4.30pm: While we wait for the next update from court, what does it mean if the court doesn't make its decision today, or indeed, this week (as seems distinctly possible given Mr Justice Floyd's recent comment)? Reuters says this:
If the Oct. 15 deadline for a refinancing of Liverpool's debt is missed, lawyers believe RBS could take control of the club and conduct the sale itself.
That could result in the holding company of the five-times European champions briefly being put into administration, which would result in the points deduction under Premier League rules.
4.27pm: RBS QC: "RBS is a lender that deserves to be repaid £200m on Friday. It is wrong of Hicks and Gillett to try and delay that process."
4.25pm: QC for RBS says bank has been willing to wave "tens of millions of pounds in fees" to see a sale go through. Also dismisses G&H claim that there is no actual 15 October deadline with the Bank as part of their "game".