WINNERS! Liverpool FC go to the High Court

I think the PL issued a statement saying that there is no chance of a penalty - even if H&G force RBS to put us in administration - because the club is solvent.

On our website today

http://www.anfield-online.co.uk/lfc-news/2010/reds-will-not-be-hit-with-9-points-penalty/

It is an interesting point, because although Broughton claims he had a written undertaking that the owners would not interfere with any sale that was considered a reasonable deal for the club it is unclear what would constitute  "a reasonable deal" 

On the one hand you have the clubs interest, which is all we fans care about, and on the other hand you have the owners interest, which we don't give a f**k about. But surely there must be some parameters regarding what defines "a reasonable deal"   

For example, you employ someone to sell your house, that you value at 800,000, and then a few months later the guy sells it for 300,000.  I hope there is not another twist to come in this saga, because I think we will all be happy to see Hicks and Gillette lose money out of this process.
But what if Broughton announced he has sold it for 200 million???    Would it be the same scenario? 

Could he have sold it for 10 quid, if 10 quid was the best offer on the table?

Was there any minimum price agreed?

Frankly, although I think the low price is fantastic, I am shocked, because I never would have believed it would sell that cheap. 

If there is a trap in this sale going through  it has to be in the word REASONABLE,that word has so many implications it is no wonder companies used to put it in employment agreements with the unions.I hope with all my heart that this sale goes through and H+G walk away with nout.

On our website today

http://www.anfield-online.co.uk/lfc-news/2010/reds-will-not-be-hit-with-9-points-penalty/

Knew I'd seen that somewhere cheers

Being represented by this man apparently

http://www.weil.com/michaelfrancies/

+44 20 7903 1170 begin_of_the_skype_highl ighting              +44 20 7903 1170      end_of_the_skype_highlig hting tel
+44 20 7903 0990 fax
michael.francies@weil.com

Wish it was this guy.

Harvey R. Miller  (described by The New York Times as "the most prominent bankruptcy lawyer in the nation")

It is an interesting point, because although Broughton claims he had a written undertaking that the owners would not interfere with any sale that was considered a reasonable deal for the club it is unclear what would constitute  "a reasonable deal" 

On the one hand you have the clubs interest, which is all we fans care about, and on the other hand you have the owners interest, which we don't give a f**k about. But surely there must be some parameters regarding what defines "a reasonable deal"   

For example, you employ someone to sell your house, that you value at 800,000, and then a few months later the guy sells it for 300,000.  I hope there is not another twist to come in this saga, because I think we will all be happy to see Hicks and Gillette lose money out of this process.
But what if Broughton announced he has sold it for 200 million???    Would it be the same scenario? 

Could he have sold it for 10 quid, if 10 quid was the best offer on the table?

Was there any minimum price agreed?

Frankly, although I think the low price is fantastic, I am shocked, because I never would have believed it would sell that cheap. 

British Company Law states that Directors have a duty to the Shareholders first (H&G) and the Company (LFC) second.  However if what the Shareholders want is detrimental to the Company the Directors will back what is best for the company.

They knew all along that the worse thing that could happen to LFC was H&G refinancing and why they have managed to block every move they have made to do just that.

H&G really don't have a leg to stand on if this goes to court - they signed away their souls to the devil when they signed those agreements and deserve to booted out into the street like the beggars they are.

Bearing in mind their offices are in London, and seeing as SOS seem to have gone asleep, it would be pretty impressive if somebody down there plastered their office building with 'Tom and George - Not welcome anywhere' posters.

One South Place
London, EC2M 2WG

I'd guess that given Mr Boughtons past experience and knowledge at the helms of both BAT & BA. he is well aware of what is required from a legal angle. I proffer that any agreement or undertakings he has excepted  from H & G will be near on 100% watertight. He will not only have had LFC legal team give them the once over, but RBS will have done a similar exercise, and given that they will not have wanted they position weakened in any way their legals will have been pretty much "belt and braces". After all it was H & G wanting to extend their loan facilities back in April and RBS would have had all the cards! Consequently H & G would have had to agree to anything put in front of them. Again if part of the extension deal was a £60 mil penalty or PIC (payment in kind) if it was was not settled on the due date it gives you a little flavour of what the atmosphere must have been like during the negotiations. (take whats on offer or give us our money)
From a legal stand point I say we don't have much to worry about.

Bearing in mind their offices are in London, and seeing as SOS seem to have gone asleep, it would be pretty impressive if somebody down there plastered their office building with 'Tom and George - Not welcome anywhere' posters.

One South Place
London, EC2M 2WG

Conveniently located next to "Ropemaker street" maybe H&G can pop along after visiting their lawyers to be told they have no case.



 

I'm suggesting that if you spent 3 years saying something is worth £600m and nobody takes you up at that offer and then bids that come in are both are the current level, £300m or so, then £600m is a fantasy number which has no relevance.
 

A few months back now but have no idea where, wasn't LFC officially valued at £320m? Given that we're in a relegation place maybe another £20m has been wiped off I'd say a Judge would have to say the sale price is fair.

Edit: Ignore me, Forbes valued us at £580m in April.

I think the only thing we can take heart from at the moment is Hicks had the rights to rearrange the board by hiring and firing of board members then surely he would have done it when the Board stopped them refinancing by remortaging Melwood etc, could just be the final death throws of Tom Hicks who's basically saying if you are going to take Liverpool F.C away from me, you'll have to prise it from my cold dead fingers.

I think the only thing we can take heart from at the moment is Hicks had the rights to rearrange the board by hiring and firing of board members then surely he would have done it when the Board stopped them refinancing by remortaging Melwood etc, could just be the final death throws of Tom Hicks who's basically saying if you are going to take Liverpool F.C away from me, you'll have to prise it from my cold dead fingers.

You got a gun? Lets get the yankee pr**k!

 It does surprise me that the club has been sold for less than it total debt (I am including the £144 million H/G say there owed)
We all know the £144 million is bullshit but it is down on paper, hope these very expensive lawyers have done there job properly and H/G have no room for maneuver, but as one set of lawyers are telling Broughton "you will win" I am sure another set of lawyers are telling H/G "you can win"
 Broughton says it will be sorted in a week ,this seems quick, I hope his lawyers are right

Tom Hicks has vowed to fight the £300m sale of Liverpool in the High Court.

Reds directors agreed the deal with New England Sports Ventures, but Hicks and co-owner George Gillet claim they changed the board and stopped the sale.

However, chairman Martin Broughton has stated that the American duo did not have the power to change the board.

The issue is now set for a legal dispute with Hicks telling BBC 5 live's Brian Alexander in an email: "That's why there are laws and courts."

The Liverpool board consisting of chairman Martin Broughton, managing director Christian Purslow and commercial director Ian Ayre outvoted Hicks and Gillett in agreeing the sale.

 
Hicks claims Ayre  and Purslow were removed from the Reds board
However, Hicks and Gillett claim Purslow and Ayre were replaced - believed to be by Hicks's son, Mack Hicks, and Lori Kay McCutcheon, a vice president at Hicks Holdings - giving the owners a majority on the board and with it the ability to block any sale.

When asked about the takeover by Alexander, Hicks replied: "We legally reconstituted the board and the board does not approve of this transaction."

Then asked how he and Gillett could block the move, Hicks added: "We have removed Christian Purslow and Ian Ayre."

Hicks and Gillett believe that the deal with NESV undervalues the Merseyside outfit and, if it were to go through, would see them lose about £140m.

However, Broughton, who was brought in to oversee the sale of the club in April 2007, insisted on Wednesday that he and the rest of the board have the authority to push through a sale.

"When I took the role they gave a couple of written undertakings to Royal Bank of Scotland - that I was the only person entitled to change the board and that they would take no action to frustrate any reasonable sale," said Broughton.

"I think they flagrantly abused both of those written undertakings. I have the casting vote."

BBC


Fat c**t, just do us all a favor and die!

not gunna win the fight,but it probably be are luck an they win,i reckon we should find out where the court is that they are doing it and protest out side

not gunna win the fight,but it probably be are luck an they win,I reckon we should find out where the court is that they are doing it and protest out side

great shout

great shout

yer it would certantly make the judge think

http://www.dailymail.co.uk/sport/football/article-1318335/John-William-Henry-II-tells-Tom-Hicks-George-Gillett-Ill-smoke-Liverpool.html

Good read this,it wont let me paste the full article on here.

http://dl.dropbox.com/u/4746910/LFC%20company%20articles.pdf

Great read this - Official Club Documents, proving H&G are fu**ed

Hicks can go to court all he wants. If there be any truth in Broughton's claims, Hicks will lose.

- So long, Farewell Auf (never) Wiedersehen, goodnight H&G -

Hope the judge locks him up in Belmarsh for been a complete w**ker

Has there been any date set for the court? I would love to sit in the public gallery!

I think this is a stalling ploy by H&G - they will lose and appeal as they try to refinance... What amazes me is that if he wins, where does he go from there? If its about money for him then going bust wont help, if its malace then it could cost him a lot more, and he will only end up in trouble!

I dare the gobs***e to come back over to Liverpool to 'reconstitute' the board.

He'll get lynched.

And where's George Gillett these days? Locked up in his basement?

I dare the gobs***e to come back over to Liverpool to 'reconstitute' the board.

He'll get lynched.

And where's George Gillett these days? Locked up in his basement?

Hahaha!

I was wondering the same thing...