Liverpool FC case rumbles on
Tue 12th Oct 2010 | Legal
It looks like a decision is unlikely until after lunch. Lord Justice Taylor is understood to like to ‘think about decisions’ over lunch.
The case between RBS and Hicks and Gillett which has been ongoing since 11.25am looks likely to continue until after lunch as both sides present their case to the judge.
From the court room it has emerged that RBS accused Hicks and Gillett of trying to 'profit from the confusion their actions have caused'.
They argued that they need 'restore a clearly constituted and functioning board' today. 'It cannot wait and it would be wrong for Mr Hicks and Gillett to profit from their tactics.'
However, representatives of Hicks and Gillett (who did not appear in court) admitted to a breach of contract but felt there was no urge for the board to be reconvened by Friday.
Whilst the case was being heard it emerged that Singapore businessman Peter Lim who is understood to be behind the Meriton bid released a statement via sportingintelligence.com offering, in cash, to buy the club for £320m plus £40m for player transfers.
Despite this offer it is understood the NESV offer is legally binding so the offer cannot be accepted at this point.
In light of these offers, Hicks and Gillett’s representatives argue that other offers had been tabled which had not been considered by the board stating: "English directors have rushed forward a sale when alternative offers are in existence.”
Continuing they mention an offer by Meriton understood to be preferred bidder on the morning of 5 October. But by the end of the day the board had instead chosen NESV.
'The Meriton offer remains on the table." They added.
The case has now broken for lunch and will resume at 2pm. more news will follow.
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