Share Transfers Agreed/Cooling off period

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22-02-2014, 07:35 AM
Joe6-2

Quote:

Originally Posted by brog

IIRC the original statement said the meeting was provisionally scheduled to be held by the end of March. I'm sure I posted at that time that from my experience of working in Eastern Europe, provisional meetings more often than not just did not happen. As you say they now have effectively one week to schedule the meeting otherwise we're into April! :greengrin

Can meeting go ahead if only a provisional date?
22-02-2014, 08:34 AM
Mikey

Quote:

Originally Posted by Joe6-2

Can meeting go ahead if only a provisional date?

No.

After the last delay in November/December we were told the meeting would probably take place in Q1 of 2014. At which point the Yams assumed that meant early January (meaning they would be out of admin during the transfer window and would stock up on players they couldn't afford) but so far we've heard nothing.
22-02-2014, 08:46 AM
weonlywon6-2

at what point do they have to be out of admin to avoid a points deduction next season,anyone know???
22-02-2014, 08:49 AM
nribs

Quote:

Originally Posted by weonlywon6-2

at what point do they have to be out of admin to avoid a points deduction next season,anyone know???

Is there a thought that if they are still in admin they may try and make the point that they shouldn't be punished again as it's still the same admin process they are going through?
22-02-2014, 08:51 AM
CropleyWasGod

Quote:

Originally Posted by weonlywon6-2

at what point do they have to be out of admin to avoid a points deduction next season,anyone know???

The start of the season

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22-02-2014, 08:52 AM
greenginger

Quote:

Originally Posted by Bajillions

As discussed before that's incredibly unlikely. Now that the FOH plan has been revealed to everyone it's clear they won't be able to use the money to fund the club until they have taken over. It would technically violate the terms of FOH agreement as well.

I assume the money situation is looking better given Mr Struggling has been given yet another reprieve.

If/when Mrs Budge gets her feet under the desk at the PBS I am certain Brian Cormack will be brought in as an FoH rep. director, maybe Garry Halliday as well.

Cormack is not going to let his opportunity slip by telling Budge to use her own money to bridge any funding gap.

There is something that has not seemed quite right from the time Mackie and Ford quit FoH last November to the sudden change from Budge being FoH funder in chief to being outright Yam owner.

Did it take Budge a year plus to decide the original FoH plan was not to her liking ? More than likely she just let the Merricks get their pledges up and running before announcing the real plan.

My suspicious mind tells me Cormack has been party to this plan for a long time, but it has been kept quiet until it is too late for any Plan B.

I would love to know if there was any business connection between Budge and Cormack before the Great Fan Movement was put in motion. Anyone know of any links ?

I am sure the Fannies would be interested !
22-02-2014, 08:54 AM
Saorsa

Quote:

Originally Posted by nribs

Is there a thought that if they are still in admin they may try and make the point that they shouldn't be punished again as it's still the same admin process they are going through?

It disnae matter what sort of pathetic point they try tae make because it'll be wrong. If they're still in admin come the start of next season they'll get the points deduction, it's the rules and they'll pay the penalty. Any garbage they come out with will make nae difference.
22-02-2014, 08:55 AM
weonlywon6-2

Quote:

Originally Posted by CropleyWasGod

The start of the season

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cheers,hoping it was sooner than that
22-02-2014, 09:13 AM
Matty_Jack04

Could someone explain to me how the FOH can be sorting out the CVA to take control of the club and then announce that in actual fact bidco will be running things for several years but the same CVA proposal stands? I'm not quite grasping this part
22-02-2014, 09:16 AM
CropleyWasGod

Quote:

Originally Posted by Matty_Jack04

Could someone explain to me how the FOH can be sorting out the CVA to take control of the club and then announce that in actual fact bidco will be running things for several years but the same CVA proposal stands? I'm not quite grasping this part

It would appear, although nothing has been confirmed, that FOH will buy the shares through the CVA. Almost immediately, the shares will be transferred to BIDCO. They will operate the company until the Diddies can afford to. ...

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22-02-2014, 09:26 AM
Eyrie

Quote:

Originally Posted by CropleyWasGod

It would appear, although nothing has been confirmed, that FOH will buy the shares through the CVA. Almost immediately, the shares will be transferred to BIDCO. They will operate the company until the Diddies can afford to. ...

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That would be never then.

Budge has a good track record as a businesswoman, so she will run the Yams within their budget which will hinder their chances of promotion. And the longer they stay in the "Championship", the more DDs will be cancelled and the harder it will be for the remaining Save Hearts In Trouble members to raise enough money to buy her out. After all, why should they give a multi-millionaire their hard earned money when their club is already safe?
22-02-2014, 09:37 AM
Matty_Jack04

Quote:

Originally Posted by CropleyWasGod

It would appear, although nothing has been confirmed, that FOH will buy the shares through the CVA. Almost immediately, the shares will be transferred to BIDCO. They will operate the company until the Diddies can afford to. ...

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Thanks CWG, are the admins in Lithuanian going to stand for that? What I mean is with ubig abstaining is there a possibility that the public knowledge that budge being wealthier and heading bidco that it could endanger the CVA agreement?
22-02-2014, 09:41 AM
CropleyWasGod

Quote:

Originally Posted by Matty_Jack04

Thanks CWG, are the admins in Lithuanian going to stand for that? What I mean is with ubig abstaining is there a possibility that the public knowledge that budge being wealthier and heading bidco that it could endanger the CVA agreement?

One can live in hope ;-)

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22-02-2014, 09:41 AM
Weststandwanab

Quote:

Originally Posted by Mikey

No.

After the last delay in November/December we were told the meeting would probably take place in Q1 of 2014. At which point the Yams assumed that meant early January (meaning they would be out of admin during the transfer window and would stock up on players they couldn't afford) but so far we've heard nothing.

If they are to make Q1 this year the meeting will need to be arranged, and appropriate notice given, in the next ten days.

Quote:

Originally Posted by Eyrie

That would be never then.

Budge has a good track record as a businesswoman, so she will run the Yams within their budget which will hinder their chances of promotion. And the longer they stay in the "Championship", the more DDs will be cancelled and the harder it will be for the remaining Save Hearts In Trouble members to raise enough money to buy her out. After all, why should they give a multi-millionaire their hard earned money when their club is already safe?

I have to agree with this being a likely outcome providing the big L is avoided.
22-02-2014, 09:43 AM
Bostonhibby

Quote:

Originally Posted by Eyrie

That would be never then.

Budge has a good track record as a businesswoman, so she will run the Yams within their budget which will hinder their chances of promotion. And the longer they stay in the "Championship", the more DDs will be cancelled and the harder it will be for the remaining Save Hearts In Trouble members to raise enough money to buy her out. After all, why should they give a multi-millionaire their hard earned money when their club is already safe?

An important point and the reason my family yam happily announced he'd cancelled his DD before xmas because by then, in his mind "they" had already saved the club for the fans. I couldn't really be bothered talking to him about it because of his starting point in the debate.
22-02-2014, 09:54 AM
The Falcon

Quote:

Originally Posted by Weststandwanab

If they are to make Q1 this year the meeting will need to be arranged, and appropriate notice given, in the next ten days.

I have to agree with this being a likely outcome providing the big L is avoided.

Would I be right in thinking that even if the meeting takes place, and they give the plan the proverbial rubber stamp, it is only then the process will hit the Lithuanian courts? And by some of the posts, in particular referring to Pompey, this may prove to be the most difficult, not to say lengthy, process to overcome?
22-02-2014, 10:03 AM
jacomo

Quote:

Originally Posted by Eyrie

That would be never then.

Budge has a good track record as a businesswoman, so she will run the Yams within their budget which will hinder their chances of promotion. And the longer they stay in the "Championship", the more DDs will be cancelled and the harder it will be for the remaining Save Hearts In Trouble members to raise enough money to buy her out. After all, why should they give a multi-millionaire their hard earned money when their club is already safe?

Indeed. Why would the fans pay someone else to be in charge?
22-02-2014, 10:20 AM
Weststandwanab

Quote:

Originally Posted by The Falcon

Would I be right in thinking that even if the meeting takes place, and they give the plan the proverbial rubber stamp, it is only then the process will hit the Lithuanian courts? And by some of the posts, in particular referring to Pompey, this may prove to be the most difficult, not to say lengthy, process to overcome?

I have no knowledge of Lithuanian law but based on similar laws here you are correct any decision to surrender the frozen shares would need court approval and as such could be subject to objections by creditors. I would imagine if there are any suspicions of illegalities then it could easily be delayed or, as is the case with Portsmouth, still frozen - now more than two years later.

Remember that 28 days notice period of any creditors meeting needs to be given so, at best, the rubber stamp could be used at the earliest by 25th March and only after that happened could they Lithuanian Admins apply for a court date to do attempt to do what I describe above.

I would wager now it would be April at the earliest before a Lithuanian Court will hear the arguments as to why the fridge door should be opened.

Any takers ?

After all that there would be a 28 day cooling off period before the C.V.A. takes effect and that could be in May.

I still say the big L has nowhere near been defeated yet.
22-02-2014, 10:27 AM
lapsedhibee

Quote:

Originally Posted by Weststandwanab

I still say the big L has nowhere near ben defeated yet.

I'm sure I saw a picture of Satchel making a sign for it, on his forehead, and he knows what's what so there must still be a good chance.
22-02-2014, 10:42 AM
Jack

Quote:

Originally Posted by monktonharp

you'll have to explain that point a bit more, Jack. don't suggest that the coming referendum is a vote for the SNP or Cardownie. it is a simple : do you think Scotland should be an independent country? yes/no. so let's keep things simple and downright honest, despite your political leanings.:wink:

I'm English and will be voting for an independent Scotland, a big YES from me. My political leanings are probably left of centre with absolutely no alignment to any party. Indeed I wouldn't trust any party and have found most politicians to be ****holes who are only interested in themselves.

Cardownie is probably distancing himself from Tynecastle at the moment as part of his political self preservation. I would suggest his previous yamrants ahead of the last election caused much more damage than he thought.

No matter that a sizeable proportion of the electorate are able to separate the SNP from the independence vote I reckon the SNP will not want one of their main figureheads attracting any sort of publicity that may detract from their raison d'être.

Bare in mind too that this figurehead was previously a figurehead for the pro-union Labour Party.

I might not be the only one who thinks his defection to the SNP was as a flag of convenience to further personal ambitions.

As for Labour lining up behind the yams I'll say this. The Pee'r of the Realm can't help himself, rent a gob. And there's Ian "Don't you know I'm a MP? Murray. TBH before this, no, nobody knew he was a MP apart from his mum. I would suggest the advice he took before taking this 'independent' role was at best ill -conceived.

Hope this clears things up monktonharp :-)
22-02-2014, 10:47 AM
Mikey

I'm sure there's a Scottish Independence thread somewhere else :wink:
22-02-2014, 10:50 AM
Weststandwanab

Quote:

Originally Posted by Jack

I'm English and will be voting for an independent Scotland, a big YES from me. My political leanings are probably left of centre with absolutely no alignment to any party. Indeed I wouldn't trust any party and have found most politicians to be ****holes who are only interested in themselves.

Cardownie is probably distancing himself from Tynecastle at the moment as part of his political self preservation. I would suggest his previous yamrants ahead of the last election caused much more damage than he thought.

No matter that a sizeable proportion of the electorate are able to separate the SNP from the independence vote I reckon the SNP will not want one of their main figureheads attracting any sort of publicity that may detract from their raison d'être.

Bare in mind too that this figurehead was previously a figurehead for the pro-union Labour Party.

I might not be the only one who thinks his defection to the SNP was as a flag of convenience to further personal ambitions.

As for Labour lining up behind the yams I'll say this. The Pee'r of the Realm can't help himself, rent a gob. And there's Ian "Don't you know I'm a MP? Murray. TBH before this, no, nobody knew he was a MP apart from his mum. I would suggest the advice he took before taking this 'independent' role was at best ill -conceived.

Hope this clears things up monktonharp :-)

What a fantastic post.

May I, as a Yes voting Scot, thank you for voting Yes ?
22-02-2014, 10:51 AM
CyberSauzee

Quote:

Originally Posted by Matty_Jack04

Thanks CWG, are the admins in Lithuanian going to stand for that? What I mean is with ubig abstaining is there a possibility that the public knowledge that budge being wealthier and heading bidco that it could endanger the CVA agreement?

You've hit the nail on the head MJ. And that's why BJ is in Lith land.
22-02-2014, 10:55 AM
Dashing Bob S

Quote:

Originally Posted by monktonharp

you'll have to explain that point a bit more, Jack. don't suggest that the coming referendum is a vote for the SNP or Cardownie. it is a simple : do you think Scotland should be an independent country? yes/no. so let's keep things simple and downright honest, despite your political leanings.:wink:

National or party political concerns have never prevented SC from jumping on a bandwagon and it's a bit of stretch to suggest that this leopard has changed his spots and embraced noble restraint for the common good, simply because he's ditched Labour for the SNP.

I reckon he's scented disaster from the off in this one.
22-02-2014, 10:56 AM
The Informer

http://i60.tinypic.com/27xp5hg.jpg

It's a LOAN, NOT an investment

So it's a pledge of £1,000 per fan for the next five years.

There's a cat in hells chance of that happening.

'Tynecastle No More' - 'Premiership No More' -

8,000 prayer mats required soon.

Granny Budge will have sussed the FOH throbbers and will sell her shares to anybody in a couple of years from now to get her loan back.

It will all end in tears.
22-02-2014, 10:58 AM
Mikey

Quote:

Originally Posted by The Informer

http://i60.tinypic.com/27xp5hg.jpg

It's a LOAN, NOT an investment

So it's a pledge of £1,000 per fan for the next five years.

There's a cat in hells chance of that happening.

'Tynecastle No More' - 'Premiership No More' -

8,000 prayer mats required soon.

Granny Budge will have sussed the FOH throbbers and will sell her shares to anybody in a couple of years from now to get her loan back.

It will all end in tears.

Welcome :greengrin

Haven't you got a match to go to :wink:
22-02-2014, 11:01 AM
CropleyWasGod

Quote:

Originally Posted by The Informer

http://i60.tinypic.com/27xp5hg.jpg

It's a LOAN, NOT an investment

So it's a pledge of £1,000 per fan for the next five years.

There's a cat in hells chance of that happening.

'Tynecastle No More' - 'Premiership No More' -

8,000 prayer mats required soon.

Granny Budge will have sussed the FOH throbbers and will sell her shares to anybody in a couple of years from now to get her loan back.

It will all end in tears.

Who's Ian Mcleod? (apart from irrelevant :greengrin)

And, are you saying that 8,000 of them are going to embrace a new owner from an Islamic republic?? :cb
22-02-2014, 11:06 AM
Killiehibbie

Quote:

Originally Posted by CropleyWasGod

The start of the season

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When date this season end and next season start?
22-02-2014, 11:07 AM
Mikey

Quote:

Originally Posted by CropleyWasGod

Who's Ian Mcleod? (apart from irrelevant :greengrin)

I was wondering that too. Perhaps just someone else who has extremely shiny buttons on his jacket and gets a free scran at hospitality every fortnight :dunno:
22-02-2014, 11:08 AM
CropleyWasGod

Quote:

Originally Posted by Killiehibbie

When date this season end and next season start?

The last whistle of the last game, and the first whistle of the first game :greengrin

Not very helpful, I know, but them's the rules.
22-02-2014, 11:10 AM
CyberSauzee

All this talk of the Yams and Plan B is highly accurate from what I've heard.

Ben Drew is releasing an album in support of their attempts to save their shambles of a club: 'The Defacation of Gary Locke'.
22-02-2014, 11:11 AM
Ozyhibby

Quote:

Originally Posted by CropleyWasGod

It would appear, although nothing has been confirmed, that FOH will buy the shares through the CVA. Almost immediately, the shares will be transferred to BIDCO. They will operate the company until the Diddies can afford to. ...

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I'm beginning to see why the Lithuanians froze the shares. Before you know it you would not know who owned what.
22-02-2014, 11:13 AM
Dashing Bob S

Quote:

Originally Posted by Weststandwanab

I have no knowledge of Lithuanian law but based on similar laws here you are correct any decision to surrender the frozen shares would need court approval and as such could be subject to objections by creditors. I would imagine if there are any suspicions of illegalities then it could easily be delayed or, as is the case with Portsmouth, still frozen - now more than two years later.

Remember that 28 days notice period of any creditors meeting needs to be given so, at best, the rubber stamp could be used at the earliest by 25th March and only after that happened could they Lithuanian Admins apply for a court date to do attempt to do what I describe above.

I would wager now it would be April at the earliest before a Lithuanian Court will hear the arguments as to why the fridge door should be opened.

Any takers ?

After all that there would be a 28 day cooling off period before the C.V.A. takes effect and that could be in May.

I still say the big L has nowhere near been defeated yet.

I think these are sound assumptions but I would argue that the big L is still the likeliest outcome.

I think the shares have to be obtained from the courts before the rubber stamping, or they would probably have already been rubber stamped. With Budge becoming involved the Lith creditors might indeed decide to up their asking price if they have the legal latitude to do this (and we know by virtue the MOU that they almost certainly do. But while this is a fun notion, it's pretty academic without the shares.

When the UBIG/UKIOS admins go to the court and ask them to release the shares, compromising their criminal investigation, what are they going to tell them? 'We want to give the shares to FOH who will transfer them to a company called BIDCO who will, between 3-5 years give them to a company called FANCO, provided FANCO have the money, otherwise they go to a private individual.' Not inspiring when you consider why the shares are frozen by the courts in the first place.
22-02-2014, 11:13 AM
CropleyWasGod

Quote:

Originally Posted by Ozyhibby

I'm beginning to see why the Lithuanians froze the shares. Before you know it you would not know who owned what.

That's one of the reasons.

The other is that, if there is any value (in any of the UBIG assets), it can be recovered (for the creditors or the State) more easily.
22-02-2014, 11:20 AM
Mikey

Quote:

Originally Posted by CropleyWasGod

That's one of the reasons.

The other is that, if there is any value (in any of the UBIG assets), it can be recovered (for the creditors or the State) more easily.

And as Matty Jack 04 alluded to, if the Administrators in Lithuania get a sniff of someone with Budgie's personal wealth getting the club on the cheap they are likely to be looking for more than the £2.5m loose change she's got down the back of the sofa.

The CVA has only been agreed in principle. They can move the goalposts if they feel they're being shafted.

Which they are.
22-02-2014, 11:21 AM
Weststandwanab

Quote:

Originally Posted by Ozyhibby

I'm beginning to see why the Lithuanians froze the shares. Before you know it you would not know who owned what.

That is exactly why they were frozen.

Quote:

Originally Posted by Dashing Bob S

I think these are sound assumptions but I would argue that the big L is still the likeliest outcome.

I think the shares have to be obtained from the courts before the rubber stamping, or they would probably have already been rubber stamped. With Budge becoming involved the Lith creditors might indeed decide to up their asking price if they have the legal latitude to do this (and we know by virtue the MOU that they almost certainly do. But while this is a fun notion, it's pretty academic without the shares.

When the UBIG/UKIOS admins go to the court and ask them to release the shares, compromising their criminal investigation, what are they going to tell them? 'We want to give the shares to FOH who will transfer them to a company called BIDCO who will, between 3-5 years give them to a company called FANCO, provided FANCO have the money, otherwise they go to a private individual.' Not inspiring when you consider why the shares are frozen by the courts in the first place.

DBS I was convinced that the big L was the most likely outcome until Budge pitched up at the PBS showing her hand no I have down graded me expectations to highly possible.
22-02-2014, 11:21 AM
Killiehibbie

Quote:

Originally Posted by CropleyWasGod

The last whistle of the last game, and the first whistle of the first game :greengrin

Not very helpful, I know, but them's the rules.

So a club could, if it was possible in the limited time, enter and exit admin during the close season suffering no points deduction?
22-02-2014, 11:22 AM
CropleyWasGod

Quote:

Originally Posted by Mikey

And as Matty Jack 04 alluded to, if the Administrators in Lithuania get a sniff of someone with Budgie's personal wealth getting the club on the cheap they are likely to be looking for more than the £2.5m loose change she's got down the back of the sofa.

The CVA has only been agreed in principle. They can move the goalposts if they feel they're being shafted.

Which they are.

They may, of course, demand that those same goalposts be sold, since they may not be required next season :greengrin
22-02-2014, 11:24 AM
CropleyWasGod

Quote:

Originally Posted by Killiehibbie

So a club could, if it was possible in the limited time, enter and exit admin during the close season suffering no points deduction?

Yep.

It would be possible, but probably only through what used to be called a "pre-pack" administration. I think they're out of favour at the moment, but basically that's when there is already a buyer lined up, and the CVA can be pushed through relatively quickly.
22-02-2014, 11:34 AM
Dashing Bob S

Quote:

Originally Posted by Weststandwanab

That is exactly why they were frozen.

DBS I was convinced that the big L was the most likely outcome until Budge pitched up at the PBS showing her hand no I have down graded me expectations to highly possible.

I'm still going with most likely as I can't see her presence as a factor in obtaining the shares, still the biggest immediate danger to Hearts, and one that gets more pressing every day. The only way I can see Budge becoming a factor would be if she was daft enough to see this 'rubber stamping' period as interim with defined time limits and sub them to keep them going till next season - and she ain't.

Which is a shame as I'd love to see them struggle on with this terrible mess of a business model. Ironically, I think liquidation, though it would involve a long inglorious slog through the leagues and probable loss of the PBS, might galvanize and unify the club, whereas this CVA is recipe for disunity and in-fighting and permanent mediocrity.
22-02-2014, 11:47 AM
Ozyhibby

Quote:

Originally Posted by Dashing Bob S

I'm still going with most likely as I can't see her presence as a factor in obtaining the shares, still the biggest immediate danger to Hearts, and one that gets more pressing every day. The only way I can see Budge becoming a factor would be if she was daft enough to see this 'rubber stamping' period as interim with defined time limits and sub them to keep them going till next season - and she ain't.

Which is a shame as I'd love to see them struggle on with this terrible mess of a business model. Ironically, I think liquidation, though it would involve a long inglorious slog through the leagues and probable loss of the PBS, might galvanize and unify the club, whereas this CVA is recipe for disunity and in-fighting and permanent mediocrity.

The club would be dead. Who knows how a new club would behave.
22-02-2014, 11:48 AM
Jack Hackett

Quote:

Originally Posted by CropleyWasGod

Yep.

It would be possible, but probably only through what used to be called a "pre-pack" administration. I think they're out of favour at the moment, but basically that's when there is already a buyer lined up, and the CVA can be pushed through relatively quickly.

In your opinion, would this be a likely scenario for 'The' Rangers', given that they probably don't actually have much in the way of debt?
22-02-2014, 11:58 AM
Weststandwanab

Quote:

Originally Posted by Dashing Bob S

I'm still going with most likely as I can't see her presence as a factor in obtaining the shares, still the biggest immediate danger to Hearts, and one that gets more pressing every day. The only way I can see Budge becoming a factor would be if she was daft enough to see this 'rubber stamping' period as interim with defined time limits and sub them to keep them going till next season - and she ain't.

Which is a shame as I'd love to see them struggle on with this terrible mess of a business model. Ironically, I think liquidation, though it would involve a long inglorious slog through the leagues and probable loss of the PBS, might galvanize and unify the club, whereas this CVA is recipe for disunity and in-fighting and permanent mediocrity.

I agree about BUD61E funding but with no security she is not going to do that .

Your last paragraph is very profound but I tend to agree with it
22-02-2014, 12:07 PM
CropleyWasGod

Quote:

Originally Posted by Jack Hackett

In your opinion, would this be a likely scenario for 'The' Rangers', given that they probably don't actually have much in the way of debt?

If I understand the Rangers situation correctly, (as you say) they haven't run up debt, they have just run out of money. In that scenario, I'm not sure why they would go into administration. Administration is, amongst other things, a means of shedding debt.

IMO, a "pre-pack" or the like is less likely than a selling of the assets in the same way that they were before. In that situation, I wouldn't expect the same knock-down price; the IPO investors would out too much pressure on for that to happen.
22-02-2014, 12:10 PM
Eyrie

Quote:

Originally Posted by Mikey

And as Matty Jack 04 alluded to, if the Administrators in Lithuania get a sniff of someone with Budgie's personal wealth getting the club on the cheap they are likely to be looking for more than the £2.5m loose change she's got down the back of the sofa.

The CVA has only been agreed in principle. They can move the goalposts if they feel they're being shafted.

Which they are.

They've shafted themselves by not insisting that the security over the PBS be called in and the ground sold to help repay the debt.
22-02-2014, 12:13 PM
CropleyWasGod

Quote:

Originally Posted by Eyrie

They've shafted themselves by not insisting that the security over the PBS be called in and the ground sold to help repay the debt.

They still have that option.
22-02-2014, 12:20 PM
Jack

Quote:

Originally Posted by CropleyWasGod

If I understand the Rangers situation correctly, (as you say) they haven't run up debt, they have just run out of money. In that scenario, I'm not sure why they would go into administration. Administration is, amongst other things, a means of shedding debt.

IMO, a "pre-pack" or the like is less likely than a selling of the assets in the same way that they were before. In that situation, I wouldn't expect the same knock-down price; the IPO investors would out too much pressure on for that to happen.

Could it be a vehicle for shedding other stuff like expensive managerial and player contracts ... and probably some other stuff too?
22-02-2014, 12:21 PM
Jack Hackett

Quote:

Originally Posted by CropleyWasGod

If I understand the Rangers situation correctly, (as you say) they haven't run up debt, they have just run out of money. In that scenario, I'm not sure why they would go into administration. Administration is, amongst other things, a means of shedding debt.

IMO, a "pre-pack" or the like is less likely than a selling of the assets in the same way that they were before. In that situation, I wouldn't expect the same knock-down price; the IPO investors would out too much pressure on for that to happen.

Thanks. I still have a feeling something underhand is in the offing, but that might just be my natural distaste for all things Sevco :greengrin
22-02-2014, 12:24 PM
CropleyWasGod

Quote:

Originally Posted by Jack

Could it be a vehicle for shedding other stuff like expensive managerial and player contracts ... and probably some other stuff too?

Don't know about that. The lawyers on here will have a better idea, but IIRC TUPE rules allow those individuals to transfer their contracts if they want.
22-02-2014, 12:28 PM
hibees 7062

Quote:

Originally Posted by Leishy1995

I thought billy brown wasn't getting paid or are even Hearts not that daft?

I heard they're both struggling :wink:
22-02-2014, 12:33 PM
Jack Hackett

BTW Crops.....I had a look at the keechboak thread mirroring this one this morning, and noticed one of the yams stated that you had made over 1,400 posts on this thread. I've had a search here to see where it was possible to obtain this info and can't find any way of doing that other than physically counting

Now that's what I call obsession :lolyam:
22-02-2014, 12:36 PM
Nando™

Quote:

Originally Posted by Jack Hackett

BTW Crops.....I had a look at the keechboak thread mirroring this one this morning, and noticed one of the yams stated that you had made over 1,400 posts on this thread. I've had a search here to see where it was possible to obtain this info and can't find any way of doing that other than physically counting

Now that's what I call obsession :lolyam:

Where it says 'Replies' to this thread on the main board, click the number, it tells you how many posts by each member.
22-02-2014, 12:39 PM
Famous Fiver

Confined to home after surgery so no Killie for me today.
One thing that gets me is that Massone offered £4 mill and was told to bolt. Ann Budge gets the whole kit and caboodle for nowt ( remember she gets her £2.5 mill back.) She gets to play Championship Manager for up to five years with a 'real' club for free. Have I got that wrong?
22-02-2014, 12:43 PM
Saorsa

Quote:

Originally Posted by Nando™

Where it says 'Replies' to this thread on the main board, click the number, it tells you how many posts by each member.

I'm in position no.

http://suzannerbanks.files.wordpress.../12/7seven.jpg
22-02-2014, 12:46 PM
O'Rourke3

Quote:

Originally Posted by CyberSauzee

All this talk of the Yams and Plan B is highly accurate from what I've heard.

Ben Drew is releasing an album in support of their attempts to save their shambles of a club: 'The Defacation of Gary Locke'.

:applause:
22-02-2014, 12:49 PM
Gus Fring

Quote:

Originally Posted by Famous Fiver

Confined to home after surgery so no Killie for me today.
One thing that gets me is that Massone offered £4 mill and was told to bolt. Ann Budge gets the whole kit and caboodle for nowt ( remember she gets her £2.5 mill back.) She gets to play Championship Manager for up to five years with a 'real' club for free. Have I got that wrong?

Massone apparently wasn't able to provide proof of funding. It also doesn't matter whether Budge is getting her money back or not. BDO don't have to name the highest bidder they have to ensure the continued survival of the company. Selling to Massone would have been very difficult to explain given his history.
22-02-2014, 01:10 PM
Jack Hackett

Quote:

Originally Posted by Nando™

Where it says 'Replies' to this thread on the main board, click the number, it tells you how many posts by each member.

You learn something new every day :thumbsup:

I need 50 more posts today to get into the top 20....as long as clerriehibs doesn't get out of bed :greengrin
22-02-2014, 01:11 PM
CropleyWasGod

Quote:

Originally Posted by Famous Fiver

Confined to home after surgery so no Killie for me today.
One thing that gets me is that Massone offered £4 mill and was told to bolt. Ann Budge gets the whole kit and caboodle for nowt ( remember she gets her £2.5 mill back.) She gets to play Championship Manager for up to five years with a 'real' club for free. Have I got that wrong?

IF she gets her money back, she doesn't own the club.

If she ends up owning the club, it's cost her £2.5m, plus the other £1m she's putting up, less whatever is repaid to her.
22-02-2014, 01:20 PM
Aldo

Quote:

Originally Posted by Desperate Dan

I'm in position no.

Aye but according to Brokeback you are a sad individual that sits behind a keyboard all day. (Or words similar. Their wors not mine mind. ;-)
22-02-2014, 01:35 PM
Saorsa

Quote:

Originally Posted by Aldo

Aye but according to Brokeback you are a sad individual that sits behind a keyboard all day. (Or words similar. Their wors not mine mind. ;-)

I dinnae think they said anything as polite as that. :greengrin

Like I give a **** what they roasters think anyway.
22-02-2014, 01:37 PM
Aldo

Quote:

Originally Posted by Desperate Dan

I dinnae think they said anything as polite as that. :greengrin Like I give a **** what they roasters think anyway.

They didn't I was trying to be nice!!!

I've know you long enough to know you don't gie a flying **** what anyone thinks... Let alone those roasters
22-02-2014, 02:14 PM
Just Alf

Quote:

Originally Posted by Aldo

They didn't I was trying to be nice!!!

I've know you long enough to know you don't gie a flying **** what anyone thinks... Let alone those roasters

THATS exactly why I've told my daughter to stay clear of anyone with a square chin, stubble an smokin' a pipe, especially if they're wearing a Stetson and a Hibs scarf..... If he happens to be eating something in the Persevere etc wi' horns sticking oot of it, she's to start running for the hills!
22-02-2014, 02:19 PM
Weststandwanab

Quote:

Originally Posted by Eyrie

They've shafted themselves by not insisting that the security over the PBS be called in and the ground sold to help repay the debt.

BDO could still do that now.

Quote:

Originally Posted by Jack

Could it be a vehicle for shedding other stuff like expensive managerial and player contracts ... and probably some other stuff too?

It most certainly could.

Quote:

Originally Posted by CropleyWasGod

Don't know about that. The lawyers on here will have a better idea, but IIRC TUPE rules allow those individuals to transfer their contracts if they want.

You can TUPE over but cannot be forced to do so.

Quote:

Originally Posted by Famous Fiver

Confined to home after surgery so no Killie for me today.
One thing that gets me is that Massone offered £4 mill and was told to bolt. Ann Budge gets the whole kit and caboodle for nowt ( remember she gets her £2.5 mill back.) She gets to play Championship Manager for up to five years with a 'real' club for free. Have I got that wrong?

The Italian Stallion could, or would, not provide proof of funding.
22-02-2014, 02:21 PM
Aldo

Quote:

Originally Posted by Just Alf

THATS exactly why I've told my daughter to stay clear of anyone with a square chin, stubble an smokin' a pipe, especially if they're wearing a Stetson and a Hibs scarf..... If he happens to be eating something in the Persevere etc wi' horns sticking oot of it, she's to start running for the hills!

Ha ha. I remember him when he was a wee laddie. 85/86. Long time ago.
22-02-2014, 02:26 PM
Ozyhibby

Quote:

Originally Posted by Nando™

Where it says 'Replies' to this thread on the main board, click the number, it tells you how many posts by each member.

Oops, I'm higher than is healthy for someone with no inside info or legal/accountancy expertise.
I just really hate the yams and have a lot of time on my hands.
:-)
22-02-2014, 02:28 PM
Saorsa

Quote:

Originally Posted by Aldo

Ha ha. I remember him when he was a wee laddie. 85/86. Long time ago.

As interesting as I am :greengrin can we get this thread back on topic auld yin :wink:
22-02-2014, 02:28 PM
Aldo

Quote:

Originally Posted by Desperate Dan

As interesting as I am :greengrin can we get this thread back on topic auld yin :wink:

:-)
22-02-2014, 02:38 PM
sleeping giant

Quote:

Originally Posted by Nando™

Where it says 'Replies' to this thread on the main board, click the number, it tells you how many posts by each member.

On the largest thread in the history of Hibs.net (i assume) i have a grand total of 3 posts .:greengrin
22-02-2014, 02:40 PM
Jack Hackett

Quote:

Originally Posted by sleeping giant

On the largest thread in the history of Hibs.net (i assume) i have a grand total of 3 posts .:greengrin

LTYF!

:greengrin
22-02-2014, 02:44 PM
sleeping giant

Quote:

Originally Posted by Jack Hackett

LTYF!

:greengrin

:agree:
Baws !! I've had a good innings :greengrin
22-02-2014, 03:29 PM
Jack Hackett

Quote:

Originally Posted by sleeping giant

:agree:
Baws !! I've had a good innings :greengrin

....but you've doubled your meltdown posts in one day...so we'll keep you on probation :spammy:
22-02-2014, 03:54 PM
FranckSuzy

Quote:

Originally Posted by Desperate Dan

I'm in position no.

http://suzannerbanks.files.wordpress.../12/7seven.jpg

:not worth :faf:
22-02-2014, 05:02 PM
Gus Fring

Reported Attendance Today - 15,801

Actual Attendance Today - 13,961
22-02-2014, 05:22 PM
Thecat23

What are the chances of "good news" in some sort of form to come out of that hole on Monday.

After a defeat they always come out with something to keep the twats interested.
22-02-2014, 05:37 PM
Kato

Quote:

Originally Posted by Thecat23

What are the chances of "good news" in some sort of form to come out of that hole on Monday.

After a defeat they always come out with something to keep the twats interested.

RUBBER STAMP IS BEING INKED IN LITHUNIA
should be ready within six to eight weeks

By Barry Anderson 24.2.14

News coming out of Lithuania states that a rubber stamp, thought to be the one required to release Hearts shares (which aren't frozen) to FoH (who aren't really buying them)

A source close to the rubbber stamp said, "I definitely saw a rubber st................"

blah blah, stall, nonsense, double talk, crap
22-02-2014, 05:40 PM
portycabbage

I see Budge has found a new idea for getting funds in, without putting her purple clad hand in her pocket or relying on DDs from S.H.I.T.-

http://news.stv.tv/scotland/265050-m...-in-edinburgh/
22-02-2014, 06:06 PM
GreenLake

Quote:

Originally Posted by Thecat23

What are the chances of "good news" in some sort of form to come out of that hole on Monday.

After a defeat they always come out with something to keep the twats interested.

The Secret Order of the Twirling Fisters will meet to conjure up a positive news story.
22-02-2014, 08:14 PM
Dashing Bob S

Quote:

Originally Posted by GreenLake

The Secret Order of the Twirling Fisters will meet to conjure up a positive news story.

The only positive option they will have is to say that there is no news. And they won't have that for long.
22-02-2014, 08:25 PM
truehibernian

Quote:

Originally Posted by Dashing Bob S

The only positive option they will have is to say that there is no news. And they won't have that for long.

But Bob, Locke today lauded his young starlets saying they've become men this season - no one seems to be thinking of the children anymore, that's my worry. Might phone Childline and the Health and Safety Executive such are my concerns.

I've not seen such flagrant child exploitation since I studied the Industrial Revolution of the 1830's !
22-02-2014, 09:05 PM
GreenLake

Quote:

Originally Posted by Dashing Bob S

The only positive option they will have is to say that there is no news. And they won't have that for long.

The old saying that "no news is good news" is really good news for us rather than them. :agree:
22-02-2014, 10:52 PM
Jack Hackett

Quote:

Originally Posted by Dashing Bob S

The only positive option they will have is to say that there is no news. And they won't have that for long.

As of 10 mins from now, they will have 5 days to announce a meeting in March, given the 30 day notification rule....
23-02-2014, 10:07 AM
Www1875hfc

What happened to the clubs that were giving the yams a £1 for every away puddle drinker that attended?

They still doing it or what?
23-02-2014, 10:11 AM
#FromTheCapital

Quote:

Originally Posted by Www1875hfc

What happened to the clubs that were giving the yams a £1 for every away puddle drinker that attended?

They still doing it or what?

Na they've stopped doing it now. Probably because hearts fans have finally realised their down now and can't be bothered either way.
23-02-2014, 10:14 AM
Phil D. Rolls

Quote:

Originally Posted by truehibernian

But Bob, Locke today lauded his young starlets saying they've become men this season - no one seems to be thinking of the children anymore, that's my worry. Might phone Childline and the Health and Safety Executive such are my concerns.

I've not seen such flagrant child exploitation since I studied the Industrial Revolution of the 1830's !

Health and Safety? It's PC gone mad, as Locke is now happy to admit.

Next Week. The Championship - Half Way to the Championsleague.
23-02-2014, 01:47 PM
brog

Love this quote from JKB Meltdown. A financially refreshed Hearts, should be able to offer better terms than all but 3 or 4 teams!! That has to be the worst euphemism ever. Financially refreshed = cheating, thieving, charity robbing, non tax paying, whining Yams!
23-02-2014, 01:52 PM
Www1875hfc

Quote:

Originally Posted by brog

Love this quote from JKB Meltdown. A financially refreshed Hearts, should be able to offer better terms than all but 3 or 4 teams!! That has to be the worst euphemism ever. Financially refreshed = cheating, thieving, charity robbing, non tax paying, whining Yams!

Picked this wee gem up from over the road.

I think they're the ones who need a reality check. The crowds at Celtic Park have absolutely plummeted, they were knocked out of both cups at home and with a larger, more valuable squad than any other team by some distance. Regardless of whether they admit or not, they have missed the Hun badly; a pretty sad state if affairs as their existence seems to revolve around the presence of another club. IMO, there has been a positive change in Scottish football with the introduction of playoffs, league restructuring (albeit at the lower levels) and a recognition by clubs that they have to live within their means. In the long-term I think the health of Hearts, Dundee Utd, Motherwell etc will actually be better than the OF as the Hun are in big trouble again and Celtic are going nowhere. We'll get our finances sorted, have sound financial management and will look to build the club in a sensible, sustained manner. So, in 5 years time when Celtic Park is virtually empty as their fans will have lost interest and they're failing to attract the players they used to, Hearts will have the last laugh.

Unbelievable Jeff. :cb
23-02-2014, 02:03 PM
Jack Hackett

Quote:

Originally Posted by Www1875hfc

Picked this wee gem up from over the road.

I think they're the ones who need a reality check. The crowds at Celtic Park have absolutely plummeted, they were knocked out of both cups at home and with a larger, more valuable squad than any other team by some distance. Regardless of whether they admit or not, they have missed the Hun badly; a pretty sad state if affairs as their existence seems to revolve around the presence of another club. IMO, there has been a positive change in Scottish football with the introduction of playoffs, league restructuring (albeit at the lower levels) and a recognition by clubs that they have to live within their means. In the long-term I think the health of Hearts, Dundee Utd, Motherwell etc will actually be better than the OF as the Hun are in big trouble again and Celtic are going nowhere. We'll get our finances sorted, have sound financial management and will look to build the club in a sensible, sustained manner. So, in 5 years time when Celtic Park is virtually empty as their fans will have lost interest and they're failing to attract the players they used to, Hearts will have the last laugh.

Unbelievable Jeff. :cb

Aye...no mention of the number of season tickets they sell or the income from the CL. Wonder how hertz are going to come up with that kind of dosh?

.....apart from in their deluded dreams
23-02-2014, 02:09 PM
EastCalderHibby

1 Attachment(s)

Quote:

Originally Posted by portycabbage

I see Budge has found a new idea for getting funds in, without putting her purple clad hand in her pocket or relying on DDs from S.H.I.T.-

http://news.stv.tv/scotland/265050-m...-in-edinburgh/

or this guy to the rescue Attachment 12075 wee giro here and thier :greengrin
23-02-2014, 02:11 PM
EastCalderHibby

Quote:

Originally Posted by Www1875hfc

Picked this wee gem up from over the road.

I think they're the ones who need a reality check. The crowds at Celtic Park have absolutely plummeted, they were knocked out of both cups at home and with a larger, more valuable squad than any other team by some distance. Regardless of whether they admit or not, they have missed the Hun badly; a pretty sad state if affairs as their existence seems to revolve around the presence of another club. IMO, there has been a positive change in Scottish football with the introduction of playoffs, league restructuring (albeit at the lower levels) and a recognition by clubs that they have to live within their means. In the long-term I think the health of Hearts, Dundee Utd, Motherwell etc will actually be better than the OF as the Hun are in big trouble again and Celtic are going nowhere. We'll get our finances sorted, have sound financial management and will look to build the club in a sensible, sustained manner. So, in 5 years time when Celtic Park is virtually empty as their fans will have lost interest and they're failing to attract the players they used to, Hearts will have the last laugh.

Unbelievable Jeff. :cb

:faf::faf::faf::faf::faf::faf::faf::faf::faf:
23-02-2014, 02:45 PM
Phil D. Rolls

Quote:

Originally Posted by brog

Love this quote from JKB Meltdown. A financially refreshed Hearts, should be able to offer better terms than all but 3 or 4 teams!! That has to be the worst euphemism ever. Financially refreshed = cheating, thieving, charity robbing, non tax paying, whining Yams!

It's on a par with "special relationship" and "famous old club".
23-02-2014, 03:17 PM
Dashing Bob S

Quote:

Originally Posted by brog

Love this quote from JKB Meltdown. A financially refreshed Hearts, should be able to offer better terms than all but 3 or 4 teams!! That has to be the worst euphemism ever. Financially refreshed = cheating, thieving, charity robbing, non tax paying, whining Yams!

A 'financially refreshed Hearts' sounds a bit like a 'teacher training qualified paedophile.'
23-02-2014, 06:20 PM
Greentinted

Financial refreshing = Money laundering

No change there then; crooked, thieving, cheating low-life!
23-02-2014, 06:35 PM
Ozyhibby

Statement from Bidco

http://www.foundationofhearts.org/statement-from-bidco/
23-02-2014, 06:38 PM
Ozyhibby

@The_FOH: BDO are attempting to secure movement in LTN in terms of UBIG to allow a Creditors Meeting to take place. That will require 30 days notice.
23-02-2014, 06:38 PM
CropleyWasGod

Quote:

Originally Posted by Ozyhibby

Statement from Bidco

http://www.foundationofhearts.org/statement-from-bidco/

Can't see anything fundamentally different from the FOH statement. Indeed, it's dated the 14th.
23-02-2014, 06:39 PM
Mon Dieu4

Quote:

Originally Posted by Ozyhibby

@The_FOH: BDO are attempting to secure movement in LTN in terms of UBIG to allow a Creditors Meeting to take place. That will require 30 days notice.

Im attempting to ride Mila Kunis
23-02-2014, 06:51 PM
Mikey

Quote:

Originally Posted by Ozyhibby

@The_FOH: BDO are attempting to secure movement in LTN in terms of UBIG to allow a Creditors Meeting to take place. That will require 30 days notice.

That'll be why Jackson was in Lithuania.

Yet they tell us everything is falling into place. Problem is, it'll fall apart before the meeting takes place.

:cheerio:
23-02-2014, 06:54 PM
Bostonhibby

Quote:

Originally Posted by Mikey

That'll be why Jackson was in Lithuania.

Yet they tell us everything is falling into place. Problem is, it'll fall apart before the meeting takes place.

:cheerio:

:agree: allisbarry, and moving towards being slightly less complex by the look of it.

Tick tock.
23-02-2014, 07:02 PM
RIP Bestie

Quote:

Originally Posted by Mon Dieu4

Im attempting to ride Mila Kunis

brilliant. Near masel
23-02-2014, 07:03 PM
greenpaper55

Quote:

Originally Posted by Mikey

That'll be why Jackson was in Lithuania.

Yet they tell us everything is falling into place. Problem is, it'll fall apart before the meeting takes place.

:cheerio:

Very true :thumbsup:

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