Share Transfers Agreed/Cooling off period

[Ronniekirk]

http://www.scotsman.com/sport/football/spfl/hearts-left-waiting-on-confirmation-of-ubig-deal-1-3391915

What is timescale for them coming out of administration before they would be deducted a further points deduction for the Championship .Maybe just Maybe the Liths don't like the way they have been steamrollered into this and they might just hang on till after that date ,just to let Jackson and all those pushy Politiicians who meddled in this sordid affair and turned the story round to how well they had all done see that they are still in control of when they defrost those shares .Or did we eventually establish frozen share was a hibs .net myth .kept losing track on that issue
So may be a final wee sting in the tail yet to come .No doubt those same Politicians will be using thier contacts and arranging another wee trip out there to get over this last hurdle .Surely they couldn't possible fall at the last Hurdle after all they have been through .
Strange how the yams main focus at the Derby was all about taking us down with them .They obviously don't think they can exist without us .:wink:

[green day]

What is timescale for them coming out of administration before they would be deducted a further points deduction for the Championship .Maybe just Maybe the Liths don't like the way they have been steamrollered into this and they might just hang on till after that date ,just to let Jackson and all those pushy Politiicians who meddled in this sordid affair and turned the story round to how well they had all done see that they are still in control of when they defrost those shares .Or did we eventually establish frozen share was a hibs .net myth .kept losing track on that issue
So may be a final wee sting in the tail yet to come .No doubt those same Politicians will be using thier contacts and arranging another wee trip out there to get over this last hurdle .Surely they couldn't possible fall at the last Hurdle after all they have been through .
Strange how the yams main focus at the Derby was all about taking us down with them .They obviously don't think they can exist without us .:wink:

Its just a delay. I can't see any problems for them.

[CropleyWasGod]

What is timescale for them coming out of administration before they would be deducted a further points deduction for the Championship .Maybe just Maybe the Liths don't like the way they have been steamrollered into this and they might just hang on till after that date ,just to let Jackson and all those pushy Politiicians who meddled in this sordid affair and turned the story round to how well they had all done see that they are still in control of when they defrost those shares .Or did we eventually establish frozen share was a hibs .net myth .kept losing track on that issue
So may be a final wee sting in the tail yet to come .No doubt those same Politicians will be using thier contacts and arranging another wee trip out there to get over this last hurdle .Surely they couldn't possible fall at the last Hurdle after all they have been through .
Strange how the yams main focus at the Derby was all about taking us down with them .They obviously don't think they can exist without us .:wink:

The start of next season.

[Spike Mandela]

What is timescale for them coming out of administration before they would be deducted a further points deduction for the Championship .Maybe just Maybe the Liths don't like the way they have been steamrollered into this and they might just hang on till after that date ,just to let Jackson and all those pushy Politiicians who meddled in this sordid affair and turned the story round to how well they had all done see that they are still in control of when they defrost those shares .Or did we eventually establish frozen share was a hibs .net myth .kept losing track on that issue
So may be a final wee sting in the tail yet to come .No doubt those same Politicians will be using thier contacts and arranging another wee trip out there to get over this last hurdle .Surely they couldn't possible fall at the last Hurdle after all they have been through .
Strange how the yams main focus at the Derby was all about taking us down with them .They obviously don't think they can exist without us .:wink:

I don't think anybody in Lithuania cares about Hearts one iota. Nobody seems to be interested in pushing it along or indeed pushing to derail it. They just have Bryan Jackson yapping away at their heels like an annoying wee dug trying to get noticed which they occasionally kick away or in fact ignore.

Eventually the right paperwork will hit the right desk and something will happen but the creaky old legal system in Lithuania will have to run it's due course.

[Leithenhibby]

What is timescale for them coming out of administration before they would be deducted a further points deduction for the Championship .Maybe just Maybe the Liths don't like the way they have been steamrollered into this and they might just hang on till after that date ,just to let Jackson and all those pushy Politiicians who meddled in this sordid affair and turned the story round to how well they had all done see that they are still in control of when they defrost those shares .Or did we eventually establish frozen share was a hibs .net myth .kept losing track on that issue
So may be a final wee sting in the tail yet to come .No doubt those same Politicians will be using thier contacts and arranging another wee trip out there to get over this last hurdle .Surely they couldn't possible fall at the last Hurdle after all they have been through .
Strange how the yams main focus at the Derby was all about taking us down with them .They obviously don't think they can exist without us .:wink:


B Jackson said that they would be out of admin by mid-June at the earliest.......... :wink:

[Weststandwanab]

They are in Simon and Garfunkel mode.

[GreenLake]

They are in Simon and Garfunkel mode.

Like a fridge over troubled water

[the_ginger_hibee]

All agreed

http://m.scotsman.com/sport/football/latest/bdo-given-green-light-to-complete-hearts-deal-1-3392323

[Weststandwanab]

Like a fridge over troubled water

Brilliant - spot on

[Weststandwanab]

All agreed

http://m.scotsman.com/sport/football/latest/bdo-given-green-light-to-complete-hearts-deal-1-3392323 Now where is that micro wave ?

[Keith_M]

All agreed

http://m.scotsman.com/sport/football/latest/bdo-given-green-light-to-complete-hearts-deal-1-3392323


Is it just me or does that article not actually say anything?


The earlier article said BDO were still waiting on contact from Lithuania. The second article doesn't mention any contact having been made.


:confused:

[southsider]

Tell prick Ewan Murray that his hero Vlad has shafted Edinburgh Council for a confirmed £ 33,484.14 for unpaid business rates at their Ukio Bankas office in Castle Street. If the Bank had got a decent price for its security over the PBS our council might have seen some of the cash.

Now we are all a little bit poorer thanks to the Gorgie thieves and their accomplices.
I dont understand how BDO were able to shaft HMRC from being secured creditors and why were HMRC not able to object to the whole agreement

[StevieC]

Is it just me or does that article not actually say anything?

That's what I thought. Wasn't the green light for the sale and purchase agreement to be finalised given 3 weeks ago??

[robinp]

I dont understand how BDO were able to shaft HMRC from being secured creditors and why were HMRC not able to object to the whole agreement

HMRC were not secured creditors and crown preference was abolished years ago. They had zero preference for payment, they were simply an unsecured creditor.

[Geo_1875]

Is it just me or does that article not actually say anything?


The earlier article said BDO were still waiting on contact from Lithuania. The second article doesn't mention any contact having been made.


:confused:

Looks like nothing happening so #Allisbarry gets nervous and gets his byline back out there.

[Leithenhibby]

"crown preference" - that rule change has cost them plenty, Id guess!...

[Geo_1875]

"crown preference" - that rule change has cost them plenty, Id guess!...

And I'm sure they will take a tougher stand on any football clubs who run into difficulties in the future.

[Berwickhibby]

I think that the article has confirmed that during the cooling off period there were no objection to CVA and shares being sold to Ann Budge, which goes to prove one thing that if you steal from charities including the poppy appeal (RBL), fail to pay millions in tax (PAYE) fail to pay local taxes, The Police, small businesses, borrow millions from Foreign Pension funds, steal alleged share monies from your own fans, (where's the certificates) employ convicted Pedophiles all that happens is a 15 point deduction..... justice eh!!

My own personal opinion was that the Big L was about to happen until that twat Alex Salmond intervened at the last minute......

[HIBERNIAN-0762]

My own personal opinion was that the Big L was about to happen until that twat Alex Salmond intervened at the last minute......

Agreed 100%

[southsider]

"crown preference" - that rule change has cost them plenty, Id guess!...
us money. taxpayers are not worth a light at times. but thanks for info it now becomes clear (as mud.

[lyonhibs]

I think that the article has confirmed that during the cooling off period there were no objection to CVA and shares being sold to Ann Budge, which goes to prove one thing that if you steal from charities including the poppy appeal (RBL), fail to pay millions in tax (PAYE) fail to pay local taxes, The Police, small businesses, borrow millions from Foreign Pension funds, steal alleged share monies from your own fans, (where's the certificates) employ convicted Pedophiles all that happens is a 15 point deduction..... justice eh!!

My own personal opinion was that the Big L was about to happen until that twat Alex Salmond intervened at the last minute......

How did he intervene?? Did he put in loads of £££ to stave it off if it was otherwise inevitable?

The barstewards seem to have dodged the big bullet as I always suspected they would. A few of the "it's just a matter of time" crew on here must be feeling right hoodwinked.

[Berwickhibby]

How did he intervene?? Did he put in loads of £££ to stave it off if it was otherwise inevitable?

The barstewards seem to have dodged the big bullet as I always suspected they would. A few of the "it's just a matter of time" crew on here must be feeling right hoodwinked.

He had meetings with the Lithuanian Ambassador, had been in contact with the Lithuanian president about this bid, who knows what promises and inducements he promised. He is just another corrupt Jambo ****bag

[allmodcons]

I think that the article has confirmed that during the cooling off period there were no objection to CVA and shares being sold to Ann Budge, which goes to prove one thing that if you steal from charities including the poppy appeal (RBL), fail to pay millions in tax (PAYE) fail to pay local taxes, The Police, small businesses, borrow millions from Foreign Pension funds, steal alleged share monies from your own fans, (where's the certificates) employ convicted Pedophiles all that happens is a 15 point deduction..... justice eh!!

My own personal opinion was that the Big L was about to happen until that twat Alex Salmond intervened at the last minute......

What evidence has led you to this conclusion?

[allmodcons]

He had meetings with the Lithuanian Ambassador, had been in contact with the Lithuanian president about this bid, who knows what promises and inducements he promised. He is just another corrupt Jambo ****bag

Wow. You are informed :rolleyes:. He simply called the Lithuanian Ambassador at the request of Hearts administrators.

Then, according to you, he contacted the Lithuanian President and offered him inducements?


http://www.scotsman.com/sport/football/spfl/i-need-to-do-all-i-can-for-hearts-alex-salmond-1-3377777

[Craig_in_Prague]

Have to agree 100% with BerwickHibby; based on other information from people I seen & the sudden approval.
Quite clearly, political intervention.
those that don't think decisions in the world are based on lobbying, threats and pure politics, need to wake up and smell the coffee.
it might be 2014, but it's not a fair society.

[Berwickhibby]

What evidence has led you to this conclusion?

See above, also the words, In my personal opinion, its something I believe not something I can state as fact.

[Weststandwanab]

"crown preference" - that rule change has cost them plenty, Id guess!... Indeed but it was unfair to start with.


And I'm sure they will take a tougher stand on any football clubs who run into difficulties in the future. It is called Real Time Information and came into full force this month.


I think that the article has confirmed that during the cooling off period there were no objection to CVA and shares being sold to Ann Budge, which goes to prove one thing that if you steal from charities including the poppy appeal (RBL), fail to pay millions in tax (PAYE) fail to pay local taxes, The Police, small businesses, borrow millions from Foreign Pension funds, steal alleged share monies from your own fans, (where's the certificates) employ convicted Pedophiles all that happens is a 15 point deduction..... justice eh!!

My own personal opinion was that the Big L was about to happen until that twat Alex Salmond intervened at the last minute...... My view is the big L could still happen.

[Berwickhibby]

Wow. You are informed :rolleyes:

Public record mate, it was stated in enough Newspapers that he had been in contact with them, also added a wee cavet that he would have done the same for any Scottish Football team..... Bu11**** again in my opinion

[21.05.2016]

I think that the article has confirmed that during the cooling off period there were no objection to CVA and shares being sold to Ann Budge, which goes to prove one thing that if you steal from charities including the poppy appeal (RBL), fail to pay millions in tax (PAYE) fail to pay local taxes, The Police, small businesses, borrow millions from Foreign Pension funds, steal alleged share monies from your own fans, (where's the certificates) employ convicted Pedophiles all that happens is a 15 point deduction..... justice eh!!

My own personal opinion was that the Big L was about to happen until that twat Alex Salmond intervened at the last minute......

Yep, indeed, absolutely no justice in the whole thing whatsoever, the ***** as usual fall in the **** and come out smelling of roses. I guess cheaters really do win. It wouldn't bother me so much if it wasn't for their insufferable, detestable, self deluded, arrogant fan base who despite years of ripping off, conning, thieving and corruption in order to cheat their way to a bit of glory have gotten away with it and are back giving it the big un and basically a big two fingers to everyone they have stolen from (the real victims in all of this). They really are a vile, immoral disgusting organisation.

Furthermore, the way they are all kissing each others ***** and bleating on and on about how wonderful as fanbase they are is truly cringeworthy. I even heard one jambo moron say "we are such wonderful fans at how we rallied to save the club, something the hobos would never do" eeeh Hands of Hibs campaign? That is how REAL fans save their club, not some pathetic wee bake sales etc. They seem to forget as well that they practically stood back and allow all this to happen in the first place because they were too busy playing "we are the big team". Everyone could see the inevitable car crash that they were heading for but the tramps continued to go merrily along in fantasy land because the cheated gains fuelled their pathetic little self-delusions that they are some kind of huge mighty club.

It personally makes me sick to the pit of my stomach that those thieving, disgusting tramps have gotten away with murder yet again and their despicable low life fan base as smug as ever but thats the way it goes. No words can describe the hate I have for them, an absolutely rotten club to its core with the most pathetic, cringeworthy, arrogant, deluded set of ****bags supporting it.

[marinello59]

Have to agree 100% with BerwickHibby; based on other information from people I seen & the sudden approval.
Quite clearly, political intervention.
those that don't think decisions in the world are based on lobbying, threats and pure politics, need to wake up and smell the coffee.
it might be 2014, but it's not a fair society.

Practically the only people who think Salmond's intervention was unfair are Hibs fans. Why do you think that is?
Salmond is a jambo tw@t but he only did what he would have done for any other Scottish football team in the same predicament. It's time to let go of all of this instead of whinging like petulant children because it's not fair. (Less than 50% of people who voted on here wanted them wiped out completely.)

[allmodcons]

Public record mate, it was stated in enough Newspapers that he had been in contact with them, also added a wee cavet that he would have done the same for any Scottish Football team..... Bu11**** again in my opinion

Public record because it said so in the newspapers? How gullible are you?

That aside, where does it say he met with the Lithuanian President?

Do you seriously believe that Scotland's First Minister (a few months short of a historic vote on Independence) would offer inducements to another country's President in order to save Hearts from liquidation?

Easy target for you to vent your spleen because he's a "****ing fat Jambo" right?

[magpie1892]

My view is the big L could still happen.

Stop giving us hope. Sergey and others were adamant that they'd be liquidated a couple of weeks ago.

[Craig_in_Prague]

Practically the only people who think Salmond's intervention was unfair are Hibs fans. Why do you think that is?
Salmond is a jambo tw@t but he only did what he would have done for any other Scottish football team in the same predicament. It's time to let go of all of this instead of whinging like petulant children because it's not fair. (Less than 50% of people who voted on here wanted them wiped out completely.)

I think you will find in some of the Lithuanian newspapers, one or two people commented and were not happy with the shares being transferred.
Besides on here, who else has seen all the creditors that got shafted? in fact, do other fans know 1% of what cheating the yams done?
I have a few non Hibs supporting mates (St J, Aberdeen...) that wanted them bust (it may have helped with my sharing of news on their cheating ways...) ... Heehaw in the MSM !! In fact, many Yams wouldn't even have known the real cheating they've done.

If he would do the same for any club; what's the point in having any rules at all?
Why don't we all just ***** 70M over several years; then start again?
WHY? Because some clubs have integrity and DO play by the rules....

Whinging, is hardly what we are doing - Having an adult debate, yes.

[marinello59]

Public record because it said so in the newspapers? That aside, where does it say he met with the Lithuanian President?

Do you seriously believe that Scotland's First Minister (a few months short of a historic vote on Independence) would offer inducements to another country's President in order to save Hearts from liquidation?

Easy target for you to vent your spleen because he's a "****ing fat Jambo" right!

He made a telephone call to the Lithuanian ambassador. That was all.
He is a ****ing fat jambo though.:greengrin

[s.a.m]

Like a fridge over troubled water

:greengrin

[CropleyWasGod]

It is called Real Time Information and came into full force this month.
.

This month last year Shirley?

[HIBERNIAN-0762]

Practically the only people who think Salmond's intervention was unfair are Hibs fans. Why do you think that is?
Salmond is a jambo tw@t but he only did what he would have done for any other Scottish football team in the same predicament. It's time to let go of all of this instead of whinging like petulant children because it's not fair. (Less than 50% of people who voted on here wanted them wiped out completely.)

The only people who think Salmonds intervention was unfair are Hibs fans?

Perhaps, but that's because the media totally shied away and did not report in full the extent of their cheating, no mention anywhere about the poor sods they ripped off, I feel this may come out in the wash through time but will the media cover it?

As soon as that fat tw&t picks up the phone it's a done deal?

A con man, just like the stinking team he supports.

[marinello59]

I think you will find in some of the Lithuanian newspapers, one or two people commented and were not happy with the shares being transferred.
Besides on here, who else has seen all the creditors that got shafted? in fact, do other fans know 1% of what cheating the yams done?
I have a few non Hibs supporting mates (St J, Aberdeen...) that wanted them bust (it may have helped with my sharing of news on their cheating ways...) ... Heehaw in the MSM !! In fact, many Yams wouldn't even have known the real cheating they've done.

If he would do the same for any club; what's the point in having any rules at all?
Why don't we all just ***** 70M over several years; then start again?
WHY? Because some clubs have integrity and DO play by the rules....

Whinging, is hardly what we are doing - Having an adult debate, yes.

Really? :greengrin

[allmodcons]

He made a telephone call to the Lithuanian ambassador. That was all.
He is a ****ing fat jambo though.:greengrin

Hey M59, he's not so fat now you know, been on a diet :greengrin

[Jim44]

The only people who think Salmonds intervention was unfair are Hibs fans?

Perhaps, but that's because the media totally shied away and did not report in full the extent of their cheating, no mention anywhere about the poor sods they ripped off, I feel this may come out in the wash through time but will the media cover it?

As soon as that fat tw&t picks up the phone it's a done deal?

A con man, just like the stinking team he supports.

I trust politicians as much as I trust lawyers.:cb

[marinello59]

]The only people who think Salmonds intervention was unfair are Hibs fans[/B]?

Perhaps, but that's because the media totally shied away and did not report in full the extent of their cheating, no mention anywhere about the poor sods they ripped off, I feel this may come out in the wash through time but will the media cover it?

As soon as that fat tw&t picks up the phone it's a done deal?

A con man, just like the stinking team he supports.

I have said this before. Unlike in the case of Rangers the only fans who really wanted Hearts to go totally bust were Hibs fans. That's nothing to do with the reporting of the case and everything to do with the nature of football rivalry.
Salmond is not the villain in this story. Vladimir Romanov and his henchmen were the bad guys. I hate sticking up for Salmond.:greengrin)

[marti1875]

What i'm now curious about is that BJ was always bleating on about running out of money by the end of April.
Now, miraculously, there's no mention whatsoever of any cashflow problems at all, nothing! BJ has said it could be mid June at the earliest before they can exit administration so how come they seem to suddenly have enough money to survive until then? Have i missed something along the lines and they've found money from somewhere or has BJ been very elaborate with the truth and just been playing games? :confused:

[marinello59]

Hey M59, he's not so fat now you know, been on a diet :greengrin

He's still a ****ing Jambo though. :greengrin

[Berwickhibby]

[QUOTE=allmodcons;3989439]Public record because it said so in the newspapers? How gullible are you?

That aside, where does it say he met with the Lithuanian President?

Do you seriously believe that Scotland's First Minister (a few months short of a historic vote on Independence) would offer inducements to another country's President in order to save Hearts from liquidation?

Easy target for you to vent your spleen because he's a "****ing fat Jambo" rite

Are you one of those Cyber Nats? because you have had a pop at me for having a personal opinion, which appears to be shared by others : 1. my terms of reference for information is the News and Newspapers..... so I am gulliable
2. It was made public in the media that Salmond had been in dialog with the Lithuanian Ambassador and president, I was not present, I was not privy to any conversation. However things appeared to accelerate after he appeared on TV saying he had spoken with these people.
3. I did not state that he HAD offered any inducement, read it again its says "Who knows if any promises or inducements ......."

I hold a personal opinion, which is my right..... I respect other peoples opinions and if necessary I will agree to disagree, but you appear unable to accept this. Oh again on a personal note I do not like Alex Salmond and this was just further examples why he would never get my vote.

[allmodcons]

He's still a ****ing Jambo though. :greengrin

:agree:

[EdinMike]

Oh God, this is going to turn into a Yes/No vote bicker again isn't it ?!


http://youtu.be/NXYNPO3zIj8

[Berwickhibby]

Not a Yes or NO bicker from me, just a personal opinion that I believe that Alex Salmond intervened to assist with the sale of the Jambos and their CVA......

[Keith_M]

My view is the big L could still happen.


Based on what?


:confused:

[allmodcons]

Are you one of those Cyber Nats? because you have had a pop at me for having a personal opinion, which appears to be shared by others : 1. my terms of reference for information is the News and Newspapers..... so I am gulliable
2. It was made public in the media that Salmond had been in dialog with the Lithuanian Ambassador and president, I was not present, I was not privy to any conversation. However things appeared to accelerate after he appeared on TV saying he had spoken with these people.
3. I did not state that he HAD offered any inducement, read it again its says "Who knows if any promises or inducements ......."

I hold a personal opinion, which is my right..... I respect other peoples opinions and if necessary I will agree to disagree, but you appear unable to accept this. Oh again on a personal note I do not like Alex Salmond and this was just further examples why he would never get my vote.

You are correct, I am one of those nasty CyberNats that you read about in the newspapers (daily mail et al) :rolleyes:

You post (on a public forum) what, for me, is a pretty ridiculous opinion on the Yams avoiding liquidation and then complain when I choose to disagree with you. Is this not how a public forum is supposed to work?

On a personal note, I couldn't give a toss who you vote for, that's for the Holy Ground. I was merely making the point that this situation was not of Alex Salmond's making.

[HFC 0-7]

I have said this before. Unlike in the case of Rangers the only fans who really wanted Hearts to go totally bust were Hibs fans. That's nothing to do with the reporting of the case and everything to do with the nature of football rivalry.
Salmond is not the villain in this story. Vladimir Romanov and his henchmen were the bad guys. I hate sticking up for Salmond.:greengrin)

Salmond shouldn't be trying to help or getting involved with any business that has CHOSEN not to pay taxes etc. plenty other business's in Scotland who have fallen on hard times because of things like the recession never got the same help.

[GreenLake]

I think that the article has confirmed that during the cooling off period there were no objection to CVA and shares being sold to Ann Budge, which goes to prove one thing that if you steal from charities including the poppy appeal (RBL), fail to pay millions in tax (PAYE) fail to pay local taxes, The Police, small businesses, borrow millions from Foreign Pension funds, steal alleged share monies from your own fans, (where's the certificates) employ convicted Pedophiles all that happens is a 15 point deduction..... justice eh!!

My own personal opinion was that the Big L was about to happen until that twat Alex Salmond intervened at the last minute......

He intervened successfully but it would be interesting to discover if it was due to him speaking to them or giving to them, and if the latter, what exactly were they given.

[weecounty hibby]

Public record mate, it was stated in enough Newspapers that he had been in contact with them, also added a wee cavet that he would have done the same for any Scottish Football team..... Bu11**** again in my opinion

The bit in bold and underlined...... He actually lobbied to try to help out both the Huns and Dunfie, so personally I believe what he says there.

[Weststandwanab]

Stop giving us hope. Sergey and others were adamant that they'd be liquidated a couple of weeks ago. It is only my opinion, if you see that as hope fair enough.


This month last year Shirley? It was but h.m.r.c. agreed to trial it for a year with no enforcement for non compliance. That ran out on 6thApril 2014


I trust politicians as much as I trust lawyers.:cb But do you trust Politicians who are Lawyers ?


Based on what?


:confused: please see above.

[CropleyWasGod]

It was but h.m.r.c. agreed to trial it for a year with no enforcement for non compliance. That ran out on 6thApril 2014

.

Extended until October.

[Gus Fring]

A few points need clearing up it seems.

1) Alex Salmond was not a factor in the decision. In fact the decision to ratify the shares came as much as a shock to Hearts and BDO as it did the rest of us.

2) Hearts could still be liquidated if the process lingers on for too long. Its unlikely but not impossible.

3) FOH and Budge are currently looking in to ways of helping Hearts financially now that a deal is all but completed. They couldn't do it before whilst there was no agreement in place but once that's all been made official they can.

4) The deal was NEVER going to be finished by Monday. That was media spin to give the Yams hope had we beaten them on Sunday. It wasn't needed in the end.

[Weststandwanab]

October 2014 ?

[hibee_nation]

All it takes is one phone call from big Eck and it is a done deal, how lucky we are to have such a man in charge of our country. Just imagine the phone calls to London after we vote AYE. First on the shopping list will be we are having Berwick back. :greengrin

[CropleyWasGod]

October 2014 ?

Yup.

https://www.gov.uk/government/news/hmrc-unveils-new-timetable-for-rti-penalties

[Spike Mandela]

A few points need clearing up it seems.

1) Alex Salmond was not a factor in the decision. In fact the decision to ratify the shares came as much as a shock to Hearts and BDO as it did the rest of us.

2) Hearts could still be liquidated if the process lingers on for too long. Its unlikely but not impossible.

3) FOH and Budge are currently looking in to ways of helping Hearts financially now that a deal is all but completed. They couldn't do it before whilst there was no agreement in place but once that's all been made official they can.

4) The deal was NEVER going to be finished by Monday. That was media spin to give the Yams hope had we beaten them on Sunday. It wasn't needed in the end.

What about frozen shares? Nothing mentioned in the Hearts/FoH bunker then?

[Keith_M]

It is only my opinion, if you see that as hope fair enough.

.................

please see above.


So based on nothing but wishful thinking, in spite of all available evidence to the contrary.


Fair enough, you're entitled to your view, no matter how illogical.

[One Day Soon]

Public record because it said so in the newspapers? How gullible are you?

That aside, where does it say he met with the Lithuanian President?

Do you seriously believe that Scotland's First Minister (a few months short of a historic vote on Independence) would offer inducements to another country's President in order to save Hearts from liquidation?

Easy target for you to vent your spleen because he's a "****ing fat Jambo" right?

Since he's just expressed his admiration for Putin's leadership of Russia (clearly the sovereignty of some nations, like Ukraine, is less important than others) I wouldn't place a lot of faith in his judgment about much else, even "a few months short of a historic vote on independence".

He's just supported Hearts walking away from debt in excess of £70 million. What's our quid pro quo? Zero.

There's a lot of businesses without say 40,000 supporters that would have liked the personal intervention of the First Minister during the last few years of the recession. Salmond and Murray - public servants, neither of whom represent Gorgie, but you'd be forgiven for assuming that they did.

[Keith_M]

Since he's just expressed his admiration for Putin's leadership of Russia (clearly the sovereignty of some nations, like Ukraine, is less important than others) I wouldn't place a lot of faith in his judgment about much else, even "a few months short of a historic vote on independence".


Well done, you just fell into the trap of believing newspaper headlines without checking the actual details.

Please read the article again and see what it actually says.

[Weststandwanab]

Yup.

https://www.gov.uk/government/news/hmrc-unveils-new-timetable-for-rti-penaltiesThank you I did not know that.


What about frozen shares? Nothing mentioned in the Hearts/FoH bunker then? Indeed there is the crux of the problem.


So based on nothing but wishful thinking, in spite of all available evidence to the contrary.


Fair enough, you're entitled to your view, no matter how illogical.Apologies I did not make that clear. I believe, until the share certificates are actually delivered, they could still run out of money and if that is the case the big L looms.

[Keith_M]

Salmonds ACTUAL words on Putin were the result of a series of questions on his views on world leaders and other politicians. Incidentally, the actual interview took place before the situation in Crimea developed.


'Asked about Mr Putin, Mr Salmond said: "Well, obviously, I don't approve of a range of Russian actions, but I think Putin's more effective than the press he gets I would have thought, and you can see why he carries support in Russia."'

He called him 'effective' but dissaproves of many of his actions.

'Pressed on whether he admires the Russian leader, the First Minister said: "Certain aspects. He's restored a substantial part of Russian pride and that must be a good thing. There are aspects of Russian constitutionality and the inter-mesh with business and politics that are obviously difficult to admire. Russians are fantastic people, incidentally, they are lovely people."'

So, his admiration extends to certain aspects of Putin, as a politician. He does not at any point say he has unreserved admiration for him.

Herald (http://www.heraldscotland.com/politics/referendum-news/salmond-ive-got-some-admiration-for-putin.1398664246)

[allmodcons]

Since he's just expressed his admiration for Putin's leadership of Russia (clearly the sovereignty of some nations, like Ukraine, is less important than others) I wouldn't place a lot of faith in his judgment about much else, even "a few months short of a historic vote on independence".

He's just supported Hearts walking away from debt in excess of £70 million. What's our quid pro quo? Zero.

There's a lot of businesses without say 40,000 supporters that would have liked the personal intervention of the First Minister during the last few years of the recession. Salmond and Murray - public servants, neither of whom represent Gorgie, but you'd be forgiven for assuming that they did.

That's some take on his comments regarding Putin ODS! A similar take to the front page of yesterday's Daily Mail.

With regard to other businesses, I think you'll find that most Governments do as much as they can to help ailing businesses.

[Keith_M]

Apologies I did not make that clear. I believe, until the share certificates are actually delivered, they could still run out of money and if that is the case the big L looms.


OK, that's a bit different. However they don't seem to have mentioned running out of money again recently so I'm not convinced that's going to happen.


I personally think it's done and dusted and the only 'fly in the ointment' is they will most likely leave Administration too late to avoid a further points penalty.

[Gus Fring]

What about frozen shares? Nothing mentioned in the Hearts/FoH bunker then?

Last I heard was Vlads arrest triggered something that allowed the transfer of his assets. I don't know the gory details though.

[Spike Mandela]

Last I heard was Vlads arrest triggered something that allowed the transfer of his assets. I don't know the gory details though.

The arrest that wasn't an arrest.:rolleyes: The cess pit gets murkier and murkier.

[hibbypostie]

Salmonds ACTUAL words on Putin were the result of a series of questions on his views on world leaders and other politicians. Incidentally, the actual interview took place before the situation in Crimea developed.


'Asked about Mr Putin, Mr Salmond said: "Well, obviously, I don't approve of a range of Russian actions, but I think Putin's more effective than the press he gets I would have thought, and you can see why he carries support in Russia."'

He called him 'effective' but dissaproves of many of his actions.

'Pressed on whether he admires the Russian leader, the First Minister said: "Certain aspects. He's restored a substantial part of Russian pride and that must be a good thing. There are aspects of Russian constitutionality and the inter-mesh with business and politics that are obviously difficult to admire. Russians are fantastic people, incidentally, they are lovely people."'

So, his admiration extends to certain aspects of Putin, as a politician. He does not at any point say he has unreserved admiration for him.

Herald (http://www.heraldscotland.com/politics/referendum-news/salmond-ive-got-some-admiration-for-putin.1398664246)

now your just letting the facts ruin someone else's story :greengrin

[Weststandwanab]

OK, that's a bit different. However they don't seem to have mentioned running out of money again recently so I'm not convinced that's going to happen.


I personally think it's done and dusted and the only 'fly in the ointment' is they will most likely leave Administration too late to avoid a further points penalty.
They have not but May pay day looms and if the shares are not delivered by then they could be in soapy bubble.

[Keith_M]

now your just letting the facts ruin someone else's story :greengrin


Sorry



:greengrin

[Gus Fring]

They have not but May pay day looms and if the shares are not delivered by then they could be in soapy bubble.

That's not going to cause a problem. Bidco will be able to use their money once the relevant documents have been signed.

Liquidation will likely only occur now if they hit a massive stumbling block and spend all of the Bidco money during the close season, which is very unlikely.

I'm sorry lads, but they've done the hard bits.

The only negative news coming out of Tynecastle is that Bidco have not started discussing redunancies yet. Hearts won't need or be able to afford the same staff in the championship that they have just now.

[Spike Mandela]

That's not going to cause a problem. Bidco will be able to use their money once the relevant documents have been signed.

Liquidation will likely only occur now if they hit a massive stumbling block and spend all of the Bidco money during the close season, which is very unlikely.

I'm sorry lads, but they've done the hard bits.

The only negative news coming out of Tynecastle is that Bidco have not started discussing redunancies yet. Hearts won't need or be able to afford the same staff in the championship that they have just now.

Really begs the question why any club actually bothers paying tax, vat, bank debt or service providers at all?

[One Day Soon]

Salmonds ACTUAL words on Putin were the result of a series of questions on his views on world leaders and other politicians. Incidentally, the actual interview took place before the situation in Crimea developed.


'Asked about Mr Putin, Mr Salmond said: "Well, obviously, I don't approve of a range of Russian actions, but I think Putin's more effective than the press he gets I would have thought, and you can see why he carries support in Russia."'

He called him 'effective' but dissaproves of many of his actions.

'Pressed on whether he admires the Russian leader, the First Minister said: "Certain aspects. He's restored a substantial part of Russian pride and that must be a good thing. There are aspects of Russian constitutionality and the inter-mesh with business and politics that are obviously difficult to admire. Russians are fantastic people, incidentally, they are lovely people."'

So, his admiration extends to certain aspects of Putin, as a politician. He does not at any point say he has unreserved admiration for him.

Herald (http://www.heraldscotland.com/politics/referendum-news/salmond-ive-got-some-admiration-for-putin.1398664246)


No, Salmond gave the interview on March 14th. The situation in Ukraine has been unpacking since at least November of last year. By 14th March a rigged referendum had already had its two questions publicly set out in which both choices meant separation from Ukraine. When he gave those views on Putin he and all the rest of the world knew exactly what was going on in Crimea.

You would think too that this might have been an excellent opportunity to criticise the position on homosexual equality and rights arising from the Sochi Winter Olympics. He managed to pass that one up though.

At best his comments were naive and ignorant, and his judgment deeply suspect. That's at best.

I'm left wondering wondering which bit of leadership he finds 'effective'?

[Famous Fiver]

I've been quiet on this for a while. As far as I am aware Bidco are only putting up the money for ownership, FOH are providing the working capital. Before proceeding to the next stage of my views can one of our financial experts confirm or reject this view?

They may have money(but how much?) but they do not have time unless there is some fancy footwork and points deduction or worse is definitely still on the agenda.

[bingo70]

Really begs the question why any club actually bothers paying tax, vat, bank debt or service providers at all?

So they dont end up in the nick hearts are in just now?

I cant see many banks allowing clubs to run up debts like we've seen here so there wont be the same opportunity to buy tge success that hearts have done

[HIBERNIAN-0762]

That's not going to cause a problem. Bidco will be able to use their money once the relevant documents have been signed.

Liquidation will likely only occur now if they hit a massive stumbling block and spend all of the Bidco money during the close season, which is very unlikely.

I'm sorry lads, but they've done the hard bits.

The only negative news coming out of Tynecastle is that Bidco have not started discussing redunancies yet. Hearts won't need or be able to afford the same staff in the championship that they have just now.

But they are getting Stevie May,Kris Boyd in as players and Steve Clark as manager, shirly nae redundancies here?

:cb

[hibbysam]

Sorry if this has been mentioned further up but should Hearts not exit administration by next Saturday they shall start next season on -15 again am i right? Going by the findings on Rangers they have been told that administration after next week will see them start on -25 next year so I would imagine the same logic would go for Hearts?

[Ronniekirk]

Sorry if this has been mentioned further up but should Hearts not exit administration by next Saturday they shall start next season on -15 again am i right? Going by the findings on Rangers they have been told that administration after next week will see them start on -25 next year so I would imagine the same logic would go for Hearts?
Logic doesn't seem to be something they bother about They are on verge of exiting Administration and are now focusing on Dominating the Championship and pulling together further funding scMs so they can have money to bring in quality players and the same time Secvo are also in a Financial disarray but have a three year Plan to win big league .The Arrogance of boths Clubs knows no bounds and they truly deserve each other in the Championship next Season .

[Phil D. Rolls]

Sorry if this has been mentioned further up but should Hearts not exit administration by next Saturday they shall start next season on -15 again am i right? Going by the findings on Rangers they have been told that administration after next week will see them start on -25 next year so I would imagine the same logic would go for Hearts?

Rangers punishment would be for going into admin. a second time. Hearts would only get - 15 as it is still the first time.

[Gus Fring]

Sorry if this has been mentioned further up but should Hearts not exit administration by next Saturday they shall start next season on -15 again am i right? Going by the findings on Rangers they have been told that administration after next week will see them start on -25 next year so I would imagine the same logic would go for Hearts?

Hearts will only suffer a points deduction if they remain in administration by the time the first fixture in the Championship is played next season.

Rangers are not currently in Administration and will suffer a points penalty for next season if they suffer an insolvency event before the start of next season.

[Iggy Pope]

Hearts will only suffer a points deduction if they remain in administration by the time the first fixture in the Championship is played next season.

Rangers are not currently in Administration and will suffer a points penalty for next season if they suffer an insolvency event before the start of next season.

F-me. They better get into HertzReverse and take the hit now instead while they have the points to spare!

[CropleyWasGod]

I've been quiet on this for a while. As far as I am aware Bidco are only putting up the money for ownership, FOH are providing the working capital. Before proceeding to the next stage of my views can one of our financial experts confirm or reject this view?

They may have money(but how much?) but they do not have time unless there is some fancy footwork and points deduction or worse is definitely still on the agenda.

That's correct. Bidco are paying the £2.5m, at which point FOH will transfer £1m.

[Wing Half]

http://www.scotsman.com/sport/football/spfl/lawyers-pushing-for-hearts-takeover-deal-1-3393324

My guess is that no-one wants to have to bear the cost of a potentially expensive application to court regarding the shares.

[Geo_1875]

Why is everyone reporting that BIDCO are buying the shares when it was previously believed that the CVA was for FoH to take ownership and transfer everything to BIDCO? Did the terms of the CVA change after FoH were named preferred bidders?

[macca70]

http://www.scotsman.com/sport/football/spfl/lawyers-pushing-for-hearts-takeover-deal-1-3393324

My guess is that no-one wants to have to bear the cost of a potentially expensive application to court regarding the shares.

So what are 4 Lawyers locked in discussions about, if this was all a done deal and just awaiting the cooling off period ending??!!


'However, it is clear that the complexities of trying to strike a deal with the lawyers of two Lithuanian companies, who themselves are in administration, means there remain some anxious days ahead if the future of Hearts is to be secured.'

[Wing Half]

The argument might be about which of the parties to the SPA is going to pay for the application to get the order of the court discharged.

[Wing Half]

. . . . or tomorrow's a public holiday. hence "stop- start".

[macca70]

. . . . or tomorrow's a public holiday. hence "stop- start".

That's what 1 of the trumpets across the road is saying, then its a Bank holiday here on Monday so might not be concluded as quickly as they thought.

Thought they only had funds to last til end of April.

I reckon The Budgie will soon regret having ever got involved.

[Weststandwanab]

So what are 4 Lawyers locked in discussions about, if this was all a done deal and just awaiting the cooling off period ending??!!


'However, it is clear that the complexities of trying to strike a deal with the lawyers of two Lithuanian companies, who themselves are in administration, means there remain some anxious days ahead if the future of Hearts is to be secured.' If the deal was near done there would not be four sets of lawyers - costing god knows what - locked in negotiations.


The argument might be about which of the parties to the SPA is going to pay for the application to get the order of the court discharged. If that was true (and it may well be) the collective costs of all four would probably far outweigh the costs of Court Application.

It would be quicker and probably cheaper to draw lots to see who pays.

As I have said before the main threat to saving the Jambos is time or more accurately the lack time.

Keep the faith the big L has not go away yet.

[gorgie greens]

Thought the minute any business in admin has no more funds then its end game,we keep hearing that they were going to run out in April,lets hope the Liths start there fun and games again and treat them with the contempt that this vile club deserves

[bingo70]

Does anyone know if portsmouth got this far before the deal fell through?

[Glesgahibby]

Does anyone know if portsmouth got this far before the deal fell through?
:agree:

[bingo70]

:agree:

Agree as in yes it did or agree as you want to know as well?

[Glesgahibby]

Agree as in yes it did or agree as you want to know as well?
Sorry mate,as far as I know "yes" it got this far.

[Weststandwanab]

Sorry mate,as far as I know "yes" it got this far. And were still Liquidated.

[worcesterhibby]

And were still Liquidated.

I had an argument with a mate who is a massive Pompey fan about whether they were ever liquidated. He says it never happened. I have searched the internet and especially the BBC site to try to prove him wrong, but I can find no reliable reference to Pompey ever actually going into liquidation. I believe they were finally saved from the big L in April 2013 see BBC news story here http://www.bbc.co.uk/sport/0/football/22106528 (http://www.bbc.co.uk/sport/0/football/22106528)

Happy to be proved wrong if I am.

[#FromTheCapital]

A lot of people on here are too happy to compare hearts and portsmouth, without really knowing what went on with portsmouth.

Hearts will not be liquidated, time to stop clutching straws.

[bingo70]

A lot of people on here are too happy to compare hearts and portsmouth, without really knowing what went on with portsmouth.

Hearts will not be liquidated, time to stop clutching straws.

Jesus, not clutching at anything, was just asking the question which a couple of folk kindly answered.

Fwiw you dont know for definite what will happen, nobody does.

[Hibby Kay-Yay]

On another note it looks as though the supporters will need to shell out in full, for their season tickets as no credit facilities will be available.

Unlucky...Hearts, the team that keeps on taking

[Glesgahibby]

A lot of people on here are too happy to compare hearts and portsmouth, without really knowing what went on with portsmouth.

Hearts will not be liquidated, time to stop clutching straws.
I suppose the only thing we know that went on is there ex owner is a criminal and so on and so on....eh,I think there has been many a link posted on here regarding the portsmouth situation.

[greenginger]

I had an argument with a mate who is a massive Pompey fan about whether they were ever liquidated. He says it never happened. I have searched the internet and especially the BBC site to try to prove him wrong, but I can find no reliable reference to Pompey ever actually going into liquidation. I believe they were finally saved from the big L in April 2013 see BBC news story here http://www.bbc.co.uk/sport/0/football/22106528 (http://www.bbc.co.uk/sport/0/football/22106528)

Happy to be proved wrong if I am.


There are 5 Portsmouth Football Clubs listed at companies House.

http://wck2.companieshouse.gov.uk//companysearch?disp=1&frfsh=1398844603&#result

3 have been liquidated, Portsmouth 2010 Ltd ( the one BDO did the admin. for is still noted as " Voluntary Arrangement " same as the Yams status ).

The current Portsmouth F C was formed in 2012. Hope that settles the argument ! :greengrin

[#FromTheCapital]

Jesus, not clutching at anything, was just asking the question which a couple of folk kindly answered.

Fwiw you dont know for definite what will happen, nobody does.

It wasn't directed at you, no idea why you decided to take it that way? Was just saying in general a lot of people on here mention Portsmouth as if they were in an identical situation to hearts with regards to these frozen shares and somehow this means hearts are going to be liquidated.

Fwiw it looks like you are clutching straws if you think anything other than exiting admin via cva will happen.

[Craig_in_Prague]

It wasn't directed at you, no idea why you decided to take it that way? Was just saying in general a lot of people on here mention Portsmouth as if they were in an identical situation to hearts with regards to these frozen shares and somehow this means hearts are going to be liquidated.

Fwiw it looks like you are clutching straws if you think anything other than exiting admin via cva will happen.

People can clutch at straws if they want.
Until it's 100% done and dusted; then why not.

[bingo70]

It wasn't directed at you, no idea why you decided to take it that way? Was just saying in general a lot of people on here mention Portsmouth as if they were in an identical situation to hearts with regards to these frozen shares and somehow this means hearts are going to be liquidated.

Fwiw it looks like you are clutching straws if you think anything other than exiting admin via cva will happen.

Im not really arsed if they get liquidated, im satisfied with them being relegated as punishment. I think having to live within their means will be the real punishment longer term as they dont have a clue how to do that.

Apologies if i picked you up wrong, i thought your post was in response to my question this morning regarding the comparison with portsmouth.

[JeMeSouviens]

I had an argument with a mate who is a massive Pompey fan about whether they were ever liquidated. He says it never happened. I have searched the internet and especially the BBC site to try to prove him wrong, but I can find no reliable reference to Pompey ever actually going into liquidation. I believe they were finally saved from the big L in April 2013 see BBC news story here http://www.bbc.co.uk/sport/0/football/22106528 (http://www.bbc.co.uk/sport/0/football/22106528)

Happy to be proved wrong if I am.

Some sleight of hand and jiggery pokery involved (they got a CVA but gave up waiting for the shares):

http://wck2.companieshouse.gov.uk//wcframe?name=accessCompanyInfo

The company number for the Portsmouth FC that entered admin first time was 03747237. It sold business and assets to 07264768 which also went into admin.

The currently operating Portsmouth is 07940335.

[Glesgahibby]

It wasn't directed at you, no idea why you decided to take it that way? Was just saying in general a lot of people on here mention Portsmouth as if they were in an identical situation to hearts with regards to these frozen shares and somehow this means hearts are going to be liquidated.

Fwiw it looks like you are clutching straws if you think anything other than exiting admin via cva will happen.
(see green gingers post above)
1)this tells us that we do indeed "know" what happened in portsmouths case
2)identical,who knows?same circumstances,yes.
3)after all the twist and turns and ups and downs anything is possible :wink:

[Weststandwanab]

It wasn't directed at you, no idea why you decided to take it that way? Was just saying in general a lot of people on here mention Portsmouth as if they were in an identical situation to hearts with regards to these frozen shares and somehow this means hearts are going to be liquidated.

Fwiw it looks like you are clutching straws if you think anything other than exiting admin via cva will happen. I am not convinced they will - lack of time being the issue - but I am not clutching at straws.


Im not really arsed if they get liquidated, im satisfied with them being relegated as punishment. I think having to live within their means will be the real punishment longer term as they dont have a clue how to do that.

Apologies if i picked you up wrong, i thought your post was in response to my question this morning regarding the comparison with portsmouth. I think you are absolutely spot on problems just start not finishing.


Some sleight of hand and jiggery pokery involved (they got a CVA but gave up waiting for the shares):

http://wck2.companieshouse.gov.uk//wcframe?name=accessCompanyInfo

The company number for the Portsmouth FC that entered admin first time was 03747237. It sold business and assets to 07264768 which also went into admin.

The currently operating Portsmouth is 07940335. You have hit the bulls eye - no reason why Hearts will not follow suit when time is hours from running out.

Bear in mind Bidco 1874 ready to rock and role at the drop of a hat.


People can clutch at straws if they want.
Until it's 100% done and dusted; then why not. I appreciate that !

[Geo_1875]

You have hit the bulls eye - no reason why Hearts will not follow suit when time is hours from running out.

Bear in mind Bidco 1874 ready to rock and role at the drop of a hat.

FA rules allow automatic transfer of club share to newco. Don't think SFA/SPFL rules do.

[Weststandwanab]

FA rules allow automatic transfer of club share to newco. Don't think SFA/SPFL rules do. Yes I realise that and when Bidco 1874 buy the "assets" as opposed to take the out of Administration they will fall to them same fate as The Rangers.

Not so in Englandshire.

If it was the same as Englandshire The Jambos would have been Liquidated last summer.

[CropleyWasGod]

Yes I realise that and when Bidco 1874 buy the "assets" as opposed to take the out of Administration they will fall to them same fate as The Rangers.

Not so in Englandshire.

If it was the same as Englandshire The Jambos would have been Liquidated last summer.

It won't necessarily be Bidco 1874 that buys the assets.

[Jack]

FA rules allow automatic transfer of club share to newco. Don't think SFA/SPFL rules do.

You're right.

FA rules allowed Pompey to carry on as before with a change of company ownership.

SFA/SPFL rules mean the sevco scenario.

[down-the-slope]

FA rules allow automatic transfer of club share to newco. Don't think SFA/SPFL rules do.

football authorities have no control of company law and how shares are traded. The issue is football licence / membership ...which can't just be passed on / 'traded ... which was why Rangers / SEVCO had to suck up the drop to bottom

[CropleyWasGod]

football authorities have no control of company law and how shares are traded. The issue is football licence / membership ...which can't just be passed on / 'traded ... which was why Rangers / SEVCO had to suck up the drop to bottom

It is actually a share in the company that is the SPFL. It's not a licence. And the internal rules of the SPFL have restrictions on the transferability of those shares.

The "licence" is issued by the SFA.

[Keith_M]

Regarding the threat of Hearts running out of money:

FoH have £1Million allocated for running costs to tide them over until next season. I'd imagine they'll find some way to use that, rather than go out of business.

[spike220]

The "Fat Lady' is still hovering in the Lobby (so to speak).

[Weststandwanab]

It won't necessarily be Bidco 1874 that buys the assets. Indeed but as they may only have hours to do a deal re transfer of assets if Liquidated my view is that will be used initially and then transferred/sold on - if it happens.

Incorporating a Company now specifically to acquire the assets from the Liquidators would give the game away at C.H..


Regarding the threat of Hearts running out of money:

FoH have £1Million allocated for running costs to tide them over until next season. I'd imagine they'll find some way to use that, rather than go out of business. That would risk losing it if the big L happened shortly thereafter

[Keith_M]

That would risk losing it if the big L happened shortly thereafter


Maybe, but put yourself in their position; if this was Hibs, would you mind taking the gamble if you thought it would save your club? I personally would be willing to lose the few hundred quid I'd paid in if I thought Hibs were going to be no more.

[CropleyWasGod]

Indeed but as they may only have hours to do a deal re transfer of assets if Liquidated my view is that will be used initially and then transferred/sold on - if it happens.

Incorporating a Company now specifically to acquire the assets from the Liquidators would give the game away at C.H..

r

Think you're missing my point, or I yours.

If they are liquidated, the assets go on the open market. "They" can't immediately transfer the assets to anyone; the assets would be under the control of the liquidator.

[Coco Bryce]

Surely there is no way they can be liquidated now?

The sales of the WW1 strip are hitting record numbers I hear :greengrin

[Weststandwanab]

Maybe, but put yourself in their position; if this was Hibs, would you mind taking the gamble if you thought it would save your club? I personally would be willing to lose the few hundred quid I'd paid in if I thought Hibs were going to be no more.I agree - particularly about Hibs - but F.O.H. do not have the mandate to risk funds and would need to go back to all 8,000 subscribers for a decision - more time they do not have so I think F.O.H. will not be able to do that.


Think you're missing my point, or I yours.

If they are liquidated, the assets go on the open market. "They" can't immediately transfer the assets to anyone; the assets would be under the control of the liquidator. Indeed you are correct but I am presuming Bidco will either be the only bid or the highest bid and we know who the Liquidator' will be.

All dependent on time running out.

[CropleyWasGod]

Indeed you are correct but I am presuming Bidco will either be the only bid or the highest bid and we know who the Liquidator' will be.

All dependent on time running out.

You can't presume that. The liquidator (who would be BDO; that much has already been agreed) would have to test the market on that. That would take weeks and months, not the "hours" that you mention.

[Keith_M]

You can't presume that. The liquidator (who would be BDO; that much has already been agreed) would have to test the market on that. That would take weeks and months, not the "hours" that you mention.

Do you genuinely think they would bother? From what little I've seen from Administration/Liquidation, nothing would surprise me any more. These people are in their business for the benefit of themselves, nobody else. They appear to be a law unto themselves.

For instance, what has BDO's ongoing investigation (1.5 years so far, I think) into the previous incarnation of Rangers achieved so far, other than move the remaining money from that company's bank account into their own?

[Weststandwanab]

You can't presume that. The liquidator (who would be BDO; that much has already been agreed) would have to test the market on that. That would take weeks and months, not the "hours" that you mention.

Indeed they should but who knows in these exceptional circumstances.

The hours I refer to would be the time taken to make a decision after Liquidation by Bidco to do anything.

My view is still that time will run out before anything can be done and the big L arrives.

In the meantime F.O.H. are worrying about the sound of the Tremeloes.

[CropleyWasGod]

Do you genuinely think they would bother? From what little I've seen from Administration/Liquidation, nothing would surprise me any more. These people are in their business for the benefit of themselves, nobody else. They appear to be a law unto themselves.

For instance, what has BDO's ongoing investigation (1.5 years so far, I think) into the previous incarnation of Rangers achieved so far, other than move the remaining money from that company's bank account into their own?

It's not a case of whether they would "bother". It's their legal duty.

FTR, they're not "investigating" RFC. They are liquidating them. The same as they would do were HMFC to go there. HMFC would be quicker and simpler, sure, but they would still have to go through the statutory exercises.

[Keith_M]

It's not a case of whether they would "bother". It's their legal duty.

FTR, they're not "investigating" RFC. They are liquidating them. The same as they would do were HMFC to go there. HMFC would be quicker and simpler, sure, but they would have to go through the statutory exercises.


OK, I agree that I used the wrong word to describe the process. Surely Liquidation is the process whereby the assets of the Liquidated company are 'liquefied', in order to give something to any remaining creditors.

Now please tell me what it has achieved in 1.5 years other than transfer the money into their own (and lawyers) bank accounts.

[CropleyWasGod]

OK, I agree that I used the wrong word to describe the process. Surely Liquidation is the process whereby the assets of the Liquidated company are 'liquefied', in order to give something to any remaining creditors.

Now please tell me what it has achieved in 1.5 years other than transfer the money into their own (and lawyers) bank accounts.

The last I heard, they were suing Collyer Bristow, Craig Whyte's lawyers, for £25m.

If that claim is successful, it will go a long way to appeasing the creditors and justifying BDO's fees.

[Hibrandenburg]

Salmonds ACTUAL words on Putin were the result of a series of questions on his views on world leaders and other politicians. Incidentally, the actual interview took place before the situation in Crimea developed.


'Asked about Mr Putin, Mr Salmond said: "Well, obviously, I don't approve of a range of Russian actions, but I think Putin's more effective than the press he gets I would have thought, and you can see why he carries support in Russia."'

He called him 'effective' but dissaproves of many of his actions.

'Pressed on whether he admires the Russian leader, the First Minister said: "Certain aspects. He's restored a substantial part of Russian pride and that must be a good thing. There are aspects of Russian constitutionality and the inter-mesh with business and politics that are obviously difficult to admire. Russians are fantastic people, incidentally, they are lovely people."'

So, his admiration extends to certain aspects of Putin, as a politician. He does not at any point say he has unreserved admiration for him.

Herald (http://www.heraldscotland.com/politics/referendum-news/salmond-ive-got-some-admiration-for-putin.1398664246)

The Nazis weren't all bad, Hitler did build the Autobahns.

:duck:

[Leith Mo]

Think it was the Weimar Republic that built the majority of the autobahns but Adolf and his pals claimed the glory....

[CropleyWasGod]

Think it was the Weimar Republic that built the majority of the autobahns but Adolf and his pals claimed the glory....

Bit like Collins with Mowbray's team :greengrin

[Hibrandenburg]

Think it was the Weimar Republic that built the majority of the autobahns but Adolf and his pals claimed the glory....


Not true, they might have had the idea but it was the NS government that actually built them.

Before the summer Olympics in Berlin there was approximately 100km of Autobahn in Germany compared to over 3700km prior to the Russian offensive in 1941.

[AltheHibby]

Dont mention "Russian offensive" or you'll start them off on Salmond again!

Also, I have to register offence about the comparison of Collins and Hitler - surely the removal of his shirt to show off his six pack makes Collins more like Putin?

I'll fetch me coat...

[Peevemor]

Surely there is no way they can be liquidated now?

The sales of the WW1 strip are hitting record numbers I hear :greengrin

It's funny you should say that.

Generic Adidas strip + change of club crest + no main sponsor = all put in place to continue even though legally they're not the same club/company/entity.

[Keith_M]

The Nazis weren't all bad, Hitler did build the Autobahns.

:duck:


And Volkswagen Beetles........

[Keith_M]

The last I heard, they were suing Collyer Bristow, Craig Whyte's lawyers, for £25m.

If that claim is successful, it will go a long way to appeasing the creditors and justifying BDO's fees.


So, basically nothing back for the creditors so far. If I were them, I wouldn't be holding my breath.

[CropleyWasGod]

So, basically nothing back for the creditors so far. If I were them, I wouldn't be holding my breath.

I don't think they have been holding their breath. However, if there's a chance of £25m, and clearly BDO think there is, then they have to go for it.

[Famous Fiver]

CWG

Thanks for clarifying my query re Bidco and FOH. In view of the report tha t4 sets of lawyers are involved, FOH is to stump up to fund working capital until administration is exited, with the prospect that this money would be lost forever if things drag on, somebody,somewhere is going to have to have deep pockets to keep the whole thing afloat. This saga has a long way to run. Don't write off liquidation. It is a very real prospect.

[CropleyWasGod]

CWG

Thanks for clarifying my query re Bidco and FOH. In view of the report tha t4 sets of lawyers are involved, FOH is to stump up to fund working capital until administration is exited, with the prospect that this money would be lost forever if things drag on, somebody,somewhere is going to have to have deep pockets to keep the whole thing afloat. This saga has a long way to run. Don't write off liquidation. It is a very real prospect.

I don't write anything off. Too long in the tooth for that. :greengrin

Whilst time was, and still is, not their friend, I took BJ's assertion about there being enough cash to see out April with a degree of scepticism. He is an accountant, and therefore prone to excessive bouts of conservatism. The end of the season would have been my estimate.

Whilst I accept that FOH will, even if they have to change their own rules, hand over enough cash to keep things going, there are 2 limiting factors at play:-

1. they have, what, £1m just now? Would they be prepared to hand it all over? How long would that last?

2. given that £1m was earmarked for the new regime's working capital, what would AB's attitude be to the above?

[Jim44]

The Nazis weren't all bad, Hitler did build the Autobahns.

:duck:


Think it was the Weimar Republic that built the majority of the autobahns but Adolf and his pals claimed the glory....

Godwin's law rears it's ugly head again in this thread.:greengrin

[Weststandwanab]

CWG

Thanks for clarifying my query re Bidco and FOH. In view of the report tha t4 sets of lawyers are involved, FOH is to stump up to fund working capital until administration is exited, with the prospect that this money would be lost forever if things drag on, somebody,somewhere is going to have to have deep pockets to keep the whole thing afloat. This saga has a long way to run. Don't write off liquidation. It is a very real prospect. So I am not alone - welcome.

[Ozyhibby]

I don't write anything off. Too long in the tooth for that. :greengrin

Whilst time was, and still is, not their friend, I took BJ's assertion about there being enough cash to see out April with a degree of scepticism. He is an accountant, and therefore prone to excessive bouts of conservatism. The end of the season would have been my estimate.

Whilst I accept that FOH will, even if they have to change their own rules, hand over enough cash to keep things going, there are 2 limiting factors at play:-

1. they have, what, £1m just now? Would they be prepared to hand it all over? How long would that last?

2. given that £1m was earmarked for the new regime's working capital, what would AB's attitude be to the above?

On point 2, surely as long as the money is used for working capital, it doesn't matter if it's pre or post Budge taking over?

[CropleyWasGod]

On point 2, surely as long as the money is used for working capital, it doesn't matter if it's pre or post Budge taking over?

The agreement between Bidco and FOH is that it is given to the new regime.

If they change that, and it's given to the current situation, there is no guarantee that it would save the club. Even if it does get them over the line, that leaves the problem of what do they use for working capital for next season.

[Geo_1875]

The agreement between Bidco and FOH is that it is given to the new regime.

If they change that, and it's given to the current situation, there is no guarantee that it would save the club. Even if it does get them over the line, that leaves the problem of what do they use for working capital for next season.

Could be that Budge (or others) is putting more in than previously announced as the planned handover to FoH seems to keep disappearing over the horizon. Originally 3 years but now anywhere from 3 to 6 years for FoH to pay back the advance.

[worcesterhibby]

Bit like Collins with Mowbray's team :greengrin

To be fair, Kurt von Schleicher, the chancellor of the Weimar Republic, didn't piss off to Celtic at the first opportunity..he was ousted and assassinated. Still that's probably less depressing that ending up as a failure at Middlesborough !:greengrin

[Famous Fiver]

CWG

My view entirely. If tomorrow's funds are used to meet todays costs how are they going to sign Skacel, Thomson, Boyd et al and increase present squad wages to prevent them being picked off? and run the club? That will have to be faced only after they negotiate exiting administration There is no certainty they are going to get that far.

[greenpaper55]

The agreement between Bidco and FOH is that it is given to the new regime.

If they change that, and it's given to the current situation, there is no guarantee that it would save the club. Even if it does get them over the line, that leaves the problem of what do they use for working capital for next season.

But Locke says that he only needs five players, what are they using for capital ?.

http://www.edinburghnews.scotsman.com/sport/football/hearts/hearts-boss-reduces-his-number-of-signing-targets-1-3393414

[Deansy]

CWG

My view entirely. If tomorrow's funds are used to meet todays costs how are they going to sign Skacel, Thomson, Boyd et al and increase present squad wages to prevent them being picked off? and run the club? That will have to be faced only after they negotiate exiting administration There is no certainty they are going to get that far.

Have a jambo mate (a decent one - not happy at how things operate at the PBS and is ashamed of how low his club has sunk) who tells me an 'Edinburgh businessman' has/will be paying 'The Nose's wages !

[GlasgowHibee]

But Locke says that he only needs five players, what are they using for capital ?.

http://www.edinburghnews.scotsman.com/sport/football/hearts/hearts-boss-reduces-his-number-of-signing-targets-1-3393414

Kit sales, season ticket sales, sponsorship money? Or am I being too naive.

[Weststandwanab]

But Locke says that he only needs five players, what are they using for capital ?.

http://www.edinburghnews.scotsman.com/sport/football/hearts/hearts-boss-reduces-his-number-of-signing-targets-1-3393414

Has he asked Craig Levien though ?

[CropleyWasGod]

Kit sales, season ticket sales, sponsorship money? Or am I being too naive.

The £1m from FOH would be part of the budget.

[EK_Hibs]

Has he asked Craig Levien though ?

Are the yams appointing Harry Potter again?

[Geo_1875]

But Locke says that he only needs five players, what are they using for capital ?.

http://www.edinburghnews.scotsman.com/sport/football/hearts/hearts-boss-reduces-his-number-of-signing-targets-1-3393414

But if they're signing free agents there's no need for capital, only running costs to cover wages.

[CropleyWasGod]

But if they're signing free agents there's no need for capital, only running costs to cover wages.

That is working capital :agree:

They need money for the summer for wages, when there is nothing coming in until they start selling ST's.

[Ozyhibby]

Until they are officially out of administration they won't be signing anyone, they won't be selling a single season ticket or any significant sponsorship deals. They are in limbo.
I don't think they will have long to wait but the longer the better.
If their season tickets are cash only then that will have a negative effect on sales especially if they can't get them on sale till a couple of weeks before the season starts.
:-)

[Weststandwanab]

Are the yams appointing Harry Potter again?That is my understanding.

[Leithenhibby]

That is my understanding.

Fingers crossed...... Now that would be funny. :-)

[jonty]

The Nazis weren't all bad, Hitler did build the Autobahns.

:duck:


Think it was the Weimar Republic that built the majority of the autobahns but Adolf and his pals claimed the glory....

Can he claim the VW Beetle then? :greengrin

[Hibrandenburg]

Can he claim the VW Beetle then? :greengrin

Don't think so. If I recall correctly VW was bought by a British Army officer at the end of the war for just 1 Mark. So VW has some British roots. :greengrin

[Phil D. Rolls]

Have a jambo mate (a decent one - not happy at how things operate at the PBS and is ashamed of how low his club has sunk) who tells me an 'Edinburgh businessman' has/will be paying 'The Nose's wages !

Tears end in.

[greenginger]

Have a jambo mate (a decent one - not happy at how things operate at the PBS and is ashamed of how low his club has sunk) who tells me an 'Edinburgh businessman' has/will be paying 'The Nose's wages !


Did he ask if this was to be a legitimate taxed salary or an under the table , private deal , tax-free sort of payment like the last one he agreed with Vlad.

[EK_Hibs]

That is my understanding.

Reliable source? Or Greggs rumour? :)

I thought that moron Levein was still dining out on his massive pay off from the SFA?

[Weststandwanab]

Reliable source? Or Greggs rumour? :)

I thought that moron Levein was still dining out on his massive pay off from the SFA?
I would say reliable.

[EastCalderHibby]

Surely there is no way they can be liquidated now?

The sales of the WW1 strip are hitting record numbers I hear :greengrin

What a disgusting club that is to sell ww1 shirts to honor the fallen yet totally dishonor them by not paying the charity of the war fallen
Total ****

[sleeping giant]

What a disgusting club that is to sell ww1 shirts to honor the fallen yet totally dishonor them by not paying the charity of the war fallen
Total ****

I shouldn't really revel in something of that nature but......

You are sooooo spot on :agree:

Midden of a club

[The Green Goblin]

I would have thought that the yams are the only team in the world who would hire 4-6-0 Levein. The Scotland failure and bizarre behaviour finished him.

I do wonder if there is more to come from this story, especially if the particulars of how Romanov actually "spent" all that money come to light some day. There's also the question of where Hearts willfind themselves a year from now. Will they make the same mistakes of the past as the huns have done? Will enough of their support stick with them next season to help guarantee promotion first time of asking? Whatever their current situation, there's no doubt they face a struggle in the next year or two...

[Famous Fiver]

I see that EEN are reporting that Hamill's contract expires in two weeks and he could be off if things are not sorted sharpish. Tip of the iceberg...................

[fat freddy]

I hear Derek Adams is interested in taking him...



















in a square go

[Weststandwanab]

I would have thought that the yams are the only team in the world who would hire 4-6-0 Levein. The Scotland failure and bizarre behaviour finished him.

I do wonder if there is more to come from this story, especially if the particulars of how Romanov actually "spent" all that money come to light some day. There's also the question of where Hearts willfind themselves a year from now. Will they make the same mistakes of the past as the huns have done? Will enough of their support stick with them next season to help guarantee promotion first time of asking? Whatever their current situation, there's no doubt they face a struggle in the next year or two... Keep the faith the big L has not gone yet.


I see that EEN are reporting that Hamill's contract expires in two weeks and he could be off if things are not sorted sharpish. Tip of the iceberg................... A bit harsh on Icebergs

[EK_Hibs]

Keep the faith the big L has not gone yet.


I admire that fact you still retain some hope that the cheats will still get their well deserved liquidation. But it's just not going to happen unfortunately. How could it happen now anyway?

[southsider]

Please excuse me if this has been answered before..... but the spfl season finishes Sunday week right ? If The hear7s are not out of admin by then they start the forthcoming season with a deduction again of either -15 or -25 ?

[HappyAsHellas]

Only get a deduction if in administration at the start of next season.

[southsider]

Only get a deduction if in administration at the start of next season.
Ok thanks but they worked a flanker so they went into admin this season and not last season wherby they would have got relegated THEN and not Dundee. Do you, or does anyone know the cut off dates ?

[VivaHiberña]

Ok thanks but they worked a flanker so they went into admin this season and not last season wherby they would have got relegated THEN and not Dundee. Do you, or does anyone know the cut off dates ?

They must still be in admin at the time of their first league game next season for a points deduction.

[southsider]

They must still be in admin at the time of their first league game next season for a points deduction.
cheers for info. ggtth

[Weststandwanab]

I admire that fact you still retain some hope that the cheats will still get their well deserved liquidation. But it's just not going to happen unfortunately. How could it happen now anyway?Firstly my hope is not that they are liquidated I hope they struggle for decades.
To answer your question why, the answer is time or lack of it.
Sunday has come and gone and there is no micro wave test done yet - Why is that ?
BJ said they would run out of cash yesterday and payday is now 15 days away.
Do you think they have e the funds to pay it ?
If not the big L will arrive.

Keep the faith

[Kato]

Firstly my hope is not that they are liquidated I hope they struggle for decades.
To answer your question why, the answer is time or lack of it.
Sunday has come and gone and there is no micro wave test done yet - Why is that ?
BJ said they would run out of cash yesterday and payday is now 15 days away.
Do you think they have e the funds to pay it ?
If not the big L will arrive.

Keep the faith

I enjoy the fact that someone is beating a drum.

[Weststandwanab]

I enjoy the fact that someone is beating a drum.
Thanks for that.

It is entirely possible that that they will exit with a cva but if the do it will be by the skin of their teeth.

[Kato]

Thanks for that.

It is entirely possible that that they will exit with a cva but if the do it will be by the skin of their teeth.

#allverycomplex and slow

[Weststandwanab]

#allverycomplex and slow The more slowly and complex the better

[Matty_Jack04]

Please excuse me if this has been answered before..... but the spfl season finishes Sunday week right ? If The hear7s are not out of admin by then they start the forthcoming season with a deduction again of either -15 or -25 ?

I thought they have to be out by the time next years fixtures are released to escape another points pen, could be wrong though

[CropleyWasGod]

I thought they have to be out by the time next years fixtures are released to escape another points pen, could be wrong though

Definitely the start of next season. SPFL Rules E1-16.

http://spfl.co.uk/docs/067_324__therulesofthescottishprofessionalfootball leagueasat7march2014_1396269263.pdf

[Eyrie]

Firstly my hope is not that they are liquidated I hope they struggle for decades.
To answer your question why, the answer is time or lack of it.
Sunday has come and gone and there is no micro wave test done yet - Why is that ?
BJ said they would run out of cash yesterday and payday is now 15 days away.
Do you think they have e the funds to pay it ?
If not the big L will arrive.

Keep the faith

The SPFL will advance the Yams the money needed to finish the season, keeping them going until June's payday by which point they will be selling season tickets for the "champion"ship. So they have plenty of time to defrost the shares to allow Save Hearts In Trouble to start handing over cash.

[greenginger]

The SPFL will advance the Yams the money needed to finish the season, keeping them going until June's payday by which point they will be selling season tickets for the "champion"ship. So they have plenty of time to defrost the shares to allow Save Hearts In Trouble to start handing over cash.

They only had £ 100,000 to come.

http://www.scotsman.com/sport/football/spfl/hearts-to-ask-for-advance-on-spfl-money-1-3369929

Keep them going another week if its not already been handed over.

[Weststandwanab]

The SPFL will advance the Yams the money needed to finish the season, keeping them going until June's payday by which point they will be selling season tickets for the "champion"ship. So they have plenty of time to defrost the shares to allow Save Hearts In Trouble to start handing over cash. That would be the case had they not already had the bulk of the funds they are due.


They only had £ 100,000 to come.

http://www.scotsman.com/sport/football/spfl/hearts-to-ask-for-advance-on-spfl-money-1-3369929

Keep them going another week if its not already been handed over.My guess I they will have had it already.

Payday a fortnight away and 4 sets of lawyers cannot agree who is going to pay the costs to go to court to test the Microwave...

[GreenLake]

Should Scotland be independent it would have a credit rating of A according to Moody's prediction, which is a notch or two lower than the current AA1 rating of the UK but many notches above the ZZZ-10 EXP50Trillion that Heart of Midlothian FC can borrow on the security of Staincastle. Unlike the Huns, who are able to pay for their season tickets in cash, Jambos will be made to buy their's with an assortment of used five and ten pound notes as a charitable donation to avoid taxes and money laundering surveillance. I predict that HMFC shares will be printed and issued to Hearts supporters sometime in the early 20's........................2120's.

http://www.bbc.com/news/uk-scotland-scotland-politics-27247870

[Juice-Terry]

Sorry to bring this up again, but is there any reasonably solid evidence that the shares ARE subject to a microwave test?

[bingo70]

Sorry to bring this up again, but is there any reasonably solid evidence that the shares ARE subject to a microwave test?

An article by bloomberg when this whole thing starte. And tge only precident we have with portsmouth

[Ronniekirk]

Definitely the start of next season. SPFL Rules E1-16.

http://spfl.co.uk/docs/067_324__therulesofthescottishprofessionalfootball leagueasat7march2014_1396269263.pdf

When does Championship start next season ..Let's just assume for discussions sake that these 4 sets of lawyers take another couple of weeks to agree whatever it is they need to agree .So it's mid or late May .Do they then have to go to Court as I keep taking from what Jackson says that once lawyers agree things start moving for them and Budge becomes more involved .So do they have to go to Court or not and if they haven't got provisional dates for court time how quickly could that happen ? I am assuming if they have been out there wheeling and Dealing to push this through that that would be part and parcel of that or he wouldn't of said 90% certain it would go through !unless that was just a ploy to keep fund raising and direct debits going knowing they needed that to get them to end of season .
Everyone says time is thier biggest enemy but did someone not say they could start the season still in administration and all they get is another 15 points deducted ..

It all went quiet the last time so assume we won't hear anything until lawyers have agreed or not that will be next announcement .The longer this takes Budge can't put plans in place so Locke and others don't know if being kept on next season .No way to plan there great Escape from the Championship in that first Season .

[Weststandwanab]

Sorry to bring this up again, but is there any reasonably solid evidence that the shares ARE subject to a microwave test? Yes please see answer above.

5 days after the cooling off period expired and silence.

If it was a done deal they would be singing from the rafters.

Two options in my opinion firstly cost of the micro wave test or two, and I am beginning to think this is the real issue, that some creditor (Lith Admins) has either objected or has threatened legal action unless the pencil is sharpened.

I may of course be wrong but the longer there is silence.

Keep the faith

[Juice-Terry]

An article by bloomberg when this whole thing starte. And tge only precident we have with portsmouth

A while ago someone suggested there is a significant difference between the Portsmouth case and the Hertz one. It was suggested that Romanov's shares were frozen at the request of UKIO or UBIG and not by the court. The implication being that UKIO/UBIG can unfreeze the shares whenever they want to (or petition the court to do so anyway). I hope this is not so, obviously.

[Craig_in_Prague]

I think the law is that the courts need to approve the sale / transfer; as a legal process, due to the companies being in admin.
so it may not be the shares and 'freezer' test as such, but I still assume the courts need to approve the sale (i.e. the CVA) that occurred, which may not happen until the sale & purchase agreement is done,

I was looking back a few pages but can't find the lithuanian law but it was clear the courts have to approve the decisions, which makes sense really, question is how and when that happens.

Also I noticed, whilst hunting for that link to the lith.law, Desantos / sanger is gone from here. Was he an undercover yam or what?

I'm 99.9999% sure the Yams are going to exit admin and be fine, but part of me hopes the courts do need to ratify the decision and that this and/or the sale and purchase agreement, drags on a while yet. Then cash comes awfully tight again, whilst the risk of being still in admin come the new season could be a reality.

[Craig_in_Prague]

found it, in bold?

Article 16. The Procedure for Adopting and Approving
Settlements

A settlement shall be deemed concluded when it has been
approved at the creditors' meeting by all of the creditors whose
claims are not secured by mortgage.

- settlement may not be concluded if the court has
established a fraudulent bankruptcy.

Creditors shall have the right to appeal to court to declare
a settlement invalid if they believe that it was concluded in
violation of the requirements of the law, or of their rights or
interests which are protected by law.

- settlements shall become effective upon its approval by
the court. In the event that a settlement is concluded during the
implementation of extrajudicial bankruptcy procedure, it must
also be approved in court.


full insolvency law:

http://www.litlex.lt/Litlex/eng/Frames/Laws/Documents/21.HTM

[greenginger]

A while ago someone suggested there is a significant difference between the Portsmouth case and the Hertz one. It was suggested that Romanov's shares were frozen at the request of UKIO or UBIG and not by the court. The implication being that UKIO/UBIG can unfreeze the shares whenever they want to (or petition the court to do so anyway). I hope this is not so, obviously.


http://www.bloomberg.com/news/2013-04-12/hearts-sale-plan-derailed-as-lithuania-freezes-romanov-s-assets.html

The UBIG assets were frozen by the Court after action raised by creditors of Vlad and his sister.

[greenginger]

found it, in bold?

Article 16. The Procedure for Adopting and Approving
Settlements

A settlement shall be deemed concluded when it has been
approved at the creditors' meeting by all of the creditors whose
claims are not secured by mortgage.

- settlement may not be concluded if the court has
established a fraudulent bankruptcy.

Creditors shall have the right to appeal to court to declare
a settlement invalid if they believe that it was concluded in
violation of the requirements of the law, or of their rights or
interests which are protected by law.

- settlements shall become effective upon its approval by
the court. In the event that a settlement is concluded during the
implementation of extrajudicial bankruptcy procedure, it must
also be approved in court.


full insolvency law:

http://www.litlex.lt/Litlex/eng/Frames/Laws/Documents/21.HTM

I wonder if the delays / silence could be the result of actions by the Lithuanian criminal justice system.

Now that could be some delay. :greengrin

[Juice-Terry]

http://www.bloomberg.com/news/2013-04-12/hearts-sale-plan-derailed-as-lithuania-freezes-romanov-s-assets.html

The UBIG assets were frozen by the Court after action raised by creditors of Vlad and his sister.

Sorry, I menat UBIG and UKIO's creditors. But if that's so, then one would expect that those same creditors could petition the court and easily have them unfrozen again (or at least have the relatively unproblematic shares unforzen).

[Spike Mandela]

I wonder if the delays / silence could be the result of actions by the Lithuanian criminal justice system.

Now that could be some delay. :greengrin

What delays? Last time Bryan Jackson was quoted he said he expected Hearts to be out of administration in June. It looks on course does it not!

[greenginger]

What delays? Last time Bryan Jackson was quoted he said he expected Hearts to be out of administration in June. It looks on course does it not!


What delays ??? .... if the Criminal Justice system gets involved I think we are talking years !

Unfortunately, the Lith. plods have not shown any interest in Yam shares so far.

[HUTCHYHIBBY]

Also I noticed, whilst hunting for that link to the lith.law, Desantos / sanger is gone from here. Was he an undercover yam or what?

Quite a few of the threads main characters have become conspicuous by there absence.

[Glesgahibby]

Quite a few of the threads main characters have become conspicuous by there absence.
its holiday season,they'll be back :agree:
still a few hurdles,hoops and spins for the yams to negotiate :wink:

[Ozyhibby]

Quite a few of the threads main characters have become conspicuous by there absence.

Most of them probably feel that there is not much to talk about now that they are safe?

[JeMeSouviens]

A while ago someone suggested there is a significant difference between the Portsmouth case and the Hertz one. It was suggested that Romanov's shares were frozen at the request of UKIO or UBIG and not by the court. The implication being that UKIO/UBIG can unfreeze the shares whenever they want to (or petition the court to do so anyway). I hope this is not so, obviously.

UBIG's shares in HMFC were frozen along with UBIG's other assets at a time when Romanov still controlled UBIG. This was done to protect UBIG's creditors from Vlad getting up to asset disposal jiggery pokery. The question is whether UBIG's creditors having agreed the deal is effectively the microwave they need. The generally positive Jackson/Budgie noises would suggest it is.

[Gus Fring]

Quite a few of the threads main characters have become conspicuous by there absence.

Desantos thought we wouldn't notice if he changed his username and started talking about himself.

I'm still here but there isn't much to add beyond what I said a few days ago. The short version is the only people who can mess this up for Hearts now are Hearts themselves.

[Springbank]

Looking to understand why ukio/ubig would be handled differently from snoras (Portsmouth fc owners) whose shares remain frozen to this day.

Is there a difference?

[Ozyhibby]

Looking to understand why ukio/ubig would be handled differently from snoras (Portsmouth fc owners) whose shares remain frozen to this day.

Is there a difference?

There appears to be but we don't know what.

[Leithenhibby]

Looking to understand why ukio/ubig would be handled differently from snoras (Portsmouth fc owners) whose shares remain frozen to this day.

Is there a difference?


There appears to be but we don't know what.


There may well be a difference, but do Portsmouth need these shares any more?............

[JeMeSouviens]

Looking to understand why ukio/ubig would be handled differently from snoras (Portsmouth fc owners) whose shares remain frozen to this day.

Is there a difference?

It may be as simple as nobody wanted to buy them once BDO decided not to wait and push ahead with a business and assets sale to newco.

[Gus Fring]

There may well be a difference, but do Portsmouth need these shares any more?............


It may be as simple as nobody wanted to buy them once BDO decided not to wait and push ahead with a business and assets sale to newco.

:top marks

[Springbank]

Why would they remain frozen by the courts in snoras' case but not in ubig's?

Both form part of criminal investigations that are, on the surface, fairly similar...dodgy international financial transactions involving laughably compliant rubber-sphynctered football clubs in the uk

[Gus Fring]

Why would they remain frozen by the courts in snoras' case but not in ubig's?

Both form part of criminal investigations that are, on the surface, fairly similar...dodgy international financial transactions involving laughably compliant rubber-sphynctered football clubs in the uk

See above. Nobody is trying to get the Portsmouth shares unfrozen any more. They could be unfrozen for all we know but there's no interest in them because they are useless now.

[greenlex]

See above. Nobody is trying to get the Portsmouth shares unfrozen any more. They could be unfrozen for all we know but there's no interest in them because they are useless now.
Still a wee bit confused tho. Didnt BDO try unsuccessfuly to get them for Portsmouth before going a different route.

[greenginger]

See above. Nobody is trying to get the Portsmouth shares unfrozen any more. They could be unfrozen for all we know but there's no interest in them because they are useless now.

Looking at the details ,they did not try to hard to get the shares.

Portsmouth 2010 F C. had CVA approved by creditors on 12/6/2012.

Moved to voluntary liquidation on 28/8/2012.

No need to fight for the shares the way the English system works, but I dare say the admins. had to go through the process to earn their fat wedge.

[Gus Fring]

Looking at the details ,they did not try to hard to get the shares.

Portsmouth 2010 F C. had CVA approved by creditors on 12/6/2012.

Moved to voluntary liquidation on 28/8/2012.

No need to fight for the shares the way the English system works, but I dare say the admins. had to go through the process to earn their fat wedge.

That's it exactly. The English system meant getting the shares wasn't as vital as it was for Hearts.

[Glesgahibby]

http://www.bloomberg.com/news/2013-04-12/hearts-sale-plan-derailed-as-lithuania-freezes-romanov-s-assets.html

The UBIG assets were frozen by the Court after action raised by creditors of Vlad and his sister.
Is this the sister that holds 15% of hertz shares?

[Eyrie]

Is this the sister that holds 15% of hertz shares?

I think it's her daughter's company which could be offered a token amount along the lines of UBIG simply to remove the last link to Romanov. Those shares will have little value as the holding is minor compared to the 79% that Budge will own and so have effectively no power.

[Jack]

I think it's her daughter's company which could be offered a token amount along the lines of UBIG simply to remove the last link to Romanov. Those shares will have little value as the holding is minor compared to the 79% that Budge will own and so have effectively no power.

General question.

Why is it not as important to get sisters shares?

[greenginger]

I think it's her daughter's company which could be offered a token amount along the lines of UBIG simply to remove the last link to Romanov. Those shares will have little value as the holding is minor compared to the 79% that Budge will own and so have effectively no power.

I don't think she would accept a token amount unless she is really short of cash.

If the new Yam model gets up and running and the fannies keep pouring their cash into the Company, then a 15 % holding might be worth quite a bit to some ambitious Yam wanting to be seen as the largest minority shareholder .

The holding would not get him any power at the PBS but it might earn him a parking space for his Rover on match days and his maroon cardigan will recognised in Gorgie. :greengrin

[greenlex]

Looking at the details ,they did not try to hard to get the shares.

Portsmouth 2010 F C. had CVA approved by creditors on 12/6/2012.

Moved to voluntary liquidation on 28/8/2012.

No need to fight for the shares the way the English system works, but I dare say the admins. had to go through the process to earn their fat wedge.


That's it exactly. The English system meant getting the shares wasn't as vital as it was for Hearts. So for Hearts then the shares are vital? The courts really do have to sanction their release so they don't end up being liquidated in the bottom tier? I wonder why they didn't try too hard in Portsmouths case? Probably because they didn't need to as they wouldn't have to apply to the league to re join. I really do hope Hearts have a hard time trying to release them. Its the least they deserve.

[Glory Lurker]

They'll be fine.

[MrSmith]

They'll be fine.

Who'll be alright?

[Glory Lurker]

Who'll be alright?

The Yams. I don't think there's anything left to see here.

[Kato]

The Yams. I don't think there's anything left to see here.

Great, given that most of the speculation on here turns out to be waffle this is a turn for the better.

[Chibs]

The Yams. I don't think there's anything left to see here.
Sorry to disagree,but was everything not meant to be finalised on Monday or Tuesday or at least by
Friday?

So far as I can see nothing has happened to save that ****ty little club other than BJ sending E-mails to Lithland begging lawyers to get a move on.
In the next few weeks we'll get the resolution to this but there is a lot more to see and enjoy in my opinion.

[EK_Hibs]

there is a lot more to see and enjoy in my opinion.

I'm sorry to say I disagree, it's all over. They've flukely managed to squirm their way out of this huge mess with a smug smile on their ugly collective faces.

[Phil D. Rolls]

Sorry to disagree,but was everything not meant to be finalised on Monday or Tuesday or at least by
Friday?

So far as I can see nothing has happened to save that ****ty little club other than BJ sending E-mails to Lithland begging lawyers to get a move on.
In the next few weeks we'll get the resolution to this but there is a lot more to see and enjoy in my opinion.

I think it's over, but they will stumble over the finish line, and be applauded for their stoic fight. The sympathy they garner will be sufficient to justify Edinburgh Council building them a stadium (next to the tram line).

After all they've been through a lot, and were dignified throughout it, a credit to the capital. (A city that is home to RBS one of the biggest corporate crooks of all time). This place stinks when you think about it.

[southsider]

I think it's over, but they will stumble over the finish line, and be applauded for their stoic fight. The sympathy they garner will be sufficient to justify Edinburgh Council building them a stadium (next to the tram line).

After all they've been through a lot, and were dignified throughout it, a credit to the capital. (A city that is home to RBS one of the biggest corporate crooks of all time). This place stinks when you think about it.
Agreed, you have EDC helping them when they paid no council tax and a first minister also helping when they paid no income tax. WE all pay more as they paid zilch. If EDC are gona revamp the PBS or attemt to build them a new stadium then a council tax strike looms.

[Kato]

I think the Council will stoically purchase that building Vlad used to own at the East End for them as well, just to bravely sweeten any deal. The MSM and most of the Scottish will sturdily ignore/shrug their shoulders as the deal goes through for circa 10Mil in a dignified manner.

Then all that will be left is for the money laundering charges against Leslie Deans to be stoically dropped and and that's all the i's dotted and t's crossed.

[Phil D. Rolls]

Agreed, you have EDC helping them when they paid no council tax and a first minister also helping when they paid no income tax. WE all pay more as they paid zilch. If EDC are gona revamp the PBS or attemt to build them a new stadium then a council tax strike looms.


I think the Council will stoically purchase that building Vlad used to own at the East End for them as well, just to bravely sweeten any deal. The MSM and most of the Scottish will sturdily ignore/shrug their shoulders as the deal goes through in a dignified manner.

As I said before, it's all in keeping with this city"s proud traditions of financial impropriety. Tears of pride welling up from the Cayman Islands to Wormwood Scrubs.

[WindyMiller]

Lot wrist-slitters around this morning!





:aok:

[greenpaper55]

It was a close run thing and even jackson was worried right up to the end.

[emerald green]

I think it's over, but they will stumble over the finish line, and be applauded for their stoic fight. The sympathy they garner will be sufficient to justify Edinburgh Council building them a stadium (next to the tram line).

After all they've been through a lot, and were dignified throughout it, a credit to the capital. (A city that is home to RBS one of the biggest corporate crooks of all time). This place stinks when you think about it.

:agree: This sums things up pretty well. Some things never change.

[MrSmith]

The Yams. I don't think there's anything left to see here.

They'll be whatever they are going to be and, me personally, I think there is loads left in this debacle to see us through to the new season. When it's signed, sealed and delivered, or all said and done then, there will be no more to see here ...

[Eyrie]

General question.

Why is it not as important to get sisters shares?

With 79% Budge (or Save Hearts In Trouble, if they ever scrape together enough DDs to buy her out) control the club and the 15% held by Quantum Holdings can't do anything about it. The Yams can effectively ignore them if they want, as long as QH is notified of meetings and not treated any differently to the other shareholders. So QH would be able to partake in any rights issue or receive a dividend (not that there ever will be dividends).

[GreenLake]

With 79% Budge (or Save Hearts In Trouble, if they ever scrape together enough DDs to buy her out) control the club and the 15% held by Quantum Holdings can't do anything about it. The Yams can effectively ignore them if they want, as long as QH is notified of meetings and not treated any differently to the other shareholders. So QH would be able to partake in any rights issue or receive a dividend (not that there ever will be dividends).

Quantum Holdings will be like a bleeding pile on that arse of a club. It won't make any decisions but it's still going to be very irritating. :greengrin

[Keith_M]

Quantum Holdings will be like a bleeding pile on that arse of a club. It won't make any decisions but it's still going to be very irritating. :greengrin


Ouch!



There's also the fact that, if they manage to get what they want and eventually have a well run club, Vlad will still be there lurking in the shadows.

[Chibs]

Quantum Holdings will be like a bleeding pile on that arse of a club. It won't make any decisions but it's still going to be very irritating. :greengrin
Unless it's a corpse.:agree:

[EK_Hibs]

Vlad will still be there lurking in the shadows.

But with no absolutely no control or influence whatsoever.

[GRANTON_HIBS]

Is it the case that if and when the FOH lot buy the Budge shareholding they will be the majority shareholders, Hearts FC will not technically be fan owned.

[H18sry]

It all seems to have gone very quiet on this front. :agree:

[Weststandwanab]

It all seems to have gone very quiet on this front. :agree: Keep the faith the big L has not gone away yet.

[Caversham Green]

On the Quantum Holdings thing, whoever buys the UBIG/Ukio shares will have to offer the same terms to other shareholders. That means that if they pay £70k for UBIG's 50% shareholding they'll have to offer £21k for Quantum's shares.

[Keith_M]

On the Quantum Holdings thing, whoever buys the UBIG/Ukio shares will have to offer the same terms to other shareholders. That means that if they pay £70k for UBIG's 50% shareholding they'll have to offer £21k for Quantum's shares.


If I were offered that amount, I would actually just hang on to the shares. It would be worth it for the gamble that they would potentially be worth a lot more in a few years time.

[portycabbage]

Is it the case that if and when the FOH lot buy the Budge shareholding they will be the majority shareholders, Hearts FC will not technically be fan owned.

I think the point is that FOH is made up of fans who pay the DDs, so it would be fan(ny) owned. Whether they do actually pay sufficient money to run the club (or pay budge back) is a different question. I think what you might be meaning is whether FOH own it before they pay budge back over the next few years, and then you'd be right to say they don't.

[stoneyburn hibs]

Keep the faith the big L has not gone away yet.

You keep saying that, and I like it.

[Hibernia&Alba]

Is it the case that if and when the FOH lot buy the Budge shareholding they will be the majority shareholders, Hearts FC will not technically be fan owned.

Which is a shame, as putting the mutants in charge of a football club would guarantee disaster. Most of them still write with crayons.

[Springbank]

I am less hopeful of Big L but more hopeful we will see hearts stumble into next season in admin -15 again.

It's easy to loosen up when there's no pressure.
They'll be back to dross when the pressure returns :)

[Gus Fring]

Keep the faith the big L has not gone away yet.

Technically it will never go away.

[Weststandwanab]

On the Quantum Holdings thing, whoever buys the UBIG/Ukio shares will have to offer the same terms to other shareholders. That means that if they pay £70k for UBIG's 50% shareholding they'll have to offer £21k for Quantum's shares. Indeed they do but QH does not have to accept it - I would not.


If I were offered that amount, I would actually just hang on to the shares. It would be worth it for the gamble that they would potentially be worth a lot more in a few years time. I agree - assuming they exit the C.V.A.


You keep saying that, and I like it. It is because I believe it at present.


Technically it will never go away.Indeed unless, for some reason, they become so rich Liquidation wold never be an issue.

[greenginger]

On the Quantum Holdings thing, whoever buys the UBIG/Ukio shares will have to offer the same terms to other shareholders. That means that if they pay £70k for UBIG's 50% shareholding they'll have to offer £21k for Quantum's shares.

Is it not the case that the CVA is £ 2.5 million for the Ukio Bankas security and their 29% share holding and Ukio Bankas are going to compensate UBIG to transfer their shares holding.

[Keith_M]

Is it not the case that the CVA is £ 2.5 million for the Ukio Bankas security and their 29% share holding and Ukio Bankas are going to compensate UBIG to transfer their shares holding.


It wasn't reported that way. The last thing I read was that FoH were directly paying the UBIG Admins 70k for the shares.

[Www1875hfc]

Last home game of the season on Wednesday.
Cant see many walk ups,but partick should take a decent following.

After that,where's the cash going to come from.