect the overall project to raise the profile of the city of Dallas considerably."


http://www.dallasnews.com/sharedcontent/dws/bus/stories/032509dnbusvictory.68c5ada7.html

[west_london_red]

Theres poor bastards getting thrown out of their homes on a daily basis and peoples businesses goin under because banks wont give them a break or a little breathing space, it will truely be a tradgedy if the banks are 'reasonable' with Hicks while so many others dont get a second chance, never mind how many the likes of Hicks and his ilk have had.

[PhilAnderer]

Surely, nobody will jump into partnership with Fatbelly Gutbucket now, not after this coming to light. I'm sure the club will now be sold lock stock for a cut price. I'm not sure anyone will come forward until July when he's well and truly fucked.

Out of interest, this £185m of personal guarantees they put up when refinancing, how exactly would this shape up? Personal cash already in the bank? Other leveraged assets? Does it go as far as his jet, house and other personal fortune?

Going by their mudus operandi, their 'borrow of Peter to pay off Paul' method could these guarantees be linked to HSG in anyway, rather like Gillett using Liverpool FC as guarantee for other loans?

Fucking frightening anyway, I bet the c*nt ain't sleeping too well.

I hope he loses everything, right down to his fucking LFC mug.

[PhilAnderer]

If I was Hicks, I'd do a runner... Lord Lucan springs to mind

[manifest]

Theres poor bastards getting thrown out of their homes on a daily basis and peoples businesses goin under because banks wont give them a break or a little breathing space, it will truely be a tradgedy if the banks are 'reasonable' with Hicks while so many others dont get a second chance, never mind how many the likes of Hicks and his ilk have had.

thanks. you said it for me.

this horror and his ilk are directly responsible for the total global meltdown, hand in hand with "bankers" who loaned to LBO merchants from the 1980's forward....and he wants banks to be reasonable. What is reasonable is for you to go live in guantanamo and leave the rest of humanity to get along in peace, oh, and take your fucking neighbour with you. 1 in every 9 people in the usa received food stamps last month...... I hope the stress of all this crushes what remains of his heart, and I hope it fucking hurts for all the pain his selfishness has caused. Karma be damned.

[Manila Vanilla]

"HSG has elected not to make the payment"         HSG is skint.

"he wants the banks to be reasonable"                The banks had better understand that this is

"a short-term issue..."                                      a problem right NOW and

"....about a lot of long-term value."                    they won't be paid for a long time.