Okay, so here's a quick update from what I've been able to find about the sale of Liverpool. This sotry here talks about how the sale of Liverpool is currently going down. You should read it for yourself if you get a moment -- it helps you to get a clearer picture of what's going on.
Here are the useful tidbits that I have gathered from that article, as well as our experience from the Rangers sale:
The Liverpool team is down to 2 potential buyers -- The Red Sox owners, and some guy from Singapore. Both of them recently posted a bid of $476 million, and the Liverpool board ultimately chose the Red Sox owners for approval of the sale. According to this article, the Singapore man plans on trying to put in a higher bid if possible, but at this point, that's irrelevant to us.
Where it gets sticky is whether or not the board actually approved the Red Sox owners to buy the team. Basically, the Board consists of 5 people -- Hicks, Gilette, and 3 others that actually give a flip about the team. Hicks wants to remove some of the people from the board that are trying to approve this sale, because he thinks that the current bid is too low. (Based on his investments and the money he wants to get out of it, he's personally valued the team at over $700 million, even though the team has a less than stellar performance, and a half completed stadium.) On the other side of the argument, the creditors that Hicks defaulted on, say he relinquished control to the new Chairman when he decided not to pay his loans. Without control, he has no right to fire anyone, and the sale should be legally approved by a board vote of 3-2.
This disagreement is why they are going to court on Tuesday.
Now, lately a number of us have been concerned about this low price tag on the sale, because if the creditors don't get enough money, then they will hold onto the Stars for dear life, to try and squeeze out every penny they can (*gulp*).
This article, however, gives me a ray of hope... it says:
[The Royal Bank of Scotland] said the injunction was obtained Friday before a hearing Tuesday. Liverpool, whose parent company is Kop Holdings, has current debts and liabilities of about $453 million.
With debts of only $453 million (I scoff when I say ONLY, by the way), This bid by BoSox owners and Mr.Singapore will cover all of the debts, while leaving bearely any money for Hicks and Gillette. Which, if that's right, means the only debts left to settle would be those of the Dallas Stars, and the $75 million from the unsecured creditors (read: Hot dog vendors, and all normal people who got shafted by Hicks) that didn't get anything from the sale of the Rangers.
I can't remember the exact details on the Dallas Stars (Maybe Worley or someone else will have a better memory than me), but I believe the creditors for the Stars are owed somewhere between $175-$200 million. With the Stars last known bid at $225 million, this means that all secured debts will be satisfied, and the unsecured creditors can sue Hicks personally for whatever they are still owed.
So, now, I've gone from thinking that the sale of Liverpool might put a chokehold on the sale of the Stars, to the thought that this sale might alleviate the pressure of the lendors alost entirely. Especially if Hicks no longer has a say on the sale of either team, as we're being led to believe.
Don't get me wrong, though. The sale of the Dallas Stars will still take a while. The Creditors will want to sell our team for the highest dollar amount that they can. But they have got to know that holding on to the Stars for any longer than New years will start to decrease its value, since our potential to re-sign Richards will become less likely, and our ability to operate under the $45 million cap while still being successful will become impossible after this season. Luckily, with the stress of Liverpool's debts gone, they'll be much more likely to pull the trigger when the time is right.
(This is all just a quick write-up, by the way. I can't remember all of the specific details on these team sales anymore, so if anyone finds different numbers or has a correction to something I said, please let me know!)