Two bids tabled for Liverpool FC

From what i've heard from a few lads i know, RBS aren't planning to put us in administration anyway, if the board lose the court case and it does go down to Friday and the deadline, RBS will call in the debt, take control of the club and once all the paperwork is done and it's all confirmed, they'll sell to NESV on the terms already agreed with the board.

If RBS place us in administration, we'll be harder to sell for a good price and that means there's less chance of them recouping all of their money so they're very reluctant to do that, especially as they know NESV are sitting there with the cash ready to hand it over straight away.

how many of your friends are on the board at RBS?

also, some opinion on that document you posted says that though it gives the chairman (in this case broughton) power to hire and fire directors, it doesn't actually say that *only* he has that power.

It says that any appointment or removal has to be signed by the chairman. So, yes it does.

it doesnt say whether the chairman has the right to not sign it though, that could mean that its his job to sign it, not that he has a right of veto. you'd have to then find something else in the document detailing the powers of the chairman.
I don't know what legally it means, all I'm doing is suggesting what arguments might be made in court. you seem oddly certain.

anyway. say hello from me to your friends on the RBS board who have been giving you inside info on what they plan to do with liverpool fc.

as usual you have to be a prick.

i don't know anyone on the RBS board, i have a few mates who are close to LFC officials and a few mates who are close to journos. I didn't say it's what would definitely happen, i just said it's what i've been told.

Anyway, i'm not certain at all, in fact i'm not even confident about the whole thing, i've seen how slimy Hicks can be and i know he'll have some shit that he can worm his way out of this with. If Broughton is telling the truth though, and Hicks did give written undertakings to RBS that only Broughton could change the board and that they wouldn't frustrate a reasonable sale, then it really should get thrown out within 10 minutes. But, according to someone i spoke to yesterday, the high court have never ruled against the shareholders.

so they'd be penalized nine points even if they sold the team. seems a bit steep

No, the points penalty only comes into place if RBS decide to put us into administration, which seems unlikely as all that would do is lower the price and lower the likelihood of RBS getting their money back.

gawt it.

Yeh, the RBS one is a separate case to the LFC Board one.

Two interesting articles which spell out the entire thing:

www.sportingintelligence.com/2010/10/11/rbs-case-against-hicks-gillett-over-liverpool-is-separate-from-lfc-case-evidence-of-concerted-effort-to-oust-americans-111001/

www.sportingintelligence.com/2010/10/10/liverpool-latest-full-purslow-transcript-and-why-administration-makes-no-sense-101002/

The bidding contest for Liverpool FC may not be over, the BBC can reveal.

The runner-up in the contest, Peter Lim, a Singapore billionaire, is to approach Liverpool's board with a view to making a higher offer for the club.

According to sources close to Mr Lim, he was the club's preferred bidder in the closing stages of the auction.

He had talks with Liverpool's chairman about how to announce his takeover, such was the apparent confidence that he would win the contest.
'No loans'

Mr Lim learned he was not the victor only a few hours before the club's chairman, Martin Broughton, announced on 6 October that Liverpool would be sold to John Henry's New England Sport Ventures for £300m.
Continue reading the main story
“Start Quote

He never had a chance to negotiate directly with Royal Bank [of Scotland] He was expecting to do so, after agreeing the takeover with the board”

End Quote Source close to Peter Lim

Mr Lim, who is being advised by the British firm of lawyers Macfarlanes and by the Wong Partnership of Singapore, still does not know why Mr Broughton went with New England Sports Ventures, owners of the Boston Red Sox.

He believes that in purely monetary terms, his offer was at least as attractive as Mr Henry's.

Mr Lim, too, was offering to repay all of Royal Bank of Scotland's and Wachovia's £200m of long-term debt, to take on £60m of other debt and to inject £40m of working capital.

What's more - and Mr Lim regards this as crucial - all the money being provided by him would come from his own cash resources. He is not planning to borrow any of it.

I understand he is also offering to provide tens of millions of pounds to Liverpool's manager, Roy Hodgson, to allow him to buy players when the transfer window opens in January.

According to executives close to Mr Lim, he was told by Mr Broughton that his ability to fund the takeover for cash, and the size of his cash resources, meant he was a more attractive owner than New England Sports Ventures.

Mr Lim was told that Liverpool's board was concerned that New England Sports Ventures would have to borrow to finance the takeover - raising questions about whether Liverpool really would break free from the financial shackles perceived to have been imposed by the current owners, George Gillett and Tom Hicks.

In the event, New England Sports Ventures have insisted it will not load up Liverpool FC with debt.

But there are no guarantees that there will not be significant debt further up the corporate ownership structure of New England Sports Ventures - which could limit how much money Mr Henry and his colleagues can inject into Liverpool in the future.

Mr Lim is keeping a close eye on the court case, which starts on Tuesday.

The case is supposed to rule on whether Mr Broughton can sell Liverpool to New England Sports Ventures against the wishes of Mr Hicks and Mr Gillett.

The Singapore billionaire believes the judgement in that case may give him an opportunity to bid again, whatever Mr Broughton may wish.
Business empire

Mr Lim is also prepared to buy Liverpool, should it ultimately collapse into administration under UK insolvency procedures.

According to sources close to him, he feels that he may have been shut out because New England made an offer to Royal Bank of Scotland to pay some of the £40m penalty fees the banks have demanded.

If that is the case, he believes Royal Bank may have done a poor deal, because he would be prepared to pay RBS and Wachovia more than the £10m or so which New England Sports Ventures is said to have put on the table.

"He never had a chance to negotiate directly with Royal Bank [of Scotland]," said a source. "He was expecting to do so, after agreeing the takeover with the board."

Mr Lim has an estimated net worth of $1.6bn (£1bn), according to Forbes Magazine.

He made his fortune in fashion, logistics and agri-business.

His interest in English football stems from his ownership of several Manchester United themed bars in Asia - which have persuaded him that there is huge global potential for making money from top-flight English football.

Meanwhile, Royal Bank of Scotland announced on Monday afternoon that it had obtained an injuction to prevent Liverpool owners Tom Hicks and George Gillett from sacking Martin Broughton or any other of the club's board members ahead of Tuesday's court case.

BIGGEST WIN OF THE SEASON.

Sale can now go through today, Judge Floyd is a fucking don.

Injuction granted, original board reconstituted - WIN

Court costs for both RBS and LFC Board to be covered by Hicks - WIN

No right to appeal - WIN WIN WIN


Board meeting at 8pm to hopefully complete the sale.

on Margaret Thatcher's 85th birthday she'll be watching nothing but celebrating scousers and miners all day on TV.

Not many to choose from tbh.

I'm suffering from a debilitating hangover right now but that proper made me laugh out loud. Joyous times indeed.

will this do Axl?