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Not at all, the CVA has been agreed and there's just a hold up in obtaining the shares and setting a creditors meeting. Being Lithuania, its a bit involved and a little more complex than previously believed, but everybody is working diligently behind the scenes and it should all be sorted either this month or next.Quote:
Originally Posted by Jones28
:faf::faf::faf::faf::faf::faf::faf::faf::faf:
Response on twitter from @foh
@The_FOH: it's as you were, no news at all - process continues. Understand everyone's frustration. Patience etc.
Have they said what this process actually is, other than FOH/BDO phoning the UKIOS/UBIG admins once or twice a week and asking them what's happening and being informed that the courts haven't really told us anything yet?Quote:
Originally Posted by grunt
#AllisveryFrustrating. :greengrinQuote:
Originally Posted by grunt
Brilliant! Here is the tweet they were responding to:Quote:
Originally Posted by grunt
"@markcalder1: @The_FOH how did yesterday's meeting in Lithuania affect the process? Alot of rumours about liquidation, is this a real possibility?"
Completely dodged the awkward liquidation question.
If I were a herts fan, I would be asking those connected with my club, and those trying to buy my club -
What timeline are you working to, that's you, not Lithuania?
How much money do you have?
What happens if events from Lithuania do not unfold aligned to your timelines?
What is the plan, in the event of the above answer being liquidation?
But I appreciate I'm but a peg selling hobo junkie.
REAL herts fans are far too busy colouring in the '1's and '5's in their home-made posters really, really neatly. :agree:
Heard they got new sponsor - Dr Pepper...
"whats the worst that can happen...?"
Anyone got any clue to timelines we can expect to hear the fate of them, as I want to be in country but all is quiet at the moment and I don't want to miss out! Hopefully its the big L and soon!!!
End of the season is the most likely. Doing it before then causes considerably more headaches for all involved and the other teams in the league as well. Whether they have enough funds to do that is still a question that nobody is answering.Quote:
Originally Posted by jakeshibs
Thanks - hope you're right.Quote:
Originally Posted by Weststandwanab
I've maintained all along that the precedent set by Gretna will be used by the SPFL to keep them alive with the prize money. Didn't realise until today that the SPFL may be able to deduct the football debts from that prize money first, in which case there won't be be much left for life support.Quote:
Originally Posted by Bajillions
Probably. Can't imagine HMFC struggling on til the end of the season just to save the administrators at Hampden a bit of fuss. If it becomes clear the game is up, why carry on for a single day longer?Quote:
Originally Posted by Eyrie
Thanks bajillions! and thank you for all your other insights, it always makes my day to come back here and read they are still Donald Ducked... the sooner the better for me but cheers again..Quote:
Originally Posted by Bajillions
They might need the goodwill of the footballing authorities if they want to a get a Newco back into the League structure at the first attempt.Quote:
Originally Posted by jacomoseven
Beat me to it.......Quote:
Originally Posted by Dashing Bob S
Whilst, on the face of it, paying the football creditors first might look like an unfair preference, it's actually necessary to ensure the continuance of the football club, whether that's post-admin or post-liquidation. If they aren't paid, there will be no football club. That is why the football creditors are shown separately in the CVA proposal.Quote:
Originally Posted by Eyrie
It's a curious quirk of the football business, and one that took me a while to get my head around. I maintained for ages that D&P were wrong to pay (I think) Dundee United/Dunfermline for pre-admin debts out of administration funds, but it turns out I was wrong. The football debts are less a debt, more a running cost of the administration/liquidation.
What I'm not sure is if the SPFL themselves have the power to withhold those debts. In Sevco's case, I think it was the SFA, as the governing body, that took charge of the debts.
Surely if they just reach the split, they could drop out then, the only consequence being a missing game for each bottom 6 team?
Didn't Hearts have to lodge some sort of bond / where denied prize money because of their football debts? Can't think there's much in the pot to give them to keep their corpse staggering on if the money runs dry before the end of the season...
Not really. Somebody will come up with a calculation to say that "if we ignore all of Hearts results, we would've been in the Top6, instead of....." and then someone else will say "aye, but if you look at it this way...." etc etc.Quote:
Originally Posted by ScottB
The whole thing would be a mess. Better for the SPFL to advance them their cash and let the league play out.
There was no bond or forfeiture of money. The football debts are still unpaid.
Hearts have asked for an advance on the rest of their prize money already and have been told to beat it by the SPFL. All the clubs already get a payment at the start of the season. There is no precedent to quote because it's not legally binding and the circumstances are not really similar. Most of these rules are "at the discretion of the board".Quote:
Originally Posted by Eyrie
It's not just Hampden that would be a problem, although you don't want to anger the people who need to let you back into the league at some point.Quote:
Originally Posted by jacomoseven
Other clubs would lose income from cancelled matches and might need to refund fans for Season Ticket fixtures that didn't happen, depending on the terms of the agreement they have with fans.
Add to that, that the money from the SPFL from the start of the season would probably need to be paid back (football debt) and that's even more to be paid out when the club starts again.
Lastly. It makes BDO look very poor. To kill a club 8 weeks before the end of the season (and make a Newco that much harder because of debt and animosity) after 9 months of admin isn't going to get them much future business. The Rangers were always going to be liquidated, they just limped on to avoid exactly these pitfalls and it seems to have worked for them.
Gah! Took me so long to type all that I forgot I'd made the same points on all my other accounts.
http://www.baltic-course.com/eng/finances/?doc=89221
Looks like our Russian Prince is still trying to pull the strings from afar.
Go to it Vlad, take them to court, threaten a few admins. slow the whole process. :greengrin
That has the potential to be a major plot point in all of this. If Vlad is still getting involved and trying to control things that suggests there is a lot more too this. What is he trying to keep hidden? If the Lithuanian authorities are chasing this up it's very unlikely they will unfreeze the assets until they are satisfied no further wrongdoing will become of it and that will take a very long time.Quote:
Originally Posted by greenginger
If they liquidated then they are certs to be in one of the 4 leagues. It's wishful thinking that Spartans would get in before them. To many lower league clubs will see their gate money increase with 500-1000 Yams going to their gamesQuote:
Originally Posted by Dashing Bob S
I would agree and say it's almost certain that they'll be in League 2, following on from the Rangers precedent. But that's why the liquidation probably has to take place as soon as the seasons over, to give the Newco time to get organized and constituted in order to take their place. They are incompetent enough to mess this up and miss 2014-15 registration and a season, then have to go for 2015-16 in Lowland, of that I've no doubts.Quote:
Originally Posted by lucky
He's incredibly quick to respond to emails from his constituents at 1am to grovel, after said constituent has told him in no uncertain terms that he could not count on a vote. That was last year, so he must be doing an absolute power of work now in his day job if that's the barometer! :greengrinQuote:
Originally Posted by jacomoseven
Indeed. Relegation is a start but justice would be liquidation and the death of FC Shameless.Quote:
Originally Posted by lucky
I'd be too busy celebrating that - IF it happens - to worry about the next wish that they end up in some Lowland league....for Lowlife.
The demolition of the Savile Dome is also high on the agenda of course.
http://www.scotsman.com/sport/footba...ocke-1-3346446
UBIG meeting scheduled for 28th March according to this. Hadn't heard this before.
Been scheduled before and all been cancelled at short notice.Quote:
Originally Posted by Col2
I reckon if this one is cancelled then the game is up.
This is very strange:confused:Quote:
Originally Posted by Col2
1)if there is a meeting scheduled for 28th march,why no announcement from BDO/FOH??
2)why would such an important meeting be announced via a story regarding,a hearts managers fears and with an off the cuff remark hidden within said story.
3)why hasn't gasman announced the date of this meeting???
Very odd, even a surprise on 21pointsback. A huge meeting which could go a long way to determine future of the Yams... just 2 days before the Derby. Going to be an interesting week :greengrinQuote:
Originally Posted by Glesgahibby
Well the last flurry of activity /publicity was aimed at letting Hear7s fans know nothings was likely to happen till end of April ,so maybe Brian Jacksons visit wasnt as fruitless as we all thought and they are planning more publicity round lead up to derby to bolster morale and flog more tickets.Question is will it be a cynical marketing ploy or is it Brinkmanship so that they can announce before Derby that they will defo be coming out of Admins .Interesting week right enough .Maybe all the Yams have been issued with Memorandums of Understanding to keep Shooooooosh on this .Quote:
Originally Posted by Onion