For a Buhzillionaire, Tom Hicks Appears to be a Seriously Dumb Sonofabitch

[Limey]

Inexorably moving towards default on his loans taken out on Liverpool FC with the Royal Bank of Scotland, Hicks is fighting an attempted sale of the club to Red Sox owners NESV.  There's an Asian billionaire, Lim, waiting in the wings.  Meanwhile, Hicks and his partner Gillett no longer appear to own their shares, meaning that they have no skin in the game any longer, but that hasn't stopped them using a "friendly" judge in Texas to try to overturn the UK High Court's decision that they can't stop this sale.  But still, Mill Financial (part owners of the Redskins), to whom H&G's shares appear to have defaulted, could pay the delinquent debt service to RBS, stave off foreclosure, and become the proud new owners of LFC.

Pop some corn and pull up a chair.

[Bench]

A British court issued an anti-suit injunction against Hicks that says if he doesn't desist in the Dallas case by 4 pm London time tomorrow, he will be held in contempt. 

[Limey]

A British court issued an anti-suit injunction against Hicks that says if he doesn't desist in the Dallas case by 4 pm London time tomorrow, he will be held in contempt. 

FWIW, I've met Lord Grabiner QC, who's representing the LFC board.  As you might imagine for someone who is both a Lord and a lawyer, he's one polite yet arrogant toff.

[Limey]

QC Snowden speaking for RBS: "Texas court appearts to have been told remarkably little about yesterday's verdict. This is the most outrageous abuse of process."

[Limey]

Looks like the stalemate will continue until tomorrow as the Dallas court has adjourned for the day.  Things to look out for tomorrow are:-

* Hicks and Gillett being found in contempt of the UK High Court for their Texas court bid;
* LFC being found in contempt of the Texas court for questioning its TRO;
* RBS foreclosing on LFC (assuming that the legal dick-slapping prevents anyone from paying the money due by close of biz tomorrow); and
* RBS putting LFC into administration which, amongst other things, comes with an automatic 9-point deduction from their Premiership points total.

It's that last point that makes this such a fraught time for Liverpool fans.  Personally, I hate the fuckers so it would tickle me to see them go through the same thing that my team did last season.

[geezerdonk]

Motherfucker single handedly ruined a top notch hockey franchise. The Rangers' accomplishment this season is all the more admirable given that it was achieved during the Hicks induced chaos.

[Limey]

Interesting opinion on the Dallas situation:

You report Liverpool FC's statement as saying: "We are glad to have taken another important step towards completing the sale process". That could be a major tactical error: paragraph (b) of the injunction granted in Dallas prohibited the taking of any steps towards completing the sale process. I had wondered whether H&G might retaliate by asserting (in Dallas) that seeking the anti-suit injunction fell within the acts prohibited in Dallas and was therefore a contempt of the Dallas Court. Viewed through English eyes, such an argument should fail; but the Dallas Court will not be looking at it through those eyes and H&G have instead been handed a gift which they can present as a clear admission of contempt. Possible result: a further mandatory injunction in Dallas requiring withdrawal of the anti-cuit injunction in London ...

Ironically, H&G's TRO in Dallas also prohibits RBS from moving forward with foreclosure.  By design or by accident, Hicks may have blocked foreclosure and the dreaded administration points deduction.  I'm guessing the latter, because he's just preserving his right to ownership by blocking foreclosure.

This is more entertaining than an episode of Law and Order!

[jbm]

Law and Order is written for small minds like mine.  This situation, like the Rangers sale, is confusing. 

All I know for sure is that I am thankful Hicks doesn't own any Houston teams.

[austro]

All I know for sure is that I am thankful Hicks doesn't own any Houston teams.

Doesn't sound like Hicks owns much of anything anymore. Is he living in a van down by the river?

[Limey]

Doesn't sound like Hicks owns much of anything anymore. Is he living in a van down by the river?

Looks like Liverpool isn't among his assets anymore.  In summary, he was delinquent on his loans; his partner was in default on his loans, refinanced and then defaulted on those loans; the threat of bankruptcy (and the automatic, revenue-sapping points deduction) caused the board of the club to look for a buyer, which they found; Hicks and Gillett disagreed with the valuation (probably falsely, because their valuation didn't take into account the debt and the impact of bankruptcy) and tried to sell their shareholding to another investor; everyone sued everyone in any venue possible; Hicks and Gillett failed in every venue and the club is now all-but sold to the board's preferred buyer.

So Hicks and Gillett are going to sue for $1.6bn.  Entitled much?

[Rebel Jew]

Looks like Liverpool isn't among his assets anymore.  In summary, he was delinquent on his loans; his partner was in default on his loans, refinanced and then defaulted on those loans; the threat of bankruptcy (and the automatic, revenue-sapping points deduction) caused the board of the club to look for a buyer, which they found; Hicks and Gillett disagreed with the valuation (probably falsely, because their valuation didn't take into account the debt and the impact of bankruptcy) and tried to sell their shareholding to another investor; everyone sued everyone in any venue possible; Hicks and Gillett failed in every venue and the club is now all-but sold to the board's preferred buyer.

So Hicks and Gillett are going to sue for $1.6bn.  Entitled much?

I hope some day that I will be able to buy megaexpensive things without paying for them, then later use my imaginary crooked judge friends to try to make a profit off the money I didn't use to pay for it.  I feel like Alkie is already at this level, but I may be wrong.

[Limey]

I hope some day that I will be able to buy megaexpensive things without paying for them, then later use my imaginary crooked judge friends to try to make a profit off the money I didn't use to pay for it.  I feel like Alkie is already at this level, but I may be wrong.

I suspect that H&G's threat of the mega-lawsuit was one last attempt to scare off NESV and force the deal back their way.  LFC now confirm the sale to NESV has gone through, so fuck Hicks.

[austro]

I suspect that H&G's threat of the mega-lawsuit was one last attempt to scare off NESV and force the deal back their way.  LFC now confirm the sale to NESV has gone through, so fuck Hicks.

I hope that Hicks is left with some hefty legal bills on top of everything else.

[geezerdonk]

I hope that Hicks is left with some hefty legal bills on top of everything else.

I imagine that he will be as scrupulous about paying his lawyer bills as he is about paying his other debts. If his lawyers didn't get all of their money up front, then they are a bunch of dumb asses.

[NeilT]

I hope that Hicks is left with some hefty legal bills on top of everything else.

that's the spirit!

[Limey]

In case anyone was interested, the UK High Court has deliberated on Hicks' petition to move his lawsuit to Texas, and decided that he can go fuck himself (although I suspect Justice Floyd used the latin form of that phrase).