Today the high court convened in London to discuss the dispute between RBS and Hicks/Gillette Holding Company regarding the sale of Liverpool and the attempt by Hicks & Co to overthrow the board and supplant cronies. RBS’s argument rests on the fact that Hicks & Co violated their contractual arrangements in the covenants set forth with RBS. They cannot overthrow board members. RBS needs to be repaid their some 200 million pounds of debt supplied to Hicks/Gillette. Hicks’ attorneys admit the violation of the agreement. (Bloody brilliant!) However, their attorney states that they did so because the board excluded them from negotiations of the sale and that there are stronger bids available. Fact of the matter is that at the time of agreement, the NESV deal was in fact the strongest bid as determined by the board after reviewing some 130 odd submittals. (WOW - looks like everyone and their mother attempted to purchase Liverpool FC) New deals submitted within the past 48 hours would NOT warrant additional negotiations. (Sorry Mr. Lim) Also, per documents submitted as evidence, Hicks/Gillette were made aware of negotiations and had an attorney representing them present. The judge ended the affair by saying a judgment issued by Friday would be ‘ambitious’. Seriously? This is what is wrong with the legal system in general. Open and shut case. He must be accepting money from Hicks/Gillette that they will ultimately have to pay back to RBS anyway… Well judgment will be passed tomorrow AM after all at 10:30 (that’s London time so 5:30 AM Eastern Standard Time) Until then…
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