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When will the takeover go through? The Waiting Game...

Forums New posts
danbowen said:
I would imagine these meetings have their lawyers present etc. I also understand that the meetings aren’t in southend but actually in London which could support the first part of lawyers being present.
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I would also expect their lawyers to be present.

But the lawyers are going to need time after the meeting to implement any changes agreed during the meeting.

It’s not as easy as saying ok we agree to do x instead of y. Someone then needs to amend the agreement to say x instead of y and check it is watertight. Amending the agreement to say x instead of y often requires other changes in the agreement- e.g. do you now need to amend say the termination or indemnity clauses to reflect the change to x. Then once one side has amended the agreement the other needs to check it and they’ll pick up on changes they need. Then it needs to go back to the other side to check those changes and you may need to negotiate those changes as well.

If you’re taking additional security you will now need to check the security - is it actually as valuable as Ron makes it sound? The lawyers will then need to draw up security documents, have them checked and agreed by the other side. This all takes time even when you’re working around the clock (and trust me things take longer to turn around when it’s 3am and you haven’t slept).

But the bigger issue is likely around third parties. It’s not just Ron and Jack, the Consortium and their respective lawyers who need to be on board. Has Jack authority to sign off on behalf of Citizen or does he need the Dellals to sign off? CBRE will likely need to approve certain changes, the Council may need to agree other changes etc. You may be working round the clock but they probably aren’t.
 
Yorkshire Blue said:
I would also expect their lawyers to be present.

But the lawyers are going to need time after the meeting to implement any changes agreed during the meeting.

It’s not as easy as saying ok we agree to do x instead of y. Someone then needs to amend the agreement to say x instead of y and check it is watertight. Amending the agreement to say x instead of y often requires other changes in the agreement- e.g. do you now need to amend say the termination or indemnity clauses to reflect the change to x. Then once one side has amended the agreement the other needs to check it and they’ll pick up on changes they need. Then it needs to go back to the other side to check those changes and you may need to negotiate those changes as well.

If you’re taking additional security you will now need to check the security - is it actually as valuable as Ron makes it sound? The lawyers will then need to draw up security documents, have them checked and agreed by the other side. This all takes time even when you’re working around the clock (and trust me things take longer to turn around when it’s 3am and you haven’t slept).

But the bigger issue is likely around third parties. It’s not just Ron and Jack, the Consortium and their respective lawyers who need to be on board. Has Jack authority to sign off on behalf of Citizen or does he need the Dellals to sign off? CBRE will likely need to approve certain changes, the Council may need to agree other changes etc. You may be working round the clock but they probably aren’t.
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That sounds like it will take longer than a day. More like weeks.

We go again. Getting closer though.
 
Yorkshire Blue said:
I would also expect their lawyers to be present.

But the lawyers are going to need time after the meeting to implement any changes agreed during the meeting.

It’s not as easy as saying ok we agree to do x instead of y. Someone then needs to amend the agreement to say x instead of y and check it is watertight. Amending the agreement to say x instead of y often requires other changes in the agreement- e.g. do you now need to amend say the termination or indemnity clauses to reflect the change to x. Then once one side has amended the agreement the other needs to check it and they’ll pick up on changes they need. Then it needs to go back to the other side to check those changes and you may need to negotiate those changes as well.

If you’re taking additional security you will now need to check the security - is it actually as valuable as Ron makes it sound? The lawyers will then need to draw up security documents, have them checked and agreed by the other side. This all takes time even when you’re working around the clock (and trust me things take longer to turn around when it’s 3am and you haven’t slept).

But the bigger issue is likely around third parties. It’s not just Ron and Jack, the Consortium and their respective lawyers who need to be on board. Has Jack authority to sign off on behalf of Citizen or does he need the Dellals to sign off? CBRE will likely need to approve certain changes, the Council may need to agree other changes etc. You may be working round the clock but they probably aren’t.
Click to expand...
Ultimately no one on here knows exactly where we are with it but the sounds from ITKs and CP etc all suggest we are closer than what others believe.
 
As has been said this is a complex and high value deal and so it’s not just shaking hands on a number. I’m putting an optimistic view on CP’s earlier post that maybe the deal is basically agreed but the legal eagles are just making sure that it all stacks up and is watertight.
 
Boreham Blue said:
As has been said this is a complex and high value deal and so it’s not just shaking hands on a number. I’m putting an optimistic view on CP’s earlier post that maybe the deal is basically agreed but the legal eagles are just making sure that it all stacks up and is watertight.
Click to expand...

I would have more confidence in a watertight deal with Stockton Rush than with Ron.
 
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