The Friedkin Group reaches agreement to buy Everton

[Blue peter]

Unpopular as this opinion will be, I suspect he will be here as majority shareholder or minority shareholder when we move into BMD - any investment between now and then I feel will not be complete, it will be an investment of partial shareholding.

 

[Neiler]

Pretty sure as long as the TFG loan remains then Moshiri cannot refinance debt against the stadium mate.

He'd be refinancing debt using the stadium as collateral when it's already been used as security against the TFG loan (which is fraud) as have his shares btw which he cannot now use as leverage to obtain more debt.

The only option moshiri has is unsecured loans such as the 777 one - which obviously include huge interest payments due to no security, or convincing someone to pay of the TFG secured loan whilst giving an extra loan amount on top of that amount secured against the stadium.

TFG won't be taking payment on that loan they have zero need, so it leaves Moshiri left to either reduce demands, pay of the obstacle - the problematic loans and then sell to TFG, or to take a further loan from sources even more dubious than 777 are at even greater payment cost which will effectively guarantee the club goes into administration eventually.

Their loan buys them a year of time in my opinion.

They are still in the box seat, would be my take.

 

[mikel_88]

Their loan buys them a year of time in my opinion.

They are still in the box seat, would be my take.

Same think that money can put moshiri under pressure now to find another buyer is a risk but if he cant and times goes on maybe drops his price. Or they find an agreement for the 777 loans

 

[Neiler]

Same think that money can put moshiri under pressure now to find another buyer is a risk but if he cant and times goes on maybe drops his price. Or they find an agreement for the 777 loans

Time works for the TFG mate, as you say it can put the squeeze on Moshiri - the most immediate pressure for him & the club in my opinion is access to working capital, if he can’t provide that - he may need to come back to the table, that’s going to be a pressure for him and us as the season goes on. Secondly it gives time for the US case to process and thirdly their security in there and Moshiri has to come up with 200 mill by next summer or the TFG take control of the club anyway.

They’ve nicely feathered their position in my opinion and time works well for them, if not for us.

That would be my take.

She’s a high stakes game.

 

[atrottel]

Unpopular as this opinion will be, I suspect he will be here as majority shareholder or minority shareholder when we move into BMD - any investment between now and then I feel will not be complete, it will be an investment of partial shareholding.

Suits them as it is a blocking stake (given that they have rights over BMD) so they get to say if anyone else takes over or play a waiting game and then pressure Moshiri to agree a more beneficial deal. Suits Moshiri as he doesn't have to put in any more money until the stadium is up and running and he can also wait to see what happens with Trump/Putin, the court case and how much more attractive the club might be in the future with a functioning stadium.

 

[bluestevon]

I meant refinance ALL our debt against the stadium, which includes the Friedkin loan. There is nothing stopping him from taking out other finance and paying off existing creditors, assuming someone is willing to provide the long term finance which no-one has to date.

No reputable lender will lend Moshiri the amount to pay off all existing debts into one consolidated loan mate, especially so when the value of that total loan would actually exceed the cost of what it's secured against - the stadium.

 

[bluestevon]

Their loan buys them a year of time in my opinion.

They are still in the box seat, would be my take.

Yup it's repayment date was 12 months from the date of loan - at which point it needs to be payed in full or they have the option to exercise the clause.

 

[Exeter_Gently]

Yup it's repayment date was 12 months from the date of loan - at which point it needs to be payed in full or they have the option to exercise the clause.

What's the clause mate?

 

[Bedfordblue]

Wonder if mosh who we have all written off as clueless, is saying to the potential investors don’t worry about the 777 money they’ll do well to get ½ of it back - and he’s actually on to something
Biggles might be sitting back to see what happens before swooping back in on his Spitfire……
Appreciate this is an absurd thought, but just let your hopes run wild for a bit

 

[bluestevon]

What's the clause mate?

If I'm fully understanding it, it's secured against both the stadium (stadium development holding company) and Moshiris shares (Blue heaven) - so if not repaid in full on the due date he can effectively take control of both assets.

Exactly the same way if you take a secure loan out a d use your house as the security then it'll be repossessed by the lender if you default.

 

[bluestevon]

The other secured loan we have i believe is charged against Goodison, Finch farm and basically every other asset the club has (besides shares and stadium build)

 

[Exeter_Gently]

The other secured loan we have i believe is charged against Goodison, Finch farm and basically every other asset the club has (besides shares and stadium build)

Thanks mate

 

[bluestevon]

What's the clause mate?

If you remember when MSP agreed to extend the date of repayment rather than take a majority control of the club mate.

 

[Goat]

The Death chart explains it best.

 

[Blue peter]

The Death chart explains it best.

I can’t see the thermal exhaust port