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http://translate.google.com/translat...66%26bih%3D667
Here is the Lith. Court process for Bankruptcy as per Google Translate.
Note this is the simple case with no appeals ,objections or Administrator assassinations . :greengrin
The link takes you back to the first page. Click the link below to court bankruptcy.
The MOU between UBIG and FOH does not provide an agreement on the transfer price of the shares.Quote:
Originally Posted by mowgli
to those debating the worth of the MOU this might help.
http://uk.practicallaw.com/1-102-1911
Two important issues are covered in the preamble:
- The memorandum is not intended to be legally binding except as specifically stated in relevant clauses. However, as stated above, moral obligations are created and the statement may not be sufficient to prevent courts in some civil code jurisdictions from giving legal effect to the memorandum.
- The memorandum is specifically made subject to a confidentiality agreement already entered into by the parties.
And that doesn't apply in Scotland or Lithuania, according to that page. Just to muddy things even more :greengrinQuote:
Originally Posted by Golden Fleece
Quote:
Originally Posted by CropleyWasGod
Gee thanks Crops!! I'll read everything very carefully in future.
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Originally Posted by Filled Rolls
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Originally Posted by CropleyWasGod
Muddy marvelous..... :thumbsup:
The understanding memorized between BDO and the Lithuanians as described thus far seems very different to what is now being proposed. Regardless of legal form it should be in the shredder.Quote:
Originally Posted by mowgli
I see that it's not just the SPFL, SFA, UEFA, Lithiania, FBI, CIA and NATO who are trying to get them where it hurts, even our Leigh is getting in on the act. Those poor wee lambs, so young and to the slaughter, it was a "wee bit hurtful" yi ken!!:
:wtf:Quote:
Worst person to score
Hearts kid Sam Nicholson says the worst moment on Saturday was when Leigh Griffiths scored.
He said: “It was a wee bit gutting. We didn’t want any of them to score but Leigh Griffiths scoring is a wee bit hurtful.”
Quote:
Originally Posted by Golden Fleece
If there is anything that club have in shorter supply than cash, it's morals!!
Okay dokay !!Quote:
Originally Posted by mowgli
if your argument is=what we say will happen "if"someone or some other organisation" agrees with what we say,
then"fair doos".
HOWEVER !!!
IF!!!
Your argument is "it's legally binding"then Shirley these other organisations"can at any point change the,what we say will happen" to "this is what's happening!"
:cb
My understanding of memoranda of understanding is that they are really a statement of intent should certain circumstances occur and should these circumstances not occur neither party can be held responsible or liable for the other parties costs or losses, unless specified in said memoranda..
As UBIG administrator's intent, as stated in the memorandum of understanding with BIDCO/FoH/FANCO/DIDDYCO (delete as appropriate), is to pass the shares in HoMFC (IA), held by UBIG but currently frozen by the Lithuanian courts, to said organisation in return for a pre-agreed sum of money when the Lithuanian courts see fit to defrost said shares, along with all other assets held by UBIG but currently frozen by the Lithuanian courts due to financial/legal investigations taking place across Europe, should the Lithuanian courts decide against defrosting said shares in HoMFC, thus denying HoMFC the opportunity to exit administration prior to BDO announcing that all the money has gone, UBIGs administrators will not be held responsible for them proceeding to liquidation or announcing that they are now self-sufficient due to the release of sums held by FoH on behalf of the DD contributors to repay the initial sum(s) borrowed from BIDCO.
I would hazard a "FACT !!" not a guess,as I am not of the 'delusional','media','ignorant',mindset and say "what a lot of *****!!!"Quote:
Originally Posted by mowgli
:greengrin
I agree. It's basically a document that states if (and it's a big if) everything goes as we hope then here's what will happen. A kind of guarantee but implicity linked to ifs and hopes. If things change then rip it up.Quote:
Originally Posted by Geo_1875
Bizarre that they seem to believe on Kickback that if they insult Sergey, Bajillions, Hibs net and Hibs fans enough, then the shares will magically be unfrozen, the creditors identified and rounded up, a date set for the meeting and the rubber stamping of the agreement all within the next week.
Or maybe they don't really believe that. Maybe it is just the groaning death throes of the Yamosauraus in response to the new ice age bearing down on Gorgie from Lith freezers.
The whole of brokeback in one post :greengrinQuote:
Originally Posted by Alan62
No news on BJ's mysterious jaunt to Lithuania?
Has he not returned with a rubber-stamped memoranda in his fist declaring the glorious rebirth of HoMFC(IA)?
Has he returned at all?
I believe he is being held in the solitary confinement cell in the basement of the KGB Museum in Vilnius as an example to others.
I joked about the Yams falling over themselves to ingratiate themselves with the new putative saviour ('Mrs Budge') but they've surpassed themselves by anointing her as their Queen.Quote:
Originally Posted by hibees 7062
The Famous. Saviours of the Free World. By Royal Appointment.
I take it they are no longer fans of the creator of the original Harry Potter as she didn't fall over herself to donate any of her squillions? Surely Mrs Budge and her fortune of somewhere in the range of £20-30m will make them forget all the heartache of the last year and have them looking forward to the return of the "glory" years.Quote:
Originally Posted by jacomoseven
Often ingratiating, sometimes irrigating.Quote:
Originally Posted by jacomoseven
This burning smell in my nostrils: the waft of shares thawing in Lithuania, or toast aflame in Gorgie?
Anyone know what would happen to all the FOH money they have gathered post liquidation?
It's repayable to the donors, less a small (:greengrin) admin fee.Quote:
Originally Posted by John_HFC
This also made me chuckle from todays Scotsman re Hearts being the model for other clubs to follow, some of them really think they are in a better position than we are, it's beyond belief really. :jamboak::lolyam:Quote:
Originally Posted by hibees 7062
Quote:
Ironically the extent of Hearts issues IE in ADMIN facing liquidation has undoubtedly been the catalyst to the success to date of FOH to attract such a high level of pledges . However(again acknowledging the victims of the admin procedure) other clubs will look on in envy that Hearts will have an initial £1m injection post admin with further 7 figure sums of ADDITIONAL income injected in the next 2 seasons. They will have the further benefit of NO significant interest payments therein saving the circa £1.3m paid out per annum in interest post annum.
Who would not take debt free & 100% fan owned within 5 years? Further you are looking at the NET WORTH of HEARTS (based on the current value of Tynie) increasing by circa £30m IE going from a massive negative to around £15m
As I said ADMIN was the catalyst to same and I am certainly not suggesting that clubs should follow suite IE get themselves into HEARTS financial state to move forward. However I am saying that unless there is the threat of extinction it is not as likely to succeed.
EG Hibs.......strong balance sheet remains but significant cumulative trading losses /increase in debt with resultant liquidity issues makes them anything but the 'model' of financial prudence some suggest. the fans are not reacting to the pleas to support the club through the turnstiles . the football club have already borrowed the majority of the surplus money in the HOLDING COMPANY(circa £1,2m) & have mortgaged their assets. All covered by appropriate floating charges. other than a gratuitous contribution (unlikely) from Sir T hibs have no where to go to raise money . Hence they will have no option but to reduce TB's budget.
Hence they will look with envy at HEARTS additional income stream / 5 year bus plan & consider their options. Admin is a possibility (due to liquidity issues) . Although you cannot discount same it is highly improbable as it would only happen (unlike Hearts) by design & would represent a massive gamble . not that the hibs fans would not react in the same way & to the same extent as hearts fans.....they would but that their creditors (IE the controlling majority ....the bank) would take the hit the way UBIG/UKIO have & agree to a CVA. Hence won't happen.
So how successful would a transfer to fan ownership be hibs fans be without the threat of extinction? It wouldn't IMO.
So a lot of Hearts fans have a vested financial interest in the liquidation of the club. The plot thickens...Quote:
Originally Posted by CropleyWasGod
That seems to be the only thing the Yam fans will gain from liquidation then :thumbsup:Quote:
Originally Posted by CropleyWasGod
Always irritating.Quote:
Originally Posted by GreenLake
Should they now be known as a charity with over 7000 donations each monthQuote:
Originally Posted by CropleyWasGod
Attachment 12098
The model for other cheats to follow is the only claim they might make and more likely will become pioneers of the Scottish Stadiumless Football Association.Quote:
Originally Posted by YehButNoBut
"We only owe it to ourselves."Quote:
Originally Posted by EastCalderHibby