Share Transfers Agreed/Cooling off period

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Originally Posted by brog

I largely agree, my point is Yams have to make a profit, or more correctly to have an excess of income over expenditure in that period for them to be able to make a contribution. As I said I'm sure BDO will be busting a gut to make that happen but it's not guaranteed they'll make a profit nor how large it will be. The one thing that is certain is that BDO will get their Wonga!

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It is anything but clear how BDO are to be paid and there has been no split between administration ( before the CVA vote on 29th Nov. ) and Supervision after the vote.

The BDO up-date of 30th January Appendix C gives a total of £ 574,822.56 as the amount charged between their appointment and 18th December. This covers both administration time and supervision time and I presume the same tab is still running.

Paragraph 2 of the BDO document states ,

" The costs of the joint administrators will be settled partially from any outstanding trading receipts at the time of their discharge from office and partially from the sale proceeds ...

and those of the Joint Supervisors from funds made available by the joint administrator. "

I kind of get the idea that since the CVA vote there will still be a charge for administration which is all the ongoing legal work and a very much smaller charge for supervision which is to be paid/or not paid only from the trading surplus.

Footnote. I see in the BDO appendix C it notes the summary of time charged from .....

" 19/6/2013 to 18/12/2014 " Jackson is not infallible ! :greengrin

Am I correct in thinking that, in addition to UBIG creditors needing 30 days notice before they can have a meeting, there is also a 30 day 'cooling off' period before the shares can be transfered (if indeed the creditors agree to that)?

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Originally Posted by greenginger

It is anything but clear how BDO are to be paid and there has been no split between administration ( before the CVA vote on 29th Nov. ) and Supervision after the vote.

The BDO up-date of 30th January Appendix C gives a total of £ 574,822.56 as the amount charged between their appointment and 18th December. This covers both administration time and supervision time and I presume the same tab is still running.

Paragraph 2 of the BDO document states ,

" The costs of the joint administrators will be settled partially from any outstanding trading receipts at the time of their discharge from office and partially from the sale proceeds ...

and those of the Joint Supervisors from funds made available by the joint administrator. "

I kind of get the idea that since the CVA vote there will still be a charge for administration which is all the ongoing legal work and a very much smaller charge for supervision which is to be paid/or not paid only from the trading surplus.

Footnote. I see in the BDO appendix C it notes the summary of time charged from .....

" 19/6/2013 to 18/12/2014 " Jackson is not infallible ! :greengrin

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Definitely not.....but he might be prescient :wink:

Hearts fans must surely be starting to realise that you can say the same nonsense at the end of March that you said at the end of January and February, but when you start saying it at the end of April, and May etc it starts to become more problematic for the club.

Yeah but the fans group, Save Hearts in Trouble ( S.H.I.T. ) have mobilised.


http://www.theedinburghreporter.co.u...aign-launched/


Pity the stupid twats don't know what order to stand in. :greengrin

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Originally Posted by Dashing Bob S

Hearts fans must surely be starting to realise that you can say the same nonsense at the end of March that you said at the end of January and February, but when you start saying it at the end of April, and May etc it starts to become more problematic for the club.

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They are the world's biggest gum bumpers. Always have been.

Quote:

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Originally Posted by greenginger

It is anything but clear how BDO are to be paid and there has been no split between administration ( before the CVA vote on 29th Nov. ) and Supervision after the vote.

The BDO up-date of 30th January Appendix C gives a total of £ 574,822.56 as the amount charged between their appointment and 18th December. This covers both administration time and supervision time and I presume the same tab is still running.

Paragraph 2 of the BDO document states ,

" The costs of the joint administrators will be settled partially from any outstanding trading receipts at the time of their discharge from office and partially from the sale proceeds ...

and those of the Joint Supervisors from funds made available by the joint administrator. "

I kind of get the idea that since the CVA vote there will still be a charge for administration which is all the ongoing legal work and a very much smaller charge for supervision which is to be paid/or not paid only from the trading surplus.

Footnote. I see in the BDO appendix C it notes the summary of time charged from .....

" 19/6/2013 to 18/12/2014 " Jackson is not infallible ! :greengrin

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In the same section of the document I think, it mentions that the revenue from this years season ticket sales was ring fenced against any administration charges as a trading surplus.
I guess that was an optimistic view from BDO wrt to them exiting administration.

No such protection is in place for 2014-15 season ticket money that I could see, I had assumed this is playing a part in BDO's reluctance to release them for sale.
The chances of them having any decent trading surplus to pay towards the admin costs is nil, with the exception of when they start selling season tickets.
If my thoughts are correct then they have quite a decision as to when they release season tickets against the timing of coming out of administration.

Even if it's bollocks, it sounds good to me. :greengrin

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Originally Posted by greenginger

Yeah but the fans group, Save Hearts in Trouble ( S.H.I.T. ) have mobilised.

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I thought it was FUD, "Flumps Under Debt-mountain"?

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Originally Posted by Dashing Bob S

Hearts fans must surely be starting to realise that you can say the same nonsense at the end of March that you said at the end of January and February, but when you start saying it at the end of April, and May etc it starts to become more problematic for the club.

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Do any of them even know what month it is? Or what world they even live on?

You know the saying "they won't know what hits them".

Well they lot really won't know and will still continue to spew out the same garbage, even after they're hit.

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Originally Posted by Jack Hackett

Yes indeed...but we all now know that 'memorandum of understanding' is just a piss take anagram of

'dream on mad uninformed g u n t s'.

Can't be ersed trawling back to see who deciphered that one....but props anyway :not worth

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Don't want to appear pompous but it was, moi!

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Originally Posted by Dunderhall

In the same section of the document I think, it mentions that the revenue from this years season ticket sales was ring fenced against any administration charges as a trading surplus.
I guess that was an optimistic view from BDO wrt to them exiting administration.

No such protection is in place for 2014-15 season ticket money that I could see, I had assumed this is playing a part in BDO's reluctance to release them for sale.
The chances of them having any decent trading surplus to pay towards the admin costs is nil, with the exception of when they start selling season tickets.
If my thoughts are correct then they have quite a decision as to when they release season tickets against the timing of coming out of administration.

Even if it's bollocks, it sounds good to me. :greengrin

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Season Ticket sales are being left to Budge. BDO have told FOH and Budge they won't put them on sale without permission or until it's clear what division they will be playing in (I know, I know). The Season Ticket sales are integral to the business plan for next season. Selling them now just to have a company next season is asking for trouble.

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Originally Posted by Hibercelona

Or what world they even live on?

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Planet Teabag most of them.

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Originally Posted by Kato

Don't want to appear pompous but it was, moi!

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I prefer disseminator of truth....but the moi does soil your robes a wee bit :greengrin

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Originally Posted by Dashing Bob S

Hearts fans must surely be starting to realise that you can say the same nonsense at the end of March that you said at the end of January and February, but when you start saying it at the end of April, and May etc it starts to become more problematic for the club.

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Robert - you sound as if you know as much as I do.

The days are being scratched off as fast as the months at the moment.

Them's the vagaries.

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Originally Posted by Jack Hackett

.but the moi does soil your robes a wee bit :greengrin

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Ooops, didn't think it'd show!

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Originally Posted by hibees 7062

If Ann had waited one more day...She could have sent all our emails dated 19/02/14 (1+4 = 5), That would get it right up the Hobbos

Glad she never then

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Clearly she's too clever for them and knows that if you reversed the individual figures,91/20/41 and took the last from the first and added the middle, you'd get 70.
reverse it back and the smart folk ken whits goin on.

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Originally Posted by Kato

You'll forgive me if I thought you were talking about seeking solace on this thread from our footballing woes as you wrote, "When we get beat and everyone is moaning how bad we are".

Maybe paying attention to what you yourself write will keep you on topic as I'm not around to put you right all the time and lack the required mind-reading abilities when you write about one thing but actually mean another.

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I forgive you, Mind reading is indeed a difficult skill to learn ,but am sure you will get the hang of it .In the meantime I will try and pay attention to what I write but can't promise I won't go off thread .If you are not around to put me right I am sure someone else will ,so I wouldn't worry too Mutch about it :rolleyes:

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Originally Posted by Jack Hackett

One of the things going right over their heads, is that none of these 'meetings' we're all patiently waiting for are actually anything to do with the courts. They are creditor meetings where the transfer of the shares will be 'rubber stamped'. Only then, will the courts become involved, and BDO will try to convince the very slow moving Judicial Authorities that the shares are not integral to the ongoing criminal investigation...pretty much as they did with Portsmouth and the shares which are STILL frozen

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Awe naw, 2 rubber stamps!!!?

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Originally Posted by Sergey

Robert - you sound as if you know as much as I do.

The days are being scratched off as fast as the months at the moment.

Them's the vagaries.

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I think everyone seems to know more than the rather dim backwoodsmen inhabiting Kickback these days.

Willful stupidity abounds, with all sorts of strange coping mechanisms to the fore.

The latest strategy seems to be to copy us by issuing long-term warnings about our debt and the supposed unsustainable nature of our business model. They seem to feel that if they speculate endlessly about this it'll bear fruit. But they may just find that such grim predictions have a little more viability when a club is ran by a criminal madman within a shady eastern European conglomerate, which has gone bankrupt through wracking up millions of debts and bumping the taxpayers, registered charities and local businesses in several countries whilst engaging in immoral and illegal activities, rather than one ran by a rather dour Aberdonian bean counter.

Looking forward to the end of of April on Kickback. It'll be just like the end of May, but with added soiled underwear. I only hope we're spared adminstration to be able to fully enjoy it.

Quote:

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Originally Posted by greenginger

It is anything but clear how BDO are to be paid and there has been no split between administration ( before the CVA vote on 29th Nov. ) and Supervision after the vote.

The BDO up-date of 30th January Appendix C gives a total of £ 574,822.56 as the amount charged between their appointment and 18th December. This covers both administration time and supervision time and I presume the same tab is still running.

Paragraph 2 of the BDO document states ,

" The costs of the joint administrators will be settled partially from any outstanding trading receipts at the time of their discharge from office and partially from the sale proceeds ...

and those of the Joint Supervisors from funds made available by the joint administrator. "

I kind of get the idea that since the CVA vote there will still be a charge for administration which is all the ongoing legal work and a very much smaller charge for supervision which is to be paid/or not paid only from the trading surplus.

Footnote. I see in the BDO appendix C it notes the summary of time charged from .....

" 19/6/2013 to 18/12/2014 " Jackson is not infallible ! :greengrin

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Thanks for that GG, I've still not been able to access the BDO document but in looking for it last night I ended up on a JKB thread, apologies to all!! They seem to have a couple of posters who are less stupid ( I almost said more knowledgeable ) than the average & they are likewise confused about just how BDO will be paid. They continue to assert however that there is a fixed price for BDO fees. If I can find the thread again they actually quoted a document reference. I can't see this being the case, don't think BDO are that dumb but would appreciate your ( & others ) thoughts.

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Originally Posted by brog

Thanks for that GG, I've still not been able to access the BDO document but in looking for it last night I ended up on a JKB thread, apologies to all!! They seem to have a couple of posters who are less stupid ( I almost said more knowledgeable ) than the average & they are likewise confused about just how BDO will be paid. They continue to assert however that there is a fixed price for BDO fees. If I can find the thread again they actually quoted a document reference. I can't see this being the case, don't think BDO are that dumb but would appreciate your ( & others ) thoughts.


Found it, this ( a comment by a Yam called Football First ) refers to the BDO statement to creditors of 31 Jan. I can't open the scribd document but he refers to a fixed fee being in Section 10 below. Thoughts anyone?

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I'm not so sure about that. My reading of it is that Section 2 refers to BDO's costs and expenses, e.g.external legal, court and professional costs as well as their own travel and accommodation expenses incurred in the course of the admin, while Section 10 specifically deals with the Administrators fees, where it states that a fixed fee has been agreed.

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Originally Posted by Bajillions

Season Ticket sales are being left to Budge. BDO have told FOH and Budge they won't put them on sale without permission or until it's clear what division they will be playing in (I know, I know). The Season Ticket sales are integral to the business plan for next season. Selling them now just to have a company next season is asking for trouble.

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Have said it before, Jackson has brought sanity and reason to that club (although well paid for his troubles). He's far too good for them.

Quote:

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Originally Posted by brog

I'm not so sure about that. My reading of it is that Section 2 refers to BDO's costs and expenses, e.g.external legal, court and professional costs as well as their own travel and accommodation expenses incurred in the course of the admin, while Section 10 specifically deals with the Administrators fees, where it states that a fixed fee has been agreed.

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It's quite easy to agree a reasonable fixed fee for professional services when you can pad the costs and expenses. It's how Estate Agents can offer to sell your house for £90.

Reports in the Express about the delay in getting the shares from UBIG. Can't find an online link, summary here. And a picture of Budgie resplendent in purple. Or is that bright bloodied turd?

http://www.edinburghnews.scotsman.co...cher-1-3327516

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Hearts delay

Hearts face a fresh delay in gaining control of the shares held by UBIG, as administrators in Lithuania have yet to call a creditors’ meeting.

It had been hoped that Hearts would get the 50% stake at the end of this month, but it now appears that Ann Budge will have to wait until April to take control. (Daily Express)

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Originally Posted by CyberSauzee

Reports in the Express about the delay in getting the shares from UBIG.

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And as predicted....the first mention of May is now muted on KB.

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A Trumpet wrote:

But nothing has changed. 30 days must elapse after any meeting of creditors which pushes us into april at best and if we get to the end of march without a meeting our best exit date will be into May.

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Interesting to see where the cash will be coming from to simply get them to that point.

It won't be too long before they start citing the 'out of administration by Christmas' line again.

Suppose it's agreed at the creditors' meeting (whenever that'll be held) that the shares will be transferred to BIDCO. Isn't there also a mandatory 30 day 'cooling off' period between that agreement and the actual transfer? (Sorry I'm asking again.)

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Originally Posted by Sergey

And as predicted....the first mention of May is now muted on KB.



Interesting to see where the cash will be coming from to simply get them to that point.

It won't be too long before they start citing the 'out of administration by Christmas' line again.

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To be fair Sergey they didn't specify which christmas..... :wink:

It's quite funny really how the roasters on Brokeback think that we are 'at it' and making it all up with our 'Hobonomics'.

I am more than certain the BJ, BDO and FOFW's (foundation of f witt's) will take a full page (front one at that) in the EEN and tell all those interested the exact date, time and location when the meeting does happen.

BJ has said nowt on his return from Lithland (unless I've missed something) which is a clear indication to me that all is not well.

The clock is still ticking. As everyday/week passes the less chance they have of being out of admin before the start of next season.

Which is pleasing.

And for all you roasters looking in it's not 'Hobonomics' it's FACT.

So get it roond ye.

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Originally Posted by Sergey

And as predicted....the first mention of May is now muted on KB.



Interesting to see where the cash will be coming from to simply get them to that point.

It won't be too long before they start citing the 'out of administration by Christmas' line again.

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I wouldn't be surprised if there is enough cash to get them through to May.

BJ is an accountant, and by nature he will downplay expectations. Although he has spoken about February and March, it is likely that he was being publicly pessimistic.

It's about time we started posting a hyperlink to this thread in the comments section of banderson reports

Or maybe just on the archived stories where it was all "hearts saved" etc etc somewhat prematurely

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Originally Posted by CropleyWasGod

Point of interest... the shares aren't being transferred to BIDCO initially. It's FOH that are getting them first, and they will transfer them to BIDCO.

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Yes, true. But a potential cooling off period of 30 days after the relevant ratification will obviously put FOH/BIDCO back even further. Here's hoping! :thumbsup:

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Originally Posted by jacomoseven

Have said it before, Jackson has brought sanity and reason to that club (although well paid for his troubles). He's far too good for them.

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It's all relative. Michael Jackson could have brought sanity and reason to that mob.

And the kids would have been safer.

It will be interesting to see how many fans turn up at their games after they are officially relegated. (I know it will be 13,000 ish no matter how many are there but how many will have paid to get in?).

They have no obvious source of income to see them through the close season unless they get season tickets issued sharpish and that scunners the cash flow and business plan for next year. Though Ms Budge may bail them out in the short term.

CGW at what stage would BDO say enough is enough, basically when would they decide they were trading outwith income?

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Originally Posted by CropleyWasGod

I wouldn't be surprised if there is enough cash to get them through to May.

BJ is an accountant, and by nature he will downplay expectations. Although he has spoken about February and March, it is likely that he was being publicly pessimistic.

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Originally Posted by Dashing Bob S

Michael Jackson could have brought sanity and reason to that mob.

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Did he and Bryan not have a falling out? Something about blaming it on the boogie?

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Originally Posted by PatHead

It will be interesting to see how many fans turn up at their games after they are officially relegated. (I know it will be 13,000 ish no matter how many are there but how many will have paid to get in?).

They have no obvious source of income to see them through the close season unless they get season tickets issued sharpish and that scunners the cash flow and business plan for next year. Though Ms Budge may bail them out in the short term.

CGW at what stage would BDO say enough is enough, basically when would they decide they were trading outwith income?

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Basically, when there's no cash left, or it's clear that the shares won't be obtained before the cash runs out.

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Originally Posted by Sergey

And as predicted....the first mention of May is now muted on KB.



Interesting to see where the cash will be coming from to simply get them to that point.

It won't be too long before they start citing the 'out of administration by Christmas' line again.

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Interestingly, the only thing I could find online when looking at the Express's site was this article which I recall someone posted a link to back at the beginning of February.

http://www.express.co.uk/sport/footb...t-shares-boost

It's dated 4th Feb, and they quote Jackson: "The administrators for UBIG expect the shares to be transferred within eight to 10 weeks."

So, 10 weeks from then takes us to 15th April, but we all now know the creditors need some notice, so their new optimistic time scales may be right: "Out of admin by the time the season finishes" will be the next rallying cry.

I would add that you cannot rely on the veracity of the Express, as the article starts off "BDO confirmed that an agreement was in place to buy 78.9 per cent of the club from UBIG’s liquidators".

Would the early sale of season tickets not mean that FoH business plan was flawed and therefore invalid?

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Originally Posted by Kato

Did he and Bryan not have a falling out? Something about blaming it on the boogie?

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Dunno but they need a cashflow and can't sell STs till they know which division they'll be in. It's now that they wanna be startin somethin.

There was a female called Budge that I once worked with. Stubborn wifie. Think her first name was WInnie.

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Originally Posted by PatHead

Would the early sale of season tickets not mean that FoH business plan was flawed and therefore invalid?

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I think they would tap into a couple of sources before going down that route. Gretna were given an advance of their (last place) prize money when they went tits up and if Jackson could show the SPFL that they were genuinely stoney broke than that will happen. Then there's the Diddie's money that can also be used.

They'll see out the season, it's what happens in the summer that will be fun. Not that it's not fun now, I'm mean really fun :greengrin

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Originally Posted by Kato

Did he and Bryan not have a falling out? Something about blaming it on the boogie?

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Originally Posted by Waxy

Dunno but they need a cashflow and can't sell STs till they know which division they'll be in. It's now that they wanna be startin somethin.

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Ahem :wink:

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Originally Posted by CropleyWasGod

I wouldn't be surprised if there is enough cash to get them through to May.

BJ is an accountant, and by nature he will downplay expectations. Although he has spoken about February and March, it is likely that he was being publicly pessimistic.

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They need enough cash to get them through until season ticket sales for 2014/15 go on sale, don't they?

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Originally Posted by brog

Thanks for that GG, I've still not been able to access the BDO document but in looking for it last night I ended up on a JKB thread, apologies to all!! They seem to have a couple of posters who are less stupid ( I almost said more knowledgeable ) than the average & they are likewise confused about just how BDO will be paid. They continue to assert however that there is a fixed price for BDO fees. If I can find the thread again they actually quoted a document reference. I can't see this being the case, don't think BDO are that dumb but would appreciate your ( & others ) thoughts.

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ftp://wck2.companieshouse.gov.uk/ima...9-10173586.pdf

That should be the BDO January update.

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Originally Posted by Waxy

Dunno but they need a cashflow and can't sell STs till they know which division they'll be in. It's now that they wanna be startin somethin.

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Apparently, BJ is about to begin legal proceedings, one by one, against any newspaper editor who publishes negative press about their situation......

He's starting with the man in the Mirror.

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Originally Posted by Mikey

I think they would tap into a couple of sources before going down that route. Gretna were given an advance of their (last place) prize money when they went tits up and if Jackson could show the SPFL that they were genuinely stoney broke than that will happen. Then there's the Diddie's money that can also be used. They'll see out the season, it's what happens in the summer that will be fun. Not that it's not fun now, I'm mean really fun :greengrin

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I thought the prize money was going to be withheld Mikey to pay the football debt which I believe currently stands at around £535,000.

Sure you get just over 700,000 for finishing bottom so it doesn't leave much... But probably just enough to get them through to seasons end,

And that should be the CVA report from 29th November.


ftp://wck2.companieshouse.gov.uk/ima...9-10173586.pdf


I will post them both on the Community Page so we can find them again.

Although the Ukio meeting on the 18th March is not the main one they are waiting for, it still seems to be a threat to the yams.
If the meeting concludes without the CVA being ratified or even discussed it could be all over at that point.
Don't know if BDO have assurances that it will be dealt with at this meeting but they have been very quiet of late.

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Originally Posted by Disc O'Dave

Apparently, BJ is about to begin legal proceedings, one by one, against any newspaper editor who publishes negative press about their situation......

He's starting with the man in the Mirror.

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Brutal.

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Originally Posted by Disc O'Dave

Apparently, BJ is about to begin legal proceedings, one by one, against any newspaper editor who publishes negative press about their situation......

He's starting with the man in the Mirror.

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This is a serious thread. There's no room for puns.

Just beat it, eh?

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Originally Posted by Disc O'Dave

Apparently, BJ is about to begin legal proceedings, one by one, against any newspaper editor who publishes negative press about their situation......

He's starting with the man in the Mirror.

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When they went into admin they had to sack Di the cleaning lady.Last week Di bumped into a member of staff and asked how the place was looking.The staff member say "since youve been away the place is looking Dirty Diana"

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Originally Posted by Ozyhibby

Although the Ukio meeting on the 18th March is not the main one they are waiting for, it still seems to be a threat to the yams.
If the meeting concludes without the CVA being ratified or even discussed it could be all over at that point.
Don't know if BDO have assurances that it will be dealt with at this meeting but they have been very quiet of late.

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It's not even on the agenda, as far as I can see. The meeting is mainly to elect a creditors committee.

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Originally Posted by CropleyWasGod

This is a serious thread. There's no room for puns.

Just beat it, eh?

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Earth song

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Originally Posted by CropleyWasGod

This is a serious thread. There's no room for puns.

Just beat it, eh?

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Oh your bad

Think this thread has turned into a right Thriller

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Originally Posted by jacomoseven

They need enough cash to get them through until season ticket sales for 2014/15 go on sale, don't they?

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They do, although if they're still in admin by then, it might affect Budge's attitude.

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Originally Posted by CropleyWasGod

It's not even on the agenda, as far as I can see. The meeting is mainly to elect a creditors committee.

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Here's the draft agenda for the meeting.

http://translate.googleusercontent.c...diqoNevz6Qrxlg


No mention of Yams, their shares or any business. Maybe Barry or I am an MP.should get them told. :greengrin

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Originally Posted by Mikey

Ahem :wink:

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Leave me alone.

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Originally Posted by Kato

Did he and Bryan not have a falling out? Something about blaming it on the boogie?

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I heard that they fell out over Bryan's disgusting nose-picking habit. They blamed it on the bogie.

They must be tired of getting repeatedly punked by those who gave them hope.

Maroon morons
Pink punks
Twirling twats
Gorgie gimps

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Originally Posted by CropleyWasGod

This is a serious thread. There's no room for puns.

Just beat it, eh?

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Exactly.... This is serious... You are not alone CWG..

This must be getting worrying for the jambos who keep telling us "We're Almost There".

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Originally Posted by Waxy

Dunno but they need a cashflow and can't sell STs till they know which division they'll be in. It's now that they wanna be startin somethin.

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Presumably they will not be able to issue season tickets if there is any possibility of liquidation which would result in them following Servco?

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Originally Posted by CropleyWasGod

This is a serious thread. There's no room for puns.

Just beat it, eh?

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This saga has turned into a right Thriller for us hobos.

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Originally Posted by greenginger

Here's the draft agenda for the meeting.


http://translate.googleusercontent.c...diqoNevz6Qrxlg


No mention of Yams, their shares or any business. Maybe Barry or I am an MP.should get them told. :greengrin

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That's a good find, GG :agree:

Also, bear in mind that the exact same scenario will have to be undertaken with the creditors of UBIG, which as we both know, have yet to announce an initial meeting.

After the Ukio creditors committee is elected, those creditors who aren't represented on the committee will be given the opportunity to submit questions that will be included on the agenda of any future meeting. Given that the Hearts shares are still frozen and UBIG are dragging their heels, the approval of the CVA and transfer of shares certainly won't make the agenda of meeting #2 with Ukio.

Given that Hearts are well down the pecking order of importance, I really don't see the creditors of either institution giving them any immediate thought.

BDO must know this and will be advising Budge accordingly.

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Originally Posted by Sergey

That's a good find, GG :agree:

Also, bear in mind that the exact same scenario will have to be undertaken with the creditors of UBIG, which as we both know, have yet to announce an initial meeting.

After the Ukio creditors committee is elected, those creditors who aren't represented on the committee will be given the opportunity to submit questions that will be included on the agenda of any future meeting. Given that the Hearts shares are still frozen and UBIG are dragging their heels, the approval of the CVA and transfer of shares certainly won't make the agenda of meeting #2 with Ukio.

Given that Hearts are well down the pecking order of importance, I really don't see the creditors of either institution giving them any immediate thought.

BDO must know this and will be advising Budge accordingly.

---

Will the Russian and Ukrainian creditor reps. be sat at the same table ?

If Putin succeeds in getting the former Ukraine President back into power will the next Russian ambition be to have Vlad Romanov back at the helm at Ukio. :greengrin

Quote:

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Originally Posted by Geo_1875

This must be getting worrying for the jambos who keep telling us "We're Almost There".

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Not long now methinks :greengrin

http://www.youtube.com/watch?v=usyT2HEFdEw

Quote:

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Originally Posted by greenginger

Will the Russian and Ukrainian creditor reps. be sat at the same table ?

If Putin succeeds in getting the former Ukraine President back into power will the next Russian ambition be to have Vlad Romanov back at the helm at Ukio. :greengrin

---

I notice in that PDF you posted regards the creditors committee selection, one company is mentioned (UAB Lifodas) and are awaiting selection, who are a fibre-optic supplier.

Offices in four countries ... http://www.fods.com/contacts.html

This simply highlights the complexity of the case.

Quote:

---

Originally Posted by Sergey

That's a good find, GG :agree:

Also, bear in mind that the exact same scenario will have to be undertaken with the creditors of UBIG, which as we both know, have yet to announce an initial meeting.

After the Ukio creditors committee is elected, those creditors who aren't represented on the committee will be given the opportunity to submit questions that will be included on the agenda of any future meeting. Given that the Hearts shares are still frozen and UBIG are dragging their heels, the approval of the CVA and transfer of shares certainly won't make the agenda of meeting #2 with Ukio.

Given that Hearts are well down the pecking order of importance, I really don't see the creditors of either institution giving them any immediate thought.

BDO must know this and will be advising Budge accordingly.

---

Always like reading your posts Bajillions

Quote:

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Originally Posted by Leishy1995

Always like reading your posts Bajillions

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Thanks

Last night a yam was singin' loud that admin won't last too long....
''Ooh ee Budgies gonna buy us on the cheap, cheap''

Woke up this morning still they think there woes are all gone...
''Ooh ee, shares still frozen , deep, deep''http://www.f2bb.com/images/smileys/poo.gif


Where's yer Vladdie gone? (where's yer Vladdie gone?)
Where's yer savings gone? (where's yer savings gone?)


Far, far away, far far away.

Quote:

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Originally Posted by Sergey

I notice in that PDF you posted regards the creditors committee selection, one company is mentioned (UAB Lifodas) and are awaiting selection, who are a fibre-optic supplier.

Offices in four countries ... http://www.fods.com/contacts.html

This simply highlights the complexity of the case.

---

Perhaps Vlad issued bundles of them to the auditors for a visual analysis of Hearts accounts.

Quote:

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Originally Posted by CropleyWasGod

Thanks

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Sweet baby Jesus.

This thread is difficult enough to follow without adding multiple personalities.
:greengrin

Posted by Gorgie_Rules on Kickback

It would be very very harsh on us to recieve a deduction if we are in admin after the official end date of this season. We havent exactly 'cheated' anyone this season and certainly havent cheated anyone in the first division. The club, fans and administrators have done all they can to get the club out of administration asap, to punish us over timescales of meetings abroad would be ridiculous even by scottish footballs standards

I predict we'll be out of admin mid april, just in time for the season ticket cash to start rolling in

Expect to see a lot of this as time goes by.

Quote:

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Originally Posted by Mikey

Well that's 6 weeks since your "respected" (not by many on here :greengrin) pal was telling anyone who would listen that they would be out of Administration by now.

But in that time absolutely nothing has happened. I would specifically ask for Sergey's views on this but I would be wasting my time as he would just say what he's been saying all along............. it's going to be a long, long process.

Sure they've made a few noises about what they'll do when they get the shares with Anne Budge and FOH making all sorts of promises, but I've got plans for when I win the lottery but guess what........... that hasn't happened yet either :greengrin We've also had a visit to Lithuania by Jackson but that clearly didn't bear any fruit as BAnderson hasn't been told to spin a positive story about it.

So other than being 5 points adrift at the bottom of the table (oops sorry, I forgot about the 15 points penalty so that'll be 20 points) there's nothing new.

On the subject of 15 points, it's not going to take too many more delays before they find themselves kicking off next season on -15 points. If they survive the summer that is :wink:

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I see PR Lieutenant in Chief PTBCAL has spoken:

Quote:

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I think everyone at Hearts are very very confident that we will see new owners sooner rather than later. Might be April or even May but it will happen

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One things for sure - they'll certainly have new owners, that's a given...they might even have a new club to support. How on earth he can announce 'sooner rather than later' with confidence simply beggars belief (actually it doesn't) as it was he who canvassed for my opinion on the matter in question only six weeks ago.

Nice to see May as a deadline dropped in again. That's twice today and I think the penny is finally dropping that nothing is happening any time soon...which doesn't equate to 'sooner rather than later' in my understanding of the English language.

Quote:

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Originally Posted by Sergey

I see PR Lieutenant in Chief PTBCAL has spoken: One things for sure - they'll certainly have new owners, that's a given...they might even have a new club to support. How on earth he can announce 'sooner rather than later' with confidence simply beggars belief (actually it doesn't) as it was he who canvassed for my opinion on the matter in question only six weeks ago. Nice to see May as a deadline dropped in again. That's twice today and I think the penny is finally dropping that nothing is happening any time soon...which doesn't equate to 'sooner rather than later' in my understanding of the English language.

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Indeed Sergey BUT and I stress BUT.... What year. ;-)

Quote:

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Originally Posted by Ozyhibby

Posted by Gorgie_Rules on Kickback

It would be very very harsh on us to recieve a deduction if we are in admin after the official end date of this season. We havent exactly 'cheated' anyone this season and certainly havent cheated anyone in the first division. The club, fans and administrators have done all they can to get the club out of administration asap, to punish us over timescales of meetings abroad would be ridiculous even by scottish footballs standards

I predict we'll be out of admin mid april, just in time for the season ticket cash to start rolling in

Expect to see a lot of this as time goes by.

---

Clutching at straws.

Quote:

---

Originally Posted by Sergey

I see PR Lieutenant in Chief PTBCAL has spoken:



One things for sure - they'll certainly have new owners, that's a given...they might even have a new club to support. How on earth he can announce 'sooner rather than later' with confidence simply beggars belief (actually it doesn't) as it was he who canvassed for my opinion on the matter in question only six weeks ago.

Nice to see May as a deadline dropped in again. That's twice today and I think the penny is finally dropping that nothing is happening any time soon...which doesn't equate to 'sooner rather than later' in my understanding of the English language.

---

May has now started so how long before June is mentioned - the month of that anniversary !

Quote:

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Originally Posted by Aldo

Indeed Sergey BUT and I stress BUT.... What year. ;-)

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Leaving their options open I would suggest.

Have they found the Smooth Criminal yet :greengrin

They'll be ok. Jambos keep saying so.

Quote:

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Originally Posted by Hermit Crab

They'll be ok. Jambos keep saying so.

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I don't think it's "so" they are saying, sounds more iike "moo".

As next season starts in July, can I be the first to mention that month?

Quote:

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Originally Posted by Ozyhibby

[I]Posted by Gorgie_Rules on Kickback

We havent exactly 'cheated' anyone this season and certainly havent cheated anyone in the first division.

---

In other words, an implied admission that they know they HAVE cheated in previous seasons.

Quote:

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Originally Posted by einstein

Sweet baby Jesus.

This thread is difficult enough to follow without adding multiple personalities.
:greengrin

---

Would have thought an "Einstein" would have no difficulties working out the permutations! :greengrin

To be fair it has always been May
May be March
May be April
May be May
May be June
May be ...
May be frozen oh sorry are Frozen

Quote:

---

Originally Posted by Ozyhibby

Posted by Gorgie_Rules on Kickback

It would be very very harsh on us to recieve a deduction if we are in admin after the official end date of this season. We havent exactly 'cheated' anyone this season and certainly havent cheated anyone in the first division. The club, fans and administrators have done all they can to get the club out of administration asap, to punish us over timescales of meetings abroad would be ridiculous even by scottish footballs standards

I predict we'll be out of admin mid april, just in time for the season ticket cash to start rolling in

Expect to see a lot of this as time goes by.

---

So completely ignoring the fact that they cheated Dundee out of the SPL by delaying the announcement of their Administration until the season was over.

Quote:

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Originally Posted by hibees 7062

Have they found the Smooth Criminal yet :greengrin

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Dunno but I'm sure I overheard gary Locke on the radio earlier saying that billy broon is not his lover.













I'll get my own coat thanks.

Quote:

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Originally Posted by Dashing Bob S

As next season starts in July, can I be the first to mention that month?

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Only for some teams.

Quote:

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Originally Posted by PapillonVert

In other words, an implied admission that they know they HAVE cheated in previous seasons.

---

They know they have cheated for years.

Quote:

---

Originally Posted by PapillonVert

Would have thought an "Einstein" would have no difficulties working out the permutations! :greengrin

---

Enstein failed maths at school.

Quote:

---

Originally Posted by Ozyhibby

Posted by Gorgie_Rules on Kickback

It would be very very harsh on us to recieve a deduction if we are in admin after the official end date of this season. We havent exactly 'cheated' anyone this season and certainly havent cheated anyone in the first division. The club, fans and administrators have done all they can to get the club out of administration asap, to punish us over timescales of meetings abroad would be ridiculous even by scottish footballs standards

.

---

In other words it would be ridiculous to (yet again) apply the rules to Hearts, rules which they signed off on.:rolleyes:

It must be really frustrating for them as well the length of time it takes these pesky Lithuanians push things through. You would think that they would be in a real hurry to let Hearts shaft them for around £30m. Just no gratitude.:cb

Quote:

---

Originally Posted by semaj64

To be fair it has always been May
May be March
May be April
May be May
May be June
May be ...
May be frozen oh sorry are Frozen

---

Amazing!!!

Having carefully followed this thread, and digested all the information coming from BDO, FOH, ****,MSM, Banderson et al, all roads lead me back to my default position

TICK TOCK (louder than ever!)


Any lurking Jambos care to comment?

Quote:

---

Originally Posted by South Sub

Dunno but I'm sure I overheard gary Locke on the radio earlier saying that billy broon is not his lover.













I'll get my own coat thanks.

---

Bad

My source has been in contact today.

Everything is just ticking over at the moment as they can't really do much else. Everyone feels like they are stuck in limbo. They can't sell Season Tickets, they can't talk to players about contract extensions, in fact they can't do much of anything as they don't want to do anything that would upset Budge and jeopardise the take over.

There is a worry that the money will run out in the off season if not before and they'll be liquidated. Staff have been told it's unlikely the FOH will be able (or willing) to help them out because it would hurt the business plan going forward.

BDO are saying there is still every chance they'll survive all of this but with every passing day it gets less and less likely.

I'm not saying they will be liquidated or that they will survive. I'm just passing the information on. I'm sure some on here and all over the road will find a way to twist all if it but that's their prerogative

At what point will the SPFL need to know what teams are able to compete next season? Surely it's wisest to make decisions sooner rather than later, so that a repeat of SEVCO can be avoided. Would it be prudent of them to seek reassurances from Oldyam that they can complete their fixtures next year. After all they are struggling to make it to the end of next season.

Quote:

---

Originally Posted by Bajillions

My source has been in contact today.

Everything is just ticking over at the moment as they can't really do much else. Everyone feels like they are stuck in limbo. They can't sell Season Tickets, they can't talk to players about contract extensions, in fact they can't do much of anything as they don't want to do anything that would upset Budge and jeopardise the take over.

There is a worry that the money will run out in the off season if not before and they'll be liquidated. Staff have been told it's unlikely the FOH will be able (or willing) to help them out because it would hurt the business plan going forward.

BDO are saying there is still every chance they'll survive all of this but with every passing day it gets less and less likely.

I'm not saying they will be liquidated or that they will survive. I'm just passing the information on. I'm sure some on here and all over the road will find a way to twist all if it but that's their prerogative

---

Thanks Bajillions.

Quote:

---

Originally Posted by Filled Rolls

At what point will the SPFL need to know what teams are able to compete next season? Surely it's wisest to make decisions sooner rather than later, so that a repeat of SEVCO can be avoided. Would it be prudent of them to seek reassurances from Oldyam that they can complete their fixtures next year. After all they are struggling to make it to the end of next season.

---

It doesn't work like that. The SPFL will just assume that every club will be available until it becomes absolutely obvious they won't be. The SPFL is the other clubs and they have no desire to trip each other up at every turn. "Live and let live" is the general rule when it comes to the SPFL.

Quote:

---

Originally Posted by Bajillions

BDO are saying there is still every chance they'll survive all of this but with every passing day it gets less and less likely.

I'm not saying they will be liquidated or that they will survive. I'm just passing the information on. I'm sure some on here and all over the road will find a way to twist all if it but that's their prerogative

---

They must have discussed, internally at least, plans to liquidate and emerge as a Newco with all that that entails. As each month passes it may appear to be prudent to implement that plan, sooner rather than later. Logic dictates they must be nearing their Rubicon.

Quote:

---

Originally Posted by Bajillions

My source has been in contact today. Everything is just ticking over at the moment as they can't really do much else. Everyone feels like they are stuck in limbo. They can't sell Season Tickets, they can't talk to players about contract extensions, in fact they can't do much of anything as they don't want to do anything that would upset Budge and jeopardise the take over. There is a worry that the money will run out in the off season if not before and they'll be liquidated. Staff have been told it's unlikely the FOH will be able (or willing) to help them out because it would hurt the business plan going forward. BDO are saying there is still every chance they'll survive all of this but with every passing day it gets less and less likely. I'm not saying they will be liquidated or that they will survive. I'm just passing the information on. I'm sure some on here and all over the road will find a way to twist all if it but that's their prerogative

---

Cheers for that Bajillions.

And you are indeed correct that the roasters over on Brokeback will think it's 'Hobonomics' but in truth they deep down know your are right in your summations.

Pleasing

Well we just need to cling on to our last remaining hope that delays in Lithland drag on for some time.

Relegation is welcome of course but let's not make out that they will be years in the doldrums as ICT and Ross County have done OK on much less income than they will have.......despite the millstone costs of a stadium that isn't and never will be fit for purpose.

I just passed a Jambo singing at his rudi scakel shrine "I want you back"

No chance matey

Quote:

---

Originally Posted by Bajillions

Everyone feels like they are stuck in limbo.

---

That's what I heard, the Lithuanians have got them jumping through hoops and they're being prodded into Moonwalking every now and then.


Attachment 12129


DANCE, JAMBO! DANCE.

Quote:

---

Originally Posted by DC_Hibs

Well we just need to cling on to our last remaining hope that delays in Lithland drag on for some time.

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Not everyone carries any "hopes" re- their situation. I honestly couldn't give a toss. It's just fun watching them squirm.