Share Transfers Agreed/Cooling off period

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Originally Posted by NOLA

also claims that meeting is at the end of next week, barry must of gotten his meetings mixed up :wink:

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Deliberately to try and whip up interest in derby Any update on how their tickets are going No doubt they will find a way to announce it's a full house :wink:

http://m.edinburghnews.scotsman.com/...ough-1-3352352

HEARTS have received good news off the field today, with the administrator of their largest creditor confirming that he expects there to be no hitches with the transfer of Ukio Bankas’ shareholding in the club to Bidco, the Foundation of Hearts’ purchase vehicle.


Ukio Bankas’ creditors are due to meet in Lithuania on Friday and Gintaras Adomonis, who works for Ukio administrators Valnetas, is confident that they will approve the transfer of their 29.5 per cent shareholding in Hearts.

“It is considered that the creditors of Ukio Bankas will approve the deal of Hearts sale to Bidco,” he said. “There are no reasons to believe in any other decision, as no alternatives have been proposed to be included in the agenda.”

If the Ukio sale is approved, Hearts will then just require the transfer of the 50 per cent shareholding owned by their former parent company Ubig in order to complete their Company Voluntary Agreement (CVA) and come out of administration.

Ubig have yet to confirm a date for their creditors’ meeting, but Adomonis again expects that transfer to go through when the relevant meeting is held.

“As far as we know, Ubig’s creditors’ meeting is planned at the end of the next week, but it is still to be confirmed,” he said. “We believe that the creditors of Ubig will also approve the deal.”

Guess the courts must have unfrozen the shares then, as there's no mention of this in the Scotsman story.

As far as I know, the UBIG creditors meeting is at the end of December, but this has not yet been confirmed either

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Originally Posted by Jack Hackett

As far as I know, the UBIG creditors meeting is at the end of December, but this has not yet been confirmed either

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All this is moot. Didn't they come out of administration in February? I'm sure an in-the-know Jumbo told me that... to be fair, I haven't checked whether this happened, but why doubt them?

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Originally Posted by jacomoseven

Guess the courts must have unfrozen the shares then, as there's no mention of this in the Scotsman story.

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Yip, the Yams journey from cheating, lying, charity thieves to Glorious Salvation was as enjoyable as it was inevitable. It's all over.

:greengrin

Judging by Kickback they've got themselves a new song for the derby, it goes

"Can I have a PM please"

Not sure I get it but they never were the brightest bunch.

I find it interesting that this Gintaras Adomonis is so openely confident and vocal about the outcome of this meeting wheras Bryan Jackson is always more cautious and respectful of the power of creditors.

Maybe it is just the difference between Lithuanian and Scottish personalaties but part of me wonders if this guy is trying to convince himself as well as others that this is as much of a done deal as he thinks.

It all sounds quite encouraging for them, but, surely there's nae need for panic until the Lithuanian courts leave the shares sitting in front of their coal fire.

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Originally Posted by Spike Mandela

I find it interesting that this Gintaras Adomonis is so openely confident and vocal about the outcome of this meeting wheras Bryan Jackson is always more cautious and respectful of the power of creditors.

Maybe it is just the difference between Lithuanian and Scottish personalaties but part of me wonders if this guy is trying to convince himself as well as others that this is as much of a done deal as he thinks.

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It's not in BJ hands, so he's bound to be a bit circumspect. It's in his interests to err on the side of caution at every stage.

I guess what the Lithuanian guy is saying is that there is no rival bid for Tynecastle on the table - therefore, UKIO will in all likelihood accept the CVA proposal. UBIG likely to fall into line with that decision - once they meet, of course.

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Originally Posted by HUTCHYHIBBY

It all sounds quite encouraging for them, but, surely there's nae need for panic until the Lithuanian courts leave the shares sitting in front of their coal fire.

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Exactly, that's what i was asking a few posts back as the way they are going on jt's as if the shares become defrosted immediately and handed over as they (very conveniently i guess) make absolutely no mention of it having to go through the Liths courts to try and get them defrosted....unless i have it completely wrong and i'm just slavering? which has been known, :greengrin

I may be thick but, are the shares frozen or not??

Sent from my Nexus 7 using Tapatalk

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Originally Posted by kaimendhibs

I may be thick but, are the shares frozen or not??

Sent from my Nexus 7 using Tapatalk

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The last time it was mentioned in the MSM with any authority:-

http://www.bloomberg.com/news/2013-0...-s-assets.html

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Originally Posted by CropleyWasGod

The last time it was mentioned in the MSM with any authority:-

http://www.bloomberg.com/news/2013-0...-s-assets.html

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Heart of Midlothian owner Vladimir Romanov’s assets were frozen by a Lithuanian court, derailing any potential sale of the Scottish soccer club.
The assets of Ukio Banko Investicine Grupe, or UBIG, through which Romanov controls 79 percent of Hearts in Edinburgh, were blocked yesterday in the course of a lawsuit against the Russian-born investor and his sister, Olga Goncaruk, Kaunas District Court said today on its website.
“Any sale or transfer” of UBIG’s shares in Hearts or its other property “is forbidden,” Gintare Putnikiene, a spokeswoman for the court in Kaunas said by phone today. Several companies are suing Romanov and Goncaruk to recover “large debts” the two jointly undertook, Putnikiene said.

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Do they sound like creditors who would let HMFC shares be sold on the cheap?

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Originally Posted by CropleyWasGod

The last time it was mentioned in the MSM with any authority:-

http://www.bloomberg.com/news/2013-0...-s-assets.html

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Ill add that although that's nearly a year ago there was news this week that the lith authorities are still trying to extradite Vlad. It'd be foolish for them to have unfrozen his assets when he's still on the run.

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Originally Posted by Bajillions

Ill add that although that's nearly a year ago there was news this week that the lith authorities are still trying to extradite Vlad. It'd be foolish for them to have unfrozen his assets when he's still on the run.

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Is it not Vlad that's trying to extradite Vlad, given that he owes the money to himself?

Cheers guys, feel better now


Sent from my iphone

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Originally Posted by Peevemor

Do they sound like creditors who would let HMFC shares be sold on the cheap?[/FONT][/COLOR][/FONT][/COLOR]

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That's the Court official that is quoted.:wink:

As for UBIG, though:-

As creditors, they are getting nothing.

As shareholders, they're getting money for something that's worth nothing. They're likely to accept the deal.

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Originally Posted by Peevemor

Is it not Vlad that's trying to extradite Vlad, given that he owes the money to himself?

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:greengrin

Putin won't give him up easily. He's piloted a submarine through the Baltic, dontcha know?

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Originally Posted by CropleyWasGod

That's the Court official that is quoted.:wink:

As for UBIG, though:-

As creditors, they are getting nothing.

As shareholders, they're getting money for something that's worth nothing. They're likely to accept the deal.

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Are they allowed to even 'accept' the small offer for shares, which they legally cannot sell?

as has been said all along, the UBIG shares which are apparently frozen, is key to the whole thing.

There is no sign of any UBIG meeting yet, but I wonder if UBIG know shares are frozen, if they will actually be able to 'vote' and accept an offer.

confused .com

So Ukio agree the £2.5m CVA and transfer of their shares, then sometime in the future UBig agree the transfer of their majority shareholding for £50k it then all goes to a court for it all to be legally ratified. Presumably it is at this point somebody points out that these assets are frozen as part of a criminal investigation.

What happens then? There must be precedents in business administrations. Would an IP like BDO proceed as far as this if there was a likelyhood that the prized shares are unattainable?

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Originally Posted by Craig_in_Prague

Are they allowed to even 'accept' the small offer for shares, which they legally cannot sell?

as has been said all along, the UBIG shares which are apparently frozen, is key to the whole thing.

There is no sign of any UBIG meeting yet, but I wonder if UBIG know shares are frozen, if they will actually be able to 'vote' and accept an offer.

confused .com

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Okay, I'll try and explain it another way.

You and I agree that I can buy your house. We agree the price, the entry date and everything else. In most people's eyes, we have a deal.

However, there is an inhibition on your house, put there by the Court.

That means that, no matter how willing we both are to make the deal, it can't happen.

That's the analogy here. FOH want to buy the UBIG shares. UBIG's administrator wants to sell them (although his "bosses", the creditors, haven't actually instructed him to do that yet ). They can make whatever agreement they want. However, they can't be sold until the "inhibition" (ie the Court freezing) has been lifted.

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Originally Posted by Spike Mandela

I find it interesting that this Gintaras Adomonis is so openely confident and vocal about the outcome of this meeting wheras Bryan Jackson is always more cautious and respectful of the power of creditors.

Maybe it is just the difference between Lithuanian and Scottish personalaties but part of me wonders if this guy is trying to convince himself as well as others that this is as much of a done deal as he thinks.

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When the story of the Hearts/Vladimir Romanov embezzlements becomes a Channel 4 or BBC movie, it will be interesting to see who portrays Gintaras Adomonis who seems to act more like he is working for Hearts than his own creditors in Lithuania. What is the motivation for someone in his position to campaign for this CVA which involves gifting land to Hearts that they were previously offered £22 million for. There has been a property crash in recent years, but only a complete and utter incompetent would think that the value had dropped by 95%. Nowhere in the UK or the entire planet have land values dropped by 95%, even surrounding ***ushima. Whoever portrays Vladimir Romanov as owner of Ukio Bancas and UBIG will probably be rolling about laughing in his Moscow mansion at the end unless The Prosecutor General Darius Valys can have him extradited. The script will either be a tragedy or a comedy or perhaps a mixture of both.

I hope Irvine Welsh has already jotted down an outline for the screenplay and that the title is "CHEATS". :greengrin

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Originally Posted by CropleyWasGod

Okay, I'll try and explain it another way.

You and I agree that I can buy your house. We agree the price, the entry date and everything else. In most people's eyes, we have a deal.

However, there is an inhibition on your house, put there by the Court.

That means that, no matter how willing we both are to make the deal, it can't happen.

That's the analogy here. FOH want to buy the UBIG shares. UBIG's administrator wants to sell them (although his "bosses", the creditors, haven't actually instructed him to do that yet ). They can make whatever agreement they want. However, they can't be sold until the "inhibition" (ie the Court freezing) has been lifted.

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That is extremely pleasing.


Sent from my iphone

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Originally Posted by Spike Mandela

So Ukio agree the £2.5m CVA and transfer of their shares, then sometime in the future UBig agree the transfer of their majority shareholding for £50k it then all goes to a court for it all to be legally ratified. Presumably it is at this point somebody points out that these assets are frozen as part of a criminal investigation.

What happens then? There must be precedents in business administrations. Would an IP like BDO proceed as far as this if there was a likelyhood that the prized shares are unattainable?

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To be fair to BDO, they don't "know" that the shares are unattainable. Nobody does, until the transfer is tested in Court.

BJ has consistently said that obtaining the shares will be the most difficult part of his job. All he can do is take the whole process as far as he can, until such times as it is out of his hands, or it becomes clear that the shares won't be obtained before the money runs out.

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Originally Posted by CropleyWasGod

To be fair to BDO, they don't "know" that the shares are unattainable. Nobody does, until the transfer is tested in Court.

BJ has consistently said that obtaining the shares will be the most difficult part of his job. All he can do is take the whole process as far as he can, until such times as it is out of his hands, or it becomes clear that the shares won't be obtained before the money runs out.

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If they are frozen for a criminal investigation it would surely be a matter of public record.:confused:

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Originally Posted by CropleyWasGod

Okay, I'll try and explain it another way.

You and I agree that I can buy your house. We agree the price, the entry date and everything else. In most people's eyes, we have a deal.

However, there is an inhibition on your house, put there by the Court.

That means that, no matter how willing we both are to make the deal, it can't happen.

That's the analogy here. FOH want to buy the UBIG shares. UBIG's administrator wants to sell them (although his "bosses", the creditors, haven't actually instructed him to do that yet ). They can make whatever agreement they want. However, they can't be sold until the "inhibition" (ie the Court freezing) has been lifted.

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I understand

I suppose my thinking was do they need to agree sale of the shares and then from there, have it approved via the courts... rather than obtaining approval upfront from the courts that the shares could actually be sold.

Maybe there is no such dialogue with courts available and UBIG will go through the creditors voting, accepting of shares route -
But I wanted to check and at least ask, if UBIG administrators are fully aware the shares are frozen, then will they be duty bound to agree a sale and take to the courts.... Or not even bother trying.

I guess you can see what I am hoping for :)

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Originally Posted by CropleyWasGod

To be fair to BDO, they don't "know" that the shares are unattainable. Nobody does, until the transfer is tested in Court.

BJ has consistently said that obtaining the shares will be the most difficult part of his job. All he can do is take the whole process as far as he can, until such times as it is out of his hands, or it becomes clear that the shares won't be obtained before the money runs out.

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That implies that he has some control over the release of the shares by the court which I very much doubt. Once the main creditors have agreed the sale of shares, isn't that more or less BDOs job done - apart from tying up the formal paperwork ?

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Originally Posted by Spike Mandela

If they are frozen for a criminal investigation it would surely be a matter of public record.:confused:

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It is.

My point, though, is that BDO will take the process as far as they can... and then test the Court. For all we and they know, the Court might decide to let the shares go. BDO/UKIO/UBIG might be able to put up a case to show that there is no risk to the criminal investigation.

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Originally Posted by Onion

That implies that he has some control over the release of the shares by the court which I very much doubt. Once the main creditors have agreed the sale of shares, isn't that more or less BDOs job done - apart from tying up the formal paperwork ?

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It's "job done" insofar as what they can do, but the CVA still wouldn't be complete.

If the Court decided to release the shares, BDO would be back in business, and they would have to deal with the final formalities,