Share Transfers Agreed/Cooling off period

[AltheHibby]

This morning I was talking to a surveyor who is "in the know(ish)" and they reckon that someone probably has made a bid. He also reckons that the Lithuanian end is losing patience and will pull the plug soon. Due to his connections I trust him and, lets be honest, I want it to be true.

[TonyStokeprano]

:hmmm: that's an old one, can't see why you are bringing it up again.

Just asking a question if that's okay? They're was info and folk singing and dancing on this thread last week trying to get folk to sign up, so they must be dead or as good as dead already? Simple assumption I've made.

[JeMeSouviens]

Just asking a question if that's okay? They're was info and folk singing and dancing on this thread last week trying to get folk to sign up, so they must be dead or as good as dead already? Simple assumption I've made.

If you want to send me a tenner I can tell you to "trust me, the CVA won't be accepted" too. :wink:


(I have no idea whether it will or not, btw, but my guess is it's at least in the balance, hence the delay.)

[southsider]

i hope Killie do the same as what the Jumbos did and hold off as late as possible to go into Administration, IF they do. If it worked for Jumbos then it will work for Kilmarnock FC :agree:

A friend of chairman at Killie just pumped a large sum of cash into Killie so Admin seems unlikely.Hertz on the other hand, in the words of Private Fraser, are DOOOOMED.

[Aldo]

A friend of chairman at Killie just pumped a large sum of cash into Killie so Admin seems unlikely.Hertz on the other hand, in the words of Private Fraser, are DOOOOMED.

Local businessman Billy Bowie put money into the club.

[Phil D. Rolls]

A friend of chairman at Killie just pumped a large sum of cash into Killie so Admin seems unlikely.Hertz on the other hand, in the words of Private Fraser, are DOOOOMED.

I hope they pull through, I really do.

[Tom Hart RIP]

I understand that there will be an announcement from Hearts this afternoon 4.30pm as to whether vote will take place tomorrow or be postponed again.

[hibeesdude]

Well over on weoweittoourselves.net they are already saying meeting goes ahead

Sent from my GT-I9505 using Tapatalk

[jacomo]

I understand that there will be an announcement from Hearts this afternoon 4.30pm as to whether vote will take place tomorrow or be postponed again.

Can we play FoH catchphrase bingo on I am an MP's response?

'We are so grateful to those Hearts supporters who have already signed up, but for those who have not yet done so, or those who can afford to give a bit more, WHAT THE ****** IS STOPPING YOU??! I'VE GOT TEARS OF PRIDE HERE BUT ALSO HOT TEARS OF PANICKY FEAR!!! DON'T YOU LIKE ME?? DON'T YOU BELIEVE??'

[Moulin Yarns]

BBC reported Locke as saying the meeting tomorrow as being more important (to the future of Hearts) than the cup tie against Celtc on Sunday. So it looks like there will be a meeting, whether anything is decided though is another matter.

[jacomo]

BBC reported Locke as saying the meeting tomorrow as being more important (to the future of Hearts) than the cup tie against Celtc on Sunday. So it looks like there will be a meeting, whether anything is decided though is another matter.

Well done Gary, he seems to be getting a grasp of things at long last. Has anyone explained the transfer embargo to him yet?

[Hermit Crab]

Sadly Bowie's intervention could result in big ch-ch-ch-changes for Hearts next season.

http://www.dailyrecord.co.uk/sport/football/football-news/businessman-billy-bowie-explains-ploughed-2362971

[Dashing Bob S]

This is fun. My fingers are crossed for a CVA - more enjoyment and drags the farce out till it inevitably hits the rocks.

Immediate liquidation means those half-wits have the satisfaction of causing disruption to the entire fixture card and beating us in the last two derbies until they give us a chance for revenge by dragging their sorry backsides through the entire league system in about 10-20 years time.

[jacomo]

http://www.dailyrecord.co.uk/sport/football/football-news/businessman-billy-bowie-explains-ploughed-2362971


Bowie was planning to scale down his workload and travel the world when he reached his 50th birthday in three years’ time – the world that was closed off to him when he was too busy building a multi-million pound business to notice it existed.

He said: “It was my plan to slow down but now it’s my intention to be with Kilmarnock long enough for my sons, Ewan and William, who are aged six and nine respectively, to follow in my footsteps.

“I’ve put in more than a million pounds this week because I want to put an end to negativity as a down payment on a better future.

“I’m passionate about keeping my business going in the Kilmarnock area. Only 20 of my lorries are based there and the rest operate in England but I don’t want to see Ayrshire damaged. That’s why I want to devote as much attention as possible to the club.

“Michael can’t do it alone and he’s been under severe pressure for years.

“I don’t want to hear the word ‘administration’ because I don’t believe it’s necessary. The club has debt but it’s being serviced and rumours about Kilmarnock aren’t helpful.”

For anyone to invest in any Scottish club at a provincial level to the extent Bowie has done is astonishing in these financially-troubled times for the game.

But to put more than £1m into one where the fans are in a seemingly permanent state of revolt, and where the team hasn’t won a single game this season, makes Bowie’s investment all the more remarkable.

The good news for the supporters who are willing to give him a chance is that he’s in it for the long haul.

He said: “I want to help turn this club round for the community. I put career before family life for a long time and now I see the enjoyment my wife and boys are getting out of my involvement with Killie.

“I used to work seven days a week and know what it’s like to sleep in my truck at the side of a road.

“I still jump into a truck if there’s a need and I won’t be afraid to get my hands dirty when it comes to grafting on Killie’s behalf.

“My everyday business is trying but not trying enough. Getting involved at Rugby Park has put the butterflies back in my stomach once again.”

He sounds like a dream investor for any football club. Rooted in the local community, wealthy, and committed for the long-term. Hopefully Kilmarnock will now start to turn things around.

How's it going over in Gorgie, Yams? :na na:

[Aldo]

This is fun. My fingers are crossed for a CVA - more enjoyment and drags the farce out till it inevitably hits the rocks. Immediate liquidation means those half-wits have the satisfaction of causing disruption to the entire fixture card and beating us in the last two derbies until they give us a chance for revenge by dragging their sorry backsides through the entire league system in about 10-20 years time.

Either way Bob it means they are ****ed. I want the later - liquidation . As for fixture list it just means a team has a free week every so many weeks.


Talk about selfishness - wonder what medals has to say bout that.

[Mikey]

Can we drop the puns before they get going please :wink:

Ta.

[Phil D. Rolls]

Well done Gary, he seems to be getting a grasp of things at long last. Has anyone explained the transfer embargo to him yet?

Not sure he's fully grasped it yet, tbh.


“We don’t know what the outcome of that will be – we’re all keeping our fingers crossed that things go our way – but the main thing for me is still the football. The club and the outcome of the meeting clearly means so much to everyone involved, from the players and the fans through to the coaches and the office staff.


http://www.edinburghnews.scotsman.com/sport/football/hearts/hearts-boss-focus-on-football-not-club-s-future-1-3212110

[the_ginger_hibee]

The CVA was only ever delayed to let the new admins get their feet in the door at UBIG.

I think what's key here is we remember an agreed CVA (and consequently FoH) is no picnic. It doesn't make it all 'go away' and we still have reasons to be cheerful. FoH have already stated they haven't budgeted for players should they take control and relegation is a big possibility - a team such as Hearts as we know/known them won't exist CVA or not, its important we remember that before we assume a CVA means 'happy ending'.

Summary - CVA or not Hearts still suffer more than any of us have seen them suffer before.

[Hermit Crab]

Is the meeting going ahead tomorrow?

[Mikey]

Sorry folks, puns removed.

People are trying to find out about tomorrow's meeting, not David Bowie's back catalogue :wink:

[Mikey]

Is the meeting going ahead tomorrow?

There's been nothing so far to say it isn't!

[Aldo]

I wonder what spin the FOH - who have been rather quite of late - will put on any further delay.

[Hermit Crab]

There's been nothing so far to say it isn't!

The boy called pbtcal?? On kb with a one liner 'meeting on tomorrow' no source or quotes though.

[Onceinawhile]

Think we can assume it is.

personally expect to see it approved with a tsunami of nonsense unleashed from both sets of fans.

[Mikey]

The boy called pbtcal?? On kb with a one liner 'meeting on tomorrow' no source or quotes though.

It'll be on then.

And David Southern prefers him not to say where he gets his info from :wink:

[greenginger]

It'll be on then.

And David Southern prefers him not to say where he gets his info from :wink:


Good or Bad News then ? and who for.

[Dunderhall]

FoH twitter a few minutes ago.

Lots of questions re tomorrow. There is no confirmation re meetings. BDO still locked in legal discussions. We hope to know tonight...

...but it may yet be tomorrow before we are clear. Everyone at BDO working so hard. Fuller update when we know.

[Hermit Crab]

FoH twitter a few minutes ago.

Hmm. Interesting. Not even they know

[Treadstone]

CVA bingo card

CVA Agreed "A new beginning"
CVA Rejected "This is not the end"
CVA Agreed "Always confident"
CVA Rejected "The odds were against us"
CVA Agreed "Tynecastle is priceless"
CVA Rejected "Tynecastle is not worth a hoot"
CVA Agreed "Important to continue unbroken"
CVA Rejected "Important to continue"
CVA Agreed "Pledge"
CVA Rejected "Pledge"

[Hermit Crab]

It'll be on then.

And David Southern prefers him not to say where he gets his info from :wink:

He gets spoon fed from Southern then?

[Aldo]

They out buying cigars and putting bubbly in the fridge.

Some reckon this place will be a hoot and we've back-pedalled and are happy with CVA.

They all think everything will be fine and debt free

[RIP Bestie]

FoH twitter a few minutes ago.
Hey thanks for this. You're a star man. Oops

[Hermit Crab]

They out buying cigars and putting bubbly in the fridge.

Some reckon this place will be a hoot and we've back-pedalled and are happy with CVA.

They all think everything will be fine and debt free

Let them think that. They can't be debt free.

[Aldo]

Let them think that. They can't be debt free.

We know that. Funny thing if they agree the CVA but don't give them the stadium and sell it to a property developer. (Can this be done??)

[CropleyWasGod]

We know that. Funny thing if they agree the CVA but don't give them the stadium and sell it to a property developer. (Can this be done??)

No.

If there is a CVA, FOH own the company and hence its assets.

[Spike Mandela]

We know that. Funny thing if they agree the CVA but don't give them the stadium and sell it to a property developer. (Can this be done??)

No.

If they get the CVA through, irrespective of any debt they still have to pay to pay off, they will have shed approximately £25m in debt. Not a bad day in anyones book.

[Aldo]

No. If there is a CVA, FOH own the company and hence its assets.

CWG cheers didn't think they could but got confused.... Shame really.

When you think of it though the Liths aren't getting much after BDO takes their fees.

(Really hoping it's pull the plug time- thee best Xmas present ever)

[HoboHarry]

Thanksgiving here today in the USA. Hoping for a Christmas Day day feeling tomorrow. Dare to dream........

[Aldo]

No. If they get the CVA through, irrespective of any debt they still have to pay to pay off, they will have shed approximately £25m in debt. Not a bad day in anyones book.

That's the most annoying thing bout it all. £25 million dodging their dues and fleecing the taxman.

Club with no shame right enough.

Cheers for that guys

[Gus Fring]

BDO hadn't heard if the meeting was going ahead as of lunchtime today. They tried to find out this morning and got no reply. UKIOs admin is cooperating but contact with UBIGS admin has been very minimal.

PS. This "debt free" rubbish shows just how thick their support is. There is currently no outcome that leaves Hearts "debt free". They'll still have football debt to pay and then they have to pay back the loans that are allowing FOH to buy them in the first place.

[Golden Bear]

Heh heh!

Breaking news from the Beeb


:thumbsup:

[JeMeSouviens]

Heh heh!

Breaking news from the Beeb


:thumbsup:

is what?

Ah right, nothing we didn't know already ...


BBCBMcLauchlin ‏@BBCBMcLauchlin 2m

Hearts will NOT be in a position to exit administration until at least February next year. More soon on BBC Scotland#newsdrive

[portycabbage]

Heh heh!

Breaking news from the Beeb


:thumbsup:

Listening to that also, admin til february at least as UBIG shares can't be sold till after they have their own creditors meeting. Hardy-******g-har, GIRFUY!:greengrin

[matty_f]

I am past caring. Either outcome looks like it'll provide hilarity for us so I'm just going to roll with it and enjoy the show.

[Golden Bear]

is what?

I missed the start of the news snippet but the jist of it is that nothing can possibly happen until the end of February.

[JollyGreenGiant]

@BBCBMcLauchlin: Hearts will NOT be in a position to exit administration until at least February next year. More soon on BBC Scotland#newsdrive

[the_ginger_hibee]

Hahaha....so the shares were 'frozen'? Maybe not frozen due to investigation but they are still unable to be moved on!

What will the kickback reaction be to this? They dismissed Sergeys claim that this would happen quite strongly!

What will they say now? :greengrin

[Winston Ingram]

@BBCBMcLauchlin: Hearts parent company UBIG hold 50% share in club and these cannot be assigned or sold until creditors meeting in Lithuania#bbcsportscot

[Mellow Hibee]

Listening to that also, admin til february at least as UBIG shares can't be sold till after they have their own creditors meeting. Hardy-******g-har, GIRFUY!:greengrin

Yams better get their aprons on to bake their way till February (at least). I'm assuming that no-one is going to put any working capital in until there's more certainty.

No sure what will happen with the BDO fees either.

[portycabbage]

http://www.bbc.co.uk/sport/0/football/25144366

Sorry if that's not a link, computer numpty alert!

[Aldo]

Hahaha....so the shares were 'frozen'? Maybe not frozen due to investigation but they are still unable to be moved on! What will the kickback reaction be to this? They dismissed Sergeys claim that this would happen quite strongly! What will they say now? :greengrin

Still a bit of arrogance amongst them...

[CropleyWasGod]

@BBCBMcLauchlin: Hearts parent company UBIG hold 50% share in club and these cannot be assigned or sold until creditors meeting in Lithuania#bbcsportscot

And, lest we forget, it's not in the UBIG admin's power to unfreeze them. That remains with the Lithuanian Government.

[greenginger]

BDO hadn't heard if the meeting was going ahead as of lunchtime today. They tried to find out this morning and got no reply. UKIOs admin is cooperating but contact with UBIGS admin has been very minimal.

PS. This "debt free" rubbish shows just how thick their support is. There is currently no outcome that leaves Hearts "debt free". They'll still have football debt to pay and then they have to pay back the loans that are allowing FOH to buy them in the first place.

I don't like the sound of , " Ukio admin. is cooperating "............... that sounds like he has accepted the FoH offer. :confused:

[Gus Fring]

I don't like the sound of , " Ukio admin. is cooperating "............... that sounds like he has accepted the FoH offer. :confused:

He has.

[Pete]

If I was a jambo I would prefer liquidation as it's as it's probably the only honourable outcome. By starting again I could at least hold my head high.

Administration and a CVA is the ultimate embarrassment and I certainly wouldn't be celebrating.

Don't pray for an easy life, pray for the strength to endure a difficult one - Bruce Lee.

[the_ginger_hibee]

Still a bit of arrogance amongst them...

Shock.

What a(nother) twist this is! How long can the comedy train churn for?

I want 'I'm an MPs' thoughts on this and how FoH, BDO etc. didn't at least forecast this and more importantly how they will continue from here?

Pass the popcorn...

[CropleyWasGod]

He has.

For sure?

[JeMeSouviens]

I quite like the sound of them putting it to a Lithuanian Creditors' Meeting. Sounds like fun. :greengrin

[Gus Fring]

For sure?

Nothings official until the meeting obviously but they've indicated to BDO they plan to accept.

[the_ginger_hibee]

For sure?

Its also in the CVA proposal doc that Ukio will accept the CVA - (according to Kickback though :greengrin)

[CropleyWasGod]

Nothings official until the meeting obviously but they've indicated to BDO they plan to accept.

But UBIG?

Any indication on how they are going to vote? Or whether they will even be represented?

[Onceinawhile]

Sounds to me like ubig will be accepting the cva. No way mclaughlin came up with that information on his own. He has been fed that by bdo imo.

This isn't the end of the squeaky bum time though. There will obviously be a creditors meeting r.e. ubig and I suppose there is every possibility that they will say no...

[HoboHarry]

Why does this news appear to be a surprising development? How come it's only surfacing now that UBIG will not give a decision until January - did BDO (or whomever) really not know this?

[RIP Bestie]

Excuse my ignorance but does this mean that there will be no meeting tomorrow and that a CVA can't be agreed until February?

[the_ginger_hibee]

Excuse my ignorance but does this mean that there will be no meeting tomorrow and that a CVA can't be agreed until February?

According to BBC - the meeting will go ahead to agree a CVA provisionally. But there will be no 'actioning' of the CVA till at least Feb.

With the way UBIG admins have been thus far, I can see them stating they can't vote until their house is in order, and rightly so. There isn't exactly a time issue now nothing can be done till Feb.

[Gus Fring]

But UBIG?

Any indication on how they are going to vote? Or whether they will even be represented?

None thus far. Apparently the UBIG admin isn't being anywhere near as cooperative as UKIO's.

BDO are worried that UBIG are going to play hardball though.

[RIP Bestie]

According to BBC - the meeting will go ahead to agree a CVA provisionally. But there will be no 'actioning' of the CVA till at least Feb.

With the way UBIG admins have been thus far, I can see them stating they can't vote until their house is in order and rightly so. There isn't exactly a time issue now nothing can be done till Feb.
Cheers

[HoboHarry]

But UBIG?

Any indication on how they are going to vote? Or whether they will even be represented?
CWG - If UBIG cannot make a decision at this time how can even a conditional CVA be granted/approved tomorrow?

[Mon Dieu4]

Poor wee lambs, they were all excited about Skacel signing in January as well

[Kato]

I am past caring. Either outcome looks like it'll provide hilarity for us so I'm just going to roll with it and enjoy the show.

Felt pretty much like that from the start. This is a far more interesting story than Rangers/The Rangers tale as that was plainly a familiar story of greed, hubris and a overbearing sense of entitlement. The Flumps version has all that and more. I'd be happy to see them "enter a period of uncertainty"* for the next few years. *be goosed

[blackpoolhibs]

This delay gives them time to get their share issue documents out now. :boo hoo:

[greenginger]

Excuse my ignorance but does this mean that there will be no meeting tomorrow and that a CVA can't be agreed until February?


The creditors part can go ahead without UBIG, it requires 75% of those present and voting.

The share holders vote requires over 50% of the total ( I think ) to vote in favour.

UBIG have 49.47 % , Quantum Holdings over in Switzerland have 15% and even HoM 2005 Ltd now dissolved held 4.45 % so the CVA cannot be approved tomorrow even provisionally.

Still think it has been a very good day for the Charity Thieves.

[HoboHarry]

All this news and Sunshine on Leith is playing on BBC Radio 2 right now. It's a sign I tell you..... :greengrin

[Kato]

Away from the legal implications of the CVA vote it sounds like they won't now be out of Admin until at least two or three months after February. They claimed at the start of the season they had enough money to see them through until about now. Given walk-ups and half season ticket books will give them some income for the time being it still doesn't sound like enough to see them through till April/May.

What happens if they run out of dough before then? (by dough I mean money, it's not a baking term).

[Gus Fring]

Away from the legal implications of the CVA vote it sounds like they won't now be out of Admin until at least two or three months after February. They claimed at the start of the season they had enough money to see them through until about now. Given walk-ups and half season ticket books will give them some income for the time being it still doesn't sound like enough to see them through till April/May.

What happens if they run out of dough before then? (by dough I mean money, it's not a baking term).

The BBC say they have money to last until March.

[eezyrider]

Latest statement from FoH.
================================================== ==========
Foundation of Hearts
Following reports this afternoon that “Hearts cannot exit administration before February”, a Foundation spokesperson said:

“The Foundation of Hearts believes the timescales mentioned are entirely consistent with the process of taking Hearts out of administration.

“Any agreement of a CVA is subject to all sorts of terms and conditions on all sides, and that is a time-consuming process which cannot start until after the cooling off period (in the event of an approved CVA).

“Given that would be the end of December, the times mentioned are consistent.”
================================================== =======

[HIBERNIAN-0762]

I don't know what to believe to be honest, so many different postings on here makes it impossible to work out what will happen. I still get the feeling these filthy stinking rats will get away with this...

Scottish football and Edinburgh's eternal shame if they do.

[Phil D. Rolls]

Latest statement from FoH.
================================================== ==========
Foundation of Hearts
Following reports this afternoon that “Hearts cannot exit administration before February”, a Foundation spokesperson said:

“The Foundation of Hearts believes the timescales mentioned are entirely consistent with the process of taking Hearts out of administration.

“Any agreement of a CVA is subject to all sorts of terms and conditions on all sides, and that is a time-consuming process which cannot start until after the cooling off period (in the event of an approved CVA).

“Given that would be the end of December, the times mentioned are consistent.”
================================================== =======

Why not say, "the reports are correct"?

[Phil D. Rolls]

I don't know what to believe to be honest, so many different postings on here makes it impossible to work out what will happen. I still get the feeling these filthy stinking rats will get away with this...

Scottish football and Edinburgh's eternal shame if they do.

Edinburgh, the city that has RBS and HBOS headquarters, ashamed of a paltry £26m scam on the Lithuanian government? Its possible, I suppose.

[Jim44]

The creditors part can go ahead without UBIG, it requires 75% of those present and voting.

The share holders vote requires over 50% of the total ( I think ) to vote in favour.

UBIG have 49.47 % , Quantum Holdings over in Switzerland have 15% and even HoM 2005 Ltd now dissolved held 4.45 % so the CVA cannot be approved tomorrow even provisionally.

Still think it has been a very good day for the Charity Thieves.

They're certainly pushing the positives tonight ....... Probable CVA acceptance, Ryan Stevenson pledges his future to Hearts and Skacel back in town making noises about signing when he is allowed to.

[Springbank]

Latest statement from FoH.
================================================== ==========
Foundation of Hearts
Following reports this afternoon that “Hearts cannot exit administration before February”, a Foundation spokesperson said:

“The Foundation of Hearts believes the timescales mentioned are entirely consistent with the process of taking Hearts out of administration.

“Any agreement of a CVA is subject to all sorts of terms and conditions on all sides, and that is a time-consuming process which cannot start until after the cooling off period (in the event of an approved CVA).

“Given that would be the end of December, the times mentioned are consistent.”
================================================== =======

This has been written by someone wearing a cardigan

[greenginger]

Another small note in the CVA voting regulations.

It seems if the Creditors vote conflicts with the Shareholder vote, the creditors vote can carry the CVA .

BDO could push the whole thing through tomorrow ....... did Fatty Foulkes write these rules himself. :grr:

[Keith_M]

Away from the legal implications of the CVA vote it sounds like they won't now be out of Admin until at least two or three months after February. They claimed at the start of the season they had enough money to see them through until about now. Given walk-ups and half season ticket books will give them some income for the time being it still doesn't sound like enough to see them through till April/May.

What happens if they run out of dough before then? (by dough I mean money, it's not a baking term).


They probably didn't have much money but they were helped out by first being drawn against Hibs in the LC then winning the game and getting a match against Celtic in the Scottish Cup

I think Hibs, the SFA and the SPFL are involved in a conspiracy to keep them alive....

[greenpaper55]

Whoa there , hold your horses , all is not over !. http://www.bbc.co.uk/sport/0/football/25144366

[Keith_M]

Whoa there , hold your horses , all is not over !. http://www.bbc.co.uk/sport/0/football/25144366


Too slow, link already posted


:wink:

[SloopJB]

Edinburgh, the city that has RBS and HBOS headquarters, ashamed of a paltry £26m scam on the Lithuanian government? Its possible, I suppose.
And a megalomaniacs building that cost as much as building and staffing 10 hospitals as well as gold plated trams.

[greenpaper55]

Too slow, link already posted


:wink:
Drat, should have looked back but ma tea was oot !

[Leishy1995]

So is this in line with Sergey's so called "tissue worthy" post?

[SmashinGlass]

Whoa there , hold your horses , all is not over !. http://www.bbc.co.uk/sport/0/football/25144366

According to Brian McLaughlin on Reporting Scotland, the UBIG Admins told him that they were not in a position to vote at the meeting and weren't in a position to release the shares either. Anyone else hear that, or did I imagine it?

[Jack]

And a megalomaniacs building that cost as much as building and staffing 10 hospitals as well as gold plated trams.

Eh?

[SloopJB]

Eh?
What?

[Jack]

What?

What megalomaniacs building? :dunno:

[Hermit Crab]

According to Brian McLaughlin on Reporting Scotland, the UBIG Admins told him that they were not in a position to vote at the meeting and weren't in a position to release the shares either. Anyone else hear that, or did I imagine it?

Missed it but is that good for them?

[Leithenhibby]

According to Brian McLaughlin on Reporting Scotland, the UBIG Admins told him that they were not in a position to vote at the meeting and weren't in a position to release the shares either. Anyone else hear that, or did I imagine it?


Missed it but is that good for them?


Kinda hoping UBIG have discovered that the shares are "Missing" :aok:

[QMU-1875]

Sergey?

[Dibben]

According to Brian McLaughlin on Reporting Scotland, the UBIG Admins told him that they were not in a position to vote at the meeting and weren't in a position to release the shares either. Anyone else hear that, or did I imagine it?

That's what I heard!

[hibees 7062]

If I was a jambo I would prefer liquidation as it's as it's probably the only honourable outcome. By starting again I could at least hold my head high.

Administration and a CVA is the ultimate embarrassment and I certainly wouldn't be celebrating.

Don't pray for an easy life, pray for the strength to endure a difficult one - Bruce Lee.

How did you manage to put these 2 in the same sentence :greengrin

[Dibben]

According to Brian McLaughlin on Reporting Scotland, the UBIG Admins told him that they were not in a position to vote at the meeting and weren't in a position to release the shares either. Anyone else hear that, or did I imagine it?

That's what I heard!

[SmashinGlass]

That's what I heard!

In that case, nothing can be agreed tomorrow, regardless of what all the posturing says. I suspect what will happen is that they'll defer the vote to a fresh meeting to be held at some point in the future.

[Craig_in_Prague]

could end up a whopping BDO bill seen as this looks like dragging on for months yet.
allisbarry

[Golden Bear]

Are the Lithuanian authorities still conducting their money laundering investigations?

[Hibs7]

What megalomaniacs building? :dunno:

I think he means the Scottish parliament building that was never needed ... Which I agree with !

[Gus Fring]

Apparently Bob Jamieson has submitted a bid for UBIGS shares. The current offer for those shares is £0 so they'd be duty bound to sell them to him if he's the highest bidder.

[Winston Ingram]

Apparently Bob Jamieson has submitted a bid for UBIGS shares. The current offer for those shares is £0 so they'd be duty bound to sell them to him if he's the highest bidder.

Pleasing

[bingo70]

Apparently Bob Jamieson has submitted a bid for UBIGS shares. The current offer for those shares is £0 so they'd be duty bound to sell them to him if he's the highest bidder.

What's he up to? Is he bad news for hearts?

[Killiehibbie]

Apparently Bob Jamieson has submitted a bid for UBIGS shares. The current offer for those shares is £0 so they'd be duty bound to sell them to him if he's the highest bidder.I'd give them a fiver if it gives me voting rights then refuse CVA.

[inglisavhibs]

could end up a whopping BDO bill seen as this looks like dragging on for months yet.
allisbarry

By the end of Feb that will be around 7 months for BDO. Are the fees 200k per month and if so who pays if cva agreed and also who pays if liquidation?

[Weststandwanab]

He has. Who is He ?


How did you manage to put these 2 in the same sentence :greengrin The only Jambo that is honourable is one that admits they are cheats !

[greenginger]

FoH and shoeless Bob don't seem to be a partnership made in heaven.

Will Bob raise the £ 2.5 million to and step into FoH 's deal or will FoH raise more cash to outbid Peebles very own Gordon Gecko. :greengrin

[SmashinGlass]

By the end of Feb that will be around 7 months for BDO. Are the fees 200k per month and if so who pays if cva agreed and also who pays if liquidation?

Fees will be agreed with ukio admins and drawn from funds held after the sale of the assets. This will be the same in both admin and liquidation. In a cva, I believe there will be ongoing costs for bdo to act as supervisor, although I've no idea who foots that bill.

[Golden Bear]

Apparently Bob Jamieson has submitted a bid for UBIGS shares. The current offer for those shares is £0 so they'd be duty bound to sell them to him if he's the highest bidder.

Ah - Bob again! He has a Scandanavian syndcate ready to step in and all will be well. It must be true as I overheard him while waiting for a Doctor's appointment.

Personally I think that the guy is a total eccentric ( nah - nutter in fact)

[Gus Fring]

What's he up to? Is he bad news for hearts?


He was one of the bidders not long after they went in to Admin. He's bad news for FOH because he's not relying on any flawed business plans and he's not looking to get the shares for nothing.


Who is He?

"He" in this instance is the UKIO Admin. It could be a woman of course, I don't know.

[Aldo]

Ah a spanner in the works!!

[Wee Scottie Dug]

Apparently Bob Jamieson has submitted a bid for UBIGS shares. The current offer for those shares is £0 so they'd be duty bound to sell them to him if he's the highest bidder.

Once the shares are unfrozen? Or direct from the freezer :confused:

[Golden Bear]

Bob also claimed that what he intended doing was "totally unethical" but needs must!

Maybe he was being serious after all.

[Aldo]

Bob also claimed that what he intended doing was "totally unethical" but needs must! Maybe he was being serious after all.

Get another appointment and find oot then!!!! ;-)

[Gus Fring]

FoH and shoeless Bob don't seem to be a partnership made in heaven.

Will Bob raise the £ 2.5 million to and step into FoH 's deal or will FoH raise more cash to outbid Peebles very own Gordon Gecko. :greengrin

Now I'm not sure on this and I'm sure someone will correct me if I'm wrong but as UBIG are unsecured creditors they'll be getting nothing under the current FOH proposal? The £2.5m goes to UKIO for their shares and the stadium. If Bob bids, say £1m for UBIGS shares then I believe the UBIG admin is duty bound to accept because the alternative is nothing so Bobs bid would be a higher return for UBIGS creditors. Bob would then have a 50% shareholding and a fair bit of leverage. 29.9% of Hearts and Tynecastle are no use to the FOH without the 50% UBIG shares.

[Aldo]

Now I'm not sure on this and I'm sure someone will correct me if I'm wrong but as UBIG are unsecured creditors they'll be getting nothing under the current FOH proposal? The £2.5m goes to UKIO for their shares and the stadium. If Bob bids, say £1m for UBIGS shares then I believe the UBIG admin is duty bound to accept because the alternative is nothing so Bobs bid would be a higher return for UBIGS creditors. Bob would then have a 50% shareholding and a fair bit of leverage. 29.9% of Hearts and Tynecastle are no use to the FOH without the 50% UBIG shares.

:-D

[Mikey]

There's still plenty to come out in the wash and I'd say that those who are jumping the gun are jumping the gun :greengrin

There's plenty mileage in this one yet.

[greenpaper55]

They do not like that Bob fellow over on keekback !, he must be a Hibby to have noised them up so much. Veiled threats and not so veiled threats posted over there against the man and it shows the calibre of your average yam, there are still some with their heads in the sand waiting to hail big nose back in January !.

[Aldo]

There's still plenty to come out in the wash and I'd say that those who are jumping the gun are jumping the gun :greengrin There's plenty mileage in this one yet.

Yip at least until Feb 2014

[Springbank]

Bob Jamieson

The people's front of judea

[Kato]

Bob Jamieson

The people's front of judea

Is "front" rhyming slang?

Is this guy Bob not a fantasist? He would have to show UBIG the colour of his money.

[Mikey]

Is "front" rhyming slang?

Is this guy Bob not a fantasist? He would have to show UBIG the colour of his money.

As the current highest offer for those shares is £0.00 then the colour only needs to be copper.

[Aldo]

Not happy bunnies on Brokeback the nite

PTBCAL
Today, 20:06
I am hearing that he is not helping matters by making a bid for the shares (which are effectively worthless) and thus not helping FOH cause at all. Far from it. He needs to back right off. NOW.

rudi
Today, 20:17
Hopefully this doesn't turn into a rangers like fiasco, Mr Jamieson please don't put a spanner in the works at this stage let us get out of administration and then if you so desire invest in our club but please, please let the preferred bidder carry on they seem to be honorable.

WJambo
Today, 20:17
PTBCAL, on 28 November 2013 - 08:06 PM, said:
I am hearing that he is not helping matters by making a bid for the shares (which are effectively worthless) and thus not helping FOH cause at all. Far from it. He needs to back right off. NOW.

Been told exactly the same. If required FOH must destroy his character via the media. He's a real threat.

flem
Today, 20:22
Italian Lambretta, on 28 November 2013 - 08:17 PM, said:
Where does the **** live?

Not sure what this clown is trying to achieve, but he must have some sort of death wish to be ******* around with the future of our club!

The Gasman
Today, 20:40
Zachearts, on 28 November 2013 - 08:33 PM, said:
Gas....are we confident for tommorow ?

Yes.

....and while Bob the Builder is one seriously annoying old fantasist, and an unwanted distraction, I don't think he can do any real harm, as I suspect I've more funds down the back of the sofa, than he has for any proposal.

Funny how Vlad screws them senseless for millions and their future but uncle boab just wants to help.

Pmsl at this deluded small minded two faced clowns.

PS if yur looking in you can put your semis back in your pants. Ha ha

[Jack]

I think he means the Scottish parliament building that was never needed ... Which I agree with !

Ah!

Where was the Scottish Parliament supposed to go? The Old Royal High was a complete non starter.

Anyway. In that case the NHS will be round tomorrow letting you both know where the 10, fully staffed, hospitals should be built.

That sort of money, £411m est, wouldn't buy 10 decent health centres, without staff!!!

And incidently, it was fully paid for by Westminster budgets.

Sorry for going off topic just don't like dotnetesque rumours getting in the way of the truth :-)

[Spike Mandela]

Now I'm not sure on this and I'm sure someone will correct me if I'm wrong but as UBIG are unsecured creditors they'll be getting nothing under the current FOH proposal? The £2.5m goes to UKIO for their shares and the stadium. If Bob bids, say £1m for UBIGS shares then I believe the UBIG admin is duty bound to accept because the alternative is nothing so Bobs bid would be a higher return for UBIGS creditors. Bob would then have a 50% shareholding and a fair bit of leverage. 29.9% of Hearts and Tynecastle are no use to the FOH without the 50% UBIG shares.

Would Bob's intervention not smooth the way for Ubig to accept the CVA? It may cause problems for FoH and their future 'business plan' as they would have to deal with Bob but ultimately Hearts would be out of admin, No?

[jonty]

I've just found a £2 coin on my desk. and a €10 note. Who do I call?

[Mikey]

Would Bob's intervention not smooth the way for Ubig to accept the CVA? It may cause problems for FoH and their future 'business plan' as they would have to deal with Bob but ultimately Hearts would be out of admin, No?

Aye, but in what state?

I've no idea who this guy is but the chance to buy your football club for next to nothing doesn't come along every day and maybe he fancies having a crack at it. He can't do any worse than the previous owner.

[AltheHibby]

Is "front" rhyming slang?

Is this guy Bob not a fantasist? He would have to show UBIG the colour of his money.

No to "front". Watch The Life of Brian. :wink:

[Scònaldò]

I've just found a £2 coin on my desk. and a €10 note. Who do I call?

I have a lovely bunch of coconuts, can I have the number too?

[SmashinGlass]

Not happy bunnies on Brokeback the nite

PTBCAL
Today, 20:06
I am hearing that he is not helping matters by making a bid for the shares (which are effectively worthless) and thus not helping FOH cause at all. Far from it. He needs to back right off. NOW.

rudi
Today, 20:17
Hopefully this doesn't turn into a rangers like fiasco, Mr Jamieson please don't put a spanner in the works at this stage let us get out of administration and then if you so desire invest in our club but please, please let the preferred bidder carry on they seem to be honorable.

WJambo
Today, 20:17
PTBCAL, on 28 November 2013 - 08:06 PM, said:
I am hearing that he is not helping matters by making a bid for the shares (which are effectively worthless) and thus not helping FOH cause at all. Far from it. He needs to back right off. NOW.

Been told exactly the same. If required FOH must destroy his character via the media. He's a real threat.

flem
Today, 20:22
Italian Lambretta, on 28 November 2013 - 08:17 PM, said:
Where does the **** live?

Not sure what this clown is trying to achieve, but he must have some sort of death wish to be ******* around with the future of our club!

The Gasman
Today, 20:40
Zachearts, on 28 November 2013 - 08:33 PM, said:
Gas....are we confident for tommorow ?

Yes.

....and while Bob the Builder is one seriously annoying old fantasist, and an unwanted distraction, I don't think he can do any real harm, as I suspect I've more funds down the back of the sofa, than he has for any proposal.

Funny how Vlad screws them senseless for millions and their future but uncle boab just wants to help.

Pmsl at this deluded small minded two faced clowns.

PS if yur looking in you can put your semis back in your pants. Ha ha

Quite where this plum gets the confidence from, I've no idea. I'm assuming he missed the report just a few hours ago (previous to his post as well) in which BBC Scotland confirm having been advised by UKIO's Administrator that they were powerless to both vote at the meeting and agree to transfer the shares. In the circumstances, a CVA would fail if they attempt to force it through tomorrow, as they would not gain the required 75% of the vote.

As I stated a page or so back, I suspect that they may postpone the vote and call a fresh meeting in a few months time. If not, it should be curtains.

If the latter happens, I can't say I'll be at all disappointed. I've been waiting on this for years... :greengrin

[Springbank]

To borrow a joke from woody Allen, I can just hear bob laughing off the death threats :

Oh it's just a hearts thing

Some of my best jambos are friends

[Golden Bear]

To borrow a joke from woody Allen, I can just hear bob laughing off the death threats :

Oh it's just a hearts thing

Some of my best jambos are friends

Ah but wait until they hear about the exciting plans for the new stadium.!

[SloopJB]

Ah!

Where was the Scottish Parliament supposed to go? The Old Royal High was a complete non starter.

Anyway. In that case the NHS will be round tomorrow letting you both know where the 10, fully staffed, hospitals should be built.

That sort of money, £411m est, wouldn't buy 10 decent health centres, without staff!!!

And incidently, it was fully paid for by Westminster budgets.

Sorry for going off topic just don't like dotnetesque rumours getting in the way of the truth :-)
not where it was supposed to go, what it was supposed to cost. doesn't matter the budget, diverted from some other cause.

the 10 was quoted as an equivalent cost but yeah, it may be less shameful than 10.

Ha Ha, I do like your sense of humour

[bingo70]

Quite where this plum gets the confidence from, I've no idea. I'm assuming he missed the report just a few hours ago (previous to his post as well) in which BBC Scotland confirm having been advised by UKIO's Administrator that they were powerless to both vote at the meeting and agree to transfer the shares. In the circumstances, a CVA would fail if they attempt to force it through tomorrow, as they would not gain the required 75% of the vote.

As I stated a page or so back, I suspect that they may postpone the vote and call a fresh meeting in a few months time. If not, it should be curtains.

If the latter happens, I can't say I'll be at all disappointed. I've been waiting on this for years... :greengrin

Thought they couldn't delay it any more than a week?

[Hermit Crab]

Cracker of a post from over the road.


Friday - CVA agreed
Saturday - Rudi confirming he will sign on 1st February if we are out of Admin
Sunday - Dump Celtic out of the Scottish Cup


How's that for a weekend? :bucktooth:

[Hermit Crab]

HEARTS administrators BDO and preferred bidders the Foundation of Hearts remain hopeful that two crucial meetings about the future of the club will proceed as planned on Friday morning.
But tonight they had still to be given the final go-ahead by Ukio and Ubig, who as major [url=http://www.scotsman.com/sport/football/spfl/hearts-await-go-ahead-for-cva-from-ukio-and-ubig-1-3213173#][color=\"#446688\"][color=#446688 !important][color=#446688 ! important]<font color="transparent">creditors and shareholders are essential to any Company Voluntary Arrangement (CVA).
Today the two Lithuanian companies - both themselves in administration - agreed in principle that the creditors’ meeting should take place at 10am tomorrow, with the members’ (or shareholders’) meeting following two hours later. But at close of business they had yet to reply to several minor points of clarification made by BDO.
Both BDO and the Foundation have had an anxious week since the creditors’ meeting last Friday was adjourned for seven days at the request of Ubig and Ukio. But they are now cautiously optimistic that, provided the legal niceties can be dealt with, there will be a positive outcome to both meetings. Administrators normally only proceed to a vote on a CVA after extensive negotiations, and provided they have a reasonable idea of how a vote will go.

According to one source close to negotiations, tomorrow could be “a day to smile - but not to dance”. Having taken more than five months to get to this point, however, no-one is taking anything for granted.
The cooling-off period would last almost until the end of the year, after which time substantial legal work would remain before Hearts could exit administration and be freed from the restrictions against signing players that are currently in force. Responding to one report last night that said Hearts would now be unable to leave administration before the transfer window closes at the end of January, the Foundation insisted that the timescale had always been tight.
“Any agreement of a CVA is subject to all sorts of terms and conditions on all sides, and that is a time-consuming process which cannot start until after the cooling-off period,” the Foundation said. “Given that would be the end of December, the times mentioned are consistent.”

[url=http://www.scotsman.com/sport/football/spfl/hearts-await-go-ahead-for-cva-from-ukio-and-ubig-1-3213173]http://www.scotsman....-ubig-1-3213173

[Mellow Hibee]

Cracker of a post from over the road.


Friday - CVA agreed
Saturday - Rudi confirming he will sign on 1st February if we are out of Admin
Sunday - Dump Celtic out of the Scottish Cup


How's that for a weekend? :bucktooth:

:hilarious

With the state the club is in he allows the fighting fund to pay for a wee holiday for him to come over for free hospitality at the Celtic game.

In response to questions of him comming back responds "we will see, it's not a question for this moment"

Meanwhile FOH confirm that a) they don't have money for signings, b) they are unlikely to be out of admin before February and c) they will most likely be playing 1st division football next season.

Likelyhood of him confirming he'll be playing for them = 0%

[Gus Fring]

Would Bob's intervention not smooth the way for Ubig to accept the CVA? It may cause problems for FoH and their future 'business plan' as they would have to deal with Bob but ultimately Hearts would be out of admin, No?

The problem is that fans would be paying their direct debits to FOH for what amounts to a minority shareholding which is not what the FOH are supposed to do. Even if they did go ahead Bob would then be entitled to 50% of the profits as well which would scupper their business plan as they wouldn't be able to pay it back as quickly.

So yes, in terms of a CVA it could actually help but in terms of FOH it would pretty much kill their plan.

[SmashinGlass]

Thought they couldn't delay it any more than a week?

They can't in respect of this meeting, but they could simply pass a motion to take no vote on the proposals at present and call a fresh meeting of creditors at some stage down the line. I think that's what will probably happen here.

[Sergey]

A few factual words to remember...

UBIG'S ASSETS ARE FROZEN.

End of....

GIRFUY ya Jambo clutchers

[Kato]

PTBCAL, on 28 November 2013 - 08:06 PM, said:
I am hearing that he is not helping matters by making a bid for the shares (which are effectively worthless) and thus not helping FOH cause at all. Far from it. He needs to back right off. NOW.

Been told exactly the same. If required FOH must destroy his character via the media. He's a real threat.

flem
Today, 20:22
Italian Lambretta, on 28 November 2013 - 08:17 PM, said:
Where does the **** live?

Juicy.

[Hermit Crab]

A few factual words to remember...

UBIG'S ASSETS ARE FROZEN.

End of....

GIRFUY ya Jambo clutchers

Heeeeeerrrrrrrrrrrreeeeeeeeessssss Sergey. :D

[Coco Bryce]

A few factual words to remember...

UBIG'S ASSETS ARE FROZEN.

End of....

GIRFUY ya Jambo clutchers

:stirrer::worms::cool2::smokin:deal:

[linlithgowhibbie]

Heeeeeerrrrrrrrrrrreeeeeeeeessssss Sergey. :D


Sergey, Sergey, Sergey, Sergey.

[matty_f]

Remember the papers were all telling us rangers' Cva would go through.

[Saorsa]

Yip at least until Feb 2014Boring :yawn: they've been on the life support machine too long already, personally I'd rather somebody just came along now and kicked the plug out the wall.

[Prof. Shaggy]

Killie were in a pretty dire way financially. Any chance they could go into administration? If not, Hearts will struggle to make up 12 points.
It's VERY unlikely that Killie will avoid administration before the end of the season.


Killie received a £1m cash injection last month.
http://www.dailyrecord.co.uk/sport/football/football-news/kilmarnock-celebrate-biggest-result-season-2356141
No, they didn't.


i hope Killie do the same as what the Jumbos did and hold off as late as possible to go into Administration, IF they do. If it worked for Jumbos then it will work for Kilmarnock FC :agree:
I don't think they will.


Killie got a big cash injection.from a local businessman a few months ago so there shouldn't be any worry for them going into admin.
No, they didn't.


A Killie businessman recently invested £1m in them. Should see them ok till the end of the season.
No, he didn't.


At the moment Hearts are odds-on favourites for the drop. Of course Killie may join them if they are in a play off but the main issue for them is staying out of administration.
It's unlikely Killie will stay out of administration.


A friend of chairman at Killie just pumped a large sum of cash into Killie so Admin seems unlikely.Hertz on the other hand, in the words of Private Fraser, are DOOOOMED.
No, he didn't.


Local businessman Billy Bowie put money into the club.
No, he didn't.


I hope they pull through, I really do.
I really hope so too. It's most unlikely they will.
"We're dead in the water" Killie supporters' group Chair 28/11/13

[Jack]

Boring :yawn: they been on the life support machine too long already, personally I'd rather somebody just came along now and kicked the plug out the wall.

Knowing their luck they'll have one of those wee batteries that kicks in when the mains fails.

In fact I think thats where they are now :-)

Lets hope the plug bust with that kick!

[Glory Lurker]

Who let Prof ****gy join the PM board? Do you guys not check folk are actually Hibbies first? :greengrin

EDIT: but at least the swear filter had some suspicions!



[all in jest, Prof - I think! ]

[Ronniekirk]

Remember the papers were all telling us rangers' Cva would go through.
Aye but it never was coz of the risk of the big tax case that never was .So there could a further twist to come in this tarnished corrupt cheating entity that clinging on to whatever small vestige of hope they can that they are going to come through this alright. frozen Asset s is the least of there worries and it should be made clear to them that even if they come out of Administration they won't be able to sign new players and relegation is natural justice Then in January why would fans continue to turn up in numbers to watch the inevitable humiliation . Surely pure defiance alone can't keep them motivated

[Prof. Shaggy]

Who let Prof ****gy join the PM board? Do you guys not check folk are actually Hibbies first? :greengrin

EDIT: but at least the swear filter had some suspicions!



[all in jest, Prof - I think! ]

I think they checked my tenner. :na na:
Which means I've invested more in .net than Bowie has in Killie.

[Dashing Bob S]

A few factual words to remember...

UBIG'S ASSETS ARE FROZEN.

End of....

GIRFUY ya Jambo clutchers

Much ado about nothing mate. I'm waiting for the penny to drop both over there, and with some people on here.

[jacomo]

I think they checked my tenner. :na na:
Which means I've invested more in .net than Bowie has in Killie.

Please explain, what's the story with Bowie then. Not off topic as material interest to Hearts' fate this season.

[Viva_Palmeiras]

A few factual words to remember...

UBIG'S ASSETS ARE FROZEN.

End of....

GIRFUY ya Jambo clutchers

Get ready to R-U-M-B-L-E ...

[Steve20]

It's VERY unlikely that Killie will avoid administration before the end of the season.


If that's true, then Hearts look likely to avoid finishing bottom of the league. 12/1 Betvictor on Killie to finish bottom.

[Springbank]

By "bottom" do bet victor mean 11th?

Out of the 11 who actually complete the full season 2013/14?

[Weststandwanab]

He was one of the bidders not long after they went in to Admin. He's bad news for FOH because he's not relying on any flawed business plans and he's not looking to get the shares for nothing.



"He" in this instance is the UKIO Admin. It could be a woman of course, I don't know. Many thanks for the clarification.

There's still plenty to come out in the wash and I'd say that those who are jumping the gun are jumping the gun :greengrin

There's plenty mileage in this one yet.Spot on.


They do not like that Bob fellow over on keekback !, he must be a Hibby to have noised them up so much. Veiled threats and not so veiled threats posted over there against the man and it shows the calibre of your average yam, there are still some with their heads in the sand waiting to hail big nose back in January !. I quite like Bob and what he is doing.


Yip at least until Feb 2014And the rest.



Cracker of a post from over the road.


Friday - CVA agreed
Saturday - Rudi confirming he will sign on 1st February if we are out of Admin
Sunday - Dump Celtic out of the Scottish Cup


How's that for a weekend? :bucktooth: That is a Carlsberg weekend.

[Peevemor]

On the brokeback Bob Jamieson thread


Why would anyone in Lithuania take this muppet seriously?


Unfortunately they probably don't know any better, yet.


Cheers Chaps. File under 'attention seeking loser' then.

Remind you of anyone? :hmmm:

[PapillonVert]

The problem is that fans would be paying their direct debits to FOH for what amounts to a minority shareholding which is not what the FOH are supposed to do. Even if they did go ahead Bob would then be entitled to 50% of the profits as well which would scupper their business plan as they wouldn't be able to pay it back as quickly.

So yes, in terms of a CVA it could actually help but in terms of FOH it would pretty much kill their plan.

Presumably also the Biddies' involvement is contingent on FoH having full control and them (the Biddies) receiving a transfer of UKIO's security over the stadium + the agreed repayments for their investment as and when? (I am guessing about the transfer of the stadium security bit but just can't see them handing over £2m+ without any kind of security).

If Sponge Bob gets the shares, looks like the game's up for FoH.

[Prof. Shaggy]

Please explain, what's the story with Bowie then. Not off topic as material interest to Hearts' fate this season.

I don't have the full facts about Bowie, but I understand his commitment was in some form of garuantee and not any form of cash investment.

I believe he has very recently gained ownership of some (substantial) property which was formerly a part of KFC. I'm not certain what the term "gratuitous alienation" refers to. (or if that is the term in question)

I also understand that talks over a proposed take-over of KFC by a local consortium have ended in failure. The present owner's attitude would appear to be that, without a substantial cash settlement in their personal favour, the club can go into admin.

[PapillonVert]

I don't have the full facts about Bowie, but I understand his commitment was in some form of garuantee and not any form of cash investment.

I believe he has very recently gained ownership of some (substantial) property which was formerly a part of KFC. I'm not certain what the term "gratuitous alienation" refers to. (or if that is the term in question)

I also understand that talks over a proposed take-over of KFC by a local consortium have ended in failure. The present owner's attitude would appear to be that, without a substantial cash settlement in their personal favour, the club can go into admin.

Giving an asset away for nowt.

[Thecat23]

So reading through this, it looks like a CVA will be granted and not only that Killie will go into admin soon so the yams may even escape relegation? It's early so if this is wrong it's because i'm still half asleep.

[SmashinGlass]

I don't have the full facts about Bowie, but I understand his commitment was in some form of garuantee and not any form of cash investment.

I believe he has very recently gained ownership of some (substantial) property which was formerly a part of KFC. I'm not certain what the term "gratuitous alienation" refers to. (or if that is the term in question)

I also understand that talks over a proposed take-over of KFC by a local consortium have ended in failure. The present owner's attitude would appear to be that, without a substantial cash settlement in their personal favour, the club can go into admin.

Gratuitous alienation is the scots law term for a transfer of property to another party at undervalue. It only really comes into play in the event of an insolvency

[Onceinawhile]

On the brokeback Bob Jamieson thread







Remind you of anyone? :hmmm:

Sergey?

[gorgie greens]

Whets is Sergey,he kept us going for months n now d day and no where to be seen?

[lapsedhibee]

Whets is Sergey,he kept us going for months n now d day and no where to be seen?

He's over on the PM board sticking by his opinion that The Fat Lady hasn't cleared her throat yet, never mind begun to sing.

[jonty]

Whets is Sergey,he kept us going for months n now d day and no where to be seen?

bed?

[Glesgahibby]

BDO saying 70 percent chance of UBIG abstaining after late night talks ?
Surely at this stage they would need that to be 100 percent ?

[Bill Milne]

If that's true, then Hearts look likely to avoid finishing bottom of the league. 12/1 Betvictor on Killie to finish bottom.

Why wouldn't they adopt the Hertz business model and lie in their teeth to avoid administration until it is too late for it to matter this season?

[#FromTheCapital]

BDO saying 70 percent chance of UBIG abstaining after late night talks ?
Surely at this stage they would need that to be 100 percent ?

Does the CVA go through if UBIG abstain?

[Glesgahibby]

Does the CVA go through if UBIG abstain?
Sadly yes.

[HFC 0-7]

Why wouldn't they adopt the Hertz business model and lie in their teeth to avoid administration until it is too late for it to matter this season?

They may see this as the best season to go into admin with a team already a good few points behind them so that a points deduction wouldn't be as bad in terms of catching other teams.

[Prof. Shaggy]

Giving an asset away for nowt.


Gratuitous alienation is the scots law term for a transfer of property to another party at undervalue. It only really comes into play in the event of an insolvency

As I suspected.

[Winston Ingram]

This sounds encouraging...

http://sport.stv.tv/football/250761-vote-on-hearts-cva-in-the-balance-as-club-seeks-to-exit-administration/

[green.and.white]

So if the CVA is accepted (or rejected, or postponed) today, what time will anything be announced?

[Ronniekirk]

They may see this as the best season to go into admin with a team already a good few points behind them so that a points deduction wouldn't be as bad in terms of catching other teams.
If this comes to fruition then the whole credibility of the new set up has to called into question The issue of financial viability and checking owners backgrounds to make sure they are fit and proper (although that's a tall Oder in the business world these days ) doesn't seem to be taken seriously Look at the on going debacle with Sevco and all the Board room machinations and Dave King seeking advice from within SFA allegedly before trying to muscle in If clubs find a way yp avoid liquidation but don't see fit and proper sanctions clearly and quickly imposed and seen through there will be legal wriggle room andFair Play is lot the Windae But where would forums be if there wasn't all this speculation

[greenginger]

Does the CVA go through if UBIG abstain?


The 75% of voting creditors would be passed without UBIG, however they require at least 50% of ALL shareholders to vote in favour.

But there is another loophole in the regs. If the creditors vote one way and the shareholders vote the other, the creditors vote takes precedent and the vote carries.

Hope the Liths have good legal advice and don't just rely on Jackson.

[SmashinGlass]

Sadly yes.

I think that you're wrong on this one. An abstination will be counted as a no vote. If UBIG abstain and Ukio vote yes, it is academic. It will fail.

[Leithenhibby]

So if the CVA is accepted (or rejected, or postponed) today, what time will anything be announced?

Think the vote is taking place around 12ish...... :wink:

[Hermit Crab]

Think the vote is taking place around 12ish...... :wink:

Just in time for a spot or lunch then a ham shank when the news come through. ;)

[Leithenhibby]

Just in time for a spot or lunch then a ham shank when the news come through. ;)

It's gonna be a long morning for THEM me thinks.... :greengrin:greengrin

[Hermit Crab]

It's gonna be a long morning for THEM me thinks.... :greengrin:greengrin

And us. If it's rejected expect a record amount of Kleenex sales in gorgie and a baby boom in nine months in the leith area. :D

[Glesgahibby]

I think that you're wrong on this one. An abstination will be counted as a no vote. If UBIG abstain and Ukio vote yes, it is academic. It will fail.
Hope your correct mate,
i was going by information quoted by others on this thread.

[Crazyhorse]

If this comes to fruition then the whole credibility of the new set up has to called into question The issue of financial viability and checking owners backgrounds to make sure they are fit and proper (although that's a tall Oder in the business world these days ) doesn't seem to be taken seriously Look at the on going debacle with Sevco and all the Board room machinations and Dave King seeking advice from within SFA allegedly before trying to muscle in If clubs find a way yp avoid liquidation but don't see fit and proper sanctions clearly and quickly imposed and seen through there will be legal wriggle room andFair Play is lot the Windae But where would forums be if there wasn't all this speculation

Excellent stream of consciousness stuff...

[Leithenhibby]

And us. If it's rejected expect a record amount of Kleenex sales in gorgie and a baby boom in nine months in the leith area. :D


What I'd like to know is, where are the shares?

The cva may well go through in principle, but what if the Mad Man has moved them on....... :pray:

[Killiehibbie]

Please explain, what's the story with Bowie then. Not off topic as material interest to Hearts' fate this season.A company called the Park Hotel Ayrshire Ltd set up with Billy Bowie (who has still not been registered as a director at the club) as the sole director. Should the hotel be split from the club at any point and the club left with the toxic debt then it could not go to a company that shares a director with the club. No logical explanation forthcoming for this, it all seems very suspect.

The rumour going round is this is the reason he has promised to invest in the club.

[Hermit Crab]

What I'd like to know is, where are the shares?

The cva may well go through in principle, but what if the Mad Man has moved them on....... :pray:

It will come out in the wash. More twists and turns.

[SmashinGlass]

Hope your correct mate,
i was going by information quoted by others on this thread.

It's been a number of years since I worked in the insolvency trade, so I'm not totally sure. Re-reading the rules, it appears that they have to be present or represented at the meeting in order for that abstention to count as a no. If they are deciding to abstain, it sounds as if they will have a representative there, which will hopefully scupper things. I live in hope

[Gus Fring]

Text from my source

"Tense atmosphere this morning. Nobody is saying much. There's no smiles and no impression of confidence"

[Leithenhibby]

Text from my source

"Tense atmosphere this morning. Nobody is saying much. There's no smiles and no impression of confidence"

So as of now, it's going to plan... :wink:

[Glesgahibby]

It's been a number of years since I worked in the insolvency trade, so I'm not totally sure. Re-reading the rules, it appears that they have to be present or represented at the meeting in order for that abstention to count as a no. If they are deciding to abstain, it sounds as if they will have a representative there, which will hopefully scupper things. I live in hope
I could be getting mixed up here,it could be if they don't turn up at all then they won't have a vote?
Not be long now,still think if this was a done deal for them,we would know by now.

[green.and.white]

Think the vote is taking place around 12ish...... :wink:

Cheers :aok:

[Aldo]

Text from my source "Tense atmosphere this morning. Nobody is saying much. There's no smiles and no impression of confidence"

:-D

[greenginger]

Creditors meeting at 10.00 A M ?

[Glesgahibby]

Text from my source

"Tense atmosphere this morning. Nobody is saying much. There's no smiles and no impression of confidence"
Good sign :cb

[Hermit Crab]

Text from my source

"Tense atmosphere this morning. Nobody is saying much. There's no smiles and no impression of confidence"

Baiting you or is your source worried :D

[Gus Fring]

Baiting you or is your source worried :D

Worried I think. They wouldn't bait me.

[Jim44]

There's a Hibby who posts on KB under the name Wee Robbo and is treated I suppose as a Jambo plaything. This is his message to them this morning - " All the best lads, as I said from the start Ediniburgh and the Scottish game as a whole needs a strong Hearts. So good luck." I hope he is not a Hibsnetter ....... total embarrassment.

[Winston Ingram]

If UBIG abstain does that count as a yes or no vote?

[#FromTheCapital]

No Lithuanian representatives present at the meeting according to Brian McLaughlin

[Winston Ingram]

i feel sick....

[nribs]

No Lithuanian representatives present at the meeting according to Brian McLaughlin
What does that mean ?

[S4uzee]

There's a Hibby who posts on KB under the name Wee Robbo and is treated I suppose as a Jambo plaything. This is his message to them this morning - " All the best lads, as I said from the start Ediniburgh and the Scottish game as a whole needs a strong Hearts. So good luck." I hope he is not a Hibsnetter ....... total embarrassment.

Cringe

[JeMeSouviens]

No Lithuanian representatives present at the meeting according to Brian McLaughlin

... but Bryan Jackson has their instructions according to the STV guy and the pic of him entering the meeting looks slightly less undertakerish than normal so I think it's going to be a conditional yes and move on to the UBIG creditors' vote ...

[QMU-1875]

There's another hibee that post over on KB like that. Their both an embarrassment

[#FromTheCapital]

What does that mean ?

Not a lot is my guess, assume they'd agree or reject by phone or fax?

[greenlex]

Let us Pray Brothers and Sisters.:pray:

[green glory]

@The_FoH: CVA - first stage passed at 87% of vote.

[Ozyhibby]

CVA approved

[Gmack7]

CVA approved

F.u.k.I.n booooooooooooooooooo

[jacomo]

Why not say, "the reports are correct"?

Because they are pretentious wannabes?

[Craig_in_Prague]

oh well

more parties down gorgie way

[Leithenhibby]

oh well

more parties down gorgie way

Not so sure about that....

Looonnnggg way to go yet, like where are the shares?...

[Winston Ingram]

Typical:rolleyes:

[AndyM_1875]

Typical:rolleyes:

Knew this would happen H.

Lots of twists & turns still to go.

Btw it's "on condition of purchase of UBIG shares"

[QMU-1875]

So their out of admin by transfer window or will they still have to wait for UBIG?

[bingo70]

@The_FoH: CVA - first stage passed at 87% of vote.

What does first stage bit mean? Could it still fall through or is the rest a formality?

[matty_f]

Typical:rolleyes:

It wasn't a surprise really, there's still a long way to go before they're out of trouble, don't get frustrated- just sit back and enjoy what's to come.

[Brightside]

They still have to buy the shares from UBIG.....chill people.

[stevejordan]

So they have slithered out of the mess typical

[bingo70]

They still have to buy the shares from UBIG.....chill people.

Is that not what's just been agreed?

[Brightside]

[CVA] Ukio voted in favour, Ubig abstained.

[Craig_in_Prague]

UBIG abstained from this morning's vote #heartscva

[Brightside]

Stage 5 is completing deal in required timescale.
Retweeted by Foundation of Hearts
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Heart of Midlothian ‏@JamTarts 8m
Stage 4 is sale and purchase agreement
Retweeted by Foundation of Hearts
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Heart of Midlothian ‏@JamTarts 9m
Stage 3 is securing shares from UBIG.
Retweeted by Foundation of Hearts
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Heart of Midlothian ‏@JamTarts 9m
Stage 2 is members meeting today. 50% of votes in favour requires.
Retweeted by Foundation of Hearts
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Foundation of Hearts ‏@The_FoH 9m
CVA - first stage passed at 87% of vote.
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Heart of Midlothian ‏@JamTarts 10m
BREAKING: 87% of creditors vote in favour of CVA.
Retweeted by Foundation of Hearts

[Leithenhibby]

Is that not what's just been agreed?

No..

[#FromTheCapital]

Ukio voted in favour as expected UBIG abstained

[Ryan91]

Still a ways to go yet, FoH need to cobble together some serious money to get the shares from UBIG - which correct me if I'm wrong - can't be bought until UBIG's assets are unfrozen. Not out of the woods just yet.

[JeMeSouviens]

So their out of admin by transfer window or will they still have to wait for UBIG?

Have to wait for UBIG, it will be into Feb at earliest, probably more likely March (or not at all if they can't get the shares).

I must say that although this has been coming I'm still surprised Valnetas took half the value of Tiny. Strange one.

I'm a bit disappointed they'll probably survive but even in death we'd still have had a zombie Hearts reappearing, so it doesn't make that much odds in the long run. We just need Tel to get us into some sort of shape and skelp them twice on their way down. Their relegation will still be worth some big grins.

[brog]

[CVA] Ukio voted in favour, Ubig abstained.

So basically what we were told would happen, happened! Per EN last night though this still means nothing happens before Feb at earliest. I'm intrigued as to why UKIO & UBIG are taking a different stance given that UBIG was only effectively the investment arm of UKIO. Still a long way to go methinks!

[Brightside]

So basically what we were told would happen, happened! Per EN last night though this still means nothing happens before Feb at earliest. I'm intrigued as to why UKIO & UBIG are taking a different stance given that UBIG was only effectively the investment arm of UKIO. Still a long way to go methinks!

Exactly. Everything is fine.. Nothing new here.

[Gus Fring]

Let's not get ahead of ourselves. UBIG abstained. That's a pretty major plot point as they are the major shareholder. All this means is the creditors have agreed to take nothing for the money they are owed. Nothing more. UBIG could still demand a large sum for their shares for all we know

[Winston Ingram]

Have to wait for UBIG, it will be into Feb at earliest, probably more likely March (or not at all if they can't get the shares).

I must say that although this has been coming I'm still surprised Valnetas took half the value of Tiny. Strange one.

I'm a bit disappointed they'll probably survive but even in death we'd still have had a zombie Hearts reappearing, so it doesn't make that much odds in the long run. We just need Tel to get us into some sort of shape and skelp them twice on their way down. Their relegation will still be worth some big grins.

Half? A quarter more like

[brog]

Have to wait for UBIG, it will be into Feb at earliest, probably more likely March (or not at all if they can't get the shares).

I must say that although this has been coming I'm still surprised Valnetas took half the value of Tiny. Strange one.

I'm a bit disappointed they'll probably survive but even in death we'd still have had a zombie Hearts reappearing, so it doesn't make that much odds in the long run. We just need Tel to get us into some sort of shape and skelp them twice on their way down. Their relegation will still be worth some big grins.


Can you expand on this please?

[JeMeSouviens]

Can you expand on this please?

In what way? FoH got it valued at £5.5M. I guess you wouldn't get full value in a liquidation sale but £5M doesn't seem unreasonable. They're actually getting £2.5M. BDO costs would be deducted either way. I suppose this way they get the reduced sum a bit quicker?

[carnoustiehibee]

Let's not get ahead of ourselves. UBIG abstained. That's a pretty major plot point as they are the major shareholder. All this means is the creditors have agreed to take nothing for the money they are owed. Nothing more. UBIG could still demand a large sum for their shares for all we know

Could ubig agree and not demand a huge price for the shares?

[Coco Bryce]

They still have the second stage vote at the shareholders meeting at 12.00 - need 50% to vote in favour. :rolleyes:

[Jim44]

They still have to buy the shares from UBIG.....chill people.

Speaking from ignorance perhaps, but aren't Ubig and Ukios essentially joined at the hip and unlikely to work against the interests of each other? I reckon things will run comparatively smoothly for the Jambos now. My only fear is that all concerned including the SPFL will try to fast-track them back to undeserved good health. Relegation and what that brings is our main weapon. A good trouncing from Celtic in the cup could set them up for a torrid time in the remaining league matches. I hope Killie get their act together and leave them high and dry.

[SQHib]

Let's not get ahead of ourselves. UBIG abstained. That's a pretty major plot point as they are the major shareholder. All this means is the creditors have agreed to take nothing for the money they are owed. Nothing more. UBIG could still demand a large sum for their shares for all we know

Quick question Bajillions - how does the final figure work - all creditors get a right to vote and their votes if you like are in proportion to their debt due. Does the 87% figure represent the ones who said yes out of the ones who did inded return a vote at all - so if in theory all creditors had abstained ( or not bothered to return a vote) like UBIG and only UKIo bothered returning a vote it would have been 100% ?

An an observation - UBIG admin must realise ( hard not to) that they are siting on the last piece to complete the deal the 50% sahreholding in hearts - why would they even entertain taking nothing for them ? Surely they could say well give us say £500k and they are yours ? I cannot fathom that one out - I know BDO and FOH are saying they are technically "worthless" but they are required to have a mojority shareholding so they are not worthless at all - is that not like that old dears shares in Hibs who she refused to flog to FTB mercer back in the hearts takeover battle - forget her name now ? They were worthless on paper but Mercer was gubbed without them ?

[matty_f]

They still have the second stage vote at the shareholders meeting at 12.00 - need 50% to vote in favour. :rolleyes:

Would expect that to be a formality.

[7062]

From reading the BBC report anything agreed today would be conditional till UBIG's creditors meeting in Jan. Don't really know the details, but sounds like there's still a way to go.

[JeMeSouviens]

Quick question Bajillions - how does the final figure work - all creditors get a right to vote and their votes if you like are in proportion to their debt due. Does the 87% figure represent the ones who said yes out of the ones who did inded return a vote at all - so if in theory all creditors had abstained ( or not bothered to return a vote) like UBIG and only UKIo bothered returning a vote it would have been 100% ?

If you turn up and abstain, you count as a no.
If you don't turn up (and aren't represented), you don't count at all.

So 87% of the debt that either turned up or was represented voted in favour. Given UBIG's abstention, that probably means virtually everyone other than Ukio voted no.

[Thecat23]

May I be the first to say I have no idea what the hell is going on. :confused:

[I'm_cabbaged]

May I be the first to say I have no idea what the hell is going on. :confused:

Me too!! :)

[matty_f]

From reading the BBC report anything agreed today would be conditional till UBIG's creditors meeting in Jan. Don't really know the details, but sounds like there's still a way to go.

As amusing as it has been watching them unravel, bake cakes, not attend glamour friendlies etc, I think everyone has kind of missed where the real fun is going to be had.
Getting the cva is as good as them not getting it would have been. Their business model is ridiculous, they're getting relegated and I wouldn't be at all surprised to see them back in administration within 18 months max.

[Just Alf]

From reading the BBC report anything agreed today would be conditional till UBIG's creditors meeting in Jan. Don't really know the details, but sounds like there's still a way to go.

just realized it's conditional, that means it's not officially "signed off" so in turn that means the 30 day cooling off period can't commence yet?

[brog]

If you turn up and abstain, you count as a no.
If you don't turn up (and aren't represented), you don't count at all.

So 87% of the debt that either turned up or was represented voted in favour. Given UBIG's abstention, that probably means virtually everyone other than Ukio voted no.

The main bulk of the 13% would I assume be HMRC. They have £1.9m out of £27m = approx 8%. Apologies re your prior post, I read it that Valnetas was accepting half of PBS ( rather than the value ) & I thought I'd missed something earlier in this small thread!

[Gus Fring]

Speaking from ignorance perhaps, but aren't Ubig and Ukios essentially joined at the hip and unlikely to work against the interests of each other? I reckon things will run comparatively smoothly for the Jambos now. My only fear is that all concerned including the SPFL will try to fast-track them back to undeserved good health. Relegation and what that brings is our main weapon. A good trouncing from Celtic in the cup could set them up for a torrid time in the remaining league matches. I hope Killie get their act together and leave them high and dry.

The yams have been saying UKIO and UBIG were essentially one and the same. Today has proven they are not. UBIG abstained while UKIO voted.

[Ozyhibby]

Me too!! :)

Sorry, you can't both be first.