Liverpool High Court Case - LIVE
By Adam Bryant
Updated Tuesday, 12th October 2010
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RBS claim that Hicks and Gillett have been attempting to frustrate the sale process, acting with 'breathtaking arrogance'
RBS ask to judge to 'restore a clearly constituted and functioning board. It'd be wrong for Hicks and Gillett to profit from their tactics'
No sign of Hicks and Gillett in court.Representative admits breach of contract but feels no urge for board to be reconstituted before Friday
RBS reveals that H&G have breached clause C3 of sale agreement with the bank, signed in April 2010 in regards to trying to change the board
Hicks and Gillett accept that sale is inevitable but claim the board didn't consider alternatives to NESV.
Hicks and Gillett claim that bids by Peter Lim and Mill Financial are still on table and better than NESV.
Hicks and Gillett want to know why a meeting between Mill Financial and Martin Broughton was cancelled last Thursday.
H&G representative: 'The English members of the board acted without properly considering other real alternatives that remain in place'
H&G rep claims there's 'no reality of administration happening. Even if RBS call in the debt there are still options on the table'
Martin Broughton urges Liverpool fans to 'Keep the faith.'
Hicks and Gillett claim 'English directors were in breach of the sales contract with RBS.'
Hicks has written a letter to the court saying that he and Gillett feel they 'had become excluded from the sales process by the board'
Hicks claims he only breached sales agreement by trying to oust two board members because sub committee was a breach of the sales agreement.
Hicks and Gillett request a trial next week. Judge is about to rule.
H&G representative dismisses Friday's deadline, claiming the owners and RBS are "locked into an agreement" until 1 November.
Lord Grabiner accuses Hicks and Gillett of 'slippery behaviour'
Broughton claims 130 parties were approached by the board in regards to takeover and 'iIt was a thorough and well thought through process'
Judge says it will be 'ambitious' for the case to be settled by Friday's deadline.
RBS insist it "is a lender that deserves to be repaid £200m on Friday. It is wrong of Hicks and Gillett to try and delay that process."
RBS claim owners have contradicted rules of sales agreement by trying to oust two members of the board.
H&G admit breaching sales agreement but say they only did it because the board excluded them from it and refused to listen to other offers.
Latest from High Court - A judgement is expected at 10.30am in the morning.