The Friedkin Group - Dan & Ryan Friedkin

[BlueStevie35]

Cheer up, the last one lasted 8 months, this was over in less than 8 weeks!

What the hell is your problem?

 

[matty1878]

Nah, was clever to walk mate, not good for us, but why take the risk, they could come back if it’s resolved, but anyone else is going to run into the same problem.

it won’t get resolved will it any time soon

so it’s needing to be totally different owners who have no ties

 

[matty1878]

What the hell is your problem?

egnore him he’s gotta be a RS

 

[PeregrineT]

Friedkin clearly didn't plan to pay off 777 yet. Moshiri clearly could pay off the loan, but maybe he's trying to play a game of taking advantage of their position to save some money. If he pays off the loan at full value he can't.

If someone wants to pay off all of our debts day 1 then this is a non-issue. That clearly wasn't the Friedkin plan or they are trying to leverage the situation

 

[hoppy]

When is the 777 court case

 

[peteblue]

I don’t think it’s that simple in this case, but I’m no lawyer. Hellerad is though

It’ll all come out in the wash…..

 

[Leylo]

When is the 777 court case

Next wexembo

 

[Neiler]

But what exactly is the risk? Say it’s £200m - they may have wanted to pay less now, but if it can’t be resolved now it just sits as unsecured debt longer (appreciate interest etc may be high) but that would appear to be the limit - we simply pay back what we have borrowed over a longer period of time).

Unless they were heavily relying on paying next to nothing on it….but surely they would have known the status of the litigation when they paid MSP, Bell and Downing back?

I think the hope was negotiating a hair cut, the 777 debt apparently has a 10.25% interest rate and matures in 2026. You can work out the interest rate, so that’s clocking in the background, if that can’t be settled by court injunction, then it’s significant finance to take on and a lot of money you need to pay - that’s dictated by a third party in this case a court, while you don’t know who eventually will own the debt and their intentions.

May be other things at play - more then likely Friedkin loan would turn to equity, while the plan would have been to restructure R&M and 7777, with more sustainable debt - that can’t happen with the 777 situation = more money the business haemorrhages, that you can’t control.

Equally I think there was some talk of Moshiri bearing the burden in his asking price and that and all above was to great too overcome - apparently this all happened Weds.

 

[goldfinchmule]

It’ll all come out in the wash…..

Hope so,just putting my sheets in now.

 

[peteblue]

Hope so,just putting my sheets in now.

Hahahaha……

 

[davek]

Bet your made up now aren't ya dave?

I stated my concerns about those chancers and they've been borne out. We can do much better than TFG.

But no, I'm not made up we have no takeover yet. I just dont see the existential threat some see by not signing up with the first desperado who shows 'an interest' in owning the club.

 

[Goat]

I stated my concerns about those chancers and they've been borne out. We can do much better than TFG.

But no, I'm not made up we have no takeover yet. I just dont see the existential threat some see by not signing up with the first desperado who shows 'an interest' in owning the club.

Hi Dave, welcome back, this is the 4th Group that has attempted to take us over in the last 12 months, they certainly arent the first.

 

[Yorkiebars89]

The issue really is, the 777 debt can’t be settled, because it’s in dispute in the Leadenhall case. ACAP and Leadenhall are both claiming they have rights to own the asset (our debt) after 777’s demise - a US court has granted an injunction, that either side can’t negotiate the settlement or dispose of the asset. Thereford Friedkinen or Moshiri can’t negotiate that part of the debt burden - the hope would have been to negotiate a hair cut on the debt.

The fact its unresolved carries too much of an uncertain risk and Friedkin walked.

Yeah but surely if that's the case they would of know this before taking the opportunity of exclusivity? On top of that it's common knowledge about 777 and their demise which makes it a bit of a strange one tbh

 

[pfim]

I stated my concerns about those chancers and they've been borne out. We can do much better than TFG.

But no, I'm not made up we have no takeover yet. I just dont see the existential threat some see by not signing up with the first desperado who shows 'an interest' in owning the club.

It’s the fourth Dave. Actually more who have shown interest.

 

[Cake]

Surely they would get credit for paying the loan back, unless they thought 777/A-Cap may still try and divert in some way or they see an opportunity for 777/A-Cap to go into administration at which point they may buy the club and reduce the amount to paid back?

Totally agree with you from a pension individual's point of view - if someone took away my means of looking after myself and lost it (777) and another gave it back to me (Friedkin) then Friedkin could do no wrong, for me. I'm not American but maybe that's not how things work there (or anywhere else in the 'business world')? There is that much suspicion and division of almost everything, today, nobody wants to put their head above the parapet and take a chance. Too much fear of things which will eventually eat them, anyway.

Again, I think you're right about if 777 go into administration reducing the settlement amount required for that loan but Friedkin might then find himself caught in the crush if that's what he's waiting for and there are bigger fish in the sea than him.