The Friedkin Group reaches agreement to buy Everton

[Lee Smith]

British consortium interested as well according to the sun

The who?

Fantastic band, but I don’t think Roger Daltrey has much experience running a Premier League football club. So for me, it’s a no.

 

[Goat]

why would any other reputable bidders not fear the same?

They probably will, which is why we need SHYSTERS!

 

[Eggsyblueskin]

Fantastic band, but I don’t think Roger Daltrey has much experience running a Premier League football club. So for me, it’s a no.

Won’t get fooled again

 

[Hellerad]

This is not exactly true re: US legal system. Debts owed to 777 are complicated by their source of the funds and their creditors. Payments “due” 777 have strings attached that will necessarily pull in their creditors and tax agencies where 777 is in breach of separate loans and/or defaults.

Source: I’m a US attorney. Specializing in banking, commercial bankruptcy, and collections.

…

“With 777 Partners embroiled in a number of legal cases, some with claims of fraudulent activity, and with another Miami-based firm, A-CAP, who had been the primary source of funding for 777’s football activities, having taken prominence due to them wanting to reduce their exposure to 777, The Friedkin Group were ‘uncomfortable’ with the risk attached to the 777 debt to the club.”

So, yeah.

 

[St Domingos]

Fantastic band, but I don’t think Roger Daltrey has much experience running a Premier League football club. So for me, it’s a no.

so long as Towsend keeps away from the family encloser were cool

 

[Blue peter]

They probably will, which is why we need SHYSTERS!

The best shyster board in the business

 

[matty1878]

The only thing standing together with the club is the fans. Opinions may be divided but the love for our club can never be questioned

 

[Neiler]

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.

 

[matty1878]

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 after 777’s demise - a US court has granted an injunction on either side dealing with or despising of the asset, therefore Friedkinen or Moshiri can’t negotiate that part of the debt burden - the hope would be to negotiate a hair cut on the debt.

The fa t its u resolved carries too much of an uncertain risk and Friedkin walked.

so it’s gotta be someone who’s not assed!

 

[pfim]

If the contract says 777 then to them. If they cease to exist then to an administrator, if the court have made a judgement then the court. 777 problems are not ours unless they hold equity in the club….

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

 

[Liam-EFC]

Feel genuinely sad about this falling through tbh. It’s just all so disheartening isn’t it? Really don’t know if I’ve got it in me to be bothered about another takeover saga going on for months.

I’m gutted. The Friedkin group are the type the owners we need. Since they got exclusivity I was slowly starting to feel optimistic about the future.

I can’t describe how much I hate Moshiri.

 

[Neiler]

so it’s gotta be someone who’s not assed!

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.

 

[tirion]

Feel genuinely sad about this falling through tbh. It’s just all so disheartening isn’t it? Really don’t know if I’ve got it in me to be bothered about another takeover saga going on for months.

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

 

[Blue peter]

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 it’s unresolved carries too much of an uncertain risk and Friedkin walked.

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?

 

[Victus]

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.

Don't these cases take potentially years to come to conclusion?