Share Transfers Agreed/Cooling off period

So judging by what they are saying in their thread, this PM is to do with Hibs.net, it's about either me or Sergey (or both), it'll cause a civil war on here and the police will be interested. Oh and we're all bricking it. And yet they'll say nothing in public and it's only being shared amongst the inner circle (donators and such).


Sounds to me they are doing exactly what they were slagging us off for. Claiming to have insider info and only sharing it with people who have forked over cash.


My hunch is that it's all nonsense. For it to be as earth shattering for us as they claim it needs to be said publicly, if they keep it private then it's of no consequence to anyone on here and thus was a pointless endeavour.


Im in sure this post will be interpreted by them as myself 'bricking it' but given I have no idea what they are talking about that's not really possible.

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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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In terms of precedents, i like the Portsmouth fc one

The admins were different then admittedly. They were called Trevor birch & Brian Jackson...

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Originally Posted by Bajillions

So judging by what they are saying in their thread, this PM is to do with Hibs.net, it's about either me or Sergey (or both), it'll cause a civil war on here and the police will be interested. Oh and we're all bricking it. And yet they'll say nothing in public and it's only being shared amongst the inner circle (donators and such).


Sounds to me they are doing exactly what they were slagging us off for. Claiming to have insider info and only sharing it with people who have forked over cash.


My hunch is that it's all nonsense. For it to be as earth shattering for us as they claim it needs to be said publicly, if they keep it private then it's of no consequence to anyone on here and thus was a pointless endeavour.


Im in sure this post will be interpreted by them as myself 'bricking it' but given I have no idea what they are talking about that's not really possible.

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:cb

Just having a wee read through the vault to kill kill time I across this beauty from One Day Soon written in 2010:

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108 years without the Scottish Cup? Try 131 years of your tradition, history and honour gone forever because you sold your souls, and not even for 30 pieces of silver, back in 2005. We may win the Scottish Cup one day, but I doubt you will ever get your club back.

Oh and game, set and match to Sergey. Not for the first or last time.

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:applause: Truer today that it ever was.


Round yiz. :lolyam:

Surely no court date can be set before Romanov can be found

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Originally Posted by Bajillions

So judging by what they are saying in their thread, this PM is to do with Hibs.net, it's about either me or Sergey (or both), it'll cause a civil war on here and the police will be interested. Oh and we're all bricking it. And yet they'll say nothing in public and it's only being shared amongst the inner circle (donators and such).


Sounds to me they are doing exactly what they were slagging us off for. Claiming to have insider info and only sharing it with people who have forked over cash.


My hunch is that it's all nonsense. For it to be as earth shattering for us as they claim it needs to be said publicly, if they keep it private then it's of no consequence to anyone on here and thus was a pointless endeavour.


Im in sure this post will be interpreted by them as myself 'bricking it' but given I have no idea what they are talking about that's not really possible.

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sounds like something to do with hibs.net main poster on this thread. they are all very excited so must be good.

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Originally Posted by EdinCapitals

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.”

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The reference by Adomonis is to the transfer of their shareholding in hearts. There's no mention of the security on the wongadome. Is it possible for them to say "Aye ye can have yer shares but we still want our cash for the PBS"?

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Originally Posted by Brunswickbill

The reference by Adomonis is to the transfer of their shareholding in hearts. There's no mention of the security on the wongadome. Is it possible for them to say "Aye ye can have yer shares but we still want our cash for the PBS"?

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No.

The transfer of the shares is part of the CVA. If they reject the CVA, the shares stay where they are and UKIO take their chances on the open market.

My take on the info coming out of Lithuania is that Adomonis sees Hear7s as victims of Romanov like the other creditors in Lith. As such he is trying to help help them in every way he can. Maybe some one should inform him that Hear7s were beneficiaries of Vlad rather than victims.

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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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You keep saying this Crops but if I own something which someone else desperately wants ( or needs! ) then by definition it has a value. In this case its really a matter of determining what that value is & it seems they've settled on £50,000. Personally i think they could have got a fair bit more, perhaps up to £250k before it became a showstopper for Budgie but it fits the general pattern of the Yam assets being undervalued. I'll make one prediction here & that is that if this situation is finally resolved by a CVA then Lord PB & I'm an MP will be loudly & smugly proclaiming just what an amazing deal they've secured for Yams.

I see there is a new programme starting on Watch on Thursday called Believe. Is this show about Hearts heroic bid to avoid liquidation? :-)

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Originally Posted by brog

[/B]You keep saying this Crops but if I own something which someone else desperately wants ( or needs! ) then by definition it has a value. In this case its really a matter of determining what that value is & it seems they've settled on £50,000. Personally i think they could have got a fair bit more, perhaps up to £250k before it became a showstopper for Budgie but it fits the general pattern of the Yam assets being undervalued. I'll make one prediction here & that is that if this situation is finally resolved by a CVA then Lord PB & I'm an MP will be loudly & smugly proclaiming just what an amazing deal they've secured for Yams.

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Point taken. I should probably add "on paper".

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Originally Posted by brog

[/B]You keep saying this Crops but if I own something which someone else desperately wants ( or needs! ) then by definition it has a value. In this case its really a matter of determining what that value is & it seems they've settled on £50,000. Personally i think they could have got a fair bit more, perhaps up to £250k before it became a showstopper for Budgie but it fits the general pattern of the Yam assets being undervalued. I'll make one prediction here & that is that if this situation is finally resolved by a CVA then Lord PB & I'm an MP will be loudly & smugly proclaiming just what an amazing deal they've secured for Yams.

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If the administrators can get their hands on the shares this will make it possible for a CVA to be be concluded and for Hearts to be in the Championship under the control of the old Biddie.

Without the shares the next best option will be a liquidation and a Newco starting at best in League Two.

The market value of the shares should be the difference if financial terms for Hearts over the next four years of spending one year in Championship and three years in the premiership as opposed to one year in League 2, one in League 1, one in the Championship and one year in the Premiership. That does involve some very big ifs I know.

I think that the economic value of the shares is worth considerably more than £50,000. But then again the site value of the PBS is worth considerably more than the old Biddie is going to pay.

That seems credible but it is Jambos that they are dealing with.

I have a question about the £50,000 that's being reported as being agreed for the price of Ubigs shares.

Can Hearts do that? I understand the £2.5m to Ukio as they hold the security, so no one else gets anything because the amount Ukio are owed is much more than Hearts can pay. What I'm confused about, is, can they just decide to pay another of their creditors something, when the rest will get nothing, or could HMRC for example block this? Or is it the case of Ukio as the biggest creditor can decide who gets what?

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Originally Posted by EH6 Hibby

I have a question about the £50,000 that's being reported as being agreed for the price of Ubigs shares.

Can Hearts do that? I understand the £2.5m to Ukio as they hold the security, so no one else gets anything because the amount Ukio are owed is much more than Hearts can pay. What I'm confused about, is, can they just decide to pay another of their creditors something, when the rest will get nothing, or could HMRC for example block this? Or is it the case of Ukio as the biggest creditor can decide who gets what?

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FOH are not paying UBIG as a creditor. They're paying them for their shares.

So, yes, they can do that.

Considering Hearts haven't been debt free for well over a decade and have endured some highs and lows during that period, it does make one wonder how they will approach living within their means. If they really do escape from this mess there may be a lot fewer highs and the lows may be deeper. What if there were a financial crisis at the club but they couldn't simply have an imaginery shares issue or swap debt for shares of give themselves an interest free loan or any of the other double dealing tactics that have been employed in the past? I just wondered if they have considered the longer term implications of life without profiting from dubious financial practices.

On a related point; if there ever were a criminal investgation into Vlad's empire and it was identified that Hearts were a beneficiary rather than a victim then I wonder if Hearts would come under investigation in a less sympathetic light? It may be a cliche but the old adage about who benefits from a crime and the other one about tracking the money might be considered. After all, by their own admission, they could come out of this debt free, with property valued consevatively at £6 million plus other saleable assets and be a going concern. They can't really claim the credit if they are only victims of circumstance but they can if they had some degree of control. I guess one can speculate on how much control they have actually had. I should point out that I am not a conspiracy theorist so I would always favour cock-up theory over conspiracy but it would just seem so wrong if you thought that, ultimately, £2.5 million would buy you all those assets and get you out from under approximately £30 million of debt...and you wouldn't even have to hand back the cups. However, I honestly believe that Hearts are victims in all of this...as next season will prove.

Loads of ifs and and buts! More erses than anything else though however, the facts: they are going to be relegated, they will not come back up at first attempt, they will be stuck if not relegated further! They will have no income to use on players given that heap they call a ground needs refurbished. Give them their CVA and their day of hurrah! But its short lived!!

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Originally Posted by tomf

Considering Hearts haven't been debt free for well over a decade and have endured some highs and lows during that period, it does make one wonder how they will approach living within their means. If they really do escape from this mess there may be a lot fewer highs and the lows may be deeper. What if there were a financial crisis at the club but they couldn't simply have an imaginery shares issue or swap debt for shares of give themselves an interest free loan or any of the other double dealing tactics that have been employed in the past? I just wondered if they have considered the longer term implications of life without profiting from dubious financial practices.

On a related point; if there ever were a criminal investgation into Vlad's empire and it was identified that Hearts were a beneficiary rather than a victim then I wonder if Hearts would come under investigation in a less sympathetic light? It may be a cliche but the old adage about who benefits from a crime and the other one about tracking the money might be considered. After all, by their own admission, they could come out of this debt free, with property valued consevatively at £6 million plus other saleable assets and be a going concern. They can't really claim the credit if they are only victims of circumstance but they can if they had some degree of control. I guess one can speculate on how much control they have actually had. I should point out that I am not a conspiracy theorist so I would always favour cock-up theory over conspiracy but it would just seem so wrong if you thought that, ultimately, £2.5 million would buy you all those assets and get you out from under approximately £30 million of debt...and you wouldn't even have to hand back the cups. However, I honestly believe that Hearts are victims in all of this...as next season will prove.

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:fishin:

Good luck :greengrin

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Originally Posted by tomf

Considering Hearts haven't been debt free for well over a decade....

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The decade in question being the 1960's.

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Originally Posted by MrSmith

Loads of ifs and and buts! More erses than anything else though however, the facts: they are going to be relegated, they will not come back up at first attempt, they will be stuck if not relegated further! They will have no income to use on players given that heap they call a ground needs refurbished. Give them their CVA and their day of hurrah! But its short lived!!

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will they ever upgrade that place but,they've been getting safety certs in a brown envelope for years,who is to say it won't carry on like that

Christ Kickback is becoming as cleeky as this where you have to get a PM or join a PM forum to get some useless info. Just say it FFS. Internet forums are as sad as the masons with their secrecy.

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Originally Posted by CB_NO3

Christ Kickback is becoming as cleeky as this where you have to get a PM or join a PM forum to get some useless info. Just say it FFS. Internet forums are as sad as the masons with their secrecy.

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Our PM Board is cheaper than the masons.

And, morally, much less reprehensible. :stirrer:

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Originally Posted by CB_NO3

Christ Kickback is becoming as cleeky as this where you have to get a PM or join a PM forum to get some useless info. Just say it FFS. Internet forums are as sad as the masons with their secrecy.

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One thing is for sure. Whatever this info is they all seem convinced that it's amazing info and are as excited as Skacel at a sniffing contest.

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Originally Posted by CB_NO3

Christ Kickback is becoming as cleeky as this where you have to get a PM or join a PM forum to get some useless info. Just say it FFS. Internet forums are as sad as the masons with their secrecy.

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It's most likely a hoax for our benefit, but it will end up annoying as many KBers as it will satisfy those who like to think they are in the know.

And it's a great big **** off to kickback from me:jamboak:

Looks like it all frittered in to nothingness as usual. No civil wars, no falling outs and no shocking revelations. And we were all supposed to be in need of a change of underwear.

No.

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Originally Posted by Bajillions

Looks like it all frittered in to nothingness as usual. No civil wars, no falling outs and no shocking revelations. And we were all supposed to be in need of a change of underwear.

No.

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I don't know about you, but I've had this same thong on since the day the Huns went into admin. I suppose I should change it soon.

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Originally Posted by CropleyWasGod

I don't know about you, but I've had this same thong on since the day the Huns went into admin. I suppose I should change it soon.

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Ah! That'll be your sectarian thong then...

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Originally Posted by Peevemor

Ah! That'll be your sectarian thong then...

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Something thong in those posts, cracks me up somewhat :rolleyes: