Bakers takes US law role for Liverpool board as judge throws out attempt to block takeover
Liverpool Football Club's board have succeeded in their bid to push forward with the club's takeover after the High Court dismissed a temporary restraining order granted by a Texas court to US owners Tom Hicks and George Gillett. The club's board, represented by One Essex Court's Lord Grabiner QC (pictured), returned to court today to apply for an anti-suit injunction to prevent Hicks and Gillett from continuing their legal action in the US.
October 14, 2010 at 06:12 AM
3 minute read
Liverpool Football Club's board have succeeded in their bid to push forward with the club's takeover after the High Court dismissed a temporary restraining order granted by a Texas court to US owners Tom Hicks and George Gillett.
The club's board, represented by One Essex Court's Lord Grabiner QC (pictured), returned to court today to apply for an anti-suit injunction to prevent Hicks and Gillett from continuing their legal action in the US.
Hicks and Gillett had taken the action in Texas to block the club's proposed £300m takeover by New England Sport Ventures (NESV).
However, Mr Justice Floyd today (14 October) granted the anti-suit injunction after arguments from Grabiner for Liverpool's board and David Chivers QC of Erskine Chambers for NESV.
Baker & McKenzie advised the Liverpool board on US law with Houston head of litigation Graham Blair leading the team.
A statement issued on behalf of chairman Martin Broughton, managing director Christian Purslow and commercial director Ian Ayre said: "The independent directors of Liverpool Football Club are delighted with the verdict of Mr Justice Floyd in the High Court which now requires Mr Hicks and Mr Gillett to withdraw their Texas restraining order by 4pm tomorrow".
The legal action taken on Wednesday (13 October) in Texas was signed by Judge Jim Jordan of the 160th District Court in Dallas. A statement on behalf of Hicks and Gillett said that the action is "part of a lawsuit filed against Royal Bank of Scotland (RBS), Martin Broughton, Christian Purslow, Ian Ayre, NESV and Philip Nash".
"The lawsuit also seeks temporary and permanent injunctions, and damages totalling approximately $1.6bn (£1bn).
"The suit lays out the defendants' "epic swindle" in which they conspired to devise and execute a scheme to sell Liverpool FC to NESV at a price they know to be hundreds of millions of dollars below true market value."
Hicks and Gillett are being represented in the US by Fish & Richardson. The intellectual property specialist firm placed 68th in the most recent Am Law 100 rankings, with 2009 revenues of $417m (£260m) and partner profits of $1.34m (£835,000).
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