The Friedkin Group reaches agreement to buy Everton

[micknick]

This scares me more than anything

https://sports.yahoo.com/report-friedkins-consider-frank-lampard-113000436.html

 

[jazzy]

It means that any deal between Friedkin and A-Cap to settle/partially settle the debt on takeover remains uncertain on outcome as the court has refused to provide any indication so far on whether it would approve ie refusing to take sides between A-Cap and Leadenhall as to who Friedkins should pay at this stage.

This means Friedkin, A-Cap, Leadenhall either have to reach a negotiated agreement between all parties fast to jointly seek court approval (which you would expect to be granted) or A-Cap/Leadenhall persist with the legal stand-off meaning Friedkin has to either walk away again or proceed with the takeover with the counter-party ownership and repayment schedule for this £200+m debt still unresolved.

Without reading the whole document it is impossible to be certain but my interpretation is that this is part of an appeal .

The appeal appears to be against the original district courts decision not to accept that the agreement reached between A Cap and TFG falls outside the scope of the injunction and / or a court direction that the agreement reached is reasonable and binding on any other parties ( ie Leadenhall in the event of their litigation being successful).

I'd very much like to review all the appeal documents to form a conclusive view.

 

[Neiler]

So last month the court in NY ruled that the settlement of 777, Everton loan - and the deal struck by TFG and ACAP fell within the injunction of Leadenhalls complaint - so couldn’t be settled.

ACAP have gone to the court to request that a decision be made over whether the 777 loan can be settled as per the TFG and ACAP agreement.

The key peice in practical terms for us is the time frame of the request of any decision - March 25, whether TFG close the deal for the takeover before this or this delays it - is something only they know. We also don’t know the specifics of the sale agreement they have with Moshiri - is there an exit clause for this kind of thing.

Solutions would be - they plough ahead anyway and take the risk, put the agreed repayment in escrow or just wait it out till March at the latest until there is clarity and not complete until then. We don’t know if an exit clause exists in their deal with Moshiri around this - so prob best not to speculate.

Also point of order, the filing says a decision by March 25 - so a decision could conceivably come before.

 

[brieverton]

I couldn't see a scenario where TFG are happy to sit on this until March 2025 in a context where they may need to take decisions in quite a narrow timeframe regarding Everton to help ensure we avoid relegation.

I'd guess for the formal completion of the takeover the charge documents would need to be changed also (?) so in that sense it would make sense to have everything wrapped up and agreed re the A-Cap debt in parallel with the requisite approvals. The legal firm representing R&MF were quite open with tweets on this process regarding the takeover as it applied to that portion of debt.

So perhaps its mainly about banging heads together and trying to put a squeeze on. I would be confident the takeover will proceed along the expected timeframe. TFG are the only game in town for repayment here, as agreed with A-Cap. If Leadenhall have an issue with it, then they will have to justify to their equity partners why these terms are not good enough, and where any money from this tranche owed is going to come from.

 

[Bedfordblue]

Can anybody explain that in lay mans terms and say what (if any) effect it has on the takeover.

Basically means we will be selling Branthwaite for whatever we can get in Jan in order to pay for the rolls of turf going down atm.

 

[barneygumble]

This scares me more than anything

https://sports.yahoo.com/report-friedkins-consider-frank-lampard-113000436.html

It shouldn't.

Well publicised that the Friedkins are very private people, who don't give much away.

Where Yahoo or any media outlet are getting managerial out let's are getting Intel, seems like it's probably more Lampard end trying to get his name out there as he's been linked to lots of jobs of late.

 

[Jimishorts]

If he walks away again I swear to god

 

[jazzy]

Basically means we will be selling Branthwaite for whatever we can get in Jan in order to pay for the rolls of turf going down atm.

Sadly that may not be that far removed from the truth if the takeover doesn't go through.

 

[MikeH72]

Haha see you in March lads x

 

[jazzy]

The presence of the injunction has " chilled the commercial interests of third parties ".

I take that as a clear reference to TFG.

That is why the appeal.is being brought to seek a ruling that the ACap / TFG agreement falls outside the scope of the injunction or that the agreement will be ratified by the Court.

It maybe that TFG will refuse to proceed without that ruling.

 

[pfim]

It means that any deal between Friedkin and A-Cap to settle/partially settle the debt on takeover remains uncertain on outcome as the court has refused to provide any indication so far on whether it would approve ie refusing to take sides between A-Cap and Leadenhall as to who Friedkins should pay at this stage.

This means Friedkin, A-Cap, Leadenhall either have to reach a negotiated agreement between all parties fast to jointly seek court approval (which you would expect to be granted) or A-Cap/Leadenhall persist with the legal stand-off meaning Friedkin has to either walk away again or proceed with the takeover with the counter-party ownership and repayment schedule for this £200+m debt still unresolved.

Moshiri and his "blinder"

 

[Neiler]

I couldn't see a scenario where TFG are happy to sit on this until March 2025 in a context where they may need to take decisions in quite a narrow timeframe regarding Everton to help ensure we avoid relegation.

I'd guess for the formal completion of the takeover the charge documents would need to be changed also (?) so in that sense it would make sense to have everything wrapped up and agreed re the A-Cap debt in parallel with the requisite approvals. The legal firm representing R&MF were quite open with tweets on this process regarding the takeover as it applied to that portion of debt.

So perhaps its mainly about banging heads together and trying to put a squeeze on. I would be confident the takeover will proceed along the expected timeframe. TFG are the only game in town for repayment here, as agreed with A-Cap. If Leadenhall have an issue with it, then they will have to justify to their equity partners why these terms are not good enough, and where any money from this tranche owed is going to come from.

The only other thing is the sale agreement will have a timeframe for completion and conditions attached or else TFG can walk - I suspect it’s before March or on March 2025.

Interesting in the doc it’s referenced a - cooling in commercial activities by interested parties.

 

[Neiler]

Moshiri and his "blinder"

He still got the better of 777 in negotiations. Nothing has changed.

If 777 had negotiated a better deal, we would still be here (or maybe we wouldn't) ACAP and or Leadenhall would be in a stronger position with repayment and we in a worse one without the haircut.

The 777 deal was always happening regardless.

 

[pfim]

He still got the better of 777 in negotiations. Nothing has changed.

If 777 had negotiated a better deal, we would still be here (or maybe we wouldn't) ACAP and or Leadenhall would be in a stronger position with repayment and we in a worse one without the haircut.

The 777 deal was always happening regardless.

To what end? The deal still hasn't closed, there is still doubt about the resolution of the 777 debt.

He milked these idiots for 8 months without realizing they were putting the noose around his neck.

 

[Lob]

I would think they were too far along and too invested to pull out now. There will have been all kinds of things and organising going on behind the scenes prior to their completion. They likely knew and accepted the risks before they came back to buy us again.