By Brian Reade
AN EPIC SWINDLE is the interior tale of the way Liverpool FC got here inside hours of being re-possessed through the banks after the shambolic 44-month reign of yank proprietors Tom Hicks and George Gillett. it's the story of a civil conflict that dragged Britain's such a lot winning soccer membership to its knees, throughout the excessive court docket and virtually into management.
Players Steven Gerrard and Jamie Carragher inform in their anger on the damaged grants, in addition to their ache at observing dependable lovers in open insurrection. supervisor, leader government, board contributors, best lovers and reporters display the turmoil at a respected wearing establishment run through males at warfare with one another, who trampled Liverpool's loved traditions into the gutter.
No tale sums up the bare greed on the middle of contemporary soccer really like Hicks' and Gillett's try to flip a greenback at Liverpool. No-one has had as a lot entry to the reality, or tells it with as a lot ardour, wit and perception as Brian Reade.
AN EPIC SWINDLE is the riveting tale of the way shut one of many nice soccer golf equipment got here to monetary implosion.
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Extra resources for An Epic Swindle: 44 Months with a Pair of Cowboys
By February 1991, bond-holders frustrated with Gillett’s half-hearted attempts at restructuring filed an involuntary bankruptcy petition. When the company failed to meet the resulting court-imposed deadline it was forced into Chapter 11 bankruptcy. 5 million annual salary to manage the Vail skiing operation, plus some stock options, $5 million in Gillett Holdings securities, and $125,000 per year in life insurance premiums. With the little capital he had, he started again. After floating the Vail stock options he walked away with $32 million, which was enough to rebuild his empire.
Then, in August, Gillett Holdings defaulted on over $450 million of debt. By February 1991, bond-holders frustrated with Gillett’s half-hearted attempts at restructuring filed an involuntary bankruptcy petition. When the company failed to meet the resulting court-imposed deadline it was forced into Chapter 11 bankruptcy. 5 million annual salary to manage the Vail skiing operation, plus some stock options, $5 million in Gillett Holdings securities, and $125,000 per year in life insurance premiums.
The same technique he would employ thirty years later to buy Liverpool. Shame about the profit. In the greed-is-good 1980s, Hicks was like a (noncriminal) Gordon Gecko, filling his cowboy boots through the gains of leveraged buyouts, with partner Bobby Haas. 5 billion. Hicks and Haas were pulling off coup after coup in media, oil, gas, food and soft drinks, mainly through buying up firms with similarities and putting them together, utilising economies of scale. But the investment world started to change as fund managers came to the fore and in 1989 the pair split because Hicks wanted to raise huge pools of cash to invest in big ventures while Haas preferred to work on individual deals.