KopTalk.com Forums Football Liverpool FC Forum Hicks' Plan B!!!

11.13am: "NESV sources are convinced that a deal with Mill would still need board approval. If it went through regardless, they wd likely sue. #LFC," tweets Owen Gibson.

I just had another thought: in court he admitted he had breached the contract when he tried to remove the board, so isn't this just further breach of contract? The big losers here are Mill actually, because they took Gillett's stake and now they're going to be left holding the can. They can lose what they thought they might have gained, or they can try to fight for everything; the latter means that Hicks gets some cash unless the board can legally prevent the sale of shares.

Hicks is basically trying to get out now and leave chaos behind, while being able to point at the board for causing this as though he were innocent.

Someone is going to pay, but I must admit that through all the confusion I'm not convinced LFC will come out of this worse off.

A lawyer for Liverpool's owners says they will drop their court order in Texas blocking the sale of the club.
The move does not mean current owners Tom Hicks and George Gillett have given up their fight to stop the £300 million sale to the owners of the Boston Red Sox.
Lawyer Keith Oliver, who represents Hicks and Gillett, tells The Associated Press they are applying to withdraw the temporary restraining order when the Dallas court convenes at 7 a.m. local time (1200 GMT) Friday.

"11.40am: Mill Financial: what we are pretty certain we know:
It is a US-based hedge fund.
It took over George Gillett's 50% stake after he defaulted on loans"

Wow, they have to be the worst businessmen ever !!!

Let's say that Hicks does manage to sell his shares to Mill. Mill would now control 40% of the LFC board, who have a binding contract to sell to NESV. Mill would lose everything (after a court battle as well). However, they could probably sue Hicks for damages, and maybe get back their money+interest. Mill might very well be going into this knowing that they will not lose any more money than they already have (Gillett defaulting on his loan), but might even be able to sue Hicks to cover that loss. Not sure they'll be unhappy to buy.

Liverpool takeover: Mill Financial approached Premier League to seek approvement

Mill Financial, the secretive US hedge fund attempting an 11th-hour takeover of Liverpool, approached the Premier League yesterday to seek approvement under the owners and directors test.

The Premier League declined to consider whether Mills representatives would be suitable directors because Mill did not have the authorisation of the Liverpool board.

Mill looked to seek pre-approval so that they were in a position to complete a deal for the club today.

http://www.telegraph.co.uk/sport/footbal...pprovement.html

What's a pre-approval, this also goes through the board right ?

Graeme Bailey: From Bryan Swanson, Sky Sources are telling us that the Premier League have rejected an approach from Mill Finance to undertake their owners and directors test. NESV have already taken and passed this. Friday October 15, 2010 1:14 Graeme Bailey

The man sure has some nerve!

"This statement from Hicks (in full):

LFC owners to pursue $1.6 billion from "epic swindle"

Hicks and Gillett withdraw TRO blocking sale of Liverpool Football Club. Action prevents RBS from needlessly putting Club into administration. RBS rejected owners' pledge to pay off all debts by October 15. Attorneys say ludicrous, self-serving and illegal behavior from directors and outsiders to hinder Club for years.

"It's an extraordinary swindle and it will result in exactly the wrong thing for the Club and the fans."

Those were the words used by attorneys representing Liverpool Football Club owners this morning when they announced they would apply all of their legal energies toward securing at least $1.6 billion in damages they expect will result from the proposed illegal sale of the Liverpool Football Club.

Attorneys also stated that protracted litigation concerning the Liverpool transaction will now cause even more uncertainty for the LFC.

"This outcome not only devalues the Club but it also will result in long-term uncertainty for the fans, players and everyone who loves this sport because all legal recourses will be pursued," said Steve Stodghill, the Texas attorney representing the Liverpool owners. "Mr. Hicks and Mr. Gillett pledged to pay the debt to RBS so that the Club could avoid administration that was threatened by RBS. That offer was rejected. It is a tragic development that others will claim as a victory. This means it won't be resolved the way it should be resolved. My clients worked tirelessly to resolve these issues but RBS would not listen to any reasonable solution and the Directors acted selfishly and illegally."

Stodghill said the owners have no choice but to pursue every legal avenue possible, and they will.

"Mr. Hicks and Mr. Gillett wanted to position this club for the future, but others have a different agenda," said Stodghill. "In truth, there is nothing positive from these events for Liverpool Football. That is exactly the opposite of what my clients wanted to achieve. "

Ironic how the very words he uses to describe the Liverpool board are actually attributable to himself. "Mr. Hicks and Mr. Gillett wanted to position this club for the future"? Which position would that be, George? The same one Gillett takes for you?

You're not taking on some random dorks; this is Liverpool FC. YNWA, though maybe you and your friend do now.