Author Topic: Liverpool owner Hicks selling Texas Rangers shares  (Read 221254 times)

Offline maj

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #480 on: April 9, 2009, 08:45:23 PM »
If Hicks and Gillett had a flaming brain they would have realised that a stadium was the most important thing even ahead of players. Man utd get over 30,000 more fans per week than us. But the fat lump who didnt know anything about football thought the taking out a loan to buy players would make him sweet amongst the fans. Thats what they do in america you see, they just sign players and the fans just shut up and dont say anything.

Offline electricghost

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #481 on: April 9, 2009, 09:17:08 PM »
“The company is not asking for additional money; it is only asking for full access to the interest reserve account and revolving credit line as well as some amendments in the debt covenants.”


Can anyone explain/elaborate on the highlighted part please?

 
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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #482 on: April 9, 2009, 10:17:09 PM »
Can anyone explain/elaborate on the highlighted part please?

 

The banks hold a years interest payments or so incase Hicks defaults I believe.


Offline RedJam70

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #483 on: April 9, 2009, 11:00:43 PM »
Can anyone explain/elaborate on the highlighted part please?

Interest reserve account is just what WLR said, or so I've been told.

Revolving credit, it seems, is a limited credit fund that you can take out and put into as and when you need. From Wiki:

Revolving credit is a type of credit that does not have a fixed number of payments, in contrast to installment credit. Examples of revolving credits used by consumers include credit cards. Corporate revolving credit facilities are typically used to provide liquidity for a company's day-to-day operations.


[edit] Typical characteristics
The borrower may use or withdraw funds up to a pre-approved credit limit.
The amount of available credit decreases and increases as funds are borrowed and then repaid.
The credit may be used repeatedly.
The borrower makes payments based only on the amount they've actually used or withdrawn, plus interest.
The borrower may repay over time (subject to any minimum payment requirement), or in full at any time.
In some cases, the borrower is required to pay a fee to the lender for any money that is undrawn on the revolver; this is especially true of corporate bank loan revolving credit facilities.

http://en.wikipedia.org/wiki/Revolving_credit

Although that doesn't explain why Hicks wouldn't already have full access to it. Anyone else know?

Offline riise6

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #484 on: April 9, 2009, 11:01:06 PM »
Hicks' bricks need new cement mix
The debt laden edifice that is Tom Hicks’ sports franchise ‘empire’ is beginning to crumble. Reports in the Guardian and elsewhere indicate that that his US investment vehicle, Hicks Sporting Group (HSG), defaulted on loans which amount to £354m because he’s failing to keep up the interest payments. Hicks told the press:

"I am working closely with both leagues to find quality partners that share my long-term vision….. 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."

Sound familiar? It’s the usual bluster that everything’s fine & dandy, but the likely impact of Hick’s default may, according to Saturday’s Guardian:

“…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.”

Clearly, increasing evidence that both Hicks & Gillet are suffering serious financial difficulties won’t shore up the banks’ confidence in their ability to successfully re-structure the LFC related debt in July.

Meanwhile, there are persistent rumours that the Kuwaiti guys are watching and waiting…..

ShareLiverpoolFC

they are quick on the ball aint they :P
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Online Zeb

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #485 on: April 9, 2009, 11:21:10 PM »
Although that doesn't explain why Hicks wouldn't already have full access to it. Anyone else know?

Presumably because he never needed to pay totally on the never-never before and now needs the cash? He's taken out big loans and now wants a revolving credit line :D

He's certainly putting the old addage of "If you owe your bank manager a grand, you call him sir, if you owe him a million, he calls you sir" to the test.
"And the voices of the standing Kop still whispering in the wind will salute the wee Scots redman and he will still walk on.
And your money will have bought you nothing."

Offline shelovesyou

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #486 on: April 10, 2009, 12:55:32 AM »
Hicks' bricks need new cement mix
The debt laden edifice that is Tom Hicks’ sports franchise ‘empire’ is beginning to crumble. Reports in the Guardian and elsewhere indicate that that his US investment vehicle, Hicks Sporting Group (HSG), defaulted on loans which amount to £354m because he’s failing to keep up the interest payments. Hicks told the press:

"I am working closely with both leagues to find quality partners that share my long-term vision….. 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."

Sound familiar? It’s the usual bluster that everything’s fine & dandy, but the likely impact of Hick’s default may, according to Saturday’s Guardian:

“…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.”

Clearly, increasing evidence that both Hicks & Gillet are suffering serious financial difficulties won’t shore up the banks’ confidence in their ability to successfully re-structure the LFC related debt in July.

Meanwhile, there are persistent rumours that the Kuwaiti guys are watching and waiting…..

ShareLiverpoolFC

they are quick on the ball aint they :P

The last couple of their emails have been based on purely what has been written in the media and nothing more . Its shit .
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Offline reds88

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #487 on: April 10, 2009, 01:27:58 AM »
Quote
HSG’s owner Tom Hicks said in a statement last week that he made the move intentionally to help negotiate with banks.

“Like so many other companies and institutions, HSG has been impacted by a global credit crisis which no one could have anticipated,” Hicks said in a statement. “The company is not asking for additional money; it is only asking for full access to the interest reserve account and revolving credit line as well as some amendments in the debt covenants.”

Really?  Defaulting on a loan to help negotiation?  What brilliant strategy.  Don't see Hicks negotiating from a position of strength here.    Asking for full access to the revolving credit line is asking the banks for more money then they have lent previously.   

Offline No666

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #488 on: April 10, 2009, 08:21:59 AM »
What does the line about 'some amendments in the debt covenants' mean? Sounds as if he wants them to water down the guarantees, or similar. That line smacks of absolute desperation to me. Anyone enlighten us?

Offline lakes

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #489 on: April 10, 2009, 09:56:26 AM »
i posted sometime back on this thread, i still have friends at my old job at ML and they keep me up to date with what they know, what they hear right now is that Gillet will pay off his part of the loan when he sells the hockey club, Hicks will then be able to put the cost of our club down a bit and bring in new intrest, the deal is still on the table and has been for the last 4 weeks but the price has just been to high.

Offline No666

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #490 on: April 10, 2009, 10:01:05 AM »
lakes, in that scenario, why would Gillett and the supposed new investor let Hicks carry on placing his own personal purchase debt on the club? Doesn't seem logical. And/or why would Gillett do anything that would help Hicks keep hold of the club - Gillett loathes Hicks.
« Last Edit: April 10, 2009, 10:17:46 AM by No666 »

Offline lakes

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #491 on: April 10, 2009, 10:22:18 AM »
lakes, in that scenario, why would Gillett and the supposed new investor let Hicks carry on placing his own personal purchase debt on the club? Doesn't seem logical.

they will not, Hicks must still pay his debt off ML have been telling him to sell for a very long time but he keeps trying to find a way to stay at the club but with his other loand going tits up he has a problem.
any new new investor will ask for the books to be clean and i feel this has also beena sticking point in the sale of the club, Hicks see Liverpool as a place to stick his debts, Now his other loan has gone wrong he needs money fast and with a bit of luck this will see the back of him from the club.

Offline No666

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #492 on: April 10, 2009, 10:28:32 AM »
God I hope you're right. Hope springs...no, must not hope...

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #493 on: April 10, 2009, 10:42:34 AM »
i posted sometime back on this thread, i still have friends at my old job at ML and they keep me up to date with what they know, what they hear right now is that Gillet will pay off his part of the loan when he sells the hockey club, Hicks will then be able to put the cost of our club down a bit and bring in new intrest, the deal is still on the table and has been for the last 4 weeks but the price has just been to high.

Hicks uses ML, Gillet has been using Rothschilds, so how do ML know what Gillet is doing?

Offline shelovesyou

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #494 on: April 10, 2009, 11:33:41 AM »
Hicks uses ML, Gillet has been using Rothschilds, so how do ML know what Gillet is doing?

Correct and apparantly he has asked ML to stop working on his behalf . . . .
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Offline No666

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #495 on: April 10, 2009, 11:40:19 AM »
I thought he resurrected them again, recently.

Offline shelovesyou

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #496 on: April 10, 2009, 11:46:24 AM »
I thought he resurrected them again, recently.

He did and they were but they have met their objective is what I heard . . . .
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Offline lfctitch

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #497 on: April 10, 2009, 12:02:18 PM »
He did and they were but they have met their objective is what I heard . . . .

So whose are new owners then?

Offline lakes

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #498 on: April 10, 2009, 12:09:31 PM »
Correct and apparantly he has asked ML to stop working on his behalf . . . .

its Their Business to find what he is doing, and no ML are still working for Hick, they are still trying to find a buyer for him and under BOA (they took over part of ML) could give him a loan to cover his oher loan if he can not pay it off in time, but due to his other loan going bad that will not happen now.

Offline lakes

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #499 on: April 10, 2009, 12:11:26 PM »
He did and they were but they have met their objective is what I heard . . . .

yep they did, they found a buyer and put a deal on the table, i have been told we was 12 hrs away from being sold and then they walked away, that is why ML are still there, they hold the deal that is onb the table right now.

Offline shelovesyou

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #500 on: April 10, 2009, 12:14:13 PM »
yep they did, they found a buyer and put a deal on the table, i have been told we was 12 hrs away from being sold and then they walked away, that is why ML are still there, they hold the deal that is onb the table right now.

more like 20 mins away from being sold mate ,
that was back in October anyway . . . . . .

you say they hold the deal that is on the table so that confirms they have met their objective doesnt it ?!?!
« Last Edit: April 10, 2009, 12:16:20 PM by shelovesyouyehyehyeh »
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Offline shelovesyou

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #501 on: April 10, 2009, 12:14:49 PM »
So whose are new owners then?

Who said anything about new owners  ??
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Offline lakes

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #502 on: April 10, 2009, 12:22:13 PM »
more like 20 mins away from being sold mate ,
that was back in October anyway . . . . . .

you say they hold the deal that is on the table so that confirms they have met their objective doesnt it ?!?!

yes you are right it was in October but also 4 weeks ago. yes they has met their objective you are right but thats also why they are still in the frame, on top of that they are also helping to sort out his other loan thats gone bad, on that note ML did not know nothing of the other loan till he missed paying it back, due to insider trading law some things are kept away from some areas.

Offline shelovesyou

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #503 on: April 10, 2009, 12:23:33 PM »
yes you are right it was in October but also 4 weeks ago. yes they has met their objective you are right but thats also why they are still in the frame, on top of that they are also helping to sort out his other loan thats gone bad, on that note ML did not know nothing of the other loan till he missed paying it back, due to insider trading law some things are kept away from some areas.

fair do's mate , appreciate the info like . . .

he really is in shit street isnt he ? !
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Offline lakes

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #504 on: April 10, 2009, 12:25:21 PM »
Who said anything about new owners  ??

the biders have been the Kuwaitis, puls 2 unamed Americans (one of the has something to do with news and media)

Offline lakes

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #505 on: April 10, 2009, 12:28:16 PM »
fair do's mate , appreciate the info like . . .

he really is in shit street isnt he ? !

yes mate, big time.

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #506 on: April 10, 2009, 01:14:03 PM »
yes mate, big time.

i know you shouldnt be happy at other peoples misfortune, but ;D

Offline koppper

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #507 on: April 10, 2009, 01:24:45 PM »
Bank: Mr Hicks, your house is worth 1 million and your mortgage on it is 1.3 million.
Hicks: Don't worry, I have a plan.
Bank: You just missed your interest payment this month - what are you gonna do about it?
Hicks: Can you lend me some more money and also reduce the interest rate while you're at it?
Bank:.......
My postillion has been struck by lightning

I am the berrgman

Offline No666

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #508 on: April 10, 2009, 01:25:10 PM »
Laughter, they're not people so give in to the schadenfreude.

lakes, 2 Americans as in the states? - or is there a Mexican in the mix?

Offline Parpello

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #509 on: April 10, 2009, 03:26:22 PM »
yep they did, they found a buyer and put a deal on the table, i have been told we was 12 hrs away from being sold and then they walked away, that is why ML are still there, they hold the deal that is onb the table right now.

Surely that deal is so far off the mark, its no longer valid.

Offline Sing A Song of Torres

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #510 on: April 10, 2009, 06:13:21 PM »
schadenfreude

Hoping to have a pitch-side seat to witness their fall. Maybe there'll even be a commemorative t-shirt.
Dressing up as an internet terrorist for Hallowe'en.

Offline lakes

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #511 on: April 10, 2009, 07:22:35 PM »
noy sure how its going to but the deal will still stand but the price might come down
Surely that deal is so far off the mark, its no longer valid.

Offline Igor Zidane

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #512 on: April 10, 2009, 07:36:32 PM »
lakes is there any news on BOA bailing hicks out?
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Offline PhilLFC

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #513 on: April 10, 2009, 07:50:04 PM »
If the Kuwaiti's are still at the table i cannot see them waiting forever, and if Gillett is suddenly getting money what does that mean for us?? will that keep him (Gillett) here
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Offline Midekima

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #514 on: April 11, 2009, 01:03:00 AM »
If the Kuwaiti's are still at the table i cannot see them waiting forever, and if Gillett is suddenly getting money what does that mean for us?? will that keep him (Gillett) here

Gillet knows that the only way to make the bug bucks with LFC is to build the new stadium. Money for refinancing a loan and money for building a stadium are two diffferent things. Gillet will no doubt still want to sell even if he free's up cash from some of his other assets

Offline No666

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #515 on: April 11, 2009, 09:24:50 AM »
Do we know when Hicks invested with Madoff? If it was early on then he is probably being pursued for money; if later, he has lost it all. Whichever way, his link to Madoff can't be good for his financial credibility at this time, especially if highlighted in the press. Anyone got the original article that exposed the link?

Secondly, when does Hicks Acquisitions have to liquidate if it hasn't found a project to invest in and return all the money? Thought it was sometime soon.


Offline ali

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #516 on: April 11, 2009, 10:39:38 AM »
Shorting Madoff's Stocks
by: Stockerblog January 12, 2009 | about stocks: HYB / TOH

Now that we know that the government is liquidating Bernard L. Madoff Investment Securities, it may mean that there will be some downward pressure on the stocks that Madoff's firm owns. Does this mean that there could be some short squeeze plays here? This is assuming that it still actually owns the stocks that the company reported to the SEC as of September 30, 2008.

For example, his company reportedly owns over 2 million shares of the New America High Income Fund Inc. (HYB), a junk bond closed end fund. This amounts to about 1.8% of the shares outstanding.

Hicks Acquisition Co. I Inc. (TOH) is another Madoff stock, of which his company reportedly owns over 500,000 shares or about three quarters of a percent of all the company's outstanding shares. It is interesting to note that according to Yahoo Finance, Hicks is a Dallas, Texas based company, founded in 2007, with no significant operations. Yet the company has a market cap of almost half a billion dollars.

For an Excel database of some of the significant shareholdings of Bernie Madoff, which can be downloaded and sorted, go to WallStreetNewsNetwork.com.

http://seekingalpha.com/article/114336-shorting-madoff-s-stocks

Sources tell Sirius Speedway that Gillett is heavily leveraged from the original Evernham buyout, as well as from a number of automobile dealerships he purchased earlier this year. He reportedly faces a major payment on his Liverpool Football Club, which plays in the English Premier League, as well. A deal that would have merged GEM with Bill Davis Racing fell by the wayside a few weeks ago, reportedly after Gillett was unable to obtain financing to complete the transaction.

Gillett has recently been involved in negotiations to merge GEM with Petty Enterprises. Sirius Speedway reported two weeks ago that the merger had stalled, and while that report was immediately denied by a GEM spokesman, Sadler’s release appears to indicate that the deal is indeed in jeopardy.

http://www.sirius-speedway.com/2008/12/dinger-in-sadler-out-at-gillett.html

I think the piece below was produced the day before the non-compliance notice deadline of 12/3

10-K: HICKS ACQUISITION CO I INC.

Last update: 6:07 a.m. EDT March 11, 2009
(EDGAR Online via COMTEX) -- ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview We are a blank check company formed for the purpose of acquiring, or acquiring control of, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination one or more businesses or assets. Our management team is engaged in the private equity business and evaluates various acquisition opportunities from time to time in connection with their ordinary course of business. Our efforts in identifying prospective target businesses will not be limited to a particular industry, but we will not complete a business combination with any entity engaged in the energy industry as its principal business or whose principal business operations are conducted outside of the United States or Canada. We intend to effect our initial business combination using cash from the proceeds of our initial public offering, our capital stock, debt or a combination of cash, stock and debt. The issuance of additional shares of our stock in a business combination: may significantly dilute the equity interest of our investors;
may subordinate the rights of holders of common stock if preferred stock is issued with rights senior to those afforded our common stock;
could cause a change in control if a substantial number of shares of our common stock is issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors;
may have the effect of delaying or preventing a change of control of us by diluting the stock ownership or voting rights or a person seeking to obtain control of our company; and
may adversely affect prevailing market prices for our common stock and/or warrants.
Similarly, if we issue debt securities, it could result in:
acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;
our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand; and
our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the debt security is outstanding.
As indicated in the accompanying audited financial statements, at December 31, 2008, we had approximately $539.8 million in cash held in trust, which includes accrued interest of approximately $388,000. We intend to use substantially all of the net proceeds of our initial public offering, including the funds held in the trust account (excluding deferred underwriting commissions), to acquire a target business. Results of Operations and Known Trends or Future Events Through December 31, 2008, our efforts have been limited to organizational activities, activities relating to our initial public offering, activities relating to identifying and evaluating prospective acquisition candidates, and activities relating to general corporate matters; we have not generated any revenues, other than interest income earned on the proceeds of our initial public offering. As of December 31, 2008, approximately $540.1 million was held in the trust account (including $17.4 million of deferred underwriting commissions, $7.0 million from the sale of warrants to the initial stockholders and approximately $388,000 in accrued interest) and we had cash outside of trust of approximately $819,000
Table of Contents
and approximately $899,000 in accounts payable and accrued expenses. Up to $6.6 million of interest on the trust proceeds may be released to us for our activities in connection with identifying and conducting due diligence of a suitable business combination, and for general corporate matters. Through December 31, 2008, we had withdrawn $5.0 million from interest earned on the trust proceeds for working capital requirements. Other than the deferred underwriting commissions, no amounts are payable to the underwriter in the event of a business combination.
$1.2 million of expenses in legal, accounting and filing fees relating to our SEC reporting obligations, general corporate matters, and miscellaneous expenses.
We believe we will have sufficient available funds outside of the trust account to operate through September 28, 2009. However, we cannot assure you this will be the case. Over this time period, we currently anticipate incurring expenses for the following purposes:
legal and accounting fees relating to our SEC reporting obligations and general corporate matters;
structuring and negotiating a business combination, including the making of a down payment or the payment of exclusivity or similar fees and expenses; and
other miscellaneous expenses.
As indicated in the accompanying audited financial statements, at December 31, 2008, we had out of trust cash of approximately $819,000 and approximately $899,000 in accounts payable and accrued expenses. We expect to incur significant costs in pursuit of our acquisition plans. There is no assurance that our plans to consummate a business combination will be successful or successful within the target business acquisition period. These factors, among others, raise substantial doubt about our ability to continue operations as a going concern. The accompanying financial statements do not include any adjustments that may result from the outcome of this uncertainty. Off Balance Sheet Requirements
Table of Contents
Critical Accounting Policies
Table of Contents
141R will be applied prospectively to business combinations with an acquisition date on or after the effective date. As a result of the adoption of SFAS 141R, we expect that approximately $3.5 million will be expensed in our financial statements on January 1, 2009 due to the deferred acquisition costs related to the Graham Transaction. SFAS 141R no longer allows deferral of these costs.
Mar 11, 2009

http://www.marketwatch.com/news/story/10-k-hicks-acquisition-co-inc/story.aspx?guid={4E6F2F51-7CB9-440A-86E4-CFE414F33C5E}&dist=msr_2


In the event that Hicks Acquisition doesn't find an appropriate company to acquire within 24 months, it will dissolve and return $9.75 for each $10 unit purchased. Each unit bought includes a warrant to buy another share of the company for $7.50.

http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-hicks_04bus.ART.State.Edition1.35ad83c.html
for those of you watching in black and white Liverpool are the team with the ball

Offline buchigo!

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #517 on: April 11, 2009, 10:48:08 AM »
positively shit street.

Laughter, they're not people so give in to the schadenfreude.
lakes, 2 Americans as in the states? - or is there a Mexican in the mix?
slim helu?
Finish the job sir. Come back when we deserve you.

Offline No666

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #518 on: April 11, 2009, 11:21:50 AM »
Thanks ali. Sorry, I remembered wrongly re: Madoff connection - it was Madoff who invested in Hicks.
However, it sounds as if they are not confident about carrying Hicks Acquisition forward and he will have to return (most of) the money come October of this year. (Presumably the powers that be winding up Madoff will be happy.)
buchigo, that was who I meant. TIA rumour passed to me by Harry, who didn't post it here because it was pretty unsubstantiated. (So if there's any flak on posting it here, I should get it, not her.) I was just interested that lakes mentioned Americans, but as he subsequently didn't come back to answer my question, and I have no idea of his sources, track record on here etc. I am less intrigued now. Anyone else heard anything to substantiate these rumours?

Offline ali

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #519 on: April 11, 2009, 12:04:56 PM »
I'm sure I read a post, possibly now on one of the closed threads, that he allegedly lost 12m investing with Madoff.

Having watched the Madoff programme on CNBC, if I remember correctly all money from Madoff investments has to be collected in by June, if not done already.







for those of you watching in black and white Liverpool are the team with the ball