Share Transfers Agreed/Cooling off period

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Originally Posted by Hermit Crab

Which would be budge wouldn't it?

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

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Originally Posted by Bajillions

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

Tynecastle would simply be sold to the highest bidder.

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

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

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Originally Posted by Ozyhibby

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

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And why would that be?

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Originally Posted by Hermit Crab

Which would be budge wouldn't it?

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

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Originally Posted by Bajillions

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

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There isn't the time for that, IMO.

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Originally Posted by Bajillions

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

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

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Originally Posted by LeithenHibby

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

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

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

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Originally Posted by LeithenHibby

And why would that be?

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

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Originally Posted by CropleyWasGod

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

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

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

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Originally Posted by CropleyWasGod

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

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

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

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Originally Posted by LeithenHibby

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

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

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Originally Posted by LeithenHibby

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

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Like they did for Ibrox etc.?

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Originally Posted by Ozyhibby

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

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Now we'er starting to make some inroads :greengrin

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Originally Posted by Dunning Hibs

Like they did for Ibrox etc.?

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Different situation entirely.

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Originally Posted by LeithenHibby

Now we'er starting to make some inroads :greengrin

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

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Originally Posted by CropleyWasGod

Nope.

The Lithuanian State Depost Insurance is a Government department.

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even better then

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Originally Posted by CropleyWasGod

Different situation entirely.

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

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Originally Posted by JimBHibees

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

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

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Originally Posted by JimBHibees

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

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

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

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

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Originally Posted by Onion

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

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

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

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Originally Posted by Ozyhibby

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

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

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Originally Posted by JimBHibees

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

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

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Originally Posted by CropleyWasGod

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

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

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

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Ok thanks for explaining that.

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Originally Posted by Ozyhibby

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

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Thanks.

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

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

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

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

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

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Originally Posted by robinp

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

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

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Oh dear. Another parable of our times.

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

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Originally Posted by Bajillions

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

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

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

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

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

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Originally Posted by Aldo

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

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Not very sporting of him.

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Originally Posted by Kato

Not very sporting of him.

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

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Originally Posted by zachearts

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

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

None of that lot over there heard

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

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

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

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