I'm told BDO have a legally binding written agreement with UBIG now. This deal was actually completed last week, news was held until today for obvious reasons. If the Lith courts allow the transfer then it's a done deal.
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I'm told BDO have a legally binding written agreement with UBIG now. This deal was actually completed last week, news was held until today for obvious reasons. If the Lith courts allow the transfer then it's a done deal.
Scotsman @TheScotsman 12m
UBIG administrators say they will transfer Hearts shareholding to Foundation of Hearts as CVA on brink of completion http://ow.ly/tdwtR
Retweeted by Patrick McPartlin
This just in. A link to the original CVA story from 30th November last year? :rolleyes:
Certainly seems to be that way.............spin seems to be something they do well.........closing out games against 9 men and paying debts, not so well :wink:Quote:
Originally Posted by The Sea-gull
Sorry, for being thick but what are the obvious reasons for with-holding this annoucement until today?Quote:
Originally Posted by Bajillions
How likely is this?Quote:
Originally Posted by Bajillions
So very little has changed then given we don't know when the courts are going to release the shares?Quote:
Originally Posted by Bajillions
Actually sounds like this could really be genuinely decent news for them judging on what Bajillions has said and he has been bang on the money with everything thus far.
Still, lets wait till it all happens first. Still prob lots of ups and downs, twists and turns to come for a while yet. One such down will likely be their relegation to the Championship. Can't wait to watch them **** themselves over again by trying to sign players for that league that they can't afford to get them up at first attempt. Between them and the full fat Huns they'll be trying to out spend each other left right and centre next season.
They had a big match yesterday. If they got beat this is seen as good news. If they won it would have been the cherry on the cake.Quote:
Originally Posted by The Sea-gull
I don't know and it would seem neither do BDO for certain. They seem confident it'll be a done deal before the end of the season thoughQuote:
Originally Posted by CropleyWasGod
This is a reasonably large step forward for them. UBIG has the majority shareholding and FOH now have a binding agreement to buy those shares whenever they become available. Barry jumped the gun a few weeks ago as the agreement was only a verbal one and hadn't been confirmed.Quote:
Originally Posted by BarneyK
Forgive my ignorance on this but is it a case that the UBIG admins have reached an agreement which will need to be ratified by the creditors of UBIG?
"The club’s administrators, BDO, confirmed today that Ukio Bankas Investment Group (UBIG) have formally agreed to hand over their 50 per cent stake, pending legal approval in Lithuania."
The bold bit is obviously key. What's the likelihood of this then?
There's the big one there. All reports state that this is all pending legal ratification from the Lithuanian courts. Still a bit to go yet.Quote:
Originally Posted by Bajillions
Yep, i was going to ask the same question. I thought nothing could be agreed until the UBIG creditors meeting..Quote:
Originally Posted by Geo_1875
So they're relying on the same court that STILL hasn't unfrozen Portsmouth's shares to go ahead and unfreeze theirs.Quote:
Originally Posted by Bajillions
Jolly good :greengrin
Surely the minute they ENTER administration, they are then in the PROCESS of exiting administration no ?Quote:
Originally Posted by Zondervan
Quote:
Originally Posted by The Sea-gull
Lots of rumours going around this neck of the woods that The Rangers are in major trouble.
Rumours that they might not make next season ....
I am sure imminent it is not but sooner than most I think is possible. Personally I think they cash will run out before the big thaw forcing the big L on BDO.Quote:
Originally Posted by CropleyWasGod
Spot on.Quote:
Originally Posted by andrew70
PreciselyQuote:
Originally Posted by Sergey
That is like saying the shares should be available.Quote:
Originally Posted by Zondervan
When you say UBIG I presume you mean UBIG's administrators yes? If yes who would object in court to the transfer being done, the fraud investigators?Quote:
Originally Posted by Bajillions
Quote:
Originally Posted by Juice-Terry
Quote:
Originally Posted by BarneyK
All this will be ignored by Hearts fans as a mere technicality. BDO will focus on it with all they have now. That's the final step pretty much.Quote:
Originally Posted by Mikey
Has a price been agreed for UBIG [and UKIO] shares?
Are we still sure this all has to be confirmed with both sets of creditors meetings.
Mikey mentioned the Pompey shares. Do we know what stage they are at with creditors meetings, price agreements, frozen courts. They're a good couple of years ahead of the yams I think.
The very same people who had them frozen in the first place.Quote:
Originally Posted by Spike Mandela
I hope the Lithuanian courts don't freeze the hearts shares for as long as Portsmouth's. A year and a half would suit me.Quote:
Originally Posted by Jack
Portsmouth were liquidated so it isn't a pressing issue for them. Different rules down there meant that they could stay in the same league.Quote:
Originally Posted by Jack
They don't have the Ukio Bankas 29% holding yet. That can't be transferred until their creditors elect a new creditors committee.
Any sign of that happening ?
Surprise,surprise good news leaked the day after a very bad day! Is there anything new in that statement or is it more bull---- to keep the fans on side. Jackson would look a bit foolish if it were not to happen.Quote:
Originally Posted by Hibbyradge
"The proposal needs to be ratified by UBIG at a creditors' meeting now scheduled to take place in late March"
that could then get pushed out further,
hope they have plenty cash in the bank.
1. The crucial meeting they are pinning their hopes on is now scheduled for end of March.Quote:
Originally Posted by inglisavhibs
2. "I am an MP" has spoken out:
I would say this is significant, as surely he would not leave himself as a hostage to fortune like this if he didn't think the end was in sight? Maybe they really are getting closer to getting out of admin?Quote:
"This is very welcome news from BDO," said FoH chairman Ian Murray MP. "We are edging closer to getting the club out of administration and we are now talking about when rather than if.
"This is a very significant hurdle overcome and we are delighted but more work is required."
just heard Jackson on the Radio,
- Thinks this has taken them from 50% to 75% of the way there
- Though all subject to both UKIO/UBIG administrators (creditors) consent
- Cup final was not budgeted, but would have helped
- Still not sure when they could get the shares, sounded more probable than possible, that there could be some slippage...
- mentioned the FANS again, no doubt, more begging will come
Seems there is plenty mileage left in this soap !
It kinda sounds like they are only confirming information they already knew. Basically things are looking good for the Spring (they are giving end of March and end of April type chat but they have said the Spring already and that is a suitably vague period which could cover March, April or May though I'd argue anything past mid-May is summer in football terms!) but there are a few technicalities still to be addressed (the yams will ignore this).
Not really new news but what is of course new is the fact that yesterday they couldn't win a semi final where they had 30 mins to score against 9 men. Cue the Jambo PR machine going into over-drive with spinning out a good story the day after.
Classic Yam PR tactics as well as it seems obvious as per Bajillions's post, that this news could have been ready to go for some time but has been held off until today as an enhancement tactic in the event of them winning so feelgood factor was maximised or in the event of them losing, a deflection tactic to move chat away from the result.
Sounds like nothing has changed to me apart from the date of the creditors meeting which coukd also be speculation.
So how long have the Portsmouth share been frozen and is their scenario much the same as the Yams. Information required, as i need to slap a few Yams in the dish with it :greengrin
Whatever is happening with the lith admins of UBIG or Ukio, its all irrelevant until the shares are unforzen. This is the decision of the Lith Government correct? :confused:
And as someone point out the Portsmouth shares are still frozen by the same gov 2 years after they went into admin correct? :confused:
so they can agreein princible till the cows come home.
Guys...
the timing of this announcement was key to the outcome of yesterdays game. The *****'s are getting restless, they needed something to distract them.
Simples.
Fatt yam Mclauchlin has to try and cheer up the flumps after yesterdays disaster, you have to remember they were going to be out of admin in August-maybe this year if they are lucky !.
Spot on :agree:Quote:
Originally Posted by scott7_0(Prague)
I think they are more obsessed with me on Kickback than they are with the news. "Backtracking" they call it. (I call it accurate info)
Wait until they find out I have an account over there with over 1000 posts as well. And it's not under the name Bajillions :wink:
They are, especially Dannie Boy.Quote:
Originally Posted by Bajillions
The old portsmouth shares may be frozen - but portsmouth are out of admin.Quote:
Originally Posted by Hibee87
Which isn't helpful.
Quote:
Originally Posted by Bajillions
That's cause you where wrong. Accept it and move on.
Who gives a **** if they come out admin? The damage is done for a good few years.
Is it just me, or am I miss-reading this?
"Hearts moved a "big step" closer to exiting administration after majority shareholder UBIG agreed to transfer its 78.97% stake in the club to fans."
http://www.bbc.co.uk/sport/0/football/26015862
I thought UBig held 50% and UKIO BANKS had the other 28.97%, so how come UBIG now hold them all? Over to you, CG, CWG and Sergey.
Old Portsmouth were liquidated - Current Portsmouth is a NewcoQuote:
Originally Posted by clerriehibs
Yes it is. They're where they are because they were liquidated.Quote:
Originally Posted by clerriehibs
Portsmouth were liquidated and a new Company took over the Club.Quote:
Originally Posted by clerriehibs
Portsmouth are a Newco and we all know what happens to Newcos in Scotland.Quote:
Originally Posted by clerriehibs
What about the comment that the Cup Final would only have covered them for about a month :shocked: IMHO their running costs are waaaayyyy to high for a wee provincial club which has been in Admin for 8 months and about to be relegated. Would love to see a breakdown of their monthly bills.Quote:
Originally Posted by Golden Fleece
As I read it, the "deal" that has been done is for UBIG's shares, but has UKIO's consent. Not sure if UKIO are getting any cash, but they seem to have approved it, and agreed to hand over their shares.Quote:
Originally Posted by Golden Fleece
Thus, if it goes ahead, FOH will get the 78.97% holding.
As for the report, it's fitba journalists trying to be smart. And failing. As it was ever thus.
Not sure if I am reading this right (BBC story) but I see the initial deal for the shares has been done but the stadium has still not even been discussed.
I would love it to be true (Kevin Keegan style). Sure, you can have shares in a club that is worth nothing but we will keep your biggest asset and try and get as much money as possible for it by selling to the highest bidder.
The stadium has nothing to do with it.Quote:
Originally Posted by cwilliamson85
If FOH get the shares, they get HMFC's assets, which include the stadium.
Taken from the BBC "FoH and its financial backers are offering about £2.5m for the club, with the majority going to Ukio Bankas, which has a 28.79% stake in the club but also holds a charge on Tynecastle Stadium. "Quote:
Originally Posted by CropleyWasGod
Why put this as a seperate note then? Again this could be misreading it.
Because that's why the UKIO admin is getting (almost) all the money, despite UBIG's admin holding the larger shareholding and Hearts having massive debts to them both.Quote:
Originally Posted by cwilliamson85
They're fitba journalists. :greengrinQuote:
Originally Posted by cwilliamson85
UKIO are getting the majority of the cash offered, BECAUSE they have a charge on the stadium. However, HMFC still own it and, if FOH's deal is concluded, will continue to own it.
I thought that was the case but I was just clutching at straws. Oh well. Roll on March when the liquidators / board (whoever makes the decision about the shares) knock it back / postpone it until later in the year and they enter the first division on minus points.Quote:
Originally Posted by CropleyWasGod
.........and of course the charge which was a security for £6.8m isn't worth the paper it is written on in the great con known as football administration.:cb Until the deal is concluded and the new owners announce the elevated land value of course.:rolleyes:Quote:
Originally Posted by CropleyWasGod
In the context of the story, I think this phrase is attempting to explain why Ukio gets most of the money from the CVA despite having a smaller shareholding than UBIG. The CVA is mostly going towards buying the stadium from Ukio - the shares seem to be valued at no more than £200k in total and possibly less than that.Quote:
Originally Posted by cwilliamson85
Who cares really, survive, don't survive, exit admin, out of admin - as at 90+3 minutes yesterday Hearts were in a cup final, the drink driver was 'high 5ing' fans, ball was at the corner flag, and I was going into Ikea slightly unhappy at the thought of a possible cup win. Cue half an hour later I nearly choked on my Swedish meatballs and crashed the car when my phone went numerous times from delighted Hibees and non Hearts fans laughing at their result :aok:
I want them around for more of these comedy moments - 'mon the Liths, let them have their shares and let Hearts add to our mirth :greengrin 0-7, losing to 9 men, Billy 'strugglin' Brown, Bryan 'Health and Safety think of the kids' Jackson, Stevo 'I'd play for Hearts on the moon', Rudi 'is he, isn't he joining or is he pouring Brauhaus drinks and using his nose to put wee Hearts crests in the foamy head of pints' Skacel, Jamie 'bet yer not ssshhhhhhhing the opposition fans now' Hamill..........and Dylan McGowan :aok::greengrin
Save our (Comedy) Hearts :cb:greengrin
Reading again this Ukio Bankas statement from last December.
http://translate.google.com/translat...en-US:official
" Convocation of the Creditors meeting is impossible before this separate appeal is resolved "
Has this ever got near a court yet, can/will any decision be subject to appeal ?
Why is Barry not asking these questions ? :greengrin
Note, it is the 4th one down. - Information to creditors .....
Couldnae agree more, life wouldnae be the same without the clowns.Quote:
Originally Posted by truehibernian
I'm pretty much in this camp .. although I do enjoy the speculation. :greengrinQuote:
Originally Posted by truehibernian
Even in their "best case scenario" they will have no end of problems in the coming years.
His own fans :greengrinQuote:
Originally Posted by truehibernian
Eating and driving eh? Shocking. :agree:Quote:
Originally Posted by truehibernian
From EEN Hearts to be out of administration by April
Hearts should be out of administration before the end of April
Which one Barry ?
They're not mutually exclusive, to be fair :greengrinQuote:
Originally Posted by hibees 7062
Stevie Wonder could have seen this story coming today.
Basically just a story to get the mutants up after yesteday and to open a very small light in the darkness of tunnels for them.
Bet your bottom dollar the next thing is that as the money is tight BDO will need some more from the Muppets just to claim to get them to the end of the season.
Lets hope its a nine man jury in Lithuania that decides their fate.
Wasn't a meatball left on my plate upon leaving the front doors :wink: :greengrinQuote:
Originally Posted by Juice-Terry
No but Barry and facts are:wink:Quote:
Originally Posted by CropleyWasGod
Great post!! a couple of random thoughts from yesterday;Quote:
Originally Posted by truehibernian
1. How keek is Danny Wilson? A perfect illustration, along with John Fleck & countless others of average OF players getting attention & reward way above their ability.
2. In the general hilarity of Yams getting stuffed i haven't really seen it highlighted that for the 35 mins of play when ICT were down to 9 men, they ( ICT ) actually won 1-0!! Congrats Yams, that's up there with 7-0 & Sir Albert Kidd!!
....and for 35 minutes they played with all their experienced players on the park, Hamill, Stevenson (fresh legs too), McDonald, Wilson.....no excuses, Hearts were tactically poor and devoid of ideas.Quote:
Originally Posted by brog
Liked the look of Draper and Vincent (first half) yesterday - tidy players.
Quote:
Originally Posted by greenginger
Agreed GG, I think the info below in bold is what you are referring to. I think this is why the April dates are now being quoted. Think BDO are assuming/hoping the meeting will take place near end March, get green light & proceed to sale of assets in April. That however assumes creditors approve those plans & I do like that word tentatively! In my experience of working in Eastern Europe tentatively usually means, no chance! I think BJ is telling it straight when he says chances of moving to admin have now gone 75/25 but I think the odds on being out of admin before season end may not be quite so rosy.
It is tentatively planned to CONVENTI the first meeting of Creditors in the first quarter of in 2014.It has to be noted that sales of the assets owned by Ūkio bankas will not start before the meeting of creditors is convened and the Committee of Creditors is elected.
They have very little chance of being out of admin before the summer let alone April.
Dont get me wrong they look like they have agreed with administrators an in principle price but the legal process and complexity of Vlads world will delay the official sale and legal process for admin exit. Given the period between end of April and August is 13 weeks (15 points penalty), the same difference between end of Jan and end of April (the target end date which has moved by this much since December), i would suggest this particular story has a long way to go.
Then they have to (best case) face into the FoH business model based on promises and hope and run by bakers and candlestick makers.
Neither according to BDO they have confirmed that itQuote:
Originally Posted by hibees 7062
just another bit of paperwork completed..
They say still up to lith courts so no change really..
its anyones guess
Yep, BDO have done as much as they can now and it's out of their hands. The decision will be made by the Lithuanian courts.Quote:
Originally Posted by Greenworld
Sometime :greengrin
Yeah, I read that bit , but I was referring to the last sentence of the 3 rd Paragraph.Quote:
Originally Posted by brog
To me, it says that the Ukio Bankas creditors can't even meet to approve the Yam share transfer or anything else until ...... " this separate appeal is resolved "
CHEER UP SPIN !!!!!!!
agreement this,percentage wise that and creditors meeting this and that ????
WH!T TH= *****!!!!!!!!!!
!!!!!!!!!!SHARES ARE FROZEN!!!!!!!!!!!!!
Love all this p!sh !!!!!!!!
years yes years!!!! Before these shares are defrosted!!!
The yam/media/bdo/foh/sfa/sp?l?/allsbarryithinkmabeysayesmabeysno# agenda is to keep this circus of fiction going until they can justify liquidation(newco) being acceptable enough to continue as if nothing had happened.
However big brother(TRFC)have ensured that it would take decades of spin for this rouse to work!!I'TS OVER trust me IT'S OVER they will be LIQUADATED !!!!!
Could make for an interesting three/six months, as the hair-pulling as to why there's delays in LT might just tick on for a wee bit longer than is being reported.Quote:
Originally Posted by Mikey
75/25 is 1/3 in betting terms - Hearts blew it yesterday at 1/100, so 1/3 is certainly no shoo-in :wink:
1/200 for relegation is though!
Just a wee reminder for those who think it's all over. All that happened today is BDO got agreement that FOH can buy the shares when they become available.
They don't have them today, won't have them tomorrow, and won't have them until the Lithuanian court says they can because they're still frozen.
Only the Lithuanian court can unfreeze them and whilst we can't be certain what their decision will be we do have a precedent. Portsmouth were in exactly the same situation and their shares are still frozen. Why would Hearts be treated any differently?
It really isn't difficult.
For all the yams looking here, there is no seethe just a nice warm glow at the thought of you getting relegated and the prospect of maybe years in the wilderness. All of Scottish football despises you for your cheating ways, any credibility you once had is gone forever, enjoy your visit to Dumbarton etc.
Yep.And todays news about the shares (which isn't really news at all)has been held till today as they were probably anticipating yesterdays poor result and needed to deflect the depressing chat to a more positive note.Quote:
Originally Posted by greenpaper55
Brian Jackson just been on Sportsound. Confirmed he got the news last week but waited until after the semi. Now, how could I have known that if I was making all this up?
Quote:
Originally Posted by Bajillions
BDO on sportsound saying they have enough cashflow 'just about to take them to end of March'. Cup final might have bought them another couple of months. Sounds like King deal was not as lucrative or as expected paid the BDO fees now that they are not coming out of CVA (arrangement agreed post CVA meeting at end of Nov).
Money still very very tight.
This.:agree:Quote:
Originally Posted by Mikey
As Sergey and Bajillions have been telling us all along.:agree:
Just incase anyone or everyone wants to make the president of Lithuania aware of the gorgie thieving beasts attempt at getting the club at a knockdown price thus making the court decision that bit easier they can do so here http://www.president.lt/prezidentas/en/letter_to_the_president2.html
She is big on getting Lithuania through the downturn so the more people that make her aware of the tramps spending 85 million pound of Lithuanian people's money the better. I have PLEASING
It will be a sad day when/if this thread reaches the end because every day it gives great entertainment.
.....and more disgruntled yams please. :Awright!:
Sorry, i meant to cut & paste that bit as well, my techy skills are on a par with Hamill's penalty skills! You are of course quite correct, that's hurdle 1, then followed by creditors' approval at a meeting to be tentatively held sometime before end of March. Lots more fun still to come.Quote:
Originally Posted by greenginger
ok doke.:aok:Quote:
Originally Posted by HNA2
100% correct also sure i heard at the end the report on forth 1 that the begging bowl needs another (final ) pushQuote:
Originally Posted by Waxy
Sorted :greengrinQuote:
Originally Posted by EastCalderHibby
Hats off to Bryan Jackson if he has got an agreement to take Hearts out of admin. He was dealt an absolutely shocking hand and played it very well.
But yes, worth remembering that even if Hearts do avoid liquidation, their troubles aren't even close to being over. If they are celebrating some kind of victory over the road they are going to have an awful hangover.
Hopefully a VERRY VERRY VERRY HIGH CLIFF :greengrinQuote:
Originally Posted by jacomoseven
Priming the Jambos for another cash hit. Far from being wide off the mark Bajillions guzumped Jackson and BDO with the non-news. Until the shares are unfrozen and in their hands they are pretty much done.
Neither UBIG nor UKIOS have the power to tell the Lith courts to release those shares. The unspecified meeting date 'in March' -whether it happens or not- will be instructive.
The hilarious thing is that they think that FOH will be the white knight and all will be ok if they are in control - in the next couple of years. Far from the truth!
Even the few decent yams know the FOH plan is a massive risk and it's going to be far from easy.
When FOH fails or they struggle with the lack of DD or repayments of their new loans do they have a plan B ?
That's on the playing / operations side - not even including the urgent stadium upgrade needed.
They are / were never going to die as a club but serious cut backs are still to take place and still several twists and turns ahead as Lithuania are still firmly in control. The timing of this story was deliberate straight after the shocking result yesterday!
:top marksOnly just begining , they know that a DD is not just for ChristmasQuote:
Originally Posted by jacomoseven
What about a share certificate?Quote:
Originally Posted by hibees 7062
THE deluded ones are already over yesterdays result due to todays non story MY ARSE that story come about so the begging bowl can get back outQuote:
Originally Posted by Dashing Bob S
so come on you daft bassas give what you can you know it makes sense DIPSTICKS Attachment 11954
The PR guys must have rolled in to action as soon as the winning penalty went in,they really are running on fumes now,totally bricking it that the fans will stop going,plus rekon a few direct debits were cancelled this morning,Tick Tock
Sidney is that you? Absolute desperation, embarrassing.Quote:
Originally Posted by kev1875
That's a bit OTT, is it not?Quote:
Originally Posted by QMU-1875
to the yams looking in night night i am going tae ma bed ( thats where normal folk go ) to sleep but will be back the mornQuote:
Originally Posted by leggeto
HAVE ANOTHER ***** NIGHT AND HOPE YOU'RE PAIN IS STILL WITH YOU WHEN YOU WAKE UP 9 MAN I C T
Take the difference between final and semi final income; divide it by two and we will know roughly how much they're spending a month.Quote:
Originally Posted by Col2
Well at least more accurately than before :-)
Hoboconomics at its very best.
If they can just get hold of the shares I think they might get through this. FOH have the benefit of experienced politicians like Ian Murray and Lord Foulkes who will be able to use their track record managing public funds in the running of the club. The FOH expense sheets will be of particular interest in the coming years not just for these politicians claims, but for more rudimentary individuals such as ex-players.
WOW, that is some deal that BDO have worked with UKOI BANKAS and UBIG. Looks like they have managed to get their mits (an agreement to!) on all 108.87% of the shares. That Jackson is a magician.
http://www.scotsman.com/sport/footba...-out-1-3293216
The transfer of fallen Lithuanian investment company Ubig’s 78.97 per cent stake for a five-figure fee is regarded as the last major hurdle in a complex process to save the 140-year-old institution. Would-be owners the Foundation, who are backed by over 7,600 fans making monthly donations, had already agreed to buy secured creditor Ukio Bankas’ 29.9 per cent shareholding for £2.5 million
BBC are no better
http://www.bbc.co.uk/sport/0/football/26015862
UBIG agreed to transfer its 78.97% stake in the club to fans.
FoH and its financial backers are offering about £2.5m for the club, with the majority going to Ukio Bankas, which has a 28.79% stake in the club