The Friedkin Group reaches agreement to buy Everton

[Yorkiebars89]

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.

The only thing I would probably jump on with you dave is that it seems moshiri is literally trying to sell to the biggest buyer trying to one get a decent amount back into his depleted bank balance or two doesn't give 2 flying fooooooks and just wants out however clear option two is bull [Poor language removed]

 

[Hellerad]

It’ll all come out in the wash…..

@pfim

If it actually is uncertainty with fraud and fund sources, Everton could file an interpleader action and deposit repayment with the Courts and let them settle it between themselves, but even that might not work if 777 refuses to release Everton from agreements to pay because they didn’t pay direct.

But this assumes Everton has the funds to pay the loan into interpleader, which it does not.

Any prospective buyer viewing that debt on the sheet has to conduct a risk analysis as part of its due diligence and it seems to me TFG said no thank you.

Unless Everton or another lender or third party buyer figures out a way to eliminate that risk, it will be an encumbrance on the sale.

 

[pfim]

@pfim

If it actually is uncertainty with fraud and fund sources, Everton could file an interpleader action and deposit repayment with the Courts and let them settle it between themselves, but even that might not work if 777 refuses to release Everton from agreements to pay because they didn’t pay direct.

But this assumes Everton has the funds to pay the loan into interpleader, which it does not.

Any prospective buyer viewing that debt on the sheet has to conduct a risk analysis as part of its due diligence and it seems to me TFG said no thank you.

Unless Everton or another lender or third party buyer figures out a way to eliminate that risk, it will be an encumbrance on the sale.

Thanks

 

[Hellerad]

Thanks

I don’t think it’s as bad as it seems, honestly. Somebody will be willing to take the risk and TFG might be flexing some muscle to renegotiate the purchase price based on perceived risk.

 

[pfim]

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.

I think one of the issues here is that we’re not actually sure if Acap is the source of the funds lent specifically to Everton.

 

[pfim]

I don’t think it’s as bad as it seems, honestly. Somebody will be willing to take the risk and TFG might be flexing some muscle to renegotiate the purchase price based on perceived risk.

Summarizing my littering of posts here, it feels like Friedken wanted Acap to restructure, when they wouldn’t/couldn’t the only other party to take less would have been Moshiri and there’s not much left there to take.

 

[Storm_Cloud]

I guess they have budget to cover equity and debt, and they’re already loading up on debt. One hopes it’s a negotiating tactic so they scare Moshiri and 777 into virtually giving away equity and taking a haircut respectively.

Or someone else slips in and has a pop.

 

[peteblue]

@pfim

If it actually is uncertainty with fraud and fund sources, Everton could file an interpleader action and deposit repayment with the Courts and let them settle it between themselves, but even that might not work if 777 refuses to release Everton from agreements to pay because they didn’t pay direct.

But this assumes Everton has the funds to pay the loan into interpleader, which it does not.

Any prospective buyer viewing that debt on the sheet has to conduct a risk analysis as part of its due diligence and it seems to me TFG said no thank you.

Unless Everton or another lender or third party buyer figures out a way to eliminate that risk, it will be an encumbrance on the sale.

I think they were the options I mentioned, but without the legalese. I’m glad for your your comments. Of course everything comes down to the assumption that suitable funds are available to eliminate that particular debt, without them it’s all a bit moot …..

 

[peteblue]

I don’t think it’s as bad as it seems, honestly. Somebody will be willing to take the risk and TFG might be flexing some muscle to renegotiate the purchase price based on perceived risk.

I still think it’s a negotiation tactic, but really who knows…..

 

[Azza]

I think one of the issues here is that we’re not actually sure if Acap is the source of the funds lent specifically to Everton.

This.

One of the accusation in the Leadenhall is that 777 out up the same assets as security for multiple loans. So though King says it was A-Cap it could have been someone else. Also it's quite possible, given they're in the same type of business, that A-Cap carried out similar (accused) activity.

 

[tirion]

What the hell is your problem?

 

[DuncanPatterson]

 

[Neiler]

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

Exclusivity just gave them the opportunity to do due diligence, albeit It’s cost them £200 mill in a loan secured like MSP against BMD and Moshiris shareholding. They’ve done their due dillegence and decided that the 777 part of the deal is a risk to far, it inhibits them from restoring the debt, negotiating a lower repayment and requires a capital call of £200 mill sitting in a court account waiting for a resolution and what could be a lengthy appeal process, it also requires a court appearance to ask can they do that - it’s proven a step to far.

By all accounts, the Friedkins have acted in good fate throughout this, the loan they have given has less interest then the rest bar Moshiris, the issue is outside and the mess we have gotten in with 777.

 

[Swartzy]

Does Mosh really want to sell the club, cos he's doing a hell of a job at it...

I Honestly can't handle it anymore, seeing the news today just drained the life out of me ( On the one actual Summer day we're getting this year )

We'll be in debt to bloody 'Poundland' soon, the way we're heading...

 

[bernie inn]

When is the 777 court case

2029 then there’s the appeal process