Share Transfers Agreed/Cooling off period

Quote:

---

Originally Posted by matty_f

Any more info on whether or not the meeting's been postponed? :dunno:

---

Other than what's been reported in the UK press, I've not read anywhere that the UBIG creditors meeting is actually taking place.

Adomonis can say all he wants about the Ukio meeting, but it's the UBIG meeting and approval/rejection that's key. Adomonis is not the spokesperson for UBIG.

http://translate.google.co.uk/transl...t%2Fnaujienos2

Noticed on UAB Valnetas the administrators for Ukio on their news page no mention of any creditors meeting taking place. There are mentions of other meetings next week. Maybe i am misreading this, thought they would have posted something on their website confirming meeting going ahead?

Quote:

---

Originally Posted by Kaiser1962

He had sold his shareholding to Duff three years earlier for £700k



Mercer wanted 75% and the trio of Waugh, Harrison (whose role is often overlooked) and Farmer were buying shares to block the takeover with Farmer, in particular, working on a "just enough" basis with no intention of taking over. Harrison was far more aggresive. They had, with Duff's shareholding, Mercer pegged back when Waugh sold his shareholding to Mercer in June 1990 although it appears to have been part of a deal that would allow Mercer to take the club's property assets and AN Other (Waugh?) to buy the clubs name, badge, players etc allowing the football club to continue.

That gave Mercer a 64% share (he claimed 66%) and took Harrison/Farmer by surprise leaving David Duff, with his 11% stake, standing between the club and shutdown. Duff did not sell, at great personal cost, and the rest, as they say, is history. There would have been a lot of "what if's" if he had sold.

That Farmer did end up owning the club is as much down to the very persuasive Kenny MacLean as any other factor. It is unlikely anyone else at that time had the cahoonas to go nose to nose with David Rowland and come out on top. What is often forgotten it was Farmer who took the club into administration a year later to ditch Rowland.

---

Has the makings of a very good book - if for no other reason than to silence the yams who keep telling me that they are shedding debt like we did in 1990.

Quote:

---

Originally Posted by Green Blood

http://translate.google.co.uk/transl...t%2Fnaujienos2

Noticed on UAB Valnetas the administrators for Ukio on their news page no mention of any creditors meeting taking place. There are mentions of other meetings next week. Maybe i am misreading this, thought they would have posted something on their website confirming meeting going ahead?

---

One of the conspiracy theories is that the 7th April date gets them past the split, and if something goes wrong and they're liquidated it wouldn't have an effect on the league as they wouldn't be needed to complete the remaining fixtures. Assuming they've already been relegated that is.

The fact that there's no mention anywhere of this meeting, when every other meeting has been listed, adds weight to this. It could simply be that there is no meeting and they're stalling until Monday.

It is just a conspiracy theory though..............

Quote:

---

Originally Posted by SuperAllyMcleod

Has the makings of a very good book - if for no other reason than to silence the yams who keep telling me that they are shedding debt like we did in 1990.

---

Doubt it will ever get written, unless JDShips puts his experiences down on paper.

http://www.edinburghnews.scotsman.co...bids-1-3019835

I know this is an old article but its worth re-visiting and taking in the comments by the administrator! Even back then it was clear that unless substantial offer was made they were going to liquidate and let the assets go to auction. I think that was always the plan. Why sell as a going concern when going to auction might raise a better offer.

Quote:

---

Originally Posted by Mikey

One of the conspiracy theories is that the 7th April date gets them past the split, and if something goes wrong and they're liquidated it wouldn't have an effect on the league as they wouldn't be needed to complete the remaining fixtures. Assuming they've already been relegated that is.

The fact that there's no mention anywhere of this meeting, when every other meeting has been listed, adds weight to this. It could simply be that there is no meeting and they're stalling until Monday.

It is just a conspiracy theory though..............

---

And we all love a conspiracy theory,especially if involves liquidating Hear7s:wink:

Quote:

---

Originally Posted by greenginger

But why let a 9 month administration process eat up £ 500,000 plus in BDO fees ?

---

They only owe it to themselves

Quote:

---

Originally Posted by jgl07

On the subject of planning protection for sporting venues, there is no real precedent in Edinburgh. Old Meadowbank was bulldozed, admittedly to build the current white elephant. Powderhall went the same way in 1999 for a residential development despite being on a flood plain. Marine Gardens was flattened to build a bus depot in 1962.

Outside of Edinburgh Carfin dog track was demolished in 1999.

Strangely West Lothian Council refused planning permission for Sainsbury to build a supermarket on the site of Armadale Stadium. This was largely because the planning department favoured another site for retail on Council-owned land near the station. They did cite as an additional reason to protect the stadium for use by Edinburgh Monarchs speedway team. This was rather unwelcome as Monarchs had been offered enough cash by Sainsbury to build a new track nearby in return for support in the planning application.

I can't think why the City of Edinburgh Council would want to block development of a stadium that is not 'fit for purpose' according to a former Hearts chairman. The Council are strapped for cash and could net a tidy sum from the developers given the proximity of the tram line.

---

Eh ? ... Meadowbank has been - and still is - a fantastic facility for me and loads of people I know for the last 40 years or so ... The only thing wrong with Medowbank is the lack of investment ... And the fact not enough people use it!

Would you rather is was a fast food outlet for the kids? :aok:

Quote:

---

Originally Posted by Mikey

One of the conspiracy theories is that the 7th April date gets them past the split, and if something goes wrong and they're liquidated it wouldn't have an effect on the league as they wouldn't be needed to complete the remaining fixtures. Assuming they've already been relegated that is.

The fact that there's no mention anywhere of this meeting, when every other meeting has been listed, adds weight to this. It could simply be that there is no meeting and they're stalling until Monday.

It is just a conspiracy theory though..............

---

But if they don't complete the season surely they wouldn't be due any prize money and would need to repay that already advanced?

Quote:

---

Originally Posted by Geo_1875

But if they don't complete the season surely they wouldn't be due any prize money and would need to repay that already advanced?

---

They wouldn't exist so couldn't repay.

Quote:

---

Originally Posted by Green Blood

Liquidated or not they are ****ed whatever the outcome is! It will be more enjoyable watching all the in-fighting and the journey to their next administration!!

---

Exactly! Liquidation gets them out of jail financially. I'd be very happy for them to survive only to limp on with no cash and no hope of improving. :greengrin

Quote:

---

Originally Posted by Paisley Hibby

Exactly! Liquidation gets them out of jail financially. I'd be very happy for them to survive only to limp on with no cash and no hope of improving. :greengrin

---

Liquidation would not get them out of jail financially. They would still need to either buy the stadium, or rent someone else's. Also if they have any chance of getting back into the leagues they will need to pay back the football debts, which is what rangers did. Not sure if they went bust now and then re started whether they would need to re pay the advance that they got this season. Rangers had to accept these things as a condition of getting back into the league I believe.

And it's started...

Quote:

---

A Dolt wrote

If we get liquidated do we get our DD's back?

I'm a bit skint this month so i suppose it wouldn't all be bad news.

---

Just cancel them you cretin - It's money down the drain.

Go sit by the letterbox and await the share certificate that's rightly yours.

Sucker

Quote:

---

Originally Posted by Sergey

And it's started...



Just cancel them you cretin - It's money down the drain.

Go sit by the letterbox and await the share certificate that's rightly yours.

Sucker

---

Post of the year.

Quote:

---

Originally Posted by Mikey

They wouldn't exist so couldn't repay.

---

Would it be a football debt for a newco?

Quote:

---

Originally Posted by Sergey

And it's started...



Just cancel them you cretin - It's money down the drain.

Go sit by the letterbox and await the share certificate that's rightly yours.

Sucker

---

amazing, wouldn't surprise me if some of them start to make indemnity claims :greengrin

Quote:

---

Originally Posted by HFCDaveA

Liquidation would not get them out of jail financially. They would still need to either buy the stadium, or rent someone else's. Also if they have any chance of getting back into the leagues they will need to pay back the football debts, which is what rangers did. Not sure if they went bust now and then re started whether they would need to re pay the advance that they got this season. Rangers had to accept these things as a condition of getting back into the league I believe.

---

:tsk tsk:Rangers, did not get back into any league. Instead, another club called The Rangers, applied and were allowed into the bottom rung of the SFL Leagues. no question about that, because it's a FACT

It is kinda odd that both the UKIO and UBIG administrators have arranged to have creditors meetings on the exact same date. These co-ordinated meetings, we are told are to "rubber stamp" the acceptance of the the CVA. Strangely, these meetings are taking place at the very limit of the timescale BDO has emphasised the CVA has to be delivered to avoid liquidation.

If Jackson has successfully orchestrated this, and the outcome is favourable to Hearts, ie: the CVA is approved and the all the shares are released immediately, then you would have to say he has played an absolute "blinder". However, given the past record of Lithuanian inertia in these matters (for valid reasons) and the complexities involved, you have to remain sceptical. Anyway, we will soon find out.

Quote:

---

Originally Posted by monktonharp

:tsk tsk:Rangers, did not get back into any league. Instead, another club called The Rangers, applied and were allowed into the bottom rung of the SFL Leagues. no question about that, because it's a FACT

---

You our know what I mean, if hearts are to start a newco and fast track into the leagues, they will need to settle football debts. Either way those plums won't be debt free or financially sound whether they get the cva agreed or liquidate.

They dead yet???

Quote:

---

Originally Posted by Sergey

And it's started... Just cancel them you cretin - It's money down the drain. Go sit by the letterbox and await the share certificate that's rightly yours. Sucker

---

Class in a glass ..... Hope you managed to post that reply on thenowayback threads !!

Quote:

---

Originally Posted by Sergey

And it's started... Just cancel them you cretin - It's money down the drain. Go sit by the letterbox and await the share certificate that's rightly yours. Sucker

---

Hardy har!!! Better get a comfy chair and thermos cos you've a long long wait. They still don't get it.

Hopefully at 6:02 on 0-7 April it is announced that the cheats finally give up the ghost and die and their arrogant gobs are slammed shut !!!

Bring on liquidation

Bye bye Jambos .......



Attachment 12357




Attachment 12359


Attachment 12358

Quote:

---

Originally Posted by AlbertK86

Hopefully at 6:02 on 0-7 April it is announced that the cheats finally give up the ghost and die and their arrogant gobs are slammed shut !!! Bring on liquidation Bye bye Jambos ....... <img src="http://www.hibs.net/attachment.php?attachmentid=12357"/> <img src="http://www.hibs.net/attachment.php?attachmentid=12359"/> <img src="http://www.hibs.net/attachment.php?attachmentid=12358"/>

---

And there will be plenty if this to boot

Attachment 12360

Quote:

---

Originally Posted by EdinAyr

They dead yet???

---

On life support machine but they won't give up so no one wants to make the decision yo pull the plug I hope lessons are learnt from this fiasco and the powers that be give the green light to banning memorandums of understanding and rubber stamps as they have caused all the confusion . :wink::confused:

Quote:

---

Originally Posted by Sergey

And it's started...



Just cancel them you cretin - It's money down the drain.

Go sit by the letterbox and await the share certificate that's rightly yours.

Sucker

---

Something that tickles me is that if they had taken administration in October 2012, like any rational business would have done, instead of that ridiculous non-share issue they'd be in much better shape now. They had a stronger squad and a real chance of staying in the top flight and there would have been an extra million quid in the pot for the Save Hearts In Trouble people. They would have got away with it.

Quote:

---

Originally Posted by Sergey

And it's started...



Just cancel them you cretin - It's money down the drain.

Go sit by the letterbox and await the share certificate that's rightly yours.

Sucker

---

Picture: a skeleton sitting beside the letterbox with cobwebs all over it.

Quote:

---

Originally Posted by Criswell

It is kinda odd that both the UKIO and UBIG administrators have arranged to have creditors meetings on the exact same date. These co-ordinated meetings, we are told are to "rubber stamp" the acceptance of the the CVA. Strangely, these meetings are taking place at the very limit of the timescale BDO has emphasised the CVA has to be delivered to avoid liquidation.

If Jackson has successfully orchestrated this, and the outcome is favourable to Hearts, ie: the CVA is approved and the all the shares are released immediately, then you would have to say he has played an absolute "blinder". However, given the past record of Lithuanian inertia in these matters (for valid reasons) and the complexities involved, you have to remain sceptical. Anyway, we will soon find out.

---

It's certainly all gone quiet over there so as you say it's either B J has pulled off a master stroke and managed with political and financial help to get both meetings together and in a position to push it over the line and doesn't want to be publicly gloating about it till it happens, or they have got fed up in Lithuania of all this meddling and harassment so they have decided to agree to meet to allow hear7s to go onto liquidation given timescales hear7s need to work to to come out of administration .So if meetings are going ahead in cloaked secrecy someone has pulled strings and used influence to make this happen .It's receiving less media coverage than our situation which does seem odd .
But am looking forward to other results going our way and the news of the big L being announced before we then turn in the performance of the Season and beat the Sheep to cap a perfect weekend .Sometimes Dreams do come True.

Quote:

---

Originally Posted by Caversham Green

Something that tickles me is that if they had taken administration in October 2012, like any rational business would have done, instead of that ridiculous non-share issue they'd be in much better shape now. They had a stronger squad and a real chance of staying in the top flight and there would have been an extra million quid in the pot for the Save Hearts In Trouble people. They would have got away with it.

---

To me, that was the defining moment in this story. That's the point they could have taken control if the situation, but they chose to bury their heads in the sand and continue to prop up an owner that was clearly a crook.

They couldn't have bought him out, but they could have made it impossible for him to go on. They have been a bunch of patsies, floored by their own hubris, rather than the actions of others. That's what happens when your brought up to tug your forelock, and believe the folks on the hill are on your side.