Share Transfers Agreed/Cooling off period

[GreenLake]

News of Killie's new debt position is bringing out the best in them. John Mitchell aka one of the most bitter hurting jambos on kickback..

"Good news for another SPL club re the debt, that's Dundee Utd, St Mirren, St Johnstone, Aberdeen (possibly), Motherwell, ICT, Ross Cty etc, all pretty much debt free, with us going down and starting again debt free....................and Hibs having crippling debts with no remedy on the horizon"

Crippling debt? That will be our £5m long term debt after completing ALL stadium and training infrastructure. Superb. And a debt free Hearts, again just priceless.

The maroon herd will be expecting a new stadium and training facility to be given to them by the city council and/or some government sports development body.

[GreenCastle]

http://en.wikipedia.org/wiki/Administration_(British_football)

List of clubs who have been in Administration...#proud :greengrin #createdhistory

[jonty]

Jambo and the Maroon Fleece

Jambo and the morons fleeced.

[TRC]

Why does it not say dissolved next to der hun?

[CropleyWasGod]

Why does it not say dissolved next to der hun?

:worms:

Probably because they're not.

[NadeAteMyLunch!]

Noticed that myself. Utterly pathetic the amount of folk that are scared to admit the truth regarding Rangers/The Rangers. Flicked over to The Rangers v Dunfermline earlier. Lasted 3 mins before turning back to Orient v Brentford. The commentator was vomit inducing. "And they quite rightly will get a guard of honour onto the pitch, they are well and truly on their way back...they are Raaaaaaangers!!" Seriously, **** off mate

[the_ginger_hibee]

Wikipedia is run by the people...so maybe it might say dissolved now :wink:

[CropleyWasGod]

Wikipedia is run by the people...so maybe it might say dissolved now :wink:

And that would be incorrect.:wink:

[the_ginger_hibee]

And that would be incorrect.:wink:

But the Daily Record said so :wink:

I'll partake in a bit of Hun baiting anyday - be it technically correct or not :greengrin

[Dashing Bob S]

1 - The yams won't be fan owned - Budge will be in control - Biggest (size matters to them once more) ever supporter movement :blah::faf:

2 - Debt free ? No they will be taking on another debt - having to pay it back in the next few years (one debt to another - who will bail them out next time?)

3 - Just over 2 weeks left in March...tick tock..

Sadly, for the Jamtards, 1 & 2 are best case scenarios which stand absolutely no chance of happening. Future far more bleak.

[CropleyWasGod]

But the Daily Record said so :wink:

I'll partake in a bit of Hun baiting anyday - be it technically correct or not :greengrin

Damn those DR sleuths.... they always get to the truth.


:rolleyes:

[Dashing Bob S]

I'm going to put aside my 5-1 hurt.

There. That feels better.

1. There are no frozen shares. It's just a complex and technical business matter (with those wacky notoriously slow Liths) but BDO have it in order and the CVA will be completed in favour of FOH shortly, who will pass the shares on to Anne Budge.

2. This will happen next week, or possibly the week after, and if for some reason it doesn't, the Queen of Hearts will see them alright. If she can't, then FOH can spend the debits to get Hearts through the close season.

3. Everybody agrees that Hearts are special and important and famous and must be protected at all costs from the consequences of their own bad decision making and fraudulent behaviour.

4, Money will be pumped into the club (May, Mackay, possibly Boyd) and the points deficit on admin made up in an exciting two horse Championsliga contest between Rangers and Hearts with a strong Dunfermline and Dundee.

All is barry.

Take off those 5-1 distorting blinkers of hate fellow Hibby's, you will feel so much better!

[GreenLake]

I'm going to put aside my 5-1 hurt.

There. That feels better.

1. There are no frozen shares. It's just a complex and technical business matter (with those wacky notoriously slow Liths) but BDO have it in order and the CVA will be completed in favour of FOH shortly, who will pass the shares on to Anne Budge.

2. This will happen next week, or possibly the week after, and if for some reason it doesn't, the Queen of Hearts will see them alright. If she can't, then FOH can spend the debits to get Hearts through the close season.

3. Everybody agrees that Hearts are special and important and famous and must be protected at all costs from the consequences of their own bad decision making and fraudulent behaviour.

4, Money will be pumped into the club (May, Mackay, possibly Boyd) and the points deficit on admin made up in an exciting two horse Championsliga contest between Rangers and Hearts with a strong Dunfermline and Dundee.

All is barry.

Take off those 5-1 distorting blinkers of hate fellow Hibby's, you will feel so much better!

Bob, how could you forget glorious?

[Jack]

FoH must hand over £6.3m before they get control of Hearts.
Hardly debt free.

£6.3m???

I thought it was less than that. What's the breakdown?

[steviehibsleith]

£6.3m???

I thought it was less than that. What's the breakdown?

Yes i thought it was less as wlle but i think its correct - £3.5 to buy and £2.5 working capital plus a few hundred extra i guess. They need the guaranteed working capital for 2 season in Championship with less income .

[CropleyWasGod]

£6.3m???

I thought it was less than that. What's the breakdown?

£6.3m is correct.

http://www.foundationofhearts.org/statement-from-bidco/

£2.5m for the purchase, £1m upfront working capital. £2.8m for working capital over the following 2 years.

[GreenLake]

Yes i thought it was less as wlle but i think its correct - £3.5 to buy and £2.5 working capital plus a few hundred extra i guess. They need the guaranteed working capital for 2 season in Championship with less income .

Don't forget another £51m to redevelop Tynecastle piggery into a hotel and stadium.

http://www.heartsfc.co.uk/articles/20070820/home-is-where-the-hearts-is_2241749_1091705

[Ozyhibby]

£6.3m???

I thought it was less than that. What's the breakdown?

£1m on completion of the CVA
£1.4m 2014/15
£1.4m 2015/16
£2.5m in the 2/3 years after that.
Only when every last cent of this is paid are FoH given control of Hearts.
About 2019/20

[Ozyhibby]

All of which is hypothetical. They need to complete the CVA first and that looks more distant than ever.

[Brunswickbill]

I see that Firhill could do with a stand behind one of their goals. Does anyone know of a ground that's going to shut down where they could buy one at a knockdown:wink: price?

[Weststandwanab]

All of which is hypothetical. They need to complete the CVA first and that looks more distant than ever. Freezer door needs opened before that and the creditors need to agree to that first and the creditors need to form a Committee before that and Tuesday needs to happen first before a Committee can be formed but wait it is Saturday today.

[GreenCastle]

Don't forget another £51m to redevelop Tynecastle piggery into a hotel and stadium.

http://www.heartsfc.co.uk/articles/20070820/home-is-where-the-hearts-is_2241749_1091705

One of my favourite links on the whole of the internet. :greengrin :aok:

They need to update the timeline...

http://www.heartsfc.co.uk/articles/20070820/timeline_2241749_1091729 :faf:

[Deansy]

Think it's fairly obvious now that all who post on 'Soontobe30+pointsback' consist entirely of the ones who started supporting 'the infamous' when Mercer started off 'The Money Years' - hence the bitterness/gross-stupidity etc breaking out as their club races back to it's real-level. For most of them, 'reality' will be just too much to bear.

[EastCalderHibby]

News of Killie's new debt position is bringing out the best in them. John Mitchell aka one of the most bitter hurting jambos on kickback..

"Good news for another SPL club re the debt, that's Dundee Utd, St Mirren, St Johnstone, Aberdeen (possibly), Motherwell, ICT, Ross Cty etc, all pretty much debt free, with us going down and starting again debt free....................and Hibs having crippling debts with no remedy on the horizon"

Crippling debt? That will be our £5m long term debt after completing ALL stadium and training infrastructure. Superb. And a debt free Hearts, again just priceless.

they really are thick as **** tramps

[Springbank]

Debt free?

In much the same way that a guy serving a 12 month driving ban can boast that soon he'll have no points on his license to someone who has 3 points on their license

[Joe6-2]

Liquidation is all, repeat ALL they deserve, and the sooner the better!

[Phil D. Rolls]

Liquidation is all, repeat ALL they deserve, and the sooner the better!

I am not a number I am a free man!

[Chibs]

I am not a number I am a free man!

who is number one?
you are number six and I am number two.:greengrin

loved that programme,never understood a damn thing what it was about mind you.

[GreenLake]

It's still head in the sand time over on slickcrack. lots of posts about 5.1, poor Hibs players, peg selling and methadone but nothing whatsoever about the frozen shares, CVA vote, politicians and journalists talking gobshight and the slow defecation of their club from the sphincter of the fine "Russian Prince".

[Waxy]

Right.A new week begins.Get this back up top.

[Dashing Bob S]

Right.A new week begins.Get this back up top.

I agree. A century and a bit of Edinburgh football history about to be wiped out. The Jambos don't seem to care but thank god there are still some people left in this city with a little civic pride.

[Hibrandenburg]

It's still head in the sand time over on slickcrack. lots of posts about 5.1, poor Hibs players, peg selling and methadone but nothing whatsoever about the frozen shares, CVA vote, politicians and journalists talking gobshight and the slow defecation of their club from the sphincter of the fine "Russian Prince".

This is what makes me chuckle the most. All those who've posted on that thread are not just gonna look like complete trumpets when the inevitable happens but also for years to come. They'll be framed forever in history like the band that continued to play on the Titanic.

Can you imagine the questions they'll be facing from their offspring? "Hey Unclegrandad Boabster, why did you have your head stuck up your erse when the Hearts were going bust?".

Both threads need to be preserved so that future generations can see how they sat by and watched their club go down the pan whilst all along the truth was apparent.

[Ozyhibby]

Potentially fatal meeting tomorrow.
:-)

[Bostonhibby]

I agree. A century and a bit of Edinburgh football history about to be wiped out. The Jambos don't seem to care but thank god there are still some people left in this city with a little civic pride.

To be fair Bob, for all we know maybe the people of Midlothian might get round to a belated show of concern when their "heart of" eventually goes pop?

We can hardly expect it to make a difference to the people of the city when midlothian is effectively just a nearby neighbouring region with a football team that plays in Edinburgh claiming to be its "heart of". There really has always only been one top flight Edinburgh team. Wallace was right all along :-)

[Joe6-2]

Potentially fatal meeting tomorrow.
:-)

Can a fatal blow be delivered tomorrow?

[Phil D. Rolls]

Can a fatal blow be delivered tomorrow?

The patient has been dead for months.

[Ronniekirk]

Can a fatal blow be delivered tomorrow?
Has it not just gone all quiet as budge knows nothing is potentially happening re frozen shares till end of April which will soon be changed to sometime in May or are they now having to seriously consider how they market the big L to fans to keep them on board .

[Ozyhibby]

Can a fatal blow be delivered tomorrow?

I think so.
They could vote to reject the CVA but much more likely they will not discuss Hearts at all and arrange a second meeting for 6 months time.
The result would be the same.

[Juice-Terry]

I think so.
They could vote to reject the CVA but much more likely they will not discuss Hearts at all and arrange a second meeting for 6 months time.
The result would be the same.

Pleasing.

[ehf]

Right.A new week begins.Get this back up top.

:agree: desperately need some pleasing developments here to divert us from the fact that we have a crap team and another useless manager.

[CropleyWasGod]

Can a fatal blow be delivered tomorrow?

No.

Tomorrow is all about electing the creditors' committee.

[greenginger]

Had an E-mail this morning from Ullyses at Jambo Kickback.

" Buy a £5 ticket for a raffle to win all the programs for Hearts cup runs. "

Looks like the Yam begging machine is going up the gears :greengrin

[Weststandwanab]

Can a fatal blow be delivered tomorrow? I believe it could see my last post below.


The patient has been dead for months. I agree.


Has it not just gone all quiet as budge knows nothing is potentially happening re frozen shares till end of April which will soon be changed to sometime in May or are they now having to seriously consider how they market the big L to fans to keep them on board . That will have been decided already as BJ knows.


No.

Tomorrow is all about electing the creditors' committee. I am not sure it is a given that there will be agreement on who is on the Creditors Committee - there are some awfully big sums of money involved here - and if that is the case, further delays could be fatal for BDO.

[clerriehibs]

This is what makes me chuckle the most. All those who've posted on that thread are not just gonna look like complete trumpets when the inevitable happens but also for years to come. They'll be framed forever in history like the band that continued to play on the Titanic.

Can you imagine the questions they'll be facing from their offspring? "Hey Unclegrandad Boabster, why did you have your head stuck up your erse when the Hearts were going bust?".

Both threads need to be preserved so that future generations can see how they sat by and watched their club go down the pan whilst all along the truth was apparent.

But, like the band on the titanic, what else can they do?

They're donald ducked. They can't do anything to change that. They can't alter events in Lithuania. They're p!ssed at everyone everyone associated with homfc, but in truth, all they can do is lash out at us. They have nothing else left.

[greenginger]

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&prev=/search%3Fq%3Dukio%2Bbankas%26client%3Dfirefox-a%26hs%3DJaC%26rls%3Dorg.mozilla:en-US:official%26channel%3Dsb&rurl=translate.google.com&sl=lt&u=http://www.ub.lt/images/doc/20140317_UKB_bankroto_proceso_apzvalga.pdf&usg=ALkJrhjLx8c4etszh15WGxO1_cua1W4Y-w


This is all that is happening at tomorrow's Creditors meeting.

[Platinum Scotty]

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&prev=/search%3Fq%3Dukio%2Bbankas%26client%3Dfirefox-a%26hs%3DJaC%26rls%3Dorg.mozilla:en-US:official%26channel%3Dsb&rurl=translate.google.com&sl=lt&u=http://www.ub.lt/images/doc/20140317_UKB_bankroto_proceso_apzvalga.pdf&usg=ALkJrhjLx8c4etszh15WGxO1_cua1W4Y-w


This is all that is happening at tomorrow's Creditors meeting.

Pages 13/14 makes for some interesting reading.............not all rosy eh!

[Cabbage East]

Have they received their share certificates yet?

[H18sry]

Page 14 makes for some interesting reading.............

3.10.3. Heart of Midlothian Plc (Scotland) Heart of Midlothian Plc is a Scottish football club Hearts managing the Company. This Company's debt agricultural bank (without Interest and penalties) is 14 684 636.97 GBP (approximately 61.6 million. lit). kio bankas requirements Heart of Midlothian Plc is to: x Company's mortgage; x original property (Tynecastle stadium in Edinburgh) change; x 29.5% of Heart of Midlothian Plc share exchange; x Company LLC and Balkan Invest JSC Businessline guarantees. Payable to mention the fundamental problem of the debtor: x Lack of lending liabilities assurance. According to 2012. March 30. assessment, Tynecastle Stadium values ​​(appreciation and investments needed) 2 times less than the total debt (EUR 7.5 million. GBP). According to 2013. July n. assessment carried out in real property values ​​down further by around 2-3 times less than the amount owed ​​2 million. - 3.5 million. GBP (subject to permission to develop residential destination areas - 7.5 million. GBP). Other security measures - of dubious value. x Problematic shares replacement. Debtor's shares are owned by bankrutuojanþiai JSC Bank's economic Investment Group. agricultural bank in favor of weird only 29.5% of the Company's shares. agricultural bank has opportunities without BUAB economic Bank Investment Group Co-operation in ensuring implement changes Hearts Football Club t Continuity. The problems in the situation illustrated by the fact that the first BUAB economic Bank Investment Group "meeting of creditors was rejected Heart of Midlothian Plc shares for sale si lom 100,000 GBP Realization of the stadium features. Completed property assessment report reveals that Tynecastle The stadium will have the highest market value of t, if consented would develop into the densely built residential areas. However the chances are high that a permit is not received, because area is established consulting s / security zone on sand near regulated hazardous materials (Alcohol and ethanol plant containers and plant medicine). According to the football club administrators are high likelihood that investors will not want to buy tons of assets for fear BESITOS sianþio hooliganism, institutions of political pressure (due to the collapse of the football club). Administrator has the following key to this borrower-related actions: x The analysis of the possible actions alternatives. Meetings were held with the Scottish League managers, administrators, Scottish lawyers, discussed the current situation and options. Accepted decision to seek insolvency procedures ros - Administration. This has helped to keep both options sold immovable property, and sell the football club as rich Complex, together with the assignment of Heart Midlothian Plc shares; x In 2013. June 19 started the debtor administration. Administrator appointed kio bankas offered a replacement candidate; x Taken over management of the former leadership, the club secured a temporary operating t Continuity within a short compiled by almost 1 million. GBP income and releasing part of employees and their players reached 0.5 million. GBP cost savings per year; x Start the Heart of Midlothian Plc selling process. After not one for discussions and negotiations on the price improvement was extracted and the largest real border price ls investor; x In 2013. At the end of a peaceful approved the agreement of creditors, resulting in economic bank, the only one of Heart of Midlothian Plc creditors, regain part of the loan granted; x In 2014. March for the start of negotiations on the sports club's transfer business documents. kio bankas aims to bt sold Heart of Midlothian Plc assets and the income received would be paid to the economic Bank's share of the amoun :wink:

[GordonHFC]

Am I right in my reading of this that the Lithuanian administrators have been frightened off by BDO who have said that they would not be able to sell off the land to any possible developer as no company would purchase it due to the likelihood of HoMFC supporters (hooligans) bombarding any such company as they would be seen to have had a hand in their demise.

Or am I reading this completely wrong.

[Ozyhibby]

Does this mean that they are on the agenda tomorrow?

[MrSmith]

This is what makes me chuckle the most. All those who've posted on that thread are not just gonna look like complete trumpets when the inevitable happens but also for years to come. They'll be framed forever in history like the band that continued to play on the Titanic.

Can you imagine the questions they'll be facing from their offspring? "Hey Unclegrandad Boabster, why did you have your head stuck up your erse when the Hearts were going bust?".

Both threads need to be preserved so that future generations can see how they sat by and watched their club go down the pan whilst all along the truth was apparent.

https://www.youtube.com/watch?v=5j2F4VcBmeo :cb

[Weststandwanab]

Pages 13/14 makes for some interesting reading.............not all rosy eh!It sure does, and not looking good.


Am I right in my reading of this that the Lithuanian administrators have been frightened off by BDO who have said that they would not be able to sell off the land to any possible developer as no company would purchase it due to the likelihood of HoMFC supporters (hooligans) bombarding any such company as they would be seen to have had a hand in their demise.

Or am I reading this completely wrong.Possibly but not sure a Liquidator would worry about threats too much.

[Ozyhibby]

If they are on the agenda tomorrow then it will be a good day for them as I can't see the creditors voting against the recommendations of the administrator.
Thankfully there is still nothing happening with the Ubig creditors meeting or the unfreezing of the shares.

[HUTCHYHIBBY]

Am I right in my reading of this that the Lithuanian administrators have been frightened off by BDO who have said that they would not be able to sell off the land to any possible developer as no company would purchase it due to the likelihood of HoMFC supporters (hooligans) bombarding any such company as they would be seen to have had a hand in their demise.

Or am I reading this completely wrong.

Don't think its anything to do with the "mighty" CSF! :-)

[Brunswickbill]

It would be interesting to know what they mean by "institutions of political pressure (due to the collapse of the football club)."

[lord bunberry]

If the ukio creditors decide tomorrow that the next meeting won't be for another 6 months will bdo be forced call the liquidator's? It seems that time is the biggest enemy for famous.

[CropleyWasGod]

Does this mean that they are on the agenda tomorrow?

I still don';t think so.

As I read that document, albeit with difficulty, it looks to me as if it's the administrator's first report to creditors. It's not an agenda for the meeting tomorrow. Indeed, it's headed Bankruptcy Process Overview

The first page, the letter to the creditors, has the objectives of the meeting, ie:-

Convened a meeting of creditors Bank economic objectives are the following:
x
Elected Secretary of the Meeting of creditors;
x
Elected chairman of the meeting of creditors;
x
To confirm the creditors' committee size;
x
To elect a creditors' committee.

[Dashing Bob S]

Here's how I anticipate tomorrow going.

1) The meeting will bring no news, or even moderately good news for Hearts, with some bland statement along the lines of 'UKIOS creditors have informally declared their continued support for a CVA."

2) Some spokesplum will then describe it as "another significant hurdle cleared. All the stopping the CVA now is the transfer of the shares."

3) Kickback posters will bump up the Hibs.net thread, heaping abuse on Sergey and Bajillions etc and rejoice that they were wrong.

4) Somebody will ask, 'is it not the UBIG creditors meeting we need to be concerned with, rather than the UKIOS one?'

5) They will be ignored, but the wounds will cut deeply and the KB will fall into a dark depression/house of denial as the Hibs.net thread tumbles to page two by Thursday.

6) On friday there will be signs of real panic, somebody saying 'we really need things to start happening next week.'

[Waxy]

It would be interesting to know what they mean by "institutions of political pressure (due to the collapse of the football club)."
Could it involve a certain yam Scottish political leader?
Oi yous, if yous kill oor club we'll no let any o yous in Scotland and we'll block any mair shipments o irn bru.

[brog]

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&prev=/search%3Fq%3Dukio%2Bbankas%26client%3Dfirefox-a%26hs%3DJaC%26rls%3Dorg.mozilla:en-US:official%26channel%3Dsb&rurl=translate.google.com&sl=lt&u=http://www.ub.lt/images/doc/20140317_UKB_bankroto_proceso_apzvalga.pdf&usg=ALkJrhjLx8c4etszh15WGxO1_cua1W4Y-w


This is all that is happening at tomorrow's Creditors meeting.

Thanks as ever GG. I'm intrigued by the comments about "hooliganism" etc. I'm unsure whether this statement is saying that potential factors affecting sale of PBS ( as a development ) include possible hooliganism as expressed by Foulkes etc or if this is info provided by BDO. If the former its bad but to be expected & at least was in the public domain. If its the latter ( ie BDO saying this ) its truly shocking & IMO goes way beyond BDO's remit. I was also intrigued by the final sentence.

kio bankas aims to bt sold Heart of Midlothian Plc assets and the income received would be paid to the economic share of the amount.

Does that mean the £2.5mm or does that possibly include PBS? In other words are they saying, here's all the scare stories we've been told but you know what, we'll take our chance! I still find it hard to believe the Lith govt will roll over so easy.
PS, I'm sending you a pm.

[Springbank]

Part of that translation reads like it's saying the spfl and homfc have discussed how liquidation will work

[Springbank]

this part


Meetings were held with the Scottish League managers, administrators, Scottish lawyers, discussed the current situation and options. Accepted decision to seek insolvency procedures ros - Administration. This has helped to keep both options sold immovable property, and sell the football club as rich Complex, together with the assignment of Heart Midlothian Plc shares; x In 2013. June 19 started the debtor administration. Administrator appointed kio bankas offered a replacement candidate; x Taken over management of the former leadership, the club secured a temporary operating t Continuity within a short compiled by almost 1 million. GBP income and releasing part of employees and their players reached 0.5 million. GBP cost savings per year; x Start the Heart of Midlothian Plc selling process. After not one for discussions and negotiations on the price improvement was extracted and the largest real border price ls investor; x In 2013. At the end of a peaceful approved the agreement of creditors, resulting in economic bank, the only one of Heart of Midlothian Plc creditors, regain part of the loan granted; x In 2014. March for the start of negotiations on the sports club's transfer business documents. kio bankas aims to bt sold Heart of Midlothian Plc assets and the income received would be paid to the economic Bank's share of the amoun :wink:

[jacomo]

Am I right in my reading of this that the Lithuanian administrators have been frightened off by BDO who have said that they would not be able to sell off the land to any possible developer as no company would purchase it due to the likelihood of HoMFC supporters (hooligans) bombarding any such company as they would be seen to have had a hand in their demise.

Or am I reading this completely wrong.

The report seems to take the view that Tynecastle is worth £7.5m to a developer, but planning permission for 'dense' residential unlikely due to hazardous substances. Also. there would be riots on the streets of Gorgie / Vilnius and Alec Salmond would remove anyone with a Lithuanian name from his Christmas card list.

[Weststandwanab]

If the ukio creditors decide tomorrow that the next meeting won't be for another 6 months will bdo be forced call the liquidator's? It seems that time is the biggest enemy for famous. Time has always been the problem along with running out of cash caused by delays.


Here's how I anticipate tomorrow going.

1) The meeting will bring no news, or even moderately good news for Hearts, with some bland statement along the lines of 'UKIOS creditors have informally declared their continued support for a CVA."

2) Some spokesplum will then describe it as "another significant hurdle cleared. All the stopping the CVA now is the transfer of the shares."

3) Kickback posters will bump up the Hibs.net thread, heaping abuse on Sergey and Bajillions etc and rejoice that they were wrong.

4) Somebody will ask, 'is it not the UBIG creditors meeting we need to be concerned with, rather than the UKIOS one?'

5) They will be ignored, but the wounds will cut deeply and the KB will fall into a dark depression/house of denial as the Hibs.net thread tumbles to page two by Thursday.

6) On friday there will be signs of real panic, somebody saying 'we really need things to start happening next week.' I think that looks about right on the money - excuse the pun.


Could it involve a certain yam Scottish political leader?
Oi yous, if yous kill oor club we'll no let any o yous in Scotland and we'll block any mair shipments o irn bru.No chance big Eck is going to risk his ultimate goal for the yams.

The Political reference is probably Murray annoying them by phoning them constantly and "chunterring" about micro waving the shares.

[Seveno]

Well it's interesting that there is nothing in that document relating to the choice of biscuits, despite all the previous supposed hibs.net insider information.

Our credibiltiy is now blown and the yams will be heaving a great sigh of relief.

[MurrayfieldHibs]

This bit is also interesting. Looks like the option to sell of the PBS separately is still on the table:-

"This has helped to keep both options sold immovable property, and sell the football club as rich Complex, together with the assignment of Heart Midlothian Plc shares"

[Dashing Bob S]

It would be nice if they would discuss Hearts but tbh I doubt that they are important enough as it will probably take all day to agree on the basics. I can't see creditors, especially if they are coming from afar, wanting to stick around too long. BDO/FOH's best bet to get a positive quote is to have their rep buy some old soak at the bar a drink, and get him to say mumblingly positive off-the-record stuff about the CVA.

Of course, this is all irrelevant as its the UBIG meeting they require.

[GreenLake]

Thanks as ever GG. I'm intrigued by the comments about "hooliganism" etc. I'm unsure whether this statement is saying that potential factors affecting sale of PBS ( as a development ) include possible hooliganism as expressed by Foulkes etc or if this is info provided by BDO. If the former its bad but to be expected & at least was in the public domain. If its the latter ( ie BDO saying this ) its truly shocking & IMO goes way beyond BDO's remit. I was also intrigued by the final sentence.

kio bankas aims to bt sold Heart of Midlothian Plc assets and the income received would be paid to the economic share of the amount.

Does that mean the £2.5mm or does that possibly include PBS? In other words are they saying, here's all the scare stories we've been told but you know what, we'll take our chance! I still find it hard to believe the Lith govt will roll over so easy.
PS, I'm sending you a pm.

The major factors of hooliganism on top of the "near hazardous materials" land zoning issue, both of which were inconsequential when £20m+ was offered to the pie man a few years ago, are now wedged into the proposals from BDO. Plus, unnamed institutions of political pressure loom as an additional threat. Are they going to send tanks to the Lithuanian Border or threaten to introduce economic sanctions at the next meeting of the G7(nil)?

It is laughable that people who freed themselves from the Soviet Republic now find themselves negotiating with corrupt politicians, violent gangs of hooligan enforcers and a hazardous materials boondoggle, all conjured up by supporters of a football club from a highly developed democratic nation that believes in the rule of law.

You can't make this up.:faf:

[The Falcon]

Is the "hooliganism" not just google poorly translating as per usual?

[Ozyhibby]

Is the "hooliganism" not just google poorly translating as per usual?

Yes

[robinp]

I still don';t think so.

As I read that document, albeit with difficulty, it looks to me as if it's the administrator's first report to creditors. It's not an agenda for the meeting tomorrow. Indeed, it's headed Bankruptcy Process Overview
[/I]

I agree with you.



Looks like the notification to creditors was issued last month, which we already knew. This contains a key point which we already knew about:
http://translate.google.com/translate?hl=en&sl=lt&tl=en&u=http%3A%2F%2Fwww.ub.lt&sandbox=1 (http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=lt&tl=en&u=http://www.ub.lt/lt/kreditoriams/pranesimai/72-pansimas-apie-bab-ukio-banko-kreditoriu-susirinkima&usg=ALkJrhi3nOWNuPe3NmGpPlU6hxpKfY_kng) Select "Report on the Economy BAB bank creditors meeting 2014-02-28"

Convened meeting of creditors will be dealt with over the claims, nor BAB Economy bank asset sales or any other issues, except for the following, notice the creditors' meeting agenda:

It basically says, (badly translated), that no other item will be considered for discussion/vote other than those on the agenda. The agenda for this meeting is to in basic terms elect a creditors committee....nothing else.

Here is the voting form, with the proposed meeting resolutions and the topics for voting are:
http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=lt&tl=en&u=http://www.ub.lt/images/doc/Balsavimo_rastu_biuletenis_pirmajam_Ukio_banko_kre ditoriu_susirinkimui.pdf&usg=ALkJrhi0eNLBwioC8Id4IlzQ9kTNyKMzkw

1st:
The creditors' meeting to elect the Secretary of bankruptcy Administrator UAB Valnet "authorized person
The creditors' meeting to elect the President of the State Enterprise "Deposit and Investment Insurance authorized person
2nd:
The creditors' committee to collect seven (7) members
3rd
The creditors' committee members elect the following persons:
1) Sarunas Kraujalis (employee representative);
2) the state "Deposit and Investment Insurance authorized representative;
3) the state company Deposit and Investment Insurance authorized representative;
4) The state company Deposit and Investment Insurance authorized representative;
5) the state company Deposit and Investment Insurance authorized representative;
6) The state company Deposit and Investment Insurance authorized representative;
7) UAB Lifodas (legal entity code 122891974) authorized representative.


Notice that ratifying the sale of shares to BIDCO is not on the menu for voting on by creditors......that means it is NOT BEING DISCUSSED, despite what the press say.

The most important part (for us and them I suppose) from the new document/link is this:
http://translate.google.com/translate?depth=1&hl=en&prev=/search%3Fq%3Dukio%2Bbankas%26client%3Dfirefox-a%26hs%3DJaC%26rls%3Dorg.mozilla:en-US:official%26channel%3Dsb&rurl=translate.google.com&sl=lt&u=http://www.ub.lt/images/doc/20140317_UKB_bankroto_proceso_apzvalga.pdf


3.11. The most important work after the agricultural bank creditors' committee accomplishment

The first meeting of creditors agricultural bank creditors' committee election will be organized and carried out these main processes:
Asset sales process. The creditors' committee will have to evaluate and decide what carried on commercial activities estate and other tangible property sales opportunities, sales of process, sequence, and pricing;


My reading of the document is they will simply elect a creditors committee at this meeting and nothing more. The committee will then reconvene in the future to ratify everything else, asset sales etc, at a separate meeting.

[Jack]

Will the names of those on the committee become public?

[CropleyWasGod]

I agree with you.



Looks like the notification to creditors was issued last month, which we already knew. This contains a key point which we already knew about:
http://translate.google.com/translate?hl=en&sl=lt&tl=en&u=http%3A%2F%2Fwww.ub.lt&sandbox=1


It basically says, (badly translated), that no other item will be considered for discussion/vote other than those on the agenda. The agenda for this meeting is to in basic terms elect a creditors committee....nothing else.

Here is the voting form, with the proposed meeting resolutions and the topics for voting are:
http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=lt&tl=en&u=http://www.ub.lt/images/doc/Balsavimo_rastu_biuletenis_pirmajam_Ukio_banko_kre ditoriu_susirinkimui.pdf&usg=ALkJrhi0eNLBwioC8Id4IlzQ9kTNyKMzkw


Notice that ratifying the sale of shares to BIDCO is not on the menu for voting on by creditors......that means it is NOT BEING DISCUSSED, despite what the press say.

The most important part (for us and them I suppose) from the new document/link is this:
http://translate.google.com/translate?depth=1&hl=en&prev=/search%3Fq%3Dukio%2Bbankas%26client%3Dfirefox-a%26hs%3DJaC%26rls%3Dorg.mozilla:en-US:official%26channel%3Dsb&rurl=translate.google.com&sl=lt&u=http://www.ub.lt/images/doc/20140317_UKB_bankroto_proceso_apzvalga.pdf


My reading of the document is they will simply elect a creditors committee at this meeting and nothing more. The committee will then reconvene in the future to ratify everything else, asset sales etc, at a separate meeting.

Thanks, Robin.

[Geo_1875]

3.10.3. Heart of Midlothian Plc (Scotland) Heart of Midlothian Plc is a Scottish football club Hearts managing the Company. This Company's debt agricultural bank (without Interest and penalties) is 14 684 636.97 GBP (approximately 61.6 million. lit). kio bankas requirements Heart of Midlothian Plc is to: x Company's mortgage; x original property (Tynecastle stadium in Edinburgh) change; x 29.5% of Heart of Midlothian Plc share exchange; x Company LLC and Balkan Invest JSC Businessline guarantees. Payable to mention the fundamental problem of the debtor: x Lack of lending liabilities assurance. According to 2012. March 30. assessment, Tynecastle Stadium values ​​(appreciation and investments needed) 2 times less than the total debt (EUR 7.5 million. GBP). According to 2013. July n. assessment carried out in real property values ​​down further by around 2-3 times less than the amount owed ​​2 million. - 3.5 million. GBP (subject to permission to develop residential destination areas - 7.5 million. GBP). Other security measures - of dubious value. x Problematic shares replacement. Debtor's shares are owned by bankrutuojanþiai JSC Bank's economic Investment Group. agricultural bank in favor of weird only 29.5% of the Company's shares. agricultural bank has opportunities without BUAB economic Bank Investment Group Co-operation in ensuring implement changes Hearts Football Club t Continuity. The problems in the situation illustrated by the fact that the first BUAB economic Bank Investment Group "meeting of creditors was rejected Heart of Midlothian Plc shares for sale si lom 100,000 GBP Realization of the stadium features. Completed property assessment report reveals that Tynecastle The stadium will have the highest market value of t, if consented would develop into the densely built residential areas. However the chances are high that a permit is not received, because area is established consulting s / security zone on sand near regulated hazardous materials (Alcohol and ethanol plant containers and plant medicine). According to the football club administrators are high likelihood that investors will not want to buy tons of assets for fear BESITOS sianþio hooliganism, institutions of political pressure (due to the collapse of the football club). Administrator has the following key to this borrower-related actions: x The analysis of the possible actions alternatives. Meetings were held with the Scottish League managers, administrators, Scottish lawyers, discussed the current situation and options. Accepted decision to seek insolvency procedures ros - Administration. This has helped to keep both options sold immovable property, and sell the football club as rich Complex, together with the assignment of Heart Midlothian Plc shares; x In 2013. June 19 started the debtor administration. Administrator appointed kio bankas offered a replacement candidate; x Taken over management of the former leadership, the club secured a temporary operating t Continuity within a short compiled by almost 1 million. GBP income and releasing part of employees and their players reached 0.5 million. GBP cost savings per year; x Start the Heart of Midlothian Plc selling process. After not one for discussions and negotiations on the price improvement was extracted and the largest real border price ls investor; x In 2013. At the end of a peaceful approved the agreement of creditors, resulting in economic bank, the only one of Heart of Midlothian Plc creditors, regain part of the loan granted; x In 2014. March for the start of negotiations on the sports club's transfer business documents. kio bankas aims to bt sold Heart of Midlothian Plc assets and the income received would be paid to the economic Bank's share of the amoun :wink:

That reads like Pishy Breeks wrote it half way through his second bottle.

[Ozyhibby]

Well it's interesting that there is nothing in that document relating to the choice of biscuits, despite all the previous supposed hibs.net insider information.

Our credibiltiy is now blown and the yams will be heaving a great sigh of relief.

If it's not specified then it's custard creams. FACT.

[Ozyhibby]

Thanks CWG and Robin. :-)
I think the rest of us need to take a long hard look at ourselves and apologise to the nosy yams looking in for giving them false hope.

[CropleyWasGod]

Thanks CWG and Robin. :-)
I think the rest of us need to take a long hard look at ourselves and apologise to the nosy yams looking in for giving them false hope.

Teasing is good.

[GreenLake]

Oor hoose was just shaking here with a wee earthquake. Not very strong, but enough to send the cat skittering aboot and bring doon the main stand at Tynegristle.

[Geo_1875]

Will the names of those on the committee become public?

Authorized Representative seems to be a common name in Lithuania.

[robinp]

Authorized Representative seems to be a common name in Lithuania.

Bit like that lower league hot-shot A Trialist :aok:

[Leithenhibby]

Here's how I anticipate tomorrow going.

1) The meeting will bring no news, or even moderately good news for Hearts, with some bland statement along the lines of 'UKIOS creditors have informally declared their continued support for a CVA."

2) Some spokesplum will then describe it as "another significant hurdle cleared. All the stopping the CVA now is the transfer of the shares."

3) Kickback posters will bump up the Hibs.net thread, heaping abuse on Sergey and Bajillions etc and rejoice that they were wrong.

4) Somebody will ask, 'is it not the UBIG creditors meeting we need to be concerned with, rather than the UKIOS one?'

5) They will be ignored, but the wounds will cut deeply and the KB will fall into a dark depression/house of denial as the Hibs.net thread tumbles to page two by Thursday.

6) On friday there will be signs of real panic, somebody saying 'we really need things to start happening next week.'



So all in all, nothing to see here. Everything is on the back burner and is staying there for the foreseeable future......... SWEET :wink:

[JeMeSouviens]

So all in all, nothing to see here. Everything is on the back burner and is staying there for the foreseeable future......... SWEET :wink:

Aye, it's on a burner, a BURNER ah tell ye. It'll all be defrosted and rubber stamped by lunchtime. Trivial formality. :wink:

[Brunswickbill]

Time has always been the problem along with running out of cash caused by delays.

I think that looks about right on the money - excuse the pun.

No chance big Eck is going to risk his ultimate goal for the yams.

The Political reference is probably Murray annoying them by phoning them constantly and "chunterring" about micro waving the shares.

My reading of the document - "According to the football club administrators are high likelihood that investors will not want to buy tons of assets for fear BESITOS sianþio hooliganism, institutions of political pressure (due to the collapse of the football club)" - is that BDO are advising UKIO that, in part, due to political pressure, the ground won't be sold for development. I can't believe that yams in the Scottish political establishment, Edinburgh Council, Scottish Government and Westminster are sitting on their hands. There'll be a lot of string pulling going on and the reference in the document is evidence of this. I don't think that IamanMP is the only politico involved:hmmm:

[Spike Mandela]

Administrators are beggars, con men, fraudsters, politicians, spin doctors, lawyers, bankers, gamblers and liars all rolled into one. They will do anything, bend any 'rule', twist any 'truth' and basically sell their Granny as long as their client keeps paying them top dollar.:cb

[CropleyWasGod]

Administrators are beggars, con men, fraudsters, politicians, spin doctors, lawyers, bankers, gamblers and liars all rolled into one. They will do anything, bend any 'rule', twist any 'truth' and basically sell their Granny as long as their client keeps paying them top dollar.:cb

Presumably you'll include RobinP in that definition.

[GreenLake]

My reading of the document - "According to the football club administrators are high likelihood that investors will not want to buy tons of assets for fear BESITOS sianþio hooliganism, institutions of political pressure (due to the collapse of the football club)" - is that BDO are advising UKIO that, in part, due to political pressure, the ground won't be sold for development. I can't believe that yams in the Scottish political establishment, Edinburgh Council, Scottish Government and Westminster are sitting on their hands. There'll be a lot of string pulling going on and the reference in the document is evidence of this. I don't think that IamanMP is the only politico involved:hmmm:

BESITOS : is this Lithuanian for ASBESTOS?

[Weststandwanab]

Administrators are beggars, con men, fraudsters, politicians, spin doctors, lawyers, bankers, gamblers and liars all rolled into one. They will do anything, bend any 'rule', twist any 'truth' and basically sell their Granny as long as their client keeps paying them top dollar.:cb You are not really sitting on any fence there are you ?

Do you have any personal experience of Administrators ?

[Killiehibbie]

Administrators are beggars, con men, fraudsters, politicians, spin doctors, lawyers, bankers, gamblers and liars all rolled into one. They will do anything, bend any 'rule', twist any 'truth' and basically sell their Granny as long as their client keeps paying them top dollar.:cbGoing this admin and the one in Glasgow it doesn't look like they're acting in the creditors best interests.

[Spike Mandela]

You are not really sitting on any fence there are you ?

Do you have any personal experience of Administrators ?

Between this thread and the sevco one several thousand posts worth.:wink:

[Spike Mandela]

Presumably you'll include RobinP in that definition.

Especially RobinP.:wink:

[CropleyWasGod]

Going this admin and the one in Glasgow it doesn't look like they're acting in the creditors best interests.

Again. That is not the main function of an administrator.

[stevejordan]

You are not really sitting on any fence there are you ?

Do you have any personal experience of Administrators ?

I Done some dealings with an IP Called Robin Panton a few years ago decent bloke was he.

[Spike Mandela]

Again. That is not the main function of an administrator.

So who does act for the creditors when they've been shafted by corrupt or incompetent businesses?

[CropleyWasGod]

So who does act for the creditors when they've been shafted by corrupt or incompetent businesses?

A liquidator.

And, if need be, the Courts.

[GreenLake]

The sensible way for the Lithuanians to get out of this arm twisting is to delay things long enough for BDO to run out of money. The "big club" will fold up like a cheap suit and the Lithuanians will collect from a liquidation sale which at worse will bring in double what the fuds are offering.

[Spike Mandela]

A liquidator.

If an administrator has done his job then, as per Duff and Phelps, there is nothing left for the liquidator to give to the creditors? What a con!

[Craig_in_Prague]

The sensible way for the Lithuanians to get out of this arm twisting is to delay things long enough for BDO to run out of money. The "big club" will fold up like a cheap suit and the Lithuanians will collect from a liquidation sale which at worse will bring in double what the fuds are offering.

I think having meetings about meetings, is playing it this way already -

tickety tock

:-)

[Mikey]

I agree with you.



Looks like the notification to creditors was issued last month, which we already knew. This contains a key point which we already knew about:
http://translate.google.com/translate?hl=en&sl=lt&tl=en&u=http%3A%2F%2Fwww.ub.lt&sandbox=1 (http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=lt&tl=en&u=http://www.ub.lt/lt/kreditoriams/pranesimai/72-pansimas-apie-bab-ukio-banko-kreditoriu-susirinkima&usg=ALkJrhi3nOWNuPe3NmGpPlU6hxpKfY_kng) Select "Report on the Economy BAB bank creditors meeting 2014-02-28"


It basically says, (badly translated), that no other item will be considered for discussion/vote other than those on the agenda. The agenda for this meeting is to in basic terms elect a creditors committee....nothing else.

Here is the voting form, with the proposed meeting resolutions and the topics for voting are:
http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=lt&tl=en&u=http://www.ub.lt/images/doc/Balsavimo_rastu_biuletenis_pirmajam_Ukio_banko_kre ditoriu_susirinkimui.pdf&usg=ALkJrhi0eNLBwioC8Id4IlzQ9kTNyKMzkw


Notice that ratifying the sale of shares to BIDCO is not on the menu for voting on by creditors......that means it is NOT BEING DISCUSSED, despite what the press say.

The most important part (for us and them I suppose) from the new document/link is this:
http://translate.google.com/translate?depth=1&hl=en&prev=/search%3Fq%3Dukio%2Bbankas%26client%3Dfirefox-a%26hs%3DJaC%26rls%3Dorg.mozilla:en-US:official%26channel%3Dsb&rurl=translate.google.com&sl=lt&u=http://www.ub.lt/images/doc/20140317_UKB_bankroto_proceso_apzvalga.pdf


My reading of the document is they will simply elect a creditors committee at this meeting and nothing more. The committee will then reconvene in the future to ratify everything else, asset sales etc, at a separate meeting.

Cheers Robin, very helpful.

For us :greengrin

[CropleyWasGod]

Cheers Robin, very helpful.

For us :greengrin

Agreed.

It's not bad for a "beggar, con man, fraudster, politician, spin doctor, lawyer, banker, gambler and liar all rolled into one."

:rolleyes:

[Weststandwanab]

The sensible way for the Lithuanians to get out of this arm twisting is to delay things long enough for BDO to run out of money. The "big club" will fold up like a cheap suit and the Lithuanians will collect from a liquidation sale which at worse will bring in double what the fuds are offering. That has been their plan all along in my opinion and once relegation has been confirmed will, more than likely, occur becaues they will have "ran out of cash".

[Spike Mandela]

Agreed.

It's not bad for a "beggar, con man, fraudster, politician, spin doctor, lawyer, banker, gambler and liar all rolled into one."

:rolleyes:

A good line for the CV if nothing else.:greengrin

[Ozyhibby]

Still not a hint of discussion on Kickback. Nothing from BDO for weeks now. FoH have not even sent out a tweet for 3 days.
If they are liquidated it will be with a whimper.

[Killiehibbie]

Again. That is not the main function of an administrator.
From an appreciation of the extent of an Insolvency Administrator's powers you will recognise that an administration process would provide a relatively unfettered way to re-organise the affairs of your company - to either ensure its rescue or to produce a better result for creditors than would have been obtained if there had been no administration.

Are the administrators allowed to pursue a re-organisation of the company with total disregard to creditors?

[Dashing Bob S]

Agreed.

It's not bad for a "beggar, con man, fraudster, politician, spin doctor, lawyer, banker, gambler and liar all rolled into one."

:rolleyes:

Why didn't he just come out and call Robin a Jambo in the first place, instead of being all long-winded about it?

[CropleyWasGod]

From an appreciation of the extent of an Insolvency Administrator's powers you will recognise that an administration process would provide a relatively unfettered way to re-organise the affairs of your company - to either ensure its rescue or to produce a better result for creditors than would have been obtained if there had been no administration.

Are the administrators allowed to pursue a re-organisation of the company with total disregard to creditors?

An administration, by definition, (almost?) always includes an attempt at a CVA. Against that background, creditors must be part of the process. So, in short, the answer would be "no".

Or have I misunderstood your question?

[CropleyWasGod]

Why didn't he just come out and call Robin a Jambo in the first place, instead of being all long-winded about it?

I had assumed that, because the word "paedo" wasn't included, he wasn't going quite that far.

[Weststandwanab]

Still not a hint of discussion on Kickback. Nothing from BDO for weeks now. FoH have not even sent out a tweet for 3 days.
If they are liquidated it will be with a whimper. I beg to differ, I think it will be quite a do !


Why didn't he just come out and call Robin a Jambo in the first place, instead of being all long-winded about it?
That is a bit harsh on Fraudsters.

[brog]

Is the "hooliganism" not just google poorly translating as per usual?

I don't think it is a problem of google translation. It would be a remarkable coincidence that it appears in the same para quoting the toxicity of PBS & political pressure which, along with the unwashed hordes tearing down any new development were the 3 things mentioned by Lord PB. My main hope is all this garbage is in there just to give the other creditors a laff rather than as a serious explanation as to why such a paltry offer was accepted.
They're certainly the famous, only team ever that proudly references their hooligan supporters as a rationale for not selling their hovel!

[stevejordan]

Still not a hint of discussion on Kickback. Nothing from BDO for weeks now. FoH have not even sent out a tweet for 3 days.
If they are liquidated it will be with a whimper.

its all went very quiet could be the calm before the STORM.

[GreenLake]

I don't think it is a problem of google translation. It would be a remarkable coincidence that it appears in the same para quoting the toxicity of PBS & political pressure which, along with the unwashed hordes tearing down any new development were the 3 things mentioned by Lord PB. My main hope is all this garbage is in there just to give the other creditors a laff rather than as a serious explanation as to why such a paltry offer was accepted.
They're certainly the famous, only team ever that proudly references their hooligan supporters as a rationale for not selling their hovel!

PBS = Pishy Breek's Slasher

[Kojock]

I was speaking to an "in the know" Jambo yesterday (friend of Leslie Deans). He was saying that they have a dream team in place of, Levein, Hegarty and Houston and are going to copy the Dundee United youth policy model. All will be revealed in April once the CVA etc has been agreed. The excitement on his wee face was palpable, I hadn't the heart to tell him otherwise, it would be like telling your kids that Santa isn't real.

[CropleyWasGod]

I was speaking to an "in the know" Jambo yesterday (friend of Leslie Deans). He was saying that they have a dream team in place of, Levein, Hegarty and Houston and are going to copy the Dundee United youth policy model. All will be revealed in April once the CVA etc has been agreed. The excitement on his wee face was palpable, I hadn't the heart to tell him otherwise, it would be like telling your kids that Santa isn't real.

Does he know what the latest is with Deans' money-laundering charge?

:cb

[GordonHFC]

I was speaking to an "in the know" Jambo yesterday (friend of Leslie Deans). He was saying that they have a dream team in place of, Levein, Hegarty and Houston and are going to copy the Dundee United youth policy model. All will be revealed in April once the CVA etc has been agreed. The excitement on his wee face was palpable, I hadn't the heart to tell him otherwise, it would be like telling your kids that Santa isn't real.

WHAT !!!!!!!!!:panic:

[GreenLake]

I was speaking to an "in the know" Jambo yesterday (friend of Leslie Deans). He was saying that they have a dream team in place of, Levein, Hegarty and Houston and are going to copy the Dundee United youth policy model. All will be revealed in April once the CVA etc has been agreed. The excitement on his wee face was palpable, I hadn't the heart to tell him otherwise, it would be like telling your kids that Santa isn't real.

So this is how they are going to become a model for all other clubs? The biggest supporter (bowel) movement in history is going to pioneer by copying what other clubs have been doing for ages. #creatinghistorybycopying

"Big Team, Big Team, do you copy?"

[Mikey]

Still not a hint of discussion on Kickback. Nothing from BDO for weeks now. FoH have not even sent out a tweet for 3 days.
If they are liquidated it will be with a whimper.

They know where to come to get correct info :agree:

[CyberSauzee]

Why didn't he just come out and call Robin a Jambo in the first place, instead of being all long-winded about it?

From tomorrow Robin P will be labelled a 'Hobo fantasist' on 21PointsBack along with Bajillions, Sergey and CWG. Or maybe they're all one and the same?

[PatHead]

I was speaking to an "in the know" Jambo yesterday (friend of Leslie Deans). He was saying that they have a dream team in place of, Levein, Hegarty and Houston and are going to copy the Dundee United youth policy model. All will be revealed in April once the CVA etc has been agreed. The excitement on his wee face was palpable, I hadn't the heart to tell him otherwise, it would be like telling your kids that Santa isn't real.

To be fair it was Levein who set up the Dundee Utd model with the children going to a certain school, getting out at time to suit United for training etc whilst still learning. Wish Hibs would follow it.

Just because Levein is a poor manager and the worst manager in Scottish history doesn't mean that he is not good further up the tree in a DoF style. They could do worse post liquidation.

[robinp]

:faf::cool2:

I Done some dealings with an IP Called Robin Panton a few years ago decent bloke was he.

[Baba O'riley]

I was speaking to an "in the know" Jambo yesterday (friend of Leslie Deans). He was saying that they have a dream team in place of, Levein, Hegarty and Houston and are going to copy the Dundee United youth policy model.

after them moaning about their "burned out" youngsters this season, that's their plan for next season?!

[Brunswickbill]

The sensible way for the Lithuanians to get out of this arm twisting is to delay things long enough for BDO to run out of money. The "big club" will fold up like a cheap suit and the Lithuanians will collect from a liquidation sale which at worse will bring in double what the fuds are offering.

I presume that BDO didn't draw the attention of the UKIO creditors to this when they suggested that £2.5m was a fair price for the wongadome? http://www.heartsfc.co.uk/articles/20040819/official-statement_2241384_553846

[lapsedhibee]

I presume that BDO didn't draw the attention of the UKIO creditors to this when they suggested that £2.5m was a fair price for the wongadome? http://www.heartsfc.co.uk/articles/20040819/official-statement_2241384_553846

Something not quite right with that article. It's dated 19th August, and includes notice of a shareholders' meeting on 13th September. So it appears to be telling shareholders in advance that a meeting, which they're entitled to attend, will take place. :confused:

[Mikey]

More than one person has said to me today that FOH are expecting, and planning for, liquidation.

[Glesgahibby]

More than one person has said to me today that FOH are expecting, and planning for, liquidation.
Would not surprise me,the silence from FOH/BDO speaks volumes :agree:

[Hermit Crab]

More than one person has said to me today that FOH are expecting, and planning for, liquidation.

How many have mentioned it? Could it be a wind up? Pleasing if true.

[Kato]

More than one person has said to me today that FOH are expecting, and planning for, liquidation.


I like meeting people like that.

I wonder if those who walked away meet them?

Donald "Duck" Ford, Ian "he's still an MP" Murray, Alex "Who Dat?" Mackie maybe have bravely back out of FoH but they must be itk, must be gutting for them not to still be at the coal face and taking responsibility for breaking the sad (snork) news when it breaks.

[Dashing Bob S]

More than one person has said to me today that FOH are expecting, and planning for, liquidation.

Would be remiss not to. Liquidation and the Lowlife at least offers a chance of owning the club, albeit a toytown playing a ground share with Spartans or Edin City, whereas no chance of that with Budge in the championship.

[DC_Hibs]

More than one person has said to me today that FOH are expecting, and planning for, liquidation.

It's the best place for them.

Consigned to history their sexual offending, charity thieving, local business robbing and countless other crimes and start afresh in the lower leagues whilst groundsharing following the gleeful demolition of the Savile Dome.

Granted the few thousand following New HoMFC 2014 will still be a collection of puddle drinkers, windae lickers and kiddy knicker sniffers but thousands more will be staying indoors at the weekends with their sky remote for company.

Toodle.

[Ozyhibby]

Their twitter account has only one tweet in the last week.

[Ozyhibby]

I'm an MP's recent farewell makes more sense if this is true.

[GreenLake]

More than one person has said to me today that FOH are expecting, and planning for, liquidation.

Maybe admin and the CVA have just been a distraction and liquidation was planned from the beginning. A cunning stunt from the famous that their sock puppet will tweet about tomorrow. Meanwhile at can'thearapindrop.com there will be high five one's going around.

[Hermit Crab]

Maybe admin and the CVA have just been a distraction and liquidation was planned from the beginning. A cunning stunt from the famous that their sock puppet will tweet about tomorrow. Meanwhile at can'thearapindrop.com there will be high five one's going around.

Just because they might be expecting/planning for liquidation it doesn't mean it happen let's not celebrate just yet.

[K-Zazu]

When BDO were at Portsmouth did they and their fans group keep making noises about getting the shares and making promises, meetings etc?

[CropleyWasGod]

When BDO were at Portsmouth did they and their fans group keep making noises about getting the shares and making promises, meetings etc?
Dont know about Portsmouth, but BDO haven't made any promises of that kind with Hearts. BJ has consistently said that getting the shares would be the hardest part of the job.

[NOLA]

That reads like Pishy Breeks wrote it half way through his second bottle.
more like his third :greengrin

[Nailrod]

I presume that BDO didn't draw the attention of the UKIO creditors to this when they suggested that £2.5m was a fair price for the wongadome? http://www.heartsfc.co.uk/articles/20040819/official-statement_2241384_553846Shockerooney. I just hope to god nobody has forwarded that link to any creditors' groups in Lithuania. Particularly with the property market in the UK back on the bounce. But surely nobody would stoop to such a low, vindictive, and spiteful act...

Anybody got any email addresses for creditors' groups in Lithuania?

[greenginger]

This is from Lithuanian Press via Google translate

http://www.lrytas.lt/-13950586441394549804-k%C4%85-veiks-%C5%ABkio-banko-kreditoriai.htm#.UygIc6h_tig

It seems to suggest today's meeting is a formality because the State insurance service has overall voting majority and all important decisions already taken.

Also little interest from other creditors. :confused:

[Ronniekirk]

This is from Lithuanian Press via Google translate

http://www.lrytas.lt/-13950586441394549804-k%C4%85-veiks-%C5%ABkio-banko-kreditoriai.htm#.UygIc6h_tig

It seems to suggest today's meeting is a formality because the State insurance service has overall voting majority and all important decisions already taken.

Also little interest from other creditors. :confused:

Viva la state ? Wrong lingo I know .Now hear7s will be in some state :wink:

[Ozyhibby]

This is from Lithuanian Press via Google translate

http://www.lrytas.lt/-13950586441394549804-k%C4%85-veiks-%C5%ABkio-banko-kreditoriai.htm#.UygIc6h_tig

It seems to suggest today's meeting is a formality because the State insurance service has overall voting majority and all important decisions already taken.

Also little interest from other creditors. :confused:

I suspect it's just a case of wait and see what happens today.

[leggeto]

This is from Lithuanian Press via Google translate

http://www.lrytas.lt/-13950586441394549804-k%C4%85-veiks-%C5%ABkio-banko-kreditoriai.htm#.UygIc6h_tig

It seems to suggest today's meeting is a formality because the State insurance service has overall voting majority and all important decisions already taken.

Also little interest from other creditors. :confused:

so what does this mean then

[lord bunberry]

so what does this mean then

There will be no biscuits

[robinp]

so what does this mean then

Basically the Lithuanian State Deposit Insurance has had to bail out the bank to the tune of 801 million Lita to make good on deposits etc, the total debt the Bank has is 1.4 billion Lita. The State has more than 50% of the debt (by value) and thus, even if every single other creditor votes against every motion, the State's vote will decide which way every decision goes.

[Peevemor]

This is from Lithuanian Press via Google translate

http://www.lrytas.lt/-13950586441394549804-k%C4%85-veiks-%C5%ABkio-banko-kreditoriai.htm#.UygIc6h_tig

It seems to suggest today's meeting is a formality because the State insurance service has overall voting majority and all important decisions already taken.

Also little interest from other creditors. :confused:

From what I can gather, Ukio has been far more straightforward than UBIG in terms of the legal processes. UBIG remains the stumbling block for our pink neighbours.

[robinp]

There will be no biscuits


http://1.bp.blogspot.com/-zdLnTBaNIy8/Tlz0iMRSZCI/AAAAAAAAFFg/l8YfRj0tgaI/s1600/photo-760253.JPG

[Fife-Hibee]

Basically the Lithuanian State Deposit Insurance has had to bail out the bank to the tune of 801 million Lita to make good on deposits etc, the total debt the Bank has is 1.4 billion Lita. The State has more than 50% of the debt (by value) and thus, even if every single other creditor votes against every motion, the State's vote will decide which way every decision goes.

Sounds like it might take a while! Pleasing :-)))

[seanshow]

basic translation of the article

"What will the bank creditors Economy ? ( 4 )
Arunas Karaliūnas 2014-03-17 14:17 , updated 2014-03-18 07:23

On Tuesday , March 18 th, the meeting Kaunas " Girstutis Palace prefer the bankrupt 's creditors Economy , which will solve one of the most important issues - elect a creditors' committee , which would be seven members.

Even the 5 local creditors' committee under the state company Deposit and Investment Insurance. Market Committee members will also be offered Bank An employee representative and Sarunas Kraujalis company " Lifodas .

Today, by the end of the business day the bank creditors still may vote in writing or by visiting the bank 's headquarters.

If such a possibility by the state company Deposit and Investment Insurance , which has the largest share of the financial requirements , the meeting is just a formality.

A similar thing happened before the first bank Snoras creditors' meeting held in June 2012 . Upon arrival, meeting participants learned that all the important decisions have already been made .

Portal lrytas.lt data today, March 17 th in the morning, were received just 5.5 percent . of the total.

Kaunas district court bankruptcy proceedings Economy Bank raised the 2013 May 2nd. Last year, on October 17, the same court upheld the bank's overall financial creditors and the amount, which represents 1,439 billion . LTL .

The largest part of the financial requirements of the obligations of the second row to the creditor state company Deposit and Investment Insurance - 801 million . LTL .

One Economy 's ownership , the controversial businessman Vladimir Romanov , who is going to bring the prosecution allegations , currently in hiding abroad .....................:taxi"

[Weststandwanab]

My fellow bean counters, there are a large number of Yams looking in and hoping for your words of wisdom.

Can you not give them some comfort that this further delay will not hamper their master plan ?

[robinp]

My fellow bean counters, there are a large number of Yams looking in and hoping for your words of wisdom.

Can you not give them some comfort that this further delay will not hamper their master plan ?

http://www.cartoonstock.com/newscartoons/cartoonists/mba/lowres/office-calendar-no_turning_back-time-all_the_way-calenders-mban634l.jpg

http://3.bp.blogspot.com/-6myA90jF8rI/TbwGFlHGk0I/AAAAAAAAA8E/YMR_LluZsdY/s1600/NoTurningBack1207686945606M5W.jpg

http://images.everytrail.com/pics/fullsize/2567535-Point_of_no_return.JPG

[CropleyWasGod]

From what I can gather, Ukio has been far more straightforward than UBIG in terms of the legal processes. UBIG remains the stumbling block for our pink neighbours.

I actually think that UBIG's creditors will be easier to deal with than UKIO's.

UBIG are being offered money for something that has no value, ie the Hearts shares. If I were them, I would jump at that.

UKIO are being offered a little money for something which, arguably, has a much greater value. If I were them, I'd want more.

[CropleyWasGod]

Basically the Lithuanian State Deposit Insurance has had to bail out the bank to the tune of 801 million Lita to make good on deposits etc, the total debt the Bank has is 1.4 billion Lita. The State has more than 50% of the debt (by value) and thus, even if every single other creditor votes against every motion, the State's vote will decide which way every decision goes.

Yup. :agree:

That's in line with many insolvencies over here, isn't it? The major creditor (normally the bank) holds all the voting power and, for that reason, nobody else bothers to turn up.

[Weststandwanab]

I actually think that UBIG's creditors will be easier to deal with than UKIO's.

UBIG are being offered money for something that has no value, ie the Hearts shares. If I were them, I would jump at that.

UKIO are being offered a little money for something which, arguably, has a much greater value. If I were them, I'd want more. I would agree with your assessment which is why I see further delays leading to the inevitable when the cash runs out.


Yup. :agree:

That's in line with many insolvencies over here, isn't it? The major creditor (normally the bank) holds all the voting power and, for that reason, nobody else bothers to turn up. That scenario is frequently the case here.

[robinp]

Yup. :agree:

That's in line with many insolvencies over here, isn't it? The major creditor (normally the bank) holds all the voting power and, for that reason, nobody else bothers to turn up.


Yes, with the exception of Joe Bloggs with too much cash who gives his neighbor £100,000 without taking a security and goes apoplectic at the meeting when he does't get his way and has no priority to be paid. :greengrin

[greenginger]

11.40 AM in Lithland now. Meeting started at 10 AM local time. Meeting over yet ? or have they had a tea break to serve Jam Tarts . :greengrin

[Craig_in_Prague]

11.40 AM in Lithland now. Meeting started at 10 AM local time. Meeting over yet ? or have they had a tea break to serve Jam Tarts . :greengrin

Meeting was delayed due to some ugly ginger scottish guy hanging about outside, apparently with a cup in his hand and ear to the door. Not even offered a biscuit tae.

[leggeto]

Basically the Lithuanian State Deposit Insurance has had to bail out the bank to the tune of 801 million Lita to make good on deposits etc, the total debt the Bank has is 1.4 billion Lita. The State has more than 50% of the debt (by value) and thus, even if every single other creditor votes against every motion, the State's vote will decide which way every decision goes.

so their fate is in the hands of a lithbank who doesn't really care about anything but money let alone them,the MP will have to get his knees dirty I think

[CropleyWasGod]

so their fate is in the hands of a lithbank who doesn't really care about anything but money let alone them,the MP will have to get his knees dirty I think

Nope.

The Lithuanian State Depost Insurance is a Government department.

[Gus Fring]

A few staff were told that "liquidation is not out of the question" and that there has been no movement on the share situation for several weeks. BDO have said its an "increasingly growing cause for concern"

BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen.

Radio silence was ordered by Brian Jackson in the run in to the derby and to their inevitable relegation.

Staff have been told to try their best to make the end of the season and meet their commitments. If liquidation does happen then they want the process wrapped us as quickly as possible and the consensus now is that a completely clean start sooner rather than later is probably the best route forward.

[Hermit Crab]

A few staff were told that "liquidation is not out of the question" and that there has been no movement on the share situation for several weeks. BDO have said its an "increasingly growing cause for concern"

BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen.

Radio silence was ordered by Brian Jackson in the run in to the derby and to their inevitable relegation.

Staff have been told to try their best to make the end of the season and meet their commitments. If liquidation does happen then they want the process wrapped us as quickly as possible and the consensus now is that a completely clean start sooner rather than later is probably the best route forward.

I'm moist now.

[Leithenhibby]

A few staff were told that "liquidation is not out of the question" and that there has been no movement on the share situation for several weeks. BDO have said its an "increasingly growing cause for concern"

BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen.

Radio silence was ordered by Brian Jackson in the run in to the derby and to their inevitable relegation.

Staff have been told to try their best to make the end of the season and meet their commitments. If liquidation does happen then they want the process wrapped us as quickly as possible and the consensus now is that a completely clean start sooner rather than later is probably the best route forward.

"Hindsight" If only they had made a decision pre share issue and ST sales they "may" have been in a better place right now.......... But they'er no.. :greengrin

[robinp]

A few staff were told that "liquidation is not out of the question" and that there has been no movement on the share situation for several weeks. BDO have said its an "increasingly growing cause for concern"

BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen.

Radio silence was ordered by Brian Jackson in the run in to the derby and to their inevitable relegation.

Staff have been told to try their best to make the end of the season and meet their commitments. If liquidation does happen then they want the process wrapped us as quickly as possible and the consensus now is that a completely clean start sooner rather than later is probably the best route forward.

The club concerned aside, there would, quite rightly, be absolute uproar if this was to happen. Remembering the hankering for Sporting Integrity last year with the now dead Rangers.

If Newco was grandfathered in to the Championship, then The Rangers will be up in arms!

[Onion]

A few staff were told that "liquidation is not out of the question" and that there has been no movement on the share situation for several weeks. BDO have said its an "increasingly growing cause for concern"

BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen.

Radio silence was ordered by Brian Jackson in the run in to the derby and to their inevitable relegation.

Staff have been told to try their best to make the end of the season and meet their commitments. If liquidation does happen then they want the process wrapped us as quickly as possible and the consensus now is that a completely clean start sooner rather than later is probably the best route forward.

If the Big L, how does that work ? And what would happen to the PBS ?

[grunt]

BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen. I'm guessing that The Rangers would have something to say about that.

[JimBHibees]

The club concerned aside, there would, quite rightly, be absolute uproar if this was to happen. Remembering the hankering for Sporting Integrity last year with the now dead Rangers.

If Newco was grandfathered in to the Championship, then The Rangers will be up in arms!



Ergo there is no chance of that happening.

[Hermit Crab]

I'm guessing that The Rangers would have something to say about that.

Without a shadow. There's no way The Hearts would be able to start in the championship if liquidated. Division 4 a cert or even lower. Refer to Darlington 1883

[Leithenhibby]

A few staff were told that "liquidation is not out of the question" and that there has been no movement on the share situation for several weeks. BDO have said its an "increasingly growing cause for concern"

BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen.

Radio silence was ordered by Brian Jackson in the run in to the derby and to their inevitable relegation.

Staff have been told to try their best to make the end of the season and meet their commitments. If liquidation does happen then they want the process wrapped us as quickly as possible and the consensus now is that a completely clean start sooner rather than later is probably the best route forward.


The club concerned aside, there would, quite rightly, be absolute uproar if this was to happen. Remembering the hankering for Sporting Integrity last year with the now dead Rangers.

If Newco was grandfathered in to the Championship, then The Rangers will be up in arms!

And that is why BJ is p!ssing in the wind. That will never happen in a million years imo :wink:

[TRC]

Yam soup recipes - Ask.com

Blended of course

[Gus Fring]

If the Big L, how does that work ? And what would happen to the PBS ?

No idea. I'm of the same opinion as everyone else, I doubt the SPFL would allow it. It would likely go to a vote of the member clubs.

Tynecastle would simply be sold to the highest bidder.

[Hermit Crab]

No idea. I'm of the same opinion as everyone else, I doubt the SPFL would allow it. It would likely go to a vote of the member clubs.

Tynecastle would simply be sold to the highest bidder.

Which would be budge wouldn't it?

[Leithenhibby]

Which would be budge wouldn't it?

Why would it?
If it's on the open market someone else may fancy buying it an renting it back.......

[JimBHibees]

Which would be budge wouldn't it?

Probably wouldnt get much of a crowd playing Whitehill Welfare though. :greengrin

[CropleyWasGod]

Which would be budge wouldn't it?

Not necessarily.

[Ozyhibby]

Which would be budge wouldn't it?

More than likely but the business plan would have to change if they are starting a new club in the fourth tier.
They may try a lower bid.

[Onion]

No idea. I'm of the same opinion as everyone else, I doubt the SPFL would allow it. It would likely go to a vote of the member clubs.

Tynecastle would simply be sold to the highest bidder.

IMHO, this is the sacred cow in this whole process. Doesn't really matter what happens to the club, they simply cannot afford to lose Tynecastle.

IF it gets to an open sale of the PBS, you can really expect the games to begin. Intimidation, political pressure, threats and boycotts will all be used to ensure that FOH or Budgie get the ground for the lowest price possible. If they fail and it does get sold and deve'd into Tesco or flats, then May 2012 will have killed their club.

[Leithenhibby]

More than likely but the business plan would have to change if they are starting a new club in the fourth tier.
They may try a lower bid.

And why would that be?

[Gus Fring]

Which would be budge wouldn't it?

I doubt it. They don't have to keep it as a football stadium and it will be sold separately from the club (Unless BDO start to build a Plan B before it gets to that stage). The stadium alone will go for a lot more than Budge is paying for the whole club just now.

[CropleyWasGod]

I doubt it. They don't have to keep it as a football stadium and it will be sold separately from the club (Unless BDO start to build a Plan B before it gets to that stage). The stadium alone will go for a lot more than Budge is paying for the whole club just now.

There isn't the time for that, IMO.

[Leithenhibby]

I doubt it. They don't have to keep it as a football stadium and it will be sold separately from the club (Unless BDO start to build a Plan B before it gets to that stage). The stadium alone will go for a lot more than Budge is paying for the whole club just now.

Would it not be in the Liths interest to sell the club(shares), but retain Tiny. Or is it all wrapped up in one?

[CropleyWasGod]

Would it not be in the Liths interest to sell the club(shares), but retain Tiny. Or is it all wrapped up in one?

In a liquidation, the assets (not the shares) are sold, individually or as a job-lot.

The individual creditors don't have a say in the transactions; they devolve that responsibility to the liquidator.

[Ozyhibby]

And why would that be?

They would have to change the business plan because they would be a minimum of 3 years away from the premiership. The current plan allows for two years in the championship with £1.4m annual subsidy from FoH to get them through it. Div 1&2 may require a larger subsidy.
They would also have to pay stamp duty on the purchase of Tynecastle.
If there were no other bidders then they may be tempted to lower the bid to make up for what they are losing elsewhere.
I have no specialist knowledge, just thinking out loud.

[Leithenhibby]

In a liquidation, the assets (not the shares) are sold, individually or as a job-lot.

The individual creditors don't have a say in the transactions; they devolve that responsibility to the liquidator.

Who in turn, will want top $$$'s for the pot?

[Ozyhibby]

In a liquidation, the assets (not the shares) are sold, individually or as a job-lot.

The individual creditors don't have a say in the transactions; they devolve that responsibility to the liquidator.

The thought of old Jambo's having to attend auctions to buy what's left of their trophies and memorabilia.
:-)

[Ozyhibby]

Who in turn, will want top $$$'s for the pot?

To achieve top dollar for that site it needs levelled first by a faceless organisation who then sell it on to a developer who can rightly say killing the Hearts was nothing to do with us.

[Lang Toun Hibs]

Who in turn, will want top $$$'s for the pot?

Like they did for Ibrox etc.?

[Leithenhibby]

To achieve top dollar for that site it needs levelled first by a faceless organisation who then sell it on to a developer who can rightly say killing the Hearts was nothing to do with us.

Now we'er starting to make some inroads :greengrin

[CropleyWasGod]

Like they did for Ibrox etc.?

Different situation entirely.

[sidjames]

Now we'er starting to make some inroads :greengrin

Decent spot to build an Edinburgh Arena. 10,000 seater multi purpose venue. And given that Arena is Spanish for sand the Plummets will love it and most likely bury their heads in it at the first opportunity.

[leggeto]

Nope.

The Lithuanian State Depost Insurance is a Government department.

even better then

[JimBHibees]

Different situation entirely.

How is it different Rangers were liquidated and HMFC could go the same way?

[Ozyhibby]

How is it different Rangers were liquidated and HMFC could go the same way?

Sevco 5088 had an offer included in the CVA to buy the assets in the event of liquidation.
FoH have no such offer ready.

[CropleyWasGod]

How is it different Rangers were liquidated and HMFC could go the same way?

The question was "like they got top dollar for Ibrox?"... presumably a sarcastic reference to the way that went. (and apologies if I've misunderstood that).

Ibrox etc were sold on to Sevco at the price they were, as the direct result of a Plan B being included in the CVA. There was no open-market sale.

In Hearts' case, there is no Plan B in the CVA. Therefore it WILL be an open-market sale.

[JeMeSouviens]

If the Big L, how does that work ? And what would happen to the PBS ?

They will try and pull the line that they're not like the Huns, who's CVA was knocked back, but like Portsmouth who got a CVA vote through but couldn't get the shares.

Anyway, as everybody else has said, the raging Huns will put a stop to any thought of this pretty sharpish.

[GreenLake]

To achieve top dollar for that site it needs levelled first by a faceless organisation who then sell it on to a developer who can rightly say killing the Hearts was nothing to do with us.

Which could be some kind of hybrid company registered in the Turks and Caicos with a couple of .netters employed as directors and owned by some mysterious tax lawyers in a small building with 3000 other companies.

[JeMeSouviens]

How is it different Rangers were liquidated and HMFC could go the same way?

It's also different in that Ibrox only has significant value as a cash generator full of Huns. Tiny would be worth considerably more flattened. :wink:

[JimBHibees]

The question was "like they got top dollar for Ibrox?"... presumably a sarcastic reference to the way that went. (and apologies if I've misunderstood that).

Ibrox etc were sold on to Sevco at the price they were, as the direct result of a Plan B being included in the CVA. There was no open-market sale.

In Hearts' case, there is no Plan B in the CVA. Therefore it WILL be an open-market sale.

Ok thanks for explaining that.

[JimBHibees]

Sevco 5088 had an offer included in the CVA to buy the assets in the event of liquidation.
FoH have no such offer ready.

Thanks.

[Aldo]

Had a yam associate text me earlier telling me that they will be getting the shares etc and CVA agreed today so they will be out of admin in the next few weeks.

I tried to point out that this was not the purpose of today's meeting but he replied that I was bitter
1-5 1902 and all that.

I told him all has been very quite on the BDO and FOH front and Apparantly it's a plan so that when they come out of admin they will announce loads of investment etc

I told him that the big L is closer that getting out of admin to bet old that we are in major financial difficulty and that we are going to be next. 1-5 1902.

The arrogance is galling and for this the Big L and Div 2 is what's required or getting punted totally.

[jacomo]

The club concerned aside, there would, quite rightly, be absolute uproar if this was to happen. Remembering the hankering for Sporting Integrity last year with the now dead Rangers.

If Newco was grandfathered in to the Championship, then The Rangers will be up in arms!

Oh dear. Another parable of our times.

Dear Leader Romanov decreed that the Faithful should show no sympathy to the Huns, and so they did crow and gloat about their demise, and demanded that Sevco be sent to the bottom of the League. And so it came to pass that the Dear Leader did disappear, and the Faithful discovered that their club faced the same fate as the Huns, and wondered if - once again - they had been a little short sighted.

[Sergey]

A few staff were told that "liquidation is not out of the question" and that there has been no movement on the share situation for several weeks. BDO have said its an "increasingly growing cause for concern"

BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen.

Radio silence was ordered by Brian Jackson in the run in to the derby and to their inevitable relegation.

Staff have been told to try their best to make the end of the season and meet their commitments. If liquidation does happen then they want the process wrapped us as quickly as possible and the consensus now is that a completely clean start sooner rather than later is probably the best route forward.

BDO really don't have too many cards left to play - in fact, if the truth be known, they've none at all and they've played their hand. Jackson must also know only too well that he's staring down the proverbial barrel and that liquidation is now agonisingly close. It would be sheer folly if the plans weren't already in place.

[Kato]

he replied that I was bitter 1-5 1902 and all that.

Not very sporting of him.

[Aldo]

Not very sporting of him.

Indeed not however when the inevitable does happen I will take great pleasure in telling him he can have his 1-5 cos on the 19/5/12 only one club died and it wasn't us.

[Gus Fring]

Bajillions at it again on Hibs.net saying that BDO have opened up discussions with the SPFL to see if we can keep our championship status once we are liquidated, saying that all the staff at Tynecastle have been notified that liquidation is now a real possibility.... How haven't we heard of this then ? Mans a teapot.

Whenever they don't copy and paste (which is better for Hibs.net) they always misquote me. I clearly said "A few" staff, not all. And as for "How haven't we heard of this then?". You just did hear about it you moron! I just told you.

None of that lot over there heard

Administration was coming,
The shares never existed,
Details of when BDO would be making specific statements,
When BDO had a meeting with the SPFL,
That Billy Brown and Bryan Jackson would starting a press bombardment trying to get the transfer embargo lifted.
Details of hospitality offers before they became public
That season tickets would not be sold (for whatever reason)
That Adam Kings transfer fee was not the amount quoted

These are just a selection of the pieces of info that my source has given me over the last few months. That I choose to share with Hibs.net. I don't get a hold of this info before it gets to the press, I'm responsible for getting it into the press!

Whether the Yams like it or not, there is at least one person who is fed up of the way they have been treated at Tynecastle so now they don't care what gets out and what doesn't. They are sick of the lies and the positivity outside not reflecting what's actually going on inside

So Kickback, If you're going to quote me either have the decency to do it properly or as I asked earlier, link to the post on Hibs.net so that people can read it for themselves. The guys here can read and know I've been right on several occasions on subjects that can't possibly be guesswork. If you choose to continue burying your head in the sand then please continue. We will stay here and watch from afar as you once again deny what everyone else can see.

[Waxy]

Looking forward to calling them Hearts 1874, or The hearts or hearts of lothian or hurts of midlothian or ............... Where's that thread?

[Weststandwanab]

The club concerned aside, there would, quite rightly, be absolute uproar if this was to happen. Remembering the hankering for Sporting Integrity last year with the now dead Rangers.

If Newco was grandfathered in to the Championship, then The Rangers will be up in arms!Why would The Rangers complain?


I'm guessing that The Rangers would have something to say about that. Why ? They have not been in Administration......yet


Ergo there is no chance of that happening. No chance IMO


Why would it?
If it's on the open market someone else may fancy buying it an renting it back....... S.T.F. or a company controlled by him.


Probably wouldnt get much of a crowd playing Whitehill Welfare though. :greengrin They will all turn up to watch Newco Famous


I doubt it. They don't have to keep it as a football stadium and it will be sold separately from the club (Unless BDO start to build a Plan B before it gets to that stage). The stadium alone will go for a lot more than Budge is paying for the whole club just now. Spot on.


To achieve top dollar for that site it needs levelled first by a faceless organisation who then sell it on to a developer who can rightly say killing the Hearts was nothing to do with us. That would easily be achievable.



BDO really don't have too many cards left to play - in fact, if the truth be known, they've none at all and they've played their hand. Jackson must also know only too well that he's staring down the proverbial barrel and that liquidation is now agonisingly close. It would be sheer folly if the plans weren't already in place. These plans will have been made last year IMO

[stevejordan]

I Note their highlight reel thread mocking us is way out the way now even the few deluded clowns who tried to say we had got it all wrong have now shut up the reality is the Big L Is almost upon them the faint hope that the shares would be unfrozen has all but gone and the smugness has been replaced by silence

[Kato]

Whenever they don't copy and paste (which is better for Hibs.net) they always misquote me. I clearly said "A few" staff, not all. And as for "How haven't we heard of this then?". You just did hear about it you moron! I just told you.

None of that lot over there heard

Administration was coming,
The shares never existed,
Details of when BDO would be making specific statements,
When BDO had a meeting with the SPFL,
That Billy Brown and Bryan Jackson would starting a press bombardment trying to get the transfer embargo lifted.
Details of hospitality offers before they became public
That season tickets would not be sold (for whatever reason)
That Adam Kings transfer fee was not the amount quoted

These are just a selection of the pieces of info that my source has given me over the last few months. That I choose to share with Hibs.net. I don't get a hold of this info before it gets to the press, I'm responsible for getting it into the press!

Whether the Yams like it or not, there is at least one person who is fed up of the way they have been treated at Tynecastle so now they don't care what gets out and what doesn't. They are sick of the lies and the positivity outside not reflecting what's actually going on inside

So Kickback, If you're going to quote me either have the decency to do it properly or as I asked earlier, link to the post on Hibs.net so that people can read it for themselves. The guys here can read and know I've been right on several occasions on subjects that can't possibly be guesswork. If you choose to continue burying your head in the sand then please continue. We will stay here and watch from afar as you once again deny what everyone else can see.

What's it like being a teapot who is always right? :wink:

['Mon the Hibs]

Had a yam associate text me earlier telling me that they will be getting the shares etc and CVA agreed today so they will be out of admin in the next few weeks.

I tried to point out that this was not the purpose of today's meeting but he replied that I was bitter
1-5 1902 and all that.

I told him all has been very quite on the BDO and FOH front and Apparantly it's a plan so that when they come out of admin they will announce loads of investment etc

I told him that the big L is closer that getting out of admin to bet old that we are in major financial difficulty and that we are going to be next. 1-5 1902.

The arrogance is galling and for this the Big L and Div 2 is what's required or getting punted totally.

I tried reasoning with a yam at the weekend. He said we cheated in the cup final because we played loan players :rolleyes::aok::faf:

[GreenLake]

I can envisage a liquidation where the PBS is bought at auction by a company called 6270 (Cayman Islands) ltd., and the first swing of the wrecking ball taking place at 1.50AM on the 19th of May 2014.

[Springbank]

Supermarkets are never popular before they are built.
Never. Anywhere.

Yet the funny thing is, as soon as the talking & shouting stops, the thing gets built & guess what - people always use them

Morrisons know this routine well :)


IMHO, this is the sacred cow in this whole process. Doesn't really matter what happens to the club, they simply cannot afford to lose Tynecastle.

IF it gets to an open sale of the PBS, you can really expect the games to begin. Intimidation, political pressure, threats and boycotts will all be used to ensure that FOH or Budgie get the ground for the lowest price possible. If they fail and it does get sold and deve'd into Tesco or flats, then May 2012 will have killed their club.

[Leithenhibby]

Whenever they don't copy and paste (which is better for Hibs.net) they always misquote me. I clearly said "A few" staff, not all. And as for "How haven't we heard of this then?". You just did hear about it you moron! I just told you.

None of that lot over there heard

Administration was coming,
The shares never existed,
Details of when BDO would be making specific statements,
When BDO had a meeting with the SPFL,
That Billy Brown and Bryan Jackson would starting a press bombardment trying to get the transfer embargo lifted.
Details of hospitality offers before they became public
That season tickets would not be sold (for whatever reason)
That Adam Kings transfer fee was not the amount quoted

These are just a selection of the pieces of info that my source has given me over the last few months. That I choose to share with Hibs.net. I don't get a hold of this info before it gets to the press, I'm responsible for getting it into the press!

Whether the Yams like it or not, there is at least one person who is fed up of the way they have been treated at Tynecastle so now they don't care what gets out and what doesn't. They are sick of the lies and the positivity outside not reflecting what's actually going on inside

So Kickback, If you're going to quote me either have the decency to do it properly or as I asked earlier, link to the post on Hibs.net so that people can read it for themselves. The guys here can read and know I've been right on several occasions on subjects that can't possibly be guesswork. If you choose to continue burying your head in the sand then please continue. We will stay here and watch from afar as you once again deny what everyone else can see.

You gotta laugh though :aok:

[Gus Fring]

You gotta laugh though :aok:

Oh I do, every time it happens. I don't want to be liked by Kickback. I don't even really want them to be accurate. I enjoy posting something then reading them trying to convince themselves it's nonsense and then wait a few days or weeks for me to be proved right. It's happened a lot.

It reminds me of that scene in Still Game where the old duffers are walking over the ice. Each one thinks "Nah, I'm no daft, I'll make it over the icy bit, just you watch" and then BAM! every single one of them falls flat on their erse whilst I watch from afar, laughing.

[Leithenhibby]

Oh I do, every time it happens. I don't want to be liked by Kickback. I don't even really want them to be accurate. I enjoy posting something then reading them trying to convince themselves it's nonsense and then wait a few days or weeks for me to be proved right. It's happened a lot.

It reminds me of that scene in Still Game where the old duffers are walking over the ice. Each one thinks "Nah, I'm no daft, I'll make it over the icy bit, just you watch" and then BAM! every single one of them falls flat on their erse whilst I watch from afar, laughing.

I recall it well... haha

http://www.youtube.com/watch?v=osD_lUb3eOg

[Dashing Bob S]

Whenever they don't copy and paste (which is better for Hibs.net) they always misquote me. I clearly said "A few" staff, not all. And as for "How haven't we heard of this then?". You just did hear about it you moron! I just told you.

None of that lot over there heard

Administration was coming,
The shares never existed,
Details of when BDO would be making specific statements,
When BDO had a meeting with the SPFL,
That Billy Brown and Bryan Jackson would starting a press bombardment trying to get the transfer embargo lifted.
Details of hospitality offers before they became public
That season tickets would not be sold (for whatever reason)
That Adam Kings transfer fee was not the amount quoted

These are just a selection of the pieces of info that my source has given me over the last few months. That I choose to share with Hibs.net. I don't get a hold of this info before it gets to the press, I'm responsible for getting it into the press!

Whether the Yams like it or not, there is at least one person who is fed up of the way they have been treated at Tynecastle so now they don't care what gets out and what doesn't. They are sick of the lies and the positivity outside not reflecting what's actually going on inside

So Kickback, If you're going to quote me either have the decency to do it properly or as I asked earlier, link to the post on Hibs.net so that people can read it for themselves. The guys here can read and know I've been right on several occasions on subjects that can't possibly be guesswork. If you choose to continue burying your head in the sand then please continue. We will stay here and watch from afar as you once again deny what everyone else can see.

The saddest thing about it is that you are basically only relaying information from one of their own, who actually works for the club, and would have somewhat inevitably been denounced as a Hobo if he tried to convey this news on Kickback. Quite a few sane in-the-know Jambos (like a friend of mine who is an international law expert) have been privately saying that liquidation is inevitable for months now. He would never think of posting on Kickback his understanding of the process of obtaining the UBIG shares, as he would be roundly denounced. However, I suppose that zealotry is part of being a football supporter, and you can't really blame them for wanting to believe the best about their club.

There comes a time though, when the sheer weight of logic and evidence has to compel you to address the truth, and I firmly believe they will all feel a lot better when they've finally grasped that particular nettle.

I understand that this might sound a little patronising towards Jambos, but I can assure all our guests looking in, that this was decidedly not my intention. :wink:

[Waxy]

If it ever does become a supermarket we'll all have to do a flashmob style shopping.
All Hibbys wearing a hibs item do the shopping and at 7.00 pm we all stop and sing a song. Then carry on shopping.

Just an idea

[PatHead]

Bajillions.

Not that I doubt you but what is stopping BJ/BDO shutting the door now? A blind man can see that they are not a viable going concern in the long term, they cannot get anywhere near the shares so what is making it worthwhile to keep them going? What obligation does he, as an administrator, have to keep them going until the end of the season?

I, for one, am bored with them still living and want them dead asap.

[scoopyboy]

Whenever they don't copy and paste (which is better for Hibs.net) they always misquote me. I clearly said "A few" staff, not all. And as for "How haven't we heard of this then?". You just did hear about it you moron! I just told you.

None of that lot over there heard

Administration was coming,
The shares never existed,
Details of when BDO would be making specific statements,
When BDO had a meeting with the SPFL,
That Billy Brown and Bryan Jackson would starting a press bombardment trying to get the transfer embargo lifted.
Details of hospitality offers before they became public
That season tickets would not be sold (for whatever reason)
That Adam Kings transfer fee was not the amount quoted

These are just a selection of the pieces of info that my source has given me over the last few months. That I choose to share with Hibs.net. I don't get a hold of this info before it gets to the press, I'm responsible for getting it into the press!

Whether the Yams like it or not, there is at least one person who is fed up of the way they have been treated at Tynecastle so now they don't care what gets out and what doesn't. They are sick of the lies and the positivity outside not reflecting what's actually going on inside

So Kickback, If you're going to quote me either have the decency to do it properly or as I asked earlier, link to the post on Hibs.net so that people can read it for themselves. The guys here can read and know I've been right on several occasions on subjects that can't possibly be guesswork. If you choose to continue burying your head in the sand then please continue. We will stay here and watch from afar as you once again deny what everyone else can see.

Thing that amazes me is that none of the peasants have the sense to get in touch with foh to see what they say to your "allegations".

foh always claim they are there to answer questions and occasionally (when it suits them) they put propaganda out on twitter.

If any of them did approach foh and were ignored then they could report it back via kickback.

[CropleyWasGod]

Bajillions.

Not that I doubt you but what is stopping BJ/BDO shutting the door now? A blind man can see that they are not a viable going concern in the long term, they cannot get anywhere near the shares so what is making it worthwhile to keep them going? What obligation does he, as an administrator, have to keep them going until the end of the season?

I, for one, am bored with them still living and want them dead asap.

I have no doubt, as I have said before, that BJ is actively trying to push the legal process on. That is really the only card he has left. He will, of course, be doing that out of sight of any of us.

In theory, the 3 main issues (UKIO's approval, UBIG's approval, the Court's approval) could all happen positively within the next month. That's very unlikely, of course, but while that possibility exists and there is still enough money in the till, BJ is entitled to stay on his current course.

[Gus Fring]

Bajillions.

Not that I doubt you but what is stopping BJ/BDO shutting the door now? A blind man can see that they are not a viable going concern in the long term, they cannot get anywhere near the shares so what is making it worthwhile to keep them going? What obligation does he, as an administrator, have to keep them going until the end of the season?

I, for one, am bored with them still living and want them dead asap.

Simply? Face saving. It's much easier to liquidate in the off season than it is near the split. Liquidation means recalculating the whole league, sorting out all the contracts with businesses, season tickets, players etc. All of this makes BDO look bad. They get a lot of business from football clubs so leaving a see of pissed off fans, businesses, sponsors, staff etc isn't going to ingratiate them with the next club.

[Weststandwanab]

Thing that amazes me is that none of the peasants have the sense to get in touch with foh to see what they say to your "allegations".

foh always claim they are there to answer questions and occasionally (when it suits them) they put propaganda out on twitter.

If any of them did approach foh and were ignored then they could report it back via kickback. F.O.H. only answered questions initially when they were after Diddies to sign up to D's so that Budgie to put her dosh up to allow BDO to negotiate a CVA with the Liths.

BDO and F.O.H. have known for some time that there is no sign of the shares thawing anytime soon unless they offer an amount approximating to the value of e security over the P.B.S., and consequently BDO and F.O.H. will have already formulated the big L plan but of course could not possibly comment on that.

In the meantime and in the words of the Tremeloes..........

[Kaiser1962]

I doubt it. They don't have to keep it as a football stadium and it will be sold separately from the club (Unless BDO start to build a Plan B before it gets to that stage). The stadium alone will go for a lot more than Budge is paying for the whole club just now.


There isn't the time for that, IMO.

While I bow to you guys knowledge I would suggest that they would be extremely foolish not to have given considerable thought to a Plan B long before now.

[CropleyWasGod]

While I bow to you guys knowledge I would suggest that they would be extremely foolish not to have given considerable thought to a Plan B long before now.

The "Plan B" I was alluding to was the Sevco-type which was built into the CVA.

[Jim44]

All their threads over on KB on the 'big issue' seem to take on the same format. They start off resolute, confident that everything is in hand and that only formalities need be seen to. Then there's the string of questions seeking assurance of the veracity and accuracy of the 'facts' which they have pinned their hopes on but which they really don't have a clue about. Somewhere along the way, someone drags up Hibs.net and the naughty mischief-makers, followed by a bit of slagging off of the 'usual suspects'. Invariably, a few punters can't contain themselves and the squeaky bum 'doubting Thomases' chip in with their worries. You can just picture the ostriches cursing the 'bed-wetters'.

[Kato]

While I bow to you guys knowledge I would suggest that they would be extremely foolish not to have given considerable thought to a Plan B long before now.

So that'll be them being extremely foolish then. Their whole campaign has been packed with hubris and counting eggs as chickens. The "Big Team" attitude has seen them missing a trick there.

[CropleyWasGod]

So that'll be them being extremely foolish then. Their whole campaign has been packed with hubris and counting eggs as chickens. The "Big Team" attitude has seen them missing a trick there.

It's not really. If administration doesn't happen, liquidation follows. There's not a lot they could do about that.

Other than the dodgy, still-to-be-tested, Sevco-type deal, there really isn't an alternative for them.

[Kato]

It's not really. If administration doesn't happen, liquidation follows. There's not a lot they could do about that.

Other than the dodgy, still-to-be-tested, Sevco-type deal, there really isn't an alternative for them.

Oh well. They still acted like they were Billy Big Baws when they were hooting on about the size of their movement.

[Kaiser1962]

The "Plan B" I was alluding to was the Sevco-type which was built into the CVA.

I accept that but BJ is not a stupid man and I would guess there must have been alternatives disussed, whatever that involves. I would expect BJ to know what he is going to do should the path to the shares be blocked, whether FOH or Bidco know is another matter.

[Kaiser1962]

So that'll be them being extremely foolish then. Their whole campaign has been packed with hubris and counting eggs as chickens. The "Big Team" attitude has seen them missing a trick there.

Oh I do hope so!

[BonnieFitbaTeam]

F.O.H. only answered questions initially when they were after Diddies to sign up to D's so that Budgie to put her dosh up to allow BDO to negotiate a CVA with the Liths.

BDO and F.O.H. have known for some time that there is no sign of the shares thawing anytime soon unless they offer an amount approximating to the value of e security over the P.B.S., and consequently BDO and F.O.H. will have already formulated the big L plan but of course could not possibly comment on that.

In the meantime and in the words of the Tremeloes..........


I may be wrong - and it's been known - but isn't the size of the offer irrelevant given that the shares are 'frozen' due to an ongoing criminal investigation? They could offer £100m and it wouldn't make a hoot of difference.

[Onion]

I doubt it. They don't have to keep it as a football stadium and it will be sold separately from the club (Unless BDO start to build a Plan B before it gets to that stage). The stadium alone will go for a lot more than Budge is paying for the whole club just now.

:agree: Everyone knows that, even laymen with little knowledge of the Edinburgh property market.... yet the Liths (sitting on the security and having lost a lot of money) are prepared to accept much less than the true market value ? Are the Liths just ignorant or disinterested ?

[Dashing Bob S]

Oh well. They still acted like they were Billy Big Baws when they were hooting on about the size of their movement.

Those damned lucky Lowland League clubs, who have bold proclamations like 'Spartans and Edinburgh City are no longer our rivals' to look forward to!

[stevejordan]

Simply? Face saving. It's much easier to liquidate in the off season than it is near the split. Liquidation means recalculating the whole league, sorting out all the contracts with businesses, season tickets, players etc. All of this makes BDO look bad. They get a lot of business from football clubs so leaving a see of pissed off fans, businesses, sponsors, staff etc isn't going to ingratiate them with the next club.


So if they crawl over the line get relegated and survive till the last game this season is played with no sign of the shares is Liquidation a high probability ? or a certainty ?

[KeithTheHibby]

The question was "like they got top dollar for Ibrox?"... presumably a sarcastic reference to the way that went. (and apologies if I've misunderstood that).

Ibrox etc were sold on to Sevco at the price they were, as the direct result of a Plan B being included in the CVA. There was no open-market sale.

In Hearts' case, there is no Plan B in the CVA. Therefore it WILL be an open-market sale.

Did BDO ever disclose why there was no plan B in a scenario similiar to Sevco?

Secondly how do you ever get any work done?:greengrin

[Leithenhibby]

So if they crawl over the line get relegated and survive till the last game this season is played with no sign of the shares is Liquidation a high probability ? or a certainty ?

I'd guess both :wink:

If they stumble across the finish line, and BJ does say they have funds to get there, I'd say it's big L for sure.........

[Weststandwanab]

I may be wrong - and it's been known - but isn't the size of the offer irrelevant given that the shares are 'frozen' due to an ongoing criminal investigation? They could offer £100m and it wouldn't make a hoot of difference. In my opinion the size of the offer would influence a thawing possibility.

Even if the shares are frozen because of fraud, I am sure they could be unfrozen, for the right sum, and the proceeds held in trust until the criminal matters have been dealt with and, assuming an innocent verdict is achieved, the sale prceeds could then be released to the rigtful owners or Liqdator.

If the offer was £100m I think you would find the shares unfrozen the same day.

[Dashing Bob S]

I'm almost hoping that we finish in the bottom six now. Here's a banner idea for the game at the PBS:

JAMBO'S, THANKS FOR THE PARTY,

EVERYBODY BACK TO OURS FOR THE LIQUIDATION BASH!

[brog]

Bajillions.

Not that I doubt you but what is stopping BJ/BDO shutting the door now? A blind man can see that they are not a viable going concern in the long term, they cannot get anywhere near the shares so what is making it worthwhile to keep them going? What obligation does he, as an administrator, have to keep them going until the end of the season?

I, for one, am bored with them still living and want them dead asap.

If Yams don't make it to the end of the season they have to pay back £800k+ to SPFL so they will limp on until May somehow. They then should go into Liquidation ASAP IMO so they can quote the Oldco precedent of tier 4 before the pyramid system kicks in & they find themselves not just training at Riccarton but playing there on a Saturday as well.

[Ozyhibby]

I accept that but BJ is not a stupid man and I would guess there must have been alternatives disussed, whatever that involves. I would expect BJ to know what he is going to do should the path to the shares be blocked, whether FOH or Bidco know is another matter.

BJ doesn't really need a plan B. If he can't get the shares, he liquidates. Job done.
It's FoH who need the plan B. I'm sure they have one but their failure to communicate with the yams means they could have problems getting it of the ground. All the money collected so far was on the understanding that it was to buy Hearts not start a new club in the fourth tier of Scottish football.

[Leithenhibby]

If Yams don't make it to the end of the season they have to pay back £800k+ to SPFL so they will limp on until May somehow. They then should go into Liquidation ASAP IMO so they can quote the Oldco precedent of tier 4 before the pyramid system kicks in & they find themselves not just training at Riccarton but playing there on a Saturday as well.

When does this kick in?

If, they do liquidate, where would they play next season?....

[Onion]

I accept that but BJ is not a stupid man and I would guess there must have been alternatives disussed, whatever that involves. I would expect BJ to know what he is going to do should the path to the shares be blocked, whether FOH or Bidco know is another matter.

Moving from Admin to Liquidation is HUGE and easily the most serious development in this saga. BDO will have to get all their ducks lined up, their PR machine well oiled and spin doctors (e.g. players, politicians, business men etc) fully briefed with the most positive spin they can possibly put on this. They'll have to be able to answer most of the tough questions we've all been asking on Hibs.net. The Yams have been fed a diet of nothing but good news for the last 9 months. They are a seriously deranged lot and will be out for blood of this all collapses in a heap.

What league ? what happens to PBS ? players contracts ? Staff ? Diddies money ? next season ? and so on.

If they end up in the lower leagues and lose the PBS, the mob will not blame Vlad or Rudi or Locke. They will blame BDO & BJ.

[Leithenhibby]

Moving from Admin to Liquidation is HUGE and easily the most serious development in this saga. BDO will have to get all their ducks lined up, their PR machine well oiled and spin doctors (e.g. players, politicians, business men etc) fully briefed with the most positive spin they can possibly put on this. They'll have to be able to answer most of the tough questions we've all been asking on Hibs.net. The Yams have been fed a diet of nothing but good news for the last 9 months. They are a seriously deranged lot and will be out for blood of this all collapses in a heap.

What league ? what happens to PBS ? players contracts ? Staff ? Diddies money ? next season ? and so on.

If they end up in the lower leagues and lose the PBS, the mob will not blame Vlad or Rudi or Locke. They will blame BDO & BJ.

And to think that Mercer kicked it all off in the 80's. It's taken way to long to be where we are today for my liking. :agree:

[CropleyWasGod]

I accept that but BJ is not a stupid man and I would guess there must have been alternatives disussed, whatever that involves. I would expect BJ to know what he is going to do should the path to the shares be blocked, whether FOH or Bidco know is another matter.

The point is that there is only one alternative to the CVA.

Of course BJ knows what he is going to do in that eventuality. He will speed-dial his favourite liquidator.

[CropleyWasGod]

In my opinion the size of the offer would influence a thawing possibility.

Even if the shares are frozen because of fraud, I am sure they could be unfrozen, for the right sum, and the proceeds held in trust until the criminal matters have been dealt with and, assuming an innocent verdict is achieved, the sale prceeds could then be released to the rigtful owners or Liqdator.

If the offer was £100m I think you would find the shares unfrozen the same day.

An increase in the size of the offer would involve a completely new CVA, no?

And there isn't time for that.

[CropleyWasGod]

Did BDO ever disclose why there was no plan B in a scenario similiar to Sevco?

Secondly how do you ever get any work done?:greengrin

Not the first time I've been asked either question :greengrin

On the first, I'd actually prefer to turn it on its head. How did D&P manage it? That's still to be explained, and investigated, by the Rangers' liquidators. In Hearts' case, I would think it unlikely to have worked, because UKIO (as secured creditor) would have kicked up a fuss.

On the second.....

This IS my work. :cb

[stevejordan]

I'd guess both :wink:

If they stumble across the finish line, and BJ does say they have funds to get there, I'd say it's big L for sure.........

They still seem to think all will be well saying that BDO Know what they are doing big proffesional company bla bla bla they wont accept that this is only weeks away now from imploding it looks like the wait will have been worth it as its been a slow painful death

[Weststandwanab]

An increase in the size of the offer would involve a completely new CVA, no?

And there isn't time for that. It would and I am sure they will "find the time" to do it if that was an option.


I'm almost hoping that we finish in the bottom six now. Here's a banner idea for the game at the PBS:

JAMBO'S, THANKS FOR THE PARTY,

EVERYBODY BACK TO OURS FOR THE LIQUIDATION BASH! May I attend ?


BJ doesn't really need a plan B. If he can't get the shares, he liquidates. Job done.
It's FoH who need the plan B. I'm sure they have one but their failure to communicate with the yams means they could have problems getting it of the ground. All the money collected so far was on the understanding that it was to buy Hearts not start a new club in the fourth tier of Scottish football.F.O.H. would require a change of Constitution, cue the M.P.


When does this kick in?

If, they do liquidate, where would they play next season?.... They may not play at all


The point is that there is only one alternative to the CVA.

Of course BJ knows what he is going to do in that eventuality. He will speed-dial his favourite liquidator. Who is that CWG ?

[Leithenhibby]

They still seem to think all will be well saying that BDO Know what they are doing big proffesional company bla bla bla they wont accept that this is only weeks away now from imploding it looks like the wait will have been worth it as its been a slow painful death

They being, HMFC fans?.

I'm sure BJ and BDO do know what they are doing, but when BJ first stepped inside Tiny he made it perfectly clear that he hadn't seen anything like it, and I'm sure he has seen some £ucked up companies over the years........

We still don't know how the meeting went today!!...... I know that HMFC weren't part of the agenda and we shall just have to wait until the next meeting, whenever that may be. :cb

[stevejordan]

They being, HMFC fans?.

I'm sure BJ and BDO do know what they are doing, but when BJ first stepped inside Tiny he made it perfectly clear that he hadn't seen anything like it, and I'm sure he has seen some £ucked up companies over the years........

We still don't know how the meeting went today!!...... I know that HMFC weren't part of the agenda and we shall just have to wait until the next meeting, whenever that may be. :cb



Yes by them i mean the deluded hear7s fans

[JeMeSouviens]

The point is that there is only one alternative to the CVA.

Of course BJ knows what he is going to do in that eventuality. He will speed-dial his favourite liquidator.

Did BDO not already pre-appoint themselves in the event of the Big L? Istr that from the initial creditors' meeting?

[Dashing Bob S]

They being, HMFC fans?.

I'm sure BJ and BDO do know what they are doing, but when BJ first stepped inside Tiny he made it perfectly clear that he hadn't seen anything like it, and I'm sure he has seen some £ucked up companies over the years........

We still don't know how the meeting went today!!...... I know that HMFC weren't part of the agenda and we shall just have to wait until the next meeting, whenever that may be. :cb

Yes, Jackson will become a Yam hate figure, but hate the game, not the player. They custodians they drooled over left their club in such an unholy mess that all he could really do is cut costs, sit back and wait for the phone call from Lithuania that never came and pocket his fees.

[Ozyhibby]

They being, HMFC fans?.

I'm sure BJ and BDO do know what they are doing, but when BJ first stepped inside Tiny he made it perfectly clear that he hadn't seen anything like it, and I'm sure he has seen some £ucked up companies over the years........

We still don't know how the meeting went today!!...... I know that HMFC weren't part of the agenda and we shall just have to wait until the next meeting, whenever that may be. :cb

We won't know what happened at the meeting today until Green Ginger brings us a badly translated press clipping from Lithuania. We will then briefly scan the document and conclude that the lucky b******* have been saved again. CWG and RobinP will then read it properly and see that nothing to do with the yams actually happened today which is good news for us and we will all rejoice again.
And really rejoice if they say there won't be another meeting for about 6 months.

[CropleyWasGod]

Did BDO not already pre-appoint themselves in the event of the Big L? Istr that from the initial creditors' meeting?

You might be right. But, I thought that they couldn't do both. Part of the liquidator's job is, IIRC, to review the conduct of the administration, so you could see that there might be a conflict of interest.

CBA looking it up.... but someone will. :greengrin

[Keith_M]

Bajillions.

Not that I doubt you but what is stopping BJ/BDO shutting the door now? A blind man can see that they are not a viable going concern in the long term, they cannot get anywhere near the shares so what is making it worthwhile to keep them going? What obligation does he, as an administrator, have to keep them going until the end of the season?

I, for one, am bored with them still living and want them dead asap.


They are currently in the phase of taking their payment from Hearts income.

Call me cynical if you like but, the earlier BDO end this, the less money they get to remove from the club for themselves.

No club = no income = shorter holidays in The Seychelles for Mr Jackson, et al.