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The Friedkin Group reaches agreement to buy Everton

What do we reckon?

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    Votes: 786 72.1%

  • 🤷 | 🧀🥪

    Votes: 264 24.2%

  • 👎

    Votes: 40 3.7%
  • Total voters
    1,090
it’s nothing to do with Leadenhall coming after Everton for recompense or an issue with paying the loan back to the wrong party.

777/A-Cap assets are frozen during the court proceedings (including the loan to Everton). This essentially means no ‘deal’ can be done on the loan other than the terms negotiated in the original contract. Friedman deemed these existing terms a barrier to being able to restructure the clubs finances into a stable footing. With the court proceedings ongoing he is unable to negotiate with the lender on improved terms as the asset is frozen.
 
A paragraph from Andy Hunter in the Guardian today which helped me to understand the situation a bit better .

<< The owners of Roma, headed by the Texan billionaire Dan Friedkin, were ultimately put off buying Everton because of factors connected to the £200m loaned to the club by 777 Partners during its failed eight-month takeover attempt. The controversial Miami-based investment firm was Moshiri’s dreadful choice to buy Everton before its efforts inevitably collapsed in June. 777 Partners is in financial turmoil and facing a $600m (£464m) lawsuit in a New York district court brought by Leadenhall Capital Partners. Leadenhall accuses 777 of serious fraud and has obtained a preliminary injunction as part of which any money paid back to 777 must be available to creditors. Until that civil case is resolved, and any outcome could be subject to an appeal, the repayment or renegotiation of that £200m loan represents an obstacle that Friedkin concluded could not be overcome. It could have, for example, repaid a sum to A-Cap, the US insurer which has security on 777’s assets, only for the case to go in Leadenhall’s favour. >>
 
dockroad said:
A paragraph from Andy Hunter in the Guardian today which helped me to understand the situation a bit better .

<< The owners of Roma, headed by the Texan billionaire Dan Friedkin, were ultimately put off buying Everton because of factors connected to the £200m loaned to the club by 777 Partners during its failed eight-month takeover attempt. The controversial Miami-based investment firm was Moshiri’s dreadful choice to buy Everton before its efforts inevitably collapsed in June. 777 Partners is in financial turmoil and facing a $600m (£464m) lawsuit in a New York district court brought by Leadenhall Capital Partners. Leadenhall accuses 777 of serious fraud and has obtained a preliminary injunction as part of which any money paid back to 777 must be available to creditors. Until that civil case is resolved, and any outcome could be subject to an appeal, the repayment or renegotiation of that £200m loan represents an obstacle that Friedkin concluded could not be overcome. It could have, for example, repaid a sum to A-Cap, the US insurer which has security on 777’s assets, only for the case to go in Leadenhall’s favour. >>
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I agree. It was "dreadful"

It's a dreadful decision in a long line of them. Going back to Bill Kenwright and culminating with Moshiri making dreadful decisions he has since 2016
 
Joey66 said:
If 777 are declared bankrupt it would only be a % of that if they were jailed implications may arise hence insurance against that loan & fallout would cover it -it would protect EFC too! & its next May the hearing 777 may blame EFC? For their financial troubles eg the 200 million loan ...
The Mosh has messed up big time imo
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to me this just says something something mosh is a bell

am i correct?

regards matt
 

What is almost certainly incorrectly stated in the Guardian article is the quote that 'any money paid back to 777 must be made available to creditors so it is preventing repayment (negotiation certainly cant be carried out with injunction). Surely we would just paying a loan off as part of its agreed terms (UK Law) what happens with that money going to creditors, A-Cap, Leadenhall is of no interest to Everton. . The esk's recent article pretty much says so except that what We/New Owners would want to do is negotiate a haircut on the loan to reduce it as that may be viewed as outwith normal business by the US Court. Esk stated we are paying 800k interest per month if we were blocked from paying off a loan this then that would entail Everton starting their own proceedings.

Not that Everton have any money to be able to pay off this loan, with other parties ahead in the queue almost certainly. This seems to be the stumbling block in that we need someone to pay off/negotiate a reduction on the loans but the injunction is preventing any negotiation on the 777/A-Cap Loans.

I wonder where the Onana Money will go as it would be likely to be servicing the loan interest..?
 
Baines49Lee said:
What is almost certainly incorrectly stated in the Guardian article is the quote that 'any money paid back to 777 must be made available to creditors so it is preventing repayment (negotiation certainly cant be carried out with injunction). Surely we would just paying a loan off as part of its agreed terms (UK Law) what happens with that money going to creditors, A-Cap, Leadenhall is of no interest to Everton. . The esk's recent article pretty much says so except that what We/New Owners would want to do is negotiate a haircut on the loan to reduce it as that may be viewed as outwith normal business by the US Court. Esk stated we are paying 800k interest per month if we were blocked from paying off a loan this then that would entail Everton starting their own proceedings.

Not that Everton have any money to be able to pay off this loan, with other parties ahead in the queue almost certainly. This seems to be the stumbling block in that we need someone to pay off/negotiate a reduction on the loans but the injunction is preventing any negotiation on the 777/A-Cap Loans.

I wonder where the Onana Money will go as it would be likely to be servicing the loan interest..?
Click to expand...

the obama money is got to be used for for players
 
matty1878 said:
the obama money is got to be used for for players
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1721827713526.webp
 

This Is just a thought and is based on no information whatsoever. Is it possible that Friedkin is intending to negotiate with one of the other interested parties and offer to convert his loan to the club into perhaps 25% equity and be a significant minority shareholder in the club after any sale? I believe that originally he only wanted to purchase part of the club.

It would certainly make us more attractive to the majority purchaser as they would have to pay neither the £200 million to the Friedkins, nor the interest. This would give them the wherewithal to buy out Moshiri and set aside money for 777/Acap/leadenhall or whoever we owe that £200 million to.
 

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