Topic: Liverpool owner Hicks selling Texas Rangers shares

[HarryLabrador]

Acquisition firm launched by Hicks may have to dissolve by September
By ANDREA AHLES
aahles@star-telegram.com

Hicks Acquisition Co. I, a firm launched in 2007 by Dallas financier Tom Hicks, may have to dissolve by September if it does not complete any purchases, according to a filing made Tuesday.

The firm, whose shares (ticker: TOH) trade on NYSE Amex, raised $552 million with an initial public offering. It previously had announced that it would buy Graham Packaging but has not completed the deal.

The filing said the firm has until Sept. 28 to close the acquisition.

Hicks Acquisition is a special purpose acquisition company, or SPAC. SPACs are created to raise money to buy other businesses.

If a SPAC does not consummate any deals within a specified time, the firm is dissolved and the money is returned to shareholders, according to securities rules.

Hicks Acquisition Co. I sold 55.2 million shares at $10 a share in its initial public offering. Its shares closed Tuesday at $9.54.

In the Tuesday filing, the firm also said it was not in compliance with the annual stockholder meeting requirements of NYSE Amex because it did not hold an annual meeting last year.

The exchange has given the firm until Aug. 11 to become compliant with the listing requirements.
ANDREA AHLES, 817-390-7631

http://www.star-telegram.com/business/story/1373491.html

[Regi]

Doesn't take a genius to work out that if the owners get the 6 month extension, we're going to have a very unsettling Christmas and New Year

[Seantheprawn]

Acquisition firm launched by Hicks may have to dissolve by September
By ANDREA AHLES
aahles@star-telegram.com

Hicks Acquisition Co. I, a firm launched in 2007 by Dallas financier Tom Hicks, may have to dissolve by September if it does not complete any purchases, according to a filing made Tuesday.

The firm, whose shares (ticker: TOH) trade on NYSE Amex, raised $552 million with an initial public offering. It previously had announced that it would buy Graham Packaging but has not completed the deal.

The filing said the firm has until Sept. 28 to close the acquisition.

Hicks Acquisition is a special purpose acquisition company, or SPAC. SPACs are created to raise money to buy other businesses.

If a SPAC does not consummate any deals within a specified time, the firm is dissolved and the money is returned to shareholders, according to securities rules.

Hicks Acquisition Co. I sold 55.2 million shares at $10 a share in its initial public offering. Its shares closed Tuesday at $9.54.

In the Tuesday filing, the firm also said it was not in compliance with the annual stockholder meeting requirements of NYSE Amex because it did not hold an annual meeting last year.

The exchange has given the firm until Aug. 11 to become compliant with the listing requirements.
ANDREA AHLES, 817-390-7631

http://www.star-telegram.com/business/story/1373491.html

Now ain't that a surprise!! Useless leathery spaniel's ear of a tit - what a waste of a fat gordy life that man is. Game is well and truly up Hicks you old fart. Let someone who is competent take over, you useless shit! I write this whilst listening to Queens of the Stone Age's very fine song "You think I ain't worth a Dollar but I feel like a Millionaire".......how very apt! Well done Aitch for finding this  , your inquisitive nose has sniffed out a corker! 

[PROPER crazyemlyn72]

Acquisition firm launched by Hicks may have to dissolve by September
By ANDREA AHLES
aahles@star-telegram.com

Hicks Acquisition Co. I, a firm launched in 2007 by Dallas financier Tom Hicks, may have to dissolve by September if it does not complete any purchases, according to a filing made Tuesday.

The firm, whose shares (ticker: TOH) trade on NYSE Amex, raised $552 million with an initial public offering. It previously had announced that it would buy Graham Packaging but has not completed the deal.

The filing said the firm has until Sept. 28 to close the acquisition.

Hicks Acquisition is a special purpose acquisition company, or SPAC. SPACs are created to raise money to buy other businesses.

If a SPAC does not consummate any deals within a specified time, the firm is dissolved and the money is returned to shareholders, according to securities rules.

Hicks Acquisition Co. I sold 55.2 million shares at $10 a share in its initial public offering. Its shares closed Tuesday at $9.54.

In the Tuesday filing, the firm also said it was not in compliance with the annual stockholder meeting requirements of NYSE Amex because it did not hold an annual meeting last year.

The exchange has given the firm until Aug. 11 to become compliant with the listing requirements.
ANDREA AHLES, 817-390-7631

http://www.star-telegram.com/business/story/1373491.html

why has he not bought anything with that money?

surely now is the best time to buy any business?

is the money still there?

has he got it to refund it?

he is fucked, isn't he?

[fry]

why has he not bought anything with that money?

surely now is the best time to buy any business?

is the money still there?

has he got it to refund it?

he is fucked, isn't he?

If hicks has used any of that money for anything other than its intended purpose he will need to practice his wet soap holding.

[HarryLabrador]

why has he not bought anything with that money?

surely now is the best time to buy any business?

is the money still there?

has he got it to refund it?

he is fucked, isn't he?

In June 2008, Hicks Acquisition went jointly with the private-equity firm Blackstone group to buy Graham Packaging for $3.2 Billion. Under the terms of the deal, the stockholders of Graham Packaging received $350 million cash, which was held in trust. The intention was that Hicks and Blackstone would make Grahams a public company. In over simplified terms, what followed appeared to have been a fall out between Hicks and Blackstone, largely because Hicks did not come up with the funds.

[PROPER crazyemlyn72]

In June 2008, Hicks Acquisition went jointly with the private-equity firm Blackstone group to buy Graham Packaging for $3.2 Billion. Under the terms of the deal, the stockholders of Graham Packaging received $350 million cash, which was held in trust. The intention was that Hicks and Blackstone would make Grahams a public company. In over simplified terms, what followed appeared to have been a fall out between Hicks and Blackstone, largely because Hicks did not come up with the funds.

so he did try to buy something with it.

but theres been a monumental cock up.....makes sense that.

[electricghost]

Acquisition firm launched by Hicks may have to dissolve by September
By ANDREA AHLES
aahles@star-telegram.com

The firm, whose shares (ticker: TOH) trade on NYSE Amex, raised $552 million with an initial public offering.

I am a bit confused by this. If the company only raised $552 million, and hasn't done any other deals to raise more money, how can it buy another company for $3.2 billion? Where does the rest of the money come from? 

EDIT.   The answer is Blackstone, sorry didn't read it properly

[Dr. Beaker]

Regarding Hicks, I've never seen anyone do so little with so much - or should that be, do so much with so little. No in fact I think it should be, do so little with so little. Confused? - I am.

[fry]

Regarding Hicks, I've never seen anyone do so little with so much - or should that be, do so much with so little. No in fact I think it should be, do so little with so little. Confused? - I am.

I think you mean "I have never seen somone so greedy for money using borrowed money to make money securing what he is making money off what he has bought"

[Dr. Beaker]

He seems to have gone to a great deal of trouble borrowing massive amounts of money to buy things which, as long as long as he's prepared to be patient, he can sell at a loss.

[No666]

So he has to hold an AGM before August 11 and explain to shareholders why he hasn't completed the Graham deal, why he is in dispute with Blackstone, and why they are due to get back less money than they invested?

BTW did anyone see the stories in the press about Portsmouth this morning? According to what I read, their financial problems are causing major concern within the PL - their debt may be unsustainable. The PL are apparently looking at improving transparency of ownership, because there are problems deciphering Portsmouth's exact financial state due to the structure of companies which ends in a Luxembourg based company. Don't know how serious they are about this, but wouldn't meet with the approval of the chuckle bros, I'd have thought.

[fry]

He seems to have gone to a great deal of trouble borrowing massive amounts of money to buy things which, as long as long as he's prepared to be patient, he can sell at a loss.

If you take his business's away from him, hicks becomes a sad old Texan who is crap with money, ginger kids and his only friend is bush.

[Dr. Beaker]

If you take his business's away from him, hicks becomes a sad old Texan who is crap with money, ginger kids and his only friend is bush.

There are some things that no amount of money can compensate for.

[reddwarf12003]

If you take his business's away from him, hicks becomes a sad old Texan who is crap with money, ginger kids and his only friend is bush.

Can we have less of the Gingerism.  Don't abuse the colour of thier hair because He's a T**T

[fry]

Can we have less of the Gingerism.  Don't abuse the colour of thier hair because He's a T**T

I was ginger as a child so i get a free pass to say the g word.

[will2003]

If you take his business's away from him, hicks becomes a sad old Texan who is crap with money, ginger kids and his only friend is bush.

My best friend is bush too...     

[shankspirit]

http://www.timesonline.co.uk/tol/sport/football/premier_league/liverpool/article6283044.ece

Liverpool's embattled owners may have to slash up to 20 per cent from the asking price for the club if they want to sell, even though investors are back in the football market.

Keith Harris, the influential executive chairman of Seymour Pierce, the investment bank, predicted yesterday that the new economy after the banking meltdown meant a radical revaluation of clubs up for sale.

George Gillett Jr and Tom Hicks, Liverpool's American - and frequently warring - owners, put the club on the market last year but failed to achieve a sale, with an asking price of about £500million. But the relaxation among banks anticipating an end to the credit crisis may mean that they could buy themselves some breathing space by successfully renegotiating their £350million debt, which is due for repayment in July to the Royal Bank of Scotland and Wachovia, according to Harris.

He said that the first green shoots of recovery are poking through the mire of the football economy. His phone is ringing with calls from buyers based as far apart as “leafy Buckinghamshire” to the Middle East, as the economy puts behind it what he described as “three shocking months at the end of last year when there was no interest in football or anything else. It was disastrous.”


But the days of the leveraged deals that allowed Malcolm Glazer to buy Manchester United by piling his purchasing debt back on the club, and the high-risk strategy of Hicks and Gillett, are probably over.

“It is not just football that applies to, but just about everything,” Harris said. “Banks are either incapable or unwilling to lend money on a highly leveraged basis. Instead, we are now looking at institutions, corporations or individuals who have disposal cash. There is a cocktail of potential owners - a sheikh, an industrialist, a financier, every kind of buyer.

“There is huge interest in both the Premier League and the Championship. The world is feeling better, which means a more encouraging environment for investing. Football is not there yet, but it is much brighter. There is some renewed interest now.”

Harris also welcomed moves this week by Premier League executives to address the issues of massive debt and financial losses, which are an embarrassing counterbalance to the league's huge success.

“This is a business that takes in a couple of billion and still loses money - overall there is something wrong with that,” he said. “One thing you can avoid is having such a debt burden that it drives you crazy on a day-to-day basis.”

But Harris told the Soccerex London Forum at Wembley Stadium yesterday that he did not believe in government regulation, after criticisms of football's governance by Andy Burnham, the Sport Secretary.

[shankspirit]

http://www.teamtalk.com/football/story/0,16368,1776_5322329,00.html

Harris expects Reds settlement

Liverpool's owners are likely to succeed in refinancing their debts before the July deadline, according to Keith Harris, a top takeover expert.

But Harris, the investment banker and former Football League chairman, has warned that owners looking to sell clubs - such as Liverpool's American duo Tom Hicks and George Gillett - will have to accept that values have slumped.

Hicks and Gillett have until July to refinance the £350million loan from RBS and Wachovia and there have been suggestions that at least one of the banks will not agree a deal.

But Harris, who helped broker takeovers of Chelsea and Manchester City, said: "I think there will be a negotiated settlement.

"The only way banks can make money is to start lending again. The two banks RBS and Wachovia, have said they don't want to be involved in this kind of business and RBS are quite stretched.

"But it's amazing how things look like they're about to fall apart and people come together."

Harris believes Premier League clubs have suffered a slump in value of up to 20 per cent since the economic crisis struck.

Speaking at the Soccerex forum at Wembley Stadium, Harris said: "There is some renewed interest now. There's been a shocking fallow period but just like you are seeing investors putting money into property companies and banks, people are investing again in football clubs.

"Generally, asset values have fallen - so 10 to 20 per cent is a decent estimate."

Harris tried unsuccessfully to find a buyer for Newcastle last year but said no more moves had been made on that front.

"It's not for sale at the moment. They're just assessing what happens - nobody can predict whether or not they will be in the Premier League," he said.

"I don't think its necessarily more difficult to sell a club that is in the Championship though inevitably there would be discussion on price because the revenues are so different on the two."

Harris masterminded Thaksin Shinawatra's initial takeover of Manchester City and said current owners the Abu Dhabi royal family must accept that money cannot guarantee success.

"Money isn't everything, as Real Madrid showed when they spent all that money on top players a few years ago," said Harris.

"I suspect Manchester City could spend £1billion and still be some years away from winning the championship.

"Sven-Goran Eriksson was asked by Thaksin how far City were from a championship-winning team and he replied 'four and a half miles'."

[lfctitch]

I think if it is re-negotiated it will be another short extension, rather than a long term loan agreement. If a buyer wants Liverpool now and came in with £380-400 million public offer, I think it would be accepted.

Time is ticking

[HarryLabrador]

I think if it is re-negotiated it will be another short extension, rather than a long term loan agreement. If a buyer wants Liverpool now and came in with £380-400 million public offer, I think it would be accepted.

Time is ticking

What it tells me is that Mr. Harris hasn't got a buyer for us right now.

[redmen77]

Me thinks Mr Harris is guessing like the rest of us!

IF RBS and Wachovia are as nervous as he says they are then surely the only way they will get an extension would be to put up more collateral?

[lfctitch]

What it tells me is that Mr. Harris hasn't got a buyer for us right now.

It just reminds me of the bounty hunter. They are all searching for a buyer for us, to make there 10 pieces of gold. If Harris hasn't, somebody else might

[McMahon]

With the price of oil rising to over 60$ a barrel, this is a good sign that the Arab consortiums will have plenty of extra funds to make such a purchase of LFC. with the buying price 20% down, no better time for such an investment.

[west_london_red]

With the price of oil rising to over 60$ a barrel, this is a good sign that the Arab consortiums will have plenty of extra funds to make such a purchase of LFC. with the buying price 20% down, no better time for such an investment.

Thats assuming there is no refinance available. If there is, then there wont be a sale.

[manifest]

We'll that sounds like we're selling players to build the stadium doesn't it, so instead of a transfer speculation thread, let's see what we'd get in construction terms for our players if we swapped them at B&Q.

Gerrard  -   Has to be swapped for the foundations of a new stadium.
Mascherano  -  We'd be relying on him to swap for the steel of the stadium.
Sammy Lee  -  On his fat arse all the time, so swap him for some seats.
Kuyt   -  The most hardworking member of the team, so swap him for some turnstiles as they just never stop working.
Aurelio  -  Technically gifted so swap him for an architect
Reina  -  Safest hands in the league so swap him for a load of hard hats.
Carra  -  The voice of our team, so swap him for an on site foreman.
Skrtel  -  On site security. On his own.
Voronin  -  No movement. Swap him for the car park.
Babel  -  Doesn't quite work in any position so swap him for a handyman.
Dossena  -  Too laid back so swap him for the player's lounge.
Itandje  -  Shitehawk. He could be the toilets.
Arbeloa  -  Always playing leapfrog so we could swap him for a crane.
Xabi  -  Turns midfields inside out and upside down so swap him for a cement mixer.
Lucas  -  With a smile like that, swap him for the floodlights.
Pennant  -  Fucking useless. he'd have to be the ticket office.
Torres  -  the price of him would mean we'd be able to afford the materials for at least one of the stands.
Degen  -  two useless feet by all accounts. Swap him for a couple of fucking shovels.
Eastern European youth and reserve players  -  why bother swapping them? just get them to work on site with their uncles.

 

[Redskin]

In June 2008, Hicks Acquisition went jointly with the private-equity firm Blackstone group to buy Graham Packaging for $3.2 Billion. Under the terms of the deal, the stockholders of Graham Packaging received $350 million cash, which was held in trust. The intention was that Hicks and Blackstone would make Grahams a public company. In over simplified terms, what followed appeared to have been a fall out between Hicks and Blackstone, largely because Hicks did not come up with the funds.

 

[buchigo!]

In June 2008, Hicks Acquisition went jointly with the private-equity firm Blackstone group to buy Graham Packaging for $3.2 Billion. Under the terms of the deal, the stockholders of Graham Packaging received $350 million cash, which was held in trust. The intention was that Hicks and Blackstone would make Grahams a public company. In over simplified terms, what followed appeared to have been a fall out between Hicks and Blackstone, largely because Hicks did not come up with the funds.

imagine we're in a convenience store/gas station. a guy approaches you and asks if he could have a buck to buy some slim jims. he then approaches another person and asks if he wants to split a big gulp slurpee, fifty fifty. he then goes to the cashier and asks for 5 dollars on pump number 6 and after filling up, walks over and says, well i'm not going to pay. it's a business strategy.

wow. the way this guy has over-extended himself is just mind boggling.

[Kloofster]

Today's Guardian:

Liverpool's owners are likely to succeed in refinancing their huge debts before the July deadline, according to football's leading takeover expert Keith Harris, the investment banker and former Football League chairman. Tom Hicks and George Gillett have until July to refinance their £350m loan from RBS and Wachovia and there have been suggestions that at least one of the banks will not agree a deal. But Harris, who helped broker takeovers of Chelsea and Manchester City, told the Soccerex forum at Wembley: "I think there will be a negotiated settlement. The only way banks can make money is to start lending again. The two banks RBS and Wachovia have said they don't want to be involved in this kind of business and RBS are quite stretched."

"But it's amazing how things look like they're about to fall apart and people come together."

[lfctitch]

Today's Guardian:

Liverpool's owners are likely to succeed in refinancing their huge debts before the July deadline, according to football's leading takeover expert Keith Harris, the investment banker and former Football League chairman. Tom Hicks and George Gillett have until July to refinance their £350m loan from RBS and Wachovia and there have been suggestions that at least one of the banks will not agree a deal. But Harris, who helped broker takeovers of Chelsea and Manchester City, told the Soccerex forum at Wembley: "I think there will be a negotiated settlement. The only way banks can make money is to start lending again. The two banks RBS and Wachovia have said they don't want to be involved in this kind of business and RBS are quite stretched."

"But it's amazing how things look like they're about to fall apart and people come together."

Just a rehash of what's already been said. But lets be honest Harris is probably just hoping this will get a buyer to come in, and he can make some more gold. I don't like that guy one bit from everything I've heard. He's after 1 thing only...

[rocco]

Today's Guardian:

Liverpool's owners are likely to succeed in refinancing their huge debts before the July deadline, according to football's leading takeover expert Keith Harris, the investment banker and former Football League chairman. Tom Hicks and George Gillett have until July to refinance their £350m loan from RBS and Wachovia and there have been suggestions that at least one of the banks will not agree a deal. But Harris, who helped broker takeovers of Chelsea and Manchester City, told the Soccerex forum at Wembley: "I think there will be a negotiated settlement. The only way banks can make money is to start lending again. The two banks RBS and Wachovia have said they don't want to be involved in this kind of business and RBS are quite stretched."

"But it's amazing how things look like they're about to fall apart and people come together."

 
So what does it mean to us ?

[No666]

Harris's statements seem rather contradictory:

I think there will be a negotiated settlement.

"The only way banks can make money is to start lending again.

BUT:

But the days of the leveraged deals that allowed Malcolm Glazer to buy Manchester United by piling his purchasing debt back on the club, and the high-risk strategy of Hicks and Gillett, are probably over.

“It is not just football that applies to, but just about everything,” Harris said. “Banks are either incapable or unwilling to lend money on a highly leveraged basis.

The guy is covering all bases here, because if there is going to be a successful renegotiation, either with RBS/Wachovia, or, as he implies, elsewhere, then the banks may be willing to lend but they are going to demand far more in the way of guarantees. It seems unlikely that Hicks will be able to find those guarantees, and the jury is out on Gillett. We know he stands to make a profit from the Habs sale, which looks like it will go through in time, but we do not know how leveraged they are, and presumably some of that money will be paying off that $70m loan he put up as a guarantee last time.

In fact, the only sure conclusion I can draw from this article is that Harris a bit of a knobhead.

[Dave_the_Red]

Thought for a long time the refinancing would go ahead. Given the twats can come up with the money the banks want, they'll refinance and just wait till it's suits them to sell.

[nm83]

I'm still with those that say a refinance can only go ahead if wank and wanker provide more securities.

[fry]

Now is definatley the fuking time to direct some protests at RBS, they have to know that making deals with the devil wont pay off. 

[WaltonRed]

Harris's statements seem rather contradictory:

His comments do come across as contradictory because the report of his speech is not well worded.

But his essential point is correct and is in line with what most of us have been thinking.

1. There are no buyers for the club at present.

2. RBS and Wachovia really really hate the position they are in and would, if possible, like to be rid of the whole thing.

3.  But if there are no buyers the alternatives to an extension / refinancing are worse (taking over the club, administration etc)

4.  G&H dont have the money to pay off the loan.

Given that, its in everyone's interest to compromise and as we move to July and G&H sense that they might lose the club altogether and the Banks sense that they might end up having to run it, good sense will prevail and a compromise will be reached where the loan is either extended or is refinanced in return for greater equity contributions from G&H.

Harris is right that there are no buyers in the market at the moment and given that its in everyone's interest to reach agreement in July.

[WaltonRed]

Now is definatley the fuking time to direct some protests at RBS, they have to know that making deals with the devil wont pay off. 

Eh?

And what exactly are you protesting? 

"We dont want you to extend the loan - we want you to put the club into administration" ?

[Wezza]

http://www.timesonline.co.uk/tol/sport/football/premier_league/liverpool/article6283044.ece

Liverpool's embattled owners may have to slash up to 20 per cent from the asking price for the club if they want to sell, even though investors are back in the football market.

Or I have a buyer, and this is what they are prepared to pay

[fry]

Eh?

And what exactly are you protesting? 

"We dont want you to extend the loan - we want you to put the club into administration" ?

Eh?

No, when did i mention administration, HICKS AND GILLETTE ARE HOLDING OUT FOR STUPID MONEY REFINANCING GIVES THEM WIGGLING ROOM.  They can be forced to sell at a fair price if RBS tell them to fuck off.

PS,  I dont get why some people would rather the americans stay.

[WaltonRed]

They can be forced to sell at a fair price if RBS tell them to fuck off.

Sell to who?  Its clear that if there was a buyer out there prepared to pay a reasonable price then RBS and Wachovia will push the sale.  They dont need to protested to in order to do that. 

The problem is that there is no buyer - and protesting won't create one.

The whole point of Harris's speech yesterday is that there are no buyers in the market for any club at the moment  He added that there is now starting to be some renewed signs of potential future interst but that is not the same as willing buyers.

If you read the report of his speech, the point he is making is that BECAUSE there are no buyers then a compromise will be reached.  And he is right.  Naturally, if a buyer does emerge then RBS and Wachovia will want a sale.

So I genuinely dont understand your point about protesting to RBS, as it only makes sense in the case of them agreeing a refinance while ignoring a firm purchase offer at a reasonable price.  That is not the scenario which is present currently.

And yes, if its a choice of the Bank taking us over or the Americans staying, then I do want the Americans to stay.  LIke you, I would prefer a sale to decent owners but thats not going to happen.