Have they accepted the offer or have they only accepted the principle of a CVA? As far as I'm aware a CVA has not been prepared let alone accepted as yet.Quote:
Originally Posted by #FromTheCapital
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Have they accepted the offer or have they only accepted the principle of a CVA? As far as I'm aware a CVA has not been prepared let alone accepted as yet.Quote:
Originally Posted by #FromTheCapital
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Originally Posted by brog
Agreed, no CVA has yet been presented. They've asked FOH to proceed with this.
However, I'd imagine they must have a good idea of what it's going to contain, as they've been in discussion through BDO for months now.
Crops, if you remember at the time I did not share your confidence that HMRC were acting correctly. In hindsight I still find it hard to think that HMRC really did enough. Yams were desperate to avoid admin & subsequent relegation last season & I believe if HMRC had pushed harder then Yams would have found some cash from somewhere to avoid admin. After all, over £3m disappeared from a non existent share issue & season tickets, it would have been nice if some of that money had found its way to the taxpayers rather than Vlad's pocket.Quote:
Originally Posted by CropleyWasGod
Totally agree, but I would imagine there's a big difference between a verbal offer & a formal offer which is subject to stringent due diligence. BDO's fees also have to be paid & they must be well in advance of £0.5m by now, that's a large chunk of any offer from FoH. I continue to hope!Quote:
Originally Posted by keekaboo
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Originally Posted by Weststandwanab
In any property development, there's shiploads of cash to be spent (and offset against tax) before the first foundation is laid, let alone making any profit.Quote:
Originally Posted by Antwerphibs
A speculator (foreign or otherwise) could easily buy Tynie, flatten it, then sit on the vacant site until such time as it suits him to submit a planning application (for example when he has potential buyers lined up). He could then either develop the site himself or sell it on complete with Planning Consent (you have 5 years to start the work after consent is granted).
In the meantime, Banderson, S.H.A.T. (Save Hearts And Tynecastle), the local community council and Shaun Lawson have all been bumping their gums so the speculator can easily reduce the book value of the site due to it being "very complicated", instantly producing a paper loss of £1m+ as well as offsetting his ongoing outlays (Architects' and Surveyors' fees, demolition costs, site security, etc.).
The only way ukio can accept or knock back a cva is when one is legally on the table.Quote:
Originally Posted by brog
no one from any of the involved has been quoted as saying this is a done deal.
all I can see is appeasement from BDO,FOH and a spokesman from UKIOs administrators to the hearts fannies and biddies.ukios admin have to go through there own creditors to accept a cva and they cant do that until there is a real offer on the table.
Let's see what happens today and what spin will apply!
Not since the new Planning (Scotland) Act 2006. It is now 3 years, but, having said that, unless there are fundamental changes in things like legislation or other over-riding reasons, you could probably extend the approval indefinately.Quote:
Originally Posted by Peevemor
What? You pop out the country for 5 minutes (well 9 years) and they start to change everything! :greengrinQuote:
Originally Posted by Golden Fleece
Yes indeed, you are correct. I did know that but wondered f there was something I missed.Quote:
Originally Posted by Antwerphibs
No.Quote:
Originally Posted by worcesterhibby
Spot on fellow BCQuote:
Originally Posted by CropleyWasGod
Presumably you mean profit reduced to £6m not by £6m but anyway the answer is no ! profit still £8M therefore no notional saving in C.T..Quote:
Originally Posted by greenginger
I agree again.Quote:
Originally Posted by CropleyWasGod
They have asked the to proceed to formal CVA so that it can be formally rejected and then Liquidation can formally be applied for. - IMOQuote:
Originally Posted by keekaboo
And all that saves them tax how exactly ?Quote:
Originally Posted by Peevemor
I like your enthusiasm but I will be surprised if FOH dont know how much it will take the Ukio administration team to accept a deal. Why did the Ukio administration team not call in their 15m debt last week, last month or 2 months ago? It would not surprise me in the slightest if there is some back hand money going on here. "Accept the 4-5 million and we will throw in a wee personal sweetener" thats what the politicians (Murray, Salmond and Foulkes) are good at.Quote:
Originally Posted by Weststandwanab
If this has already been answered, my apologies.Quote:
Originally Posted by Eyrie
If I were a Biddy and putting up the cash dependent on repayment from the Fannies at some point in the future, I would want to ensure that I had a security for the money due. If FoH manage to squirm out of this somehow, presumably they will retain the stadium. This will be the only tangible asset that "newco" will have.
So, if the Biddies are taking this on on a business basis (i.e. they want their money back) rather than seeing it as a charitable donation, part of the deal will be to have a security over the asset in case the Fannies decide they won't pay/can't pay.
Thank you. I agree they will know and know it is too much so the way out to save face for BDO - remember they will be looking for future football club Admins - is to go through the formal process of offering a C.V.A. which will be rejected and they will move on to the process of the big L. Your piece about named individuals has a one in three chance of being correct.Quote:
Originally Posted by CB_NO3
Speaking with a business colleague this afternoon who is from Vilnius and allegedly Mad Vald is discussing and negotiating with the Lithuanian authorities how much $$ is required to allow him back in the country without being arrested or jailed.
Could there be a little twist coming up! :greengrin
@jamiekborthwick: Hearts stay in limbo as UBIG court hearing is postponed until next Tuesday http://t.co/Sp4iZwlhvH
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Originally Posted by green glory
What a shame:greengrin
Looks like the waters continue to remain distinctly muddy in Lith Land....
But but but I thought the Cva would go through today? ......... Lol
Replay on Tuesday?
No match report ?
Spin imminent !!!!!!!
This delay won't have much effect by itself. BDO can proceed with arranging the CVA meeting anyway, which needs a 28 days notice period. It just eats into that period a little bit. Further delays and/or the UBIG liquidator being difficult to deal with could cause a delay to the CVA timescale.Quote:
Originally Posted by HibbySpurs
I believe that's incorrect. The quotes from BDO and the Ukio administrator talked about now moving onto the "formal acceptance" of the FOH offer, implying that the offer has already been informally agreed. The formal acceptance would be by the actual CVA vote. BDO have also talked about the deal now being "4/10" complete, with the Ukio element representing the 4, again implying that this part of the deal has been agreed. If the Ukio administrator intended to move Hearts into liquidation he wouldn't need to waste his time (and some money) with arranging a CVA vote that he intended to vote against.Quote:
Originally Posted by Weststandwanab
I'm going to stick my neck out here and say that despite what we've heard over the last few days, no CVA will agreed, on Tuesday, or any other day.
Can I join you ?Quote:
Originally Posted by Dashing Bob S
Yes, please do!Quote:
Originally Posted by Weststandwanab
Cheers. I am off for a well earned pint now !Quote:
Originally Posted by Dashing Bob S
I think there will be a few dynamics going on behind the scenes. The Muppets' offer has already been upped a couple of times and was last rumoured to be around £3M while the spin has had Ukio willing to accept a discount on Tiny's value (usually quoted that they want £5M for a £6M or thereabouts asset). It's not inconceivable therefore that a deal could be struck. So I think there'll currently be:
Fannies to Biddies - look how well those Diddies are stumping up, gonnae just gie us a wee million or 2 more.
Fannies to BDO - give us a few weeks and we'll get the thumbscrews on Ms Budge to budge.
Valnetas to BDO - get on with it!
BDO to Valnetas - gonnae just knock half a mill off and we're nearly there.
My personal speculation is that Valnetas won't move very far. They have a restless lynch mob of Lithuanians to worry about after all. There might be a bit of movement on the Muppets' side. They were always likely to try and lowball as far as they could, so they may have been keeping a bit back and laying on the emotional blackmail to the Biddies to wring out that wee bit more cash.
The spin from the likes of Fat Boy McLauchlin at the Beeb has been pretty cautious so there must be a good bit of potential still for it all to collapse. Let's hope so! :wink:
Brian Jackson said on the day that he was appointed administrator that he reckoned they had 4 in 10 chance of making it.
Not much changed since then it seems.
1.formal procedure,not "formal acceptance".Quote:
Originally Posted by Part/Time Supporter
2.ukio admins have to formally ask for there "secured money,asset" or compromise.
3.ukio admins can only accept a compromise ie CVA when it is really there.
4.ukio admins don't arrange a CVA vote BDO do that.
5.ukio admins have to wait until CVA is produced before they can do anything.
6.BDO decide when to liquidate or sell CVA depending on present and future stability of the company.
7.UBIG????????????
The FOH 'bid' is voodoo accountancy. I genuinely can't see a CVA taking place on it, though I really hope, indeed pray, that this actually does come to pass, as it would extend the hilarity further. Additionally, it would make it harder for the Yams trying to push this 'we're as much victims as anybody else' status, after they are given a free reign to wreck it themselves, which they would spectacularly under those conditions.
Bring on a CVA! (If you can...)
Can we join you ? :greengrinQuote:
Originally Posted by Weststandwanab
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Originally Posted by scott7_0(Prague)
Read all about it :greengrin
http://translate.googleusercontent.c...A9z633KtjkOozg
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Originally Posted by Glesgahibby
As I said previously they only way to reject or even know what will be really offered in the CVA is to give permission for the process to start. It will be well short of anything close to what Ukio/UBIG will find acceptable and then curtains.
And then another 30 days before appointed admin made public.Quote:
Originally Posted by Glesgahibby
#AllIsDesantosQuote:
Originally Posted by desantos0773
No chance. They have accepted the amount offered as they have been thinking about it for a couple of months. As BDO say this part of the process is basically done and dusted, all that remains is for the UBIG situation to be sorted.