Thursday, October 14, 2010

UK Court Furious At Hicks Over Contempt

Liverpool FC's American owners
have been accused of
"outrageous" behaviour after
they thwarted High Court orders
allowing the club to be sold.
Mr Justice Floyd had given a
ruling in London on Wednesday
that meant the English directors
of Liverpool could agree a £300
million takeover by John W
Henry's New England Sport
But before the board could make
any decision, Tom Hicks, one of
the American owners, secured a
temporary restraining order
from a Texas court.
Mr Justice Floyd had totally
rejected attempts by Mr Hicks
and George Gillett to stand in the
way of the sale in a ruling which
should have left them helpless to
Both the Liverpool board and
NESV believed a deal could be
reached on Wednesday night,
but the last-ditch intervention by
the American owners meant
more court action was necessary.
The Royal Bank of Scotland, the
club's main creditor, had won
the injunctions that would have
meant they would be paid back a
£200 million loan which becomes
due for settlement on Friday.
RBS returned to the High Court
seeking anti-suit injunctions to
nullify decisions taken in the
court in Dallas.
Richard Snowden QC, for the
bank, said there were no legal
representatives for Hicks and
Gillett in court although they had
been informed of the latest
move. Mr Snowden said they had
been forced to act because of
"extraordinary events" following
the High Court ruling.
He said the American owners
had complied with the orders to
restore the original directors of
the Liverpool board but at the
same time had launched a US
action. He said the US court had
also allowed an injunction to
stop RBS exercising its right to
recall its loan.
"This is the most outrageous
abuse of process."

No comments:

Post a Comment