The face that just lost a Billion Dollars..
This was JH`s response to it all...Today, which will go down in LFC history, a day that will have the significance as the end of WW2...THE 15 OF Oct 2010...it will be one of those questions...ranking up there with where was you when JFK was shot or 911, yes for Liverpool fans this date will be one to celebrate. Hopefully with JH at the Help it wont be one to commiserate in the future...only time will tell.
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11.22am: Mr Justice Floyd has declined to grant an appeal. The judge said it would be inappropriate in the circumstances for him to grant leave. He said that if Hicks and Gillett are determined to appeal, they would have to apply to the appeal court for permission.
11.11am: Judge tells Hicks and Gillett it would be "inappropriate" to appeal. But that route does still remain open, although it is unclear what it could achieve with a board meeting by 8pm tonight.
Sachin says that the Liverpool/RBS barristers are now being cheered by the crowd outside.
11.07am: We will be fleshing out more detail of the court ruling over the next few hours. The judge seems to be allowing a breakneck speed to the sale process, which is what RBS and the board wanted. Will H&G appeal? Have they time to? Even if they do, can it halt the sale? Will NESV wish to proceed if new litigation is hanging? Lots of questions, hopefully some answers in the coming hours....
11.05am: The board also want court costs paid by H&G.
11.04am: Judge rules that owners should pay RBS costs.
11.02am: Broughton wants a board meeting by 8pm today to sort out the sale and there is a dispute over whether the owners will be able to communicate via phone. The owners' QC is asking for the meeting to take place at ten o'clock tomorrow. Judge rules that it should be at 8 today.
11.01am: RBS want the owners to cover their court costs. Wonder how much they are?
10.59am: More detail:
The high court today granted injunctions that could open the way for the prompt sale of Liverpool.
The club's owners Tom Hicks and George Gillett asked a judge to delay the hearing of an application by creditors Royal Bank of Scotland for mandatory orders paving the way for a possible sale this week. But the plea was rejected by Mr Justice
At RBS's request, the judge imposed injunctions on the two men requiring them to restore the original constitutions of the companies and managing directors.
This removes the final stumbling block to a £300m takeover by New England Sports Ventures which will see the RBS recoup its original £237m loan to Mr Hicks and Mr Gillett when they bought the club in March 2007.
10.54am: Judge throws out attempt by owners to have interim injunction put on board.
10.50am: The injunction means the board is reconstituted with Purslow and Ayre back in place and Broughton allowed to see through the sale, reports Sachin Nakrani
10.49am: Mr Justice Floyd: "The owners do not have an absolute right to veto a sale."
10.43am: Judge rules against H&G, which means NESV deal can proceed.
10.42am: JUDGE RULES MANDATORY INJUNCTION WANTED BY RBS AGAINST OWNERS IS GRANTED: SALE CAN GO AHEAD
10.35am: Anthony O Connell emails to say: "Is it just me or is their no future for courtroom MBM, they are seriously long and boring a bit like a cricket match. On a more serious note as a Liverpool fan this could be a big day for football in general as Liverpool are the first truly big club to go through this process and it shows exactly what could happen at various other clubs particularly Man Utd should debt default raise its head in other clubs."
10.28am: While we continue to wait for Mr Justice Floyd's judgment,
10.16am: While we await word from court, here's yesterday's recap of the basic positions argued by the main parties:
RBS says owners have contradicted rules of sales agreement by trying to oust two members of the board and there should be a mandatory injunction imposed by the court to make sure the board is reinstated.
G&H admit they have breached sales agreement but say they only did it because the board excluded them from the sales agreement and refused to take into account stronger alternative bids to NESV. As a result, they dispute the injunction claim.
The Board disputes the claim that the owners were excluded from the sales agreement and says that instead the owners simply refused to take part. It also insists the NESV bid was the strongest on the table after a thorough process to find a buyer for the club. Swearing-In of Mr Justice Floyd Mr Justice Floyd: 10.05am: Mr Justice Floyd has arrived...
So who are the new owners....find out click this link... About NESV
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