New Everton Owners: The Friedkin Group

[Damo_1878]

I mean I didn't say were, I said are. We were reasonably well capitalised, we are now in a strong cash position, relatively speaking. Doubly so if RMF has been cleared.

There is money available to spend on January of we wish. That's before TFG having to put anymore in

I'm just very cautious when it comes to money. As I said to @Neiler. I'm following this because the business strategy we can adopt, interests me. Plus it's my football club and I want what is best for it.

 

[Librarian]

Any tiny bit of news that comes out
Even when it’s only a snippet of the entire story
Ten minutes later everyone has their position set and their heels dug well in
Bravo

 

[catcherintherye]

I'm just very cautious when it comes to money. As I said to @Neiler. I'm following this because the business strategy we can adopt, interests me. Plus it's my football club and I want what is best for it.

No I understand that. I was just qualifying my point that my reference to our cash position is in relation to where we stand now.

 

[Dublin blue 75]

It is still subject to the New York Southern District Court approval however because of the injunction that prohibits ACAP from making such deals.

Whilst TFG and ACAP may be "comfortable" with it, Leadenhall may not be as a they have to seek maximum reimbursement and/or compensation for their shareholders. It's the Court that will decide

Again, this isn't going to stop the TFG-EFC acquisition but it can impact short term resources that can be input into EFC by TFG. Plus take time.

That fund is an open ended fund and investors can come in and out at their discretion. Leadenhall need to recover maximum value now - not waiting for some drawn out action in perpetuity - and TFG are providing that. Closure, suck it up and move on. If anything, TFG are likely offering less than par but higher than current fund book value.

 

[Damo_1878]

That fund is an open ended fund and investors can come in and out at their discretion. Leadenhall need to recover maximum value now - not waiting for some drawn out action in perpetuity - and TFG are providing that. Closure, suck it up and move on. If anything, TFG are likely offering less than par but higher than current fund book value.

What Leadenhall will really be after will be the magic words of "punitive damages" ultimately

That is what they'll truly be after. From 777 Partners/ACAP etc

 

[Neiler]

I'm just very cautious when it comes to money. As I said to @Neiler. I'm following this because the business strategy we can adopt, interests me. Plus it's my football club and I want what is best for it.

That part of it will actually tell us a lot about TFG, they did walk away in the summer based on risk and it seems the lack of somewhere in the region of £50 mill in concessions from Moshiri and those we owe money to - laterally they got 5hose concessions. That’s tough negotiating.

I found that part of the renogatated agreement interesting, they held the tension and didn’t blink first, reaping the financial benefit.

It’s significant as you say because illustratively that’s 50 mill that Moshiri or those we owe money, concede money, which in turn potentially means that TFG can put into the club or borrow less in restructuring from JP Morgan.

Another strand of this may be the PL, remember when they put demands on 777 - in terms of debt repayment to complete.

 

[Bazlar]

As I said earlier Bills ability to lie and deceive has permeated every facet of the club
Even down to the groundstaff buying lawnmowers

When you think he was involved on the Board of our club for almost a quarter of it's history it's frightening. The most unsuccessful time in our history. If you go back through our history we have won something every decade (except one from memory) but with this charlatan we went over three. How people can defend that is beyond me. Bring on the Yanks

 

[Damo_1878]

That part of it will actually tell us a lot about TFG, they did walk away in the summer based on risk and it seems the lack of somewhere in the region of £50 mill in concessions from Moshiri and those we owe money to - laterally they got 5hose concessions. That’s tough negotiating.

I found that part of the renogatated agreement interesting, they held the tension and didn’t blink first, reaping the financial benefit.

It’s significant as you say because illustratively that’s 50 mill that Moshiri of those we don’t owe money, concede money, which in turn potentially means they can out into the club or borrow less in restructuring from JP Morgan.

Another strand of thus may be the PL, remember when they put demands on 777 - in terms of debt repayment to complete.

EXACTLY @Neiler

Why all this is important.

 

[Neiler]

Any tiny bit of news that comes out
Even when it’s only a snippet of the entire story
Ten minutes later everyone has their position set and their heels dug well in
Bravo

Bit disappointed it took all of 10 mins, I guess we might all be getting on!

 

[Bazlar]

What Leadenhall will really be after will be the magic words of "punitive damages" ultimately

That is what they'll truly be after. From 777 Partners/ACAP etc

Good luck with that. I'm no financial boffin but surely they will just go bankrupt?

 

[Dublin blue 75]

What Leadenhall will really be after will be the magic words of "punitive damages" ultimately

That is what they'll truly be after. From 777 Partners/ACAP etc

An investment fund such as this one doesn’t have the appetite, time horizon or operating expense capacity to cover the legal costs of such a drawn out legal action. This could drag on for a couple of years.

In theory (and who knows in the event of a hung U.S. election outcome and market volatility), all investors look to redeem same time and we have a liquidity crunch like 2008. This is highly likely IMO in late 2024 and into 2025. In such a scenario, Leadenhall will take what TFG have on the table.

 

[Exeter_Gently]

Someone bell Super silk...he'd have all this ironed out in a jiffy.

And he'd probably have Branthwaite fit for Saturday.

 

[bluestevon]

Presuming ACAP didn’t agree to a haircut - none of us know that for certain.

Two options that come to mind, one is that they are trying to stop it being repaid because they are hoping in the litigation that the debt gets passed onto them in the settlement, so rather than 200m they'd inherit the capital debt plus then start receiving the repayments at stupidly high interest, leadenhall could see that as a cash cow bringing them in a huge profit.

The other is that ACAP have agreed to wave any early repayment penalty and just accept the payment of the remaining balance of the loan - again leadenhall would see this as them potentially losing out on tens of millions.

My take from this is that leadenhall are equally down with the same pond life that ACAP and 777 are

 

[brieverton]

For the layman, I guess the question is, by the time TFG have received the "other" approvals for the takeover, will these court proceedings prevent the full formalities being completed?

Is some agreement between all the parties re the 777/ACap loan expected in tandem with everything else? By December/early January at the very latest?

I don't think there are frayed nerves about this litigation blocking a takeover just more the hidden complications implicit in court proceedings and how long a solution which is acceptable to all would take to emerge.

From reading all of the learned contributions here it seems that it will not be any issue.

 

[Lob]

Gotta laugh at @IrishBlue2022 doing the middle finger at every single one of @Damo_1878 posts. Going to wear it out.