Remember BDO fees will be off the total offer i presume.Quote:
Originally Posted by Famous Fiver
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Remember BDO fees will be off the total offer i presume.Quote:
Originally Posted by Famous Fiver
Should know this since I've read this whole thread but what happens if UKIO admins accept the £2.5m, Do they get all the money & UBIG admins have to accept nothing for the shares?
So are they going bust or not
They went bust. The Lithuanians need to decide whether Hearts can be salvaged from that mess.Quote:
Originally Posted by CRAZYHIBBY
The FOH offer is for £2.5M for the stadium and £1 for the shares.Quote:
Originally Posted by rosscarnie
http://sport.stv.tv/football/clubs/h...medium=twitter
Those offers were ruled out more because the funding for them wasn't credible, rather than their size.Quote:
Originally Posted by Famous Fiver
I would have guessed the opposite.Quote:
Originally Posted by Spike Mandela
The full £2.5m will be needed to appease the UKIO creditors. The BDO fee (and football debts) will be over and above that.
If you remember, there was a change to the wording of the administration process (back near the start) that basically stated that BDO had the ability to take expenses (ie their fee) from the "pot". That "pot" is getting smaller by the day and BDO may well be looking at rushing through a CVA with their fee in mind.
BDO don't have access to the direct debits, and FOH are unlikely to use these for the day to day running until they've secured control. BDO indicated at the start of the season that barely had enough to keep the team going till Christmas, and then it was curtains. The league cup game may have extended that slightly, and the upcoming Scottish Cup and semi-final games may give a little while longer, but we are into November now (and the shops are starting their Christmas promotions).
My guess would be that FOH have at most a (guesstimated) pot of £3.5m-£4m, and £2.5m is the best they can muster for a CVA for UKIO. There were rumblings that UKIO wanted £6m, indicated (publicly) that they might be willing to drop to £5m, and may have even taken £4m if pushed. £2.5m is nothing short of a kick in the teeth.
"Foundation of Hearts would also assume responsibility of the £535,000 of football debt that Hearts owes"Quote:
Originally Posted by Part/Time Supporter
What relevence is that to UKIO?? :confused:
It makes no difference to them whether there's a football debt, or who does/doesn't pay it.
Can't see why it would even be mentioned in a CVA??
How do BDO get away with saying things like this without people actually laughing directly in their face.....
"BDO said the deal represents the best outcome for creditors of the Edinburgh club, with liquidation likely to realise less from the sale of the land."
It must be an open joke in administration circles where they all sit about in offices laughing their ***** off as they con people out of money. To me these scandals are up there with bankers bonuses, energy company price hikes and politician's expenses. They are shafting us all up the arse.
Sorry Stevie, that's what I was meaning with my rather poor English.:agree:Quote:
Originally Posted by StevieC
Just how good would that be!!!Quote:
Originally Posted by Glory Lurker
The timing of this puzzles me as well.
From memory, UBIGs vote for the CVA is needed to guarantee it. If they don't vote, that is the same as a No vote.
Will they have anyone in place for the 22nd? If so, is that enough time for them to come to a decision on the CVA?
It's to persuade the football creditors to vote for it.Quote:
Originally Posted by StevieC
Ah, right, got you.Quote:
Originally Posted by CropleyWasGod
Even though their vote is completely irrelevent. :wink:
Ian Murray, chairman of the Foundation, said: "We welcome the news that BDO is progressing the CVA for November 22 and hope that there will be a positive outcome.
“There is much work to be done, and again I cannot stress enough the importance of supporters who have not yet signed up to FoH, and who are able to do so.”
Seems to have gone from "we are confident" to "hope" pretty quickly. :rolleyes:
And secondly, why the importance for supporters to sign up?? :confused:
The CVA is in .. it will be dealt with before any new DD's can be collected .. so they can't be that important ..
.. unless ..
.. the CVA is based on money they don't actually have and if it is accepted there'll be a financial shortfall?
so they are offering 2.5million for land valued at approx 5/6 million:dunno::dunno::dunno:now im not a financial wizard but that offer looks tom kite
Evening News LINK to current CVA offer story
If BDO's fees are to be paid from the offer, it doesn't leave much for UKIO.
Quote:
Originally Posted by Gmack7
For land that was almost sold for 18M seven years ago.
Quote:
Originally Posted by CropleyWasGod
Are the courts not sitting tomorrow (7th) to settle this, sure I saw that somewhere! :confused:
BDO are anticipating the UBIG admin being appointed tomorrow. Unless the judge is busy again.Quote:
Originally Posted by CropleyWasGod
FWIW this offer is higher than the original one I'm told but I'm still convinced its seriously flawed.
It probably will turn out to be irrelevant, but at this stage they need to woo as many creditors as they can.Quote:
Originally Posted by StevieC
It's to persuade the football creditors to vote for it.Quote:
Originally Posted by StevieC
I have no inside knowledge at all but this seems like an agreed stitch up whether we like it or not. I don't believe DBO would put forward a proposal that had not been pre-agreed and effectively they are only dealing with 2 parties in Lith so shouldn't be too difficult, especially as it seems politicians seem to have got involved behind closed doors. Hope I am wrong as effectively this, if it goes through, is small punishment for massive cheating. At least they will be relegated and I suspect the Muppets at Foundation of Hearts will all fall out but, if this goes through, there is little justice.
So the FOH are paying in instalments ? http://www.bbc.co.uk/sport/0/football/24842084
Utter robbery if they get away with this.
22nd November. Fifty years since JFKs assassination.
Could be another "where were you?" moment.
Am I missing something ? why would the major creditors accept £2.5 M when they own the ground and could flog it for twice or even three times that amount.
They need to maximise their return for the Lithuanian Taxpayers so tell BDO to Foxtrot Oscar
To be fair, that all came after a piss poor cva was rejected by Hmrc with a friendly and dodgy admin. Not sure this will pan out the same but confess I'm not an expertQuote:
Originally Posted by Spike Mandela
Because they might not be bothered with the hassle. £7m (or whatever the land is worth) is a lot to you, or me, but chicken feed relative to the scale of Vlad's empires problems and this is politically toxic. After expenses, uncertainty over planning permission, delays, political intervention etc they might just go for it. Hope I am wrong - cheats should not be seen to win.Quote:
Originally Posted by bathhibby
Does this mean that the frozen assets won't be an issue then? And could they be out of admin by January?
As of Monday dunfermline were technically still in administration, when was there Cva agreed? Think it was July.Quote:
Originally Posted by Stevie Reid
Does anyone know if that's the normal time it takes to come out of admin following a Cva being agreed?
What happens if the CVA is rejected on the 22nd? Will FoH get another go or will Daffy Duck finally shoot his load?
CVA will be rejected. Joke bid. Liquidation looms.
No, the frozen assets are very much an issue. BDO are trying to keep things moving to keep the fans buying tickets, otherwise they will run out of cash very soon.Quote:
Originally Posted by Stevie Reid
No chance IMO this CVA will be accepted on the 22nd, however I am a ****ing idiot.
I have my doubts tbh, surely BDO and FoH have reason to believe this will be accepted and the ukio admins have already accepted it in principal.Quote:
Originally Posted by Col2
http://www.bbc.co.uk/sport/0/football/24842084
This article lays out details of the CVA which sounds very straightforward
For £3,000,001 TFofH will take control of the club.
We are told that money is " in the bank " - YES ?
Question :- Once the purchase is completed who is putting up the capital to run the club on a day today basis and to pay wages to attract the " stars" they talk about to the PBS .
What happens when the old stand is condemned at the next building inspection ( this is a very strong rumour going the rounds from with ECC ) ?
:confused:
It would be funny if we could all chip in and bought the pbs, sell it for 5 or 6m and gave tb the profit to spend our team?
Well, a club valued at £3m doesn't strike me as being a 'big' club?
Hibs have a training centre that is worth that!
A long way back for them even if this does come off.
The admins agreed that BDO could submit a CVA. This only means that they will consider it. Could be they have forced BDO/FOH hand and will make a decision either way. They are only following procedure as far as I can see.Quote:
Originally Posted by #FromTheCapital